Wizz Air Holdings: Half Year Results

WIZZ AIR HOLDINGS PLC – UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2026

PROFIT GROWTH UP ON 27% SEAT CAPACITY INCREASE IN Q2; H2 AHEAD: UP-TICKING FARES AND FOCUS ON UNDERLYING COSTS

LSE: WIZZ

Geneva, 12 November 2026: Wizz Air Holdings Plc (“Wizz Air”, “the Company”), one of the leading ultra-low-cost airlines in Europe, today announces its unaudited results for the six months to 30 September 2026 (“first half”, “H1” or “H1 F27”).

This Interim Financial Report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the F26 Annual Report and Accounts, and any public announcements made by Wizz Air Holdings Plc during the interim reporting period.

FINANCIAL RESULTS (unaudited)

HIGHLIGHTS

József Váradi, Wizz Air Chief Executive Officer, commented:

“H1 F27 demonstrated the resilience of the Wizz Air business model. We saw strong passenger and capacity growth as planned. Demand remained healthy across our network despite continued external challenges. Although profitability in the period was impacted by elevated fuel costs, Middle East disruptions at the start of Q1, and fleet availability constraints, revenue trends strengthened through the summer, supported by solid load factors and improving unit revenue performance.

Operationally, we cancelled fewer flights this year even though we operated 23 per cent more flights compared to the first half of F26. Our on-time performance improved to above 70 per cent, lowering disruption charges and improving crew efficiency.

During the period, we continued to invest in our future growth platform through new bases, customer experience initiatives and fleet deployment, whilst maintaining a robust balance sheet and liquidity close to €2.40 billion.

Trading momentum has continued into the third quarter. In October, revenue per available seat kilometre was up around 5 per cent year-on-year, with ticket revenue per passenger up 7 per cent, even as our average sector became 5 per cent shorter. For November and December, with around 70 and 40 per cent of seats sold respectively, unit revenue on hand is in line with last year at the same point on around 18 per cent more capacity, with higher average fares offset by lower load factors as we grow through the winter. Fuel remains the main headwind, and our hedging, covering 82 per cent of second-half requirements, is doing what it was designed to do.

As outlined at our Capital Markets Day, we remain focused on restoring margins through fleet productivity, network maturity and disciplined cost execution, while positioning Wizz Air for sustainable long-term growth and shareholder value creation.’’

NEAR-TERM AND FULL-YEAR OUTLOOK

flat underlying operational performance.

COMMERCIAL AND NETWORK UPDATE

In H1, Wizz Air continued to leverage its leading positions across Central and Eastern Europe while expanding into targeted growth markets across Europe. It announced the opening of Spanish operating bases in Valencia, Madrid and Santiago de Compostela from this winter season and opening of bases in Pristina, Kosovo and Brasov, Romania from November and December of this year. In Italy, it expanded its operations with two new bases and grew its based fleet to 42 aircraft ahead of this winter.

In addition to capacity growth across several new markets, the summer capacity expansion increasingly focused on network improvements. Wizz Air maintained a broadly stable airport network while directing capacity into higher-frequency flying, route densification and stronger local market positions.

Wizz Air continues to be the market share leader in CEE with 27.8 per cent of total market seats at the end of September. F27 represents the peak year of network rebuilding, with growth expected to moderate thereafter as route maturity, increased frequency and ancillary initiatives drive revenue quality improvements.

Overall, Wizz Air entered the second half of F27 with a materially stronger network platform, adding more winter-sun and domestic capacity, while growing frequencies across profitable winter routes. This, together with its clear strategic roadmap to convert recent capacity investments into stronger revenue performance and sustainable profitability over the medium term, leaves it well positioned for long-term growth and shareholder value creation.

1 For definitions of non-financial measures presented, please refer to the Glossary of terms and Alternative performance measures (APMs) sections of this document.

GTF ENGINE UPDATE

As of 30 September 2026, Wizz Air had 22 aircraft grounded due to GTF engine-related inspections; an improvement compared to last year when the grounded fleet comprised 35 aircraft. At the end of F27, GTF engine-related groundings are expected to be in the range of 15-20 aircraft with no groundings expected by the end of calendar year 2027.

GEOPOLITICAL SITUATION

Since resuming our flights to Tel Aviv from late May we have deployed circa 33 per cent more seats in F27 compared to last year. We have postponed restarting flights to other Middle East destinations like Abu Dhabi and Dubai, as regional airspace restrictions require significantly longer routings to these destinations, increasing flight times and costs. We continue to monitor the situation on the ground in the Middle East and in Ukraine.

FLEET UPDATE

FINANCIAL UPDATE

ESG UPDATE

DETAILS OF RESULTS MEETING

Wizz Air's management will host an in-person presentation for analysts and institutional investors at 09:30 GMT (10:30 CET) at MHP Group's offices, 60 Great Portland Street, London, W1W 7RT, on the day. For those who are unable to attend the presentation in person, a live webcast will also be available.

Participants can register for the webcast here: https://wizz-air-f27-h1-results-nov-2026.open-exchange.net/registration

- Ends -

ABOUT WIZZ AIR

Wizz Air operates a fleet of 276 Airbus A320 and A321 aircraft as of 11 November 2026. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 69.7 million passengers in the 2026 financial year. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. In 2026, Wizz Air achieved the top emissions ranking among major European airlines and ranked second globally in Cirium’s assessment, driven by its industry-leading carbon emissions intensity performance. Wizz Air has also been recognized as the "Most Sustainable Low-Cost Airline" for six years running between 2021-2026 by World Finance Sustainability Awards.

For more information:

Investors: Mark Simpson, Wizz Air investor.relations@wizzair.com

Zlatko Custovic, Wizz Air

Media: Andras Rado, Wizz Air communications@wizzair.com

James McFarlane / Eleni Menikou / Charles Hirst, MHP Group                     +44 (0) 20 3128 8100

wizz@mhpgroup.com

Certain information provided in this Press Release pertains to forward-looking statements and is subject to significant risks and uncertainties that may cause actual results to differ materially. It is not feasible to enumerate all the factors and specific events that could impact the outlook and performance of an airline group operating across Europe, the Middle East, and beyond, as Wizz Air does. Some of the factors that are susceptible to change and could notably influence Wizz Air’s anticipated results include demand for aviation transport services, fuel costs, competition from both new and established carriers, availability of Pratt & Whitney GTF engines, turnaround times at Engine Shops, expenses related to environmental, safety, and security measures, the availability of suitable insurance coverage, actions taken by governments and regulatory agencies, disruptions caused by weather conditions, air traffic control strikes, revenue performance and staffing issues, delivery delays of contracted aircraft, fluctuations in exchange and interest rates, airport access and fees, labour relations, the economic climate within the industry, passengers’ inclination to travel, social, and political factors, including global pandemics, and unforeseen security incidents.

H1 FINANCIAL REVIEW

In the first half of the financial year, Wizz Air carried 46.1 million passengers, a 26.2 per cent increase compared to the same period in the previous year, and generated revenues of €3,801.8 million, 13.8 per cent higher than the first half of F26. This compares with capacity growth of 17.1 per cent measured in terms of ASKs and 26.1 per cent in terms of seats. The load factor increased by 0.1 percentage points to 92.5 per cent.

Operating profit in the first half was €264.5 million, a 39.8 per cent decrease compared to the same period of F26. EBITDA for the period was €922.4 million, compared to €981.3 million in H1 F26. The net profit for the first half was €108.1 million, compared to a net profit of €323.5 million in the same period of F26.

Summary condensed consolidated interim statement of comprehensive income (unaudited)

Revenue

Total revenue increased by 13.8 per cent in H1 F27 to €3,801.8 million. Passenger ticket revenue increased by 12.9 per cent to €2,175.6 million and ancillary revenue (or “non-ticket” revenue) increased by 14.9 per cent to €1,626.2 million, driven by 17.1 per cent capacity increase (ASK) in H1 F27. Total revenue per ASK (RASK) decreased by 2.9 per cent to €4.84 cents, largely driven by yield pressure in Q1 F27 due to the Middle East conflict.

Average revenue per passenger (net fare) was €82.5 during H1 F27, a decrease of 9.9 per cent versus H1 F26. Average ticket revenue per passenger was €47.2 in H1 F27, a decrease of 10.5 per cent vs H1 F26 and average ancillary revenue per passenger was €35.3 in H1 F27, a decrease of 9.0 per cent vs H1 F26. The average stage length decreased 7.1 per cent, from 1,697km in H1 F26 to 1,576km in H1 F27 as a result of refocusing the network on intra-European operations.

Overall, revenue growth was primarily driven by higher capacity and passenger volumes, particularly across Romania, Poland, and Italy, partially offset by lower yields and the impact of base closures in the United Arab Emirates and Austria and continued geographic instability across the Middle East, while load factor provided a modest positive contribution.

Operating expenses

Operating expenses for H1 F27 increased by 21.9 per cent to €3,537.3 million, compared to €2,902.9 million in H1 F26. This growth was primarily driven by an expansion in capacity and secondarily by elevated fuel prices since the Middle East conflict - which had an impact throughout the period in scope. Additional drivers include higher en-route charges, handling costs and maintenance event prices due to re-delivery of CEO fleet and inflationary pressure across these cost lines. These increases were partially offset by a reduction in flight disruption costs, due to improved on-time operational performance and a decline in flight cancellations. The total cost per Available Seat Kilometre (CASK) (including the impact of fuel hedges) increased by 4.3 per cent to €4.65 cents in H1 F27 from €4.46 cents in H1 F26 driven by fuel costs. CASK excluding fuel expenses decreased by 0.3 per cent to €3.07 cents in H1 F27 compared to €3.08 cents in H1 F26.

Staff costs increased by 9.2 per cent to €357.3 million in H1 F27, up from €327.3 million in H1 F26, reflecting the higher number of crews needed to operate 22.7 per cent more flights year-on-year, and the cost-of-living adjustment of salaries. Hotel and accommodation costs decreased year-on-year due to the better planning and lower temporary basing compared to last year.

Fuel expenses increased by 33.7 per cent to €1,241.4 million in H1 F27, compared with €928.3 million recorded during the corresponding period in F26, a rise attributable to the higher fuel price environment experienced throughout the first half of F27. The average fuel price (inclusive of the hedge and into-plane premium impact) incurred by Wizz Air during H1 F27 increased by $176 per metric tonne relative to the equivalent period of F26. Fuel hedging instruments served a critical function in mitigating the pronounced escalation in JET A1 pricing that arose as a consequence of geopolitical pressures on price. Owing to the continued expansion of the NEO aircraft fleet, average fuel efficiency has sustained an upward trajectory, with consumption recorded at 2.23 metric tons per block hour, compared with 2.25 metric tons per block hour in the prior year.

Distribution and marketing costs increased by €13.3 million (17.4 per cent) to €89.7 million in H1 F27 from €76.4 million in the first half of F26, driven by sales growth combined with increased investment in media activities, expanded sponsorships, and direct marketing.

Maintenance, materials and repair costs increased by 28.5 per cent to €263.7 million in H1 F27 up from €205.2 million in H1 F26, exceeding the pace of ASK growth. This is due to the higher number of heavy checks, including more aircraft redeliveries under the CEO phase-out program, the weakening of the EUR vs the USD given the majority of maintenance contracts are denominated in USD, and general inflationary pressure. These were partially offset by reduced ad hoc, materials, and repair expenditures, including savings in components management.

Airport, handling and en-route charges increased by 16.1 per cent (below ASK increase of 17.1 per cent) to €947.8 million in the first half of F27 versus €816.3 million in the same period of F26. The cost increase is largely due to the higher number of passengers and increased flight volume, offset partly by passenger volume-generated discounts, introduction of new routes and a strategic shift of capacity toward more cost-efficient airports.

Depreciation and amortisation charges were 21.4 per cent higher at €657.9 million in the first half, up from €542.1 million in the same period in F26. The rise is attributable to fleet expansion and an increased count of spare engines, as well as a greater volume of maintenance events associated with CEO aircraft that are being phased out of the fleet.

Other expenses decreased by 17.9 per cent and amounted to €176.9 million in H1 F27, compared to €215.5 million in the same period in F26. Among the key drivers, flight disruption cost, including compensation paid to customers, decreased to €51.8 million in H1 F27 from €86.5 million in H1 F26, wet lease expenses decreased to €0.2 million in H1 F27 from €18.6 million in H1 F26, overhead-related expenses increased to €62.1 million in H1 F27 from €57.6 million in H1 F26 and crew related overhead expenses decreased to €40.1 million in H1 F27 from €41.1 million in H1 F26.

Other income amounted to €197.4 million in H1 F27, compared to €208.2 million in the same period in F26. The breakdown includes sale and leaseback (SLB) gains of €99.7 million in H1 F27 compared to €56.3 million in H1 F26 due to a higher number of spare engine sale and leaseback transactions having taken place in H1 F27 compared to H1 F26. Supplier credits and compensation accounted for a further €82.1 million in H1 F27 compared to €148.8 million in H1 F26, while €10.6 million in insurance compensation was received in connection with the aircraft stranded in Ukraine.

Financial income amounted to €43.8 million in the first half compared to €38.5 million in the same period in F26. Wizz Air holds higher average total cash in this fiscal year, with blended deposit rates holding steady at 4.0%. The USD share of total cash increased, rising from an average of 77.4 per cent in H1 F26 to 81.4 per cent in H1 F27.

Financial expenses totalled €156.9 million during the first half of the reporting period, compared to €127.4 million reported in the corresponding period of F26. Such expenses arise predominantly from interest charges associated with lease liabilities attributable to the expansion of the fleet.

Net result on derivative financial instruments delivered a €15.7 million gain due to strengthening USD against the EUR. The EUR/USD rate falling from 1.1484 at the close of F26 to 1.1357 till the end of H1 F27 against the EUR, translated into a YTD movement of (1.3) cents.

Net foreign exchange loss amounted to €32.5 million (excluding derivative financial instruments) during the period, representing a significant decrease relative to the gain of €176.0 million recorded in the corresponding period in F26. This adverse movement was attributable principally to the aforementioned depreciation of the Euro, which gave rise to an unrealised foreign exchange loss on the revaluation of US Dollar-denominated lease liabilities.

Taxation

The Group recorded an income tax charge of €26.5 million in the period compared to an income tax charge of €127.1 million in the same period in F26. The decrease in tax charges is attributable to the decreased profit before tax for the current period, movements in deferred taxes and the lower effective tax rate. This tax charge consists of a €49.7 million (the six months ended 30 September 2025: €25.7 million tax charge) current tax charge and a €23.2 million (the six months ended 30 September 2025: €101.4 million tax charge) deferred tax credit.

Second quarter performance

In the three months to 30 September 2026 (“Q2” or “the second quarter”), Wizz Air passenger numbers rose to 24.8 million, reflecting a 27.2 per cent increase compared to the same period in the previous year. Revenue for the quarter totalled €2,294.4 million, up 19.9 per cent year on year, with ASK capacity up by 19.3 per cent year-on-year and seat capacity up by 26.8 per cent. The average stage length decreased by 5.9 per cent, from 1,660km in Q2 F26 to 1,562km in Q2 F27, as the network was refocused on intra-European operations. The load factor increased from 93.5 per cent to 93.8 per cent. Average revenue per passenger was €92.4, a decrease of 5.8 per cent year-on-year, with average ticket revenue per passenger of €55.1 (a decrease of 4.6 per cent) and average ancillary revenue per passenger of €37.3 (a decrease of 7.5 per cent). Second quarter Operating Profit reached €447.8 million, up from €411.7 million in the corresponding period of F26, despite higher fuel costs and lower average fares, and with other income of €90.2 million compared to €110.6 million in Q2 F26. Ex-fuel CASK for the period settled at €3.08 cents, reflecting a 1.0 per cent rise compared to the same period in F26. Q2 RASK increased 0.5 per cent year-on-year to €5.55 cents.

OTHER INFORMATION

1. Total cash

Total cash (including restricted cash and cash deposits) at the end of the first half increased by 12.6 per cent to €2,394.7 million versus 31 March 2026, of which €2,312.0 million is non-restricted cash.

2. Hedging position

Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit and Risk Committee. The hedging policy covers jet fuel and jet fuel-related EUR/USD exposure. The hedges under the hedge policy will be rolled forward quarterly, 18 months out, with coverage levels over time reaching indicatively between 70 and 95 per cent for the first quarter of the hedging horizon and between 20 and 45 per cent for the last quarter of the hedging horizon. Hedging instruments are zero-cost collars mostly but also jet fuel swaps are used for shorter dated exposures. Jet fuel and foreign exchange hedge coverages at 6 November 2026 are as follows:

Jet fuel hedge coverage

Foreign exchange hedge coverage

Sensitivities

Pre-hedging, a $10 (per metric tonne) movement in the price of jet fuel will impact the H2 F27 fuel costs by $11.1 million.

Pre-hedging, a one cent movement in the EUR/USD exchange rate impacts the H2 F27 operating expenses by €12.8 million.

Balance sheet risk mitigation

Wizz Air is using USD cash and standard EUR-USD cross currency swaps to mitigate the profit and loss impact coming from balance sheet revaluation of USD liabilities. As of 30 September 2026 we had c. $4.7bn USD lease liability, c. $4.2bn across USD cash and cross currency swaps, leaving an uncovered portion of c. $0.5bn

3. Fully diluted share capital

The figure of 127,925,879 should be used for the Company’s theoretical fully diluted number of shares as at 30 September 2026. This figure comprises 103,531,853 issued ordinary shares and 24,246,715 new ordinary shares which would have been issued if the full principal of outstanding convertible notes had been fully converted on 30 September 2026 (excluding any ordinary shares that would be issued in respect of accrued but unpaid interest on that date) and 147,311 new ordinary shares which may be issued upon exercise of vested but unexercised employee share options.

4. Ownership and control

To protect the EU airline operating licence of Wizz Air Hungary Ltd and Wizz Air Malta Ltd (subsidiaries of the Company), the Board has resolved to continue to apply a disenfranchisement of Ordinary Shares held by non-EEA Shareholders in the capital of the Company. This will continue to be done on the basis of a “Permitted Maximum” of 45 per cent pursuant to the Company’s articles of association (“the Permitted Maximum”). In preparation for the 2026 Annual General Meeting (AGM), that was held on 5 August 2026, the Company sent a Restricted Share Notice to Non-Qualifying registered Shareholders, informing them of the number of Ordinary Shares that will be treated as Restricted Shares:

5. Key statistics

For the six months ended 30 September

6. Cost per available seat kilometre

For the six months ended 30 September

* Net financial expenses excluding net loss on derivative financial instruments and net foreign exchange gains/losses.

The Company has a policy of rounding each amount and percentage individually from the fully accurate number to the figure disclosed in the condensed consolidated interim financial statements. As a result, some amounts and percentages do not total – though such differences are all trivial.

7. Emerging and principal risks and uncertainties

The aviation industry is subject to multiple risks and Wizz Air’s business is no exception. A number of risks, as described in our 2026 Annual Report and Accounts, have the potential to adversely affect Wizz Air’s expected results for the remainder of the current financial year. The principal and emerging risks we identified at the start of the year are still present and are in focus, especially risks related to conflicts between countries such as prolonged war between Russia and Ukraine and the ongoing armed conflicts and tensions in the Middle East which will continue to contribute to volatility in fuel prices and the wider operating model, as well as operations-related issues such as the unplanned maintenance of Pratt & Whitney GTF engines. The overall risk profile of the principal risks remained unchanged, as the fluctuations in individual risk ratings, considering the remediation actions, largely balanced each other out.

The full list of risks considered is set out below:

The Directors consider that the principal risks to the Company’s business during the second half of the financial year remain those summarised above and set out on pages 19 to 27 of our 2026 Annual Report and Accounts, available at corporate.wizzair.com.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated interim statement of comprehensive income

For the six months ended 30 September 2026 (unaudited)

Condensed consolidated interim statement of financial position

As at 30 September 2026 (unaudited)

Condensed consolidated interim statement of financial position (continued)

As at 30 September 2026 (unaudited)

The Notes on pages 20 to 42 are an integral part of these financial statements.

The condensed consolidated interim financial statements on pages 13 to 42 were approved by the Board of Directors and authorised for issue on 12 November 2026, and were signed on behalf of the Board by:

József Váradi

Chief Executive Officer

Condensed consolidated interim statement of changes in equity

For the six months ended 30 September 2026 (unaudited)

Condensed consolidated interim statement of changes in equity

For the six months ended 30 September 2025 (unaudited)

Condensed consolidated interim statement of cash flows

For the six months ended 30 September 2026 (unaudited)

Notes to the condensed consolidated interim financial statements (unaudited)

1. General information

Wizz Air Holdings Plc (“the Company”) is a public limited company incorporated in Jersey, registered at 44 The Esplanade, St Helier JE4 9WG, Jersey. The Company is managed from Route François-Peyrot 12, 1218 Le Grand-Saconnex, Geneva, Switzerland. The Company and its subsidiaries (together referred to as “the Group” or “Wizz Air”) provide low-cost, low-fare passenger air transportation services on scheduled short-haul and medium-haul point-to-point routes across Europe and the Middle East. The Company’s Ordinary Shares are listed in the equity shares for commercial companies (“ESCC”) category of the Official List of the Financial Conduct Authority and admitted to the Main Market of the London Stock Exchange.

2. Basis of preparation

These unaudited condensed consolidated interim financial statements present the financial results of the Group for the six-month period ended 30 September 2026. These condensed consolidated interim financial statements have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 March 2026, which have been prepared in accordance with IFRSs and IFRICs as adopted by the European Union and with those parts of the Companies (Jersey) Law 1991 applicable to companies reporting under IFRS.

The comparative figures included for the year ended 31 March 2026 do not constitute the statutory financial statements of the Group based on Article 105 (11) of the Companies (Jersey) Law 1991. The consolidated financial statements of the Group for the year ended 31 March 2026, together with the Independent Auditors’ Report, have been filed with the Jersey Financial Services Commission and are also available on the Company’s website (wizzair.com). The Independent Auditors’ Report on those financial statements was unqualified.

The Company has a policy of rounding each amount and percentage individually from the fully accurate number to the figure disclosed in the condensed consolidated interim financial statements. As a result, some amounts and percentages do not total – though such differences are all trivial.

Going concern

Basis of preparation and assessment period

Wizz Air’s business activities, together with emerging and principal risks likely to affect its future development and performance, are described in our 2026 Annual Report and Accounts. The Directors have reviewed the Group’s latest financial forecasts for a period of 18 months from the date of approval of the interim financial statements. This includes considering the Group’s available committed financing for aircraft and its plans to finance committed future aircraft deliveries due within this period that are currently unfinanced, and also takes into account forecast aircraft groundings given our GTF engine related supply chain issues and likely scenarios associated with the Iran conflict, closure of the Strait of Hormuz and availability and price of jet fuel supplies.

Cash and external borrowings

At 30 September 2026, the Group held total cash of €2,394.7 million (including cash and cash equivalents of €1,830.1 million, €455.0 million in short-term cash deposits, €26.9 million in long-term cash deposits and €82.7 million in restricted cash), while net current assets totalled €40.3 million (including deferred income of €875.2 million).

The Group’s contractual undiscounted external borrowings comprise: €313.8 million of ETS financing from Standard Chartered Bank repayable in September 2027, €27.0 million of ETS financing from Natixis repayable in December 2027, and convertible debt of €25.6 million. In addition, borrowings include a carrying amount of €7,057.4 million from lease contracts accounted for under IFRS 16 and liabilities related to JOLCO, FTL and Finance Lease contracts. None of these borrowings contain any financial covenants.

Aircraft financing and planning horizon

The Group operates using a three-year planning cycle. Aircraft deliveries represent the Group’s primary capital expenditure over the going concern period, which the Group intends to finance through various forms of sale and leaseback or other fleet-financing arrangements, consistent with its past practices. While such financing remains partially uncommitted, the vendor additionally offers committed backstop financing. This backstop financing would cover a substantial portion, though not all, of the expenditure if the Group chooses to utilise it.

Going concern (continued)

Forecasting approach

The Directors’ enquiries and testing included the review of a base case model projecting the Group’s cash flows. The base case model is derived from our contracted fleet plan. This was adjusted to reflect aircraft availability constraints from GTF engine supply chain issues, based on forecasts prepared by the operations team.

The resulting available fleet was overlaid with a utilisation assumption consistent with actual levels observed in F26 and H1 F27. A network plan was then applied to which revenue, cost, compensation, working capital and financing assumptions were layered to develop the base case cash flows.

Downside scenario

This base case was then flexed to produce a downside forecast that assumes lower demand leading to a 3 per cent reduction in RASK in F27 and a 5 per cent reduction in RASK in F28 and F29. Fuel cost per metric tonne was increased by 11% for the 12 months to 30 November 2027 and 8% for the remainder of F28 and F29. We also increased our operating unit costs by+1% in F28 and F29, allowing for inflation. These assumptions were modelled cumulatively across the full going concern period. The downside case also excludes any assumed financing for our currently unfinanced aircraft and engine deliveries. Mitigating actions in relation to the unfinanced aircraft and an assumed sale of owned spare engines were also considered in the preparation of the downside case.

Key Risk Considerations

In preparing both base and downside forecasts, the Directors considered the emerging and principal risks identified including:

The Directors concluded that no material adverse impact on future cash flows is likely to result from these items. Furthermore, it was assumed that there will be no new disruptions of the magnitude experienced in recent financial years.

Conclusion

In this downside scenario, whilst there was a significant reduction in liquidity modelled compared to base-case assumptions, headroom on the security levels of the card acquirer contracts was maintained. After making enquiries and testing the assumptions against different forecast scenarios, including a severe but plausible downside case, the Directors have satisfied themselves that the Group is expected to be able to meet its commitments and obligations as they fall due for a period of at least the next twelve months from the date the interim financial statements are approved. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements.

3. Material accounting policies

These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies, methods of computation and presentation applied in the Group’s most recently published consolidated financial statements for the year ended 31 March 2026, except for the changes explained below.

The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 March 2026.

Income taxes are calculated based on the management's best estimate of the effective tax rate in line with IAS 34.

In preparing the condensed consolidated interim financial statements, the Directors have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report in the 2026 Annual Report and Accounts, the stated emission targets and the update provided on page 4 of this interim report. These considerations did not have a material impact on the Group’s going concern assessment, nor on the financial reporting judgments and estimates used in the preparation of these interim financial statements.

New standards, amendments and interpretations issued and effective

The following new standards, amendments and interpretations apply for the first time in the six months to 30 September 2026, but do not have any impact on the condensed consolidated interim financial statements of the Group:

New standards, amendments and interpretations issued but not yet effective

The following new accounting standards, amendments and interpretations have been published by the IASB that are not yet effective and have not been early adopted by the Group. The new accounting standards, amendments and interpretations are not expected to have a material impact on the Group’s financial statements in the current or future reporting periods.

IFRS 18 is applicable for the Group, therefore an analysis of the impact of IFRS 18, particularly with respect to the structure of the Group’s statement of comprehensive income, the statement of cash flows and additional disclosures required for management-defined performance measures, is in progress.

3. Material accounting policies (continued)

New standards, amendments and interpretations issued but not yet effective (continued)

In September 2026, the Group’s management launched a comprehensive project to implement IFRS 18. The Group expects to be able to implement IFRS 18 smoothly by the date on which application is required.

The Group will not early apply IFRS 18; accordingly, it will first apply the standard for the financial year ending 31 March 2028. Under the transition requirements of IFRS 18, the first financial statements in which the Group is required to present each line item it expects to use when applying IFRS 18, together with the subtotals required by the Standard, will be the condensed consolidated interim financial statements prepared in accordance with IAS 34 for the six-month period ending 30 September 2027. However, the Group expects to present those line items and subtotals already in its summary condensed consolidated interim statement of comprehensive income for the three-month period ending 30 June 2027, which will be included in its F28 Q1 stock market press release.

At the current stage of the IFRS 18 implementation project, the Group has identified the following principal areas of its consolidated financial statements that may be affected by IFRS 18:

IFRS 18 also introduces certain limited-scope amendments relating to the statement of financial position. The Group expects these amendments to have limited or no effect on its consolidated statement of financial position.

The IASB has published the following new accounting standards, amendments, and interpretations that have not yet been endorsed by the EU.

The new accounting standard and amendments above are not expected to have a material impact on the Group in the current or future reporting periods.

4. Financial risk management

Hedging

The hedges under the systematic commodity hedge policy will be rolled forward quarterly, 18 months out, with coverage levels over time reaching indicatively between 70 and 95 per cent for the first quarter of the hedging horizon and between 20 and 45 per cent for the last quarter of the hedging horizon. In line with the hedging policy, Wizz Air also hedges its US Dollar exposure related to jet fuel consumption. The Group applies hedge accounting to hedging relationships that fall within the scope of the policy.

As at 1 October 2024, the Wizz Air Board approved a USD lease liabilities economic hedging policy covering a large portion of foreign exchange risks related to aircraft lease financing denominated in US dollars.

Hedge transactions during the period

The Group uses zero-cost collars and swaps to hedge its jet fuel-related foreign exchange exposures and jet fuel price exposures. To ensure an economic relationship, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly those of the hedged item.

The gains and losses arising from hedge transactions during the period were as follows:

Foreign exchange hedge:

Jet fuel hedge:

The Group measures its derivative financial instruments at fair value, as calculated by management using an independent derivative valuation platform. Such fair values might change materially within the near future, yet these changes would not arise from assumptions made by management or other sources of estimation uncertainty at the end of the period, but from movements in market prices. The fair value calculation is most sensitive to movements in the jet fuel and foreign currency spot prices, their implied volatility and respective yields.

At the end of the period the Group had the following open hedge positions:

Foreign exchange hedges with derivatives:

For the associated movements in other comprehensive income, please refer to the condensed consolidated interim statements of comprehensive income and changes in equity.

The open foreign currency cash flow hedge positions at period end can be analysed according to the maturity periods and the price ranges of the underlying hedge instruments as follows:

EUR/USD foreign exchange hedge:

Foreign exchange hedge with non-derivatives:

Non-derivatives, such as cash, are existing financial assets or liabilities that hedge highly probable foreign currency cash flows in the future and therefore act as a natural hedge.

Jet fuel hedge with derivatives:

For the movements in other comprehensive income refer to the condensed consolidated interim statements of comprehensive income and changes in equity.

The jet fuel hedge positions at period end can be analysed according to their maturity periods and the price ranges of the underlying hedge instruments as follows:

Effects of hedge accounting on the financial position and performance

The effects of the foreign exchange hedges on the Group’s financial position and performance are as follows:

The effects of the jet fuel hedges on the Group’s financial position and performance are as follows:

Hedge effectiveness

The effectiveness of hedges is tested both prospectively and retrospectively to determine the appropriate accounting treatment of open positions. Prospective testing of open hedges requires making certain estimates, the most significant one being for the future expected level of the business activity (primarily the utilisation of fleet capacity) of the Group. Building on these estimations of the future, management makes a judgement on the accounting treatment of open hedging instruments. Hedge accounting for jet fuel and foreign currency cash flow hedges is discontinued where the “highly probable” forecast criterion is not met in accordance with the requirements of IFRS 9.

There was no discontinued hedging relationship during the six months ended 30 September 2025 or the six months ended 30 September 2026.

None of the hedge counterparties had a material change in their credit status that would have influenced the effectiveness of the hedging transactions.

Fair value estimation

The Group measures its derivative financial instruments at fair value, calculated by a third-party front office system that falls into the Level 2 category. Fair values are determined based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The front office platform provides comprehensive risk management capabilities, using generally accepted valuation techniques, principally the Black-Scholes model and discounted cash flow models. Equity investments are measured at fair value through profit or loss. All the other financial assets and financial liabilities of the Group are measured at amortised cost. For the majority of these instruments, the fair values are not materially different from their carrying amounts. The fair value of the money market funds included in cash and cash equivalents as at 30 September 2026 was estimated using quoted prices (Level 1).

Fair values

The fair values of the financial instruments of the Group together with their carrying amounts shown in the condensed consolidated interim statement of financial position are as follows:

The fair value of derivatives (Note 4) and lease liabilities are valued using Level 2 methodology and the fair value of all other financial assets and financial liabilities is estimated using Level 3 in the fair value hierarchy.

For the carrying amount of borrowings please see Note 16.

The following table presents the Group’s financial assets and liabilities that are measured at fair value at 30 September 2026:

The following table presents the Group’s financial assets and liabilities that are measured at fair value at 31 March 2026:

There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the period.

5. Critical accounting estimates and judgments made in applying the Group's accounting policies

For critical accounting estimates and judgments refer to Note 4 in the 2026 Annual Report and Accounts of the Group. No significant changes to such estimates and judgments occurred for the six months ended 30 September 2026, except for the below.

Useful life of A320 NEO family aircraft

Having considered aircraft market trends, maintenance cycles and expectations regarding new technology becoming commercially available, management revised the estimated useful life of A320 NEO family (including A320, A321, and XLR aircraft type) aircraft assets recognised as property, plant and equipment from 12-14 years to 18 years. The impact of the change in estimated useful life on the depreciation expense for the period is not material. This change did not affect the full expected useful life of these aircraft types of 28 years.

6. Segment information

Reportable segment information

During F26 and F27 the Group had only one reportable segment, being its entire route network, resulting in a net profit of €108.1 million during the six months ended 30 September 2026 (for the six months ended 30 September 2025: €323.5 million net profit). All segment revenue was derived wholly from external customers and, as the Group had a single reportable segment, inter-segment revenue was zero.

Entity-wide disclosures

Products and services

Revenue from external customers can be analysed by groups of similar services as follows:

These categories are non-IFRS categories meaning that they are not necessarily distinct from a nature, timing and risk point of view; however, management believes that these categories provide clarity over the revenue profile of the Group to the readers of the financial statements and are in line with airline industry practice. The categories as per the definition of IFRS 15 are disclosed in Note 7.

Ancillary revenue arises mainly from baggage charges, booking/payment currency conversion charges, airport check-in fees, fees for various convenience services (e.g. priority boarding, extended legroom and reserved seats), loyalty programme membership fees, commission on the sale of onboard catering, accommodation, car rental, travel insurance, bus transfers, premium calls, co-branded cards and charters.

Geographic areas

Revenue from external customers can be analysed by geographic areas as follows:

In the table above, other (non-EU) comprises a number of non-EU geographic areas that are all individually less than 10 per cent of the total revenue.

Revenue was allocated to geographic areas based on the location of the first departure airport on each ticket booking.

The Company’s revenue from external customers within the EU is mainly generated by Italy of €531.1 million for the six months ended 30 September 2026 (the six months ended 30 September 2025: €438.9 million), Romania of €397.2 million (the six months ended 30 September 2025: €356.9 million) and Poland of €378.4 million (the six months ended 30 September 2025: €328.2 million).

The physical location of non-current assets is not disclosed by geographic area. This is because: (i) by value most assets are associated either with aircraft not yet received (pre-delivery payments) or with existing leased aircraft and spare engines (RoU and maintenance assets), the location of which changes regularly following aircraft capacity allocation decisions; and (ii) the value of the remaining asset categories (land and buildings, and fixtures and fittings) is not a material part of total non-current assets.

The distribution of the non-current assets between the key operating entities of the Group is as follows:

No revenue or non-current assets of the Group were recognised in Jersey, the Company’s country of domicile, for the six months ended 30 September 2026 (for the six months ended 30 September 2025: €nil).

Major customers

The Group derives the vast majority of its revenues from its passengers and sells most of its tickets directly to the passengers as final customers, rather than through corporate intermediaries (tour operators, travel agents or similar).

7. Revenue

The split of total revenue presented in the condensed consolidated interim statement of comprehensive income, being passenger ticket revenue and ancillary revenue, is a non-IFRS measure (or alternative performance measure). The existing revenue presentation is considered relevant for users of the financial statements because: (i) it mirrors disclosures presented outside of the financial statements; and (ii) it is regularly reviewed by the Chief Operating Decision Maker for evaluating financial performance of the (Group’s single) operating segment.

Revenue from contracts with customers can be disaggregated as follows based on IFRS 15:

These two categories represent revenues that are distinct from a nature, timing and risks point of view. Revenue from contracts with other partners relates to commissions on the sale of on-board catering, accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded cards, where the Group acts as an agent.

The contract assets reported on 30 September 2026 as part of trade and other receivables amounted to €7.6 million (31 March 2026: €9.4 million) and the contract liabilities (unearned revenues) reported as part of deferred income were €857.3 million as at 30 September 2026 (31 March 2026: €1,168.7 million). Out of the €3,753.5 million revenue recognised for the six months ended 30 September 2026 (for the six months ended 30 September 2025: €3,305.1 million), €1,168.7 million (the six months ended 30 September 2025: €1,003.5 million) was included in the contract liability balance at the beginning of the period (see unearned revenue in Note 17).

8. Net financing income and expenses

Interest income and expense include interest on financial instruments. Interest income is earned on cash and cash equivalents, cash deposits and restricted cash.

During H1 F27, the EUR/USD exchange rate decreased from 1.15 at 31 March 2026 to 1.14 at 30 September 2026. This resulted in a foreign exchange loss on remeasuring liabilities denominated in USD, including IFRS 16 lease, JOLCO, FTL and FL liabilities, which was partially offset by a foreign exchange gain on remeasurement of cash and equivalents and restricted cash in foreign currencies.

Net gains/(losses) on derivative financial instruments include a €15.7 million gain for the six months ended 30 September 2026 (the six months ended 30 September 2025: €75.7 million loss) which is the realised and unrealised result on the cross currency interest rate swap contracts.

9. Income tax expense

The income tax charge for the six months ended 30 September 2026 was €26.5 million (the six months ended 30 September 2025: €127.1 million tax charge). The decrease in tax charge is attributable to the decreased profit before tax for the current period. This tax charge consists €49.7 million (the six months ended 30 September 2025: €25.7 million) current tax charge and €23.2 million (the six months ended 30 September 2025: €101.4 million tax charge) deferred tax credit.

The effective income tax rate for the six months ended 30 September 2026 is 12.19 per cent (the six months ended 30 September 2025: 20.8 per cent).

Deferred tax assets and liabilities recognised

Assets: + / Liabilities: -

*The summary table does not contain the effect of currency translation (CTA)

The total balance of the deferred taxes is €305.3 million deferred tax asset (31 March 2026: €285.6 million asset) that consists only of deferred tax assets.

The €178.4 million (31 March 2026: €138.1 million) net deferred tax asset recognised in relation to IFRS 16 RoU assets (€859.5 million) and lease liabilities (€1,037.9 million) is driven by the fact that certain subsidiaries of the Group recognise leasing fees in their income tax returns in line with contracts, on a straight-line basis, which differs from the timing of recognition under the IFRS 16 rules. Under IFRS 16, the lease-related expenses are forward loaded, i.e. at the beginning of the lease period, the Group IFRS financial statements cumulatively include more expense and a lower profit (or higher loss) than the tax returns.

The €12.3 million (31 March 2026: €14.7 million) deferred tax asset was recognised in relation to provisions (e.g. for carbon quota submission obligation in the EU Emissions Trading System) that are not deductible for tax purposes. This temporary difference will be reversed when the Company makes payments to settle the related liability and receives the tax deductions.

The €5.6 million (31 March 2026: €15.0 million) net deferred tax asset was recognised in connection to property, plant and equipment, which is mainly driven by the different depreciation or capital allowance derived from the tax rules compared to the accounting depreciation of the assets. As part of the net balance, a deferred tax liability of €21.2 million (31 March 2026: €21.2 million) was recognised on the temporary difference related to a development reserve formed according to the Hungarian corporate income tax rules. The development reserve formed in Wizz Air Hungary Ltd. is for future purchases of property, plant and equipment, which is deductible for tax purposes, when it was formed, but no accounting depreciation will be tax deductible on the assets purchased in the future on account of the development reserve. Compared to the previous year, no property, plant and equipment were acquired utilising the development reserve. Accordingly, there was no change in the related deferred tax liability.

The deferred tax assets of €39.2 million (31 March 2026: €43.6 million) on tax loss carry-forwards are mainly attributable to the tax losses generated by Wizz Air UK Limited and Wizz Air Holdings Plc. in the current and previous years and capital allowances carried forward for Wizz Air Malta and Wizz Air Asset Solutions. Following the closure of operations in Abu Dhabi in FY26, Wizz Air Holdings Plc recognised impairment losses, resulting in tax losses available to be carried forward to future periods, in respect of which a deferred tax asset continues to be recognised in F27.

On the acquisition date during FY26 of Duna Irodaház Limited, a taxable temporary difference of €21.9 million and a deductible temporary difference of €2.2 million were identified in relation to Duna Irodaház Limited’s assets and liabilities acquired. As the acquisition did not qualify as a business combination and management considered that all other conditions of the initial recognition exemption in IAS 12 were met, no deferred taxes were recognised for the temporary differences on the date of acquisition and on the reporting date FY26. Accordingly, no deferred tax assets or liabilities were recognised on the subsequent changes in the above temporary differences affected by the initial recognition exemption. As at the FY27 H1 reporting date, the taxable temporary difference amounted to €21.7 million and the deductible temporary difference amounted to €1.6 million.

The majority of the deferred tax asset related to other temporary differences amounting to €123.8 million (31 March 2026: €124.7 million) is attributable to an intra-group sale of rights to purchase aircraft.

Unrecognised deferred tax asset from tax loss carry forward

Tax loss carry forward for which the Group had not recognised deferred tax asset as at 30 September 2026, amounted to €83.0 million (31 March 2026: €82.1 million). The tax losses for which no deferred tax asset was recognised do not expire.

Global minimum tax

Most of the major jurisdictions in which the Group operated in F27, including Switzerland, Hungary and the United Kingdom have implemented the OECD Pillar Two rules, introducing a global minimum effective tax rate of 15 per cent for multinational enterprises with consolidated revenues exceeding €750 million. While Malta has enacted the EU Global Minimum Tax Directive, the domestic minimum tax is not yet effective; however, the income of the Group’s Maltese subsidiaries falls within the scope of Pillar Two through the application of Income Inclusion Rules in Switzerland.

Management is continuously assessing the detailed and developing minimum tax interpretations. In F27, the income of the Group’s Hungarian, Maltese and UK subsidiaries were within the scope of Pillar Two, but no material additional tax liability is expected to arise as the entities are expected to meet the applicable transitional safe harbour conditions.

In line with the exception introduced by a 2023 amendment of IAS 12, ‘Income Taxes’, the Group does not account for deferred taxes on “Pillar Two income taxes” but will account for such taxes as a current tax when incurred in the future. Therefore, the minimum tax rules had no impact on the recognition and measurement of deferred tax balances as at 30 September 2026, and hence on the total tax credit in the year.

10. Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group by the weighted average number of Ordinary Shares in issue during each period.

There were no Convertible Shares in issue at 30 September 2026 (30 September 2025: €nil).

Diluted earnings per share

Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary Shares in issue with the weighted average number of Ordinary Shares that could have been issued in the respective period as a result of the conversion of the following convertible instruments of the Group:

The profit for the period has been adjusted for the purposes of calculating diluted earnings per share in respect of the interest charge relating to the debt which could have been converted into shares.

11. Property, plant and equipment