Wizz Air publishes quarterly earnings report

Although only slightly, the pressure on Wizz Air has eased palpably in recent times. However, today's flash report is crucial in terms of short-term exchange rate movements.

Accordingly, the third-quarter report (for the three months to 31 December 2025) published on Thursday morning attracted significant investor interest.

Highlights of the earnings report:

• During the quarter, Wizz Air carried 17.5 million passengers, which is a 12.5% year-on-year increase.
• Total revenue increased by 10.2% to €1.3 billion, while Available Seat Kilometers (ASKs grew by 11.1%.
• The load factor declined slightly to 89.8% from 90.3%. Total unit revenue (Revenue per Available Seat Kilometer or RASK) fell by 0.8%.
• EBITDA increased by 12.2% year-on-year to €176 million, giving an EBITDA margin of 13.6%.

• Meanwhile, operating losses rose to €123.9 million, primarily due to increased depreciation and amortisation charges, as well as higher airport, route and maintenance costs.

• On a positive note, the net loss for the period decreased significantly from €241 million to €139 million, partly due to substantially lower foreign exchange losses.
• Total CASK increased by 2.3%, with ex-fuel CASK rising by 2.1% and fuel CASK by 2.7%.
• The fleet size increased to 257 aircraft by the end of the quarter, with nearly 75% of the total being NEO aircraft. 33 aircraft were grounded for GTF engine inspections at the end of the quarter, which is an improvement on the previous level of 40.
• Cash reserves stood at €1.98 billion, marking a 14.3% increase since March. Net debt increased to €5.2 billion, a rise of 4.8% from a year ago.

Improving 2026 outlook

The ASK capacity for the 2026 financial year is expected to grow around 10% over the previous year. "Based on a forward booking curve the bookings are currently ahead of last year," Wizz Air said. The expectation is that load factor for F26 finishes north of 91%, similar as last year.

Management forecast flat year-on-year unit revenue for this year. They think total unit costs may see modest inflation against last year, as they forecast "increased navigation costs from higher Eurocontrol rates, maintenance costs due to inflationary pressures, partly reflecting the uncertainty around Pratt & Whitney’s engine redeliveries from shop visits and higher depreciation costs related to the retirement schedule of the A320ceo family."

F26 total CASK is seen flat to up low-single digit yr/yr, ex-fuel CASK is expected to go mid-single digit higher in annual terms, while fuel CASK i sseen down mid-to-high single digits over 2025.

Net income is expected to be in the range of +€25 to -€25 million

Comment by József Váradi, Wizz Air Chief Executive Officer

“We continue to execute the commercial strategy we outlined earlier this fiscal year, focusing on fortifying our key bases and concentrating our efforts on network design across Central & Eastern Europe, Italy and London. This helps us to better manage RASK while allowing us to concentrate on the ex-fuel cost lines that are most heavily impacted by the Pratt & Whitney GTF engine-related disruptions affecting the Company for the past two years.

"Our operations have delivered strong reliability and punctuality, continuing the trend from the summer. Commercially, we continued to invest into all our existing markets, putting on sale new flights and announcing further aircraft allocations for next summer.

"During the period our fleet size surpassed 250 aircraft, we continue to increase the share of NEO aircraft (nearly 75 per cent) in our fleet, as well as seat density (now, an average of 230 seats per aircraft). We are steadily recovering from the engine related aircraft grounding and in the next fiscal year we are targeting to have an average of 20-25 aircraft on the ground due to powered metal issues.”

Cover photo: Portfolio