Wizz Air (WIZZ) Q1 2026 earnings summary

Executive summary

• Q1 FY26 saw passenger growth of 10.6%, marking a return to expansion after a period of standstill due to GTF engine groundings, with trading in line with expectations.

• Strategic focus is shifting to Central and Eastern Europe, with a withdrawal from Abu Dhabi and a significant reduction in XLR fleet plans.

• Profitability was supported by FX gains, while operating profit declined due to higher costs from maintenance, depreciation, and engine groundings.

• Management is accelerating the return of grounded fleet and modernizing the aircraft mix, with a new agreement with Pratt & Whitney to improve engine turnaround.

• Full-year guidance has been withdrawn due to uncertainties, with focus now on Q2 performance.

Financial highlights

• Total revenue rose 13.4% year-on-year to €1.43 billion, with ASK growth of 11% and load factor steady at 91.1%.

• EBITDA increased 9.4% to €300 million, with margin at 21.0%; RASK up 2.2%.

• Net profit was €38.4 million, supported by a €65 million FX gain.

• Net debt reduced by €251 million to €4.71 billion; gross cash at quarter-end was €1.96 billion, up 13% year-on-year.

• Fuel cost per ASK down 14% due to hedging and lower spot rates; ex-fuel CASK up 14% to €3.11 cents.

Outlook and guidance

• Q2 ASK expected to rise by high single digits; RASK and load factor anticipated to be flat.

• Ex-fuel cost trend expected to improve quarter-on-quarter; fuel CASK to remain favorable.

• Average number of grounded aircraft in FY26 forecast at 35, down from 44 last year; engine turnaround time expected to improve.

• Growth rate moderated to 10%-12% over the next 2-3 years, down from 20%+, to ease transition and improve performance.

• Full-year guidance withdrawn due to capacity, fleet, and revenue uncertainties.