Wizz Air (WIZZ) Q1 2027 earnings summary

Executive summary

• Capacity and passenger numbers grew 25% year-over-year, with ASK up 14.9-15% and seat capacity up 25-25.4%, driven by domestic market expansion and network reallocation.

• Load factor remained broadly flat at 90.9% despite significant capacity growth, indicating strong demand resilience.

• Operational efficiency improved, with OTP (A15) up 3.6ppts to 82.7% and completion rate at 99.9%.

• Q1 results were in line with guidance, with revenue growth outpacing the broader European market by 5-6x.

• Fleet expanded to 267 aircraft, including 27 grounded due to GTF engine inspections; average fleet age is 4.6 years.

Financial highlights

• Total revenue increased 5.5-6% year-over-year to €1,507-1,507.4 million.

• Net loss after tax was €198.2-198.6 million, mainly due to a 39-39.4% increase in fuel costs and higher depreciation.

• EBITDA dropped 50.9-51% year-over-year to €147-147.4 million; EBITDA margin fell to 9.8% from 21.0%.

• Ex-fuel CASK decreased by 1.9-2% year-over-year, reflecting operational improvements.

• Cash position at quarter-end was €2,212.2 million, with a liquidity ratio of 36.9-40%.

Outlook and guidance

• Q2 ASK capacity expected to grow ~20% year-over-year, with seat growth higher due to shorter stage lengths.

• Q2 RASK projected down low single digits, supported by shorter stage lengths despite capacity growth.

• Ex-fuel costs for H1 expected to rise slightly due to temporary factors like aircraft redeliveries and associated maintenance.

• All GTF-grounded aircraft expected to be operational by end of calendar 2027.

• Growth will moderate to 10-12% annually after H1 as per the renegotiated Airbus delivery schedule.