Wizz Air (WIZZ) Q2 2026 earnings summary

Executive summary

• H1 FY26 delivered strong operational and financial results, with revenue up 9% to €3.34bn, net profit up 2.6% to €323.5m, and passenger numbers rising 9.8% to 36.5m, despite ongoing inefficiencies from grounded aircraft and industry challenges.

• Major structural decisions included closure of Abu Dhabi and Vienna bases, redeployment of capacity to higher-margin CEE routes, and a reset of the Airbus delivery stream, deferring 88 aircraft and converting 36 A321XLRs to A321neos.

• Strategic shift to 10–12% annual seat growth, focusing on Central East Europe, with new bases in Bratislava, Tuzla, Podgorica, Yerevan, and Warsaw (Modlin).

• EBITDA margin improved to 29.4%, and leverage ratio reduced from 4.0 to 3.6, with liquidity maintained at 30–35% and €2bn in cash at period end.

• Moody's and Fitch downgraded credit ratings in June and July 2025.

Financial highlights

• Revenue increased by 9% year-over-year to €3,342.1m, with ASK growth of 8.9% and RASK roughly flat at EUR 0.0498.

• EBITDA rose 18.8% to €981.3m with a 29% margin, and operating profit was up 25.8% to €439.2m with a 13% EBIT margin.

• Net profit improved 2.6% to €323.5m, though impacted by deferred tax charges and FX effects.

• Total CASK was €4.46 cents (–1.8% YoY); ex-fuel CASK €3.08 cents (+2.7% YoY); fuel CASK €1.38 cents (–10.4% YoY).

• Free cash flow was €349m, with gross cash at €2.0bn and net debt reduced to €4.8bn.

Outlook and guidance

• Capacity growth is targeted at 10–12% annually, with H2 seat capacity up mid-teens percent and market share in Central East Europe expected to rise.

• H2 is expected to be more challenging, with higher costs, especially in maintenance and depreciation, and mid-single digit seat capacity growth.

• Ex-fuel costs will temporarily rise due to inefficiencies, but are expected to normalize by fiscal 2027 as grounded aircraft return and new deliveries slow.

• Guidance remains in line with consensus, with cost pressures in Q3 and Q4 anticipated; RASK for H2 and full year expected down low single digits YoY.

• GTF engine groundings expected to reduce to 25–30 aircraft in FY27.