WIZZ Wizz Air Holdings Plc

Wizz Air Holdings Plc

F24 Post-close Trading Statement

Ticker:  WIZZ

Geneva, 25 April 2024: Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the fastest-growing and one of the most sustainable European low-cost airlines today provides unaudited post-close trading update for the financial year ended 31 March 2024 ("F24").

Wizz Air expects to report net income in the range of €350 - €370 million for the full year, in line with guidance.

Total revenue is expected to be in the range of €5,050 - €5,100 million reflecting stronger ticket revenue and pricing, partially offset by softer ancillaries in H2 as a result of the combination of network-related impacts from geopolitical events and resulting short window capacity redeployment. Full year RASK (revenue per ASK) is expected to be mid-single digit per cent higher vs last year, as guided.

Supported by higher utilization and on-time performance, operating expenses grew slower than flown capacity, resulting in lower unit costs for the year. Fuel CASK (cost per ASK), including the cost of carbon and fuel hedging, is expected to be 23-24 per cent lower vs. last year. Ex-fuel CASK, which includes the OEM compensation and gains from GTF spare engine financing in Q4, is also expected to be 7-8 per cent lower vs. last year.

F24 was underpinned by sustained demand for air travel and active management of ongoing external issues, including the GTF engine recall and the Israel-Hamas war. On 31 March 2024, Wizz Air had 45 neo aircraft grounded due to issues related to the GTF engine recall, with 40 GTF spare engines supporting the removal program. Assumptions relating to GTF engine removals shared previously remain unchanged.

During the year, Wizz Air took delivery of 39 new A321neo aircraft, and the total fleet as of 31 March 2024 was 206 aircraft.   

Outlook

Wizz Air reiterates its expectation of roughly flat year-on-year capacity growth for H1 F25 and full F25. It is trading positively into the summer of 2024 with selling load factors and pricing trending higher year-on-year in the first two fiscal quarters. Based on improved operational metrics, current trading dynamics and continuing capacity constraints in the wider market, the Company expects to expand operating margins, increase operational cash and further reduce net debt in F25.

Currently, Wizz Air continues to operate flights to Israel, but is following the security situation there closely.

József Váradi, Wizz Air Chief Executive commented:

"This year we have seen a continuation of the surge in passenger demand for air travel that began immediately after the pandemic. While Wizz Air benefitted from this sustained demand and reported record passenger numbers throughout the year, we also mitigated new challenges, including a further wave of geopolitical unrest, the Pratt & Whitney GTF engine recall and air traffic control disruptions.

"Despite this, traffic increased consistently through the year and Wizz Air returned to profitability in F24. This performance is a testament to our robust and agile operating model that allows us to withstand pressures, while simultaneously controlling costs and maintaining a relentless focus on growth."

Notice of Results

Wizz Air will issue unaudited F24 results for the 12 months ended 31 March 2024 on Thursday, 23 May 2024 at 07:00 BST (08:00 CEST).

Wizz Air's management will host an in-person presentation for analysts and institutional investors at 09:30 BST (10:30 CEST) 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://wizzair.com/en-gb/information-and-services/investor-relations/general-information

Wizz Air will publish audited F24 results with its 2024 Annual Report on 14 June 2024.

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ABOUT WIZZ AIR

Wizz Air, the fastest growing European ultra-low-cost airline, operates a fleet of 207 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 62 million passengers in the financial year ending 31 March 2024. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. The company was recently named the World's Top 5 Safest Low-Cost Airlines 2024 by airlineratings.com, the world's only safety and product rating agency, and named Airline of the Year by Air Transport Awards in 2019 and in 2023. Wizz Air has also been recognised as the "Most Sustainable Low-Cost Airline" within the World Finance Sustainability Awards in 2021-2023 and the "Global Environmental Sustainability Airline Group of the Year" by the CAPA-Centre for Aviation Awards for Excellence 2022-2023.