Wizz Air Holdings Plc (LON:WIZZ) one of the most sustainable European airlines, has announced its results for the full year ended 31 March 2025.
| Full year to 31 March | 2025 | 2024 | Change |
| Period-end fleet size 1 | 231 | 208 | 11.1% |
| ASKs (million km) | 121,671 | 121,750 | (0.1)% |
| Load factor (%) | 91.2 | 90.1 | 1.0ppt |
| Passengers carried (million) | 63.4 | 62.0 | 2.2% |
| Total revenue (€ million) | 5,267.6 | 5,073.1 | 3.8% |
| EBITDA (€ million) 2 | 1,134.3 | 1,193.2 | (4.9)% |
| EBITDA Margin (%) 2 | 21.5 | 23.5 | (2.0)ppt |
| Operating profit for the period (€ million) | 167.5 | 437.9 | (61.7)% |
| Net profit for the period (€ million) | 213.9 | 365.9 | (41.5)% |
| RASK (€ cent) | 4.33 | 4.17 | 3.9% |
| Total CASK (€ cent) | 4.33 | 3.90 | 10.9% |
| Fuel CASK (€ cent) | 1.48 | 1.52 | (3.1)% |
| Ex-fuel CASK (€ cent) | 2.85 | 2.38 | 19.9% |
| Total cash (€ million) 2,3 | 1,736.0 | 1,588.9 | 9.3% |
| Net debt (€ million) 2 | 4,956.3 | 4,790.2 | 3.5% |
1 Aircraft at end of period includes 3 aircraft in Ukraine, but excludes wet-leased aircraft.
2 For further definition of measures presented refer to “Alternative performance measures (APMs)” section of this document. In addition to marked APMs, other measures presented above incorporate certain non-financial information that management believes is useful when assessing the performance of the Group. For further details refer to “Glossary of terms” section of this document.
3 Total cash comprises cash and cash equivalents (31 March 2025: €597.5 million; 31 March 2024: €728.4 million), short-term cash deposits (31 March 2025: €1,060.2 million; 31 March 2024: €751.1 million) and total current and non-current restricted cash (31 March 2025: €78.3 million; 31 March 2024: €109.4 million).
HIGHLIGHTS
▶Record traffic of 63.4 million passengers in F25 (vs 62.0 million last year) despite ASK capacity being 0.1 per cent lower year-on-year.
▶Traffic growth reflected in 1.0ppt increase in F25 load factor to 91.2%.
▶Unit revenue (RASK) up 3.9 per cent year-on-year, with ticket RASK +4.1 per cent and ancillary +3.7 per cent.
▶Total unit cost (CASK) up by 10.9 per cent year-on-year, with fuel CASK down 3.1 per cent and ex-fuel CASK up 19.9 per cent.
▶Further improvement in operational metrics with operating fleet utilization at 12:28 hours vs 12:25 hours last year and with 67.5 per cent on-time performance, up from 65.3 per cent.
▶Maturing network with lower share of capacity operated on routes younger than three years (-14 ppts vs last year).
▶Navigating GTF engine disruption: 42 aircraft-on-ground at the end of F25; 37x as of 9 May 2025; Expect circa 34x aircraft grounded by end of H1 F26.
▶Received delivery of 26 new A321neos and 14 GTF spare engines in F25 to mitigate some of the impact of the GTF groundings.
▶Maintained CO2 emissions at 52.2 grams per passenger/km for the rolling 12 months to 31 March 2025 (vs 52.0 grams for F24).
▶EBITDA at €1.1 billion, a slight decrease vs last year
▶Total cash balance at €1.74 billion, 9.3% up vs last year.
József Váradi, Wizz Air Chief Executive Officer commented on the results:
“I describe our fiscal year F25 with two words: resilience and transformation. In an environment where rare challenges have become recurrent, Wizz Air has evolved structurally, embedding increased flexibility into our standard operating model. While often dismissed as ‘easier said than done,’ the past year’s events tested both our company and management. We emerged stronger, wiser, and better prepared.”
Commenting on the outlook and current trading for the Company, József Váradi added:
“Wizz Air is a more resilient business today. Despite the unproductivity of a grounded fleet, we successfully delivered a second consecutive year of profitability. We have the benefit of more than a year of experience operating under these unique circumstances – conditions airlines would never experience when demand exceeds supply. Our unit revenue is 4% higher than last year, supported by the combination of our ability to generate higher fares and drive a higher load factor. Our on time performance and completion rates are steadily improving and our employee satisfaction consistently improves.
The number of grounded aircraft will start reducing in both absolute and relative terms and this is why we have reached an transformation point. ASK capacity is back to growing due to this and due to the increase in the delivery volume of new aircraft from Airbus. The percentage of grounded aircraft relative to total fleet continues to improve, allowing us to focus on the key elements of our strategy, winning market share, driving leadership positions and deploying our expertise to mitigate challenges in our sector. We will not relent on defending the ultra-low cost business model, delivering profitable growth and ultimately stakeholder value.“
NEAR TERM AND FULL YEAR OUTLOOK
We are not giving guidance for F26 at this time of the year given the lack of visibility across our trading seasons. With that said, we look to operate within the following parameters, barring any unforeseen developments that could impact our operations:
▶Capacity (ASKs): H1 F26 low to mid-teens growth YoY; F26 circa +20% YoY;
▶Load factor: Driving >2 ppt YoY;
▶Revenue: Higher than F25 (supported by current bookings);
▶Cost: Better fuel CASK; slightly higher ex-fuel CASK due to grounding pressure on fixed costs, cost of retiring CEO fleet and airport cost improvement lag time;
▶Summer trading: Current run rate showing positive RASK YoY in all forward months, driven by load factor >2 ppts but fares down low single digits to drive traffic and leverage higher summer close-in booking yields.
SUMMARY OF F25 FINANCIAL RESULTS
▶Total revenue increased by 3.8 per cent to €5,267.6 million, compared to €5,073.1 million in F24.
▶Fuel expenses decreased by 3.1 per cent to €1,797.6 million, compared to €1,855.7 million in F24.
▶Operating expenses (excluding fuel) increased by 18.8 per cent to €3,302.5 million, compared to €2,779.5 million in F24.
▶EBITDA declined to €1,134.3 million, a decrease of €58.9 million vs F24.
▶Operating profit was €167.5 million compared to an operating profit of €437.9 million in F24.
▶Net financing expenses increased by 52.7 per cent to €147.8 million, compared to €96.8 million recorded in F24, out of which net foreign exchange gain for F25 was €26.0 million, compared to a gain of €19.4 million in F24.
▶The Company recorded an income tax credit of €194.2 million in F25 compared to the €24.8 million credit in F24. Further details on the income tax credit can be found under “Taxation” in the Operating Expenses section.
▶Wizz Air reported a net profit of €213.9 million (F24: profit €365.9 million).
▶At 31 March 2025, the Group held total cash of €1,736.0 million (including cash and cash equivalents of €597.5 million, €1,060.2 million in short-term cash deposits and €78.3 million of restricted cash), compared to €1,588.9 million in F24.
REVENUE AND COST HIGHLIGHTS
Total revenue increased by 3.8% YoY, mainly driven by load factor and better pricing:
▶Passenger ticket revenue increased by 4.0 per cent to €2,917.0 million.
▶Ancillary revenue increased by 3.6 per cent to €2,350.6 million.
▶Total unit revenue increased by 3.9 per cent to 4.33 euro cents per available seat kilometre (ASK).
▶Ticket RASK increased by 4.1 per cent to 2.40 euro cents, driven by a stronger YoY performance in H2, especially in Q3, which is also reflected in a load factor improvement versus last year.
▶Ancillary RASK increased by 3.7 per cent to 1.93 euro cents, mainly driven by the new Bundle proposition (the launch of Smart bundle) and the price optimization of checked-in bags.
Total operating expenses increased by 10.0 per cent to €5,100.1 million in F25 from €4,635.2 million in F24:
▶Total CASK increased to 4.33 euro cents in F25 from 3.90 euro cents in F24.
▶Ex-fuel CASK increased by 19.9 per cent to 2.85 euro cents in F25 from 2.38 euro cents in F24 driven by the GTF engine issue related aircraft groundings adding to lease payments and depreciation costs, while not contributing to capacity. Additionally, we’ve seen the European ATC increasing charges starting from January 2025 and also general inflation across our key cost items including Airports & Handling, Maintenance and Crew costs.
▶Fuel CASK decreased by 3.1 per cent to 1.48 euro cents in F25, driven mainly by the lower average fuel price, despite entering into SAF purchases in F25. FX hedges also contributed to this improvement given the weaker EUR throughout F25, mitigating the fuel FX risk.
FLEET UPDATE
▶During F25 Wizz Air took delivery of 26 new A321neo aircraft and also secured three former Wizz Air aircraft on dry leases, while 6 A320ceo aircraft were redelivered, ending the fiscal year with a total fleet of 231 aircraft: 37x A320ceo, 41x A321ceo, 6x A320neo and 147x A321neo.
▶Wizz Air also added eight wet-leased aircraft for summer 2024 operations, providing additional capacity in F25. The last wet-leased aircraft were returned in October 2024.
▶New aircraft delivered in F25 were financed through 16 sale and leaseback arrangements, 4 Japanese Operating Leases with Call Options (JOLCOs) and 6 financial lease structures.
▶The average age of the fleet currently stands at 4.7 years, the youngest fleet among major European airlines, while the average number of seats per aircraft climbed to 227 as at March 2025 from 224 as at 31 March 2024.
▶The share of new “neo” technology aircraft within Wizz Air’s fleet increased to 66 per cent by the end of F25 from 62 per cent at the end of F24.
▶During F26 we expect 42 new A321neo and 8 XLR deliveries, while 17 A320ceo and 1 A321ceo aircraft will be returned to lessors and will exit the fleet.
▶As at 31 March 2025, Wizz Air’s delivery backlog comprises a firm order for 253x A321neo and 47x A321XLR aircraft, a total of 300 aircraft.
▶The table below provides the fleet composition for the past, present and coming fiscal year, including effected lease extensions. The figures reflect amended contractual delivery timelines agreed with Airbus.
| March 2025 | March 2026 | March 2027 | |
| Actual | Planned | Planned | |
| A320ceo (180/186 seats) | 37 | 20 | 12 |
| A320neo (186 seats) | 6 | 6 | 6 |
| A321ceo (230 seats) | 41 | 40 | 29 |
| A321neo (239 seats) | 147 | 189 | 222 |
| A321neo XLR (239 seats) | – | 8 | 12 |
| Fleet size | 231 | 263 | 281 |
GTF ENGINE UPDATE
As of 9 May 2025, Wizz Air had 37 aircraft on the ground as a result of GTF engine-related matters. The Company is expecting roughly 34 aircraft to be grounded by the end of the first half of F26. We still assume that the average expected shop-visit time needed to return engines back to service is approximately 300 days.
The new commercial support agreement with Pratt & Whitney was agreed at the end of 2024, covering the two-year period for the calendar years 2025 and 2026. The compensation package, which covers Wizz’s direct costs associated with the aircraft that have been and those expected to be grounded, is similar to the levels of the previous agreement in place during 2024.
In terms of its ongoing management, important considerations relating to increased access to spare engines and additional engineering shop visit slots are part of an ongoing tender regarding the selection of engines for 177 A321neos. Management expects these negotiations to conclude by the end of Q1 F26.
GEOPOLITICAL CRISES IN OUR REGIONS
While our operations continued to be negatively impacted by the ongoing conflicts in Ukraine and Israel, sentiment did improve in terms of the former given multi-lateral discussions over the possibility of a ceasefire in Ukraine and a way forward to bringing the war to an end. In that regard, Wizz Air has developed a comprehensive plan on how services can be reintroduced to Ukraine starting circa six-weeks from a regulatory green light. This is seen as a 5m passenger opportunity by the end of year one and 15m by year three. With regards to Israel, we operated an intermittent service through F25 based on security considerations, however, we remain committed to providing a full service to this market once it is deemed safe to do so.
FINANCIAL UPDATE
▶During F25 Wizz Air continued to apply its jet fuel and foreign currency hedging policy. As of 30 May 2025, using jet fuel zero-cost collars and jet fuel swaps, Wizz Air has a hedge coverage of 71 per cent for its jet fuel needs for F26 at a price of 701.0/776.0 $/mT. For F27, the coverage is 19 per cent at the price of 666.0/733.0 $/mT. The jet fuel-related EUR/USD FX coverage stands at 70 per cent for F26 at 1.0827/1.1259, while the coverage for F27 stands at 20 per cent at 1.0747/1.1166 rates.
▶Wizz Air was downgraded by Fitch Ratings to ‘BB+’ with a ‘Stable Outlook’ due to the slower capacity growth caused by the Pratt & Whitney engine issues, leading to higher leverage, above the 2.0x threshold for a ‘BBB-‘ rating; and increased costs impacting profitability. Fitch indicated that the ‘Stable Outlook’ reflects expectations of a Fitch-defined EBITDAR margin at an average of 26%, which remains high compared to airline peers, and Fitch’s assessment of the Company’s deleveraging potential expected from F26. The Group’s credit rating stands at ‘Ba1’ ‘Negative’ by Moody’s Investor Services.
▶The Airbus delivery schedule was amended in January 2025, for 138 A321s due for delivery over the next three years ending F28. Given lease returns, the fleet is now forecast to grow from 231 aircraft as at the end of March 2025 to 305 aircraft as at end March 2028; this compares to the previous forecast of 380 aircraft at that end date.
▶With the reset of the delivery order book, delivery positions were adjusted to a later delivery date along with their PDP payment schedules. This resulted in a PDP overpayment with Airbus and an agreed 6 months period without cash outflow for PDPs to reduce this overpayment, leading to an improvement of Wizz Air’s cash position.
▶The outstanding balance on the PDP facility was repaid entirely on 4 November 2024.
▶The Company signed a repurchase agreement for its inventory of EU emissions trading scheme credits, receiving €264.5 million. The inventory must be repurchased from the counterparty by March 2026.
▶During the year, Wizz Air secured further EUR currency leases. It has signed more finance-type leases (in addition to JOLCO). Like JOLCO, these leases offer the option to purchase the aircraft during the lease, are recognized as aircraft assets on balance sheet and depreciate over the aircraft’s useful life, as opposed to its lease term.
▶The Company received OEM compensation from Pratt & Whitney related to the GTF engine issues. The compensation relates to costs incurred in the period ended 31 March 2025 and is presented within other income in the consolidated statement of comprehensive income.
▶Wizz Air received 14x GTF spare engines in F25 to limit the grounding of the NEO aircraft fleet.
▶Net debt1 at the end of 31 March 2025 was €4,956.3 million vs €4,790.2 million at the end of 31 March 2024, while the Company’s leverage ratio1 (net debt to EBITDA) increased from 4.0 at F25 year end to 4.4. Over the same period, liquidity1 increased to 31.5 per cent from 29.2 per cent.
1 For further definition of non-financial measures presented refer to “Glossary of terms” and “Alternative performance measures (APMS)” sections of this document.
ESG UPDATE
Environment
In F25 Wizz Air achieved further progress on the sustainability agenda:
▶Maintained its industry-leading CO2 emissions per passenger kilometre1 at 52.2 grams in F25, compared to 52.0 grams in F24, despite the challenging environment caused by A321neo aircraft groundings due to GTF engine issues.
▶In collaboration with Airbus, Moeve, and Charleroi Airport have successfully conducted operational trials using sustainable aviation fuel (SAF), representing a significant milestone in aviation decarbonization following the ReFuel EU Aviation legislation. Wizz Air emphasized the need to better inform passengers about SAF’s benefits and challenges, while also advocating for greater industry collaboration and policy support to enhance its adoption and reduce costs.
▶Embraced the chance for collaboration and dialogue during Transport Day at COP29, reaffirming its dedication to decarbonizing aviation. The airline underscored the essential role of international cooperation and robust policy support in achieving net-zero emissions.
▶Initiated the second term of its Sustainability Ambassador Programme, following the successful completion of the inaugural term over the summer.
1 Received “EMEA’s Environmental Sustainability Airline Group of the Year” by the CAPA-Centre for Aviation Awards for Excellence 2024.
Wizz Air’s efforts have been acknowledged with several industry awards for outstanding performance:
▶Most Sustainable Low-Cost Airline title for the fourth consecutive year at the World Finance Sustainability Awards 2024.
▶Best Airline for Carbon Reduction at the 2024 Carbon Awards, hosted by World Finance.
▶EMEA Environmental Sustainability Airline Group of the Year by the CAPA-Centre for Aviation Awards for Excellence 2024.
▶Earned a ‘B’ score in the 2024 climate ranking by CDP, reaching ‘management level’, while maintaining its commitment to environmental transparency by disclosing its impact through CDP.
People
▶Wizz Air is a diverse and inclusive professional organization, with over 112 nationalities represented among its employees: 89 in cabin crew, 62 in flight crew, and 68 in office roles.
▶In F25, Wizz Air conducted its eighth employee engagement survey, achieving a company-wide engagement score of 7.0, consistent with the previous year.
Governance
On 4 September 2024, Wizz Air Holdings Plc announced Barry Eccleston’s temporary leave of absence for personal reasons, leading to several interim committee appointments. As of 14 March 2025, Barry Eccleston returned, prompting the following Board changes:
▶Barry Eccleston was appointed Chair of the Remuneration Committee, with Stephen Johnson stepping down as interim Chair to remain as Observer.
▶Barry Eccleston was appointed to the Nomination and Governance Committee.
▶Enrique Dupuy de Lome Chavarri was appointed to the Nomination and Governance Committee on a permanent basis.
▶Charlotte Pedersen was appointed as Senior Independent Non-Executive Director on a permanent basis.
▶The Company welcomed four executives during the year, Michael Berlouis as Financial Operations Officer, Krzysztof Krolak as Central Operations Officer, Mauro Peneda as Managing Director Wizz Air Malta, and Piotr Trawka as Network Officer.
