Editor’s Note: This analysis was originally published as a stock note by Morningstar Equity Research.
Mort NoWIZ Air With Despite the flat questions, revenues increased by 3.8% to 3.8% to 5.27 billion euros, or 3.9% to 91.2% on a load factor of 1.2%, increasing revenue by 52.7 billion euros.
Tickets and subsidized rusks increased by 4.1% and 3.7%, respectively, due to yield initiatives and the rollout of bundled services. Profitability has declined as fixed costs swell across stagnant capacity. This indicates a continuing structural edge pressure as GTF engine issues are occurring and undermines the Wizz Air’s ability to expand profitability. We have placed Wizz Air Fair Value estimates during review.
Available seat kilometer (or cost per cask) rose 10.9% on a 19.9% jump on the former fuel cask due to GTF-related grounding (42 aircraft), causing 113 million euros on wet lease costs and higher depreciation. Depreciation and amortization 28% reflect the growth of the fleet and idle aircraft. Increased wages related to inflation, increased maintenance activities, pressure on regulatory hiking in air traffic control and regulatory hiking from January 2025, increasing staff, maintenance and airport costs. Fuel casks fell 3.1% due to lower fuel prices. EBITDA fell 4.9% to 1.13 billion euros, while operating profit fell 61.7% to 167.5 million euros. Net income fell 41.5% to 213.9 million euros, partially cushioned with a tax credit of 194.2 million euros. Pratt & Whitney OEMs’ compensation was 353.6 million euros.
Wiz ended the year with 231 aircraft (up 11% year-on-year), reducing its 2028 Fleet target to 305 (from 380) following the postponement of 47 aircraft, reducing short-term product development plans spills. Net debt increased 4.4 times leverage by 3.5%, while liquidity increased to 4.4 times, while liquidity increased to 31.5%. No formal guidance was issued. Management expects growth of 20% in 2026, a 2% increase in load coefficient, and rusks are high despite low fares, with improved fuel casks and a modest increase in former fuel casks.
Wizz Air Holdings Stock Price
Source: Morningstar Direct. Data as of June 5th, 2025.
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