Half Year Results
Summary by AI BETAClose X
WIZZ AIR HOLDINGS PLC – UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2026
PROFIT GROWTH UP ON 27% SEAT CAPACITY INCREASE IN Q2; H2 AHEAD: UP-TICKING FARES AND FOCUS ON UNDERLYING COSTS
LSE: WIZZ
Geneva, 12 November 2026: Wizz Air Holdings Plc (“Wizz Air”, “the Company”), one of the leading ultra-low-cost airlines in Europe, today announces its unaudited results for the six months to 30 September 2026 (“first half”, “H1” or “H1 F27”).
This Interim Financial Report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the F26 Annual Report and Accounts, and any public announcements made by Wizz Air Holdings Plc during the interim reporting period.
FINANCIAL RESULTS (unaudited)
|
|
|
|
Six months to 30 September |
2026 |
2025 |
Change |
Period-end fleet size 1 |
276 |
243 |
13.6% |
ASKs (million km) |
78,563 |
67,062 |
17.1% |
Seat capacity (million) |
49.8 |
39.5 |
26.1% |
Load factor (%) |
92.5 |
92.4 |
0.1 ppt |
Passengers carried (million) |
46.1 |
36.5 |
26.2% |
Total revenue (€ million) |
3,801.8 |
3,342.1 |
13.8% |
EBITDA (€ million) 2 |
922.4 |
981.3 |
(6.0)% |
EBITDA Margin (%) 2 |
24.3 |
29.4 |
(5.1) ppt |
EBIT (€ million) 2 |
264.5 |
439.2 |
(39.8)% |
EBIT Margin (%) 2 |
7.0 |
13.1 |
(6.2) ppt |
Net profit for the period (€ million) |
108.1 |
323.5 |
(66.6)% |
RASK (€ cent) |
4.84 |
4.98 |
(2.9)% |
Total CASK (€ cent) |
4.65 |
4.46 |
4.3% |
Fuel CASK (€ cent) |
1.58 |
1.38 |
14.5% |
Ex-fuel CASK (€ cent) |
3.07 |
3.08 |
(0.3)% |
Total cash (€ million) 2,3 |
2,394.7 |
2,126.4 |
12.6% |
Net debt (€ million) 2,4 |
5,157.3 |
4,941.5 |
4.4% |
1 Aircraft at end of both periods includes 3 aircraft in Ukraine.
2 For further definition of measures presented refer to the "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 the "Glossary of terms" section of this document.
3 Comparative figure is total cash balance as at 31 March 2026. Total cash is a non-statutory financial performance measure and comprises cash and cash equivalents (30 September 2026: €1,830.1 million; 31 March 2026: €1,085.9 million), total current and non-current cash deposits (30 September 2026: €481.9 million; 31 March 2026: €952.8 million) and total current and non-current restricted cash (30 September 2026: €82.7 million; 31 March 2026: €87.7 million).
4 Comparative figure is net debt balance as at 31 March 2026.
HIGHLIGHTS
▶ Notwithstanding 27 per cent capacity growth, second quarter EBITDA up 13.8 per cent to €775.0 million, operating profit up 8.8 per cent to €447.8 million and net profit up 7.4 per cent to €306.3 million, despite fuel costs 28.7 per cent higher, with Q2 RASK up 0.5 per cent, ahead of guidance. H1 operating profit of €264.5 million reflects the Q1 impact of the Middle East disruption, already reported. This momentum has continued into the second half, with October unit revenue up mid-single digits year-on-year.
▶ Strong traffic growth of 26.2 per cent year-on-year, with seats up 26.1 per cent and ASKs 17.1 per cent.
▶ Q2 RASK increased 0.5 per cent year-on-year to €5.55 cents as unit revenue improved from August whilst bookings continued to build, ahead of the “flat” guidance. For H1, RASK decreased 2.9 per cent year-on-year, reflecting the 8.1% fall in RASK in the Q1 period.
▶ Fuel CASK up 14.5 per cent in H1 and 8.5 per cent in Q2 in line with guidance. H2 F27 hedge coverage as at 6 November 2026 moves to 82 per cent at a cap of $860/ MT and F28 coverage stands at 41 per cent at a cap of $1,009/ MT.
▶ Year-on-year ex-fuel CASK lower at €3.07 cents (vs €3.08 cents in the prior year), supported by lower airport, crew, distribution and flight disruption charges, which is an improvement against expectations of a low single digit increase.
▶ Strong cash position of €2,394.7 million with liquidity1 at 37.6 per cent.
▶ As of 30 September 2026, Wizz Air had 22 aircraft grounded due to GTF engine-related inspections, with this an improvement versus the 35 grounded at this time last year. Continue to expect zero groundings due to GTF issues by the end of calendar year 2027.
József Váradi, Wizz Air Chief Executive Officer, commented:
“H1 F27 demonstrated the resilience of the Wizz Air business model. We saw strong passenger and capacity growth as planned. Demand remained healthy across our network despite continued external challenges. Although profitability in the period was impacted by elevated fuel costs, Middle East disruptions at the start of Q1, and fleet availability constraints, revenue trends strengthened through the summer, supported by solid load factors and improving unit revenue performance.
Operationally, we cancelled fewer flights this year even though we operated 23 per cent more flights compared to the first half of F26. Our on-time performance improved to above 70 per cent, lowering disruption charges and improving crew efficiency.
During the period, we continued to invest in our future growth platform through new bases, customer experience initiatives and fleet deployment, whilst maintaining a robust balance sheet and liquidity close to €2.40 billion.
Trading momentum has continued into the third quarter. In October, revenue per available seat kilometre was up around 5 per cent year-on-year, with ticket revenue per passenger up 7 per cent, even as our average sector became 5 per cent shorter. For November and December, with around 70 and 40 per cent of seats sold respectively, unit revenue on hand is in line with last year at the same point on around 18 per cent more capacity, with higher average fares offset by lower load factors as we grow through the winter. Fuel remains the main headwind, and our hedging, covering 82 per cent of second-half requirements, is doing what it was designed to do.
As outlined at our Capital Markets Day, we remain focused on restoring margins through fleet productivity, network maturity and disciplined cost execution, while positioning Wizz Air for sustainable long-term growth and shareholder value creation.’’
NEAR-TERM AND FULL-YEAR OUTLOOK
▶ Capacity: Q3 ASKs up circa 12 per cent YoY, seats up circa 19 per cent;
▶ Load factor: Q3 down low single digits;
▶ Revenue: Q3 RASK up low single digits;
▶ Costs: F27 ex-fuel CASK up mid single digits YoY due to increased transitional costs and broadly
flat underlying operational performance.
COMMERCIAL AND NETWORK UPDATE
In H1, Wizz Air continued to leverage its leading positions across Central and Eastern Europe while expanding into targeted growth markets across Europe. It announced the opening of Spanish operating bases in Valencia, Madrid and Santiago de Compostela from this winter season and opening of bases in Pristina, Kosovo and Brasov, Romania from November and December of this year. In Italy, it expanded its operations with two new bases and grew its based fleet to 42 aircraft ahead of this winter.
In addition to capacity growth across several new markets, the summer capacity expansion increasingly focused on network improvements. Wizz Air maintained a broadly stable airport network while directing capacity into higher-frequency flying, route densification and stronger local market positions.
Wizz Air continues to be the market share leader in CEE with 27.8 per cent of total market seats at the end of September. F27 represents the peak year of network rebuilding, with growth expected to moderate thereafter as route maturity, increased frequency and ancillary initiatives drive revenue quality improvements.
Overall, Wizz Air entered the second half of F27 with a materially stronger network platform, adding more winter-sun and domestic capacity, while growing frequencies across profitable winter routes. This, together with its clear strategic roadmap to convert recent capacity investments into stronger revenue performance and sustainable profitability over the medium term, leaves it well positioned for long-term growth and shareholder value creation.
1 For definitions of non-financial measures presented, please refer to the Glossary of terms and Alternative performance measures (APMs) sections of this document.
GTF ENGINE UPDATE
As of 30 September 2026, Wizz Air had 22 aircraft grounded due to GTF engine-related inspections; an improvement compared to last year when the grounded fleet comprised 35 aircraft. At the end of F27, GTF engine-related groundings are expected to be in the range of 15-20 aircraft with no groundings expected by the end of calendar year 2027.
GEOPOLITICAL SITUATION
Since resuming our flights to Tel Aviv from late May we have deployed circa 33 per cent more seats in F27 compared to last year. We have postponed restarting flights to other Middle East destinations like Abu Dhabi and Dubai, as regional airspace restrictions require significantly longer routings to these destinations, increasing flight times and costs. We continue to monitor the situation on the ground in the Middle East and in Ukraine.
FLEET UPDATE
▶ In the six months ended 30 September 2026 Wizz Air took delivery of 16x new A321neo aircraft, and 3x new A321neo XLRs. During the same period 4x A320ceo and 1x A321ceo aircraft were redelivered, ending the period with a total fleet of 276 aircraft: 22x A320ceo, 39x A321ceo, 6x A320neo, 199x A321neo and 10x A321neo XLRs.
▶ New aircraft deliveries were financed using a combination of sale and leaseback, financial lease and Japanese Operating Lease with Call Option (JOLCO) transactions, with lease terms averaging ten years, before lease extension options.
▶ The average age of the fleet as of 30 September 2026 stood at 4.6 years, making it the youngest fleet of any major European airline, while the average number of seats per aircraft was 232.
▶ The share of “neo” aircraft by seat capacity within Wizz Air’s fleet has increased to 74 per cent.
▶ As of 30 September 2026, Wizz Air’s delivery pipeline comprised a firm order for 234x A321neo and 1x A321XLR aircraft, a total of 235 aircraft.
▶ The table below shows our latest fleet plan development:
|
|
|
|
|
|
|
|
|
|
F26 |
F27 |
F28 |
F29 |
F30 |
F31 |
F32 |
F33 |
A320 CEO (180 seats) |
26 |
13 |
3 |
3 |
3 |
3 |
3 |
1 |
A321 CEO (230 seats) |
40 |
29 |
14 |
— |
— |
— |
— |
— |
A320 NEO (186 seats) |
6 |
6 |
6 |
6 |
6 |
6 |
6 |
3 |
A321 NEO (239 seats) |
183 |
211 |
238 |
280 |
315 |
342 |
365 |
368 |
A321 XLR (239 seats) |
7 |
11 |
11 |
11 |
11 |
11 |
11 |
11 |
Fleet total |
262 |
270 |
272 |
300 |
335 |
362 |
385 |
383 |
FINANCIAL UPDATE
▶ The Company’s cash position at the end of September 2026 was €2,394.7 million, a 12.6 per cent increase vs 31 March 2026. Over the same period the liquidity ratio increased to 37.6 per cent compared to 35.8 per cent.
▶ Net debt at 30 September 2026 was €5,157.3 million vs €4,941.5 million at 31 March 2026, while the Company’s leverage ratio (net debt to EBITDA) increased to 4.1x compared to 3.7x at H1 F26 and 4.4x at Q1 F27.
▶ As of 6 November 2026, using jet fuel zero-cost collars, Wizz Air has accumulated hedge coverage of 82 per cent of its jet fuel needs for H2 F27 at a price of $860/$794 per metric tonne. For F28 the coverage is 41 per cent at a price of $1,009/$900 per metric tonne, but with cover of 51 per cent for the first half of next year in a range of $966/$872. The EUR/ USD FX coverage stands at 76 per cent for H2 F27 at $1.20/$1.16 rates; for F28 it is at 40 per cent at $1.18/$1.15 rates, but with cover of 49 per cent for the first half of the year in a range of $1.18/$1.16. From beginning of F26 the Company has been hedging USD currency exposure on its lease liabilities. As of 30 September 2026, Wizz Air had 90 per cent of $4.7 billion USD lease liability hedged using a blend of USD cash deposits, and cross currency swaps (average EUR/ USD rate of 1.135).
▶ The balance of EU emissions trading scheme credits repurchase agreement, as of 30 September, is €313.8 million. As of the same date, UK emissions trading scheme credits repurchase agreement balance stands at €27.0 million. The inventories must be repurchased from the counterparties by September 2027 and December 2027, respectively.
ESG UPDATE
▶ As of 30 September 2026, the 12-month rolling CO2 emissions per passenger kilometre was 49.7 grams (vs 51.2 grams in the preceding 12 months), representing a 2.9 per cent year-on-year improvement.
▶ In April 2026, Wizz Air achieved a Gold status in Cirium’s Flight Emissions Review, ranking first in Europe and second globally for carbon emissions efficiency.
▶ Wizz Air’s F26 Sustainability Report marked its second consecutive year of voluntary alignment with the European Sustainability Reporting Standards, ahead of mandatory reporting under the Corporate Sustainability Reporting Directive.
▶ During the first half of F27, the Group’s total workforce surpassed 10,000 employees for the first time.
▶ As of 30 September 2026, the share of Wizz Air’s issued share capital held by Qualifying Nationals (i.e. European Economic Area nationals) was 44 per cent, which, based on the disenfranchisement policy that the Wizz Air Board last applied for August 2026 AGM, would entitle them to 55 per cent of total voting rights, leaving Non-Qualifying Nationals with the remaining 45 per cent of total voting rights.
DETAILS OF RESULTS MEETING
Wizz Air's management will host an in-person presentation for analysts and institutional investors at 09:30 GMT (10:30 CET) 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://wizz-air-f27-h1-results-nov-2026.open-exchange.net/registration
- Ends -
ABOUT WIZZ AIR
Wizz Air operates a fleet of 276 Airbus A320 and A321 aircraft as of 11 November 2026. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 69.7 million passengers in the 2026 financial year. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. In 2026, Wizz Air achieved the top emissions ranking among major European airlines and ranked second globally in Cirium’s assessment, driven by its industry-leading carbon emissions intensity performance. Wizz Air has also been recognized as the "Most Sustainable Low-Cost Airline" for six years running between 2021-2026 by World Finance Sustainability Awards.
For more information:
Investors: Mark Simpson, Wizz Air investor.relations@wizzair.com
Zlatko Custovic, Wizz Air
Media: Andras Rado, Wizz Air communications@wizzair.com
James McFarlane / Eleni Menikou / Charles Hirst, MHP Group +44 (0) 20 3128 8100
wizz@mhpgroup.com
Certain information provided in this Press Release pertains to forward-looking statements and is subject to significant risks and uncertainties that may cause actual results to differ materially. It is not feasible to enumerate all the factors and specific events that could impact the outlook and performance of an airline group operating across Europe, the Middle East, and beyond, as Wizz Air does. Some of the factors that are susceptible to change and could notably influence Wizz Air’s anticipated results include demand for aviation transport services, fuel costs, competition from both new and established carriers, availability of Pratt & Whitney GTF engines, turnaround times at Engine Shops, expenses related to environmental, safety, and security measures, the availability of suitable insurance coverage, actions taken by governments and regulatory agencies, disruptions caused by weather conditions, air traffic control strikes, revenue performance and staffing issues, delivery delays of contracted aircraft, fluctuations in exchange and interest rates, airport access and fees, labour relations, the economic climate within the industry, passengers’ inclination to travel, social, and political factors, including global pandemics, and unforeseen security incidents.
H1 FINANCIAL REVIEW
In the first half of the financial year, Wizz Air carried 46.1 million passengers, a 26.2 per cent increase compared to the same period in the previous year, and generated revenues of €3,801.8 million, 13.8 per cent higher than the first half of F26. This compares with capacity growth of 17.1 per cent measured in terms of ASKs and 26.1 per cent in terms of seats. The load factor increased by 0.1 percentage points to 92.5 per cent.
Operating profit in the first half was €264.5 million, a 39.8 per cent decrease compared to the same period of F26. EBITDA for the period was €922.4 million, compared to €981.3 million in H1 F26. The net profit for the first half was €108.1 million, compared to a net profit of €323.5 million in the same period of F26.
Summary condensed consolidated interim statement of comprehensive income (unaudited)
|
|
|
|
|
|
|
|
|
Six months ended 30 September |
|
Three months ended 30 September | ||||
|
2026 |
2025 |
Change |
|
2026 |
2025 |
Change |
Passenger ticket revenue1 |
2,175.6 |
1,926.6 |
12.9% |
|
1,368.7 |
1,127.5 |
21.4% |
Ancillary revenue1 |
1,626.2 |
1,415.5 |
14.9% |
|
925.7 |
786.4 |
17.7% |
Total revenue |
3,801.8 |
3,342.1 |
13.8% |
|
2,294.4 |
1,913.9 |
19.9% |
Staff costs |
(357.3) |
(327.3) |
9.2% |
|
(179.3) |
(170.5) |
5.2% |
Fuel costs |
(1,241.4) |
(928.3) |
33.7% |
|
(630.9) |
(490.2) |
28.7% |
Distribution and marketing |
(89.7) |
(76.4) |
17.4% |
|
(49.1) |
(39.2) |
25.3% |
Maintenance, materials and repairs |
(263.7) |
(205.2) |
28.5% |
|
(133.7) |
(94.4) |
41.6% |
Airport, handling and en-route charges |
(947.8) |
(816.3) |
16.1% |
|
(503.5) |
(432.6) |
16.4% |
Depreciation and amortisation |
(657.9) |
(542.1) |
21.4% |
|
(327.2) |
(269.4) |
21.5% |
Other expenses |
(176.9) |
(215.5) |
(17.9)% |
|
(113.1) |
(116.5) |
(2.9)% |
Other income |
197.4 |
208.2 |
(5.2)% |
|
90.2 |
110.6 |
(18.4)% |
Total operating expenses |
(3,537.3) |
(2,902.9) |
21.9% |
|
(1,846.6) |
(1,502.2) |
22.9% |
Operating profit |
264.5 |
439.2 |
(39.8)% |
|
447.8 |
411.7 |
8.8% |
Financial income |
43.8 |
38.5 |
13.8% |
|
21.8 |
20.8 |
4.8% |
Financial expenses |
(156.9) |
(127.4) |
23.2% |
|
(80.9) |
(65.6) |
23.3% |
Net gains/(losses) on derivative financial instruments |
15.7 |
(75.7) |
(120.7)% |
|
14.7 |
14.2 |
3.5% |
Net foreign exchange (losses)/gains |
(32.5) |
176.0 |
(118.5)% |
|
(16.9) |
21.5 |
(178.6)% |
Net financing (expense)/income |
(129.9) |
11.4 |
(1239.5)% |
|
(61.3) |
(9.1) |
573.6% |
Profit before income tax |
134.6 |
450.6 |
(70.1)% |
|
386.5 |
402.6 |
(4.0)% |
Income tax expense |
(26.5) |
(127.1) |
(79.2)% |
|
(80.2) |
(117.5) |
(31.7)% |
Net profit for the period |
108.1 |
323.5 |
(66.6)% |
|
306.3 |
285.1 |
7.4% |
Net profit for the period attributable to: |
|
|
|
|
|
|
|
Non-controlling interest |
0.3 |
(3.5) |
(107.3)% |
|
(0.2) |
(2.7) |
(93.6)% |
Owners of Wizz Air Holdings Plc |
107.8 |
327.0 |
(67.0)% |
|
306.5 |
287.8 |
6.5% |
1 For further definition of non-financial measures presented refer to "Alternative performance measures (APMs)" and "Glossary of terms" sections of this document.
Revenue
Total revenue increased by 13.8 per cent in H1 F27 to €3,801.8 million. Passenger ticket revenue increased by 12.9 per cent to €2,175.6 million and ancillary revenue (or “non-ticket” revenue) increased by 14.9 per cent to €1,626.2 million, driven by 17.1 per cent capacity increase (ASK) in H1 F27. Total revenue per ASK (RASK) decreased by 2.9 per cent to €4.84 cents, largely driven by yield pressure in Q1 F27 due to the Middle East conflict.
Average revenue per passenger (net fare) was €82.5 during H1 F27, a decrease of 9.9 per cent versus H1 F26. Average ticket revenue per passenger was €47.2 in H1 F27, a decrease of 10.5 per cent vs H1 F26 and average ancillary revenue per passenger was €35.3 in H1 F27, a decrease of 9.0 per cent vs H1 F26. The average stage length decreased 7.1 per cent, from 1,697km in H1 F26 to 1,576km in H1 F27 as a result of refocusing the network on intra-European operations.
Overall, revenue growth was primarily driven by higher capacity and passenger volumes, particularly across Romania, Poland, and Italy, partially offset by lower yields and the impact of base closures in the United Arab Emirates and Austria and continued geographic instability across the Middle East, while load factor provided a modest positive contribution.
Operating expenses
Operating expenses for H1 F27 increased by 21.9 per cent to €3,537.3 million, compared to €2,902.9 million in H1 F26. This growth was primarily driven by an expansion in capacity and secondarily by elevated fuel prices since the Middle East conflict - which had an impact throughout the period in scope. Additional drivers include higher en-route charges, handling costs and maintenance event prices due to re-delivery of CEO fleet and inflationary pressure across these cost lines. These increases were partially offset by a reduction in flight disruption costs, due to improved on-time operational performance and a decline in flight cancellations. The total cost per Available Seat Kilometre (CASK) (including the impact of fuel hedges) increased by 4.3 per cent to €4.65 cents in H1 F27 from €4.46 cents in H1 F26 driven by fuel costs. CASK excluding fuel expenses decreased by 0.3 per cent to €3.07 cents in H1 F27 compared to €3.08 cents in H1 F26.
Staff costs increased by 9.2 per cent to €357.3 million in H1 F27, up from €327.3 million in H1 F26, reflecting the higher number of crews needed to operate 22.7 per cent more flights year-on-year, and the cost-of-living adjustment of salaries. Hotel and accommodation costs decreased year-on-year due to the better planning and lower temporary basing compared to last year.
Fuel expenses increased by 33.7 per cent to €1,241.4 million in H1 F27, compared with €928.3 million recorded during the corresponding period in F26, a rise attributable to the higher fuel price environment experienced throughout the first half of F27. The average fuel price (inclusive of the hedge and into-plane premium impact) incurred by Wizz Air during H1 F27 increased by $176 per metric tonne relative to the equivalent period of F26. Fuel hedging instruments served a critical function in mitigating the pronounced escalation in JET A1 pricing that arose as a consequence of geopolitical pressures on price. Owing to the continued expansion of the NEO aircraft fleet, average fuel efficiency has sustained an upward trajectory, with consumption recorded at 2.23 metric tons per block hour, compared with 2.25 metric tons per block hour in the prior year.
Distribution and marketing costs increased by €13.3 million (17.4 per cent) to €89.7 million in H1 F27 from €76.4 million in the first half of F26, driven by sales growth combined with increased investment in media activities, expanded sponsorships, and direct marketing.
Maintenance, materials and repair costs increased by 28.5 per cent to €263.7 million in H1 F27 up from €205.2 million in H1 F26, exceeding the pace of ASK growth. This is due to the higher number of heavy checks, including more aircraft redeliveries under the CEO phase-out program, the weakening of the EUR vs the USD given the majority of maintenance contracts are denominated in USD, and general inflationary pressure. These were partially offset by reduced ad hoc, materials, and repair expenditures, including savings in components management.
Airport, handling and en-route charges increased by 16.1 per cent (below ASK increase of 17.1 per cent) to €947.8 million in the first half of F27 versus €816.3 million in the same period of F26. The cost increase is largely due to the higher number of passengers and increased flight volume, offset partly by passenger volume-generated discounts, introduction of new routes and a strategic shift of capacity toward more cost-efficient airports.
Depreciation and amortisation charges were 21.4 per cent higher at €657.9 million in the first half, up from €542.1 million in the same period in F26. The rise is attributable to fleet expansion and an increased count of spare engines, as well as a greater volume of maintenance events associated with CEO aircraft that are being phased out of the fleet.
Other expenses decreased by 17.9 per cent and amounted to €176.9 million in H1 F27, compared to €215.5 million in the same period in F26. Among the key drivers, flight disruption cost, including compensation paid to customers, decreased to €51.8 million in H1 F27 from €86.5 million in H1 F26, wet lease expenses decreased to €0.2 million in H1 F27 from €18.6 million in H1 F26, overhead-related expenses increased to €62.1 million in H1 F27 from €57.6 million in H1 F26 and crew related overhead expenses decreased to €40.1 million in H1 F27 from €41.1 million in H1 F26.
Other income amounted to €197.4 million in H1 F27, compared to €208.2 million in the same period in F26. The breakdown includes sale and leaseback (SLB) gains of €99.7 million in H1 F27 compared to €56.3 million in H1 F26 due to a higher number of spare engine sale and leaseback transactions having taken place in H1 F27 compared to H1 F26. Supplier credits and compensation accounted for a further €82.1 million in H1 F27 compared to €148.8 million in H1 F26, while €10.6 million in insurance compensation was received in connection with the aircraft stranded in Ukraine.
Financial income amounted to €43.8 million in the first half compared to €38.5 million in the same period in F26. Wizz Air holds higher average total cash in this fiscal year, with blended deposit rates holding steady at 4.0%. The USD share of total cash increased, rising from an average of 77.4 per cent in H1 F26 to 81.4 per cent in H1 F27.
Financial expenses totalled €156.9 million during the first half of the reporting period, compared to €127.4 million reported in the corresponding period of F26. Such expenses arise predominantly from interest charges associated with lease liabilities attributable to the expansion of the fleet.
Net result on derivative financial instruments delivered a €15.7 million gain due to strengthening USD against the EUR. The EUR/USD rate falling from 1.1484 at the close of F26 to 1.1357 till the end of H1 F27 against the EUR, translated into a YTD movement of (1.3) cents.
Net foreign exchange loss amounted to €32.5 million (excluding derivative financial instruments) during the period, representing a significant decrease relative to the gain of €176.0 million recorded in the corresponding period in F26. This adverse movement was attributable principally to the aforementioned depreciation of the Euro, which gave rise to an unrealised foreign exchange loss on the revaluation of US Dollar-denominated lease liabilities.
Taxation
The Group recorded an income tax charge of €26.5 million in the period compared to an income tax charge of €127.1 million in the same period in F26. The decrease in tax charges is attributable to the decreased profit before tax for the current period, movements in deferred taxes and the lower effective tax rate. This tax charge consists of a €49.7 million (the six months ended 30 September 2025: €25.7 million tax charge) current tax charge and a €23.2 million (the six months ended 30 September 2025: €101.4 million tax charge) deferred tax credit.
Second quarter performance
In the three months to 30 September 2026 (“Q2” or “the second quarter”), Wizz Air passenger numbers rose to 24.8 million, reflecting a 27.2 per cent increase compared to the same period in the previous year. Revenue for the quarter totalled €2,294.4 million, up 19.9 per cent year on year, with ASK capacity up by 19.3 per cent year-on-year and seat capacity up by 26.8 per cent. The average stage length decreased by 5.9 per cent, from 1,660km in Q2 F26 to 1,562km in Q2 F27, as the network was refocused on intra-European operations. The load factor increased from 93.5 per cent to 93.8 per cent. Average revenue per passenger was €92.4, a decrease of 5.8 per cent year-on-year, with average ticket revenue per passenger of €55.1 (a decrease of 4.6 per cent) and average ancillary revenue per passenger of €37.3 (a decrease of 7.5 per cent). Second quarter Operating Profit reached €447.8 million, up from €411.7 million in the corresponding period of F26, despite higher fuel costs and lower average fares, and with other income of €90.2 million compared to €110.6 million in Q2 F26. Ex-fuel CASK for the period settled at €3.08 cents, reflecting a 1.0 per cent rise compared to the same period in F26. Q2 RASK increased 0.5 per cent year-on-year to €5.55 cents.
OTHER INFORMATION
1. Total cash
Total cash (including restricted cash and cash deposits) at the end of the first half increased by 12.6 per cent to €2,394.7 million versus 31 March 2026, of which €2,312.0 million is non-restricted cash.
2. Hedging position
Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit and Risk Committee. The hedging policy covers jet fuel and jet fuel-related EUR/USD exposure. The hedges under the hedge policy will be rolled forward quarterly, 18 months out, with coverage levels over time reaching indicatively between 70 and 95 per cent for the first quarter of the hedging horizon and between 20 and 45 per cent for the last quarter of the hedging horizon. Hedging instruments are zero-cost collars mostly but also jet fuel swaps are used for shorter dated exposures. Jet fuel and foreign exchange hedge coverages at 6 November 2026 are as follows:
Jet fuel hedge coverage
|
|
|
|
F27 |
F28 |
Period covered |
6 months |
12 months |
Exposure in metric tonnes (‘000) |
1,046 |
2,277 |
Coverage in metric tonnes (‘000) |
855 |
936 |
Hedge coverage for the period |
82% |
41% |
Weighted average ceiling |
$860.0 |
$1,009.0 |
Weighted average floor |
$794.0 |
$900.0 |
Foreign exchange hedge coverage
|
|
|
|
F27 |
F28 |
Period covered |
6 months |
12 months |
Exposure in USD millions |
1,000 |
2,408 |
Coverage in USD millions |
756 |
970 |
Hedge coverage for the period |
76% |
40% |
Weighted average ceiling |
$1.20 |
$1.18 |
Weighted average floor |
$1.16 |
$1.15 |
Sensitivities
Pre-hedging, a $10 (per metric tonne) movement in the price of jet fuel will impact the H2 F27 fuel costs by $11.1 million.
Pre-hedging, a one cent movement in the EUR/USD exchange rate impacts the H2 F27 operating expenses by €12.8 million.
Balance sheet risk mitigation
Wizz Air is using USD cash and standard EUR-USD cross currency swaps to mitigate the profit and loss impact coming from balance sheet revaluation of USD liabilities. As of 30 September 2026 we had c. $4.7bn USD lease liability, c. $4.2bn across USD cash and cross currency swaps, leaving an uncovered portion of c. $0.5bn
3. Fully diluted share capital
The figure of 127,925,879 should be used for the Company’s theoretical fully diluted number of shares as at 30 September 2026. This figure comprises 103,531,853 issued ordinary shares and 24,246,715 new ordinary shares which would have been issued if the full principal of outstanding convertible notes had been fully converted on 30 September 2026 (excluding any ordinary shares that would be issued in respect of accrued but unpaid interest on that date) and 147,311 new ordinary shares which may be issued upon exercise of vested but unexercised employee share options.
4. Ownership and control
To protect the EU airline operating licence of Wizz Air Hungary Ltd and Wizz Air Malta Ltd (subsidiaries of the Company), the Board has resolved to continue to apply a disenfranchisement of Ordinary Shares held by non-EEA Shareholders in the capital of the Company. This will continue to be done on the basis of a “Permitted Maximum” of 45 per cent pursuant to the Company’s articles of association (“the Permitted Maximum”). In preparation for the 2026 Annual General Meeting (AGM), that was held on 5 August 2026, the Company sent a Restricted Share Notice to Non-Qualifying registered Shareholders, informing them of the number of Ordinary Shares that will be treated as Restricted Shares:
▶a "Qualifying National" includes: (i) EEA nationals, (ii) nationals of Switzerland and (iii) in respect of any undertaking, an undertaking which satisfies the conditions as to nationality of ownership and control of undertakings granted an operating licence contained in Article 4(f) of Regulation (EC) No. 1008/2008 of the European Commission, as such conditions may be amended, varied, supplemented or replaced from time to time, or as provided for in any agreement between the EU and any third country (whether or not such undertaking is itself granted an operating licence); and
▶a "Non-Qualifying National" includes any person who is not a Qualifying National in accordance with the definition above.
5. Key statistics
For the six months ended 30 September
|
|
|
|
|
2026 |
2025 |
Change |
Capacity |
|
|
|
Number of aircraft at end of period* |
276 |
243 |
13.6% |
Number of operating aircraft at end of period** |
247 |
205 |
20.5% |
Equivalent aircraft |
268.4 |
236.5 |
13.5% |
Equivalent operating aircraft** |
233.6 |
193.8 |
20.5% |
Utilisation (block hours per aircraft per day) |
10:21 |
10:09 |
2.0% |
Utilisation (block hours per operating aircraft per day)** |
11:54 |
12:23 |
(3.9)% |
Total block hours |
509,107 |
439,701 |
15.8% |
Total flight hours |
439,528 |
381,331 |
15.3% |
Revenue departures |
214,491 |
174,764 |
22.7% |
Average departures per day per aircraft |
4.37 |
4.04 |
8.2% |
Average departures per day per operating aircraft** |
5.02 |
4.93 |
1.8% |
Seat capacity |
49,845,847 |
39,526,369 |
26.1% |
Average aircraft stage length (km) |
1,576 |
1,697 |
(7.1)% |
Total ASKs (’000 km) |
78,562,686 |
67,062,005 |
17.1% |
Operating data |
|
|
|
RPKs (’000 km) |
73,155,296 |
61,754,294 |
18.5% |
Load factor (%) |
92.5 |
92.4 |
0.1% |
Number of passenger segments |
46,082,614 |
36,503,672 |
26.2% |
Fuel price (average $ per tonne, including SAF, hedging impact and into-plane premium) |
1,090.0 |
914.0 |
19.3% |
Foreign exchange rate (average US$/€, including hedge impact) |
1.15 |
1.12 |
1.9% |
Closing foreign exchange rate, US$/€ |
1.14 |
1.18 |
(3.3)% |
* Aircraft at end of both periods includes 3 aircraft in Ukraine.
** Equivalent operating aircraft excludes grounded aircraft. At end of period H1 F27 there were 22 grounded aircraft due to GTF engine inspections and 3 grounded aircraft in Ukraine, 3 aircraft under long-term maintenance and 1 aircraft parked by CEO spare engine shortage. At end of period H1 F26 there were 35 grounded aircraft due to GTF engine inspections and 3 grounded aircraft in Ukraine. Operating utilisation is calculated based on the Equivalent operating aircraft and total block hours.
6. Cost per available seat kilometre
For the six months ended 30 September
|
|
|
|
|
2026 |
2025 |
|
|
euro cents |
euro cents |
Change |
Fuel costs |
1.58 |
1.38 |
14.5% |
Staff costs |
0.45 |
0.49 |
(8.2)% |
Distribution and marketing |
0.11 |
0.11 |
—% |
Maintenance, materials and repairs |
0.34 |
0.31 |
9.7% |
Airport, handling and en-route charges |
1.21 |
1.22 |
(0.8)% |
Depreciation and amortisation |
0.84 |
0.81 |
3.7% |
Other expenses |
0.23 |
0.32 |
(28.1)% |
Other income |
(0.25) |
(0.31) |
(19.4)% |
Net financial expenses* |
0.14 |
0.13 |
7.7% |
Total CASK |
4.65 |
4.46 |
4.3% |
Total ex-fuel CASK |
3.07 |
3.08 |
(0.3)% |
* Net financial expenses excluding net loss on derivative financial instruments and net foreign exchange gains/losses.
The Company has a policy of rounding each amount and percentage individually from the fully accurate number to the figure disclosed in the condensed consolidated interim financial statements. As a result, some amounts and percentages do not total – though such differences are all trivial.
7. Emerging and principal risks and uncertainties
The aviation industry is subject to multiple risks and Wizz Air’s business is no exception. A number of risks, as described in our 2026 Annual Report and Accounts, have the potential to adversely affect Wizz Air’s expected results for the remainder of the current financial year. The principal and emerging risks we identified at the start of the year are still present and are in focus, especially risks related to conflicts between countries such as prolonged war between Russia and Ukraine and the ongoing armed conflicts and tensions in the Middle East which will continue to contribute to volatility in fuel prices and the wider operating model, as well as operations-related issues such as the unplanned maintenance of Pratt & Whitney GTF engines. The overall risk profile of the principal risks remained unchanged, as the fluctuations in individual risk ratings, considering the remediation actions, largely balanced each other out.
The full list of risks considered is set out below:
▶ external factors, ensuring the Company has the capabilities and resilience to deal with external risks, such as geopolitical risks, inflation, elevated fuel costs, foreign exchange rates, tariffs, risk of higher business costs, competition, general economic trends, and the default of a partner financial institution;
▶ fleet development, ensuring the Company has the right number of aircraft available at the right time to take advantage of commercial opportunities and grow in a disciplined way without any supply chain disruption;
▶ operations, including safety events and terrorist incidents as well as employee and passenger security;
▶ information technology and cyber risk, including website availability, protection of our own and our customers’ data, and ensuring the availability of operation-critical systems in a significantly escalating threat landscape;
▶ network development and scheduling, affirming we are making the best use of our capacity, driving maximum utilisation and ensuring we have access to the right airport infrastructure at the right price so that we can keep on delivering the superior Wizz Air service at low fares across an expanding network;
▶ regulatory risk, making sure that we remain compliant with regulations affecting our business and operations — including compensating customers — and we remain agile to react to the changing governmental actions due to a slowing economic landscape, ownership and control, loss of traffic rights, and changing policies owing to sustainability (taxation, etc.);
▶ human resources risk, ensuring our ability to attract, hire and retain the right talent in the right numbers to support our continued growth and operational excellence;
▶ social and governance risks, making sure we operate in accordance with our core values and our value of integrity, respected throughout our business processes and deals, and providing transparency to all our stakeholders through responsible reporting and disclosure; and
▶ environmental/climate-related risk, ensuring we are able to answer the growing need for environmental protection and consciousness, mitigate the emerging transition and physical risks while working on minimising our environmental impact.
The Directors consider that the principal risks to the Company’s business during the second half of the financial year remain those summarised above and set out on pages 19 to 27 of our 2026 Annual Report and Accounts, available at corporate.wizzair.com.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed consolidated interim statement of comprehensive income
For the six months ended 30 September 2026 (unaudited)
|
|
|
|
|
|
Six months ended 30 September 2026 |
Six months ended 30 September 2025 |
|
Note |
€ million |
€ million |
Passenger ticket revenue |
6, 7 |
2,175.6 |
1,926.6 |
Ancillary revenue |
6, 7 |
1,626.2 |
1,415.5 |
Total revenue |
6, 7 |
3,801.8 |
3,342.1 |
Staff costs |
|
(357.3) |
(327.3) |
Fuel costs |
|
(1,241.4) |
(928.3) |
Distribution and marketing |
|
(89.7) |
(76.4) |
Maintenance, materials and repairs |
|
(263.7) |
(205.2) |
Airport, handling and en-route charges |
|
(947.8) |
(816.3) |
Depreciation and amortisation |
|
(657.9) |
(542.1) |
Other expenses |
|
(176.9) |
(215.5) |
Other income |
|
197.4 |
208.2 |
Total operating expenses |
|
(3,537.3) |
(2,902.9) |
Operating profit |
|
264.5 |
439.2 |
Financial income |
8 |
43.8 |
38.5 |
Financial expenses |
8 |
(156.9) |
(127.4) |
Net gains/(losses) on derivative financial instruments |
8 |
15.7 |
(75.7) |
Net foreign exchange (losses)/gains |
8 |
(32.5) |
176.0 |
Net financing (expense)/income |
8 |
(129.9) |
11.4 |
Share of net profit of associates |
|
— |
— |
Profit before income tax |
|
134.6 |
450.6 |
Income tax expense |
9 |
(26.5) |
(127.1) |
Net profit for the period |
|
108.1 |
323.5 |
Net profit for the period attributable to: |
|
|
|
Non-controlling interest |
|
0.3 |
(3.5) |
Owners of Wizz Air Holdings Plc |
|
107.8 |
327.0 |
Other comprehensive income – items that may be subsequently reclassified to profit or loss: |
|
|
|
Change in fair value of cash flow hedging reserve, net of tax |
|
425.0 |
(48.1) |
Cash flow hedging reserve recycled to profit or loss |
|
(392.5) |
29.0 |
Cost of hedging |
|
3.1 |
6.3 |
Currency translation differences |
|
(3.0) |
15.1 |
Share in other comprehensive income from investments |
|
— |
— |
Other comprehensive income for the period, net of tax |
|
32.6 |
2.3 |
Total comprehensive income for the period |
|
140.7 |
325.8 |
Total comprehensive income for the period attributable to: |
|
|
|
Non-controlling interest |
|
(0.1) |
0.5 |
Owners of Wizz Air Holdings Plc |
|
140.8 |
325.3 |
Basic earnings per share (€/share) |
10 |
1.04 |
3.16 |
Diluted earnings per share (€/share) |
10 |
0.85 |
2.57 |
Condensed consolidated interim statement of financial position
As at 30 September 2026 (unaudited)
|
|
|
|
|
|
30 September 2026 |
31 March 2026 (audited) |
|
Note |
€ million |
€ million |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Property, plant and equipment |
11 |
7,304.6 |
7,128.1 |
Intangible assets |
|
122.5 |
114.8 |
Restricted cash |
|
39.9 |
45.2 |
Long-term cash deposits |
|
26.9 |
174.4 |
Deferred tax assets |
|
305.3 |
285.6 |
Derivative financial instruments |
4 |
29.6 |
41.9 |
Trade and other receivables |
13 |
20.4 |
25.1 |
Investments in associates |
|
5.7 |
5.7 |
Investments in other entities |
|
4.4 |
3.7 |
Total non-current assets |
|
7,859.3 |
7,824.5 |
Current assets |
|
|
|
Inventories |
12 |
364.4 |
305.7 |
Trade and other receivables |
13 |
719.7 |
687.0 |
Current tax assets |
|
3.3 |
3.7 |
Derivative financial instruments |
4 |
583.1 |
542.2 |
Restricted cash |
|
42.8 |
42.5 |
Short-term cash deposits |
|
455.0 |
778.4 |
Cash and cash equivalents |
|
1,830.1 |
1,085.9 |
Total current assets |
|
3,998.4 |
3,445.4 |
Total assets |
|
11,857.7 |
11,269.9 |
Condensed consolidated interim statement of financial position (continued)
As at 30 September 2026 (unaudited)
|
|
|
|
|
|
30 September 2026 |
31 March 2026 (audited) |
|
Note |
€ million |
€ million |
EQUITY AND LIABILITIES |
|
|
|
Equity attributable to owners of the parent |
|
|
|
Share capital |
|
— |
— |
Share premium |
|
381.2 |
381.2 |
Reorganisation reserve |
|
(193.0) |
(193.0) |
Equity part of convertible debt |
|
8.3 |
8.3 |
Cash flow hedging reserve |
|
540.3 |
507.8 |
Cost of hedging reserve |
|
5.8 |
2.7 |
Cumulative translation adjustments |
|
15.2 |
17.8 |
Retained earnings |
|
319.5 |
207.3 |
Capital and reserves attributable to the owners of Wizz Air Holdings Plc |
|
1,077.3 |
932.1 |
Non-controlling interests |
|
(3.8) |
(3.7) |
Total equity |
|
1,073.5 |
928.4 |
Non-current liabilities |
|
|
|
Borrowings |
16 |
6,234.5 |
6,138.5 |
Convertible debt |
|
25.3 |
24.7 |
Deferred income |
17 |
189.7 |
203.9 |
Derivative financial instruments |
4 |
34.2 |
43.6 |
Trade and other payables |
14 |
51.3 |
103.6 |
Provisions for other liabilities and charges |
15 |
291.1 |
279.1 |
Total non-current liabilities |
|
6,826.1 |
6,793.4 |
Current liabilities |
|
|
|
Trade and other payables |
14 |
1,570.7 |
1,301.0 |
Current tax liabilities |
|
19.0 |
3.1 |
Borrowings |
16 |
1,209.2 |
815.9 |
Convertible debt |
|
0.3 |
1.1 |
Derivative financial instruments |
4 |
1.0 |
11.7 |
Deferred income |
17 |
875.2 |
1,180.1 |
Provisions for other liabilities and charges |
15 |
282.7 |
235.2 |
Total current liabilities |
|
3,958.1 |
3,548.1 |
Total liabilities |
|
10,784.2 |
10,341.5 |
Total equity and liabilities |
|
11,857.7 |
11,269.9 |
The Notes on pages 20 to 42 are an integral part of these financial statements.
The condensed consolidated interim financial statements on pages 13 to 42 were approved by the Board of Directors and authorised for issue on 12 November 2026, and were signed on behalf of the Board by:
József Váradi
Chief Executive Officer
Condensed consolidated interim statement of changes in equity
For the six months ended 30 September 2026 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital € million |
Share premium € million |
Reorganisation reserve € million |
Equity part of convertible debt € million |
Cash flow hedging reserve € million |
Cost of hedging reserve € million |
Cumulative translation adjustments € million |
Retained earnings € million |
Total € million |
Non-controlling interest € million |
Total equity € million |
Balance at 1 April 2026 |
— |
381.2 |
(193.0) |
8.3 |
507.8 |
2.7 |
17.8 |
207.3 |
932.1 |
(3.7) |
928.4 |
Comprehensive income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
— |
— |
— |
— |
— |
— |
— |
107.8 |
107.8 |
0.3 |
108.1 |
Other comprehensive income/(expense) |
— |
— |
— |
— |
32.5 |
3.1 |
(2.6) |
— |
33.0 |
(0.4) |
32.6 |
Total comprehensive income/(expense) |
— |
— |
— |
— |
32.5 |
3.1 |
(2.6) |
107.8 |
140.8 |
(0.1) |
140.7 |
Transactions with owners in their capacity as owners: |
|
|
|
|
|
|
|
|
|
|
|
Share-based payment charge |
— |
— |
— |
— |
— |
— |
— |
4.4 |
4.4 |
— |
4.4 |
Total transactions with owners in their capacity as owners: |
— |
— |
— |
— |
— |
— |
— |
4.4 |
4.4 |
— |
4.4 |
Balance at 30 September 2026 |
— |
381.2 |
(193.0) |
8.3 |
540.3 |
5.8 |
15.2 |
319.5 |
1,077.3 |
(3.8) |
1,073.5 |
Condensed consolidated interim statement of changes in equity
For the six months ended 30 September 2025 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital € million |
Share premium € million |
Reorganisation reserve € million |
Equity part of convertible debt € million |
Cash flow hedging reserve € million |
Cost of hedging reserve € million |
Cumulative translation adjustments € million |
(Accumulated losses)/Retained earnings € million |
Total € million |
Non-controlling interest € million |
Total equity € million |
Balance at 1 April 2025 |
— |
381.2 |
(193.0) |
8.3 |
(8.0) |
(13.8) |
3.3 |
188.6 |
366.6 |
(49.5) |
317.1 |
Comprehensive income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) for the period |
— |
— |
— |
— |
— |
— |
— |
327.0 |
327.0 |
(3.5) |
323.5 |
Other comprehensive income/(expense) |
— |
— |
— |
— |
(19.1) |
6.3 |
11.1 |
— |
(1.7) |
4.0 |
2.3 |
Total comprehensive income/(expense) |
— |
— |
— |
— |
(19.1) |
6.3 |
11.1 |
327.0 |
325.3 |
0.5 |
325.8 |
Transactions with owners in their capacity as owners: |
|
|
|
|
|
|
|
|
|
|
|
Change of NCI without a change in control (Note 16) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
42.6 |
42.6 |
Share-based payment charge |
— |
— |
— |
— |
— |
— |
— |
8.1 |
8.1 |
— |
8.1 |
Total transactions with owners in their capacity as owners: |
— |
— |
— |
— |
— |
— |
— |
8.1 |
8.1 |
42.6 |
50.6 |
Balance at 30 September 2025 |
— |
381.2 |
(193.0) |
8.3 |
(27.1) |
(7.5) |
14.4 |
523.7 |
700.0 |
(6.4) |
693.6 |
Condensed consolidated interim statement of cash flows
For the six months ended 30 September 2026 (unaudited)
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Cash flows from operating activities |
|
|
Profit before income tax |
134.6 |
450.6 |
Adjustments for: |
|
|
Depreciation |
642.9 |
527.3 |
Amortisation |
15.0 |
14.8 |
Financial income |
(43.8) |
(38.5) |
Financial expenses |
156.9 |
127.4 |
Unrealised fair value (gains)/losses on derivative financial instruments |
(24.4) |
78.1 |
Unrealised foreign currency losses/(gains) |
51.8 |
(221.2) |
Realised non-operating foreign currency (gains)/losses |
(19.3) |
70.6 |
Gain on sale of property, plant and equipment |
(99.7) |
(57.4) |
Share-based payment charges |
4.4 |
8.2 |
Other non-cash operating income |
(16.1) |
(66.2) |
|
802.3 |
893.7 |
Changes in working capital |
|
|
(Increase)/decrease in trade and other receivables |
(30.6) |
8.3 |
Increase in inventory |
(53.4) |
(8.1) |
Increase in provisions |
3.5 |
1.3 |
Increase in trade and other payables |
117.2 |
43.8 |
Decrease in deferred income |
(304.8) |
(296.0) |
|
|
|
Cash generated by operating activities before tax |
534.2 |
643.0 |
Income taxes paid |
(20.1) |
(16.2) |
Net cash generated by operating activities |
514.1 |
626.8 |
|
|
|
Purchase of aircraft maintenance assets |
(85.3) |
(18.9) |
Purchase of tangible and intangible assets |
(60.4) |
(111.6) |
Proceeds from the sale of tangible assets |
265.6 |
139.2 |
Advances paid for aircraft and spare engines |
(124.3) |
(111.8) |
Refund of advances paid for aircraft and spare engines |
210.3 |
210.0 |
Interest received |
39.6 |
39.8 |
Release of restricted cash |
12.2 |
40.4 |
Placement of restricted cash |
(6.8) |
(53.7) |
Release of cash deposits |
808.2 |
901.0 |
Placement in cash deposits |
(338.4) |
(818.1) |
Payment for acquisition of investments |
(0.7) |
— |
Net cash generated by investing activities |
720.0 |
216.3 |
|
|
|
Proceeds from new loans* |
19.8 |
42.1 |
Repayment of loans* |
(405.6) |
(386.0) |
Interest paid on loans* |
(144.0) |
(110.3) |
Proceeds from secured debt |
26.0 |
— |
Interest paid on secured debt |
(0.7) |
(0.7) |
Transactions with non-controlling interests (Note 16) |
— |
29.8 |
Other interest paid |
(4.0) |
(1.2) |
Net cash used in financing activities |
(508.5) |
(426.3) |
Net increase in cash and cash equivalents |
725.6 |
416.8 |
Cash and cash equivalents at the beginning of the period |
1,083.6 |
596.9 |
Effect of exchange rate fluctuations on cash and cash equivalents |
18.6 |
(30.8) |
Cash and cash equivalents at the end of the period** |
1,827.8 |
982.9 |
* Mostly JOLCO, FTL, FL and IFRS 16, ‘Leases’ repayments and interest payments. See Note 16 for cash payments for leases.
** Cash and cash equivalents at 30 September 2026 include €663.0 million (31 March 2026: €516.0 million; 30 September 2025: €459.6 million; 31 March 2025: €525.3 million) of cash at bank and €1,166.8 million (31 March 2026: €569.7 million; 30 September 2025: €523.6 million; 31 March 2025: €72.2 million) of cash deposits maturing within three months of inception, €0.3 million money market funds (31 March 2026: €0.3 million; 30 September 2025: €0.2 million; 31 March 2025: €nil) and €2.3 million (31 March 2026: €2.3 million; 30 September 2025: €0.5 million; 31 March 2025: €0.6 million) of overdrafts (repayable on demand), which are an integral part of cash management activities.
Notes to the condensed consolidated interim financial statements (unaudited)
1. General information
Wizz Air Holdings Plc (“the Company”) is a public limited company incorporated in Jersey, registered at 44 The Esplanade, St Helier JE4 9WG, Jersey. The Company is managed from Route François-Peyrot 12, 1218 Le Grand-Saconnex, Geneva, Switzerland. The Company and its subsidiaries (together referred to as “the Group” or “Wizz Air”) provide low-cost, low-fare passenger air transportation services on scheduled short-haul and medium-haul point-to-point routes across Europe and the Middle East. The Company’s Ordinary Shares are listed in the equity shares for commercial companies (“ESCC”) category of the Official List of the Financial Conduct Authority and admitted to the Main Market of the London Stock Exchange.
2. Basis of preparation
These unaudited condensed consolidated interim financial statements present the financial results of the Group for the six-month period ended 30 September 2026. These condensed consolidated interim financial statements have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 March 2026, which have been prepared in accordance with IFRSs and IFRICs as adopted by the European Union and with those parts of the Companies (Jersey) Law 1991 applicable to companies reporting under IFRS.
The comparative figures included for the year ended 31 March 2026 do not constitute the statutory financial statements of the Group based on Article 105 (11) of the Companies (Jersey) Law 1991. The consolidated financial statements of the Group for the year ended 31 March 2026, together with the Independent Auditors’ Report, have been filed with the Jersey Financial Services Commission and are also available on the Company’s website (wizzair.com). The Independent Auditors’ Report on those financial statements was unqualified.
The Company has a policy of rounding each amount and percentage individually from the fully accurate number to the figure disclosed in the condensed consolidated interim financial statements. As a result, some amounts and percentages do not total – though such differences are all trivial.
Going concern
Basis of preparation and assessment period
Wizz Air’s business activities, together with emerging and principal risks likely to affect its future development and performance, are described in our 2026 Annual Report and Accounts. The Directors have reviewed the Group’s latest financial forecasts for a period of 18 months from the date of approval of the interim financial statements. This includes considering the Group’s available committed financing for aircraft and its plans to finance committed future aircraft deliveries due within this period that are currently unfinanced, and also takes into account forecast aircraft groundings given our GTF engine related supply chain issues and likely scenarios associated with the Iran conflict, closure of the Strait of Hormuz and availability and price of jet fuel supplies.
Cash and external borrowings
At 30 September 2026, the Group held total cash of €2,394.7 million (including cash and cash equivalents of €1,830.1 million, €455.0 million in short-term cash deposits, €26.9 million in long-term cash deposits and €82.7 million in restricted cash), while net current assets totalled €40.3 million (including deferred income of €875.2 million).
The Group’s contractual undiscounted external borrowings comprise: €313.8 million of ETS financing from Standard Chartered Bank repayable in September 2027, €27.0 million of ETS financing from Natixis repayable in December 2027, and convertible debt of €25.6 million. In addition, borrowings include a carrying amount of €7,057.4 million from lease contracts accounted for under IFRS 16 and liabilities related to JOLCO, FTL and Finance Lease contracts. None of these borrowings contain any financial covenants.
Aircraft financing and planning horizon
The Group operates using a three-year planning cycle. Aircraft deliveries represent the Group’s primary capital expenditure over the going concern period, which the Group intends to finance through various forms of sale and leaseback or other fleet-financing arrangements, consistent with its past practices. While such financing remains partially uncommitted, the vendor additionally offers committed backstop financing. This backstop financing would cover a substantial portion, though not all, of the expenditure if the Group chooses to utilise it.
Going concern (continued)
Forecasting approach
The Directors’ enquiries and testing included the review of a base case model projecting the Group’s cash flows. The base case model is derived from our contracted fleet plan. This was adjusted to reflect aircraft availability constraints from GTF engine supply chain issues, based on forecasts prepared by the operations team.
The resulting available fleet was overlaid with a utilisation assumption consistent with actual levels observed in F26 and H1 F27. A network plan was then applied to which revenue, cost, compensation, working capital and financing assumptions were layered to develop the base case cash flows.
Downside scenario
This base case was then flexed to produce a downside forecast that assumes lower demand leading to a 3 per cent reduction in RASK in F27 and a 5 per cent reduction in RASK in F28 and F29. Fuel cost per metric tonne was increased by 11% for the 12 months to 30 November 2027 and 8% for the remainder of F28 and F29. We also increased our operating unit costs by+1% in F28 and F29, allowing for inflation. These assumptions were modelled cumulatively across the full going concern period. The downside case also excludes any assumed financing for our currently unfinanced aircraft and engine deliveries. Mitigating actions in relation to the unfinanced aircraft and an assumed sale of owned spare engines were also considered in the preparation of the downside case.
Key Risk Considerations
In preparing both base and downside forecasts, the Directors considered the emerging and principal risks identified including:
▶Card acquirer risk: The Group receives payments for ticket and ancillary revenue in advance through arrangements with various card acquirers, which are subject to typical capacity and security limits. These limits were considered in the forecast models.
▶Geopolitical and operational disruption: The impact of conflicts in Ukraine, Israel and Iran was considered, including the three stranded aircraft in Ukraine (see Note 11). The availability and price volatility of Jet A1 supplies was also considered. Whilst the Group’s plans include continued operations to Israel, the potential for reallocating capacity to other routes was assessed and considered manageable.
▶Climate and regulatory risk: The Directors considered the impact of higher pricing for ETS levied in Europe and the UK, as well as Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) implementation costs. These were reflected in forecast assumptions through higher carbon and fuel pricing. The mandated use of sustainable aviation fuel (SAF) was also considered as part of increased average jet fuel cost assumptions.
The Directors concluded that no material adverse impact on future cash flows is likely to result from these items. Furthermore, it was assumed that there will be no new disruptions of the magnitude experienced in recent financial years.
Conclusion
In this downside scenario, whilst there was a significant reduction in liquidity modelled compared to base-case assumptions, headroom on the security levels of the card acquirer contracts was maintained. After making enquiries and testing the assumptions against different forecast scenarios, including a severe but plausible downside case, the Directors have satisfied themselves that the Group is expected to be able to meet its commitments and obligations as they fall due for a period of at least the next twelve months from the date the interim financial statements are approved. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements.
3. Material accounting policies
These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies, methods of computation and presentation applied in the Group’s most recently published consolidated financial statements for the year ended 31 March 2026, except for the changes explained below.
The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 March 2026.
Income taxes are calculated based on the management's best estimate of the effective tax rate in line with IAS 34.
In preparing the condensed consolidated interim financial statements, the Directors have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report in the 2026 Annual Report and Accounts, the stated emission targets and the update provided on page 4 of this interim report. These considerations did not have a material impact on the Group’s going concern assessment, nor on the financial reporting judgments and estimates used in the preparation of these interim financial statements.
New standards, amendments and interpretations issued and effective
The following new standards, amendments and interpretations apply for the first time in the six months to 30 September 2026, but do not have any impact on the condensed consolidated interim financial statements of the Group:
▶Amendments to IFRS 9 and IFRS 7, ‘Contracts Referencing Nature-dependent Electricity’
▶Amendments to IFRS 9 and IFRS 7, Amendments to the ‘Classification and Measurement of Financial Instruments’
▶Annual Improvements to IFRS Accounting Standards - Volume 11, contains amendments to the following standards: IFRS 1, ‘First-time Adoption of International Financial Reporting Standards’, IFRS 7, ‘Financial Instruments: Disclosures’, IFRS 9, ‘Financial Instruments’, IFRS 10, ‘Consolidated Financial Statements’ and IAS 7, ‘Statement of Cash Flows’.
New standards, amendments and interpretations issued but not yet effective
The following new accounting standards, amendments and interpretations have been published by the IASB that are not yet effective and have not been early adopted by the Group. The new accounting standards, amendments and interpretations are not expected to have a material impact on the Group’s financial statements in the current or future reporting periods.
▶IFRS 18, ‘Presentation and Disclosure in Financial Statements’: The IASB issued IFRS 18 on 9 April 2024. The new standard will give investors more transparent and comparable information about companies’ financial performances. IFRS 18 introduces three sets of new requirements to improve companies’ reporting of financial performance and give investors a better basis for analysing and comparing companies: three defined categories for income and expenses – operating, investing and financing – to improve the structure of the income statement, and requiring all companies to provide new defined subtotals, including operating profit; explanations of the company-specific measures that are related to the income statement, referred to as management-defined performance measures (MPMs); and enhanced guidance on how to organise information and whether to provide it in the primary financial statements or in the notes. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted.
IFRS 18 is applicable for the Group, therefore an analysis of the impact of IFRS 18, particularly with respect to the structure of the Group’s statement of comprehensive income, the statement of cash flows and additional disclosures required for management-defined performance measures, is in progress.
3. Material accounting policies (continued)
New standards, amendments and interpretations issued but not yet effective (continued)
In September 2026, the Group’s management launched a comprehensive project to implement IFRS 18. The Group expects to be able to implement IFRS 18 smoothly by the date on which application is required.
The Group will not early apply IFRS 18; accordingly, it will first apply the standard for the financial year ending 31 March 2028. Under the transition requirements of IFRS 18, the first financial statements in which the Group is required to present each line item it expects to use when applying IFRS 18, together with the subtotals required by the Standard, will be the condensed consolidated interim financial statements prepared in accordance with IAS 34 for the six-month period ending 30 September 2027. However, the Group expects to present those line items and subtotals already in its summary condensed consolidated interim statement of comprehensive income for the three-month period ending 30 June 2027, which will be included in its F28 Q1 stock market press release.
At the current stage of the IFRS 18 implementation project, the Group has identified the following principal areas of its consolidated financial statements that may be affected by IFRS 18:
▶Management-defined performance measures (MPMs)
▶Financial income and expenses other than those related to derivatives
▶Derivative gains/losses
▶Aggregation and disaggregation
▶Classification of operating expenses
▶Cash flow statement.
IFRS 18 also introduces certain limited-scope amendments relating to the statement of financial position. The Group expects these amendments to have limited or no effect on its consolidated statement of financial position.
The IASB has published the following new accounting standards, amendments, and interpretations that have not yet been endorsed by the EU.
▶The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21)
▶IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’
▶Amendments to IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’
▶IFRS 20, ‘Regulatory Assets and Regulatory Liabilities’
▶Amendments to the Fair Value Option in IAS 28 ‘Investments in Associates and Joint Ventures’
The new accounting standard and amendments above are not expected to have a material impact on the Group in the current or future reporting periods.
4. Financial risk management
Hedging
The hedges under the systematic commodity hedge policy will be rolled forward quarterly, 18 months out, with coverage levels over time reaching indicatively between 70 and 95 per cent for the first quarter of the hedging horizon and between 20 and 45 per cent for the last quarter of the hedging horizon. In line with the hedging policy, Wizz Air also hedges its US Dollar exposure related to jet fuel consumption. The Group applies hedge accounting to hedging relationships that fall within the scope of the policy.
As at 1 October 2024, the Wizz Air Board approved a USD lease liabilities economic hedging policy covering a large portion of foreign exchange risks related to aircraft lease financing denominated in US dollars.
Hedge transactions during the period
The Group uses zero-cost collars and swaps to hedge its jet fuel-related foreign exchange exposures and jet fuel price exposures. To ensure an economic relationship, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly those of the hedged item.
The gains and losses arising from hedge transactions during the period were as follows:
Foreign exchange hedge:
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Loss recognised within fuel costs |
|
|
Effective cash flow hedge |
(7.0) |
(14.1) |
Total loss recognised within fuel costs |
(7.0) |
(14.1) |
Jet fuel hedge:
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Gain/(loss) recognised within fuel costs |
|
|
Effective cash flow hedge |
399.1 |
(14.9) |
Total gain/(loss) recognised within fuel costs |
399.1 |
(14.9) |
The Group measures its derivative financial instruments at fair value, as calculated by management using an independent derivative valuation platform. Such fair values might change materially within the near future, yet these changes would not arise from assumptions made by management or other sources of estimation uncertainty at the end of the period, but from movements in market prices. The fair value calculation is most sensitive to movements in the jet fuel and foreign currency spot prices, their implied volatility and respective yields.
At the end of the period the Group had the following open hedge positions:
Foreign exchange hedges with derivatives:
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
| |||
At 30 September 2026 |
Notional amount US$ million |
Non-current assets € million |
Current assets € million |
Non-current liabilities € million |
Current liabilities € million |
Net asset € million |
Effective cash flow hedge positions |
1,363.0 |
1.9 |
27.5 |
— |
— |
29.3 |
Total foreign exchange hedges |
1,363.0 |
1.9 |
27.5 |
— |
— |
29.3 |
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
| |||
At 31 March 2026 |
Notional amount US$ million |
Non-current assets € million |
Current assets € million |
Non-current liabilities € million |
Current liabilities € million |
Net liability € million |
Effective cash flow hedge positions |
1,240.0 |
1.6 |
8.0 |
— |
(10.1) |
(0.6) |
Total foreign exchange hedges |
1,240.0 |
1.6 |
8.0 |
— |
(10.1) |
(0.6) |
For the associated movements in other comprehensive income, please refer to the condensed consolidated interim statements of comprehensive income and changes in equity.
The open foreign currency cash flow hedge positions at period end can be analysed according to the maturity periods and the price ranges of the underlying hedge instruments as follows:
EUR/USD foreign exchange hedge:
|
|
|
|
F27 |
F28 |
At 30 September 2026 |
6 months |
12 months |
Maturity profile of notional amount (million) |
$677.0 |
$686.0 |
Weighted average ceiling |
$1.2048 |
$1.1927 |
Weighted average floor |
$1.1683 |
$1.1637 |
|
|
|
|
F27 |
F28 |
At 31 March 2026 |
12 months |
6 months |
Maturity profile of notional amount (million) |
$1,044.0 |
$196.0 |
Weighted average ceiling |
$1.1840 |
$1.1987 |
Weighted average floor |
$1.1413 |
$1.1722 |
Foreign exchange hedge with non-derivatives:
Non-derivatives, such as cash, are existing financial assets or liabilities that hedge highly probable foreign currency cash flows in the future and therefore act as a natural hedge.
Jet fuel hedge with derivatives:
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
| |||
At 30 September 2026 |
’000 metric tonnes |
Non-current assets € million |
Current assets € million |
Non-current liabilities € million |
Current liabilities € million |
Net asset € million |
Effective cash flow hedge positions |
1,526.0 |
15.4 |
555.5 |
(0.1) |
(0.2) |
570.7 |
Total jet fuel hedge |
1,526.0 |
15.4 |
555.5 |
(0.1) |
(0.2) |
570.7 |
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
| |||
At 31 March 2026 |
’000 metric tonnes |
Non-current assets € million |
Current assets € million |
Non-current liabilities € million |
Current liabilities € million |
Net asset € million |
Effective cash flow hedge positions |
1,600.0 |
29.6 |
534.2 |
(2.4) |
— |
561.5 |
Total jet fuel hedge |
1,600.0 |
29.6 |
534.2 |
(2.4) |
— |
561.5 |
For the movements in other comprehensive income refer to the condensed consolidated interim statements of comprehensive income and changes in equity.
The jet fuel hedge positions at period end can be analysed according to their maturity periods and the price ranges of the underlying hedge instruments as follows:
|
|
|
|
F27 |
F28 |
At 30 September 2026 |
6 months |
12 months |
Maturity profile (‘000 metric tonnes) |
792.0 |
734.0 |
Blended capped rate |
$820.0 |
$957.0 |
Blended floor rate |
$749.0 |
$848.0 |
|
|
|
|
F27 |
F28 |
At 31 March 2026 |
12 months |
6 months |
Maturity profile (‘000 metric tonnes) |
1,334.0 |
266.0 |
Blended capped rate |
$717.0 |
$796.0 |
Blended floor rate |
$651.0 |
$717.0 |
Effects of hedge accounting on the financial position and performance
The effects of the foreign exchange hedges on the Group’s financial position and performance are as follows:
|
|
|
|
At 30 Sep 2026 |
At 31 Mar 2026 |
Zero-cost collars |
|
|
Carrying amount, net asset/(liability) (€ million) |
29.3 |
(0.6) |
Notional amount (US$ million) |
1,363.0 |
1,240.0 |
Maturity date |
October 2026– February 2028 |
April 2026– July 2027 |
Hedge ratio |
1:1 |
1:1 |
Change in fair value of outstanding hedging instruments (€ million) |
24.8 |
(5.4) |
Change in value of hedged item used to determine hedge effectiveness (€ million) |
(24.8) |
5.4 |
The effects of the jet fuel hedges on the Group’s financial position and performance are as follows:
|
|
|
|
At 30 Sep 2026 |
At 31 Mar 2026 |
Zero-cost collars |
|
|
Carrying amount, net asset (€ million) |
549.0 |
561.5 |
Notional amount (‘000 metric tonnes) |
1,461.0 |
1,600.0 |
Maturity date |
October 2026– February 2028 |
April 2026– August 2027 |
Hedge ratio |
1:1 |
1:1 |
Change in fair value of outstanding hedging instruments (€ million) |
547.6 |
565.6 |
Change in value of hedged item used to determine hedge effectiveness (€ million) |
(547.6) |
(565.6) |
Swaps |
|
|
Carrying amount, net (liability)/asset |
21.7 |
— |
Notional amount (‘000 metric tonnes) |
65.0 |
— |
Maturity date |
October 2026– December 2026 |
— |
Hedge ratio |
1:1 |
— |
Change in fair value of outstanding hedging instruments (€ million) |
21.9 |
— |
Change in value of hedged item used to determine hedge effectiveness (€ million) |
(21.9) |
— |
Hedge effectiveness
The effectiveness of hedges is tested both prospectively and retrospectively to determine the appropriate accounting treatment of open positions. Prospective testing of open hedges requires making certain estimates, the most significant one being for the future expected level of the business activity (primarily the utilisation of fleet capacity) of the Group. Building on these estimations of the future, management makes a judgement on the accounting treatment of open hedging instruments. Hedge accounting for jet fuel and foreign currency cash flow hedges is discontinued where the “highly probable” forecast criterion is not met in accordance with the requirements of IFRS 9.
There was no discontinued hedging relationship during the six months ended 30 September 2025 or the six months ended 30 September 2026.
None of the hedge counterparties had a material change in their credit status that would have influenced the effectiveness of the hedging transactions.
Fair value estimation
The Group measures its derivative financial instruments at fair value, calculated by a third-party front office system that falls into the Level 2 category. Fair values are determined based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The front office platform provides comprehensive risk management capabilities, using generally accepted valuation techniques, principally the Black-Scholes model and discounted cash flow models. Equity investments are measured at fair value through profit or loss. All the other financial assets and financial liabilities of the Group are measured at amortised cost. For the majority of these instruments, the fair values are not materially different from their carrying amounts. The fair value of the money market funds included in cash and cash equivalents as at 30 September 2026 was estimated using quoted prices (Level 1).
Fair values
The fair values of the financial instruments of the Group together with their carrying amounts shown in the condensed consolidated interim statement of financial position are as follows:
|
|
|
|
|
|
Carrying amount |
Fair value |
Carrying amount |
Fair value |
|
30 Sep 2026 |
30 Sep 2026 |
31 March 2026 |
31 Mar 2026 |
|
€ million |
€ million |
€ million |
€ million |
Financial asset at fair value through other comprehensive income |
4.4 |
4.4 |
3.7 |
3.7 |
Trade and other receivables due after more than one year |
20.4 |
20.4 |
25.1 |
25.1 |
Restricted cash |
82.7 |
82.7 |
87.7 |
87.7 |
Derivative financial assets |
612.7 |
612.7 |
584.1 |
584.1 |
Trade and other receivables due within one year |
535.2 |
535.2 |
557.2 |
557.2 |
Cash and cash equivalents |
1,830.1 |
1,830.1 |
1,085.9 |
1,085.9 |
Cash deposits |
481.9 |
481.9 |
952.8 |
952.8 |
Trade and other payables due after more than one year |
(36.6) |
(36.6) |
(27.0) |
(27.0) |
Trade and other payables due within one year |
(1,255.5) |
(1,255.5) |
(1,020.6) |
(1,020.6) |
Derivative financial liabilities |
(35.2) |
(35.2) |
(55.3) |
(55.3) |
Convertible debt |
(25.6) |
(25.6) |
(25.8) |
(25.8) |
Borrowings |
(7,100.7) |
(6,545.0) |
(6,644.0) |
(6,338.9) |
Secured debt |
(340.8) |
(326.1) |
(308.1) |
(289.4) |
Unsecured debt |
(2.3) |
(2.3) |
(2.3) |
(2.3) |
Deferred income |
(12.1) |
(12.1) |
(7.6) |
(7.6) |
Net balance of financial instruments (liability) |
(5,241.4) |
(4,671.0) |
(4,794.2) |
(4,470.4) |
The fair value of derivatives (Note 4) and lease liabilities are valued using Level 2 methodology and the fair value of all other financial assets and financial liabilities is estimated using Level 3 in the fair value hierarchy.
For the carrying amount of borrowings please see Note 16.
The following table presents the Group’s financial assets and liabilities that are measured at fair value at 30 September 2026:
|
|
|
|
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
€ million |
€ million |
€ million |
€ million | |
Assets |
|
|
|
|
Investments in other entities |
— |
— |
4.4 |
4.4 |
Derivative financial instruments |
— |
612.7 |
— |
612.7 |
Cash and cash equivalents |
0.3 |
— |
— |
0.3 |
|
0.3 |
612.7 |
4.4 |
617.4 |
Liabilities |
|
|
|
|
Derivative financial instruments |
— |
35.2 |
— |
35.2 |
|
— |
35.2 |
— |
35.2 |
The following table presents the Group’s financial assets and liabilities that are measured at fair value at 31 March 2026:
|
|
|
|
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
|
€ million |
€ million |
€ million |
€ million |
Assets |
|
|
|
|
Investments in other entities |
— |
— |
3.7 |
3.7 |
Derivative financial instruments |
— |
584.1 |
— |
584.1 |
Cash and cash equivalents |
0.3 |
— |
— |
0.3 |
|
0.3 |
584.1 |
3.7 |
588.1 |
Liabilities |
|
|
|
|
Derivative financial instruments |
— |
55.3 |
— |
55.3 |
|
— |
55.3 |
— |
55.3 |
There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the period.
5. Critical accounting estimates and judgments made in applying the Group's accounting policies
For critical accounting estimates and judgments refer to Note 4 in the 2026 Annual Report and Accounts of the Group. No significant changes to such estimates and judgments occurred for the six months ended 30 September 2026, except for the below.
Useful life of A320 NEO family aircraft
Having considered aircraft market trends, maintenance cycles and expectations regarding new technology becoming commercially available, management revised the estimated useful life of A320 NEO family (including A320, A321, and XLR aircraft type) aircraft assets recognised as property, plant and equipment from 12-14 years to 18 years. The impact of the change in estimated useful life on the depreciation expense for the period is not material. This change did not affect the full expected useful life of these aircraft types of 28 years.
6. Segment information
Reportable segment information
During F26 and F27 the Group had only one reportable segment, being its entire route network, resulting in a net profit of €108.1 million during the six months ended 30 September 2026 (for the six months ended 30 September 2025: €323.5 million net profit). All segment revenue was derived wholly from external customers and, as the Group had a single reportable segment, inter-segment revenue was zero.
Entity-wide disclosures
Products and services
Revenue from external customers can be analysed by groups of similar services as follows:
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Passenger ticket revenue |
2,175.6 |
1,926.6 |
Ancillary revenues |
1,626.2 |
1,415.5 |
Total segment revenue |
3,801.8 |
3,342.1 |
These categories are non-IFRS categories meaning that they are not necessarily distinct from a nature, timing and risk point of view; however, management believes that these categories provide clarity over the revenue profile of the Group to the readers of the financial statements and are in line with airline industry practice. The categories as per the definition of IFRS 15 are disclosed in Note 7.
Ancillary revenue arises mainly from baggage charges, booking/payment currency conversion charges, airport check-in fees, fees for various convenience services (e.g. priority boarding, extended legroom and reserved seats), loyalty programme membership fees, commission on the sale of onboard catering, accommodation, car rental, travel insurance, bus transfers, premium calls, co-branded cards and charters.
Geographic areas
Revenue from external customers can be analysed by geographic areas as follows:
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
EU and EFTA countries |
2,857.6 |
2,405.6 |
UK |
317.4 |
340.6 |
Other (non-EU) |
626.8 |
595.9 |
Total revenue from external customers |
3,801.8 |
3,342.1 |
In the table above, other (non-EU) comprises a number of non-EU geographic areas that are all individually less than 10 per cent of the total revenue.
Revenue was allocated to geographic areas based on the location of the first departure airport on each ticket booking.
The Company’s revenue from external customers within the EU is mainly generated by Italy of €531.1 million for the six months ended 30 September 2026 (the six months ended 30 September 2025: €438.9 million), Romania of €397.2 million (the six months ended 30 September 2025: €356.9 million) and Poland of €378.4 million (the six months ended 30 September 2025: €328.2 million).
The physical location of non-current assets is not disclosed by geographic area. This is because: (i) by value most assets are associated either with aircraft not yet received (pre-delivery payments) or with existing leased aircraft and spare engines (RoU and maintenance assets), the location of which changes regularly following aircraft capacity allocation decisions; and (ii) the value of the remaining asset categories (land and buildings, and fixtures and fittings) is not a material part of total non-current assets.
The distribution of the non-current assets between the key operating entities of the Group is as follows:
|
|
|
|
30 Sep 2026 |
31 March 2026 |
|
€ million |
€ million |
Wizz Air Hungary Ltd. |
1,475.7 |
1,928.1 |
Wizz Air Malta Ltd. |
1,668.2 |
1,770.8 |
Wizz Air Fleet Management Ltd. |
2,375.2 |
2,204.4 |
Wizz Air UK Limited |
393.9 |
405.4 |
Wizz Air Asset Solutions Ltd. |
1,862.2 |
1,432.8 |
Duna Irodaház Limited |
40.1 |
39.9 |
Other |
44.0 |
43.1 |
Total non-current assets |
7,859.3 |
7,824.5 |
No revenue or non-current assets of the Group were recognised in Jersey, the Company’s country of domicile, for the six months ended 30 September 2026 (for the six months ended 30 September 2025: €nil).
Major customers
The Group derives the vast majority of its revenues from its passengers and sells most of its tickets directly to the passengers as final customers, rather than through corporate intermediaries (tour operators, travel agents or similar).
7. Revenue
The split of total revenue presented in the condensed consolidated interim statement of comprehensive income, being passenger ticket revenue and ancillary revenue, is a non-IFRS measure (or alternative performance measure). The existing revenue presentation is considered relevant for users of the financial statements because: (i) it mirrors disclosures presented outside of the financial statements; and (ii) it is regularly reviewed by the Chief Operating Decision Maker for evaluating financial performance of the (Group’s single) operating segment.
Revenue from contracts with customers can be disaggregated as follows based on IFRS 15:
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Revenue from contracts with passengers |
3,753.5 |
3,305.1 |
Revenue from contracts with other partners |
48.3 |
37.0 |
Total revenue from contracts with customers |
3,801.8 |
3,342.1 |
These two categories represent revenues that are distinct from a nature, timing and risks point of view. Revenue from contracts with other partners relates to commissions on the sale of on-board catering, accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded cards, where the Group acts as an agent.
The contract assets reported on 30 September 2026 as part of trade and other receivables amounted to €7.6 million (31 March 2026: €9.4 million) and the contract liabilities (unearned revenues) reported as part of deferred income were €857.3 million as at 30 September 2026 (31 March 2026: €1,168.7 million). Out of the €3,753.5 million revenue recognised for the six months ended 30 September 2026 (for the six months ended 30 September 2025: €3,305.1 million), €1,168.7 million (the six months ended 30 September 2025: €1,003.5 million) was included in the contract liability balance at the beginning of the period (see unearned revenue in Note 17).
8. Net financing income and expenses
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Interest income |
43.8 |
38.5 |
Financial income |
43.8 |
38.5 |
Interest expenses on: |
|
|
Convertible debt |
(1.2) |
(1.1) |
IFRS 16 lease liability |
(99.7) |
(77.9) |
JOLCO, FTL and FL liability |
(45.6) |
(37.6) |
Unsecured debt |
— |
(2.9) |
Secured debt |
(6.4) |
(6.8) |
Other |
(4.0) |
(1.1) |
Financial expenses |
(156.9) |
(127.4) |
Net gains/(losses) on derivative financial instruments |
15.7 |
(75.7) |
Net foreign exchange (losses)/gains |
(32.5) |
176.0 |
Net financing (expense)/income |
(129.9) |
11.4 |
Interest income and expense include interest on financial instruments. Interest income is earned on cash and cash equivalents, cash deposits and restricted cash.
During H1 F27, the EUR/USD exchange rate decreased from 1.15 at 31 March 2026 to 1.14 at 30 September 2026. This resulted in a foreign exchange loss on remeasuring liabilities denominated in USD, including IFRS 16 lease, JOLCO, FTL and FL liabilities, which was partially offset by a foreign exchange gain on remeasurement of cash and equivalents and restricted cash in foreign currencies.
Net gains/(losses) on derivative financial instruments include a €15.7 million gain for the six months ended 30 September 2026 (the six months ended 30 September 2025: €75.7 million loss) which is the realised and unrealised result on the cross currency interest rate swap contracts.
9. Income tax expense
The income tax charge for the six months ended 30 September 2026 was €26.5 million (the six months ended 30 September 2025: €127.1 million tax charge). The decrease in tax charge is attributable to the decreased profit before tax for the current period. This tax charge consists €49.7 million (the six months ended 30 September 2025: €25.7 million) current tax charge and €23.2 million (the six months ended 30 September 2025: €101.4 million tax charge) deferred tax credit.
The effective income tax rate for the six months ended 30 September 2026 is 12.19 per cent (the six months ended 30 September 2025: 20.8 per cent).
Deferred tax assets and liabilities recognised
|
|
|
|
|
|
|
|
|
|
RoU assets |
Lease liabilities |
Provisions for other liabilities and charges |
Property, plant and equipment |
Tax loss carry-forwards |
Hedge |
Other |
Total |
|
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
At 1 April 2025 |
(814.0) |
965.7 |
15.3 |
(8.8) |
25.8 |
2.1 |
148.6 |
334.7 |
Deferred tax assets |
(814.0) |
965.7 |
15.3 |
(8.8) |
25.8 |
2.1 |
148.6 |
334.7 |
Deferred tax liabilities |
— |
— |
— |
— |
— |
— |
— |
— |
Credited/(charged) to: |
|
|
|
|
|
|
|
|
Profit or loss |
(128.7) |
29.5 |
(0.5) |
(22.4) |
21.5 |
— |
(1.2) |
(101.8) |
Other comprehensive income/(expense) |
— |
— |
— |
— |
— |
1.2 |
— |
1.2 |
At 30 September 2025 |
(942.7) |
995.2 |
14.8 |
(31.2) |
47.3 |
3.3 |
147.4 |
234.1 |
Deferred tax assets |
(942.7) |
995.2 |
14.8 |
(31.2) |
47.3 |
3.3 |
147.4 |
234.1 |
Deferred tax liabilities |
— |
— |
— |
— |
— |
— |
— |
— |
At 1 April 2026 |
(907.0) |
1,045.1 |
14.7 |
15.0 |
43.6 |
(50.5) |
124.7 |
285.6 |
Deferred tax assets |
(907.0) |
1,045.1 |
14.7 |
15.0 |
43.6 |
(50.5) |
124.7 |
285.6 |
Deferred tax liabilities |
— |
— |
— |
— |
— |
— |
— |
— |
Credited/(charged) to: |
|
|
|
|
|
|
|
|
Profit or loss* |
47.5 |
(7.2) |
(2.4) |
(9.4) |
(4.4) |
— |
(0.9) |
23.2 |
Other comprehensive income/(expense) |
— |
— |
— |
— |
— |
(3.5) |
— |
(3.5) |
At 30 September 2026 |
(859.5) |
1,037.9 |
12.3 |
5.6 |
39.2 |
(54.0) |
123.8 |
305.3 |
Deferred tax assets |
(859.5) |
1,037.9 |
12.3 |
5.6 |
39.2 |
(54.0) |
123.8 |
305.3 |
Deferred tax liabilities |
— |
— |
— |
— |
— |
— |
— |
— |
Assets: + / Liabilities: -
*The summary table does not contain the effect of currency translation (CTA)
The total balance of the deferred taxes is €305.3 million deferred tax asset (31 March 2026: €285.6 million asset) that consists only of deferred tax assets.
The €178.4 million (31 March 2026: €138.1 million) net deferred tax asset recognised in relation to IFRS 16 RoU assets (€859.5 million) and lease liabilities (€1,037.9 million) is driven by the fact that certain subsidiaries of the Group recognise leasing fees in their income tax returns in line with contracts, on a straight-line basis, which differs from the timing of recognition under the IFRS 16 rules. Under IFRS 16, the lease-related expenses are forward loaded, i.e. at the beginning of the lease period, the Group IFRS financial statements cumulatively include more expense and a lower profit (or higher loss) than the tax returns.
The €12.3 million (31 March 2026: €14.7 million) deferred tax asset was recognised in relation to provisions (e.g. for carbon quota submission obligation in the EU Emissions Trading System) that are not deductible for tax purposes. This temporary difference will be reversed when the Company makes payments to settle the related liability and receives the tax deductions.
The €5.6 million (31 March 2026: €15.0 million) net deferred tax asset was recognised in connection to property, plant and equipment, which is mainly driven by the different depreciation or capital allowance derived from the tax rules compared to the accounting depreciation of the assets. As part of the net balance, a deferred tax liability of €21.2 million (31 March 2026: €21.2 million) was recognised on the temporary difference related to a development reserve formed according to the Hungarian corporate income tax rules. The development reserve formed in Wizz Air Hungary Ltd. is for future purchases of property, plant and equipment, which is deductible for tax purposes, when it was formed, but no accounting depreciation will be tax deductible on the assets purchased in the future on account of the development reserve. Compared to the previous year, no property, plant and equipment were acquired utilising the development reserve. Accordingly, there was no change in the related deferred tax liability.
The deferred tax assets of €39.2 million (31 March 2026: €43.6 million) on tax loss carry-forwards are mainly attributable to the tax losses generated by Wizz Air UK Limited and Wizz Air Holdings Plc. in the current and previous years and capital allowances carried forward for Wizz Air Malta and Wizz Air Asset Solutions. Following the closure of operations in Abu Dhabi in FY26, Wizz Air Holdings Plc recognised impairment losses, resulting in tax losses available to be carried forward to future periods, in respect of which a deferred tax asset continues to be recognised in F27.
On the acquisition date during FY26 of Duna Irodaház Limited, a taxable temporary difference of €21.9 million and a deductible temporary difference of €2.2 million were identified in relation to Duna Irodaház Limited’s assets and liabilities acquired. As the acquisition did not qualify as a business combination and management considered that all other conditions of the initial recognition exemption in IAS 12 were met, no deferred taxes were recognised for the temporary differences on the date of acquisition and on the reporting date FY26. Accordingly, no deferred tax assets or liabilities were recognised on the subsequent changes in the above temporary differences affected by the initial recognition exemption. As at the FY27 H1 reporting date, the taxable temporary difference amounted to €21.7 million and the deductible temporary difference amounted to €1.6 million.
The majority of the deferred tax asset related to other temporary differences amounting to €123.8 million (31 March 2026: €124.7 million) is attributable to an intra-group sale of rights to purchase aircraft.
Unrecognised deferred tax asset from tax loss carry forward
Tax loss carry forward for which the Group had not recognised deferred tax asset as at 30 September 2026, amounted to €83.0 million (31 March 2026: €82.1 million). The tax losses for which no deferred tax asset was recognised do not expire.
Global minimum tax
Most of the major jurisdictions in which the Group operated in F27, including Switzerland, Hungary and the United Kingdom have implemented the OECD Pillar Two rules, introducing a global minimum effective tax rate of 15 per cent for multinational enterprises with consolidated revenues exceeding €750 million. While Malta has enacted the EU Global Minimum Tax Directive, the domestic minimum tax is not yet effective; however, the income of the Group’s Maltese subsidiaries falls within the scope of Pillar Two through the application of Income Inclusion Rules in Switzerland.
Management is continuously assessing the detailed and developing minimum tax interpretations. In F27, the income of the Group’s Hungarian, Maltese and UK subsidiaries were within the scope of Pillar Two, but no material additional tax liability is expected to arise as the entities are expected to meet the applicable transitional safe harbour conditions.
In line with the exception introduced by a 2023 amendment of IAS 12, ‘Income Taxes’, the Group does not account for deferred taxes on “Pillar Two income taxes” but will account for such taxes as a current tax when incurred in the future. Therefore, the minimum tax rules had no impact on the recognition and measurement of deferred tax balances as at 30 September 2026, and hence on the total tax credit in the year.
10. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group by the weighted average number of Ordinary Shares in issue during each period.
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
Profit for the six months, € million |
107.8 |
327.0 |
Weighted average number of Ordinary Shares in issue |
103,491,982 |
103,401,509 |
Basic earnings per share (€/share) |
1.04 |
3.16 |
There were no Convertible Shares in issue at 30 September 2026 (30 September 2025: €nil).
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary Shares in issue with the weighted average number of Ordinary Shares that could have been issued in the respective period as a result of the conversion of the following convertible instruments of the Group:
▶Convertible Shares;
▶Convertible Notes; and
▶Employee share options (vested share options are included in the calculation).
The profit for the period has been adjusted for the purposes of calculating diluted earnings per share in respect of the interest charge relating to the debt which could have been converted into shares.
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
Profit for the period attributable to equity holders of the Company |
107.8 |
327.0 |
Interest expense on convertible debt (net of tax), € million |
1.2 |
1.1 |
Profit used to determine diluted earnings per share, € million |
109.0 |
328.1 |
Weighted average number of Ordinary Shares in issue |
103,491,982 |
103,401,509 |
Adjustment for assumed conversion on convertible instruments (number) |
24,371,976 |
24,344,397 |
Weighted average number of Ordinary Shares for diluted earnings per share |
127,863,958 |
127,745,906 |
Diluted earnings per share (€/share) |
0.85 |
2.57 |
11. Property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
Land and building |
Aircraft maintenance assets |
Aircraft assets and parts |
Fixtures and fittings |
Advances paid for aircraft and spare engines* |
Advances paid for aircraft maintenance assets |
RoU assets - aircraft and spare engines |
RoU assets - other |
Total |
|
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
Cost |
|
|
|
|
|
|
|
|
|
At 1 April 2025 |
47.5 |
835.1 |
2,441.8 |
15.4 |
926.2 |
112.4 |
4,926.2 |
41.2 |
9,345.8 |
Additions |
3.2 |
161.1 |
178.9 |
1.3 |
211.0 |
36.0 |
398.1 |
0.9 |
990.5 |
Disposals |
— |
(112.5) |
(6.2) |
— |
(215.6) |
— |
(186.3) |
— |
(520.6) |
Transfers |
— |
29.0 |
— |
— |
— |
(29.0) |
— |
— |
— |
FX translation effect |
— |
(11.3) |
(9.0) |
(0.1) |
— |
(0.1) |
(11.7) |
(0.3) |
(32.5) |
At 30 September 2025 |
50.7 |
901.4 |
2,605.5 |
16.6 |
921.6 |
119.3 |
5,126.3 |
41.8 |
9,783.2 |
At 1 April 2026 |
96.6 |
1,095.9 |
2,913.0 |
16.1 |
825.0 |
104.9 |
5,335.6 |
31.6 |
10,418.7 |
Additions |
0.9 |
201.4 |
399.1 |
3.2 |
157.8 |
25.6 |
303.7 |
— |
1,091.7 |
Disposals |
(2.6) |
(89.5) |
(73.0) |
— |
(231.9) |
— |
(232.1) |
— |
(629.1) |
Transfers |
— |
50.6 |
3.5 |
— |
(3.5) |
(50.6) |
— |
— |
— |
FX translation effect |
— |
1.1 |
3.8 |
— |
— |
(0.1) |
5.7 |
0.2 |
10.7 |
At 30 September 2026 |
94.9 |
1,259.5 |
3,246.4 |
19.3 |
747.4 |
79.8 |
5,412.9 |
31.8 |
10,892.0 |
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
At 1 April 2025 |
9.6 |
360.6 |
309.9 |
11.7 |
— |
— |
2,149.2 |
11.8 |
2,852.8 |
Depreciation charge for the period |
1.3 |
142.1 |
71.5 |
0.7 |
— |
— |
309.5 |
2.2 |
527.3 |
Disposals |
— |
(112.0) |
(6.1) |
(0.2) |
— |
— |
(186.3) |
— |
(304.6) |
FX translation effect |
— |
(8.7) |
(2.3) |
— |
— |
— |
(3.6) |
(0.1) |
(14.7) |
At 30 September 2025 |
10.9 |
382.0 |
373.0 |
12.2 |
— |
— |
2,268.8 |
13.9 |
3,060.8 |
At 1 April 2026 |
12.7 |
467.3 |
454.8 |
11.1 |
— |
— |
2,331.1 |
13.6 |
3,290.6 |
Depreciation charge for the period |
2.8 |
224.3 |
93.2 |
1.1 |
— |
— |
319.9 |
1.6 |
642.9 |
Disposals |
— |
(85.8) |
(31.2) |
— |
— |
— |
(232.0) |
— |
(349.0) |
FX translation effect |
— |
0.2 |
0.7 |
— |
— |
— |
2.0 |
— |
2.9 |
At 30 September 2026 |
15.5 |
606.0 |
517.5 |
12.2 |
— |
— |
2,421.0 |
15.2 |
3,587.4 |
Net book amount |
|
|
|
|
|
|
|
|
|
At 1 April 2025 |
37.9 |
474.5 |
2,131.9 |
3.7 |
926.2 |
112.4 |
2,777.0 |
29.4 |
6,493.0 |
At 30 September 2025 |
39.8 |
519.4 |
2,232.5 |
4.4 |
921.6 |
119.3 |
2,857.5 |
27.9 |
6,722.4 |
At 31 March 2026 |
83.9 |
628.6 |
2,458.2 |
5.0 |
825.0 |
104.9 |
3,004.5 |
18.0 |
7,128.1 |
At 30 September 2026 |
79.4 |
653.5 |
2,728.9 |
7.1 |
747.4 |
79.8 |
2,991.9 |
16.6 |
7,304.6 |
* Disposals represent the refunds upon delivery of aircraft of advances previously paid.
The Group entered into various financing arrangements to finance aircraft including sale and leaseback, Japanese Operating Lease with Call Option (JOLCO), French Tax Lease (FTL) and Finance Lease (FL) structures. Some of these arrangements include Special Purpose Vehicles (SPV) in the financing structure, and in accordance with IFRS 10, where the Group has control of these entities, these are consolidated in the Group balance sheet. Aircraft assets and parts leased under JOLCO as part of sale and leaseback arrangements, FTL and FL are not classified as leases under IFRS 16 and are treated as aircraft assets and parts (as if there were no sale at all).
Other right-of-use (RoU) assets include leased buildings and simulator equipment. Please refer to Note 16 for details on lease liabilities.
Additions to aircraft maintenance assets (the six months ended 30 September 2026: €201.4 million; the six months ended 30 September 2025: €161.1 million) were fixed assets created primarily against provision for maintenance, as the Group’s aircraft or their main components no longer met the relevant return conditions under lease contracts.
Additions to “advances paid for aircraft maintenance assets” reflect primarily the advance payments made by the Group to the engine maintenance service provider under power by the hour agreements.
Additions to “advances paid for aircraft and spare engines” represent PDPs made in the year, while disposals in the same category represent PDP refunds received from the manufacturer where the respective aircraft or spare engine was delivered to the Group. During HY27, in the statement of cash flows the cash inflow was €210.3 million “refund of advances paid for aircraft and spare engines” and the cash outflow was €124.3 million “advances paid for aircraft and spare engines”.
The Group reviewed the expected useful lives attributed to its leased aircraft fleet financed through operating leases, and notes that the duration of its leases is significantly less than the current expected economic life of an aircraft. The useful economic life estimates for aircraft financed under JOLCO, FTL or FL are aligned to the manufacturer or EASA certificates. No climate risk that may impact these assets during their expected useful economic lives has been identified. Given this, no change to the expected useful life is considered necessary as a result of climate change.
The Group recognised €99.7 million as gain on sale and leaseback transactions in the period (the six months ended 30 September 2025: €56.3 million).
Short-term wet lease expenses of €0.2 million were recognised in the period (the six months ended 30 September 2025: €18.6 million).
Impairment assessment
An impairment assessment was performed for the Group’s assets, which comprises a single cash generating unit (CGU) that includes virtually all property, plant and equipment, the whole aircraft fleet, as well as the intangible assets of the Group. The recoverable amount of that CGU was estimated by a fair value less cost of disposal calculation based on cash flows derived from the medium-term plan approved by the Board for the following three financial years up to and including March 2030.
The medium-term plan includes the contracted fleet growth, management’s assessment of future trends, trading, and other assumptions - such as passenger numbers, load factors, commodity prices, foreign exchange rates - based on external and internal inputs. Climate change related impacts - such as cost related to sustainable aviation fuel (SAF) and emission trading schemes (ETS) - were considered based on known legal requirements and estimated future prices.
Key assumptions for the jet fuel price and USD exchange rate were the following:
|
|
|
|
|
|
2027 |
2028 |
2029 |
2030 |
Jet fuel price (USD per metric tonne) |
1,287.8 |
1,029.0 |
914.0 |
907.5 |
EUR/USD exchange rate |
1.158 |
1.136 |
1.136 |
1.136 |
For the periods subsequent to the medium-term plan, a terminal value was calculated by applying a growing perpetuity formula. The growth rate assumed was 2% (2026: 2%). The risk of significant adverse changes in cash flows was taken into account by calculating and weighting management’s base case approved plan with a downside scenario that is consistent with that used in the Group’s going concern assessment. Long-term and climate change related risks that cannot be estimated with sufficient reliability are excluded from the projections. It was assumed that incremental costs affecting the industry as a whole - such as increased fuel cost due to SAF requirements or higher jet fuel prices - are recovered through increased ticket revenue.
The cash flows were discounted by the Group’s weighted average cost of capital (WACC), which is 10.0% (2026: 9.4%).
Sensitivity analysis was performed on reasonably possible changes to assumptions that result in a long-term decrease to operating cash flows without management being able to mitigate the impact. These changes include 5% decrease in ticket prices, $200 increase in a fuel price per metric tonne, 1% increase in WACC, no growth beyond the mid-term forecast horizon.
Management did not identify any reasonable scenario that would cause impairment.
Aircraft in Ukraine
In February 2022, as a consequence of the geopolitical conflict in Ukraine, the airspace of Ukraine, Russia and Moldova was closed until further notice. As a result, four of Wizz Air’s aircraft were stranded in Ukraine, with one aircraft located in Lviv and three aircraft located in Kyiv.
The aircraft in Lviv, together with all six engines from the aircraft located in Kyiv, were successfully repatriated. Following the completion of airframe structural checks and engine inspections, the repatriated aircraft and engines returned to service without the need for significant additional repair work.
The airframes remaining in Kyiv are assessed to be in good condition and free from damage, based on available photographic evidence and information provided by local personnel. Preservation maintenance has been performed, and parking and storage procedures in line with industry standards are in place.
The total net carrying amount of the stranded assets as at the reporting date is €6.2 million. As these assets are not currently generating cash inflows, management performed an impairment assessment.
Management evaluated various scenarios, including successful repatriation to the fleet, the feasibility of commencing operations in Ukraine in case of peace, the prospect of recovery under insurance arrangements, selling the assets in full or in part to third parties, and continued grounding with no recovery prospects. The scenarios considered range between full recovery and complete loss of the asset values. Based on the weighted probability assessment, management considers the carrying amount of the aircraft to be recoverable from the cash flows generated through the various scenarios assessed.
12. Inventories
|
|
|
|
30 Sep 2026 |
31 Mar 2026 |
|
€ million |
€ million |
Aircraft consumables |
62.6 |
54.6 |
UK Emissions Trading Scheme (UK ETS) allowances (refer to Note 16) |
28.5 |
35.1 |
EU Emissions Trading Scheme (EU ETS) allowances (refer to Note 16) |
273.2 |
216.0 |
Total inventories: |
364.4 |
305.7 |
During the period, remnant stock with a carrying amount of €0.3 million was written off to maintenance expenses (the six months ended 30 September 2025: €0.6 million). There was no write back in either period of any write down of inventory previously made.
Inventories totaling €19.9 million were recognised as maintenance materials and repairs expenses in the period (the six months ended 30 September 2025: €16.7 million).
13. Trade and other receivables
|
|
|
|
30 Sep 2026 |
31 Mar 2026 |
|
€ million |
€ million |
Non-current |
|
|
Receivables from lessors |
5.8 |
11.2 |
Other receivables |
14.6 |
13.9 |
Non-current trade and other receivables |
20.4 |
25.1 |
Current |
|
|
Trade receivables |
200.4 |
273.6 |
Receivables from lessors |
2.2 |
2.1 |
Receivables from non-controlling interests |
44.0 |
43.3 |
Other receivables |
37.2 |
43.6 |
Total current other receivables |
83.4 |
89.0 |
Prepayments and deferred expenses |
152.3 |
88.1 |
Accrued income |
283.6 |
236.3 |
Current trade and other receivables |
719.7 |
687.0 |
Total trade and other receivables |
740.1 |
712.1 |
Receivables from lessors (both current and non-current) represent the deposits provided by the Group to lessors as security in relation to lease contracts and in relation to the funding of future maintenance events.
Trade receivables included €170.6 million of receivables from contracts with customers (at 31 March 2026: €193.1 million). The amount consists mainly of credit card sales not yet transferred to the Group by the card acquirer, receivables from travel agencies and group bookings.
Credits received in the amount of €82.1 million are related to incentives and compensation from Original Equipment Manufacturers (OEMs) and other suppliers (the six months ended 30 September 2025: €148.8 million). These credits and compensations are accounted for as other income in the condensed consolidated interim statement of comprehensive income.
Total trade and other receivables as at 30 September 2026 included financial instruments in the amount of €555.6 million (31 March 2026: €582.3 million).
Impairment of trade and other receivables
|
|
|
|
30 Sep 2026 |
31 Mar 2026 |
|
€ million |
€ million |
Impaired receivables |
|
|
– trade receivables |
(4.3) |
(4.1) |
Allowances on impaired receivables |
|
|
– other receivables |
(0.4) |
(0.4) |
14. Trade and other payables
|
|
|
|
30 Sep 2026 |
31 Mar 2026 |
|
€ million |
€ million |
Non-current liabilities |
|
|
Accrued expenses |
51.1 |
103.5 |
Other payables |
0.2 |
0.1 |
Non-current trade and other payables |
51.3 |
103.6 |
Current liabilities |
|
|
Trade payables |
364.7 |
276.0 |
Payables to passengers |
60.3 |
74.9 |
Other payables |
55.3 |
46.5 |
Accrued expenses |
1,090.4 |
903.6 |
Current trade and other liabilities |
1,570.7 |
1,301.0 |
Total trade and other payables |
1,622.0 |
1,404.6 |
Payables to passengers include the refunds made in credits that can be used by customers for re-booking tickets for later dates or can be requested by customers for refunding by the Group in cash and other liabilities towards customers. Credits not eligible for a cash refund are classified as deferred income.
Accrued expenses mainly include accruals for operating expenses such as airport and ground handling, fuel, ETS allowances, en-route and navigation, crew and maintenance-related expenses and liabilities for EU regulation (EC) No. 261/2004 (EU261) compensation to customers in the amount of €25.5 million (31 March 2026: €16.7 million).
The Group recognised €51.8 million for EU regulation (EC) No. 261/2004 (EU261) and other flight disruption related compensation to customers in the period (the six months ended 30 September 2025: €86.5 million).
Total trade and other payables as at 30 September 2026 included financial instruments in the amount of €1,292.2 million (31 March 2026: €1,047.6 million).
15. Provisions for other liabilities and charges
|
|
|
|
|
Aircraft maintenance |
Other |
Total |
|
€ million |
€ million |
€ million |
At 31 March 2025 |
339.2 |
15.9 |
355.1 |
Non-current provisions |
186.1 |
15.1 |
201.2 |
Current provisions |
153.1 |
0.8 |
153.9 |
Capitalised within property, plant and equipment |
156.1 |
— |
156.1 |
Charged to profit or loss |
— |
3.1 |
3.1 |
Used during the period |
(76.4) |
(1.9) |
(78.3) |
FX translation effect |
(21.6) |
— |
(21.6) |
At 30 September 2025 |
397.3 |
17.1 |
414.4 |
Non-current provisions |
236.1 |
16.3 |
252.4 |
Current provisions |
161.2 |
0.8 |
162.0 |
At 31 March 2026 |
497.1 |
17.2 |
514.3 |
Non-current provisions |
262.8 |
16.3 |
279.1 |
Current provisions |
234.4 |
0.8 |
235.2 |
Capitalised within property, plant and equipment |
139.2 |
— |
139.2 |
Charged to profit or loss |
— |
5.3 |
5.3 |
Used during the period |
(88.4) |
(1.8) |
(90.2) |
FX translation effect |
5.2 |
— |
5.2 |
At 30 September 2026 |
553.2 |
20.6 |
573.8 |
Non-current provisions |
271.3 |
19.8 |
291.1 |
Current provisions |
281.9 |
0.8 |
282.7 |
Non-current provisions mainly relate to future aircraft maintenance obligations of the Group on leased aircraft and spare engines, falling due typically between one and five years from the reporting date. Current aircraft maintenance provisions relate to heavy maintenance obligations expected to be fulfilled in the coming financial year. The provision amount reflects management’s estimates of the cost of heavy maintenance work that will be required in the future to discharge obligations under the Group’s lease agreements. Maintenance provisions in relation to engines and APUs covered by power-by-the-hour agreements are netted off with the prepayments made to the maintenance service provider under such agreements in respect of the same group of engines and APUs.
16. Borrowings
|
|
|
|
30 Sep 2026 |
31 Mar 2026 |
|
€ million |
€ million |
Lease liability under IFRS 16 |
637.1 |
584.4 |
Unsecured debts |
2.3 |
2.3 |
Secured debt |
313.8 |
— |
Loans from non-controlling interests |
43.2 |
43.0 |
Liability related to JOLCO, FTL and FL contracts |
212.8 |
186.2 |
Total current borrowings |
1,209.2 |
815.9 |
Lease liability under IFRS 16 |
3,548.5 |
3,485.6 |
Secured debt |
27.0 |
308.1 |
Liability related to JOLCO, FTL and FL contracts |
2,659.0 |
2,344.8 |
Total non-current borrowings |
6,234.5 |
6,138.5 |
Total borrowings |
7,443.7 |
6,954.4 |
Unsecured debt
Bank overdrafts form part of the Group physical cash pooling arrangement, repayable on demand and are an integral part of cash management activities are included within unsecured debt in the amount of €2.3 million (31 March 2026: €2.3 million).
Secured debt
In December 2023, the Group entered into an ETS sale and repurchase agreement according to which EU allowances were sold for €253.6 million with a commitment to repurchase them in September 2024. In September 2024, the parties decided to extend the repurchase date to March 2026. In November 2025, the parties agreed to enter into a new agreement according to which EU allowances were sold for €307.5 million in March 2026 with a commitment to repurchase them in September 2027.
In May 2026, the Group entered into an ETS sale and repurchase agreement according to which UK allowances were sold for £22.6 million, equalling to €26.1 million, with a commitment to repurchase them in December 2027.
The considerations received are recognised as a financial liability within secured debt. The difference between the sale price and the repurchase price is recognised as interest expense over the period between the sale date and the repurchase date. The facilities do not contain any financial covenants.
Short-term and variable lease payments
The Group recognised €12.9 million expense relating to short-term leases (the six months ended 30 September 2025: €4.5 million) and €nil expense relating to variable lease payments in the period (the six months ended 30 September 2025: €nil).
Loans from non-controlling interests
On 14 July 2025, Wizz Air announced that it would cease Wizz Air Abu Dhabi's operations effective from 1 September 2025, and the intention to initiate a process of winding down the business primarily due to a strategic realignment of the Wizz Air Group. In August 2025, the non-controlling interests of Wizz Air Abu Dhabi increased the subscribed capital by €42.6 million (see the statement of changes in equity for the six months ended 30 September 2025) of Wizz Air Abu Dhabi Limited and provided a cash loan of €30.0 million to help settle relevant Wizz Air Abu Dhabi third-party liabilities. The loan is repayable on demand.
This loan, together with a €13.2 million (31 March 2026: €13.0 million) loan provided in previous years, totalling €43.2 million overall will be settled with a promissory note issued by the non-controlling interests to Wizz Air Abu Dhabi Limited in the same amount, in exchange for shares.
The maturity profile of borrowings as at 30 September 2026 is as follows:
|
|
|
|
|
|
|
|
|
IFRS 16 aircraft and engine lease liability |
IFRS 16 other lease liability |
JOLCO, FTL and FL liability |
Unsecured debt |
Secured debt |
Loans from non-controlling interests |
Total |
|
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
Payments due: |
|
|
|
|
|
|
|
Within one month |
50.2 |
0.2 |
12.8 |
2.3 |
— |
43.2 |
108.7 |
Between one and three months |
110.3 |
0.5 |
41.4 |
— |
— |
— |
152.1 |
Between three months and one year |
473.8 |
2.1 |
158.7 |
— |
313.8 |
— |
948.3 |
Between one and two years |
591.3 |
3.0 |
210.6 |
— |
27.0 |
— |
831.9 |
Between two and three years |
576.2 |
1.9 |
259.5 |
— |
— |
— |
837.5 |
Between three and four years |
470.6 |
2.0 |
294.1 |
— |
— |
— |
766.7 |
Between four and five years |
540.5 |
1.9 |
236.5 |
— |
— |
— |
778.8 |
In more than five years |
1,356.4 |
4.8 |
1,658.4 |
— |
— |
— |
3,019.6 |
Total borrowings |
4,169.3 |
16.3 |
2,871.8 |
2.3 |
340.8 |
43.2 |
7,443.7 |
The maturity profile of borrowings as at 31 March 2026 is as follows:
|
|
|
|
|
|
|
|
|
IFRS 16 aircraft and engine lease liability |
IFRS 16 other lease liability |
JOLCO, FTL and FL liability |
Unsecured debt |
Secured debt |
Loans from non-controlling interests |
Total |
|
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
€ million |
Payments due: |
|
|
|
|
|
|
|
Within one month |
58.9 |
0.2 |
17.3 |
2.3 |
— |
43.0 |
121.7 |
Between one and three months |
53.0 |
0.5 |
31.4 |
— |
— |
— |
84.9 |
Between three months and one year |
469.8 |
2.0 |
137.5 |
— |
— |
— |
609.3 |
Between one and two years |
567.2 |
2.9 |
181.5 |
— |
308.1 |
— |
1,059.7 |
Between two and three years |
529.0 |
2.4 |
187.0 |
— |
— |
— |
718.4 |
Between three and four years |
528.1 |
1.9 |
310.3 |
— |
— |
— |
840.3 |
Between four and five years |
516.0 |
1.9 |
206.3 |
— |
— |
— |
724.2 |
In more than five years |
1,330.4 |
5.8 |
1,459.7 |
— |
— |
— |
2,795.9 |
Total borrowings |
4,052.4 |
17.6 |
2,531.0 |
2.3 |
308.1 |
43.0 |
6,954.4 |
The total cash outflow for leases during the six months ended 30 September 2026 was €429.1 million (the six months ended 30 September 2025: €396.1 million) and €120.5 million (the six months ended 30 September 2025: €100.2 million) for JOLCO, FTL and FL.
17. Deferred income
|
|
|
|
30 Sep 2026 |
31 Mar 2026 |
|
€ million |
€ million |
Non-current liabilities |
|
|
Deferred income |
189.7 |
203.9 |
Current liabilities |
|
|
Unearned revenue |
857.3 |
1,168.7 |
Other |
17.9 |
11.4 |
|
875.2 |
1,180.1 |
Total deferred income |
1,064.9 |
1,384.0 |
Non-current deferred income represents the value of benefit for the Group coming from credits and free aircraft components received from manufacturers and component suppliers, which will be recognised as a credit (a decrease to aircraft-related expenses) over the useful life of the respective asset.
Unearned revenue represents the value of tickets paid by passengers for which the flight service is yet to be performed, the value of membership fees paid but not yet recognised, the current part of the value of supplier credits received and credits provided to passengers with no cash conversion option. Unearned revenue decreased in line with prior-year seasonal patterns, with lower booking volumes observed prior to the winter compared to summer season.
Unearned revenue of €857.3 million at 30 September 2026 (at 31 March 2026: €1,168.7 million) will become revenue during the upcoming twelve months (subject to further cancellations that might happen after the period end).
18. Capital commitments
At 30 September 2026 the Group had the following capital commitments:
▶A commitment to purchase 235 Airbus aircraft of the A320 family in the period 2026–2032. The total commitment is valued at US$35.7 billion (€31.4 billion) based on list prices last published in 2018 and escalated annually until the reporting date based on contract terms (31 March 2026: US$38.5 billion (€33.6 billion) to purchase 254 Airbus aircraft of the A320 family in the period 2026–2032). As of 6 November 2026, out of the 235 aircraft, one had already been delivered and 13 are scheduled for delivery in H2 FY27. Financing already contracted for 11 out of 13 scheduled deliveries. The Group uses various financing arrangements in order to finance aircraft including Sale and Leaseback, Japanese Operating Lease with Call Option (JOLCO), French Tax Lease (FTL) and Finance Lease (FL) structures. In addition, Original Equipment Manufacturer (OEM) backstop financing may also be available, supplemented by a partial self-contribution.
▶A commitment to purchase 43 IAE “neo” (GTF) spare engines anticipated in the period of 2026-2028. The total commitment is valued at US$1.0 billion (€0.9 billion) based on US$ list prices in 2026 (31 March 2026: US$1.0 billion (€0.9 billion) to purchase 45 GTF spare engines). As of 6 November 2026, 15 engine deliveries are projected for the second half of FY27, of which five are covered by financing contracts already.
19. Contingent liabilities
The Group has certain contingent liabilities in relation to European Commission state aid investigations. These matters were explained in Note 33 in the 2026 Annual Report and Accounts of the Group. There have been no significant developments in the cases.
The Group also has contingent liabilities regarding employee personal income taxes in certain jurisdictions.
No provision has been made by the Group in relation to these cases because there is currently no reason to believe that the Group will incur material charges from these cases.
20. Subsequent events
Subsequent to 30 September 2026, the authorities provided formal recognition of the liquidation of Wizz Air Abu Dhabi LLC and the appointed liquidator was registered. Accordingly, Wizz Air Abu Dhabi LLC will not be included in the consolidated financial statements going forward. The impact of the deconsolidation to the net results is expected to be immaterial.
21. Related parties
The Group has related party relationships with Indigo Hungary LP and Indigo Maple Hill LP (collectively referred to as “Indigo” here) because of its shareholding and the appointment of two Directors to the Board of Directors (all in service) and its key management personnel (Directors and Officers).
There were no related party transactions in the period ended 30 September 2026 that materially affected the financial position or the performance of the Group during that period and there were no changes to the related party positions described in the 2026 Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the same period.
The Group has contracted with companies that are related to the CEO. The total paid for such goods and services in H1 F27 was €2.0 million (H1 F26: €1.9 million). The main service purchased was to provide machine learning capabilities with regard to ticket and ancillary pricing, revenue forecasting and operational disruption management. The amount paid for this service in H1 F27 was €2.0 million (H1 F26: €1.8 million), which in the judgment of the Board was not material. On 30 September 2026, the outstanding amount payable to the related party was €0.7 million (31 March 2026: €0.9 million).
22. Seasonality of operations
The Group’s results of operations, like those of most other airlines in Europe, vary significantly from quarter to quarter within the financial year. Historically, the Group has had higher passenger revenue during the summer season in comparison to the winter season (with the exception of the periods around Christmas, New Year and Easter) as this is the period during which many Europeans tend to take their annual holiday. Flight frequency, load factor and average ticket prices all tend to be higher during such peak periods compared to other periods of the year.
Statement of Directors’ responsibilities
The directors confirm that these condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
▶an indication of important events that have occurred during the six months ended 30 September 2026 and their impact on the condensed consolidated financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
▶material related party transactions in the six months ended 30 September 2026 and any material changes in the related party transactions described in the 2026 Annual Report and Accounts of the Group.
The Directors of Wizz Air Holdings Plc are listed in the 2026 Annual Report and Accounts of the Group. A list of current Directors is maintained on the Wizz Air Holdings Plc website: wizzair.com.
This Interim Financial Report was approved by the Board of Directors and authorised for issue on 12 November 2026 and signed on its behalf by:
József Váradi
Chief Executive Officer
12 November 2026
Independent review report to Wizz Air Holdings Plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Wizz Air Holdings Plc’s condensed consolidated interim financial statements (the “interim financial statements”) in the Interim Financial Report of Wizz Air Holdings Plc for the 6 month period ended 30 September 2026 (the “period”).
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority.
The interim financial statements comprise:
▶the Condensed consolidated interim statement of financial position as at 30 September 2026;
▶the Condensed consolidated interim statement of comprehensive income for the period then ended;
▶the Condensed consolidated interim statement of cash flows for the period then ended;
▶the Condensed consolidated interim statement of changes in equity for the period then ended; and
▶the explanatory notes to the interim financial statements.
The interim financial statements included in the Interim Financial Report of Wizz Air Holdings Plc have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Financial Reporting Council for use in the United Kingdom (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Interim Financial Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Interim Financial Report, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Financial Report in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. In preparing the Interim Financial Report, including the interim financial statements, the directors are responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial statements in the Interim Financial Report based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.
Use of this report
This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
12 November 2026
OTHER INFORMATION
1. Alternative performance measures (APMs) (unaudited)
Alternative performance measures are non-IFRS standard performance measures aiming to introduce the Company’s performance in line with management’s requirements. The existing presentation is considered relevant for the users of the financial statements because: (i) it mirrors disclosures presented outside of the financial statements; and (ii) it is regularly reviewed by the senior management team of the Group for evaluating the financial performance of its single operating segment.
Ancillary revenue: generated revenue from ancillaries (including other ancillary revenue related items). Rationale - Key financial indicator for the separation of different revenue lines.
Average capital employed: average capital employed is the sum of the annual average equity and interest-bearing borrowings (including convertible debt), less annual average cash and cash equivalents, and short-term cash deposits. Rationale - This key financial indicator is integral for evaluating the profitability and effectiveness of capital utilisation.
Calculation: average equity + Interest-bearing borrowings (including convertible debt) - Cash and cash equivalents - short-term cash deposits.
Earnings before interest and tax (EBIT): EBIT represents the profit or loss before accounting for net financing costs or gains and income tax expenses. Rationale - This measure serves as a key financial indicator for the Company, providing insights into operational profitability.
Calculation: EBIT reconciles to operating profit/(loss).
Earnings before interest, tax, depreciation and amortisation (EBITDA): EBITDA represents the profit or loss before accounting for net financing costs or gains, income tax expenses or credits, and depreciation and amortisation. Rationale - This measure serves as a key financial indicator for the Company, providing insights into operational profitability.
Calculation: operating profit/(loss) + depreciation and amortisation.
EBIT margin %: EBIT margin % is computed by dividing EBIT by total revenue in millions of Euros.
Rationale - This metric presents Operating profit/(loss) as a percentage of total net revenue and offers valuable financial insights for the Company's performance assessment.
Calculation: EBIT / Total revenue (€ million) * 100.
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
EBIT |
264.5 |
439.2 |
Total revenue |
3,801.8 |
3,342.1 |
EBIT margin (%) |
7.0% |
13.1% |
EBITDA margin %: EBITDA margin % is computed by dividing EBITDA by total revenue in millions of Euros.
Rationale - This metric presents EBITDA as a percentage of total net revenue and offers valuable financial insights for the Company's performance assessment.
Calculation: EBITDA / Total revenue (€ million) * 100.
|
|
|
|
Six months ended 30 Sep 2026 |
Six months ended 30 Sep 2025 |
|
€ million |
€ million |
Operating profit |
264.5 |
439.2 |
Depreciation and amortisation |
657.9 |
542.1 |
EBITDA |
922.4 |
981.3 |
Total revenue |
3,801.8 |
3,342.1 |
EBITDA margin (%) |
24.3% |
29.4% |
Leverage ratio: leverage ratio is computed by dividing net debt by the last twelve months EBITDA. Rationale - It serves as a crucial key financial indicator for the Group, facilitating an assessment of the organisation's financial leverage and debt management.
Calculation: please see the table below.
|
|
|
|
30 Sep 2026 |
30 Sep 2025 |
|
€ million |
€ million |
Liabilities (current and non-current) |
|
|
Borrowings |
7,443.7 |
6,706.2 |
Convertible debt |
25.6 |
25.5 |
Assets (current and non-current) |
|
|
Cash and cash equivalents |
1,830.1 |
983.4 |
Cash deposits |
481.9 |
915.5 |
Net debt |
5,157.3 |
4,832.8 |
Additional data to calculate leverage ratio |
|
|
EBITDA for the 6 months ended 30 September |
922.4 |
981.3 |
EBITDA for the 6 months ended 31 March |
337.0 |
308.4 |
Total EBITDA for the rolling 12 months |
1,259.4 |
1,289.7 |
Leverage ratio |
4.1 |
3.7 |
Liquidity: liquidity represents cash, cash equivalents, and cash deposits, expressed as a percentage of the last twelve months' revenue. Rationale - This key financial indicator offers a comprehensive view of the Group's cash position and financial stability.
Calculation: please see the table below.
|
|
|
|
30 Sep 2026 |
30 Sep 2025 |
|
€ million |
€ million |
Cash and cash equivalents |
1,830.1 |
983.4 |
Short-term cash deposits |
455.0 |
915.5 |
Long-term cash deposits |
26.9 |
— |
Additional data to calculate liquidity |
|
|
Total revenue for the 6 months ended 30 September |
3,801.8 |
3,342.1 |
Total revenue for the 6 months ended 31 March |
2,349.3 |
2,201.7 |
Total revenue for the rolling 12 months |
6,151.1 |
5,543.8 |
Liquidity |
37.6% |
34.3% |
Net debt: net debt is defined as interest-bearing borrowings (including convertible debt) less cash and cash equivalents. Rationale - plays a pivotal role as a key financial indicator, offering valuable information regarding the Group's financial liquidity and leverage position.
Calculation: please see the table below.
|
|
|
|
30 Sep 2026 |
31 March 2026 |
|
€ million |
€ million |
Liabilities (current and non-current) |
|
|
Borrowings |
7,443.7 |
6,954.4 |
Convertible debt |
25.6 |
25.8 |
Assets (current and non-current) |
|
|
Cash and cash equivalents |
1,830.1 |
1,085.9 |
Cash deposits |
481.9 |
952.8 |
Net debt |
5,157.3 |
4,941.5 |
Passenger ticket revenue: generated revenue from ticket sales (including other ticket revenue related items). Rationale - Key financial indicator for the separation of different revenue lines.
Return on capital employed (ROCE): operating profit or loss before tax divided by average capital employed, expressed as a percentage. Rationale - ROCE is a key financial indicator that facilitates an assessment of the Group's profitability and the efficiency of capital utilisation.
Calculation: please see the table below.
|
|
|
|
30 Sep 2026 |
30 Sep 2025 |
|
€ million |
€ million |
Additional data to calculate ROCE |
|
|
Operating profit for the 6 months ended 30 September |
264.5 |
439.2 |
Operating loss for the 6 months ended 31 March |
(299.5) |
(181.7) |
Total operating (loss)/profit for the rolling 12 months |
(35.0) |
257.6 |
Average Shareholders’ equity |
883.6 |
530.8 |
Average borrowings and convertible debt |
7,100.5 |
6,630.5 |
Average cash and cash equivalents |
(1,406.8) |
(721.9) |
Average cash deposits |
(698.7) |
(1,110.9) |
Average capital employed |
5,878.6 |
5,328.6 |
ROCE (%) |
(0.6)% |
4.8% |
Total cash: non-statutory financial performance measure and comprises/is calculated from cash and cash equivalents, long-term cash deposits, short-term cash deposits and total current and non-current restricted cash. Rationale - This key financial indicator offers a comprehensive view of the Group's cash position and financial stability.
Calculation: please see the table below.
|
|
|
|
30 Sep 2026 |
31 March 2026 |
|
€ million |
€ million |
Non-current assets |
|
|
Restricted cash |
39.9 |
45.2 |
Long-term cash deposits |
26.9 |
174.4 |
Current assets |
|
|
Restricted cash |
42.8 |
42.5 |
Short-term cash deposits |
455.0 |
778.4 |
Cash and cash equivalents |
1,830.1 |
1,085.9 |
Total cash |
2,394.7 |
2,126.4 |
Total revenue: total ticket and ancillary revenue for the given period. The split of total revenue presented in the condensed consolidated interim statement of comprehensive income. Rationale - Key financial indicator for the Company.
2. Glossary of terms
Aircraft utilisation / utilisation: the number of hours that one aircraft is in operation on one day. Rationale - Key performance indicator in aviation business, measurement for one day of aircraft productivity.
Calculation (for one month): monthly aircraft utilisation equals total block hours divided by number of days in the month divided by the equivalent aircraft number. Calculation (for a longer period than one month): the given period aircraft utilisation equals the weighted average of monthly aircraft utilisation based on the monthly equivalent aircraft number.
Ancillary revenue per passenger: ancillary revenue divided by the number of passengers (PAX) in the given period, which gives the ancillary performance per one passenger. Rationale - Key performance indicator for revenue performance measurement.
Calculation: ancillary revenue / PAX.
Available seat kilometres (ASK) / total ASKs: the number of seats available for scheduled passengers multiplied by the number of kilometres those seats were flown. Rationale - Key performance indicator for capacity measurement.
Calculation: seats on aircraft x stage length.
Average aircraft stage length (km): average distance that an aircraft flies between the departure and arrival airport. Rationale - Key performance indicator for measurement of capacity and productivity.
Calculation: average stage length of the revenue sectors in the given period (ASKs / capacity).
Average departures per aircraft per day: the number of departures one aircraft performs in a day in the given period. Rationale - Key performance indicator for revenue generation / utilisation of assets.
Calculation: total number of revenue sectors per number of days (in the given period) per equivalent aircraft number.
CASK (total unit cost): total cost per ASK, where cost is defined as operating expenses and financial expenses net of financial income. Rationale - Key performance indicator for divisional cost control.
Calculation: total operating expenses + financial income + financial expenses / total of ASKs (km) x 100.
Completion factor or rate: per cent of operated flights compared to the scheduled flights. Rationale - Key performance indicator for commercial planning and controlling, measurement for operational performance.
Calculation: number of operated flights / scheduled flights.
Equivalent aircraft or average aircraft count: the average number of aircraft available to Wizz Air within a period. The count includes spare aircraft, aircraft under maintenance and parked aircraft. Rationale – Key performance indicator in aviation business for the measurement of average aircraft available for flying and capacity.
Calculation (for one month): average from the daily fleet count in a given month which includes/excludes deliveries and redeliveries. Calculation (for a longer period than one month): weighted average of the monthly equivalent aircraft numbers based on the number of days in the given period.
Equivalent operating aircraft or average operating aircraft count: the average number of operating aircraft available to Wizz Air within a period. The count includes all aircraft except those parked. Rationale – Key performance indicator in aviation business for the measurement of average fleet and capacity.
Calculation (for one month): average from the daily operating fleet count in the given month which includes/excludes deliveries and redeliveries. Calculation (for a longer period than one month): weighted average of the monthly equivalent operating aircraft numbers based on the number of days in the given period.
Ex-fuel CASK (ex-fuel unit costs): this measure is computed by dividing the total ex-fuel cost by the total ASKs within a given timeframe. Ex-fuel CASK defines the unit ex-fuel cost for each kilometre flown per seat in Wizz Air’s fleet. Note that: total ex-fuel cost consists of total operating expenses and net cost from financial income and expense but does not contain fuel costs. Rationale – It serves as an essential performance indicator for overseeing divisional cost control. The rationale for employing this metric is rooted in its ability to gauge and manage non-fuel operating expenses effectively.
Calculation: total ex-fuel cost (euro)/total of ASKs (km) x 100.
Foreign exchange rate: average foreign exchange rate, plus any hedge deal for the given period, calculated with a weighted average method. Rationale - Key performance indicator for fuel control and treasury teams.
Fuel CASK (fuel unit cost): this metric is calculated by dividing the total fuel costs (plus additional fuel consumption related costs) by the sum of Available Seat Kilometres (ASKs) during a specific reporting period. Rationale - Fuel CASK provides an insightful unit fuel cost measurement, representing the cost incurred for flying one kilometre per seat within Wizz Air's fleet. The rationale behind the use of this measure lies in its effectiveness as a critical performance indicator for the control and management of fuel expenses.
Calculation: total fuel cost (EUR) / total of ASKs (km) x 100.
Fuel price (average US$ per tonne): average fuel price within a period, calculated as fuel cost (including other fuel cost related items) divided by the consumption. Rationale - Key performance indicator for fuel cost controlling.
Gauge: the average seat capacity per aircraft.
JOLCO (Japanese Tax Lease) and French Tax Lease: special forms of structured asset financing, involving local tax benefits for Japanese and French investors, respectively. Rationale - These measures are employed to encapsulate specific lease contracts that facilitate enhanced cash utilisation strategies.
Load factor (%): the number of seats sold (PAX) divided by the number of seats available on the aircraft (capacity). Rationale - Key performance indicator for commercial and revenue controlling.
Calculation: the number of seats sold, divided by the number of seats available.
Net fare (total revenue per passenger): average revenue per one passenger calculated by total revenue divided by the number of passengers (PAX) during a specified period. Rationale - This metric is a crucial performance indicator for commercial control, offering insights into the overall revenue generated per passenger.
Calculation: total revenue / PAX.
Operating aircraft utilisation: the number of hours that one operating aircraft is in operation on one day. Rationale – Key performance indicator in aviation business, measurement for one-day aircraft productivity.
Calculation (for one month): average daily operating aircraft utilisation in a month equals total monthly block hours divided by number of days in the month divided by the equivalent operating aircraft number divided by 24 hours. Calculation (for a longer period than one month): the given period operating aircraft utilisation equals the weighted average of monthly operating aircraft utilisation based on the month-end operating aircraft counts.
Passengers (alternative names: passengers carried, PAX): passengers who bought a ticket (thus making revenue for the Company) for a revenue sector. Rationale - Key performance indicator for commercial controlling team.
Calculation: sum of number of passengers of all revenue sectors.
PDP: PDP refers to the pre-delivery payments made under the Group's aircraft purchase agreements. These payments signify contractual commitments designed to support fleet expansion and growth.
Period-end fleet size or number of aircraft at end of period: the number of aircraft that Wizz Air has in its fleet and that are leased or owned at the end of the given period. The count contains spare and aircraft under maintenance as well. Rationale - Key performance indicator in aviation business for the measurement of fleet.
Calculation: sum of aircraft at the end of the given period.
Period-end operating aircraft: the number of operating aircraft that Wizz Air has in its fleet and that are leased and/or owned at the end of the given period. The count includes all aircraft except those parked. Rationale – Key performance indicator in aviation business for the measurement of operating aircraft at a period end.
Calculation: sum of operating aircraft at the end of the given period.
RASK: RASK is determined by dividing the total revenue by the total ASK. This measure characterises the unit net revenue performance for each kilometre flown per seat within Wizz Air's fleet. Rationale - It serves as a pivotal performance indicator for commercial control, providing insights into the revenue generation efficiency.
Calculation: total revenue (euro) / total of ASKs (km) x 100.
Revenue departures or sectors: flight between departure and arrival airport where Wizz Air generates revenue from ticket sales. Rationale - Key performance indicator in revenue generation controlling.
Calculation: sum of departures of all sectors.
Revenue passenger kilometres (RPK): the number of seat kilometres flown by passengers who paid for their tickets. Rationale - Key performance indicator for revenue measurement.
Calculation: number of passengers x stage length.
Seat capacity / capacity: the total number of available (flown) seats on aircraft for Wizz Air within a given period (revenue sectors only). Rationale - Key performance indicator for capacity measurement.
Calculation: sum of capacity of all revenue sectors.
Stage length: the length of the flight from take-off to landing in a single leg.
Calculation: sum of kilometres flown during a flight.
Ticket revenue per passenger: passenger ticket revenue divided by the number of passengers (PAX) in the given period. Rationale - Key performance indicator for measurement of revenue performance.
Calculation: passenger ticket revenue / PAX.
Total block hours: each hour from the moment an aircraft’s brakes are released at the departure airport’s parking place for the purpose of starting a flight until the moment the aircraft’s brakes are applied at the arrival airport’s parking place. Rationale - Key performance indicator in aviation business, measurement for aircraft’s block hours.
Calculation: sum of block hours of all sectors (in the given period).
Total flight hours: each hour from the moment the aircraft takes off from the runway for the purposes of flight until the moment the aircraft lands at the runway of the arrival airport. Rationale - Key performance indicator in the airline business for the measurement of capacity and flown flight hours by aircraft.
Calculation: sum of flight hours of all sectors (in the given period).
Yield: represents the total revenue generated per Revenue Passenger Kilometre (RPK). Rationale - This measure is integral for assessing and controlling commercial performance by quantifying the revenue derived from each kilometre flown by paying passengers.
Calculation: total revenue / RPK.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 21 minutes ago Moneysupermarket.com Group
- 43 minutes ago Dr. Martens
- 1 hour ago Neuberger Private Equity Partners Limited
- 1 hour ago Standard Chartered
- 1 hour ago Central Asia Metals