Wizz Air Holdings Plc (WZZAF) Q1 2026 Earnings Call Transcript

2025-07-25 05:12:43 ET

Wizz Air Holdings Plc (WZZAF)

Q1 2026 Earnings Conference Call

July 24, 2025 04:30 AM ET

Company Participants

Ian O. Malin - Executive VP & Group CFO

József Váradi - CEO & Executive Director

Conference Call Participants

Alexander Irving - Sanford C. Bernstein & Co., LLC., Research Division

Andrew Lobbenberg - Barclays Bank PLC, Research Division

Conroy Gaynor - Unidentified Company

Dudley Shanley - Goodbody Stockbrokers UC, Research Division

Harry J. Gowers - JPMorgan Chase & Co, Research Division

Jaime Bann Rowbotham - Deutsche Bank AG, Research Division

James Goodall - Redburn (Europe) Limited, Research Division

Jarrod Castle - UBS Investment Bank, Research Division

Stephen Furlong - Davy, Research Division

Volodymyr Shkuropat - Trigon Dom Maklerski S.A., Research Division

Presentation

József Váradi

All right. Good morning, everyone. Thank you for coming. So I would say that last time we gave you a hell of a story with a lot of details and you crossed us. This time, we're going to give you no story with no details. So I hope you understand what you have to do as a result of that. So let me just -- could you please just move the slide?

So with regard to Q1, this is the period what we are reporting on. We are seeing positive developments on RASK, improving balance sheet, and we believe that trading is largely in line with market expectations. There have been certain decisions affecting performance but those are kind of one-off timing-wise so not structural. But looking at the structural matters so we are back into growth. So Q1 delivered over 10% passenger growth. This is now significant after a period of standstill, given the GTF grounding situation.

Look at the financial metrics. EBITDAR is up 9.4% year-on-year. RASK is up 2.2%. The CASK performance obviously varies depending on the component you look at, fuel is down given the macros out there, but ex-fuel CASK is up, given some of the specific issues we will be elaborating on. If you look at the quarter itself, obviously, April got boosted by Easter but June got negatively affected by the withdrawal of capacity from Israel. You recall the flare of events between Iran and Israel. We decided to pull capacity. Israel is a strong component of our commercial program in terms of revenue performance as well as profitability, and we reallocated that capacity for summer across our network....

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