Q3 F21 RESULTS: CONTINUED FOCUS ON CASH AND COST IN THE FACE OF COVID-19

On current trading and the outlook, Mr Váradi said:

"We remain focused on optimising our cost structure and cash burn. Since the period end we have further enhanced our liquidity position with a 500m EUR 3 year bond issued on 19 January 2021 on favourable terms and reflecting our investment grade credit rating. Wizz Air is even better positioned to deal with the uncertainties associated with Covid-19 and now with vaccinations being rolled out across our key markets we believe 2021 will be a transition year out of the Covid-19 crisis.

The initiatives we are implementing in our business have a very singular focus: enabling the Company to emerge from the Covid-19 context as a structural winner. Our ambition is to fully restart our operations as soon as travel restrictions reduce, at all times protecting the health of customers and employees."

Commenting on the network and fleet developments, Mr Váradi added:

"We are grateful for the support of our dedicated team of employees, through which we have evolved from the Covid-19 crisis to continue to strengthen the competitive position of the Company whilst improving the financial position for the near and longer term. Our confidence has meant we have continued to invest in our fleet, in our network, and in the leadership and governance of the Company.

To date, we have expanded our network with 14 bases without materially increasing our overall cost base. We have continued to renew our fleet which numbered 137 aircraft at the end of the quarter with an average fleet age of 5.5 and seat count of 203 seats.

We always aspire to put passengers first, be it in the continued development of our booking platform or in how we prioritize servicing disruptions as a result of Covid-19 as evidenced for example by a nearly fully automated rebooking and refund process.

We are especially proud to have operated the inaugural flight of Wizz Air Abu Dhabi on 15 January 2021 and as Covid-19 restrictions begin to lift, we will be delighting even more travellers with our low-prices and increased choice of destinations as we have done in the past 15 years in Europe.

All these developments and strategic initiatives will enable the Company to emerge from the Covid-19 context as a structural winner."

FINANCIAL RESULTS IN Q3

· Total revenue amounted to €149.9 million:

o Ticket revenues decreased by 79.7% to €68.3 million.

o Ancillary revenues decreased by 72.9% to €81.6 million.

o Total unit revenue decreased by 25.2% to 2.70 euro cents per available seat kilometre (ASK).

o Ancillary revenue per passenger increased by 19.5% to €36.0, whilst ticket revenue per passenger decreased by 10.4% to €30.1.

· Total operating expenses (including discontinued fuel hedges) decreased 51.7% to €291.7 million:

o Total unit costs increased by 60.7% to 5.58 euro cents per ASK.

o Fuel unit costs decreased by 16.3% to 1.01 euro cents per ASK, while fuel unit costs excluding the impact of discontinued fuel hedges decreased by 19.2% to 0.98 euro cents per ASK.

o Ex-fuel unit costs increased 101.8% to 4.57 euro cents per ASK.

· The statutory loss for the period was €116.4 million.

· Loss for the period excluding exceptional items amounted to €114.5 million.

· Total cash as at 31 December 2020 was €1,202.0 million of which €1,037.2 million was free cash.

INVESTING IN OUR NETWORK AND IN OUR FLEET

We've continued expansion with the allocation of 8 aircraft and the launch of more than 50 new routes:

· New bases:

‒ Oslo, Norway: four aircraft

‒ Bari, Italy: one aircraft

‒ Cardiff, United Kingdom: one aircraft

· Base expansion:

‒ Abu Dhabi, United Arab Emirates: two additional aircraft, taking the base to four aircraft

· Wizz Air Abu Dhabi, a national airline of the United Arab Emirates, had its inaugural flight on January 15th 2021 to Athens. This was the start of the initial network of routes which will include Tel Aviv, Alexandria, Kutaisi, Larnaca, Thessaloniki, Odesa, and Yerevan. We plan to grow to 50 aircraft in 10 years, thereby creating significant shareholder value

· Our fleet expanded to 137 aircraft with the addition of 1 A320neo and 4 A321neo aircraft in the quarter. These game-changing aircraft are powered by Pratt & Whitney GTF engines and deliver close to 50% reduction in noise footprint compared to previous generation aircraft. In addition, Pratt and Whitney's GTF engine reduces fuel burn by 16% and nitrogen oxide emissions by 50%. Wizz Air's average aircraft age is 5.5 years, one of the youngest fleets of any major European airline, and the average seat count of the fleet was 203 seats.

SUSTAINABILITY UPDATE

• Wizz Air continuously operates at the lowest CO2 emissions per passenger/km amongst all competitor airlines, with 71.8 grams per passenger/km for the rolling 12 months to 31 December 2020, still posting a very strong performance despite the impact of Covid-19.
• Wizz Air is determined to continue to significantly improve our sustainability position not only within our industry but equally across industries. Wizz Air has already launched several important initiatives. We have a clear goal to reduce our already lowest carbon footprint per RPK by a further 1/3 by the end of the decade. The carbon offset program we launched in November in partnership with Chooose, allowing our customers to fully offset their journey, is another milestone. Carbon footprint reduction will become an important incentive in management compensation. We've also obtained approval to replace dry store plastic on board with paper products (e.g. plastic cup to paper cup) as of July 2021. On diversity, we have further diversified our Board, and, have launched the cabin-crew-to-captain programme.

RECENT TRADING AND GUIDANCE

Due to the ongoing uncertainty caused by Covid-19, the Company is not in a position to provide financial guidance for the financial year 2021 at this point. We believe capacity levels in view of the restrictions will continue to be depressed during January, February and part of March 2021 and with the increasing administration of the Covid-19 vaccine we expect 2021 to be a year of transition with Wizz Air ready to service underlying demand in a fast and agile way as it becomes increasingly unrestricted.