Record Underlying Profit Of €345m On 16% Passenger Growth In Fy20 Strong Balance Sheet And Lowes

Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the largest low-cost airline in Central and Eastern Europe, today announces its unaudited results for the full year ended 31 March 2020 ("2020", "FY2020" or "FY20") for the Company:

Commenting on the results, József Váradi, Wizz Air's Chief Executive Officer said:

"During the 2020 financial year, Wizz Air once again outperformed the market with an industry-leading passenger growth rate of 16%, and delivered an underlying net profit of EUR 345m on 94% load factor. We continued to stimulate demand with our ultra-low fares across our growing network which drove a revenue increase of 19%. Our ancillary revenue growth of 31% was outstanding and now makes up 45% of total revenues. The continuous rollout of the game-changing A321neo aircraft ensures that we remain Europe's undisputed airline cost leader.

The year marked exciting business developments: we placed an order for 20 Airbus A321XLR aircraft which represents a significant opportunity for Wizz Air to further expand the reach of its network and connect points on the WIZZ map that are out of reach for the current fleet. Moreover, we are excited to be establishing our new airline Wizz Air Abu Dhabi which will launch later this year.

We have also stepped up our governance and sustainability efforts: we are targeting to achieve 25% female representation in pilot and over 30% in senior management and board positions within the next decade. As the greenest choice of air travel, Wizz Air committed to further reduce CO2 emissions/passenger km by one third by 2030. We remain committed to our order of 268 aircraft with Airbus which further increases our competitiveness, while also minimizing our environmental footprint.

None of this would have been possible without our people who keep supporting our passengers and communities across the 45 countries in which we operate during these unprecedented times caused by COVID-19, and I would like to sincerely thank them for their incredible performance."

Commenting on the outlook for the Company, József Váradi added:

"We have taken various initiatives during the COVID-19 pandemic to safeguard the Company's cost position and excellent balance sheet with €1.5 billion of cash, one of the strongest in the airline industry. We remain focused on best servicing our markets, while protecting the health of customers and employees. Our new health and safety protocol is designed to ensure that our customers and crew can fly safely during this unprecedented time for the global aviation industry.

In addition, we are taking advantage of arising market opportunities and have recently announced the expansion of our network with new bases in Albania, Cyprus, Italy and Ukraine, with more exciting developments to come. We are confident that we can ramp up operations quickly, re-stimulate demand with our ultra-low fares and contribute to the vital recovery of travel and tourism in our markets.

It is too early to provide a detailed outlook for FY21 due to the ongoing uncertainty caused by COVID-19. However, Wizz Air's market positioning and our ever-disciplined attitude to cost mean that we will emerge from this crisis as an even more formidable business and will continue to deliver significant shareholder value, environmental benefits and employment opportunities for years to come."

RECORD NET PROFIT AND STRONG BALANCE SHEET

·Underlying net profit grew 29.9% to a record €344.8 million and underlying net profit margin was 12.5%.

·Statutory net profit was € 281.1 million and net profit margin of 10.2%

·Total cash at the end of March 2020 was €1,496.3 million of which €1,310.5 million was free cash, one of the strongest balance sheets of any European airline.

REVENUE AND COST HIGHLIGHTS

Revenues: Total revenue increase of 19.1% to €2,761.3 million.

·Total unit revenue improved by 2.6% to 3.95 euro cents per available seat kilometre (ASK).

• ASKs and passenger numbers grew 16% on 15% seat growth y-o-y.
• Ticket revenue was up 10.4% to €1,508.5 million.
• Ticket revenue per passenger fell by 4.6% to €37.7

·Ancillary revenue up 31.5% to €1,252.8 million (representing 45% of total revenue).

·Ancillary revenue per passenger increased by 13.5% to €31.3 per passenger.

·Value added services €25.6 per passenger.

·Baggage fees €5.7 per passenger.

Costs: Total CASK (excluding exceptional items) increased 1.1% to 3.44 Euro cents in FY20 from 3.40 Euro cents

in FY19

• Ex-fuel unit costs were 0.7% lower at 2.27 Euro cents, versus 2.29 Euro cents in 2019.
• Fuel unit costs increased from 1.11 to 1.16 Euro cents, a 4.5% increase.

THE GREENEST CHOICE OF AIR TRAVEL

• Wizz Air continues to operate at the lowest CO2 emissions per passenger amongst all competitor airlines. CO2 emissions for the year were at 57.2 g/RPK, 2.2% lower than last year.

• Wizz Care's Sustainability Platform was launched to build awareness of the many initiatives already being taken by Wizz Air and those planned to ensure that Wizz Air remains one of the more sustainable airlines in the world.
• Targeting 25% woman pilots and over 30% senior management and board positions within the next decade.
• Our "Cabin-crew-to-captain" program targeting cabin crew members who aspire to become pilots is launching in June 2020.

AIRBUS NEO AND FLEET UPDATE

• Fleet expansion by 9 aircraft to 121 aircraft at the end of FY20 (6x A321neos, 3x A321ceos) with over 47% of seats now served by the more cost effective A321 type aircraft.
• A memorandum of understanding was signed with Airbus S.A.S. ("Airbus") relating to exercising a part of existing options for the purchase of 20 Airbus A321XLR aircraft. The present order will be delivered over the course of three years starting in 2023 and will allow us to connect even more airports within our wide and diverse network.
• Committed order book for a further 268 A320neo family aircraft ensuring Wizz operates only the latest and most fuel efficient technologies. Early indications show 16% lower fuel burn and CO2 emitted per flight and 50% lower noise pollution compared to an Airbus A320 CEO aircraft.
• The current average aircraft age of Wizz is 5.4 years, the fleet remains one of the youngest and most cost efficient of any major European airline.

MARKET LEADING POSITION IN CENTRAL AND EASTERN EUROPE AND FURTHER GROWTH

• 40.0 million passengers carried (+16%), consolidating our number one LCC market share position in CEE at 40%.
• 98 new routes started in FY20, strengthening our geographic network and market leadership position in CEE.
• We announced the establishment of Wizz Air Abu Dhabi in partnership with Abu Dhabi Developmental Holding Company PJSC (ADQ), to start in the second half of 2020. Wizz Air Abu Dhabi will bring an entirely new business concept to the UAE market, being both economically and operationally highly efficient as well as environmentally sustainable.

OTHER BUSINESS DEVELOPMENTS

• In April 2020, Wizz Air was deemed an eligible issuer under the UK Government's Covid Corporate Financing Facility (CCFF) and raised £300 million, which further strengthens the company's excellent balance sheet.
• Wizz Air celebrated 15 years of operation during FY20 and a remarkable milestone of 200 million carried passengers.
• The company announced its first ever flights from London Luton to Moscow and St. Petersburg, as well as further expansion to Russia by launching four new routes from Pulkovo Airport, Saint Petersburg, as well as a route from Budapest to Kazan.
• Wizz Air was named among the top ten safest low cost carriers of 2019 in the world by airline safety and product rating agency AirlineRatings.com.
• Wizz Air was named "The Best Low Cost Carrier of the Year" at the European Aviation Awards in September 2019.

CHANGE TO THE MANAGEMENT TEAM

Stephen Jones, Executive Vice President and Managing Director of Wizz Air Hungary will step down from his position with effect of 30 June due to personal reasons. He has played a significant role in driving growth and automation within the company over the past three years and we thank him for his contributions, hard work and dedication.