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Record Peak Winter Capacity Flown, Continued Unit Revenue Growth and Another Profitable Quarter


Geneva, 26 January 2023: Wizz Air Holdings Plc (“Wizz Air” or “the Company”), the fastest-growing European low-cost airline, today issues unaudited results for the three months to 31 December 2022 (“third quarter” or “Q3 F23”). 

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 annual report for the year ended 31 March 2022 and any public announcements made by Wizz Air Holdings Plc during the interim reporting period.  

Three months to 31 December







Passengers carried





Revenue (€ million)





EBITDA (€ million)





EBITDA margin (%)





Operating loss for the period (€ million)





Unrealized FX gain/loss





Reported profit/loss for the period (€ million)





RASK (€ cent) 





Ex-Fuel CASK (€ cent)





Total cash (€ million)*





Load factor (%)





Period-end fleet size





Period-end seat count (thousand)





* Total cash comprises cash and cash equivalents, short-term cash deposits, and current and non-current restricted cash.

**   n.m.: not meaningful as variance is more than (-)100%.


József Váradi, Wizz Air Group Chief Executive Officer commented on the results:

Wizz Air continued to deliver industry-leading growth during the third quarter by operating 49 per cent more ASKs versus the same period last year (and +38 per cent vs 2019), while continuing to deliver unit revenue growth and a second consecutive quarter of net profit. Throughout the period, we witnessed a solid pricing environment, supported by robust demand across our broader and more diversified Wizz Air network.

As a result, revenue in the quarter grew significantly at +123 per cent versus same period last year, while revenue per ASK was 50 per cent higher versus the same period last year (and +4 per cent vs 2019). 

On the cost side, operational adjustments contributed to a significantly lower flight disruption cost compared to prior quarters. The strengthening Euro currency helped to reduce overall fuel and certain maintenance costs; however, its biggest impact was on revaluation of US dollar leasing liabilities, reversing most of the prior two quarters’ losses and helping to deliver a net profit of €33.5 million for the quarter.

Wizz Air’s total cash was €1.37b at the end of the calendar year, approximately the same level of total cash as at the end of 2021.” 

Commenting on business developments in the period, Mr Váradi said:

“We are proud to have been awarded Global Environmental Sustainability Airline Group of the Year by CAPA (Centre for Aviation), naming Wizz Air as the most environmentally sustainable airline not just in Europe but globally. This is a further validation of our commitment towards becoming the most environmentally responsible choice for air travel. Furthering that commitment, we have also signed a memorandum of understanding (MoU) for the supply of sustainable aviation fuel (SAF) between 2023 and 2030.

Operationally, during the period we announced base expansions across Cyprus, Italy, Austria, Poland, Albania, Georgia, Bulgaria and Serbia, while opening a new base in Romania and strengthening our leadership in this core Wizz Air CEE market.  

We have started operating further routes to Saudi Arabia as part of an initial phase of serving that important growth market and are pleased with initial performance of these routes. Wizz Air Abu Dhabi has received eight aircraft and is set to more than quadruple its revenue in the present quarter compared to same period last year. In CEE we retained our market leadership position, grew our market share by four per cent over prior quarter and nine per cent over same period 2019.”

On current trading and the outlook, Mr Váradi added:

“Our continued cost management is driving our ex-fuel CASK towards the guidance given during last interim report (single digit increase vs H2 F20) and we have caught up with peers in terms of systematic jet fuel hedging impact through F24. We expect our ex-fuel CASK in F24 to be back at pre-COVID levels. 

More generally, we continue to see evidence of solid fare environment as average fares (combined ticket and ancillaries) are trading above 2019 and 2022 levels. As we reach the end of January, we are seeing booking volumes coming in ahead of 2022, which is in line with expectations. We remain optimistic and maintain our RASK guidance for H2 F23 at mid-single digits above the same period in 2019.  

We remain on track to operate +35 per cent higher capacity versus H2 F20 (normalized for the COVID-19 impact in Feb-March 2020). For H1 F24 the planned ASK growth is +30 per cent versus 2023 (and +65 per cent vs 2019). As with the third quarter, we expect to see slightly more ASK contribution from longer routes, connecting locations in Middle and Near East, as this region continues to attract a higher volume of passengers in the months to come. This should also bode well for better pricing opportunities.

Recently, we have also seen load factors improve, particularly November, but also during December, despite the impact of skewed directional traffic, which is characteristic in this period. We expect to see load factor gap continue to close vs 2019 in the coming quarters as our recent network investments start to mature.   

We continue to expect an overall net loss in F23, but remain confident that F24 will be profitable (subject to no adverse pandemic or geopolitical events). We are set to return to pre-COVID-19 utilisation levels and to deploy a fleet of c.185+ of the most efficient narrowbody aircraft this Summer, across a more diversified network and with a highly engaged workforce of more than 7,000 aviation professionals, without whom this would not be possible.”


Total revenue amounted to €911.7 million.  Compared to Q3 F22:

·        Ticket revenues increased by 186.3 per cent to €464.7 million. 

·        Ancillary revenues increased by 81.7 per cent to €447.0 million.

·        Total unit revenue increased by 50.2 per cent to 3.73 euro cents per available seat kilometre (ASK). 

·        Ticket revenue per passenger increased by 79.9 per cent to €37.5 and was also up by 11.6 per cent versus Q3 F20.

·        Ancillary revenue per passenger increased by 14.4 per cent to €36.1 and was also up by 19.8 per cent versus Q3 F20.

Total operating costs increased 71.6 per cent to €1,067.2 million. Compared to Q3 F22:  

·        Total unit costs (including net financing expense) increased by 15 per cent to 4.50 Euro cents per ASK.

·        Ex-fuel unit costs decreased by 6.7 per cent to 2.49 euro cents per ASK.

·        Fuel unit costs increased by 61.6 per cent to 2.01 euro cents per ASK.

Total cash reduced by 2.4 per cent to €1,367.1 from €1,400.3 million. Net FX gain amounted to €224.1 million (Q3 F22: (€31.1) million) of which €220.9 million was unrealized (Q3 F22: (€43.7) million), as the EUR strengthened during the quarter versus USD and USD liabilities were revalued at the end of period.

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This press release was sourced from Wizz Air on 26-Jan-2023.