DAVY VIEW

Wizz Air reported a net loss of €241.1m for the December quarter. Despite a stronger revenue environment (RASK +12.4%), cost headwinds (ex-fuel CASK +16.8%) and a significant €160m FX charge resulted in a 128.7% increase in Q3 losses year-on-year (yoy). FY25 net profit guide has been downgraded to €125-175m which includes unrealised FX losses (at current FX rates) from a €350-450m guide at H1 results. On an underlying basis, excluding FX losses, net profit is guided in the range €250-300m. Davy estimate for FY25 net income of €353m will be reviewed post this morning’s announcement. Wizz has also reduced its three-year fleet CAGR from 21% to 10%. This is based on updated delivery expectations from Airbus out to FY28.