DAVY VIEW

Wizz Air has reported a Q1 net income of €38.4m. The result is an improvement from the €1.2m result in 2024 and largely driven by a €154.5m FX tailwind in the quarter. Unit revenues for the quarter were up 2.1%, while unit costs were up 3.8% which resulted in operating profits reducing by 38.3% to €27.5m. Q2 RASK guidance has been reduced to flat (previously positive) and the load factor guidance has also been reduced to flat (>2ppts previously). As a result, we expect to revise our Q2 numbers downwards. With the company significantly restructuring, profitability on a full-year basis is likely to reduce and we expect consensus for FY26 to fall to net income c.€100m.