WOOD Flash – Wizz Air: 2Q FY25 – 'tis the season?
There goes the summer. For Wizz, 2Q FY25 was yet another weak quarter, as the market has gradually come to expect since the beginning of August. The stock performance and the series of consensus downgrades over the past 3M suggest that the latest set of poor results have been factored in, in our view.Is Wizz now about to turn a corner, and are the next few quarters looking better? Possibly. The RASK should pick up pace and the ex-fuel CASK should moderate in 2H FY25E. In FY26E, Wizz should re-start growth. However, the risks for the FY25E guidance still appear to be skewed to the downside. Even if fuel and FX save the day, FY25E is bound to be another weak year, we believe, the fifth in a row.
Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.
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