WOOD Flash - Wizz Air: 1QF26 results - another miss, but focus on a planned shift to slower growth
Wizz Air’s 1QF26 figures were a slight miss to our forecasts, and a more material one to consensus. The emphasis, this time around, seems mainly on the significant planned refocusing of the business. On top of the recently-announced exit from Abu Dhabi, Wizz Air plans to slow its expansion materially, and is planning to reduce its capacity (ASK) growth rate to around 10-12% in the medium term, from roughly mid-2026E onwards. It also plans to refocus the business towards CEE, unpark all of the grounded aircraft by summer 2027E, and accelerate returns of the current engine option (ceo) fleet to the lessors. We are glad to see that the management is taking action, and maintain our view that the risks seem to be skewed to the upside from current levels. That said, we also note that we remain below consensus on Wizz’s near-term earnings, and believe the move to slower growth and an accelerated return of the ceos could also impact costs adversely during the transition period.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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