WOOD Flash - Wizz Air: 3Q FY25 - a miss, as groundings weigh on costs
Wizz Air’s 3Q FY25 results disappointed on the elevated opex, as groundings continue to weigh on cost efficiency. Despite the RASK being up 12% yoy in 3Q FY25 (calendar 4Q24), the EBITDA missed the consensus by almost 40%, as the ex-fuel cask (CASKX) was up 17%, far ahead of both our and the consensus estimates. The impact on the bottom line was exacerbated by a EUR 160m non-cash FX loss, a function of the strong dollar, a hit that was expected. Yet again, the company has reviewed its ex-fuel cask guidance upwards, now expected to increase by high-teens yoy in FY25E.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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