DAVY VIEW

Our positive investment thesis on Wizz is building on its ability to scale quickly while driving efficiencies and managing RASK prudently. Each of these factors is re-affirmed in a positive Q1 statement. Importantly, unprofitable competitors are withdrawing competitive capacity and, at Vienna, for example, Wizz and Lauda are the main growth airlines as Eurowings, Level and easyJet ease growth plans. We do not expect significant change to consensus, already at the top end of the guided range, but a strong statement should further support sentiment.