DAVY VIEW

Wizz Air expects to report a breakeven to slightly positive net profit result for the full year ended March 31st 2026 (it reports on June 11th). We assume FX plays a part in this. Wizz Air had announced in early March that it expected FY26 net income to be c.€50m lower than guidance (previous guidance: “expected to be in the range of +€25m to -€25m”) as a result of disruption in the Middle East. Wizz’s comment about “strategically utilized promotional fares to stimulate demand” during H1 F27 would imply losses into FY27. We currently have a loss of €97m with net debt/EBITDA of 3.6x.