Wizz Air Robust peak summer demand; offset by higher ex-fuel and some shift in capacity normalisation. We expect Mar-27E to be another ‘transition year’

研报英文原文证据摘录

Wizz Air Robust peak summer demand; offset by higher ex-fuel and some shift in capacity normalisation. We expect Mar-27E to be another ‘transition year’

J P M O R G A N Europe Equity Research

11 June 2026

Wizz Air

Robust peak summer demand; offset by higher ex-fuel Neutral

and some shift in capacity normalisation. We expect WIZZ.L, WIZZ LN

Mar-27E to be another ‘transition year’ Price (10 Jun 26):967p

Price Target (Dec-27):1,100p

Our Take: Solid peak summer pricing outlook given Middle East and capacity European Transport & Logistics

ACgrowth. However, slightly higher ex-fuel costs and delay in capacity normalisation Harry J Gowers

may be taken negatively by the market today. Wizz reported Q4 net income at - (44-20) 7134-7522

€183m with the full year at breakeven, versus pre-released guidance for harry.gowers@jpmorgan.com

“breakeven to slightly positive”. Q1 RASK is expected down mid to high single J.P. Morgan Securities plc

digit % (no guidance previously given), although impacted by Easter timing. Bhavpreet S Batra

Positively, the outlook for peak summer is for a “flat-ish” RASK result. This is (91-22) 6157-5046

bhavpreet.batra@jpmorgan.com

robust in our view given the capacity growth and Middle East impact. Later J.P. Morgan India Private Limited

booking patterns due to consumer uncertainty have also begun to normalise into

May. Two things however that may be taken more negatively by the market today Specialist Sales contact details:

are (1) ex-fuel CASK is expected flat to up low single digit % in H1 compared to Olivia Petronilho - Specialist Sales -

Mar-27E company consensus at -0.3%, and (2) the capacity normalisation/ European Consumer

deceleration previously expected in winter has been pushed out by 6-8 months due (44-20) 3493-3709