Wizz Air: Checking-In for Q1 earnings

研报英文原文证据摘录

Wizz Air: Checking-In for Q1 earnings

J P M O R G A N Europe Equity Research

03 July 2026

Wizz Air Neutral

WIZZ.L, WIZZ LN

Checking-In for Q1 earnings Price (02 Jul 26):1,223p

▲Price Target (Dec-27):1,200p

Prior (Dec-27):1,100p

We provide a preview ahead of Q1 earnings (6th Aug). We expect a Q1 net income

loss of -€215m (below company consensus -€171m), versus a profit of €39m in the European Transport & Logistics

prior year, driven by higher fuel costs and weaker RASK, where we forecast -6% Harry J Gowers AC

(versus guidance of down ‘mid to high single digit %’) due to high capacity growth, (44-20) 7134-7522

impact from the Middle East and April Easter timing. Our Mar-27E net income loss harry.gowers@jpmorgan.com

J.P. Morgan Securities plc

widens slightly to -€382m (-€358m previously) as we model higher capacity

Alexia Doganigrowth over Winter, due to recent comments from Wizz around pushing its

(44-20) 3493-3791

capacity deceleration out 6-8 months and wanting to be opportunistic on growth alexia.dogani@jpmorgan.com

opportunities. These increased losses offset some of the benefit from the recent fall J.P. Morgan Securities plc

in spot/forward jet fuel prices. Into results we expect the main focus to be around Bhavpreet S Batra

pricing/demand developments for peak summer post the Middle East resolution, (91-22) 6157-5046

progress against its strategic turnaround initiatives and updated management bhavpreet.batra@jpmorgan.com

thoughts on capacity growth into Winter. Wizz has previously guided to flat RASK J.P. Morgan India Private Limited

for Q2; where we continue to forecast RASK -1% and fares per pax -8%. In our Shikha Khurana

view, Mar-27E will remain another 'transition year' due to the ongoing GTF (91-22) 6157-5022

shikha.khurana@jpmchase.com