WIZZ AIR
AT A GLANCE
Wizz Air is the fastest growing ultra-low-cost carrier and one of the most sustainable European airlines,
operating a fleet of 231 Airbus A320 and A321-family aircraft, and connecting close to 200 destinations
across 55 countries, as of 31 March 2025. A team of dedicated aviation professionals delivers a superior
service and very low fares, making Wizz Air the preferred choice for over 63.4 million passengers in the
fiscal year ended March 2025. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ.
CONTENTS
Highlights and Company overview
2
Strategic report
Chairman’s statement
4
Chief Executive’s review
6
Financial review
11
Key statistics
20
Emerging and principal risks and uncertainties
21
Non-Financial and Sustainability Information Statement
29
Modern Slavery Act disclosure statement 2025
33
Governance
Chairman’s statement on corporate governance report
35
Management of the Company
46
Report of the Chairman of the Audit and Risk Committee
58
Report of the Chair of the Safety, Security and Operational Compliance Committee
64
Report of the Chairman of the Nomination and Governance Committee
66
Directors’ Remuneration Report
69
Directors’ Report
95
Company Information
101
Statement of Directors’ responsibilities in respect of the financial statements
102
Accounts and other information
Consolidated statement of comprehensive income
104
Consolidated statement of financial position
105
Consolidated statement of changes in equity
106
Consolidated statement of cash flows
108
Notes forming part of the financial statements
110
Independent auditors’ report to the members of Wizz Air Holdings Plc
165
Additional information
Alternative performance measures (APMs)
174
Glossary of terms
176
Sustainability report
179
References to “Wizz Air”, “Wizz”, “the Company”, “the Group”, “we” or “our” in this report are references to Wizz Air Holdings Plc, or to
Wizz Air Holdings Plc and its subsidiaries, as applicable.
F25 in this document refers to the financial year ended 31 March 2025. Equivalent terms are used for prior/future financial years.
Wizz Air Holdings Plc Annual Report and Accounts 2025
1
HIGHLIGHTS AND
COMPANY OVERVIEW
€5.3B REVENUE
0.739
1.663
3.896
5.073
5.268
F21
F22
F23
F24
F25
—
0.500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
€1.7B TOTAL CASH1,2
1.617
1.379
1.529
1.589
1.736
F21
F22
F23
F24
F25
—
0.500
1.000
1.500
2.000
2.500
3.000
€167.5M OPERATING PROFIT
(528.1)
(465.3)
(466.8)
437.9
167.5
F21
F22
F23
F24
F25
(600.0)
(500.0)
(400.0)
(300.0)
(200.0)
(100.0)
—
100.0
200.0
300.0
400.0
500.0
€213.9M NET INCOME
(576.0)
(642.5)
(535.1)
365.9
213.9
F21
F22
F23
F24
F25
(800.0)
(600.0)
(400.0)
(200.0)
—
200.0
400.0
4.33 EURO CENTS RASK
2.89
2.99
3.98
4.17
4.33
F21
F22
F23
F24
F25
—
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
2.85 EURO CENTS EX-FUEL CASK
3.86
2.81
2.58
2.38
2.85
F21
F22
F23
F24
F25
—
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
1. For definitions, refer to the Alternative performance measures (APMs) and Glossary of Terms sections on pages 174-176.
These measures incorporate certain non-financial information that management believes is useful when assessing the performance
of the Group.
2. Total cash comprises cash and cash equivalents (€597.5 million), short-term cash deposits (€1,060.2 million), and current and
non-current restricted cash (€78.4 million).
The Company has a policy of rounding each amount and percentage individually from the fully accurate number to the figure disclosed
in the information presented. As a result, some amounts and percentages do not total – though such differences are all small.
Wizz Air Holdings Plc Annual Report and Accounts 2025
2
GEOGRAPHIES
We offer tickets for 833 routes across
Europe and the Middle East
Number of routes operated, as at 31 March 2025*:
From Central and Eastern Europe (CEE) countries
Romania
167
Poland
150
Hungary
79
Albania
49
Bulgaria
43
North Macedonia
30
Serbia
24
Georgia
17
Lithuania
14
Moldova
9
Bosnia and Herzegovina
6
Kosovo
3
Montenegro
3
Armenia
1
From other European countries
Italy
117
United Kingdom
46
Austria
29
Cyprus
9
From Gulf Cooperation Council (GCC) and Middle East countries
United Arab Emirates
36
Israel
1
* Showing routes that are based in/originated from the respective countries.
Wizz Air Holdings Plc Annual Report and Accounts 2025
3
STRATEGIC REPORT
CHAIRMAN’S STATEMENT
Dear fellow shareholders, colleagues, customers and partners,
Travel has proven to be incredibly resilient — so much so that it has even outpaced the aviation supply
chain, which continues to struggle with the demand placed on the broader aviation ecosystem. In this
report, you will read about the many challenges caused by aircraft engines, but that is not the full story.
Inflation affects both labour and materials. Conflicts and wars across various regions create volatility and
uncertainty, significantly impacting airspace and its management. Raw material shortages hinder aircraft
and spare parts production rates, while the tension between safety and engineering targets dominates
headlines. Even in favourable conditions, airlines grapple with the complexities of the industry. Faced with
these challenges — and the aforementioned adversity caused by engine manufacturers — Wizz Air has
adapted and emerged stronger.
You cannot compare Wizz Air this year to other European airlines on a like-for-like basis. While supply chain
and air traffic control issues are widespread, the severe Pratt & Whitney Geared Turbofan (GTF) engine
recall has had a particularly acute and targeted impact on Wizz Air, given our advanced progress in
transitioning our entire fleet to this engine variant.
One might be tempted to assess Wizz Air's FY25 cost structure and draw conclusions. While we acknowledge
there is room for improvement, no airline can absorb the burden of having on average 44 aircraft — or
~20% of its fleet — grounded at any given time. In unit terms, this situation led to a 20% decline in
available seat kilometers (ASK) per aircraft compared to ASK per operating aircraft. In other words, for
every euro of fixed cost in the business, engine-related groundings caused a 25% increase in unit fixed cost.
In FY25, our capacity remained flat due to the GTF groundings. However, the fleet continued to grow, as did
the number of spare engines acquired to sustain flying operations. We incur costs for our fixed and right-of-
use assets from the moment they are recorded on our books — whether they fly or not — creating the cost
headwinds we are currently experiencing. These headwinds are mathematical, not operational, and will ease
as total fleet utilization normalizes.
Additionally, our fleet renewal program is set to accelerate rapidly, bringing with it some unique short- and
medium-term impacts. Of all aircraft retiring this decade, 56% will be redelivered within the next three
years. Until FY26, Wizz Air operated an older, more mature fleet. On one hand, this helped us manage the
growing pains of adopting the new GTF technology. On the other, these aircraft are less fuel-efficient and
more expensive to maintain. As these aircraft reach the end of their lease terms, we are required to perform
certain maintenance tasks as per contract — not necessarily as per the approved maintenance manual.
There are two ways to address this cost pressure: retire older aircraft or explore alternative financing
methods that allow Wizz Air to determine aircraft disposal timing at its discretion, aligning maintenance
obligations with technical requirements. This transition won't happen overnight, but with our strong cash
position and growing market presence, the opportunity to pursue this shift is within reach.
Despite these headwinds, revenue increased by 4 per cent in both nominal and unit terms. The business
reported a net profit of €213.9 million for the year ended 31 March 2025 (FY25), exceeding the top end of
guidance. This performance is a testament to our robust and agile operating model, which enables us to
adapt to pressures, leverage the expertise of our management teams, identify opportunities to mitigate
challenges, and maintain our relentless focus on cost control.
When we are able to fly the aircraft we pay for, we do it exceptionally well. The investments we've made in
recent years to improve operational resilience have delivered tangible results, reflected in higher passenger
numbers, fewer flight cancellations, and improved on-time performance-all detailed in this report. Having
hopefully weathered the worst of the GTF-related impacts and taken the necessary steps to protect revenue
and long-term growth, we are now positioned to rely on our fleet renewal and market presence to drive
market share and leadership.
Wizz Air's Airbus A321neo order book remains the strongest among European carriers — if not
globally — and this advantage underpins our ambitious, profitable growth strategy. During the year, we
renegotiated our delivery pipeline with Airbus. Delays in aircraft deliveries this year risked creating
unsustainable growth spikes in the coming years, which would have strained both the business and the
industry. While the total number of aircraft deliveries remains unchanged, the delivery schedule has been
smoothed and now extends into 2030. Our commitment to operating the most fuel-efficient aircraft on the
market remains unchanged-this is the core of our ULCC model.
Wizz Air Holdings Plc Annual Report and Accounts 2025
4
We were cautious about adding costs in a year of expected flat growth. Aside from hiring the crew needed
for incoming aircraft, we kept our workforce steady and instead invested in developing our existing teams to
ensure we have the right people in the right roles. Similarly, we focused on strengthening our existing
footprint in Central & Eastern Europe, Western Europe, and the Middle East. Whereas previous years
emphasized geographic expansion, this year was about deepening our presence in current markets. We used
this year of consolidation to identify markets capable of absorbing growth profitably, rather than speculating
on new ones. Most of our near-term growth will come from Central and Eastern Europe, aiming to achieve
penetration levels similar to those in Western markets.
Even though we took a different path to exceed our profit target this year, it's important to recognize the
achievement and the result. This success would not have been possible without the resilience of our business
model, the tenacity of our management teams and workforce, the structural advantages of our fleet and
ULCC model, and the market opportunities we've cultivated in our operating regions. Ultimately, our plan for
enhanced profitability rests on four key pillars: repositioning the network, returning grounded aircraft to
service, transitioning out of costly older aircraft, and exploring new financing options previously unavailable
to Wizz Air.
Employees
Colleagues, please accept my and the Board's heartfelt gratitude for a successful year in the face of
challenges no one could have anticipated. You have performed exceptionally, where others might have
faltered. Your commitment to excellence across all areas of the business directly drives our success.
Customers
We value our customers so highly that we've embedded this into the name of our internal transformation
plan: our "Customer First" compass. Our approach is anchored on four key pillars — product, price, service,
and communication. We are embedding a Customer First mindset into every aspect of the business,
ensuring that all decisions and announcements are guided by this compass.
Environment
The GTF issues delayed our fleet renewal program, which temporarily postponed our FY25 CO2 emissions
improvements. Nevertheless, we have not altered our glidepath target. Now that we are actively phasing out
our A320ceo fleet in favour of new-technology aircraft, our emissions reporting is improving. There is no
question that the A321neo, with our 239-seat configuration, is the most fuel-efficient and technologically
advanced narrow-body aircraft on the market. This underpins our overarching commitment to sustainability.
Our CO2 per RPK emissions profile remains the lowest in Europe. Starting in 2025, we are fully compliant
with all sustainable aviation fuel (SAF) uplift requirements and continue to seek new opportunities in this
area.
Communities
As an increasingly global operator with bases in multiple markets, we are acutely aware of the economic,
social, and environmental developments within the communities in which we operate. We regularly engage
with regulators, governments, shareholders, customers, and local community representatives to help
facilitate action on national and local issues, as we strive to make a positive impact through our presence.
This is overseen by the Board's Sustainability and Culture Committee. Through four critical pillars — people,
environment, community, and governance — we aim to play an increasingly active role in the communities
we serve.
Looking ahead
I am confident in both the business and the business model. We expect to see normalization over the next
few years, along with improvements in both financial results and CO2 efficiency per RPK. The challenges we
have faced have only strengthened our ability to seize the opportunities presented by our growth plan and to
compete in any revenue environment. In the airline industry, the lowest-cost producer wins — and
maintaining this philosophy will continue to serve the business and all its stakeholders well.
William A. Franke
Chairman of the Board of Directors
5 June 2025
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
5
CHIEF EXECUTIVE’S REVIEW
I describe our fiscal year F25 with two words: resilience and transformation. In an environment where rare
challenges have become recurrent, Wizz Air has evolved structurally, embedding increased flexibility into our
standard operating model. While often dismissed as 'easier said than done,' the past year’s events tested
both our company and management. We emerged stronger, wiser, and better prepared.
Looking through the external challenges
A year ago this time, Wizz Air faced an unprecedented situation due to a manufacturer recall affecting some
of our aircraft engines. This shortage of spare engines and limited maintenance shop capacity forced
between forty and fifty-five aircraft to be grounded at any time during this F25 fiscal year. This is
unprecedented for any airline and hit Wizz Air hardest as we are one of the largest operators of this
particular engine variant. Despite having roughly a quarter of our fleet grounded, combined with the
scheduled retirement of older aircraft and some limited wet leases, we maintained our available seat
kilometers (ASK) at roughly the same level as the previous year. This achievement was made possible
through proactive management initiatives and timely new aircraft deliveries, even though the latter faced
their own delays.
Fundamentally, Wizz Air is a growth business, so when external factors such as the supply chain ecosystem
hinders one’s ability to efficiently – or at all - utilize its assets, the business feels this pressure and the
effects are acute.
We will continue to receive both financial and in-kind compensation from our engine manufacturer, which
partially offsets these effects. One can forever argue whether there would ever be enough compensation for
such circumstances. We would argue there is not, for fundamentally there is demand for travel, experiences,
connection and no amount of cost recovery will mitigate obstacles standing in the way of this. Parking a
plane while its engines are being inspected prevents us from delivering these objectives. How do you
calculate the cost? On one hand, the cost of parking a plane is easily calculated. The aircraft rent, parking
costs, preservation costs and ferry flight costs are easily identified. On the other hand, there is the cost of
the opportunity, the management bandwidth to evaluate this, and the limitations imposed on the staff who
work at Wizz to drive the business, their own growth and their ability to develop personal exposure to the
many facets of the business. The biggest challenge placed on the business is the uncertainty and the
volatility from not knowing when an engine will be inspected and either repaired or replaced and the
challenge this puts on planning. When relying on a third-party supply chain to determine your fleet plan,
your plan is at the mercy of this third party. If you rely too much on everything unfolding according to plan
and spare engines being ready when promised and then the motors fail to appear, you impact most aspects
of the business in ways that can only be measured in cost. Customers face disruption, which tarnishes their
experience, their willingness to choose Wizz Air and ultimately our brand and bottom line. If you build in too
much buffer to accommodate the unexpected, you end up with a series of inefficiencies that no amount of
reasonable compensation can offset. Our business is built around cost principles: produce ASKs at the lowest
cost in the industry, grow the fleet and explore ways to increase revenue including through better markets,
relevant ancillary products and network and schedule quality. If you aren’t able to maximize the utility of
your assets, it is impossible to optimize these factors and therefore it’s impossible to quantify the
opportunity cost of not flying, especially when demand for travel in our markets is strong.
We did manage to successfully fly the same amount of capacity this year as last year, even though we had
fewer operational aircraft, which protected revenue, markets and jobs. We did this by driving efficiency out
of our flying fleet, extending leases on aircraft we otherwise would have retired, reconfiguring our flying
patterns and utilizing certain third party supplied fleet. This came at a significant cost. Capacity held flat, but
our fleet kept growing. While the utilization of the operational fleet reached and even exceeded pre-
pandemic levels, the utilization of the total fleet collapsed, with this many aircraft parked. Most of an
aircraft’s depreciation is a fixed cost per tail, which means that this cost jumped in line with fleet growth
rather than staying stable in line with capacity.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
6
Ultimately, Wizz Air is in the business of flying people, not parking aircraft, so our mission is to fly our
assets. When we fly, we create opportunity for our customers to access new destinations, new connections,
and new experiences. We simultaneously create opportunity for our staff to develop their expertise, broaden
their skill set and accept new challenges (often in areas of the business they never would have considered).
As our business grows, so do the opportunities for our vendors, which allows them the opportunity to invest
in their respective businesses and productivity. As all stakeholders win, Wizz Air wins. This is our mission
and by accomplishing our mission of delivering affordable travel at the highest efficiency, we seek to
continue to grow profitably - rewarding all stakeholders in Wizz Air and importantly reduces our CO2
emissions per revenue passenger kilometre. Our customers win, our shareholders win, our employees win,
our vendors win and our ESG metrics win. No other airline is structurally as enabled as Wizz to deliver on
these objectives. When our aircraft fly, they are the most efficient in the world. The A321neo is the most fuel
efficient narrow body aircraft available, resulting in the lowest emissions produced per passenger. By
maintaining a young fleet, we are able to access the newest aerospace technology available, which
translates into the lower maintenance costs and a superior customer experience. Our A321neo aircraft have
one of the highest seat density configurations in the industry. This allows Wizz to carry more passengers per
flight which translates into fewer flights and ultimately lower emissions. This is why it is so important that
our fleet flies (rather than being parked) and we are now well on our way to delivering on this objective.
A focus on our network
Having achieved the established key performance indicators of utilization, on-time performance and flight
completion rate, our focus is now on network design as the key driver of a ULCC business. Post Covid, we
deliberately expanded our geographic footprint to give us available markets into which to deploy a growing
fleet and the capacity that comes along with it, especially at the high utilization we deliver. Our core is
Central and Eastern Europe (CEE). We complement the CEE with select markets in Western Europe, namely
London, Austria and Italy, to the west and our Middle Eastern network to the East. During this and the next
financial year, we have also deliberately ceased any expansion plans beyond our existing footprint so that
we can focus on profitability. Our growth will be delivered a) by densifying our market leaders with a mix of
visiting friends & relatives (VFR) centric routes and expanding our Winter sun leisure portfolio, b) by building
back aircraft bases that were impacted by the rationalizing of capacity when the initial Pratt & Whitney
groundings impacted the airline, c) by reversing strong inbound destinations into aircraft bases to exploit
more network opportunities, and d) adding unique XLR flying opportunities that are provided by long haul
narrow body aircraft with such a low trip cost.
Our core markets have grown 24% in the past twelve months while we have actively exited routes that will
not deliver corporate targets. Our growth in Abu Dhabi has been managed due to the ongoing engine issue.
New technology engines, regardless of manufacturer, deliver suboptimal durability performance in a hot and
harsh environment. This can usually be addressed with more spare assets but when those assets are scarce
across the Wizz Air group, we certainly don’t want to subject our engines to further environmental pressure,
so we remain where we are there with most of the Abu Dhabi fleet comprised of A321ceo aircraft, which is
powered by a more mature engine technology. Yerevan, Armenia is a good example of a station that
became a base due to its positive inbound performance. We will continue to look for these opportunities and
several are to be announced around the time of this publication. The more frequency we can create, the
more market share we capture which allows us to stimulate air travel and pricing. The more presence we
can build in our core markets, the less we need to educate the consumer on the Wizz Air value proposition.
Point to point and schedule quality drive a revenue premium.
Wizz market share in selected regions
Market
Market share
Low-cost segment share
Low-cost market position
Albania
55%
63%
1
Austria
6%
18%
2
Bosnia and Herzegovina
12%
22%
2
Bulgaria
24%
40%
2
Cyprus
12%
22%
2
Georgia
20%
46%
1
Hungary
36%
50%
1
Italy
9%
15%
3
Lithuania
11%
20%
2
Moldova
20%
29%
2
Poland
23%
38%
2
Romania
50%
75%
1
Serbia
16%
68%
1
United Arab Emirates
3%
10%
3
United Kingdom
4%
7%
4
CEE
6%
18%
1
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
7
Technology leadership — fleet
In the fourth quarter of this fiscal year, Wizz Air renegotiated its aircraft delivery orderbook with Airbus such
that both parties were aligned on a profile of growth and deliverability. With this, we expect to achieve a
fleet growth CAGR of ~13% for the next five years and ASK growth of ~19% in this coming F26 fiscal year.
Armed with the confidence in the timely delivery of the most fuel-efficient aircraft technology and high 239-
seat gauge ultra-low-cost performance, we shift our focus to migrating our fleet to the A321neo variant and
retiring our older legacy technology aircraft. In F25, we deliberately retained older aircraft longer by
extending leases to protect markets and capacity generation. This protected our network and long term
profitability at the expense of short term cost and we are now actively pushing the transition away from
legacy aircraft technology. By leveraging our fleet, we strengthen cost leadership. Increasing the percentage
of NEO aircraft is a natural hedge against fuel prices. The combination of more seats per departure and
higher fuel efficiency means a lower CASK.
As a result of these extended leases to mitigate the impact of the grounded fleet, we carried an older fleet
for longer. Older aircraft incur higher maintenance costs and start reaching the time where more
comprehensive technical inspection and overhaul programs are due, which puts pressure on the
Maintenance cost line of the business. Separately, certain maintenance activity is capitalized and
depreciated, which increases Depreciation, especially the closer you get to the redelivery date of the aircraft
back to the lessor. On top of this you have to factor in the loss of productivity of the grounded fleet. The
highest proportion of fixed cost in our business is in depreciation and there are certain maintenance tasks
required regardless of if a plane flies. This means that you incur costs regardless of if the aircraft is flying or
not – so while the grounded fleet are forgoing the ASK generating opportunity the airline’s costs still go up.
While this is most pronounced in Depreciation and Maintenance, all elements of the cost structure are
impacted due to their fixed cost components. We expect to triple the number of retiring A320ceo family
aircraft this year vs last and 80% of Wizz Air’s entire CEO aircraft fleet will be retired between now and F29.
The combination of reducing cost and increased ASK generating productivity from fleet leadership and the
unparking of grounded aircraft drive cost leadership in the coming years.
During F25, Wizz Air took delivery of 26 new A321neo aircraft and also secured three former Wizz Air
aircraft on dry leases, while six A320ceo aircraft were redelivered, ending the fiscal year with a total fleet of
231 aircraft: 37x A320ceo, 41x A321ceo, 6x A320neo and 147x A321neo. The new aircraft delivered were
financed through 16 sale and leaseback arrangements, 4 Japanese Operating Leases with Call Options
(JOLCOs) and 6 financial lease structures.
Wizz Air also added eight wet-leased aircraft for summer 2024 operations, providing additional capacity in
F25. The last wet-leased aircraft were returned in October 2024.
While we expect challenges related to inspections of the A321neo’s (GTF) engine to impact the phasing of
our capacity growth in the short term, we are confident that our long-term growth plan remains achievable
by 2030, as previously announced. Our confidence in this plan is underpinned by our large-scale order with
Airbus of 300 aircraft (253x A321neo and 47x A321XLR), an order we secured under highly competitive
terms. During F26 we expect 42 new A321neo and 8 XLR deliveries, while 17 A320ceo and 1 A321ceo
aircraft will be returned to lessors and will exit the fleet.
Utilisation and productivity improved across our operating fleet. Year-round total Operational fleet utilisation
increased to 12:28 (vs 12:25 in F24) whilst total fleet utilisation decreased to 9:51 hours (vs 11:29 in F24)
due to groundings related to the GTF issue.
The average age of the fleet currently stands at 4.7 years, the youngest fleet among major European
airlines, while the average number of seats per aircraft climbed to 227 as at March 2025. The share of new
“neo” technology aircraft within Wizz Air’s fleet increased to 66 per cent by the end of F25.
On 20 May 2025, we took delivery of our first A321XLR, Airbus’ long-range, narrow-body aircraft, becoming
the first low-cost airline in Europe to operate this type. The XLR is a unique opportunity to connect existing
points previously out of range of the standard A321neo. By maintaining the same configuration as the rest
of the A321neo fleet, the XLR gives Wizz Air optionality without significant additional complexity as well as
interoperability. Niche markets become potentially attractive and we are excited about the opportunities this
aircraft creates. We remain committed to point-to-point operations even as we augment our fleet with
longer-range aircraft.
The table below provides the fleet composition for the past, present and coming fiscal year, including
effected lease extensions. The figures reflect amended contractual delivery timelines agreed with Airbus.
March 2025
March 2026
March 2027
Actual
Planned
Planned
A320ceo (180/186 seats)
37
20
12
A320neo (186 seats)
6
6
6
A321ceo (230 seats)
41
40
29
A321neo (239 seats)
147
189
222
A321neo XLR (239 seats)
—
8
12
Fleet size
231
263
281
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
8
Our fleet of 231 Airbus aircraft is the cornerstone of our ultra-low-cost model. It is the youngest among
European peers, with an average aircraft age of 4.7 years. It delivers industry-leading CO2/RPK emissions of
52.2 grams, and with 239 seats in our A321neo, we have the highest single-aisle configuration in the
industry. We also believe that the price we pay for our aircraft, on a per-seat basis, is one of the lowest
globally, due to the timing and volume of our orders.
GTF ENGINE UPDATE
As of 9 May 2025, Wizz Air had 37 aircraft on the ground as a result of GTF engine-related matters. The
Company is expecting roughly 34 aircraft to be grounded by the end of the first half of F26. We still assume
that the average expected shop-visit time needed to return engines back to service is approximately 300
days.
The new commercial support agreement with Pratt & Whitney was agreed at the end of 2024, covering the
two-year period for the calendar years 2025 and 2026. The compensation package, which covers Wizz’s
direct costs associated with the aircraft that have been and those expected to be grounded, is similar to the
levels of the previous agreement in place during 2024.
In terms of its ongoing management, important considerations relating to increased access to spare engines
and additional engineering shop visit slots are part of an ongoing tender regarding the selection of engines
for 177 A321neos. Management expects these negotiations to conclude by the end of Q1 F26.
Driving our digital platform forward
Data and Artificial Intelligence remains our focus. We have harmonized our data sources to be AI-ready,
while continuously enhancing cost optimization and revenue growth through several initiatives, such as
robust API platforms and a harmonized cloud strategy all while ensuring IT security and compliance. We
encourage all customers to access our web and mobile platforms to ensure they benefit from the highest
level of customer service directly from our agents.
Our real-time data warehouse enables critical reporting across the operations, finance and revenue teams.
We continue to invest both resources and funding into cyber security to ensure IT compliance in particular
with the European Union’s upcoming NIS2 Directive and EASA’s Part-IS requirements and strengthened the
leadership of this department this year.
We expanded our payments ecosystem to allow alternate payment methods on board, on our website and
on our mobile application. We announced a partnership with Revolut (www.revolut.com) and seek to
complement major payment providers with local solutions to cater to our diverse customer base. We also
launched an even more comprehensive ancillary product called All-you-can-fly, which is our latest iteration
of a subscription service. Our machine learning ticket pricing now encompasses more of the booking
window, allowing our teams to focus on more precise opportunities.
A focus on people
We make data driven decisions and are hungry for insight. In F25, Wizz Air conducted its eighth employee
engagement survey, achieving a company-wide engagement score of 7.0, consistent with the previous year,
which reflects the ongoing success of our People Council initiative, our direct employee dialogue and
continued compensation and benefits focus. We offer both in house and university education opportunities.
Customers have always been in the centre of what we do, but this year we took a transformational approach
with the Customer First plan by rolling out the Customer First Compass – a framework that places
customers at the forefront of every aspect of our operations. Anchored in four key pillars – Product, Price,
Service and Communication – the Customer First Compass outlines Wizz Air’s future direction and renewed
commitment to its customers, including investing in state-of-the-art technology, improving reliability and
delivering enhanced customer support. This transformation marks a step change in how the airline serves its
customers.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
9
Outlook
Wizz Air is a more resilient business today. Despite the unproductivity of a grounded fleet, we successfully
delivered a second consecutive year of profitability. We have the benefit of more than a year of experience
operating under these unique circumstances – conditions airlines would never experience when demand
exceeds supply. Our unit revenue is 4% higher than last year, supported by the combination of our ability to
generate higher fares and drive a higher load factor. Our on time performance and completion rates are
steadily improving and our employee satisfaction consistently improves.
The number of grounded aircraft will start reducing in both absolute and relative terms and this is why we
have reached an transformation point. ASK capacity is back to growing due to this and due to the increase in
the delivery volume of new aircraft from Airbus. The percentage of grounded aircraft relative to total fleet
continues to improve, allowing us to focus on the key elements of our strategy, winning market share,
driving leadership positions and deploying our expertise to mitigate challenges in our sector. We will not
relent on defending the ultra-low cost business model, delivering profitable growth and ultimately
stakeholder value.
József Váradi
Chief Executive Officer
5 June 2025
STRATEGIC REPORT continued
Wizz Air Holdings Plc Annual Report and Accounts 2025
10
FINANCIAL REVIEW
In F25, Wizz Air reported a net profit of €213.9 million as it carried a record 63.4 million passengers (F24:
62.0 million). It was a year of significant challenges given an average of 44 aircraft were parked during the
year owing to issues with the GTF engine, equivalent to almost 20% of the fleet being grounded. However,
with an improved daily utilisation of the operating fleet and the use of wet leased aircraft, Wizz Air
maintained flat capacity year-on-year, protecting markets and revenue.
Total revenue increased by 3.8 per cent year-on-year, and unit revenue grew by 3.9 per cent to 4.33 euro
cents per available seat kilometre (ASK), helped by a 1.2ppt lift in load factor to 91.2%. Additionally, a
maturing network also helped, with the share of capacity operated on routes younger than three years of
age down some 14 percentage points over the year to 22%. Ticket and ancillary RASK evolved in a similar
manner over the year, with ticket RASK up 4.1 per cent year-on-year and ancillary RASK up 3.7 per cent
(equivalent to an increase of 49 euro cents per pax in F25 vs F24).
The grounding of the neo aircraft contributed to a significant increase in our ex-fuel unit costs, up 19.9 per
cent year-on-year, with the compensation package from the OEM mitigating some, but not all, of the
operational and financial impacts on the business. Depreciation and maintenance unit costs rose sharply
given the growth in the overall fleet and increased engine events in the year, but this is set against the lack
of capacity growth seen. Furthermore, the wet-leases weighed on the group, adding some €113 million of
lease costs in the year, with the majority seen in the first-half period; these were all then cancelled in
October of last year.
The structural advantages of operating a young fuel-efficient fleet (average age 4.7 years) with high-density
seating (227 average seat count) remains a core part of our operating philosophy. 26 A321neo were
delivered in the year, while 6 A320ceos exited the fleet. As a result, the share of neos rose to 66.2% of our
total fleet, up roughly 5ppts on last year.
Total fuel costs, including the cost of carbon and the impact of hedging, were 3.1 per cent lower year on
year, while fuel CASK decreased by 3.1 per cent, as market prices came down compared to the previous
year. Our policy of hedging jet fuel and related foreign currency continued to protect the business well
during the year. Conversely, we saw some significant distortion of our quarterly reported net profits given
the need to mark-to-market our US$ aircraft leases. Consequently, we initiated a programme to
economically hedge this exposure in March 2025, with such hedging expected to be substantially in place
during the current summer season.
Our fuel and FX rates that impacted our F25 performance are shown below:
F25
F24
Change
Average jet fuel price ($/metric tonne, including SAF, into-plane premium
and impact of effective hedges)
919
1,000
(8.2) %
Average EUR/USD rate (including impact of effective hedges)
1.08
1.08
—
Year-end EUR/USD rate
1.08
1.08
—
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
11
Financial overview
Summary consolidated statement of comprehensive income
€ million
F25
F24
Change
Total revenue
5,267.6
5,073.1
3.8 %
Fuel costs
(1,797.6) (1,855.7)
(3.1) %
Operating expenses less other income and excluding fuel costs
(3,302.5) (2,779.5)
18.8 %
Total operating expenses
(5,100.1) (4,635.2)
10.0 %
Operating profit
167.5
437.9
(61.7) %
Operating margin
3.2 %
8.6 %
(5.5) ppt
Net financing expense
(147.8)
(96.8)
52.7 %
Profit before income tax
19.7
341.1
(94.2) %
Income tax credit
194.2
24.8
683.1 %
Profit for the year
213.9
365.9
(41.5) %
Earnings per share
Earnings per share, € (Note 12)
F25
F24
Change
Basic earnings per share, €
2.18
3.64
(1.46)
Diluted earnings per share, €
1.78
2.96
(1.18)
Financial performance
Revenue
The following table sets out an overview of revenue streams for F25 and F24 and the percentage change in
those items:
F25
F24
Total
(€ million)
Percentage of
total revenue
Total
(€ million)
Percentage of
total revenue
Percentage
change
Passenger ticket revenue1
2,917.0
55.4%
2,804.2
55.3%
4.0%
Ancillary revenue1
2,350.6
44.6%
2,268.9
44.7%
3.6%
Total revenue
5,267.6
100.0%
5,073.1
100.0%
3.8%
1.
For further definitions of non-financial measures presented, refer to the Glossary of terms and Alternative performance measures
(APMs) sections of this document.
Total revenue increased by 3.8 per cent to €5,267.6 million in F25 from €5,073.1 million in F24, driven
mainly by the capacity increase year on year and a stronger load factor, supported by sustained customer
demand and increased maturity mainly in our most resilient markets (Poland, Italy and Hungary). Passenger
ticket revenue increased by 4.0 per cent to €2,917.0 million in F25 from €2,804.2 million in F24, and
ancillary revenue increased by 3.6 per cent to €2,350.6 million in F25 from €2,268.9 million in F24. RASK
increased by 3.9 per cent to 4.33 euro cents in F25 from 4.17 euro cents in F24. Ticket RASK increased by
4.1 per cent to 2.40 euro cents in F25, reflecting an improved load factor year on year and a favourable
pricing environment, specifically during peak periods. Ancillary RASK increased by 3.7 per cent to 1.93 euro
cents driven by market maturity in Poland, Italy and Hungary. In Poland and Italy load factor also
contributed to the higher Ancillary revenue. Besides these conditions commercial initiatives and process
improvements ensured higher revenue in F25.
Operating expenses
Total operating expenses increased by 10.0 per cent to €5,100.1 million in F25 from €4,635.2 million in F24.
Total CASK increased to 4.33 euro cents in F25 from 3.90 euro cents in F24, out of which the ex-fuel CASK
increase is 0.47 euro cents, to 2.85 euro cents in F25 from 2.38 euro cents in F24. This increase is driven
mainly by the aircraft parked in relation to the Pratt & Whitney powder metal issue, which increased the
right-of-use asset depreciation unit cost as this includes leased aircraft that are not producing any capacity.
In relation to the same issue, structural wet-lease capacity had been contracted to manage certain key
markets and routes, costing a premium compared to our own capacity. Besides the parked aircraft, F25
CASK reflects generic price inflation on Airport, Handling and Navigation costs, alongside an uptrend of the
maintenance fees and Crew salary increase between the two fiscals.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
12
For F25 and F24 the following table sets out the expenses relevant for the CASK measure and the
percentage changes in those expenses:
F25
F24
Total
(€ million)
Percentage
of total
operating
expenses
Unit cost
(€cts/ASK)
Total
(€ million)
(restated)*
Percentage
of total
operating
expenses
(restated)*
Unit cost
(€cts/
ASK)
(restated)
*
Percentage
change of
total cost
Staff costs
564.9
11.1%
0.46
507.8
11.0%
0.42
11.2%
Fuel costs
1,797.6
35.2%
1.48
1,855.7
40.0%
1.52
(3.1) %
Distribution and marketing
117.8
2.3%
0.10
117.1
2.5%
0.10
0.6%
Maintenance, materials and
repairs
330.4
6.5%
0.27
285.0
6.1%
0.23
15.9%
Airport, handling and en-
route charges
1,351.8
26.5%
1.11
1,210.1
26.1%
0.99
11.7%
Depreciation and
amortisation
966.8
19.0%
0.79
755.3
16.3%
0.62
28.0%
Other expenses*
466.6
9.1%
0.38
370.0
8.0%
0.30
26.1%
Other income*
(495.8)
(9.7%)
(0.41)
(465.8)
(10.0%)
(0.38)
6.4%
Total operating expenses
5,100.1
100.0%
4.19
4,635.2
100.0%
3.81
10.0%
Net cost from financial
income and expense**
167.4
0.14
116.2
0.10
44.1%
Total
5,267.5
4.33
4,751.4
3.90
10.9%
Total ex-fuel cost
3,469.9
68.0%
2.85
2,895.7
62.5 %
2.38
19.8%
* The Group previously presented net other income for F24 of €95.8 million. To enhance the presentation this has been split to show
other expenses of €370.0 million and other income of €465.8 million separately on the condensed consolidated statement of
comprehensive income. The composition of other income and expenses is explained in Note 2. There was no impact on net income as a
result of this change in presentation.
** Excluding net loss on derivative financial instruments and net foreign exchange gains.
Staff costs were €564.9 million in F25, up by 11.2 per cent from €507.8 million in F24, reflecting a 2.7 per
cent increase in staff numbers, higher aircraft utilisation and cost-of-living adjustments to salaries year on
year.
Fuel costs decreased by 3.1 per cent to €1,797.6 million in F25 from €1,855.7 million in F24 and fuel CASK
decreased by 3.1 per cent to 1.48 euro cents in F25 from 1.52 euro cents in F24. The average fuel price,
including sustainable aviation fuel, hedging impact and into-plane premium, decreased by 8.2 per cent to
$919 per metric tonne in F25 from $1,000 per metric tonne in F24. In addition to the fuel price impact, fuel
consumption (metric tonnes per ASKs) increased by 1.2 per cent year on year, due to the increased number
of less-fuel-efficient wet-leased aircraft combined with a higher load factor and a slightly lower average flight
stage length.
Distribution and marketing costs increased by 0.6 per cent to €117.8 million in F25 from €117.1 million in
F24, tracking in line with the revenue increase during the period.
Maintenance, materials and repair costs increased by 15.9 per cent to €330.4 million in F25 from
€285.0 million in F24, due to a larger fleet, inflation and inefficiencies due to the parking fleet, e.g. short-
term engine leases, older CEO aircraft being utilised, despite the fact that there was a €62.3m one-off
release on lessor compensation costs for LLP3 stack exchange and a €21.1m release on C8 structural
airframe check for aircraft with 9 years lease term, due to a decision to perform the maintenance rather
than pay lessor compensation.
Airport, handling and en-route charges increased by 11.7 per cent to €1,351.8 million in F25 from
€1,210.1 million in F24, reflecting the increase in price inflation versus last year.
Depreciation and amortisation charges increased by 28.0 per cent to €966.8 million in F25, up from
€755.3 million in F24, driven mainly by the increased fleet size, growing maintenance fees contributing to
depreciation, and the increased aircraft utilisation in the active fleet (operational utilisation in F25 was 12:28
hours versus 12:25 hours in F24).
Other expenses amounted to €466.6 million in F25, compared to €370.0 million in F24. Among the key
drivers, flight disruption cost, including compensation paid to customers, was €166.5 million in F25, flat vs.
F24, wet lease expenses including costs from one-off wet leases increased to €113.0 million in F25 from
€17.2 million in F24, non-direct administrative costs increased to €97.2 million in F25 from €83.0 million in
F24 and crew-related expenses decreased to €61.3 million in F25 from €66.4 million in F24.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
13
Other income amounted to €495.8 million in F25, compared to €465.8 million in F24. It included gains on
sale and leaseback transactions of €121.3 million in F25 compared to €244.8 million in F24, and credits and
compensation received from suppliers of €353.6 million in F25 including credits from Pratt & Whitney
received for the full year, compared to €198.6 million in F24 where the Pratt & Whitney credit covered only
partial year.
Net financing income and expense
The following table sets out an overview of net financing expense for F25 and F24 and the percentage
change in those items:
€ million
F25
F24
Change
Net financial expense
(167.4)
(116.2)
44.1%
Net loss on derivative financial instruments
(6.4)
—
n.m.*
Net foreign exchange gains
26.0
19.4
34.0%
Net financing expense
(147.8)
(96.8)
52.7 %
*
n.m.: not meaningful as a variance is more than (-)100 per cent.
Net financing expense increased by 52.7 per cent to €147.8 million in F25 from €96.8 million in F24, of
which:
▶
Financial income represents an increase of 2.0 per cent on the back of an increase in short-term cash
deposits and the higher interest rate environment in F25.
▶
Financial expenses increased by 26.8 per cent driven by the interest charges related to lease liabilities
under IFRS 16 connected to the increased fleet size and the stronger US dollar against the euro.
▶
Net foreign exchange gains increased by 34.0 per cent due to a more favourable EUR/USD exchange
environment during F25. The unrealised portion of the foreign exchange gain, mainly driven by a
revaluation of US dollar-denominated lease liabilities, amounted to a €30.6 million gain in F25,
compared to a €34.2 million gain in F24.
Taxation
The Group recorded an income tax credit of €194.2 million in F25 compared to the €24.8 million credit in
F24. The effective rate for the Group in F25 was negative 985.8 per cent compared to 7.3 per cent in F24.
The current tax expense decreased compared to the prior year due to the decrease in the profit before tax of
the Group. The increase in deferred tax assets more than offsets current taxes and turned the total tax
charge of the Group into a total tax credit. The majority of the increase in deferred tax assets relate to an
intra-group transfer of aircraft purchase rights and the change in the tax rates applicable for the subsidiaries
in Malta and timing differences, which could be subject to a tax reclaim under current legislation.
Profit for the year
The Group earned a net profit of €213.9 million in F25, compared to the net profit of €365.9 million in F24.
Other comprehensive income and expenses
In F25 the Group had other comprehensive expense of €54.0 million compared to income of €129.4 million
in F24. The change is mainly attributable to the unfavourable impact of fair value movements on the Group’s
open hedge positions in F25.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
14
Return on capital employed and capital structure
Return on capital employed (ROCE)1,2 is a non-statutory performance measure commonly used to measure
the financial returns that a business achieves on the capital it uses. ROCE for F25 was 3.3 per cent,
compared to 10.3 per cent for the previous year.
In October 2024, Wizz Air was downgraded by Fitch Ratings to 'BB+' with a ‘Stable Outlook’ due to the
slower capacity growth caused by the Pratt & Whitney engine issues, leading to higher leverage, above the
2.0x threshold for a 'BBB-' rating; and increased costs impacting profitability. Fitch indicated that the ‘Stable
Outlook’ reflects expectations of a Fitch-defined EBITDAR margin at an average of 26%, which remains high
compared to airline peers, and Fitch’s assessment of the Company's deleveraging potential expected from
F26. The Group’s credit rating stands at ‘Ba1’ ‘Negative’ by Moody’s Investor Services.
The Company’s leverage ratio1 is 4.4 at the end of the F25 financial year, while liquidity1 increased to
31.5 per cent from 29.2 per cent at the end of the F25 financial year.
F25
F24
Change
ROCE
3.3%
10.3%
(7.1) ppt
Leverage ratio
4.4
4.0
0.4
Liquidity
31.5%
29.2%
2.3 ppt
1
For definitions of non-financial measures presented, refer to the Glossary of terms and Alternative performance measures (APMs)
sections of this document.
2
The Group previously calculated ROCE using operating profit after tax. This has been changed to pre-tax operating profit. With the new
calculation method, the F24 ROCE changed to 10.3% from 11.1% presented previously.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
15
Cash flows and financial position
Summary statement of cash flows
The following table sets out selected cash flow data and the Group’s cash and cash equivalents for F25
and F24:
€ million
F25
F24
(restated)
Change
Net cash generated by operating activities*
1,065.6
664.5
60%
Net cash used in investing activities*
(263.4)
(347.7)
(24) %
Net cash used in financing activities
(938.7)
(1,016.1)
(8) %
Net decrease in cash and cash equivalents
(136.5)
(699.3)
(80) %
Cash and cash equivalents at the beginning of the year
716.4
1,402.6
(49) %
Effect of exchange rate fluctuations on cash and cash equivalents
17.0
13.1
30 %
Cash and cash equivalents at the end of the year
596.9
716.4
(17%)
*
Whilst not material, the Group reclassified the net movement in restricted cash balances of €12.3 million in F24 from operating
activities to investing.
Cash flows from operating activities
The majority of Wizz Air’s cash inflows from operating activities are derived from the sale of passenger
tickets and ancillary services. Net cash flows from operating activities are also affected by movements in
working capital items.
Cash generated by operating activities increased from €664.5 million in F24 to €1,065.6 million in F25
primarily driven by the following factors:
▶
Operating cash flows before adjusting for changes in working capital improved by €70.6 million year on
year driven by the market recovery and increase in demand.
▶
Changes in working capital resulted in higher cash inflow by €352.2 million, primarily due to the cash
inflow from unearned revenue (tickets paid by passengers for future flights) of €191.2 million.
Cash flows from investing activities
Investing activities resulted in €263.4 million net cash used in F25, compared to €347.7 million net cash
used in F24, due to the following:
▶
The net cash flows from advances paid and refunded in relation to aircraft deliveries decreased by
€168.6 million from a €109.7 million cash inflow in F24 to a €58.9 million cash outflow in F25.
▶
Cash outflows from placing short-term cash deposits was €1,466.0 million in F25 compared to the cash
outflow of €1,503.9 million in F24. Cash inflows from maturing short-term cash deposits was €1,136.3
million in F25 compared to the cash inflow from short-term cash deposits of €755.4 million in F24.
▶
Net cash flows from the purchase and sale of tangible and intangible assets including sale and leaseback
transactions decreased by €187.4 million from a €208.3 million cash inflow in F24 to a €20.9 million
cash inflow in F25.
Cash flows from financing activities
Net cash outflow from financing activities decreased from €1,016.1 million (F24) to €938.7 million in F25.
The principal elements of the F25 outflow were as follows:
▶
Repayments of loans and other types of financing and interest on them amounting to €1,184.3 million
(F24: €1,499.0 million) which only includes the interest payment on the bond of €5.0 million (whereas in
F24 the bond repayment of €511.8 million included both the principal repayment (€500 million) and the
interest payment (€11.8 million)). Proceeds from new loans and other types of financing of €245.6
million (F24: €482.9 million) comprise aircraft and engine financing of €245.6 million (F24: €228.9
million) and a borrowing secured with emission trading scheme (ETS) units of €nil (F24: €254.0).
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
16
Summary consolidated statement of financial position
The following table sets out summary statements of the financial position of the Group for F25 and F24:
€ million
F25
F24
Change
ASSETS
Property, plant and equipment
6,493.0
5,815.0
678.0
Restricted cash*
78.3
109.4
(31.1)
Derivative financial instruments*
12.1
36.9
(24.8)
Trade and other receivables*
676.2
706.7
(30.5)
Short-term cash deposits
1,060.2
751.1
309.1
Cash and cash equivalents
597.5
728.4
(130.9)
Other assets*
718.1
547.4
170.7
Total assets
9,635.4
8,694.9
940.5
EQUITY AND LIABILITIES
EQUITY
Equity
317.1
145.7
171.4
LIABILITIES
Trade and other payables*
1,108.3
1,022.4
85.9
Borrowings (incl. convertible debt)*
6,614.0
6,269.7
344.3
Deferred income*
1,179.8
944.6
235.2
Derivative financial instruments*
42.6
0.7
41.9
Provisions*
355.1
274.3
80.8
Other liabilities*
18.6
37.5
(18.9)
Total liabilities
9,318.3
8,549.2
769.1
Total equity and liabilities
9,635.4
8,694.9
940.5
*Including both current and non-current asset and liability balances, respectively.
Property, plant and equipment increased by €678.0 million as at 31 March 2025 compared to
31 March 2024, primarily driven by the investment made in JOLCO-financed aircraft and the sale-and-
leaseback financed aircraft right-of-use assets (see also Notes 13 and 14 to the financial statements).
Restricted cash (current and non-current) decreased by €31.1 million as at 31 March 2025 compared to the
year before. The majority of this balance is linked to Wizz Air’s aircraft lease contracts, being cash deposits
behind letters of credit issued by Wizz Air’s banks related primarily to lease security deposits and
maintenance reserves.
Derivative financial assets (current and non-current) decreased by €24.8 million as at 31 March 2025
compared to 31 March 2024 (see also Notes 3 and 21 to the financial statements). These balances are
related to fuel and FX hedge instruments and cross currency interest rate swap contracts.
Trade and other receivables decreased by €30.5 million as at 31 March 2025 compared to 31 March 2024.
Cash and cash equivalents amounted to €597.5 million as at 31 March 2025 (2024: €728.4 million), and
short-term cash deposits to €1,060.2 million as at 31 March 2025 (2024: € 751.1 million).
Borrowings (including convertible debt) increased by €344.3 million as at 31 March 2025 compared to
31 March 2024. The increase was primarily driven by liabilities related to JOLCO, FTL and FL contracts
recognised during the fiscal year (see Note 23 to the financial statements).
Deferred income increased by €235.2 million as at 31 March 2025 compared to 31 March 2024 (see Note 26
to the financial statements). This was primarily driven by an increase in unearned revenue and in deferred
supplier credits.
Derivative financial liabilities (current and non-current) increased by €41.9 million as at 31 March 2025
compared to 31 March 2024 (see Notes 3 and 21 to the financial statements). These balances are related to
fuel and FX hedge instruments and cross currency interest rate swap contracts.
Provisions increased by €80.8 million as at 31 March 2025 compared to 31 March 2024, in line with the
planned aircraft maintenance schedule (see Note 29 to the financial statements).
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
17
Hedging strategy
Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit
and Risk Committee. The hedging policy’s objective is to establish a framework to identify, report and
manage foreign currency and fuel exposures aiming to provide greater certainty and protection to the value
of the Group’s net income, net equity and related cash flows that are exposed to possible adverse
movements in foreign currency exchange rates and jet fuel prices. This is achieved through disciplined
programmatic and discretionary layering for a set time horizon (18 months) with regular rollover maintaining
hedge coverage levels.
The hedges under the hedging policy will be rolled forward quarterly, 18 months out, with coverage levels
over time indicatively totalling 65 to 85 per cent for the first quarter of the hedging horizon and 15 to 35 per
cent for the last quarter of the hedging horizon. Hedging instruments are zero-cost collars mostly, but jet
fuel swaps are also used for shorter dated exposures. In line with the hedging policy, Wizz Air also hedges
its fuel consumption-related US dollar exposure in a similar fashion. Hedge coverages as of 30 May 2025 are
set out below:
Fuel hedge coverage
Period covered
F26
F27
10 months
8 months
Exposure in metric tonnes (‘000)
1,977.7
2,158.2
Coverage in metric tonnes (‘000)
1,407.5
413.5
Hedge coverage for the period
71 %
19 %
Blended capped rate
$776.0
$733.0
Blended floor rate
$701.0
$666.0
Foreign exchange hedge coverage
Period covered
F26
F27
10 months
8 months
Exposure (million)
$1,264.1
$1,309.5
Coverage (million)
$891.0
$260.0
Hedge coverage for the period
70 %
20 %
Weighted average ceiling
$1.1259
$1.1166
Weighted average floor
$1.0827
$1.0747
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
18
Near-term and full-year outlook:
We are not giving guidance for F26 at this time of the year given the lack of visibility across our trading
seasons. With that said, we look to operate within the following parameters, barring any unforeseen
developments that could impact our operations:
▶
Capacity (ASKs): H1 F26 low to mid-teens growth YoY; F26 circa +20% YoY;
▶
Load factor: Driving >2 ppt YoY;
▶
Revenue: Higher than F25 (supported by current bookings);
▶
Cost: Better fuel CASK; slightly higher ex-fuel CASK due to grounding pressure on fixed costs, cost of
retiring CEO fleet and airport cost improvement lag time;
▶
Summer trading: Current run rate showing positive RASK YoY in all forward months, driven by load
factor >2 ppts but fares down low single digits to drive traffic and leverage higher summer close-in
booking yields.
Certain information provided in this Annual Report pertains to forward-looking statements and is subject to
significant risks and uncertainties that may cause actual results to differ materially. It is not feasible to
enumerate all the factors and specific events that could impact the outlook and performance of an airline
group operating across Europe, the Middle East and beyond, as Wizz Air does. Some of the factors that are
susceptible to change and could notably influence Wizz Air’s anticipated results include demand for aviation
transport services, fuel costs, competition from both new and established carriers, availability of Pratt &
Whitney GTF engines, turnaround times at Engine Shops, expenses related to environmental, safety and
security measures, the availability of suitable insurance coverage, actions taken by governments and
regulatory agencies, disruptions caused by weather conditions, air traffic control strikes, revenue
performance and staffing issues, delivery delays of contracted aircraft, fluctuations in exchange and interest
rates, airport access and fees, labour relations, the economic climate within the industry, passengers’
inclination to travel, social and political factors, including global pandemics, and unforeseen security
incidents.
Ian Malin
Chief Financial Officer
5 June 2025
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
19
KEY STATISTICS
F25
F24
Change
Capacity
Number of aircraft at end of period*
231
208
11.1 %
Number of operating aircraft at end of period**
186
160
16.3 %
Equivalent aircraft
225.7
190.8
18.3 %
Equivalent operating aircraft**
178.5
176.4
1.2 %
Utilisation (block hours per aircraft per day)
9:51
11:29
(14.3) %
Utilisation (block hours per operating aircraft per day)**
12:28
12:25
0.4 %
Total block hours
812,673
802,346
1.3 %
Total flight hours
705,720
699,837
0.8 %
Revenue departures
314,448
309,594
1.6 %
Average departures per day per aircraft
3.82
4.43
(13.8) %
Average departures per day per operating aircraft**
4.83
4.79
0.8 %
Seat capacity
69,546,340
68,813,271
1.1 %
Average aircraft stage length (km)
1,749
1,769
(1.1) %
Total ASKs (’000 km)
121,670,679
121,749,697
(0.1) %
Operating data
RPKs (revenue passenger kilometres) (’000 km)
111,143,998
109,962,210
1.1 %
Load factor (%)
91.2%
90.1%
1.2 %
Number of passenger segments
63,403,320
62,015,792
2.2 %
Fuel price (average $ per tonne, including SAF, hedging impact and
into-plane premium)
919
1,000
(8.2) %
Foreign exchange rate (USD/EUR including hedging impact)
1.08
1.09
(0.9) %
*
Aircraft at end of period includes 3 aircraft in Ukraine, but excludes wet-leased aircraft.
** Operating aircraft excludes grounded aircraft. At end of F25, there were 42 grounded aircraft due to GTF engine inspections and 3
grounded aircraft in Ukraine. Operating utilisation is calculated based on the Equivalent operating aircraft and Block hours including
wet-lease flights.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
20
EMERGING AND PRINCIPAL RISKS AND UNCERTAINTIES
This section of the Annual Report sets out our risk management process and provides an overview of the
emerging and principal risks that could, if not dealt with appropriately, affect Wizz Air’s future success. Risk
management is a dynamic and ever-evolving area, and the Company is committed to identifying and
effectively managing risks proactively.
We continued integrating the lessons learned from the past few years, such as the ongoing war between
Ukraine and Russia that caused high geopolitical instability, high fuel prices and high inflationary pressure
together with a volatile overall business environment. The experience gained helped us to handle the Israeli
conflict in a more effective and systematic way. In the meantime, Wizz Air faced continuous challenges due
to the unscheduled Pratt & Whitney GTF engine inspections, causing the grounding of aircraft from our fleet
and requiring more rigorous risk monitoring.
The Company continued the periodic evaluation of environmental risks. Given the EU’s ambition to become
climate neutral by 2050, the regulations on corporate sustainability are tightening, with the inclusion of
directives such as the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy. Both
regulations require the assessment of climate risks (the CSRD requires a scenario analysis-based
assessment of both transitional and physical climate risks; meanwhile the EU Taxonomy requires the
assessment of physical risks for determining the sustainability of certain investments) and are putting
increasing pressure on Wizz Air to take all required steps to reduce and eventually eliminate emissions from
travel and, as a result, mitigate environmental risks.
Our risk management process
The Board is responsible for the Group’s risk management and it has delegated to the Audit and Risk
Committee the task of monitoring the adequacy and effectiveness of the Group’s risk management systems.
The Group has a comprehensive Enterprise Risk Management (ERM) process to support the achievement of
business and strategic goals. As part of our ERM process, risks are identified and collected in our risk
universe and individual risks are organised into risk categories. Risks are analysed for likelihood and impact
using the qualitative approach. A risk response is determined depending on the risk category and risk
appetite, which can range from “averse” to “actively seeking” depending on how much risk the Group deems
appropriate within our industry and business model.
The alteration in the Company’s risk appetite compared to the F25 mid-year review was minimal, and
predominantly attributable to shifts in macroeconomic and geopolitical landscapes, as well as disturbances
within supply chains. The majority of the Wizz Air risk categories have an “averse” risk appetite due to their
safety/compliance/regulatory nature. Similar to the prior year, in F25 we also assessed environmental, social
and governance (ESG)-related risks with an “averse” risk appetite to drive a deliberate agenda on
sustainability – with respect to climate and communities served by WIZZ, and corporate governance – as it
is becoming increasingly important to the Company. The risk categories where our risk appetite is
categorised as “cautious/open” are mostly risks related to growth and network expansion, where a healthy
level of risk taking is part of the Group’s DNA to further our commercial agenda and deliver against our
Shareholder value creation goals (e.g. major strategic initiatives, network management or our aircraft
programme, and commodity and exchange-rate volatility).
As part of this process, the Group’s Leadership Team, as the final risk owners and decision makers, and the
Senior Internal Audit Manager meet regularly (at least twice a year) to consider and update the emerging
and principal risks identified and the status of the response plans. The resulting risk report is then reviewed
with the Audit and Risk Committee and presented to the Board. The Board is therefore satisfied that it has
carried out a robust assessment of the emerging and principal risks facing the Group, including those that
would threaten its business model, future performance, solvency or liquidity.
Risks relating to the Group
Introduction
The principal risks identified by the Group’s Leadership Team fall into nine broad groupings, which are
largely consistent with the groupings of F24 and include a deeper assessment of IT and cyber risks, external
factors, fleet development-related risks, global geopolitical risks and ESG. Additionally, climate risks have
been separated from social and governance risks, facilitating enhanced risk and opportunity identification, as
well as more effective action planning in each respective domain:
▶
information technology and cyber risk, including website availability, protection of our own and our
customers’ data, and ensuring the availability of operation-critical systems in a significantly escalating
threat landscape;
▶
external factors, ensuring the Company has the capabilities and resilience to deal with risks, such as
geopolitical risks, inflation, fuel cost, foreign exchange rates, tariffs, risk of higher cost of doing business,
competition, general economic trends, and the default of a partner financial institution;
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
21
▶
fleet development, ensuring the Company has the right number of aircraft available at the right time to
take advantage of commercial opportunities and grow in a disciplined way without any supply chain
disruption;
▶
operations, including safety events and terrorist incidents as well as employee and passenger security;
▶
network development and scheduling, affirming we are making the best use of our capacity, driving
maximum utilisation and ensuring we have access to the right airport infrastructure at the right price so
that we can keep on delivering the superior Wizz Air service at low fares across an expanding network;
▶
regulatory risk, making sure that we remain compliant with regulations affecting our business and
operations — including compensating customers — and we remain agile to react to the changing
governmental actions due to a slowing economic landscape, ownership and control, loss of traffic rights,
and changing policies owing to sustainability (taxation, etc.);
▶
human resources, ensuring our ability to attract and hire the right talent in the right numbers to support
our growth ambitions, while also focusing on maintaining high levels of engagement, motivation and the
ongoing development of our employees. Additionally, we are committed to having a robust succession
management strategy in place to ensure continuity and leadership strength for key positions, fostering
career growth and development opportunities for our employees;
▶
social and governance risks, making sure we operate in accordance with our core values and our value
of integrity, respected throughout our business processes and deals, and providing transparency to all
our stakeholders through responsible reporting and disclosure; and
▶
environmental risk, ensuring we are able to answer the growing need of environmental protection and
consciousness, mitigate the emerging transition and physical risks while working on minimising our
environmental impact.
Principal risks requiring the most attention in F26
The following principal risks will need the most attention in F26:
▶
Information technology and cyber risk – due to increasing IT dependence and the complexity of the IT
landscape, cybersecurity, data protection and security are highly critical elements of our operations, and
one of the areas also closely and regularly monitored by our Board and regulations. As cybersecurity is a
constantly evolving challenge, we have continued to invest in and strengthen the relevant processes,
systems and policies, a comprehensive and compulsory e-learning training programme for all colleagues
is maintained and the Company’s Cybersecurity team is made up of skilled professionals with extensive
experience in the field, focusing on the people, process and technology aspects of cyber by running
multiple workstreams based on a C-level approved Cyber Strategy.
▶
External factors, of which the most critical are changes in oil prices affecting fuel costs, as well as
adverse movements in the EUR/USD exchange rate or in other currency pairs. Both factors can have a
significant negative impact on Wizz Air’s net profit. Given the sustained and ongoing volatility in
commodity prices, Wizz Air maintains its fuel hedging policy and ensures its policy is aligned to those of
its peers. The Company maintains hedge coverage at broadly similar levels to its main peers via a
Board-approved systemic hedging policy rolling positions forward quarterly, 18 months out. Additionally,
the policy framework has been extended to cover the US dollar lease liability exposure as well.
•
The ongoing war between Ukraine and Russia creates further challenges and a hostile business
environment, especially for Wizz Air, whose flight operations must accommodate restricted airspace
and other related air traffic effects.
•
Tel Aviv (TLV) operations were temporary suspended for safety and security reasons as a result of
the conflict zone in Israel and Palestine. After due consideration and detailed risk assessments, Wizz
Air resumed flights to TLV. Our dedicated teams will continue assessing the Israeli airspace as well
as the overall state of geopolitics in the region, since we are committed to taking immediate action
necessary to uphold safety standards.
▶
Fleet development-related risks, which posed a temporary challenge to our long-term plans because of
the Pratt & Whitney GTF engine inspections, causing the grounding of aircraft from our fleet. Given the
prevailing challenges in achieving our main targets (like completion rate, aircraft utilisation, crew
productivity and on-time performance), we decided to follow a wide range of risk mitigation measures,
including increasing the number of spare engines, extending the leases of existing unaffected aircraft
and securing additional aircraft from third parties. Aircraft manufacturers still suffer supply chain related
delays in production as a result of COVID-19 and geopolitical material-sourcing constraints. Wizz Air is in
constant dialogue with Airbus ensuring sufficient capacity to deliver the planned growth.
▶
Human resources risks ensuring our ability to attract and hire the right talent in the right numbers to
support our growth ambitions, while also focusing on maintaining high levels of engagement, motivation
and the ongoing development of our employees. Additionally, we are committed to having a robust
succession management strategy in place to ensure continuity and leadership strength for key positions,
fostering career growth and development opportunities for our employees.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
22
▶
Environmental/climate-related risks require significant focus from the Company. Climate change is
acknowledged as a potential risk to Wizz Air, affecting our business in the short, medium and long term
due to physical and climate policy risks as well as the related reporting requirements. To continuously
develop our climate risk assessment approach, we have been working with expert sustainability and
climate consultants from external advisors who helped review and improve our existing climate risk
analysis approach. The methodology considered four different climate change scenarios, in
accordance with the Intergovernmental Panel on Climate Change (IPCC). Through a detailed
(supplemented) assessment, the main climate risks were identified, including those categorised as
high-impact risks in any time horizon, or those that have at least medium-risk impacts for each time
horizon.
Information technology and cyber risk
As in prior years, over 90 per cent of bookings were made directly on our website (at wizzair.com) and via
our mobile app in F25, and refunds were mostly handled through digital channels. We are therefore
dependent on our information technology systems to enable and manage ticket reservations and other
payments, and we need to handle and protect data in compliance with industry standards, NIS2, EASA Part-
IS and GDPR requirements. We leverage technology to check in passengers, manage our traffic network,
perform flight operations and engage in other critical business tasks. Our website and our mobile app are
our shop window, and therefore it is critical that they are functional, reliable and secure.
As cybersecurity is a constantly evolving challenge, we have continued to invest in and strengthen relevant
processes, systems and policies, and have cooperated with the Data Protection Officer to further increase
our security preparedness. Wizz Air follows a multi-layered approach to ensure stringent standards in both
cybersecurity and data protection matters. It involves safety mechanisms for prevention as the first line of
defence, and detection and response mechanisms as its second line of defence, while implementing robust
recovery procedures.
Besides employing an experienced internal IT and Cybersecurity team, we continue to involve external
cybersecurity experts and service providers. This option delivers a more stable cybersecurity capability,
which is more important to ensure continued progress on strengthening cybersecurity to protect
business-critical systems and data. Beyond Wizz Air, we focus on supplier processes and practices to
ensure all possible gaps are adequately identified and addressed where needed.
The IT Service Continuity Management (ITSCM) workstream acts as an enabler to achieve the Company’s
business continuity objectives via seamless integration into the organisation-wide Business Continuity
Management (BCM) Programme.
Cyber risk is a hugely important consideration for our business and is one of the areas closely monitored by
the Board. As external threats are emerging, the focus has been placed on detect and respond capabilities to
be able to take action against any attempted attacks at the earliest possible stage to minimise the loss of
customer confidence. Regarding customer card data handling, we successfully passed the annual PCI DSS
accreditation audit again in January 2024.
During F25, we continued to invest in and strengthen such processes, systems and policies, and worked
closely together with the Data Protection Officer. Cybersecurity is a constantly evolving challenge and one of
the key issues related to cybersecurity is our colleagues’ awareness of the risks and of the possible ways in
which our business could be attacked. Therefore, we have a comprehensive and compulsory e-learning
training programme for all colleagues. Our IT Security department continues to review emerging threats and
the Board oversees the actions taken to safeguard our Company.
The NIS2 EU directive and the EASA Part-IS information security requirements triggered a thorough review
of our processes, capabilities and solutions, mainly focusing on cybersecurity. The Hungarian legislation
defined the highest NIS2 requirements when it drew on NIST 800-53a, which ensures an industry best
practice control set if all is delivered. A project launched to address any possible deviations from the
requirements is on track, and we aim to pass the NIS2 audit in F26 as a regulatory mandate.
Regional conflicts during F25 further changed the cybersecurity landscape. The cybersecurity threat level
increased in all industries around the world. Threats include website attacks, end-user phishing, ransomware
attacks, compromises via a trusted third party, and many others.
A growing business, both in headcount and geographic reach, combined with more distributed working
patterns, places more pressure on Wizz Air’s IT infrastructure, and its reliability is more important than
before in ensuring business continuity. The Company strengthened its Cybersecurity team by adding
additional resources and hiring a new digital leader with several decades of experience gained in the
telecommunications and banking sectors.
In March 2025, we identified and promptly contained a limited data exposure involving non-critical, non-
confidential information, with no personal data affected. Our detection and response capabilities enabled
immediate containment and prevented any recurrence. Through our continuously evolving cybersecurity
programme, we continue to enhance preventive, detective and response controls to support resilience and
operational assurance.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
23
External factors
The International Air Transport Association (IATA) announced strengthened profitability projections for the
global airline industry for the calendar year 2025, even as supply chain issues persist and cost challenges
remain. In 2025, the airline industry is expected to reach a net profit of $36.6 billion – a 3.6 per cent net
profit margin. That will be a slight improvement compared to the profit and margin figures achieved in 2024.
According to IATA’s forecast released on 10 December 2024, jet kerosene is expected to average $87/barrel
in 2024. In accordance with this forecast, the actual jet kerosene price fluctuated around $90/barrel in the
first quarter of 2025.
We are exposed to global political, economic and epidemic events and trends. A worldwide economic
downturn affects demand for air travel. Our business extends beyond the borders of the EU and into regions
including the Caucasus, North Africa, Central Asia and the Middle East.
The ongoing war between Ukraine and Russia not only closes two emerging markets for Wizz Air but also
borders other significant WIZZ base countries. Additionally, the war between Israel and Gaza further
increased the extent of the conflict zones affecting Wizz Air's operational activities. The conflict activated
crisis management protocols and a continuous and active monitoring of the situation. Employee and
passenger security is of utmost importance for Wizz Air, and our Company adjusts its internal protocols and
policies to protect its employees and passengers while flying with Wizz Air.
Some of the other regions we operate in have experienced in the past, and may also in future be subject to,
further potential political and economic instability caused by changes in governments, political deadlock in
the legislative process, contested election results, tension, local, regional or international conflicts, corruption
among government officials, social and ethnic unrest and currency instability. We maintain close
relationships with local authorities, and as an organisation, we are able to react quickly to adverse events.
Given the sustained and ongoing volatility in commodity prices, Wizz Air decided to continue trading based
on the reinstated hedging policies that were aligned to those of its peers. These revised policies were
approved by the Board and are being rolled forward quarterly, 18 months out. As a result, the Company will:
1.
maintain hedge coverage at broadly similar levels to its main peers; and
2.
put jet fuel price caps in place, according to the policy limiting exposure for the Company should further
extreme volatility in jet fuel prices be observed in the market.
We are an international business and, while we report in euros, we transact in over 20 currencies. A large
proportion of our payments are denominated in US dollars. Any appreciation of the US dollar against the
euro may negatively impact results and margins. The Company’s hedging policies call for a similar hedging
of transactional US dollar exposure with regard to jet fuel. In all cases, hedging transactions are subject to
the approval of the Audit and Risk Committee. Additionally, risk stemming from US dollar lease liability
exposures are also covered using Cross Currency Interest Rate Swap contracts.
We believe that a strong cash position is a vital foundation for the Company’s continued aggressive growth
and its ability to capture commercial opportunities as they arise. Therefore, we actively manage the
safeguarding of our financial assets and monitor the viability of our banking and hedging counterparties. In
fact, all of the Company’s cash is invested in accordance with a Board-approved counterparty risk policy,
which assigns investment limits to each counterparty based on its credit rating.
During F25, fuel including ETS and into-plane premium (IPP) accounted for 35 per cent of our total Group
operating costs and a rise in fuel prices will significantly affect our operating costs.
Competition is one of the key risks to our business. Our competitors continuously strive to protect or gain
share in the markets we operate in by offering discounted fares or more attractive schedules. States are
often large and/or majority shareholders in competing airlines. Competition can adversely affect our
revenues and so we constantly monitor our competitors’ actions and the performance of our route network
to ensure we take both reactive and proactive actions in a timely manner. Ultimately, our key competitive
strength is our commitment to driving our costs ever lower while delivering a superior service and building a
loyal customer base. We firmly believe that in tough market conditions, the lowest cost ultimately wins and
therefore we are relentlessly committed to the strictest cost discipline, day in day out.
Regardless of future discussions, we believe diversifying our network and markets is a key part of
a sustainable business strategy, and we remain confident that CEE, Western Europe, the Middle East and
their surrounding regions present large addressable markets which will continue to provide opportunities for
profitable growth.
The US tariffs implemented by the Trump administration have had a broad impact on the global aviation
industry, affecting supply chains, manufacturing costs, and operational expenses. We have immediately
started evaluating the potential major impacts of these tariffs on Wizz Air and have developed impact
monitoring mechanisms. Since we exclusively operate Airbus aircraft, we are protected from potential future
US tariffs on our largest cost element.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
24
Network development and scheduling
During F25 the Wizz Air Group used new deliveries and wet leases to offset the negative impact of
groundings and maintain market share across its key markets. The Wizz Air Group reported net fleet growth
of 23 ACs in F25, but ASKs slightly decreased by 0.1 per cent due to the groundings. Looking ahead, Wizz
Air aims to capitalise on its expanded fleet by enhancing connectivity, launching new routes in high-demand
regions, and optimising scheduling to improve aircraft utilisation and operational resilience. These
developments position the Group to seize emerging opportunities and support long-term growth.
Fleet development
To support its growth plans, Wizz Air requires additional aircraft. Wizz Air lays emphasis on new aircraft, and
currently operates one of the youngest fleets in Europe with an average age of just 4.7 years. Having a
modern and reliable fleet means Wizz Air can utilise it for over twelve hours a day in normal circumstances.
For the business, this means lower unit operating costs, and for Wizz Air customers, lower prices. Since early
2019 the Company has taken delivery of A321neo aircraft, and currently operates these narrow-body
aircraft which boast the most efficient technology today and are likely to remain that way for many years to
come. As of 31 March 2025, Wizz Air’s delivery order book comprises a firm order for 253x A321neo and 47x
A321XLR aircraft, a total of 300 aircraft.
Aircraft deliveries materially continued during the pandemic, allowing Wizz Air to gain an advantage over
competitors. A large aircraft order is a significant financial commitment and requires financing. The new
aircrafts delivered during F25 were financed by means of 16 sale and leaseback arrangements, 4 Japanese
Operating Leases with Call Options (JOLCOs) and 6 financial lease structures. Wizz Air also secured three
former Wizz Air aircraft on dry leases. Additionally, we also added eight wet-leased aircraft for periods
ranging from six to twelve months, providing additional capacity in F25. The last wet-leased aircraft were
returned in October 2024. In the upcoming few years, Wizz Air will take delivery of a record number of
aircraft per year, and as a Company is focused on multiple possibilities to finance its future fleet to ensure it
secures the most cost-competitive terms. Given both the A320 family’s desirability as a result of its superior
operating economics and Wizz Air’s strong financial track record, Wizz Air is confident that financing will be
readily available on competitive terms for the foreseeable future.
Due to a worldwide cycle-driven mandatory inspection programme issued by Pratt & Whitney for its GTF
PW1100 engines, Wizz Air had to ground between 40 and 45 aircraft at the beginning of 2024. To mitigate
the groundings, Wizz Air took measures in FY25 such as extending leases and deploying wet-lease capacity
in summer 2024. Together with the continuous stream of new aircraft from Airbus these mitigations ensured
that Wizz Air could offer the same seat capacity to the market in 2025 compared to 2024. The strong aircraft
delivery stream of 50 aircraft for FY26 delivers growth of above 15% again.
Wizz Air has further negotiated the remaining order book of 300 aircraft with Airbus. Due to delivery delays
at the manufacturer, the delivery profile significantly deviated from the desired growth profile of Wizz Air,
causing years of extensive fleet growth in 2028 and 2029. After negotiations, Wizz Air and Airbus agreed to
reset the delivery stream following the initial plans of annual 15-20% growth, whilst retaining the flexibility
to allow the grounded aircraft to return to the fleet in the coming 2-3 years.
Wizz Air is in constant dialogue with Pratt & Whitney to mitigate the impact on its operations, and has
concluded an additional compensation agreement with Pratt & Whitney to mitigate the financial impact of the
grounded aircraft until the end of the 2026 calendar year. The extension of the agreement for the following
period will be discussed and negotiated with Pratt & Whitney in 2026.
Regulatory risks
Aviation remains a highly regulated industry. The Wizz Air Group’s operations are reliant on the Air Operator
Certificates (AOCs) and operating licences (OLs) issued by competent national and EU-level authorities.
Wizz Air Hungary Ltd. was the first airline to obtain an AOC from the European Union Aviation Safety Agency
(EASA), while its OL was issued by the Hungarian Civil Aviation Authority. Wizz Air Malta Ltd.’s AOC was also
issued by the EASA, while its OL was granted by the Maltese Civil Aviation Directorate. Wizz Air UK Limited’s
AOC and OL were granted by the UK Civil Aviation Authority. Finally, Wizz Air Abu Dhabi LLC’s AOC and OL
were obtained from the General Civil Aviation Authority of the United Arab Emirates.
In each airline’s case, an AOC is needed to operate air services while observing the aeropolitical agreements
between the designating and destination country. In terms of traffic rights, the most common requirement
to be met is that the given airline’s substantial ownership and effective control are vested in the Contracting
Party designating the airline, or its nationals. In the European Union (EU), as long as the departing and
arriving points fall inside the EU’s borders, the airline is allowed to fly the desired frequencies.
Furthermore, the European Union is continuously engaging with third countries to negotiate and sign air
services agreements (so-called “open skies” or “horizontal” agreements). These agreements reduce some of
the administrative burdens when accessing a third country’s market; however, in some cases, the concept of
EASA AOC (Wizz Air as a “European airline”) can be challenging to get accepted. These EU agreements are
not applicable to the UK and UAE operations; those airlines’ operations are dependent on the bilateral air
services agreements (ASAs) of their respective countries.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
25
Due to increased scrutiny by authorities around EC261 passenger compensation and due to the increasing
EC261-related customer claim ratio, the regulatory risk related to EC261 compensation has become a
principal concern. As a principal action, we have been reducing the impact of the root causes of
compensations and alongside many background developments, we have launched our Customer First
Compass programme, which is guiding us towards a future where our commitment to punctuality,
affordability, innovation and service shapes every journey. This guiding framework places the customers at
the centre. Our transformative approach is built on four key pillars, such as the Product, Price, Service and
Communication.
Operational risks
The Company’s Crisis Management team and several business continuity plans remain on alert due to the
conflict zones which fall under our spectrum of operation. One of the conflict zones under constant
monitoring is Russia’s war in Ukraine. The ongoing war has contributed to several principal risks for Wizz Air.
Therefore, the Company adjusted and revised its internal protocols and policies to ensure maximum
employee and passenger security, and minimise the damage of property and equipment as much as
possible. The Security team reviewed contingency planning, revised the scope and business intelligence
capabilities, and deployed the Group Security and Central Services department’s internal resources. Our
Security team also maintains close contact with relevant authorities and intelligence experts to assess any
potential security or other threats to our operations. Any serious threat will be escalated to senior
management. Since F24, we have also suspended operations to destinations where the safety of our
passengers, crew and aircraft could not be guaranteed.
Another conflict zone under constant monitoring is Israel. Tel Aviv (TLV) operations were suspended for
safety and security reasons. However, as operations stabilised for the TLV Ben Gurion Airport, we resumed
flights. We liaise closely with the relevant authorities and we receive support from intelligence providers.
Furthermore, risk assessments are updated according to geopolitical changes, complemented by
recommendations and mitigation actions.
Although operations to TLV resumed, we still refrain from operating from the northern part of the Gulf of
Aqaba, due to the ongoing military activities. Accidents, incidents or terrorist attacks can adversely affect an
airline’s reputation and customers’ willingness to travel with that airline.
Safety is our utmost priority at Wizz Air. We maintain a young and dependable aircraft fleet, partnering with
top-tier maintenance organisations, and fostering a robust safety culture. A dedicated safety council,
comprising both senior management and operational staff, convenes quarterly to address any issues from
the preceding three months and review corresponding actions taken. Furthermore, we meticulously collect
operational data to discern patterns, with biannual meetings held within our Operations department to
address identified trends. Our anonymous safety reporting system empowers our flight and cabin crew to
raise concerns confidently. We maintain rigorous entry standards for our operating crew, ensuring that all
pilots undergo training of the highest calibre through our Approved Training Organisation (ATO). As a
participant in the International Air Transport Association’s Operational Safety Audit (IOSA) programme, we
continuously uphold best-in-class airline safety management and control systems.
Human resources
Wizz Air is a people business and remains persistent in its commitment to its employees, fostering an
inclusive environment where equal opportunities prevail. Our team thrives in a supportive environment with
tools that fuel professional growth, backed by anti-discrimination policies for equitable opportunities. Wizz
Air is dedicated to recruiting and attracting top talent, providing essential tools, offering tailored
development at all levels, and championing diversity and inclusion across our organisation. Wizz Air is:
▶
Focusing continued recruitment efforts on attracting key experts from the airline sector to strengthen
our capabilities. At the same time, Wizz Air is dedicated to offering new and alternative career
opportunities for existing employees, such as the Cabin Crew to Office Programme, enabling them to
broaden their expertise or explore new roles across various departments. Internal career advancement
remains a priority at both employee and management levels. To further strengthen our employer brand,
we have enhanced our recruitment efforts through career fairs, strategic collaborations with universities,
and improvements to our office career website, ensuring we connect with a broader pool of talent and
attract the best candidates in the market. Additionally, our Management Trainee Programme for office
roles was recognised with the Zynternship Award 2024 as the Best Internship in Hungary, underscoring
our commitment to fostering young talent and providing exceptional career development opportunities.
▶
Committed to fostering employee growth and development. We prioritise developing talent from within,
offering coaching programme and leadership development initiatives to cultivate the next generation of
leaders. Our continuous learning culture is supported with tools like LinkedIn Learning, as well as
internally designed toolkits to help employees develop the required skills. Flight and cabin crew training
is organised by a dedicated in-house training team, and a fully integrated digital Training Management
System has been successfully implemented. The Wizz Air Pilot Academy (WAPA) Programme has been
continued and a comprehensive training programme tailored for all levels within the organisation has
been introduced. These programmes aim to empower our people to reach their full potential, align their
career progression with the Company’s growth, and ensure we have the skilled workforce needed to
meet future challenges.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
26
▶
Performing regular performance and talent reviews through the annual People Cycle process, ensuring
the alignment of talent within the organisation by means of goal setting, performance appraisals and
talent reviews.
▶
Committed to providing equal opportunities and an inclusive environment to all candidates, employees
and partners, with over 110 nationalities within its employee base. We are strongly engaged in closing
the diversity gap in our boardroom and at leadership level, and have included management diversity in
our reward structure, with a target of having 40 per cent females in Management by end-March 2026.
Equal opportunities are also presented during recruitment and relevant management KPIs are integrated
into the incentive plan of the Management Team. Wizz Air is focusing on gender diversity in its flight
crew as a major opportunity and aims to be an industry leader.
▶
Continuing to value employee engagement, which is supported by key pillars, including the WIZZ People
Council – which serves as a platform where team members feel secure sharing their insights, concerns
and innovative ideas – regular engagement surveys, base visits, informative floor talks and
management updates on Workivo.
▶
Designing competitive remuneration practices that focus on aligning salaries with industry standards,
while also introducing non-financial benefits that enhance both customer and employee experience. The
annual salary review aims to ensure fairness, transparency and competitiveness, supported by regular
market benchmarking processes. For crew members, the primary focus is to reward based on flight
performance. Additionally, we are introducing benefits such as private pension plans to further
incentivise employees and support their long-term financial planning. Adjustments outside of the annual
cycle can also be made based on individual performance and career progression.
▶
Re-evaluating processes, making them more effective with complex platform development including
internal solutions monitoring and boosting careers and opportunities, crew lifecycle management and
implementing new digital solutions to make onboarding more effective.
Social and governance
At Wizz Air, we are committed to transparency. Our passengers trust us every day to operate a safe service
at the lowest cost to bring them to their desired destination. Equally, stakeholders trust Wizz Air to operate a
sustainable business model, not only from an environmental point of view, but also operating with high
integrity with regard to all other stakeholders, our passengers and how we treat them, communities of
people and how our service may affect their daily life, investors and how we make the most out of their
investments, and how we partner with suppliers and governmental bodies.
Our core values include integrity. We have strong governance for operations through our Board of Directors
and the Sustainability Council, established and led by the Corporate and ESG Officer. We continue to invest
in being a more transparent organisation and have significantly improved our disclosure around
sustainability, environmental, social and how the Company is governed. F25 marks the first time Wizz Air
has published its sustainability report in alignment with the Corporate Sustainability Reporting Directive
(CSRD) under the European Union's ESRS framework ahead of the mandatory requirement. We have laid
out mid and long-term targets and have incentivised management to deliver the highest priority targets.
For more information, please see the dedicated Sustainability and Governance sections of our Annual
Report.
Environment/climate
Climate change is one of our principal risks and it may impact our business in the short (0–1 years), mid
(1–5 years) and long (5–10 years) term. Risks identified in the climate scenario analysis were compiled
into materiality/likelihood heatmaps, following the logic and risk-ranking framework of our in-house ERM.
The methodology considered four different climate change scenarios, in accordance with the
Intergovernmental Panel on Climate Change (IPCC). These scenarios are ~1.5°C, 2°C, 3°C and 4°C. The
four potential scenarios had been previously chosen as they cover a broad spectrum of outcomes.
The qualitative scenario analysis of transitional and physical risks considered the IPCC’s Atlas and climate
change map for additional insight into key risks within the Wizz Air network. The 1.5°C and 2°C scenarios
are based on an ambitious decarbonisation pathway with more stringent climate policies, leading to
increased transition risks. Since regulation and policy implementation is effective, these scenarios would
reduce the impacts of physical climate risks, but at the same time could lead to a significant increase in
transitional risks and higher compliance costs for the Company. On the other hand, in the 3°C and 4°C
scenarios, the world falls short of achieving ambitious climate targets due to the less efficient
implementation of climate policies worldwide, causing more severe physical risks in the long run.
The potential physical and transition risks identified by Wizz Air are outlined in detail in the Sustainability
section of this Annual Report.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
27
Environment/climate – transitional risks
Policy changes and new legislation by governments have been and will be implemented in order to price
and penalise GHG emissions. Adverse movements in carbon pricing (including ETS and CORSIA) might
have a negative impact on Wizz Air’s portfolio. A reform in tax policies to incentivise carbon-efficient
technologies would double the overall level of taxation in the mid-term. Increased taxation will slow
industry growth.
Emissions reduction regulations and varying national policies without a standardised approach may
increase operational costs while the differing timelines and reporting requirements across the network
pose risks to achieving adequate reductions. New fossil fuel and related taxes may impact overall
taxation costs in the medium and long term, especially considering the potential risk of double taxation
through national policies. Sustainable aviation fuel mandates will lead to higher operational and upstream
costs in the medium term. Non-compliance and continued dependence on fossil fuels could lead to
penalties. Compliance with new ESG-related reporting standards (for example the EU’s Corporate
Sustainability Reporting Directive (CSRD)) will require additional administrative capacities at various
functions of Wizz Air. Since Wizz Air operates in different geographies, the new and changing reporting
expectations create parallel reporting obligations with different requirements. The rate at which low-
carbon technologies are embraced influences the competitiveness of airlines, the cost of operations and
the value of assets. Investments in capital expenditures (CapEx), research and development (R&D) and
innovation need to strike a balance between risk and reward. Failure to invest, or investing in the wrong
technology, can be risky, leading to increased costs and/or reduced competitiveness. In terms of market
and reputation-related transitional risks, potential disinvestment could lead to an increase in the
Company’s capital costs in the long term in the case of growing green investor sentiment.
Environment – physical risks
While the potential impacts connected to physical risks have more relevance the further we look into the
future, the awareness and careful analysis of such risks are key for the Company to guarantee continued
resilience and prepare for applicable risk mitigation plans in the long run.
The climate scenario analysis for physical risks reveals no high-impact physical risks within the evaluated
time horizons, i.e. within ten years. Based on climate science and the current forecasts, the implications
of physical risks become more significant around 2050 and beyond. We anticipate no substantial
alterations in the next decade relative to current temperature or weather pattern changes. If the
implementation of climate policy proves to be ineffective, physical risks could lead to increased
disruptions in operations, markets and supply chains, or cause damage to assets.
Extreme heatwaves may impact aircraft performance and flight operations, while airports can also lower
runway capacity due to damaged runway surfaces or taxiways. Based on the trend from past years, wildfires
may increasingly impact travel decisions, leading to flight cancellations and revenue losses. Severe storms
have the potential to disrupt airspace and airport operations, as well as cause damage to infrastructure,
while also leading to increased fuel consumption. Heavy rainfall and flooding could occur across all regions,
which have the potential to harm airport infrastructure and runways, causing reduced capacity, flight delays
or cancellations. Overall, significant changes in weather phenomena, in terms of frequency and intensity, are
likely in the long term; however, we expect no critical change within the next ten years. Rising sea levels
pose a threat to low-lying and coastal regions in the long term, as well as islands, especially at a higher
global warming level. Airports in such areas could be affected by flooding, potentially harming airport
infrastructure and runways, leading to reduced capacity, flight delays and network disruptions. The
temperature rise could also lead to a shift in destination preference, besides the operational risks of acute
heatwaves. We do not expect these changes to be critical within the next ten years.
Wizz Air aspires to be the greenest choice for flying. Today this is a key strength and contributor to our
competitive advantage, as also proven by our recent awards. However, in view of climate change, our
responsibility for the environment is our single biggest opportunity to create a pathway towards
decarbonisation. This is why we have aligned ourselves to our goal of reducing emissions intensity to
43 grams per RPK by the end of the decade, while also aiming to have at least 10 per cent of jet fuel
sourced from sustainable origins by 2030.
For more information, please see the detailed Sustainability section of our Annual Report. The Group’s
going concern and viability statements are included in the Directors’ Report.
József Váradi
Chief Executive Officer
5 June 2025
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
28
NON-FINANCIAL AND SUSTAINABILITY INFORMATION
STATEMENT
This statement is prepared in accordance with sections 414CA and 414CB of the Companies Act 2006. It
forms part of the Strategic Report and provides a summary of key non-financial and sustainability
matters material to our business. Further detailed disclosures, including full performance metrics and
initiatives, can be found in our Sustainability Report starting on page 179.
Business Model
Wizz Air is a rapidly growing ultra-low-cost carrier, operating a fleet of 231 Airbus A320 and A321-family
aircraft. As of 31 March 2025, we connect over 200 destinations across more than 50 countries. Our team
of dedicated aviation professionals provides an excellent service and very low fares, making Wizz Air the
preferred choice for over 63 million passengers in the fiscal year ended 31 March 2025. At Wizz Air, our
vision is to make travel affordable for everyone. We maintain one of the lowest unit costs and carbon
intensity footprints in the European airline industry1, driving profitable growth to create value for our
Shareholders and stakeholders. A full business model description is available in the Strategic Report, and
in the Sustainability Report, from page 192.
Policies and Due Diligence
Our Approach
Policy area
Due diligence
Environmental Sustainability is
embedded in our
operations and
strategic decision-
making. We
continuously strive to
improve environmental
performance through
innovation, efficiency,
and responsible
growth. From investing
in the newest, most
fuel-efficient aircraft to
optimizing flight
operations and
exploring alternative
fuels, we are taking
bold steps to minimize
emissions and resource
consumption.
ESG Policy - Wizz Air integrates
ESG principles across all
operations and governance
structures—guided by CSRD,
GRI, and TCFD standards—
through a company-wide policy
overseen by the Sustainability
and Culture Committee,
resulting in improved
stakeholder alignment and
sustainability performance.
Environmental Policy - Wizz
Air’s Environmental Policy
reflects its commitment to
reducing carbon emissions and
minimising environmental
impact through fleet
modernisation, operational
reviews, employee training,
and stakeholder engagement,
supporting innovation and
compliance with high
environmental standards and
the transition to a net-zero
emissions economy.
Sustainable Procurement Policy
- The Sustainable Procurement
Policy embeds environmental
and social considerations into
all procurement activities and
supplier evaluations across the
Wizz Air group, fostering
sustainable sourcing practices
and continuous improvement in
supply chain performance.
Aspirational net zero roadmap -
This strategy outlines our
ambition for decarbonisation
and calls on stakeholders and
regulators to join us in ensuring
the aviation industry achieves
net zero.
The ESG Strategy
responsibilities are
embedded across all levels
of the organisation, with
oversight by the
Sustainability and Culture
Committee, operational
implementation by cross-
functional teams, annual
policy reviews, and
stakeholder engagement
guided by frameworks such
as CSRD, GRI, and TCFD.
For further details on the
policies and Wizz Air Priority
Programmes within Wizz
Air’s Environmental
Strategy, please refer to
Wizz Air’s Sustainability
Report on page 210.
The Aspirational Net Zero
Roadmap can be found on
page 219.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
29
1 According to the CAPA – Centre for Aviation Awards for Excellence 2024, which benchmarks global airlines emissions intensity data and positions Wizz
Air as the airline with the lowest CO2 per RPK compared to other global airlines. For more information please see page 186.
Social &
Employee
Matters
At Wizz Air, we believe
that the strength of our
organisation lies in the
exceptional qualities of
our people, and we are
committed to
attracting, developing,
and retaining top talent
by fostering an
inclusive, engaging,
and diverse workplace.
We are committed to
acting with integrity
and responsibility—
prioritizing the well-
being of our customers,
employees, partners,
communities, and the
environment.
Whistleblowing Policy - Wizz
Air’s Whistleblowing Policy
ensures employees and
stakeholders can confidentially
report concerns about
misconduct or unethical
behaviour without fear of
retaliation, in line with
applicable legal protections.
Anti-Fraud Policy - Wizz Air’s
Anti-Fraud Policy outlines
preventive and corrective
measures to detect,
investigate, and address
fraudulent activities,
supporting financial integrity
and regulatory compliance.
Health and Safety Policy and
Initiatives - Wizz Air’s Health
and Safety Policy ensures a
safe working environment
through rigorous operational
standards, employee training,
and continuous monitoring
aligned with aviation and
workplace safety regulations.
Equal Opportunities and Fair
Treatment Policy - Wizz Air
promotes diversity and
inclusion through its Equal
Opportunities and Fair
Treatment Policy, ensuring that
all employees are treated fairly
regardless of gender, age,
background, or beliefs.
Training and Development
Policy - Wizz Air’s Training and
Development Policy fosters
continuous learning and
upskilling, supporting employee
growth through structured
training programmes and
career development
opportunities.
Wizz Air values its workforce
as key stakeholders and
actively engages with them
through regular feedback
surveys and comprehensive
training programmes that
support skill development
and career growth. The
company prioritises safety
and responsibility, ensuring
the well-being of both
employees and passengers
by maintaining high safety
standards and continuously
improving performance
based on defined indicators.
As a responsible corporate
citizen, Wizz Air has
consistently stepped up
during challenging times—
supporting local rescue
efforts, swiftly organising
emergency flights during
natural disasters and
political crises, and
contributing to local
communities and
foundations—creating a
positive impact that goes
beyond providing air travel
services.
For more information on
Wizz Air’s social policies and
strategy, please see Wizz
Air’s Sustainability Report
starting on page 179.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
30
Human Rights
Wizz Air is committed
to conducting its
business with the
highest standards of
ethics and integrity,
and we expect the
same from our
suppliers. We require
our suppliers to uphold
strong ethical practices
within their own
operations and supply
chains, including
compliance with
applicable human
rights regulations and
obligations under the
Modern Slavery Act.
Wizz Air has policies in place
related to human rights
principles, including our Anti-
Slavery and Human Trafficking
Policy. As well as this, our Code
of Ethics, “The Wizz Way”,
applies to every Company
employee regardless of
seniority. These, along with our
Supplier Code of Conduct,
Whistleblowing Policy,
Sustainable Procurement
Policy, Anti-Fraud Policy and
Anti-Corruption Policy, help us
maintain an effective
compliance environment across
our supply chain. Actions in
relation to these policies are
reviewed by the Audit and Risk
Committee of the Board.
We are committed to
assessing any instance of
non-compliance regarding
modern slavery or human
trafficking on a case-by-
case basis.
As part of our robust
onboarding process, Wizz
Air equips new employees
with mandatory e-learning
on business ethics and key
policies. The company
enforces compliance with its
Supplier Code of Conduct by
integrating specific
contractual clauses to
prevent modern slavery.
Additionally, Wizz Air
partners with a third-party
risk management firm to
assess suppliers across
environmental, social, and
governance (ESG) criteria—
ensuring effective risk
identification and
management throughout
the procurement lifecycle.
For more information,
please see the Modern
Slavery Act Disclosure
Statement 2025 and Wizz
Air’s Sustainability Report
on pages 33 and 242.
Anti-corruption
and bribery
Wizz Air is committed
to conducting business
with honesty, integrity,
and full compliance
with applicable laws
and regulations, as
outlined in our Policy of
Good Conduct. We
prioritise ethical
behaviour,
transparency, and
accountability across all
operations, with
governance structures
in place to uphold the
highest standards for
our Board of Directors
and entire workforce.
Our whistleblower
protection programme
encourages employees
to report unethical
behaviour without fear
of retaliation.
Anti-Corruption Policy - It
prohibits corrupt, improper
practices and bribery. It applies
to interactions between Wizz
Air personnel and third parties.
Policy of Good Conduct - This
document outlines the
expectations regarding Wizz Air
employees’ behaviour at work,
including their conduct towards
colleagues, business partners,
and the organisation as a
whole, with attention to issues
such as corruption and bribery.
Corporate Political Engagement
Policy and Statement - outlines
the principles and guidelines
for engaging with political
stakeholders. This policy
ensures that all interactions are
conducted transparently,
ethically and in alignment with
the Company's values and
regulatory requirements.
Wizz Air requires all
employees and relevant
third parties to complete
mandatory e-learning on
business ethics and key
policies, including anti-
corruption. High-risk roles
receive additional targeted
training. Suppliers must
agree to the policy before
contracting. Wizz Air
conducts due diligence,
monitors third-party
activities, and allows
concerns to be reported
anonymously. Independent
investigators handle all
cases.
For more information,
please see Wizz Air’s
Sustainability Report
starting on page 280.
Principal Risks and Risk Management
The Emerging and Principal Risks chapter, starting on page 21, outlines our risk management process
and provides an overview of both emerging and principal risks. Climate risks are now presented
separately from social and governance risks, enabling clearer identification of risks and opportunities and
more targeted action planning in each area. Transition and physical risks to assets and operations are
addressed through climate scenario modelling, aligned with the TCFD framework.
Key Non-Financial Performance Indicators (KPIs)
All relevant non-financial KPIs are presented within their respective sections of Wizz Air’s Sustainability
Report. These KPIs are integrated into each chapter to provide clear visibility of performance and
progress against strategic objectives in their specific context. Key indicators within the Environmental
pillar can be found from page 231, Social from page 254, and Governance from page 280.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
31
Task Force on Climate-Related Financial Disclosures (TCFD)
Our Disclosures are aligned with the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD). A full TCFD disclosure is included in our Sustainability Report, covering:
• A description of the Governance arrangements for accessing and managing climate related risk and
opportunities - (from page 187 to 189)
• A description of the Processes used to assess material climate related impacts, risks and opportunities
(from page 210 to 211)
• A description of how climate related risk processes are integrated into the overall risk management
process (on page 211)
• A description of the principal climate related risks and opportunities and their potential impact arising
from operations and their respective assessment timelines (from page 212 to 217)
• An analysis of the resilience of the business model and strategy to manage different climate scenarios
(on page 28)
• A description of, and performance against, targets used to manage climate-related risks and
opportunities (on page 231)
• A description of KPIs used to access progress against above mentioned targets (from page 222 to 242)
Diversity and Gender Representation
Wizz Air is committed to fostering an inclusive and diverse workplace, where all employees have equal
opportunities to thrive, regardless of gender, background, or personal characteristics. As part of our
commitment to transparency, we disclose the gender breakdown of our workforce, senior management,
and Board of Directors in the Social section of the Sustainability Report from page 254 to 260.
Section 172(1) Statement
The Directors have had regard to the matters set out in section 172(1) of the Companies Act 2006,
including the interests of stakeholders, the impact of decisions on the community and environment, and
the long-term success of the company. The Board’s approach to these duties is detailed further in the
Section 172(1) Statement on page 40 of this report.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
32
MODERN SLAVERY ACT DISCLOSURE STATEMENT 2025
This statement is made pursuant to Section 54(1) of the UK Modern Slavery Act 2015 and pertains to the
fiscal year ended 31 March 2025. This statement is made by Wizz Air Holdings Plc, the parent of all four
operating airlines, Wizz Air Hungary Ltd., Wizz Air UK Limited, Wizz Air Abu Dhabi LLC and Wizz Air Malta
Ltd., on behalf of the Group (hereinafter collectively referred to as: “Wizz Air”, “we”).
Wizz Air is committed to acting ethically and with integrity in our business dealings. It is Wizz Air’s
expectation that our suppliers also conduct themselves in this manner. Wizz Air is committed to improving
its practices to combat slavery and human trafficking and seek out where it exists in our dealings with third
parties and suppliers, and in our supply chain, in order to meet our commitments. As defined by the UK
Modern Slavery Act 2015, “modern slavery” includes the offences of “slavery, servitude and forced or
compulsory labour”, as well as “human trafficking”.
In accordance with Section 54 of the Act, in this statement we refer to the following:
1.
organisational structure and supply chain;
2.
policies;
3.
due diligence;
4.
risk assessment;
5.
our effectiveness in combating slavery and human trafficking; and
6.
training.
1. Organisational structure and supply chain
a)
WIZZ
Wizz Air offers low-cost, low-fare passenger air transportation services on scheduled short-haul and
medium-haul point-to-point routes across Europe and to a number of destinations in the Middle East, as well
as North Africa and Northwest Asia. A team of dedicated aviation professionals delivers a superior service,
making Wizz Air the preferred choice of 63.4 million passengers in the financial year F25 ended
31 March 2025. Its fleet consists of 231 aircraft and its network spans more than 833 routes across more
than 50 countries. Wizz Air employs over 8,000 people across a network of 30 bases. Our Company is
incorporated in Jersey. Wizz Air Holdings Plc has four airline subsidiaries: Wizz Air Hungary Ltd., Wizz Air UK
Limited, Wizz Air Malta Ltd. and Wizz Air Abu Dhabi LLC. For further details of Wizz Air’s subsidiaries and
corporate structure, please see page 147.
b)
Our supply chain
Wizz Air expects its suppliers to adhere to the highest standards of business, internally and in relation to
their respective supply chains, and comply with their own human rights regimes and Modern Slavery Act
obligations. Wizz Air operates in a highly regulated sector and our supply chain is predominantly service
based within Europe. Our suppliers have to conform to the necessary aviation safety standards and
certification. However, we recognise that we play a part in helping reduce occurrences of modern slavery
and human trafficking.
Whilst we have received no reports of incidents, we take steps to identify and detect human trafficking. We
recognise that we need to update our processes to detect such incidents. Our Anti-Slavery and Human
Trafficking Policy assists us in doing this. The policy applies to all persons working for us, or on our behalf, in
any capacity, including employees at all levels, Directors, Officers, agency workers, seconded workers,
volunteers, interns, agents, contractors, external consultants, third-party representatives and business
partners.
2. Policies
We are committed to assessing any instance of non-compliance regarding modern slavery or human
trafficking on a case-by-case basis. We have policies in place related to human rights principles, including
our Anti-Slavery and Human Trafficking Policy. As well as this, our Code of Ethics, “The Wizz Way”, applies
to every Company employee regardless of seniority. These, along with our Supplier Code of Conduct,
Whistleblowing Policy, Sustainable Procurement Policy, Anti-Fraud Policy and Anti-Corruption Policy, help us
maintain an effective compliance environment across our supply chain. Actions in relation to these policies
are reviewed by the Audit and Risk Committee of the Board.
These policies are part of the employees’ onboarding programme, and are also accessible via the Company’s
intranet. New or revised policies are published on Wizz Air’s internal Workvivo site to raise awareness. Our
Supplier Code of Conduct is included in all tenders and requires acknowledgement and acceptance as a
prerequisite for all candidates.
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
33
3. Due diligence
Due diligence processes include managing compliance with our Supplier Code of Conduct and ensuring that
the Company’s Purchasing department incorporates dedicated contractual clauses into agreements, ensuring
the prevention of slavery. Wizz Air is also in partnership with a company specialised in third-party risk
management; its solution allows assessments across various environmental, social and governance topics
and enables a thorough analysis of our supplier base, to identify and successfully manage risks during
tender evaluations and after contracting as well.
4. Risk assessment
Risk assessments are undertaken as part of our whistleblowing processes and Supplier Code of Conduct
compliance. Our Whistleblowing Policy covers any report made via whistleblowing channels of any
infringement of the Code of Conduct of Wizz Air or the laws of any jurisdiction where a Wizz Air entity is
established, or in the European Union. Wizz Air believes that to ensure the continued integrity of its
business, there must be an effective reporting line for its employees. If employees suspect any breach of
Company policies, they can raise their concerns and report this to the relevant personnel anonymously via
the whistleblowing programme, as detailed in the policy.
5. Our effectiveness in combating slavery and human trafficking
We are committed to ensuring that taken collectively, these measures will help us combat modern slavery
and human trafficking. However, we recognise that we need to measure our effectiveness through use of
KPIs, and we will be looking to use indicators such as vetting procedures, supplier screening measures,
subcontractor inspections (particularly in known at-risk countries), whistleblowing reports, percentage of
staff trained, and any remedial action taken following reports or incidents of slavery or human trafficking in
the near future.
As part of our ongoing commitment to combating modern slavery and human trafficking, we will continue to
review and develop our processes.
6. Training
Wizz Air delivers online compliance training relating to its Code of Ethics to every staff member. In addition,
we provide anti-slavery training for every crew member as part of their annual security training sessions.
Furthermore, employees are encouraged to raise legal or ethical concerns through various channels, such as
their managers or any member of the management team or Human Resources. This is a key feature of our
Anti-Slavery and Human Trafficking Policy as well as our Whistleblowing Policy.
The above statement has been approved by the Board of Wizz Air Holdings Plc.
József Váradi
Chief Executive Officer
5 June 2025
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
34
GOVERNANCE
“Wizz Air’s strategic direction is
grounded in strong corporate
governance principles, with the
Board and its Committees
playing a crucial role in
maintaining and reinforcing this
governance framework through
their dedicated oversight and
guidance.”
William Franke
Chairman of the Board of Directors
CHAIRMAN’S STATEMENT ON
CORPORATE GOVERNANCE REPORT
Introduction
Dear Shareholders,
On behalf of the Board I am
pleased to present the Corporate
Governance Report for the year
ended 31 March 2025. This
report outlines Wizz Air’s
approach to corporate
governance and emphasises how
the Board has successfully
guided the Company through the
fiscal year, playing a key role in
supporting the Company’s
sustained growth and long-term
achievements.
The Board and I commend the
Company’s ability to deliver
profitability, despite the ongoing
challenges of global political and
economic uncertainty and the
impact of unexpected and
uncontrollable supply-chain
disruptions. I would like to
express my appreciation to the
Directors and management team
for maintaining robust corporate
oversight and demonstrating
adaptive leadership in navigating
shifting circumstances, all while
safeguarding the Group’s
operational integrity.
Wizz Air’s strategic direction is
grounded in strong corporate
governance principles, with the
Board and its Committees
playing a crucial role in
maintaining and reinforcing this
governance framework through
their dedicated oversight and
guidance.
In February 2025, the Company
celebrated 10 years on the
London Stock Exchange.
Since its initial public offering
(IPO) in 2015, Wizz Air has
significantly strengthened its
liquidity position, expanded its
fleet from 54 to over 230
aircraft, and increased passenger
numbers from 19 million to over
60 million annually. The airline
group’s listing has played a
critical role in its evolution,
providing access to one of the
world’s largest and most
sophisticated capital markets.
With a decade of strong
performance on the London
Stock Exchange, Wizz Air is
poised for its next phase of
growth, underpinned by strong
financial discipline, an
unmatched order book,
sustainability investments and
strategic market expansion. The
Board of Directors is confident
that Wizz Air’s agility and
disciplined execution will
continue to deliver value for
investors, employees, customers
and society.
Wizz Air Holdings Plc Annual Report and Accounts 2025
35
Activities in F25
Strategy
During F25, the Company
continued its strategic growth
plan despite the continued
grounding of aircraft due to
engine manufacturing defects
beyond the Company’s control.
The fleet continued to expand,
with growth in capacity primarily
driven by increased flight
frequencies. Our choice of fleet
continues to be a strategic driver
with 66% of the Company’s fleet
now Airbus A320neo family
aircraft with an average age of
4.6 years. Fleet renewal
activities to replace older
generation aircraft with Airbus
A321 NEO aircraft bring both
economic and sustainability
benefits.
The Board was updated about
the introduction of the Airbus
XLR aircraft to the fleet. The
extended reach and efficiency of
the brand-new Airbus XLR
aircraft supports Wizz Air's
continued growth. The aircraft is
the most cost-efficient aircraft in
its class. Its enhanced range
capability allows Wizz Air to
connect the most distant
destinations in its network, while
also providing opportunities for
further expansion, connecting
more cultures, economies and
continents.
The Company’s commitment to
sustainability remains a central
pillar of its long-term strategy.
This year, the Board reinforced
its focus on sustainability
leadership by approving Wizz
Air’s realistic net zero roadmap,
Flying Towards Net Zero. In
response to growing regulatory
reporting requirements and
heightened concerns around
greenwashing, the Board —
through the Sustainability and
Culture Committee — intensified
its oversight of sustainability
initiatives. This includes a
sharper focus on transparency,
accountability and measurable
progress, ensuring that the
Company continues to lead
responsibly in environmental
performance and climate action.
The Company focused on
improved network design and
operational robustness, the
result of which saw a significant
improvement in completion rate
and utilisation. The Board
expressed strong support for the
Company’s strategic initiative to
enhance its consumer offering
through the launch of the
Customer First Compass — a
comprehensive transformation
programme focused on four key
customer touchpoints: product,
price, service and
communications. This initiative
reflects Wizz Air’s commitment
to a customer-centric culture and
was commended by the Board as
a significant step towards
achieving the Company’s long-
term strategic objectives.
People and culture
Wizz Air has a diverse and
inclusive culture, and these
values are embedded within the
Company. Creating a diverse and
inclusive culture remains a focus.
The Company is on track to
reach its targets of 40 per cent
female representation in
management in fiscal year 2026.
This year we appointed Charlotte
Pedersen as the Senior
Independent Non-Executive
Director, who is also Chair of the
Safety, Security and Operational
Compliance Committee. In
addition, Charlotte Andsager is
Chair of the Sustainability and
Culture Committee. In the
previous fiscal year, in
accordance with the Parker
Review and targets set by the
UK Listing Rules, the Board
appointed a Director from an
ethnic background, Phit Lian
Chong.
On engagement, a number of
Non-Executive Directors
embarked on engagement
activities with employees across
the Group, including from
corporate, customer and
operational functions, in addition
to interactions with crew and the
People Council. Non-Executive
Directors participated in running
events, anniversary celebrations
and visited the Company
headquarters in Budapest.
The Board maintained regular
communication with the
Employee Engagement Director
and People Officer and Chief
Corporate Officer, actively
integrating employee feedback
into decisions related to
remuneration outcomes for F25
in the Directors’ Remuneration
Report. The Board thoughtfully
considers the employee
experience and the views of key
stakeholders when determining
executive compensation. Its
strong commitment to ongoing
workforce investment supports
the Company’s competitiveness
and appeal in the market. In all
remuneration decisions, the
Board maintains a balanced and
responsible approach
Board composition
There were no changes to the
overall composition of the Board
during the year. However, Barry
Eccleston took a temporary leave
of absence, during which time
the role of Senior Independent
Director was transferred to
Charlotte Pedersen. Her
appointment was later made
permanent. Further information
can be found on pages 46–51.
Board performance
As always, Wizz Air is committed
to corporate governance that is
in line with the Code. The
Company engaged Lintstock to
facilitate an evaluation of the
performance of the Board, its
Committees, the Chairman and
individual Directors. Lintstock is
an advisory firm that specialises
in board reviews and provides no
other services to the Company.
The Nomination and Governance
Committee oversaw the
evaluation. Further detail is
provided on page 44.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
36
Stakeholders and
investors
The Board remains committed
to upholding rigorous corporate
governance
standards
and
actively
engaging
with
stakeholders and investors. In its
decision-making
process,
the
Board
carefully
assesses
the
implications on the workforce,
customers,
suppliers,
society
and Shareholders.
The Board has direct
engagement with investors, and
as Chairman I have had several
meetings and exchanges with
Shareholders on matters
concerning ESG, remuneration,
governance and strategy.
A statement on how the
Directors have considered the
issues outlined in section 172 of
the Companies Act 2006 can be
found on page 39.
The subsequent pages of the
Corporate Governance Report
detail Board and management
composition, the governance
framework as well as Board and
Committee activities during
the year.
On behalf of the Board, I would
also like to extend my heartfelt
thanks to the Wizz Air workforce,
investors as well as my fellow
Board members for their
steadfast support of the
Company and their enduring
commitment to upholding the
highest standards of corporate
governance over the past 21
years.
On behalf of the Board
Yvonne Moynihan
Corporate Secretary
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
37
GOVERNANCE FRAMEWORK
THE BOARD
CHAIRMAN –
WILLIAM A. FRANKE
• Chairs the Board and sets direction.
• Ensures highest standard of corporate governance.
• Responsibility for setting the agenda and strategic discussion.
• Responsible for ensuring engagement with investors and
stakeholders.
GROUP CHIEF EXECUTIVE OFFICER –
JÓZSEF VÁRADI
• Accountable to the Board and the Chairman.
• Responsible for the Group’s senior leadership team.
• Responsible for the strategic, financial and operational
performance of the Group.
SENIOR INDEPENDENT DIRECTOR –
CHARLOTTE PEDERSEN
• Acts as a sounding board for the Chairman.
• Acts as an intermediary for the other Directors.
• Available to Shareholders to address concerns.
NON-EXECUTIVE DIRECTORS –
ANNA GATTI
ANDREW S. BRODERICK
ANTHONY RADEV
BARRY ECCLESTON
CHARLOTTE ANDSAGER
CHARLOTTE PEDERSEN
ENRIQUE DUPUY DE LOME CHAVARRI
STEPHEN L. JOHNSON
WILLIAM A. FRANKE
PHIT LIAN CHONG
Responsible for key reserved matters:
• overall strategy and management;
• structure and capital;
• financial reporting and controls;
• internal control and risk management;
• approval of significant or material contracts;
• approval of Shareholder communication and communication
relating to Board decisions;
• Board membership and appointments;
• determining the executive remuneration plan and incentive plans;
• reviewing corporate governance matters; and
• reviewing Group safety, security and operational compliance.
EMPLOYEE ENGAGEMENT DIRECTOR –
ANTHONY RADEV
• Acts as link between the workforce, the People Council and the
Board.
• Provides regular updates to the Board on employee engagement,
incorporated into decisions.
COMPANY SECRETARY –
YVONNE MOYNIHAN
• Supports the Chairman, the Group Chief Executive Officer and
Chairs of Committees in agenda-setting and minute-taking.
• Liaison between senior management and the Directors and
responsible for timely delivery of materials.
• Advises the Board on corporate governance and is responsible for
compliance with the Share Dealing Code.
• Works with the Chairman on the Board training plan, Board
reviews and corporate governance improvements.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
38
Statement of Compliance with UK Corporate Governance Code
The Directors support high standards of corporate governance and it is the policy of the Company to comply
with current best practice in UK corporate governance to the extent appropriate for a company of its size.
The Company welcomed the publication by the Financial Reporting Council of its new UK Corporate
Governance Code in July 2018 and its focus on the themes of corporate and board culture, stakeholder
engagement and sustainability, which are critical factors for us as we partner with our stakeholders to build
an enduring business. The Corporate Governance Code is available for review on the Financial Reporting
Council’s website: www.frc.org.uk. The Board complied with the requirements of the Corporate Governance
Code during the financial year. The only exception to this is that William A. Franke, the Chairman, does not
meet the independence criteria set out in the Corporate Governance Code (Provision 10), given that he is
the Managing Partner of Indigo. In addition, he has also exceeded the nine-year limit imposed by the Code
(Provision 19). However, Mr Franke has unrivalled knowledge of developing ultra-low-cost airlines such as
the Company and has exceptionally broad experience of the airline industry from both executive and
non-executive roles across many regions of the world. As the Company continues to grow and expand into
different geographies, the Board believes that Mr Franke should continue as Chairman, given his recognised
experience in the airline industry and his alignment with the interests of Shareholders. The Board is of the
view that Mr Franke’s role in no way compromises his independence of judgment and character.
Application of the principles of the UK Corporate Governance Code
Board leadership and company purpose
Chairman’s Statement, p.4
Corporate culture, p.40
Investment in workforce, p.40
Board activities, p.40
Stakeholder interests, p.40
Board decisions, p.40
Section 172 Statement, p.40
Whistleblowing, p.33
Conflicts of interest, p.43
Division of responsibilities
Board of Directors’ division of responsibilities, p.43
Directors’ independence, p.52
Governance framework, p.38
Board and Committee attendance, p.57
Board and Committee meetings, p.57
Composition, succession and evaluation
Board composition, p.46
Appointment, re-election, resignation and removal of
Directors, p.44
Nomination and Governance Committee Chairman’s
Statement, p.66
Board evaluation, p.44
Board biographies, p.46
Audit, risk and internal controls
Audit and Risk Committee Report, p.58
Risk management and internal control, p.59
Confirmation and reassessment of emerging
principal risks and uncertainties, p.59
Fair, balanced and understandable confirmation,
p.59
Remuneration
Directors’ Remuneration Report, p.69
Remuneration Committee Chairman’s Statement,
p.69
Alignment with provisions of UK Corporate
Governance Code, p.75
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
39
1. Board leadership and
company purpose
The Board plays a crucial role in
setting the Company’s strategic
direction and ensuring alignment
with long-term value creation.
It actively participates in the
development, review and
approval of corporate strategies,
business plans and major
initiatives.
The Board upholds the highest
standards of corporate
governance and provides
effective leadership and
oversight for the Group. Our
values – integrity, dedication,
inclusivity, positivity and
sustainability – guide our
decisions.
The Company’s purpose revolves
around providing no-frills travel
that is accessible to everyone,
everywhere, at the lowest price
possible, while maintaining a
strong commitment to
environmental consciousness.
The Board continually reviews its
strategic decisions to align with
this mission.
Corporate culture
Culture is a core focus of the
Board and the Sustainability
and Culture Committee. Our
corporate culture nurtures
engagement and excellence.
The Board closely monitors
employee engagement
feedback, including the results
of surveys and action plans.
Our employee engagement is a
dynamic strategy that evolves
with our changing needs and
aspirations.
Our Company’s purpose is
simple yet profound: no-frills
travel for everyone, everywhere,
at the lowest price possible and
with the lowest emissions
possible. We’re democratising
the skies, making adventure
accessible.
Investment in workforce
The Board’s commitment
extends beyond strategy and
governance – it reaches the very
heart of our organisation: our
people. The Board works to
ensure fair terms and conditions
for employees, in addition to
relevant training and
development. Through the Board
Committees, the Board ensures
Wizz Air remains an attractive
and competitive employer.
We don’t settle for mediocrity.
Our commitment to diversity,
inclusion and sustainability sets
us apart.
Stakeholders
The Board engages with both
Shareholders and investors and
the workforce. The Chairman
and Chair of the Remuneration
Committee have ongoing
dialogue with investors. The
Board receives regular updates
from the Employee Engagement
Director, who is a link between
the Board and the workforce
and People Council. There was
further engagement with other
Directors and the workforce
during the year.
Board activities
The Board met on seven
occasions during the year.
The agenda for each meeting is
agreed with the Chairman, the
Chief Executive Officer and the
Company Secretary. Regular
updates are provided by the
Senior Commercial and
Operations Officer, Chief
Financial Officer, Chief
Operations Officer and Chief
Corporate Officer. The Board
reviewed and approved
a number of significant and
material contracts. .
The Board receives updates
from the Committee Chairs
throughout the year.
Furthermore, it deliberates on a
number of matters of strategic
importance to the Company. In
addition, all meetings include an
agenda item to cover a private
executive session for Non-
Executive Directors.
The Company Secretary keeps
minutes of the Board and
Committee meetings and
reviews all minutes with the
Chairman and Chairs of the
Committees.
Section 172 Statement
Section 172(1) of the UK
Companies Act 2006 provides
that “a director of a company
must act in the way he
considers, in good faith, would
be most likely to promote the
success of the company for the
benefit of its members as a
whole, and in doing so have
regard (amongst other matters)
to:
• the likely consequences of any
decision in the long term;
• the interests of the company’s
employees;
• the need to foster the
company’s business
relationships with suppliers,
customers and others;
• the impact of the company’s
operations on the community
and the environment;
• the desirability of the company
maintaining a reputation for
high standards of business
conduct; and
• the need to act fairly as
between members of the
company”.
The Company has multiple
stakeholders. The Board
considers the most significant
stakeholder groups to be
employees, customers,
Shareholders and investors,
suppliers, governments and
regulators, including the
European Union institutions.
As part of their induction, the
Directors of the Company are
briefed on their duties and can
access professional advice about
them as appropriate. Input from
stakeholders received by
different business units
contributes to the decision-
making process overseen by
the Board.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
40
Section 172 considerations
included:
• Shareholder engagement:
Over the course of the past
year, the Company’s Investor
Relations department has
arranged a number of
roadshows, timed around the
release of financial results, as
well as other meetings with
investors. This included a
dedicated Capital Markets Day
held in Budapest. Ahead of the
2024 Annual General Meeting,
the Chairman, the Senior
Independent Non-Executive
Director, and the Chairs of
the Audit and Risk Committee
and of the Remuneration
Committee were available to
answer questions from
investors. At the Company
AGM held on 25 September
2024 all resolutions proposed
were approved by the
Shareholders.
• Community and environment:
The Board received regulator
reports from the Corporate
and ESG Officer and Group
Chief Corporate Officer
highlighting key policy and
government affairs issues and
engagement with authorities.
The Board considered ESG
positions and strategy, and
investment decisions were
taken considering the impact
on the environment.
• Safety: The Board received
regular updates regarding
discussions with safety
regulators and authorities
regarding the war in Ukraine
and the potential restart of
operations in case of ceasefire,
the restart of operations into
Israel in a controlled
environment, the introduction
of the Airbus A321 neo XLR
aircraft, as well as operational
ramp-up and disruption
matters.
• Employee interest: The Board
reviewed and received regular
updates on employee
engagement and consideration
of remuneration and incentive
plans. The Board was updated
and deliberated on actions
taken through People Council
initiatives and general culture
topics. There were relevant
discussions about
organisational changes in
senior management and talent
succession.
• Customers: The Board was
onboarded with the Company’s
new Customer First Compass
framework, putting customers
at the heart of its business and
decision making. There was
ongoing consideration of the
customer proposition, in
particular with respect to
customer care handling,
operational reliability and
transparent communications
on new products, such as All
You Can Fly subscription, and
sustainability communications.
The Board was updated about
relevant discussions and
engagement with authorities,
regulators and government
officials.
Our key Shareholders
As at 31 March 2025, the Company was notified pursuant to DTR 5 of the Financial Conduct Authority’s
Disclosure Guidance and Transparency Rules (DTRs) that the following Shareholders held more than
3.00 per cent of the Company’s issued Ordinary Shares:
Shareholder
Reported shareholding
Reported number of shares
Indigo Hungary LP
18.3%
18,950,611
Capital International Investors
8.7%
8,976,791
Coronation Fund Managers Limited
7.4%
7,638,804
Artisan Partners Limited Partnership
7.1%
7,308,292
Indigo Maple Hill LP
5.5%
5,734,284
Capital Research Global Investors
5.0%
5,202,587
Platinum Asset Management
3.4%
3,520,571
BlackRock Investment Management (UK) Ltd.
3.1%
3,246,364
Between 1 April and 15 May 2025 Capital International Investors sold 56,270 shares, Coronation Fund
Managers Limited bought 192,181 shares, Artisan Partners Limited Partnership sold 109,883 shares,
Capital Research Global Investors sold 49,072 shares, Platinum Asset Management sold 298,584 shares,
and BlackRock Investment Management (UK) Ltd. sold 246,009 shares.
Changes in interests that have been notified to the Company pursuant to DTR 5 of the DTRs can be
found in the Regulatory News section of the Investor Relations page of the Company’s corporate website:
http://corporate.wizzair.com/en-GB/investor_relations/news/press_releases.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
41
Our relationship with Indigo
As at 31 March 2025, Indigo
(Indigo Hungary LP and Indigo
Maple Hill LP together) held
23.9 per cent of the Company’s
issued Ordinary Shares. Indigo
holds a number of Convertible
Notes that may be converted
into Ordinary Shares, provided
the Company’s ownership
remains compliant with EU
ownership and control rules.
The terms of these Convertible
Notes are governed by a note
purchase agreement dated
24 February 2015 and entered
into between the Company,
Wizz Air Hungary Ltd. and
Indigo. Our Chairman, William
A. Franke, is the Managing
Partner of Indigo.
According to the Financial
Conduct Authority’s Listing Rules
(“the Listing Rules”), any person
who exercises or controls the
exercise, on their own or
together with any person with
whom they are acting in concert,
of 30 per cent or more of the
votes able to be cast on all or
substantially all matters at
general meetings of a company
are known as “controlling
shareholders”. During its
preparation for its initial public
offering in February 2015, the
Company discussed with the
UK Listing Authority that, in
the circumstances, Indigo would
be treated as a controlling
shareholder of the Company
for these purposes. The Listing
Rules require companies with
controlling shareholders to enter
into a written and legally binding
agreement, which is intended
to ensure that the controlling
shareholder complies with
certain independence provisions.
The agreement must contain
undertakings that:
▶
transactions and
arrangements with the
controlling shareholder (and/
or any of its associates) will
be conducted at arm’s length
and on normal commercial
terms;
▶
neither the controlling
shareholder nor any of its
associates will take any
action that would have the
effect of preventing the
listed company from
complying with its
obligations under the
Listing Rules; and
▶
neither the controlling
shareholder nor any of its
associates will propose or
procure the proposal of a
Shareholder resolution which
is intended or appears to be
intended to circumvent the
proper application of the
Listing Rules.
Wizz Air entered into a
relationship agreement with
Indigo dated 24 February 2015.
The key terms of this
relationship agreement
are set out below.
Independence
Indigo has undertaken to
exercise its voting powers in
relation to the Company to
ensure that the Company is
capable of operating and making
decisions for the benefit of the
Shareholders of the Company as
a whole, and independently of
Indigo, at all times. In addition,
Indigo has undertaken that it will
not, and will procure that none
of its associates will: (a) take
any action that would have the
effect of preventing the
Company from complying with
its obligations under the Listing
Rules; and (b) propose or
procure the proposal of a
Shareholder resolution which is
intended or appears to be
intended to circumvent the
proper application of the
Listing Rules.
Board
Indigo may nominate: (a) three
Directors to the Board if Indigo
and its associates hold in excess
of 30 per cent of the fully
converted share capital of the
Company (i.e. assuming the
conversion in full of all
Convertible Notes); (b) two
Directors to the Board if Indigo
and its associates hold in excess
of 20 per cent of the fully
converted share capital; or
(c) one Director to the Board if
Indigo and its associates hold in
excess of 10 per cent of the fully
converted share capital (each
an “Indigo Director”). If Indigo
and/or its associates no longer
hold at least 30, 20 or 10 per
cent, respectively, of the fully
converted share capital of the
Company, then Indigo has
agreed to procure, insofar as it
is legally able to do so, that the
appropriate number of Indigo
Directors resigns from the
Board unless a majority of the
independent Directors resolve
that any Indigo Director should
remain on the Board.
Indigo may not nominate any
person to be an Indigo Director
whose re-election has been
proposed to, but not approved
by, the holders of Ordinary
Shares in a general meeting,
or who has been removed from
office by a resolution of the
holders of Ordinary Shares.
The Board shall manage the
Company independently of
Indigo in accordance with the
articles of association, the Listing
Rules and applicable law. The
parties have also agreed that at
least half of the Board (excluding
the Chairman) shall comprise
independent Non-Executive
Directors, the Nomination and
Governance Committee shall
consist of a majority of
independent Directors, and the
Remuneration and Audit and
Risk Committees shall consist
only of independent Directors.
The Board confirms that since
the entry into the relationship
agreement on 24 February 2015,
the Company and Indigo have
complied with the independence
provisions provided in the
relationship agreement.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
42
Arm’s length transactions
All transactions and relationships
between the Company and
Indigo or any of their associates
shall be conducted at arm’s
length, on a normal commercial
basis and in accordance with the
related party transaction rules
set out in Chapter 11 of the
Listing Rules.
Provision of information and
confidentiality
Indigo shall, subject to the
Company’s obligations under
all applicable laws (including,
without limitation, the Listing
Rules and the DTRs), be
provided with financial,
management and/or other
information relating to any
member of the Group as Indigo
(or any of its associates) may
reasonably require for the
purposes of any internal or
external reporting requirements
which the relevant party is
bound by internal compliance,
law or regulation to satisfy.
Indigo may disclose any such
financial, management and/or
other information to its
associates provided that: (a)
Indigo will (and will procure that
any associate to whom any
information is passed will)
keep confidential any such
information; (b) such
information does not include
information relating to any
transaction between the
Company and Indigo or any of
their associates obtained as a
result of an Indigo Director’s
position as a Director;
(c) disclosure would not result
in a breach by the Company
of the DTRs or require the
Company to make a public
announcement; and (d) the
name of such persons to whom
information is disclosed is added
to the Company’s insider list.
Annual General Meeting
The AGM was held in Geneva
on 25 September 2024.
All resolutions put to the
Shareholders were passed.
There were some resolutions
that were opposed by more than
20 per cent of voting
Shareholders. This resulted in
further consultations with
Shareholders regarding the low
votes and subsequent reporting
on the matter to the market.
Further information can be found
in the Directors’ Remuneration
Report on page 69.
2. Division of
responsibilities
Roles
The role of the Board is to
uphold the highest standards
of corporate governance and
ensure effective leadership and
oversight of the Group’s strategy
and performance.
The Board retains a Schedule of
Reserved Matters which sets
out the Board’s responsibilities.
The Board has delegated the
day-to-day management of the
Company to the Chief Executive
and the senior leadership team.
Matters in the Schedule which
the Board considers suitable for
delegation to its Committees
are contained in the terms of
reference of its Committees.
The Board has four Committees
comprised of Non-Executive
Directors and, in the case of the
Nomination and Governance
Committee, the Chairman. At
each Board meeting, Committee
Chairs report to the Board in
relation to the Committee
meetings and decisions. The
Committee activities are referred
to in the individual Committee
Chair reports.
The roles of the Chairman and
Chief Executive Officer are
clearly separated. The Chairman
is responsible for maintaining the
efficient performance of the
Board. The Chief Executive
Officer and the senior leadership
team are responsible for the
day-to-day management of the
Group and the implementation
of its strategy.
Board meetings and attendance
The total number of Board
meetings held during the year
was seven. A number of key
strategic and commercial
decisions require Board approval
and, as and when any such
decision is needed outside the
scheduled meeting cycle, an ad
hoc Board meeting may be
arranged. The Board also took
part in a number of dinners and
extra curricular activities with
the senior leadership team.
Prior to Board meetings, each
Director receives an information
pack containing a comprehensive
review of the Company’s
business as well as detailed
proposals for approval of
transactions and developments
falling within the Board’s remit.
The Company believes that
this enables each Director to
properly discharge his or her
responsibilities. At each Board
meeting, Directors who have a
conflict of interest in any agenda
item declare that interest and
are not entitled to vote on that
agenda item.
At each Board meeting, the
Board approves the minutes of
the previous Board meeting. At
the end of each Board meeting,
there is a private session for
Non-Executive Directors to meet
with the Chairman to discuss any
relevant matters.
Directors are encouraged to
attend all Board and Committee
meetings, but in certain
circumstances meetings are
called at short notice, and due to
prior business commitments and
time differences Directors may
be unable to attend. If a Director
is unable to attend a meeting
because of exceptional
circumstances, they continue
to receive the papers in advance
of the meeting and have the
opportunity to discuss with the
relevant Chairman or the
Company Secretary any matters
on the agenda which they
wish to raise.
The Board and Committee
attendance can be found on
page 57.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
43
External appointments
In accordance with the UK
Corporate Governance Code,
Non-Executive Directors
are required to seek approval
for additional external
appointments. The Directors’
external appointments are
outlined in the Board
biographies.
During the year there were no
external appointments of
Directors.
3. Composition,
succession and evaluation
The Nomination and Governance
Committee has responsibility for
all appointments to the Board.
The selection and appointment
process is detailed in the
Nomination and Governance
Committee Report. The
Committee approved a change
in the term of appointment
from one year to three years,
in line with the UK Corporate
Governance Code
recommendation. Appointments
and re-appointments are subject
to annual performance reviews
and AGM re-election.
There were no new
appointments of Directors to the
Board during the financial year.
There were a number of changes
to the composition of the Board,
which are outlined on page 51.
Upon appointment, new
Non-Executive Directors follow
an induction process to ensure
an overview of the strategy and
business environment, and to
become familiar with the key
areas of business. The induction
process also includes meetings
with relevant stakeholders
across the business, and training
on handling of inside information
and share dealing.
Re-election
All Directors will offer themselves
for re-election at the Company’s
next AGM. This is in line with the
Company’s articles of association
and is subject to satisfactory
performance.
Training
All Directors are offered training
in accordance with their needs.
During the year training
opportunities were provided
through workshops and seminars
where internal and external
advisers participated. During the
year there was a focus on ESG
for the entire Board, in particular
on greenwashing and climate
risk, and safety training for the
Safety, Security and Operational
Compliance Committee.
The Company has adopted a
Share Dealing Policy. As a
consequence, the Directors are
continually reminded of their
obligations in accordance with
this policy. Face-to-face training
on handling inside information
and obligations in relation to the
Listing Rules was also provided
to the Board by the Corporate
Secretary.
Board performance
In line with the Code, the
Company engaged Lintstock to
facilitate an evaluation of the
performance of the Board, its
Committees, the Chairman and
individual Directors. Lintstock is
an advisory firm that specialises
in board reviews and provides no
other services to the Company.
The evaluation comprises the
preparation and completion of
questionnaires and the collation
of responses, followed by
interviews if necessary. Once
all stages of the review are
completed, the Board reviews
the findings and implements
any relevant actions. Lintstock
was invited to the Board meeting
to present its findings and
answer any questions from
the Board members.
Support materials were made
available and provided by the
Company Secretary, including
minutes and supporting Board
and Committee materials.
The Chairman discussed
the main conclusions of the
evaluation with the Evaluation
team and subsequently with
the Board.
The overall conclusion of the
evaluation was positive and that
the Board and the Committees
satisfactorily fulfilled their
duties and responsibilities
and adequately addressed
the strategic priorities of
the Company. The key
recommendations from
the evaluation were:
(I) general feedback:
• Board satisfaction with the
composition, expertise and
performance of the Board; and
• opportunity for reduction in
materials and less focus on
past performance;
(II) composition:
• continue focus on diversity
and inclusion;
(III) strategy:
• continue focus on planning;
and
• increase focus on the customer
proposition; and
(IV) Company Secretariat:
• improved support; and
• focus on high-quality material.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
44
Case study of relevant Board decision – Board Oversight of
2025 Order Book Reset with Airbus
In January 2025, the Board approved a strategic reset of its aircraft delivery schedule with Airbus following a
period of persistent delivery delays and operational uncertainty. This reset was designed to restore delivery
reliability and support Wizz Air’s medium-term strategy.
The revised agreement, covering 137 A321 aircraft—including A321XLR variants—scheduled for delivery
through FY2028, provides Wizz Air with greater planning certainty and underpins its ambition to grow annual
capacity by 15–20% over the next five years. This growth will support network densification, reinforce
market leadership in core regions, and enable a return to historic net margins and an investment-grade
balance sheet. As a result of the adjusted delivery schedule and planned lease returns, Wizz Air’s fleet is
now forecast to grow from 231 aircraft at the end of March 2025 to 305 aircraft by March 2028, compared to
a previous forecast of 380 aircraft.
Key Governance Considerations
The Board, in approving the reset, considered its responsibilities under section 172(1) of the UK Companies
Act, including:
Long-Term Success: The revised delivery schedule provides a clear and credible pathway for Airbus’s key
customer to achieve sustainable growth, while reducing the risk of overextension in production and delivery.
Stakeholder Engagement: The reset was the result of extensive negotiations with Wizz Air, reflecting
Airbus’s commitment to maintaining strong, transparent relationships with its airline partners.
Operational and Financial Prudence: By smoothing the delivery profile and absorbing the majority of
price escalations, Airbus mitigated reputational and financial risks while preserving customer trust.
Investor Confidence: The revised fleet forecast—305 aircraft by March 2028, down from a previously
forecast 380—demonstrates a more disciplined and achievable growth trajectory, addressing investor
concerns about overcapacity and delivery volatility.
Employee and Supply Chain Stability: The reset supports more predictable production planning,
benefiting Airbus’s workforce and its global supplier network.
The Board will continue to monitor the implementation of the revised delivery schedule and its alignment
with Airbus’s broader strategic and sustainability goals.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
45
MANAGEMENT OF THE COMPANY
BOARD COMPOSITION
Board of Directors
membership
Effective oversight of Wizz Air’s
business is the key function of
the Board. Key to this oversight
is the approval of the Company’s
long-term strategy and
commercial objectives, and these
matters are reserved to the
Board along with the approval
of annual operating and capital
expenditure budgets and any
changes thereto.
Other key areas reserved to the
Board include financial reporting
and controls, internal controls,
the review and approval of key
contracts, Board membership,
the remuneration of Directors
and senior executive employees,
corporate governance including
ESG matters and the review of
safety issues.
Wizz Air’s Board currently
comprises one Executive and
ten Non-Executive Directors.
The current Directors bring a
wealth of experience from both
the worldwide aviation industry
and other international
industries, and so collectively
bring an appropriate breadth,
depth and balance of skills,
knowledge, experience and
expertise to the Company.
The Directors who have served
during F25 and since year end
are:
Name
Position
Committee membership (as at 31 March 2025)
Executive Director
József Váradi
Chief Executive Officer
Non-Executive Directors
William A. Franke
Chairman
Nomination and Governance Committee
Stephen L. Johnson
Non-Executive Director
and Deputy Chair
Barry Eccleston
Non-Executive Director
Nomination and Governance Committee,
Remuneration Committee, Safety, Security and
Operational Compliance Committee
Charlotte Pedersen
Senior Independent Non-
Executive Director
Safety, Security and Operational Compliance
Committee
Andrew S. Broderick
Non-Executive Director
Sustainability and Culture Committee, Safety,
Security and Operational Compliance Committee
Dr Anthony Radev
Non-Executive Director
Sustainability and Culture Committee,
Remuneration Committee, INED overseeing
employee engagement
Charlotte Andsager
Non-Executive Director
Nomination and Governance Committee,
Sustainability and Culture Committee
Enrique Dupuy de Lome Chavarri
Non-Executive Director
Audit and Risk Committee, and Nomination &
Governance Committee
Anna Gatti
Non-Executive Director
Remuneration Committee, Audit and Risk
Committee
Phit Lian Chong
Non-Executive Director
Audit and Risk Committee
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
46
Board competency matrix
Conditions for indicating competence in the table: qualifications, certification of training and/or
professional background and experience.
*
Strong knowledge base and understanding of the entire ESG spectrum, including aviation’s climate impact, the physical and
transition risks of the various climate pathways and how the Company will be affected.
Board gender diversity, ethnic diversity and tenure
Gender diversity
36.4%
63.6%
Female
Male
Tenure
4
6
1
7+ years
4-6 years
0-3 years
Ethnic diversity
9.1%
90.9%
Ethnic Director
White/Caucasian
Board nationalities
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
47
William A. Franke
Chairman
Nationality: US
Appointed: 2015
Key skills:
Airlines, finance, legal and
regulatory
Current external
appointments:
Chair, Frontier Airlines Holdings,
Inc.; Chair, Lynx Air; Chair,
JetSMART Airlines SpA; Chair,
APiJET LLC.
Relevant experience:
Founder and Managing Partner
of Indigo Partners LLC, a
private equity fund focused
on investments in air
transportation, including
Wizz Air.
Served as Chair and Chief
Executive Officer of America
West Airlines from 1993 to 2001,
as Chair of Spirit Airlines Inc.
from 2006 to 2013 and as Chair
of Tiger Aviation Pte. Ltd, a
Singapore-based airline, from
2004 to 2009. He was a Director
of Volaris (Concesionaria Vuela
Compañía de Aviación S.A.B. de
C.V.), a Mexican airline, from
2012 to 2023.
József Váradi
CEO
Nationality: Hungarian
Appointed: 2015
Key skills:
Airlines, sales and marketing,
finance
Current external
appointments:
Board Member, JetSMART
Airlines; Trustee, Corvinus
University of Budapest.
Relevant experience:
One of the founders of Wizz Air
in 2003.
Worked at Procter & Gamble
between 1991 and 2001 and
became Sales Director for global
customers, where he was
responsible for major clients
throughout eleven EU countries.
Served as Chief Commercial
Officer and Chief Executive
Officer of Malev Airlines from
2001 to 2003. He also held
board memberships with
companies such as Lufthansa
Technik Budapest (Supervisory
Board, 2001–2003) and Mandala
Airlines in Indonesia (Board of
Commissioners, 2007–2011).
Stephen L. Johnson
Deputy Chair
Nationality: US
Appointed: 2011
Key skills:
Airlines, legal and regulatory
Current external
appointments:
Vice Chair and Chief Strategy
Officer, American Airlines Inc;
Board Member, Executive
Advisory Board, University
of Berkeley Center for Law
and Business.
Relevant experience:
Mr. Johnson is Vice Chair and
Chief Strategy Officer of
American Airlines with
responsibility for American’s
commercial organisation. He
collaborates with senior
leadership on key markets and
competition issues, and provides
counsel to the CEO and board of
directors. Mr Johnson served as
Executive Vice President of
Corporate Affairs from 2009 to
2022. From 2003 to 2009, he
was a Partner at Indigo Partners
LLC, a private equity firm
specialising in investments in the
airline industry.
Between 1995 and 2003, he held
positions at America West
Airlines, including Executive Vice
President of Corporate. Prior to
that, Steve served as Senior Vice
President and General Counsel
at GPA Group PLC and practised
law at the Seattle-based law firm
Bogle & Gates.
Mr. Johnson earned his MBA and
Juris Doctor from the University
of California, Berkeley.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
48
Charlotte Pedersen
Senior Independent
Director
Nationality: Danish/
Luxembourgish
Appointed: 2020
Key skills:
Aviation, safety, regulatory, ESG
Current external
appointments:
CEO/Owner, Pegasus Consilium
SarL; Board Member, Alpha
Trains Group SarL; Board
Member, Air Greenland A/S;
Board Member Arctic Hospitality
Corp, A/S; Board member
Greenland Travel A/S, Board
Member Helrom GmbH; Senior
Advisor Swiss Life Asset
Managers.
Relevant experience:
Ms Pedersen started her career
as an Air Force Officer and
Helicopter Search and Rescue
Pilot and later joined the Civil
Aviation Authority in
Luxembourg as a Flight
Operations Inspector.
She joined Luxaviation in 2012
and became the President of
Helicopter Services and Chief
Executive Officer of Luxaviation
Helicopters in 2014. Ms Pedersen
holds an MBA with Honours and
is a certified INSEAD
International Director as well as
an Institut Luxembourgeois des
Administrateurs (ILA) certified
Director. She is an Elected Fellow
of the Royal Aeronautical
Society. Ms Pedersen actively
champions women in aviation,
maritime and motorsport.
Today Ms. Pedersen works full
time as a Non-Executive
Director, holding board positions
across transportation and
hospitality sectors.
Barry Eccleston
Non-Executive Director
Nationality: British/US
Appointed: 2018
Key skills:
Aviation, safety, manufacturing
Current external
appointments:
None.
Relevant experience:
Previously Chief Executive Officer
of Airbus Americas Inc., where
he was responsible for all
aspects of Airbus’ commercial
aeroplanes business in North
America, a position he held from
2005 to 2017. Prior to this, Mr
Eccleston was VP/GM for
Honeywell’s Propulsion Systems
Enterprise and had earlier served
as Honeywell’s VP Commercial
Aerospace.
Before joining Honeywell in
2002, he was Executive VP of
Fairchild Dornier Corporation,
a provider of regional aircraft.
He started his career with Rolls-
Royce where he held several
senior positions, culminating
as CEO of International Aero
Engines, a joint venture with
Pratt & Whitney. He is a former
Chairman of the British-American
Business Association in
Washington DC, and former
President of The Wings Club
of New York, as well as being
appointed an OBE in 2019 by
Her Majesty the Queen.
Andrew S. Broderick
Non-Executive Director
Nationality: US
Appointed: 2019
Key skills:
Airlines, finance
Current external
appointments:
Board Member, JetSMART
Airlines SpA; Board Member,
Frontier Airlines Holdings Inc.;
Board Member, APiJET LLC;
Board Member, Controladora
Vuela Compañía de Aviación,
S.A.B. de C.V; CleanJoule Inc.
Relevant experience:
Joined Indigo Partners LLC, a
private equity fund focused on
air transportation, in 2008 and
has served as Managing Director
since 2019. Has served on the
board of directors of Frontier
Airlines Holdings, Inc., an airline
based in the United States, since
January 2018; JetSMART Airlines
SpA, an airline based in Chile,
since September 2018; APiJET,
LLC, a software company
focused on providing real-time
cost-saving analytics to airlines,
since November 2020; and
Controladora Vuela Compañía
de Aviación, S.A.B. de C.V.,
an airline based in Mexico
doing business as Volaris,
since April 2023.
Prior to joining Indigo,
Mr Broderick was employed at a
macroeconomic hedge fund and
a stock-option valuation firm.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
49
Anthony Radev
Non-Executive Director
Nationality: Bulgarian
Appointed: 2021
Key skills:
Listed company, finance
Current external
appointments:
Board Member, MOL Hungarian
Oil and Gas PLC; Board Member,
Hungary Football Federation;
Board Member, DSK Bank PLC.
Relevant experience:
For over 20 years, Dr Radev has
been involved with McKinsey &
Co., in various roles, the last one
culminating in a Senior Partner
role from 2001 until 2013. His
engagement has spanned many
sectors of the economy, and
included leading McKinsey’s
financial institutions practice in
Central and Eastern Europe as
well as being a member of the
senior leadership team in
European banking practice.
Today, Dr Radev is a Director
Emeritus of McKinsey (honorary
membership).
In 2014, Dr Radev founded the
School for Executive Education
and Development (SEED) in
Budapest to serve the needs of
Central and Eastern European
companies.
Charlotte Andsager
Non-Executive Director
Nationality: Danish
Appointed: 2020
Key skills:
Airlines, aviation, regulatory
Current external
appointments:
None.
Relevant experience:
Ms Andsager has held multiple
regulatory roles within the
Ministry of Transport and
Communications of Norway as
well as Telenor, the Norwegian
majority state-owned
multinational
telecommunications company.
In 2005, Ms Andsager served as
Vice President, European and
US Public Affairs for SAS Group.
In this capacity, Ms Andsager
advised SAS Group on European
and US public affairs and
maintained contacts with the
European institutions and the
US Administration.
In 2010, Ms Andsager joined
Rolls-Royce Plc as Vice President
EU Affairs where she served until
2014. Prior to joining the Wizz
Air Board, Ms Andsager served
six years as an independent
Director on the board of Avinor
Flysikring AS, the state-owned
air navigation services provider
in Norway.
Enrique Dupuy de Lome
Chavarri
Non-Executive Director
Nationality: Spanish
Appointed: 2020
Key skills:
Airlines, finance
Current external
appointments:
Board Member, Nadisla
investments SL; Senior Adviser,
A.T. Kearney; Senior Adviser,
Blue Peak Aviation; Board
Member, Mobico Group plc.
Previous experience:
Served as Finance Director, and
ultimately Chief Financial Officer,
at Iberia. He also played a key
role in the merger of Iberia with
British Airways in 2011 and the
creation of the International
Airlines Group (IAG). He became
Chief Financial Officer at IAG, a
position he held until he retired
in June 2019.
During his time at IAG, Mr.
Dupuy led the financial
strengthening and expansion of
IAG, driving a significant
improvement in its market
capitalisation, profitability and
returns. He also played a critical
role in the Group’s acquisitions of
BMI, Vueling and Aer Lingus and
the creation of Level.
As well as chairing the Audit &
Risk Committee at Wizz Air, Mr.
Dupuy is head of the Audit
Committee at Mobico Group plc.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
50
Anna Gatti
Non-Executive Director
Nationality: Italian
Appointed: 2021
Key skills:
Digital, consumer, sales and
marketing
Current external
appointments:
Board Member, Intesa Sanpaolo
S.p.A; Board Member, WiZink
Bank S.L.
Previous experience:
Served as digital sales executive
driving customer success at scale
for companies such as Google,
YouTube and Skype. She worked
at launching YouTube in more
than 22 countries and she built
an entirely new advertising
product business for Skype that
laid the foundation for the
company’s planned IPO and
eventual sale to Microsoft.
Ms Gatti is also an active angel
investor. In Silicon Valley, where
she has been living for over
20 years, she co-founded two
start-ups leveraging artificial
intelligence applied to big data.
Prior to her career in technology,
Ms Gatti spent years in research
and public policy, working at the
World Health Organization and
at the University of Berkeley,
California, Goldman School of
Public Policy.
Phit Lian Chong
Non-Executive Director
Nationality: Singaporean
Appointed: 2023
Key skills:
Airlines, aviation, manufacturing,
lifestyle and leisure
Current external
appointments:
Board
Member,
Rokt
Inc;
Singapore
Science
Centre
Global Pte Ltd, Mandai Global Pte
Ltd; China Singapore Guangzhou
knowledge
City
Development
and Construction Co.
Previous experience:
Ms Chong has held multiple
senior roles in organisations of
several industries including
precision engineering, aviation,
travel, supply chain
management and logistics. Ms
Chong was the CEO of award-
winning low-cost carriers Jetstar
Asia Airways and ValuAir from
2006 to 2012. Ms Chong also
served as an independent Board
Director on the board of Tiger
Airways Ltd, a low-cost
subsidiary of Singapore Airlines.
Other previous commercial roles
included CEO/Board Member of
Singapore Mint, Safe Enterprises
Group, Avis Car Rental, Pacific
Internet and SingBridge
Corporate.
Ms Chong holds an Honours
Degree in Production Engineering
and Manufacturing Technology
and an Honorary Doctorate of
Science. She also pursued a
Master’s in Business
Administration and Advance
Management Program as part of
an Organisation Leadership
Development program.
Changes to the Board
during F25
The Nomination and Governance
Committee, acting on behalf of
the Board, conducts a regular
review of the Board’s
composition. During this review,
it identifies areas where skills,
experience and knowledge can
be further strengthened.
The Committee gives due
consideration to all aspects of
diversity, including gender,
ethnicity, age, sexual
orientation, disability, education,
professional backgrounds, socio-
economic backgrounds and
personal strengths.
During the fiscal year there were
no new appointments to the
Board. In September 2024,
Barry Eccleston, the Senior
Independent Non-Executive
Director, took a leave of absence
and returned to his duties in
March 2025. During his absence,
Charlotte Pedersen was
appointed as the interim Senior
Independent Director and was
later confirmed in this role
permanently on 14 March 2025.
Additionally, Stephen Johnson
assumed the role of Chair of the
Remuneration Committee until
Barry's return as Chair in March
2025. Barry also resumed his
roles on the Safety, Security and
Operational Compliance
Committee, and the Nomination
& Governance Committee.
During this period, Enrique
Dupuy was added to the
Nomination & Governance
Committee on an interim basis in
September 2024 and was
confirmed permanently on 14
March 2025.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
51
Independence
The UK Corporate Governance
Code recommends that at least
half the members (excluding
the chairman) of the board of
directors of a company with a
premium listing should be
non-executive directors,
determined by the board to be
independent in character and
judgment and free from
relationships or circumstances
which are likely to affect, or
could appear to affect, their
judgment.
The Board has considered the
independence of the Company’s
Non-Executive Directors and has
concluded that:
a) William A. Franke, the
Chairman, does not meet the
independence criteria set out in
the Corporate Governance Code,
given that he is the Managing
Partner of Indigo (a significant
Shareholder). However, given
the benefits to the Company of
his recognised experience in the
airline industry, the Board
believes that it is in the
Company’s best interest that
Mr Franke should continue as
Chairman of Wizz Air;
b) Stephen L. Johnson is not
considered to be an independent
Non-Executive Director given his
past position with Indigo; and
c) Andrew S. Broderick, who was
appointed effective from 16 April
2019, is not considered to be an
independent Non-Executive
Director as he is a Managing
Director of Indigo.
In all cases, the Board is
assured that the roles of the
aforementioned Non-Executive
Directors are in no way
compromised of independence
of judgment and character.
Other than William A. Franke,
Andrew S. Broderick and Stephen
L. Johnson, the Company regards
all of its Non-Executive Directors
who are currently serving or have
served on the Board during F25,
Barry Eccleston, Charlotte
Pedersen, Charlotte Andsager,
Enrique Dupuy de Lome Chavarri,
Anthony Radev, Phit Lian Chong
and Anna Gatti, as independent
Non-Executive Directors within
the meaning of “independent”
as defined in the Corporate
Governance Code, and free from
any business or other relationship
that could materially interfere
with the exercise of their
independent judgment.
Accordingly, as an absolute
majority of the Directors are
independent Non-Executive
Directors, the Company complies
with the requirement of the
Corporate Governance Code that
at least half of the board
(excluding the chairman) of a
company with a premium listing
should comprise independent
non-executive directors.
Senior Independent
Non-Executive Director
The Corporate Governance Code
recommends that the Board
should appoint one of its
independent Non-Executive
Directors as the Senior
Independent Non-Executive
Director. The Senior
Independent Non-Executive
Director should be available to
Shareholders if they have
concerns that contact through
the normal channels of the
Chairman or Chief Executive
Officer has failed to resolve a
matter, or where such contact is
inappropriate. In September
2024, Charlotte Pedersen was
appointed as the Company’s
Senior Independent
Non-Executive Director on an
interim basis following a leave of
absence by Barry Eccleston. On
14 March 2025, Ms. Pedersen
was appointed as Senior
Independent Non-Executive
Director on a permanent basis.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
52
Independent
Non-Executive Director
overseeing engagement
with employees
To strengthen workforce
engagement, Wizz Air decided
to appoint an independent
Non-Executive Director to
oversee engagement with
employees.
The key purpose of the role is to
ensure that the employee voice
reaches the boardroom. The
relevant Non-Executive Director
is expected to engage
independently of management
with the Company’s employees
and to report back to the Board
any issues arising which could
affect employees’ ongoing
engagement with the Company.
Dr Anthony Radev was appointed
as the Company’s independent
Non-Executive Director
overseeing engagement with
employees. In that role, Dr
Radev also sits on and reports
regularly to the Sustainability
and Culture Committee. During
F25, Dr Radev attended a
number of engagement events
with employees, as well as
engaging through the Wizz Air
People Council members.
Data on the diversity of the Board and executive management for the year ended 31 March 2025
Gender diversity
Number
of Board
members
Percentage
of the Board
Number
of senior
positions on
the Board
(CEO, SID
and
Chairman)
Number in
executive
management
Percentage
of executive
management
The data on gender and ethnic
diversity of the Board and
executive management was
collected on a confidential and
voluntary self-reporting basis.
Men
7
64%
3
12
67%
Women
4
36%
1
3
20%
Other categories
_
_
_
_
_
Not specified/prefer not to say
_
_
_
_
_
Ethnic background
Number
of Board
members
Percentage
of the Board
Number
of senior
positions on
the Board
(CEO, SID
and
Chairman)
Number in
executive
management
Percentage
of executive
management
Wizz Air is fully committed to
promoting equality and
diversity to enhance decision
making, which is crucial for the
long-term success of Wizz Air
and its stakeholders. The
Company’s commitment to
diversity is set out in the
Sustainability and TCFD
Reports. The Board is mindful
of the Listing Rule
requirements in relation to
gender and ethnic diversity of
the Board and executive
management. The targets set
out in LRs 9.8.6R (9)(a)(i), (ii)
and (iii) have not been met in
respect of gender diversity.
Ethnic diversity has been met.
While diversity criteria are
taken into consideration during
recruitment processes,
decisions are subject to the
principle of merit. Addressing
diversity remains a priority for
the Nomination and
Governance Committee in F25.
White British or other White
(including minority White
groups)
10
91%
3
14
93.33%
Mixed/multiple ethnic groups
_
_
_
_
_
Asian/Asian British
1
9%
_
1
_
Black/African/Caribbean/Black
British
_
_
_
_
_
Other ethnic group, including
Arab
_
_
_
_
_
Not specified/prefer not to say
_
_
_
_
_
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
53
Senior management team
The Group Chief Executive Officer and the senior management team are responsible for managing the
Group’s business and implementing the Group’s strategy on a day-to-day basis.
As of 1 April 2025, the Group’s senior management team, in addition to the Group Chief Executive Officer,
comprises:
Wizz Air Hungary Ltd*.:
Name
Position
Michael Delehant
Senior Chief Operations and Commercial Officer
Ian Malin
Chief Financial Officer
Michael Berlouis
Financial Operations Officer
Owain Jones
Chief Corporate Affairs Officer
Diarmuid O'Conghaile
Chief Operations Officer
Silvia Mosquera
Commercial Officer
Krzysztof Krolak
Central Operations Officer
Ervin Banyai
Digital Officer
Yvonne Moynihan
Corporate and ESG Officer
Piotr Trawka
Network Officer
Roland Tischner
Managing Director
*The above officer positions are all group level positions. They are listed under Wizz Air Hungary Ltd corresponding to the headquarters
location.
Wizz Air UK Limited:
Name
Position
Marion Geoffroy
Managing Director
Wizz Air Abu Dhabi Ltd.:
Name
Position
Johan Eidhagen
Managing Director
Wizz Air Malta Ltd.:
Name
Position
Mauro Peneda
Managing Director
Michael Delehant, Senior Group Chief Operations and Commercial Officer
Mr Delehant joined Wizz Air in April 2021 as Chief Operations Officer. Mr Delehant is an American citizen
who has a Bachelor’s degree in Psychology from the University of Michigan, and obtained his MBA from
Southern Methodist University in Dallas. He brings two decades of executive airline experience and a long
track record of leadership, strategy and corporate transformation. After a long career at Southwest Airlines
in the US, he joined Wizz Air from Vueling in Europe. In his last role at Vueling, Mr Delehant was the Chief
Strategy and Network Officer. During the fiscal year, Mr. Delehant was promoted to Senior Chief Commercial
and Operations Officer. He has responsibility for Wizz Air Group's operational and commercial activities.
Ian Malin, Group Chief Financial Officer
Mr Malin joined Wizz Air in 2022 with over 24 years of finance experience. Most recently, he served as the
Chief Strategy and Commercial Officer of Unical Aviation in Los Angeles, after ten years as Chief Financial
Officer for the UK-based AJW Group, where he directed overall financial strategy and corporate
development. He also served as CEO of AJW Leasing, the group’s aircraft, engine and component leasing
platform. Prior to AJW Group, Ian served as a Senior Vice President at Seabury Aviation & Aerospace Asia
Limited, an investment bank based in Hong Kong where he opened and developed the firm’s first office in
Asia. Ian also spent eight years in asset finance with the Allco Finance Group of Australia, having joined it as
a tax manager from KPMG. Ian attended New York Law School where he earned his Juris Doctorate and
holds a Bachelor’s degree from Middlebury College in Vermont. Mr Malin has oversight of financial
operations, purchasing and digital functions.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
54
Michael Berlouis, Financial Operations Officer
Mr Berlouis holds a Bachelor’s degree in Economics from the University of Manchester and a Master’s degree
in Finance and Economics from the London School of Economics and Political Science. He has over 16 years
of management experience in aviation and financial services roles including executive management, financial
management, planning and controlling, transformation, labour and union negotiations, redundancy, debt
renegotiation and stakeholder management. Michael joined Wizz Air in 2021 as Managing Director of Wizz
Air Abu Dhabi, later moving to the position of Head of Strategic projects, Interim Head of Financial Planning
and Controlling and was recently promoted to Financial Operations Officer as 1 July 2024. Prior to Wizz Air,
Mr Berlouis was the CFO of Air Seychelles as well as Senior Manager Corporate Strategy at Etihad. Since last
year, Michael is on the board of Firefly Green Fuels.
Diarmuid O’Conghaile, Group Chief Operations Officer
Mr O’Conghaile joined Wizz Air as Managing Director of Wizz Air Malta Ltd. on 1 November 2022. In July
2024 Diarmuid was promoted to Chief Operating Officer to oversee the Group's operational activities and
performance. Mr O’Conghaile has a long background in aviation, having served as Chief Executive of the
Irish Aviation Regulator, 2021–2022, and with Ryanair from 2016–2021 as Chief Executive of Malta Air
(Ryanair Group) and before that Director of Public Affairs. Mr O’Conghaile was General Manager of Strategy,
Pricing & Economic Regulation with the Dublin Airport Authority from 2011–2016. He holds BA Mod, MA and
MLitt degrees from Trinity College Dublin in Economics and a postgraduate diploma in EU Competition Law
from King’s College London. Prior to entering the aviation sector, he worked in a number of industry and
government positions, including with the European Commission and the Irish Department of Finance.
Owain Jones, Group Chief Corporate Officer
Mr Jones joined Wizz Air as General Counsel in September 2010. He was promoted to Chief Corporate
Officer in June 2014 before becoming Managing Director of Wizz Air UK Limited in September 2018 and
Development Officer in September 2021. In his current role from February 2023 he has oversight of
corporate, people matters, together with fleet procurement and fleet finance. Mr Jones is a Solicitor of the
Senior Courts of England and Wales. Having trained at Nicholson Graham and Jones (1994 to 1996),
Mr Jones joined Wilde Sapte (now Dentons LLP) in 1996 as a Solicitor in its aviation group, specialising in
finance and regulatory matters. He spent time in the firm’s Paris and Hong Kong offices before being
appointed a Partner in 2006, following which he spent three years in the firm’s Abu Dhabi office, becoming
acting Managing Partner there. He left the firm in 2009 to spend 18 months training for a frozen air
transport pilot’s licence with CTC Aviation Training. Mr Jones holds a Bachelor of Laws degree from
University College London.
Silvia Mosquera, Group Commercial Officer
Silvia Mosquera holds the role of Commercial Officer. She joined Wizz in July 2023 from her then position as
Chief Commercial and Revenue Officer at TAP Air Portugal. Silvia is a seasoned executive with over 20 years
of experience in the airline industry and consulting to airlines, with leadership roles across commercial
functions including network, revenue management, sales, marketing and customer experience. She started
at Clickair and moved through various commercial roles in the IAG Group (Clickair, Vueling and Iberia
Express), culminating in CCO of Iberia Express. From there, she moved to Avianca, and then most recently
to TAP Air Portugal where she was the Chief Commercial and Revenue Officer responsible for the commercial
area, including pricing and revenue management, distribution, sales, branding and marketing, ancillaries,
customer service and the loyalty programme. She holds a Chemical Engineering degree from Santiago de
Compostela University and postgraduate certifications from APICS (The Educational Society for Resource
Management) and IESE Business School – University of Navarra.
Krzysztof Krolak, Central Operations Officer
Mr Krolak joined Wizz Air in January 2025 as Central Operations Officer. Most recently, he was serving as
Vice President of Technical Operations at LOT Polish Airlines. Prior to this role, Mr Krolak held several
leadership positions, including Technical Director at LOT and Group Operational Program Director at Axtone.
His earlier experience includes a project management role at Pratt & Whitney and technical roles at Hamilton
and Malmö Aviation. Krzysztof holds a Bachelor of Science degree in Aeronautical Engineering.
Yvonne Moynihan, Group Corporate and ESG Officer
Ms Moynihan joined Wizz Air in July 2022 as Corporate Officer, leading the Legal, Regulatory and
Government Affairs functions. She took over ESG in March 2023 and Corporate Communications in July
2024. Ms Moynihan is an Irish lawyer with Law degrees from University College Cork and The Honourable
Society of Kings Inns. She has practised as a litigator in the Irish Courts and held roles as a researcher for
the Irish Superior Courts and the European Court of Justice. Ms Moynihan pivoted into aviation and has a
track record in the low-cost industry, having held legal roles in Ryanair and Vueling, where she held the
position of General Counsel and Board Secretary. The legal, government affairs, corporate and ESG teams
report directly to Ms. Moynihan. In addition to leading those teams, she performs the role of Corporate
Secretary to the Board of Directors.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
55
Ervin Banyai, Group Digital Officer
Mr Banyai joined Wizz Air in February 2024 as a Digital Officer, responsible for e-commerce, data analytics
and automation, IT innovation and infrastructure and cybersecurity functions, reporting to the Company’s
Executive Vice President and Group Chief Financial Officer. Mr Banyai was formerly a member of the
managing board of Raiffeisen Bank Hungary responsible for IT and operations. Prior to this role, Mr Banyai
worked in executive IT roles at various multinational companies including GE Budapest Bank, OTP and
Citibank.
Piotr Trawka, Network Officer
Mr Trawka holds a Master’s degree in Quantitative Methods in Economics and Information Systems from
SGH Warsaw School of Economics. He started his career as Route Network Analyst at EUROLOT, followed by
a Network Planning Specialist at LOT Polish Airlines. He joined Wizz Air in 2016 as Network Development and
Scheduling Manager. In 2018 he was promoted to Senior Network Development Manager and one year later
to Head of Network Development. Since then, he took on multiple leadership roles, the most recent being
Network Officer as 1 October 2024.
Roland Tischner, Managing Director Wizz Air Hungary Ltd.
Mr Tischner joined Wizz Air as Head of Human Resources in November 2011. Between 1998 and 2009
Mr Tischner held various human resource leadership roles at General Electric in Hungary and in the United
States. In 2009 he joined NBC Universal in the United Kingdom as Vice President of Human Resources.
At Wizz Air, following the human resource role, he was appointed to Head of Cabin Operations in 2016, and
four years later to Head of Ground Operations. He was named Officer Wizz Air Hungary Ltd. Operations in
June 2022, responsible for flight, cabin and ground operations, crew training, continuing airworthiness
management organisation as well as safety and compliance. Mr Tischner holds a Bachelor of Arts degree in
Business Studies from Oxford Brookes University.
Marion Geoffroy, Managing Director, Wizz Air UK Limited
Ms Geoffroy joined Wizz Air as Head of Legal and General Counsel in March 2015. Between 2000 and 2011,
Ms Geoffroy held senior leadership roles in the Legal department of Air France-KLM. In 2011, she joined
Verlingue Insurance Brokers where she served as General Counsel for four years. She was appointed Chief
Corporate Officer of Wizz Air in September 2018 overseeing the Legal, Data Protection and Health and
Safety departments. Ms Geoffroy holds a Master of Laws (LLM) from Paris XI University (France), a Lawyer-
Linguist Master from ISIT (Paris, France), a law degree from Philipps University (Marburg, Germany) and a
Master of Laws (LLM) from McGill University Institute of Air and Space Law (Montreal, Canada).
Johan Eidhagen, Managing Director, Wizz Air Abu Dhabi
Mr Eidhagen joined Wizz Air in January 2015 as Head of Brand and Marketing, became Chief Marketing
Officer on 1 February 2016 and was named Chief People Officer on 1 November 2019 and ESG and People
Officer on 1 June 2021. Starting from 1 April 2023, Mr Eidhagen took the position of Managing Director,
Wizz Air Abu Dhabi Ltd. Before joining Wizz Air, Mr Eidhagen built an extensive sales and marketing career
at Nokia, holding several senior global and regional marketing positions. He joined Nokia in 1998 from a
background in retail and was Head of Marketing for the Nordic region until 2004, when he moved to Nokia
HQ in Finland to run global marketing services for the entertainment category. Between 2005 and 2007 he
was based in New York as the Director of Marketing for Nokia Multimedia in North America before returning
to Finland where he was Director and Head of Marketing for the Nokia Nseries category. In 2009 he became
Country Manager for Nokia in Sweden and was appointed Managing Director for the Scandinavian region in
2011. Mr Eidhagen is a native of Stockholm and is a DIHM marketing graduate from the IHM Business
School in Stockholm.
Mauro Peneda, Managing Director of Wizz Air Malta
Mr Peneda joined Wizz Air in 2022 as Head of OCC, and was promoted to Managing Director of Wizz Air
Malta Ltd. as 1 October 2024. Before joining Wizz Air, he served seven years at the LATAM Airlines Group,
where he was most recently the Airports Director of LATAM Brazil. Prior to his time at LATAM, he held
positions with consultancy companies. Mauro holds an MSc in Civil Engineering Instituto Superior Técnico,
Lisbon and an MSc in Complex Transport Infrastructure Systems jointly from Instituto Superior Técnico,
Lisbon and MIT and a Postgraduate Degree in Business Administration from Fundação Dom Cabral, São
Paulo, Brazil.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
56
Attendance at Board meetings
The following table sets out the attendance by Directors at the Board and Committee meetings held during
the 2025 financial year. For completeness, the total for each Director represents the total number of
meetings during the year.
Board
attended/total
Audit and Risk
attended/total
Remuneration
attended/total
Nomination
and
Governance
attended/total
Sustainability
and Culture
attended/total
Safety, Security
and Operational
Compliance
attended/total
Executive Director
József Váradi
7/7
7/7*
9/9*
6/6*
6/6*
6/6*
Non-Executive Directors
William A. Franke
7/7
6/6
Stephen L. Johnson
7/7
9/9
6/6
Barry Eccleston
5/7**
6/9**
4/6**
4/6
Andrew S. Broderick
7/7
6/6
6/6
Charlotte Pedersen
7/7
6/6
Charlotte Andsager
7/7
6/6
6/6
Enrique Dupuy de Lome
Chavarri
7/7
7/7
2/6***
Dr Anthony Radev
7/7
9/9
6/6
Anna Gatti
6/7
7/7
7/9
Phit Lian Chong
7/7
7/7
*
The Executive Director was invited to attend these various Committee meetings to discuss certain matters, but did not have a
vote. Occasionally, Non-Executive Directors also attend meetings of Committees they are not a member of – these cases are
not reflected in this table.
**
Mr. Eccleston took a leave of absence from September 2024 to March 2025.
***
Mr. Dupuy was appointed to the Nomination Committee in September 2024.
Wizz Air Board of Directors
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
57
REPORT OF THE CHAIRMAN OF THE AUDIT AND RISK COMMITTEE
“The Audit and Risk Committee evaluates
and manages financial risks, ensures
accurate reporting and maintains the
integrity of the internal control
environment.”
Enrique Dupuy de Lome Chavarri
Chairman of the Audit and Risk Committee
Introduction
Dear Shareholder,
I am pleased to present the
Audit and Risk Committee (ARC)
Report for the financial year
ended 31 March 2025.
F25 was Wizz Air’s second
consecutive year of generating
profitability and stable cash flow
generation and continued
deleveraging of non-aircraft
related debt obligations. While
our capacity growth was limited
by the engine-related aircraft
groundings, we were able to
protect revenue and markets for
when growth returns. We
focused on optimizing the
business by delivering higher
asset utilisation, cost control,
group restructuring initiatives
and further enhancements to our
hedging policy to deliver this
result. This is despite
unprecedented challenges –
predominantly manifested
through a combination of: a)
engine durability issues; b) a
lack of a reliable supply chain to
support contractual spare engine
obligations; and c) a
manufacturer’s service bulletin
that introduced an engine
inspection programme that
caused approximately 20 per
cent of our fleet to be grounded.
This affected Wizz Air for the
entire fiscal year, creating large
inefficiencies.
In December, Wizz Air signed a
follow on agreement to the 2023
compensation framework
agreement with Pratt & Whitney
that will mitigate the costs of
grounding aircraft through
calendar years 2025 and 2026.
Main functions of the
Audit and Risk Committee
The Audit and Risk Committee
focuses on developing leading
financial policies, practices,
internal controls and risk
management systems, with
consistent evolution to improve
performance and controls as the
Company expands its fleet over
the next decade. Key recurring
topics that the Committee is
focused on are liquidity
management, hedging
strategies, financing,
counterparty risk, cyber risk
management, finance systems,
oversight of Internal Audit, and
our relationship with external
auditors. These are discussed bi-
monthly in the Audit and Risk
Committee meetings and, after
each, I provide a Board update
on the key issues discussed in
our meetings. In addition to the
members of the Audit and Risk
Committee, our meetings are
routinely attended by the Group
Chief Financial Officer, Finance
Operations Officer, Senior
Internal Audit Manager, the
Senior Audit Partner and other
senior members of the External
Audit team from our auditors,
PwC. In addition, other senior
executives are invited to attend
meetings, as required, to provide
the Committee with a deeper
level of insight on relevant
matters.
Membership,
meetings
and
attendance
The Committee consists of three
Non-Executive
Directors,
appointed
by
the
Board
according
to
experience,
commitment and capacity. The
Company
Secretary
acts
as
Secretary to the Committee and
relevant members of the senior
leadership team are invited to
attend meetings.
The Corporate Governance Code
recommends that the Audit and
Risk Committee should comprise
at least three members, who
should
all
be
independent
Non-Executive
Directors,
and
that at least one member should
have
recent
and
relevant
financial experience. During the
financial
year
ended
31 March 2025, the membership
of
the
Committee
comprised
three members:
a)
Enrique
Dupuy
de
Lome
Chavarri (Chairman)
b)
Anna Gatti
c)
Phit Lian Chong
The terms of reference of the
Committee are available at:
https://wizzair.com/en-gb/
information-and-services/
investor-relations/governance/
board-committees
All the members are independent
Non-Executive Directors, have
appropriate knowledge and
understanding of financial
matters, and have commercial
expertise gained in industries
with similar characteristics,
giving the ARC as a whole
competence relevant to the
sector in which the Group
operates. No members of the
Company have links with the
Company’s external auditors.
The Company therefore
considers that it complies with
the Corporate Governance Code
recommendation regarding the
composition of the Committee.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
58
Activities
Risk management
Details of our governance
structure can be found in the
Risk Management section of this
Annual Report. While the Board
is responsible for the Group’s
risk management, the Audit and
Risk Committee supports the
Board in the role of monitoring
the adequacy and effectiveness
of the Group’s systems to ensure
they are effective and operate as
intended. This Committee carries
out the review on behalf of the
Board ensuring that the Board
maintains effective oversight of
financial reporting and risk
management and that it deems
the internal controls to be
sufficient and effective, ensuring
the long-term integrity and
viability of the business. The
day-to-day management of risk
is delegated to the Leadership
Team, which is responsible for
implementing risk management
procedures, ensuring compliance
with these procedures and
reporting back to the Committee
on risk exposures and mitigation
activities.
The Group’s comprehensive
Enterprise Risk Management
(ERM) process, which identifies
and collects risks within our risk
universe and groups them into
risk categories, allows risks to be
analysed for likelihood and
impact. In particular:
▶
each risk identified was
considered in detail in terms
of the inherent risk, existing
mitigating measures and
residual risk, along with a
determination of how each
risk should be dealt with in
accordance with the
Company’s risk appetite;
▶
the resulting risk register
was then used to prepare a
Principal Risk Report. Each
risk owner is required to
review each risk at least
semi-annually;
▶
key members of the
Company’s senior
management team review
the risk register and the
emerging and principal risks
and uncertainties report at
least semi-annually and
share them with the Board;
▶
the Committee, among other
things, approves changes to
the emerging and principal
risks and uncertainties
report, including updates
and consequent mitigating
actions; and
▶
the principal risk report,
once approved by the
Committee, is delivered to
the Board as a whole for
approval.
The Committee reviews the
Company’s risk register twice per
year and assesses whether its
risk management systems
accord with the Financial
Reporting Council’s (FRC)
Guidance on Risk Management,
Internal Control and Related
Financial Business Reporting.
Both at the half-year review and
at the full-year review, the
Committee concluded that the
Company’s risk management
and internal control systems are
in accordance with applicable
guidance. No significant failings
or weaknesses were identified in
the review process.
Climate risks
The Company’s financial
disclosures follow the
recommendations established by
the Task Force on Climate-
related Financial Disclosures
(TCFD), for use by companies in
providing information to
investors and other stakeholders
about their climate-related
financial risks and opportunities.
Since F21 the Company has
been aligning its disclosure with
the recommendations of the
TCFD and during F25 we have
further improved our disclosures.
These improvements versus last
year include amongst others:
▶
the continuous development
of our climate risk
assessment approach and its
effectiveness in supporting
the organisation’s resilience.
We continue to work with
expert sustainability and
climate consultants from
KPMG Hungary who support
our materiality and heat
mapping processes. Climate
risk assessment is a
recurring exercise, and
based on updated scientific
forecasts or new policies, the
risks and their impact
evaluation were revised.
Following qualitative scenario
analysis, based on TCFD
recommendations, the key
risks retained were also
quantified;
▶
the cooperation with third-
party sustainability
consultants Climate Partner
to assess Wizz Air’s
greenhouse gas inventory
and calculate its emissions
(Scope 1, 2 and 3) based on
recognised standards; and
▶
the appointment of a third
party, PwC Hungary, for the
limited assurance of the
Company’s carbon footprint
and greenhouse gas
emissions reporting for F25.
The Company’s ESG team has
also begun preparations to
ensure compliance with the EU’s
Corporate Sustainability
Reporting Directive (CSRD). As
part of that, to expand ESG risk
assessments to the supply chain,
Wizz Air entered into a
partnership with Integrity Next,
a company specialised in third-
party risk and supply chain
sustainability management. This
will help Wizz Air to identify and
manage potential supplier ESG
risks before and after
contracting.
While the Company’s emissions
intensity (emissions per
passenger kilometre) is among
the lowest in the industry and on
that critical metric the Company
leads the industry, as evidenced
by the CAPA sustainability
award, the Board recognises that
more progress needs to be made
to work towards climate
transition planning ensuring we
keep our pace in emissions
reduction in line with set goals.
The Company’s target to reduce
emissions intensity by at least 25
per cent by F30 is supported by
a combination of new technology
adoption, fuel-saving initiatives
and a robust SAF strategy (see
pages 225 to 229 of the
Sustainability Report).
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
59
Cyber Risks Review
The Committee continued to
review regular updates from
management on the Company’s
position with respect to cyber
security and on the actions
implemented or planned to
mitigate cyber risks, even more
so given a continued rise in
cyber activity in the industry and
in the Company’s supply chain.
The Digital Officer provides an
update on cybersecurity at each
Committee meeting, with ad
hoc updates as needed. These
reports provide the Committee
with information on compliance
progress, cyber monitoring and
any notable incidents.
Internal Audit and effectiveness
The purpose of Wizz Air’s
Internal Audit function is to
provide independent, objective
assurance and internal
consulting services designed
to add value and improve
operations of all the entities and
functions within the Group.
The Senior Internal Audit
Manager is responsible for the
proper operation of Wizz Air’s
Internal Audit function and
actively involves outsourced
service provider(s) to perform
mainly assurance projects
and to a limited extent
consulting services.
The Internal Audit Plan
The Senior Internal Audit
Manager prepares a risk-based
plan of internal audits for the
upcoming year, which is
approved by the Audit and Risk
Committee.
This Internal Audit Plan also
covers:
▶
internal audits over
operational processes;
▶
fraud-specific audits to be
performed by the designated
Anti-fraud and Investigations
Manager under the
supervision of the Senior
Internal Audit Manager; and
▶
periodic review of the
Internal Controls over
Financial Reporting (ICFR)
project. The plan is
supervised by the Senior
Internal Audit Manager, who
has direct responsibility to
the Chairman of the
Committee as well as an
administrative reporting line
to the Company’s Chief
Financial Officer.
Each audit and project is
preceded by a detailed scoping
and resource planning exercise
which forms the basis of the
procedures. Following the
completion of an internal audit or
a fraud-specific audit, a report is
compiled which sets out findings,
makes recommendations for
control improvements and
presents the improvement
actions already undertaken by
management. These reports are
submitted and presented to the
Audit and Risk Committee for
discussion, input and approval.
The Chairman subsequently
provides the Board with detail
of the internal audit and fraud
investigation reports completed.
Internal Audit tracks and verifies
that any recommendations as a
result of the Internal Audit Plan
or the external audit work are
being implemented, and reports
back to the Audit and Risk
Committee on the status of
such implementation.
To broaden the perspective of
the Internal Audit function, Wizz
Air has been a member of the
International Association of
Airline Internal Auditors (IAAIA)
since January 2024, to exchange
information on challenges and
best practices. The association
offers many benefits with the
membership, such as an audit
tool licence, airline industry
specific benchmarks, key
Internal Audit department
initiatives across education,
automation and methodology
pillars, and audit plan priorities.
Based on all the interactions
with the Senior Internal Audit
Manager and the reviews of
the internal audit work, the
Committee concluded that
the Company’s Internal Audit
function is effective in the
context of the Company’s overall
risk management system.
Anti-Fraud
Wizz Air’s Anti-Fraud function
continued the development of
its anti-fraud framework to be
aligned with international anti-
fraud requirements and good
practices. These requirements
and good practices were
provided in F23 by EY Hungary
which was commissioned as an
independent consulting service
provider to review and analyse
the Company’s anti-fraud
strategy and related internal
policies. As a result of its
analysis, recommendations
related to the development of
the anti-fraud framework have
been presented and agreed.
The Anti-Fraud and
Investigations Manager functions
as the second line of defence
while monitoring and supporting
other Wizz Air personnel and
departments in ensuring that
business operations and
operational tasks are performed
in alignment with the
established anti-fraud
programme and policy.
To complement the development
of our anti-fraud framework, we
decided to enter the European
Airlines Fraud Prevention Group
and the Anti-Fraud and
Investigations Manager
increased her involvement in the
UK Airlines Fraud Forum as well
to exchange information on
challenges and best practices.
The regular meetings focus on
discussing fraud trends and
exploring methods to counter
or prevent emerging fraudulent
activities.
Reporting procedures and
controls
Management is responsible for
internal controls over financial
reporting for the Group. Each
week, the Board receives an
update on key performance
metrics and each month a
summary of the Group’s financial
results (actual and forecast) is
shared. At least annually, the
Board reviews the strategic plan
for the Company and, following
that strategic review, in a
separate review will review the
mid-term financial plan for the
Company.
The controls over the integrity
of financial reports include,
amongst others, reconciliation of
key balances, variance analysis
to forecast and prior year
results, and review meetings
within the Finance and
Accounting team and with the
respective business owners
including the Leadership Team.
The Annual Report is produced
by the Group Accounting team
based on the reports from
several departments across the
Company, including Investor
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
60
Relations, Financial Planning and
Controlling, Treasury, Internal
Audit, Legal, HR, Corporate
Office, Commercial and
Customer Experience,
Sustainability and Operations.
Their submissions are thoroughly
reviewed prior to inclusion and
independently validated by the
Accounting team and reviewed
by the respective Officers.
The Company has continued to
work to improve its financial
reporting operation with a focus
on digitalisation of manual
transactions allowing higher
pixelation of data and shorter
lead times, leveraging the
opportunities highlighted as part
of the Company’s ICFR project
and some of the best technology
available. During F26, KPMG will
continue to provide consultancy
services regarding ongoing ICFR
projects supporting management
and the Audit and Risk
Committee to maintain effective
oversight on financial reporting,
risk management and effective
internal controls and to prepare
for and adopt the improved FRC
internal control, assurance and
resilience requirements over the
course of F26.
Financial information flow
An annual operating plan (OP) is
produced and monthly results
are reported against this. The OP
is prepared using a bottom-up
approach, determined by a high-
level assessment of market and
economic conditions. Reviews
are performed and ultimately
approved by the Leadership
Team and the Board. The Plan is
also compared to the top-down
Mid-Term Plan that projects the
business’ performance over a
three-year period to March 2028
(MTP) as a sense check.
Management performs a Group
consolidation monthly with a
month-end pack produced that
includes the income statement,
balance sheet analysis along
with key performance indicators
and a cash flow statement for
every quarter end, which are
reviewed by the Leadership
Team and the Board. Actual
results are compared against the
Group’s plan and a monthly
forecast is prepared and
compared against both the plan
and the prior forecast. A
narrative is provided by
management to explain
significant variances.
The Audit and Risk Committee
reviews and approves all interim
and annual financial statements,
as well as the content of the
Company’s Annual Report. The
Company’s external auditors
provide the Audit and Risk
Committee with a briefing on
any issues arising during their
audits. The Committee also
reviews and approves any
regulatory announcements that
are made in connection with
such financial information. It is
only after the Committee’s
approval that statements are put
to the Board as a whole for
approval.
With regard to our reporting
procedures and the financial
controls over these procedures,
the Committee concludes that
the Company produces
comprehensive financial
statements and other financial
reporting and disclosure,
leveraging adequate and
effective reporting processes,
systems and controls.
Assess the Group’s going
concern and viability statements
The Directors must satisfy
themselves as to the Group’s
viability and confirm that they
have a reasonable expectation
that it will continue to operate
and meet its liabilities as they
fall due. The period over which
the Directors have determined it
is appropriate to assess the
prospects of the Group has been
defined as three years, aligned
with the mid term plan. In
addition, the Directors must
consider if the going concern
assumption remains appropriate.
The Committee reviewed
management’s schedules
supporting the going concern
assessment and viability
statement.
These included the Group’s Mid-
Term Plan (MTP) and cash flow
forecasts for the period to
March 2028. The Committee
discussed with management the
appropriateness of the three-
year period, and discussed the
correlation with the Group’s
principal risks and uncertainties
as disclosed on pages 21 to 28.
The feasibility of mitigating
actions and the potential speed
of implementation to achieve any
flexibility required were
discussed. Scenarios covering
events that could adversely
impact the Group were
considered. The Committee
evaluated the conclusions over
going concern and viability
and the proposed disclosures in
the financial statements and
satisfied itself that the financial
statements appropriately reflect
the conclusions.
Relationship with external
auditors
With the completion of the F25
audit, PricewaterhouseCoopers
LLP have been the auditors of
the Company for 18 years
uninterrupted, covering the
years ended 31 March 2008 to
31 March 2025. The Committee
carefully considered the
performance of the external
auditors and the quality and
effectiveness of the external
audit process. In line with the
FRC’s Audit Quality Practice Aid
for audit committees, the
Committee reviewed materials
from independent sources,
including the Adviser Rankings
Guide, to gain additional insights
into the effectiveness and quality
of the external auditors.
As a normal responsibility of the
Audit and Risk Committee, we
have regular correspondence
and discussions with the
engagement partner of the
Group’s external auditors, Mr
Jason Burkitt, of
PricewaterhouseCoopers LLP
(PwC), outside the formal cycle
of Committee meetings.
External audit plan and fees
The Committee approved the
fees to be paid and the external
audit plan for the F25 financial
year and reviewed the reports
of the auditors on the half-year
review and annual audit.
The audit of the F25 financial
statements and the review of the
half-year financial statements
were all completed on time and
to a high standard and
addressed the key issues arising
from the Company’s business
that could have a material
impact on the financial
statements.
The Committee has had a
number of interactions with PwC
during the audit process and has
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
61
obtained feedback from the
Group Finance team on their
performance. Based on this the
Committee noted that PwC’s
focus was aligned to their audit
plan, which the Committee
had previously approved. The
Committee is satisfied that PwC
have appropriately challenged
management, robustly but
constructively, during the audit
process and remained sceptical
in their approach as well as
reporting their findings
transparently to the Committee.
Audit fees further increased in
F25 compared to prior years.
The increase reflects professional
pay inflation rates in the UK and
in Hungary and the growth in
size and complexity of the
Company.
External audit non-audit
services and independence
A primary focus of the
Committee is to ensure the
independence of the Company’s
external auditors. The
Committee reviewed the
independence letter of the
auditors and considered in
particular the non-audit services
performed and the non-audit
fees paid to the external auditors
during the year (see Note 7 to
the financial statements).
The Audit and Risk Committee
was satisfied that non-audit
services and fees did not
compromise the objectivity and
independence of the auditors.
Furthermore, non-audit fees
have been on a declining trend
for several years, both in terms
of their absolute amount and as
a proportion to audit fees. As a
result, non-audit fees earned by
PwC in F25 were materially less
than the audit fees. Details of
non-audit fees paid to the
auditors are set out on page
139.
The last external audit services
tender was conducted in the
summer of 2017, when
PricewaterhouseCoopers LLP
were re-appointed to perform
the external audit for five years
(2018–2022). The Company
confirms compliance with the
provisions of the Statutory Audit
Services for Large Companies
Market Investigation Order 2014
relating to tendering. The
Company tested the market
early again in 2021 and
concluded that PwC will be
proposed to remain as auditors
for F26 and the next tender
process will be scheduled during
2026, to award the auditors in
charge for the year ending
31 March 2028.
Significant matters relating to
the Annual Report
In the course of the preparation
of the Company’s financial
statements, the following issues,
among others, were considered
by the Committee, relying on its
professional and industry
experience, and constantly
challenging management’s
judgment:
▶
The continued uncertainty
around the geopolitical
situation including the
impact on commodity
markets required a review
of the going concern
assumptions and the viability
statement. The Committee
participated in rigorous
reviews and analysis of the
assumptions and
methodologies used by
management in undertaking
the work required to provide
the forecasts to underpin the
going concern and viability
statements. At the
conclusion of this process,
which included frequent
interaction with the
engagement partner of the
external auditors, the
Committee determined that
the positions adopted by
management on these issues
were appropriate.
▶
The review of the hedging
policy for jet fuel pricing and
associated USD foreign
exchange exposure for the
Company. The Board
approved a reinstatement of
its hedging policy in F23 and
this remains in effect. The
Committee is briefed each
time management proposes
adding additional hedges,
including the details of such
hedges, the conformity of
these hedges with policy and
the achieved outcome of any
prior approved hedge
requests. The policy and its
efficacy are reviewed at each
Committee meeting.
▶
The increase in deferred tax
assets resulting from an
intra-group transfer of
aircraft purchase rights and
the different tax rates
applicable for the Malta
subsidiaries of the group.
▶
The cross currency interest
rate swap contracts that are
used to manage currency
risk stemming from US lease
liability exposure, following
the Board’s approval in
October 2024 of a USD
Lease Liabilities Economic
Hedging Policy.
▶
Capital commitments and
financing: the Committee
undertook a detailed review
of the Company’s capital
commitments including the
required repayment of the
Company’s bond in January
2026. The Committee and
the Board of Directors
reviewed in detail the
working capital assessment
led by the Company and
noted that management had
secured, or will generate,
sufficient trading cash flow
over the term covered by the
going concern period to
meet its obligations as they
fall due.
▶
The Committee reviewed
treasury risk management
policies and suggested
enhancements around
controls over counterparty
credit limits.
▶
The Committee reviews the
status of the Company’s
tax returns and tax audits
in the key jurisdictions it
operates in.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
62
▶
The impact of the war in
Ukraine: in February 2022,
the airspace of Ukraine,
Russia and Moldova was
closed until further notice as
a result of the war in
Ukraine. Three of Wizz Air’s
aircraft were stranded in
Kyiv while all of the engines
affixed to these aircraft have
been exported and after due
maintenance rejoined the
Wizz Air fleet as spare
engines effectively utilised in
daily operations. While three
airframes remain grounded
on Ukrainian territory,
management is actively
pursuing all safe options to
facilitate the return of these
assets to support the
Wizz Air fleet while at the
same time carefully
evaluating impairment
calculations should such
efforts be unsuccessful.
▶
The impact of the latest
Israel–Hamas War: The
Committee increased its
scrutiny towards the Group’s
financial forecasts and the
ongoing geopolitical
disruption in Israel and
Palestine and the impact
thereof to the affected
Wizz Air destinations
including Jordan, Egypt
and the Middle East and
the Group’s financial
performance as a whole.
The Committee also considered
whether the Annual Report,
as written by the respective
business or subject matter
owners, taken as a whole,
was fair, balanced and
understandable and whether
it provided the necessary
information for Shareholders to
assess the Company’s financial
position, performance, business
model and strategy. In reaching
its judgment the Committee
reviewed all the issues that
had been raised by both
management and the external
auditors during the audit process
and at other times during the
year and debated whether they
had been fully, fairly and clearly
disclosed and discussed in the
Annual Report. The Committee
also considered whether
appropriate emphasis was
placed on each issue. At the
conclusion of this process the
Committee determined that
the Annual Report taken as a
whole is indeed fair, balanced
and understandable and
recommended it to the Board
for approval.
Other matters considered and
monitored during the year
▶
The Company retired its
$211.6 million pre-delivery
payment (PDP) facility.
▶
The Company’s revised
aircraft delivery and PDP
payment profile with Airbus.
▶
The Company’s credit rating
with Fitch was downgraded
to BB and maintained its
credit rating with Moody’s at
Ba1.
▶
Work continues on anti-fraud
and ICFR matters.
▶
The Committee was
regularly briefed on matters
pertaining to Pratt & Whitney
engine performance
challenges and agreements
negotiated to mitigate the
costs to the Company.
Enrique Dupuy de Lome
Chavarri
Chairman of the Audit
and Risk Committee
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
63
REPORT OF THE CHAIR OF THE SAFETY, SECURITY AND
OPERATIONAL COMPLIANCE COMMITTEE
“Aviation safety is of utmost importance,
particularly during periods when the industry is
under heightened scrutiny. The Committee has
actively promoted the sharing of knowledge and
best practices.”
Charlotte Pedersen
Chair of the Safety, Security and
Operational Compliance Committee
Dear Shareholder,
I am pleased to present the
report of the Wizz Air Safety,
Security and Operational
Compliance Committee for the
year ended 31 March 2025. This
report outlines the various tasks
and initiatives undertaken by
the Committee throughout the
year.
Ensuring safety is central to
Wizz Air’s operations and
remains our utmost priority. In
the current fiscal year, Wizz Air
was delighted to be named as
one of the safest airlines in the
world by AirlineRatings.com – in
the top ten safest low-cost
airlines globally, and top three
in Europe.
Aviation safety is of utmost
importance, particularly during
periods when the industry is
under heightened scrutiny. The
Committee has actively
promoted the sharing of
knowledge and best practices
across its airlines, in alignment
with best industry standards,
and has conducted thorough
reviews of external aviation
events that occurred during the
reporting period in order to
improve internally.
The robust reporting practices
within the organisation reflect a
strong commitment to aviation’s
just culture, enhancing our
confidence in the Company’s
safety management system.
This has been evident from the
standing reports of the AOC
Managing Directors of the
Company at each Committee
meeting.
The Company continued to face
operational disruptions due to
ongoing geopolitical tensions
across its network. In particular,
conflicts in the Middle East
required periodic adjustments to
flight operations to ensure the
safety of passengers and crew.
These disruptions, while
managed proactively,
underscored the persistent
challenges posed by regional
instability and the need for agile
operational planning.
The Committee, in collaboration
with the Senior Chief
Commercial and Operations
Officer, Chief Operations Officer,
Central Operations Officer, the
Operations department, the
Safety, Security and Compliance
Managers, and the Managing
Directors of the AOCs, plays a
crucial role in maintaining the
Group’s impeccable safety
record. The Committee supports
the Board by overseeing the
Group’s policies, practices,
objectives and performance in
relation to safety, security and
operational compliance. This
oversight became particularly
vital during periods of
geopolitical instability, and
during the introduction of a new
aircraft type, namely the Airbus
A321NEO XLR aircraft, which
was inducted into the airline in
May 2025.
The Wizz Air Group comprises
four airlines and Aircraft
Operator Certificates (AOCs)
with individual safety
responsibilities, regulatory
frameworks and reporting
obligations.
The respective AOCs are
regulated by the European Union
Aviation Safety Agency, the UK
Civil Aviation Authority and the
General Civil Aviation Authority
of the United Arab Emirates
(UAE). The Committee carries
out oversight of the effectiveness
of the Group’s safety
management systems and
standards in respect of AOC
structures, facilitating the
Group’s expansion into new
routes and operational areas,
with a rigorous focus on aviation
safety and security, ensuring
compliance with all regulatory
frameworks and maintaining the
highest standards of operational
integrity.
As Chair, I ensure the Board is
regularly updated and that all
Directors are equipped with
relevant safety-related materials
and information. This supports
informed oversight and facilitates
robust knowledge sharing on key
areas including safety, security,
regulatory compliance, and the
performance of the Group’s
Safety Management and
Compliance system.
Membership, meetings
and attendance
• Charlotte Pedersen (Chair)
• Barry Eccleston (Mr. Eccleston
took a leave of absence
between September 2024 and
March 2025)
• Andrew S. Broderick
The Committee consists of
three Non-Executive Directors,
appointed by the Board
according to experience,
expertise and capacity.
The Company Secretary acts
as Secretary to the Committee
and relevant members of the
senior leadership team, and the
different AOCs are invited to
attend meetings.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
64
The terms of reference of the
Committee are available at:
https://wizzair.com/en-gb/
information-and-services/
investor-relations/governance/
board-committees.
The Committee had six meetings
during the year. The Committee
focused on the following
activities:
• received regular updates on
risks related to airspace
security and geopolitical
matters;
• received regular updates on
the measures implemented to
mitigate the grounding of
aircraft as a result of the recall
of Pratt & Whitney engines;
• reviewed security, safety and
compliance aspects of the
Airbus XLR entry into service;
• reviewed new operational
system implementation risk
management;
• reviewed S24 peak summer
review, crew training and
future growth plan
• received regular reports on
safety performance, audit
findings and incidents; and
• received regular updates from
the AOC Managing Directors.
In addition, the Committee
received training and information
on the emergency response
plan.
Key activities
Operational stability
The Committee was pleased to
oversee significant
improvements in the stability of
the Group’s operations, leading
to robust operational results and
ultimately less disruption for its
valued customers. There was
notable improvement in the
completion rate and on time
performance. The Committee
commended the Company’s
internal initiatives to drive
performance, such as Every
Minute Matters and the newly
established ground-handling
academy.
The Company continues to face a
unique challenge as a result of
the engine recall by its engine
supplier, Pratt & Whitney,
leading to the grounding
of aircraft. It is a standing
agenda item in each Committee
meeting to review the
Company’s approach to
managing the system of engine
removals and inspections, as
well as the mitigations
introduced to ensure safe
operations. The Committee also
focused on readiness for
operational growth once the
Pratt & Whitney issues resolve.
Risk management
A key focus for the Committee
was to oversee the security,
safety and compliance review of
the entry into service of the
Airbus XLR aircraft - a new
aircraft type that was inducted
into the fleet. The Committee
was presented with a readiness
plan regarding certification,
systems configuration, crew
efficiency and maintenance
requirements.
The Committee received regular
updates on safety risks and
incidents, including how these
were addressed by the Group
and the respective AOCs. It also
assessed the effectiveness of
risk-mitigation strategies and the
corrective actions implemented
in response to audit findings.
The Committee’s
acknowledgment of the strong
reporting levels to the Board
underscores the Company’s
dedication to safety,
transparency, and fostering a
culture of continuous
improvement. It reflects the
collective commitment to
building a safer and more
resilient aviation environment.
Security challenges
The Committee received regular
updates on the ongoing
monitoring and risk management
efforts concerning physical
security threats, particularly in
light of the Group’s network
proximity to active conflict
zones. During the fall of 2024,
operations to Tel Aviv were
temporarily suspended, with full
operational capacity resuming in
January 2025. Throughout this
period, management consistently
briefed the Committee on
security evaluations and
maintained active coordination
with safety authorities in both
the EU and Israel. The
Committee was fully assured
that the safety of Wizz Air’s
crews and passengers remains
the Company’s highest priority.
The Company continued to
monitor developments in Ukraine
closely, where the airspace
remains closed as of the date of
reporting. The Committee was
briefed on the Company’s
contingency plans for a potential
ceasefire scenario. Engagement
with key Ukrainian stakeholders
— including airport authorities,
the civil aviation authority,
relevant ministries, and air
navigation service providers —
remained ongoing. The
Committee also received regular
updates on security assessments
and operational reviews to
support a safe and timely return
to service when conditions
permit.
Going forward
The Committee will maintain its
focus on the development and
implementation of policies,
standards and processes aligned
with global best practices in the
airline industry, particularly in
view of the Group’s ambitious
expansion into new regions with
diverse safety and regulatory
environments.
In the upcoming financial year,
the Committee will continue with
oversight of safety and security
risks, particularly in light of
ongoing conflicts. In addition, it
plans to assess the operational
and compliance risks associated
with the expected ramp up of
growth following resolution of
the Pratt & Whitney engine
issue.
In closing, I would like to
express my sincere gratitude to
the exceptional people of Wizz —
especially the Group Operations
team, the Training Department,
and AOC management — for
their unwavering commitment to
maintaining a robust operation
and delivering a safe and reliable
service to our customers, despite
the significant challenges posed
by engineering disruptions and
geopolitical developments.
Charlotte Pedersen
Chair of the Safety,
Security and Operational
Compliance Committee
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
65
REPORT OF THE CHAIRMAN OF THE NOMINATION AND
GOVERNANCE COMMITTEE
“Over the past year, the Committee continued
to play a key role in strengthening governance
practices and supporting leadership
development across the Group.”
William A. Franke
Chairman of the Nomination and Governance Committee
Introduction
Dear Shareholder,
I am pleased to present the
Nomination and Governance
Committee Report for the
financial year ended 31 March
2025. Over the past year, the
Committee continued to play a
key role in strengthening
governance practices and
supporting leadership
development across the Group.
While there were no changes to
the overall composition of the
Board during the year, the
Committee approved several
important enhancements to
Board roles and senior leadership
structure.
The Nomination and Governance
Committee assists the Board in
fulfilling its responsibilities
related to Board and senior
management composition. This
includes evaluating the balance
of skills, experience and
knowledge; reviewing Board
structure and effectiveness; and
overseeing succession planning
and appointments. The
Committee makes informed
recommendations to ensure
strong, diverse and future-ready
leadership.
A key achievement was the
appointment of Charlotte
Pedersen as Senior Independent
Non-Executive Director, a move
that not only reinforces the
Board’s governance framework
but also advances the Group’s
diversity objectives. We are
satisfied that the composition of
the Board aligns with the gender
diversity and ethnic
representation objectives
outlined in the UK Listing Rules,
the FTSE Women Leaders
Review, and the Parker Review.
The Committee conducted an
internal evaluation of the
effectiveness of the Board, its
Committees, members and
processes in accordance with
corporate governance standards.
Further details of the reviews,
conclusions and
recommendations can be found
on page 44.
Membership, meetings
and attendance
• William A. Franke (Chairman)
• Charlotte Andsager
• Barry Eccleston (temporarily
absent between September
2024 and March 2025)
• Enrique Dupuy (since
September 2024)
The Committee previously
consisted of three Non-Executive
Directors and now consists of
four, with three of the Directors
being independent. Stephen L.
Johnson attends the Committee
as an observer. The Company
Secretary acts as Secretary to
the Committee and relevant
members of the senior
leadership team are invited to
attend meetings.
The terms of reference of the
Committee can be found at:
https://wizzair.com/en-gb/
information-and-services/
investor-relations/governance/
board-committees.
The Committee had five
meetings during the year
and focused on the following
activities:
• reviewed and approved
changes to the Board
Committees;
• considered and approved
the appointment of a female
Senior Independent Non-
Executive Director
• approved changes to the
senior leadership team and
recruitment of new Officer
appointments;
• commenced an annual Board
review process; and
• considered talent, succession
planning and diversity of the
senior leadership team.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
66
Key activities
Board composition
In accordance with the UK
Corporate Governance Code,
the Committee considered and
proposed a number of changes
to the Board, including the
appointment of Charlotte
Pedersen as Senior Independent
Non-Executive Director.
Between September 2024 and
March 2025 Barry Eccleston took
a leave of absence. As a result a
number of interim changes were
made. Following Mr. Eccleston’s
return, the Board approved a
number of changes:
• Charlotte Pedersen was
appointed as Senior
Independent Non-Executive
Director; and
• Enrique Dupuy was appointed
to the Nomination and
Governance Committee.
Management changes
In ensuring the development
of a solid talent pipeline, the
Committee oversaw the
strengthening of the senior
leadership team. The Committee
recommended to the Board the
restructuring of the senior
leadership team. Consequently,
effective from October 2024,
Michael Delehant was promoted
from Chief Operations Officer to
Senior Chief Commercial and
Operations Officer. Diarmuid
O'Conghaile, previously
Managing Director Wizz Air Malta
Ltd., was promoted to Chief
Operating Officer to oversee the
Group's operational activities and
performance. Mauro Peneda,
Head of Operations Control, was
promoted to Managing Director
Wizz Air Malta Ltd.
The Company welcomed
Krzysztof Krolak as Central
Operations Officer, joining as an
external hire. In addition, there
were three additional internal
promotions to the senior
leadership team. Piotr Trawka,
previously Head of Network
West, was promoted as
Commercial Officer Western and
Southern Europe; Andras Szabo,
previously Head of Network East,
was promoted to Commercial
Officer Central and Eastern
Europe and Middle East; and
Michael Berlouis was promoted
from Head of Controlling to
Financial Operations Officer.
Re-election
In accordance with the UK
Corporate Governance Code
and the Company’s articles,
each Director is required to retire
by rotation and seek election or
re-election annually at the
Company’s AGM. The Board, on
the support of the Committee,
recommends the re-election of
all Non-Executive Directors at
the upcoming AGM. The
Committee and Board are
satisfied that the Non-Executive
Directors have discharged
their duties effectively and
demonstrate the requisite
mix of skills and time
commitment relevant.
External appointments
After a Director is appointed, any
proposed additional external
roles are subject to review by
the Committee. The purpose is
to ensure that these additional
responsibilities will not hinder a
Director’s ability to fulfil their
role within the Company.
The Board also regularly
assesses Directors’ interests and
commitments during Board
meetings. Based on this
evaluation, it has determined
that each Non-Executive Director
has adequate time to fulfil their
duties, considering their external
appointments and commitments.
There were no considerations
this year.
Induction and training
Our standard induction
procedures for newly appointed
Directors involve personalised
meetings with senior executives.
Additionally, Directors visit the
headquarters in Budapest.
The induction programmes are
customised to align with each
Director’s unique background
and experience. These
procedures complement existing
practices, where Non-Executive
Directors engage in relevant
business activities such as
employee interactions, and
participation in brand events.
Diversity and inclusion
Consistent with the Company’s
Diversity and Inclusion Policy,
the Board and Committee are
committed to improving diversity
on the Board and supporting
female representation on the
Board and senior leadership
team. Due consideration is
afforded to all aspects of
diversity, including gender and
social and ethnic backgrounds.
The Committee is mindful of
the recommendations of the
Financial Conduct Authority,
the UK FTSE Women Leaders
Review and the Parker Review.
In line with the Company’s policy
on diversity, new appointments
to the Board will track best
practice guidelines.
The Board has 36 per cent
female representation, two
of whom are Chairs of the
Sustainability and Culture
Committee and the Safety,
Security and Operational
Compliance Committee,
respectively. The Senior
Independent Non-Executive
Director is also a female. The
Board also complies with the
requirement to have at least one
Director reflecting ethnic
diversity. The Committee is
pleased to confirm the latter
objective has been met with the
appointment of Phit Lian Chong.
Diversity and inclusion is
embedded in the senior
management’s incentive
programme; the Committee
recognises the value of broader
diversity including nationality.
With over 100 nationalities
already working for the Company
– and with eight nationalities
represented on the Board and
eight on the Company’s strong
Leadership Team – the
Committee will continue to
ensure that the Company
remains a diverse organisation
that represents the communities
both within the Company and
those we serve.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
67
In March 2025, to celebrate
International Women’s Day,
the Company continued its
Women on Air event, to promote
gender diversity in the aviation
industry and to support and
thank the accomplished female
leaders in various roles within
Wizz Air. The event underscores
Wizz Air’s broader commitment
to fostering diversity and
inclusion.
William A. Franke
Chairman of the Nomination
and Governance Committee
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
68
DIRECTORS’ REMUNERATION REPORT
“The Company’s operational success and
return to solid profitability is founded on the
commitment, resilience, experience and hard
work of the Company’s workforce ... this is
reflected in the Committee’s approach to
remuneration matters.”
Barry Eccleston
Chair of the Remuneration Committee
Introduction
Dear Shareholder,
I am pleased to present the Directors’ Remuneration Report (“DRR”) for the financial year ended
31 March 2025 (F25). This report includes a detailed account of how we implemented the Company’s
Remuneration Policy over the past financial year and the planned policy implementation for the financial year
ending on 31 March 2026 (F26). For ease of reference, the Remuneration Policy as it was presented and
approved by shareholders at the 2024 AGM is also included in full.
F25 was a year of consolidation for the Company. Following last year’s robust financial results, the
Company’s flying capacity remained broadly flat. F25 was the first full financial year affected by the
grounding of 20% of the Company’s fleet as a result of manufacturing issues with IAE engines installed on
Airbus A321NEO aircraft. The delivery of 26 new Airbus A321NEO aircraft during F25 mitigated the effects of
the grounding to a large extent, with Management also deciding to use a small number of wet-leased aircraft
during the summer in 2024 to ensure the Company maintained its strong competitive position in a number
of key markets. Despite the commercial support agreement entered into with IAE which, amongst other
things, compensates some direct costs incurred as a result of the groundings, the lack of growth presented
challenges in dealing with inflationary pressures during F25. On the commercial front, while not as disrupted
as F24, Management also had to reallocate capacity at short notice during the second half of F25 following
the intensification of the Israel-Hamas war, with operations to Israel and a number of surrounding countries
being suspended in early October, and in the case of Israel, re-starting in earnest in mid-January 2025.
Despite the headwinds throughout the year, the Group reported a profit after tax for F25 of €213.9 million.
While maintaining strong liquidity remains a key focus for Management, the Company used its earnings to
continue paying down debt to further strengthen its balance sheet, for example by the early repayment of a
pre-delivery payment financing facility, with a view to regaining investment grade as soon as possible while
preserving strong liquidity. The lack of growth during F25 also allowed Management to focus on further
improving the Company’s operational resilience and will provide a solid foundation for growth as the
Company once again starts to grow in F26. Operational excellence continues to deliver reductions in carbon
emissions intensity and improved sustainability ratings, extending Wizz Air’s lead with the lowest emissions
per passenger kilometre both in Europe and globally.
As a strategy, Management is committed to re-establishing the Company as the most efficient airline
operating in Europe. Ex-fuel unit costs in F25 were adversely affected by a number of factors, primarily
driven by the need to mitigate aircraft groundings. For example, the wet-leased aircraft used to protect key
competitive positions were expensive in the short term, but will benefit the Company in the longer term. In
addition, the grounded aircraft continued to generate costs such as depreciation, which was not offset by
operating capacity, thereby inflating ex-fuel unit costs. Taking all things into account, we believe that
Management has delivered strong results within the Company’s particular context in F25.
However, once again, these results have not resulted in corresponding financial rewards. While the balanced
scorecard used for the F25 STIP has produced a reasonable outcome, the historic LTIP grants made to our
senior management still do not perform, something that will be rectified starting only in 2026, at which point
there will have been no meaningful LTIP outturn for 4 years. Consequently, total remuneration outcomes
remain below our airline peer group, none of which have been subject to so many headwinds in the past few
years.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
69
One of the core principles underpinning the Company’s remuneration schemes is pay for performance, and
this principle has been consistently applied by the Committee over the years. In designing the schemes, the
Committee benchmarks target compensation each year, with the various elements together, including
performance-based elements, to ensure we deliver market-competitive remuneration packages. However,
the various headwinds already discussed – as well as other black swan events such as the COVID pandemic
and the Russia-Ukraine war – have adversely affected the Company’s financial performance, and so the
outcomes of the remuneration schemes for management and employees. Reflecting on the changes made
last year to executive remuneration, the Committee believes they remain appropriate to ensure that
management is appropriately incentivised. As noted in the F24 Directors’ Remuneration Report and as
approved for future grants for the Company’s CEO, the Committee will move the LTIP for F26 to a balanced
approach between performance and restricted awards, which the Committee believes is appropriate in order
to retain its strong executive management team. The Committee also proposes introducing a small pension
benefit for executive management, in line with a change implemented by Management for all other
employees but, other than this, does not propose to make any significant further changes to executive
remuneration this year.
Key activities
“Remuneration outcomes remain below airline peer group due to the
various headwinds that adversely affected the Company’s financial
performance. To address this, the Committee is introducing a
balanced LTIP approach, aligning with changes for all employees and
ensuring competitive remuneration.”
Workforce engagement
The Company’s operational success and return to solid profitability is founded on the commitment,
resilience, experience and hard work of the Company’s workforce and the support and engagement they
show when faced with various geopolitical and supply chain challenges. Management consider that external
challenges, as well as the Company’s journey towards the Wizz500 vision by the end of 2030, mean that the
Company must continue to attract, motivate and retain the most talented employees. The Committee
acknowledged and addressed this need in its approach to all remuneration-related matters. The feedback
survey conducted in F25 has highlighted the need to ensure a predictable and reliable environment for
employees, whether through specific rostering practices or providing compensation when roster
predictability and stability are compromised.
The Committee was pleased to learn that Management confirmed during F25 that a private pension
contribution scheme would, where feasible under local regulations, be introduced throughout the network
and for all employees. As introduced, more than 88% of employees will benefit from this scheme, which
provides matched funding in addition to any mandatory contributions required by law. The Committee once
again considers it important to recognise the contribution of non-management employees, by exercising its
discretion to approve a payout under the Company’s All Employee Bonus Scheme.
Shareholder engagement
At the 2024 Annual General Meeting (AGM) held on 25 September 2024, all resolutions were approved by
Shareholders. While the Board was pleased that the majority of Shareholders approved all AGM proposals,
the Company conducted a consultation exercise following the meeting to solicit further feedback from
Shareholders on the Remuneration Policy, which was supported by 63.32 per cent of votes.
While the Board recognises that the majority of shareholders approved all AGM resolutions, in consultations
following the AGM, the Company recognises that certain shareholders did object to some of the proposed
changes. During these discussions, the management team highlighted the rationale for the adjustments to
the plan to ensure effective incentives for the CEO. The Board believes that the VCP in combination with the
LTIP appropriately rewards management and serves to align the CEO and the wider management team with
the interests of all stakeholders. The Board appreciates the time and engagement of its shareholders during
this process and acknowledges and respects the views expressed by some Shareholders.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
70
Remuneration outcomes for F25
The Committee carefully considered the impact of inflation on employees, recruitment needs, attrition and
the growth opportunities for the Wizz Air Group airlines as well as the specific benchmark data received on
markets where the Company operates. As a result, the Committee endorsed the implementation of several
actions, including:
• Wider workforce
The Committee supported average salary adjustments for the wider workforce, ranging from 0 per cent to
10 per cent based on the region, with further increments determined by role and pay band. In conducting
the salary review, we consistently consider external market benchmarks, both within the aviation sector and
beyond, to ensure our employees are fairly and competitively rewarded. We also take into account internal
factors, such as career progression frameworks and pay structures, as well as external factors including
inflation and broader economic conditions.
• Pilots and Flight Attendants
In addition to the annual salary review, in recognition of the flexibility and resilience of our Crew, the
Company introduced a disrupted roster compensation programme alongside other interventions, which
brought meaningful benefits and a better work-life balance for the wider workforce. Following extensive
discussions with the Hungarian Finance Ministry, the Company successfully negotiated an agreement that
led to a legislative change, effective from 1 January 2024. This change permits tax exemptions on variable
pay in the majority of the operating countries of Wizz Air Hungary Ltd., resulting in net salary gains for the
affected Crew Members and cost savings for the Company.
• All Employee Bonus Plan
Despite not meeting the performance criteria, to recognise the hard work and effort in processing and
mitigating external challenges, the Committee supported Management’s recommendation to award a
discretionary bonus that is proportionate to the average payout to Management under the F25 STIP. It
should be noted that this plan only applies to employees below Head level, and therefore the CEO, the
Senior Management and Head level do not participate in the All Employee Bonus Plan. Management have
also concluded that, as a principle going forward, a payout under the All Employee Bonus Plan should no
longer be based on performance criteria related to share price, but rather, should reflect the average payout
under the applicable STIP, subject to a maximum of 100%.
• CEO and senior management STIP
As disclosed in the F24 Annual Report and Accounts, the Committee decided to re-weight the STIP in the
context of the continuing uncertainty. It decided to emphasise the delivery of strategic measures that will
create value for Shareholders in the long-term, along with individual performance, which together represent
75 per cent of the STIP opportunity. Financial outcomes represented 25 per cent of the opportunity.
For the CEO, in F25 the STIP was subject to a balanced scorecard where 25 per cent of the STIP award was
subject to financial performance, measuring adjusted EBIT margin and CASK excluding fuel. A further 50 per
cent was subject to non-financial performance, measuring utilisation, completion, customer satisfaction and
delivery against ESG objectives. In addition, 25 per cent was subject to an individual performance rating.
The bonus payout as a percentage of the on-target amount was 99.4 per cent. The Committee did not
believe it necessary to exercise discretion on the STIP, and therefore the formulaic outcome was followed.
The Committee have also decided to implement the same structure for the F26 STIP.
The Senior Chief Officer, Chief Officers, Officers and Heads participated in the F25 STIP under the same
performance criteria as the CEO. Again, the Committee did not make any discretionary adjustments to the
payout of these awards and have also concluded that the same structure should apply for the F26 STIP.
• CEO and senior management LTIP
The F22 LTIP was granted for the senior leadership team in 2021. The award was granted to the Senior
Chief Officer, Chief Officers, Officers and Heads; however, the CEO was not eligible for the award at that
time due to his participation in the VCP. The F22 LTIP award was weighted 90% towards share price
performance and 10% based on ESG diversity and emissions targets. During F25, the F22 LTIP vested with
the financial portion of the award lapsing in full, but with 50% of the non-financial portion of the award
vesting. As a result, the final vesting outturn was 5% of the total award.
In the F25 LTIP, the Senior Chief Officer, Chief Officers, Officers and Heads received an LTIP in the form of
100 per cent time vested restricted shares, and for the CEO, a one-off 100 per cent time vested restricted
shares award granted at 300 per cent of salary as approved by shareholders at the 2024 AGM. In line with
the approved new Policy, the award for the CEO will be offset against any future VCP payouts but would not
be subject to performance conditions or underpins.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
71
Remuneration implementation – changes for F26
• CEO base salary
During F24, the Committee aimed to maintain a competitive salary for the CEO in a dynamic market whilst
taking into account the current economic climate, broader stakeholder perspectives, as well as feedback
from investors and proxy advisers.
As a result, in F25 the CEO received a 9 per cent base salary increase on his F24 salary. The salary increase
was determined taking account of relevant comparator data, reflecting the increased breadth and complexity
of the role during a period of significant uncertainty driven by external factors.
The CEO will not receive a base salary increase for F26, and so there is no proposed change from the CEO’s
current €775,000 base salary.
• Company-wide pension (including CEO and Senior Management)
As mentioned, the Company has decided, following feedback from its employees through the WIZZ People
Council and its annual employee engagement survey, to introduce a company-wide private pension
contribution scheme. Under the scheme, the Company will, if requested by an employee, contribute an
additional 1.5% of that employee’s salary to a private pension plan provided that the employee contributes
the same amount. This scheme applies to all employees in almost all countries in which the Company has
operational bases. As such, the CEO and senior management may choose to opt-in to the scheme. The
Committee intends to seek shareholder approval at the 2025 AGM to allow the CEO to participate voluntarily
in the scheme on the same terms as employees.
• CEO and senior management STIP
The Committee intends to maintain the STIP structure for the CEO and senior management in F26 and
continue emphasis on the delivery of strategic measures that will create value for Shareholders in the long
term, and individual performance, which together will represent 75 per cent of the STIP. Financial outcomes
– adjusted EBIT margin and ex-fuel CASK – will continue as metrics and represent 25 per cent of the award.
• CEO VCP and LTIP as well as senior management LTIP
Shareholders will recall that the Committee transitioned in F24 to an LTIP award for the Senior Chief Officer,
Chief Officers, Officers and Heads in the form of 50 per cent performance shares and 50 per cent time
vested restricted shares, an action that was disclosed and explained in the F23 Directors’ Remuneration
Report. Given the continued external pressures for talent, the continuing volatile external environment and
the resulting likely non-performance of LTIP grants for senior management made in prior years, the
Committee determined that the LTIP grant to be made in F25 for the Senior Chief Officer, Chief Officers,
Officers and Heads would be in the form of 100 per cent time vested restricted shares. Although unusual,
the Committee believed this one-off 100 per cent restricted stock award was appropriate given the current
external environment, retention issues and target-setting challenges.
The Committee has reviewed its approach for an LTIP grant for F26. It has concluded that the appropriate
approach is to revert to a split between performance shares and time vested restricted shares, in a 40/60
ratio. The performance options portion of the award will be subject to 100 per cent Relative Total
Shareholder Return (TSR) against selected European airline peers with the restricted shares portion of the
award subject only to continued service conditions.
The CEO will also participate in the annual LTIP on the same basis, as approved by shareholders at the 2024
AGM. In line with the approved new Policy, the award for the CEO would be offset against any future VCP
payouts.
Next steps
We strive for our DRR to be straightforward and transparent when explaining the implementation of our
Remuneration Policy during F25 and our intended implementation for F26. We also remain committed to
continued dialogue with Shareholders, including the investor feedback received following the 2024 AGM. We
trust that we have provided the information our Shareholders need to be able to support this DRR at the
Company’s 2025 AGM.
Our ongoing dialogue with Shareholders and other stakeholders is greatly valued, and as always, we
welcome your feedback on this DRR.
Barry Eccleston
Chairman of the Remuneration Committee
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
72
Membership, meetings and attendance
• Barry Eccleston (Chairman) (6/9)
• Anthony Radev (9/9)
• Anna Gatti (7/9)
• Stephen L. Johnson (interim Chairman) (9/9)
The Committee comprises three Non-Executive Directors, appointed by the Board according to experience,
dedication and capacity. The Company Secretary acts as Secretary to the Committee, and relevant members
of the senior leadership team are invited to attend meetings. Shareholders should bear in mind that Mr.
Eccleston took a leave of absence during F25, hence the lower number of meetings attended, but has now
reassumed his duties as, among other things, Chairman of the Committee.
The Committee had nine meetings during the year and focused on the following activities:
• engaging with Shareholders with regard to low vote outcomes for remuneration resolutions at the 2024
AGM;
• reviewing and recommending base salary increases for management and the CEO for F25;
• reviewing and approving the performance measures for the F25 Short-term Incentive Plan (STIP);
• assessing the performance of each in-flight Long-term Incentive Plan (LTIP) and finalising vesting
outcomes of the LTIP granted during the financial year ended March 2021;
• considering and recommending the conditions of the F25 LTIP for the Senior Chief Officer, Chief Officers,
Officers and Heads;
• considering and approving remuneration packages for new Officer and Chief Officer appointments.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
73
Remuneration at a glance
CEO remuneration
F25 earnings
F26 looking ahead
Base salary
€775,000
€775,000
Short-term
Incentive Plan
(STIP)
Maximum
opportunity
200% of base salary
Performance
metrics
(weightings)
Financial:
Adjusted EBIT margin – 12.5%
CASK ex-fuel (normalised for wet
leases) – 12.5%
Non-financial:
Utilisation – 12.5%
Completion (without extraordinary
events) – 12.5%
Customer satisfaction – 12.5%
ESG (diversity) – 12.5%
Individual rating – 25%
Financial:
Adjusted EBIT margin – 12.5%
CASK ex-fuel (normalised for wet
leases) – 12.5%
Non-financial:
Utilisation – 12.5%
Completion (without extraordinary
events) – 12.5%
Customer satisfaction – 12.5%
ESG (diversity) – 12.5%
Individual rating – 25%
Long-term
Incentive Plan
(LTIP)
Maximum
opportunity
300% of base salary (100% restricted
shares)
500% of base salary (60% restricted
shares and 40% performance shares)
Performance
metrics
(weightings)
Not applicable as award was granted as
100% restricted shares
100% of performance shares portion of
the award will be subject to Relative
Total Shareholder Return (TSR)
Value Creation
Plan (VCP)
Opportunity
One-off award granted in F22 – seven-year performance period with 40% vesting
in year seven, and 20% vesting per year in years eight, nine and ten
Maximum payment of £100 million for delivery of end share price of £119.34
Any value delivered under the VCP will be offset by the value of vested LTIP
awards
Performance
metrics
(weightings)
Increase in share price (90%)
ESG (10%)
Share ownership guidelines
Holding requirement: 400% of base salary
Post-cessation share ownership
guidelines
Holding requirement: 100% of share ownership guideline for one year after
leaving and 50% of share ownership guideline for the second year
What our CEO earned
Performance versus peers (TSR)
How our CEO is aligned with Shareholders
Actual shareholding calculated using number of Ordinary Shares
and a one-year share price average at 31 December 2024.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
74
Remuneration Policy
This Directors’ Remuneration Policy ("DRP") was approved by Shareholders at the Company’s AGM in
September 2024 and is intended to be in place for a period of three years from the 2024 AGM.
How our Remuneration Policy addresses the factors set out in the UK Corporate Governance Code
Clarity
Remuneration
arrangements should be
transparent and promote
effective engagement with
Shareholders and the
workforce.
The Remuneration Committee has incorporated transparency
into the design and delivery of our Remuneration Policy. We
believe our remuneration structure is simple to understand,
both for participants and Shareholders. We aim for disclosure
of the policy and how it is implemented to be in a clear and
succinct format.
Simplicity
Remuneration structures
should avoid complexity
and their rationale and
operation should be easy to
understand.
Our remuneration arrangements for our Executive Director
are simple and easy to understand, comprising fixed pay
(base salary and benefits), a Short-term Incentive Plan
(STIP), Long-term Incentive Plan (LTIP) and a one-off long-
term arrangement in the form of a Value Creation Plan (VCP).
Risk
Remuneration
arrangements should
ensure reputational and
other risks from excessive
rewards, and behavioural
risks that can arise from
target-based incentive
plans, are identified and
mitigated.
The DRP includes a number of points to mitigate.
Potential risks:
• There are defined limits on the maximum opportunity
levels under incentive plans.
• Performance targets are calibrated at appropriately
stretching but sustainable levels.
• The Remuneration Committee has the ability to use
discretion to ensure that a fair and balanced outcome is
achieved, taking into account the overall performance of
the Company and the experience of Shareholders.
• Incentive plans, including the LTIP and VCP, include
provisions to allow malus and clawback to be applied,
where appropriate.
• Recent introduction of in-employment and post-
employment shareholding requirements ensures that there
is an alignment of interests between our Executive Director
and Shareholders that encourages sustainable
performance.
Predictability
The range of possible
values of rewards to
individual Directors and any
other limits or discretion
should be identified and
explained at the time of
approving the policy.
We believe our disclosure is clear to allow Shareholders to
understand the range of potential values which may be
earned under the remuneration arrangements. Our DRP
clearly sets out relevant limits and potential for discretion.
Proportionality
The link between individual
awards, the delivery of
strategy and the long-term
performance of the
Company should be clear.
Outcomes should not
reward poor performance.
A significant proportion of our Executive Director’s potential
reward is linked to performance through the VCP and LTIP
with a clear line of sight between business performance and
the delivery of Shareholder value. The Remuneration
Committee may adjust formulaic outcomes of incentive
arrangements to ensure that a fair and balanced outcome is
achieved, taking into account the overall performance of the
Company and the experience of Shareholders.
Alignment to culture
Incentive schemes should
drive behaviours consistent
with Company purpose,
values and strategy.
The incentive arrangements and the performance measures
used are strongly aligned to those that the Board considers
when determining the implementation success of the
Company’s purpose, values and strategy.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
75
Executive Director Remuneration
The Chief Executive Officer is currently the Company’s sole Executive Director. The Remuneration
Committee believes that the Company’s DRP supports the Company’s ultra-low-cost, high-growth business
model by incentivising senior management, including the Chief Executive Officer, to continue striving to
increase the Company’s cost advantage while improving the customer experience.
In deciding appropriate remuneration levels, the Remuneration Committee takes into account, among other
things, the levels paid at UK FTSE-listed companies, competitor global low-cost carriers and selected fast-
growing companies across Europe. The Remuneration Committee also continues to be cognisant of wider
employee pay in the organisation – particularly during the last year with the cost-of-living crisis.
In the past year, the CEO and management have increased their engagement with employees through
scheduled floor talks, local base visits and the regular scheduled meetings with the People Council, which
represents all employees throughout the Company. In these meetings, feedback on remuneration is tabled
for discussion, and as a result of this, management and employees have been aligning on remuneration
principles in the Company.
Changes to our Director’s Remuneration Policy
Context:
As Shareholders will be aware, a Policy including an extension of the employment agreement of our CEO
József Váradi and amendments to the Value Creation Plan (VCP) to align that programme with József's
contract extension were approved by Shareholders at the 2023 AGM.
Those changes were proposed and implemented against a backdrop of the Company's prior executive
compensation programmes being significantly impaired over several years and rendered ineffective for
future incentive purposes by a series of events beyond the Company's control, including the pandemic and
the war in Ukraine.
Unlike many other airlines, Wizz Air received no government bail-out support during COVID, while the
impact of the hostilities on the Company was uniquely negative due to its pre-war footprint in Ukraine and
Russia, and the ongoing loss of use of the three aircraft trapped in Kiev at the start of the hostilities. At the
time, we were grateful for our Shareholders support, and confident that the new Policy would
comprehensively address the issues.
Unfortunately, the Company has faced enormous and unique challenges from the war which has continued
unabated, the Israel Hamas conflict, and the engineering calamity experienced with respect to the Pratt &
Whitney new-generation aircraft engine (that resulted in the Company grounding 44 of its aircraft (broadly a
fifth of its fleet) and an interruption to the Company's ability to grow and compete).
Consequently, the Committee considered what further changes to remuneration were required and these
changes were proposed and approved by Shareholders at the 2024 AGM. The Committee and the entirety of
the Wizz Air Board strongly believe the revised Policy has been mission-critical to retain József and the wider
Wizz Air leadership team, and deliver industry-leading shareholder and other stakeholder value in these
challenging times.
To address that challenge, during 2024 the Remuneration Committee developed the following proposal,
which was approved by Shareholders at the 2024 AGM:
1. The provision of a one-off restricted share award to the CEO granted 1 October 2024 of 300% of salary
2. From FY26, the introduction of an annual LTIP award for the CEO (60% restricted shares and 40%
performance shares) of 500% of salary
3. The VCP would continue to operate but all LTIP awards (including the one-off award) would be deducted
from any future VCP payout
The Committee believes that this package of measures addressed the immediate gap in long-term
incentives, in order to retain the CEO, and align his pay with that of the senior team, who, on a one-off basis
during F25, received an LTIP award of Restricted Shares. Looking forward, continued LTIP awards
comprising a combination of Restricted Shares and Performance shares will retain the CEO through this
challenging period while motivating him to ensure profitable growth. A similar structure will be applied to the
senior management team during F26.
Notwithstanding current challenges, the Company needs to incentivise entrepreneurial performance to
deliver profitable high growth and so, while VCP remains in place, any vesting under the LTIP would be
offset against any future vesting of the VCP to ensure that pay caps already agreed with the Shareholders
are maintained.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
76
We were fortunate that several of our shareholders made the time to meet with us to understand our initial
thinking and the rationale behind the concepts we were considering. At the core the concepts we discussed
with shareholders and as detailed above were intended to:
• Retain our high performing CEO and his strong leadership team;
• Continue to be clear and simple in their alignment with shareholders' interests;
• Maintain a focus on performance, and
• Ensure we maintain programmes and pay caps already approved by shareholders in prior AGMs.
While these proposals represented further amendments to Wizz Air executive remuneration in a short
number of years, Shareholders were understanding of the macro industry context that required the Board to
act. A full summary of the changes approved at the 2024 AGM is set out in the table below.
Further information on the Company’s rationale and consultation with Shareholders can be found in the 2024
Notice of AGM in the Genera Meetings section of the Investor Relations page of the Company’s corporate
website:
https://www.wizzair.com/en-gb/information-and-services/investor-relations/investors/general-
meetings
Changes to Policy table
Element
Proposed change
to Policy (Policy
approved at
2023 AGM vs
Policy approved
at 2024 AGM)
Implementation from
October 2024
Implementation from
F26 (April 2025)
Rationale for change
Base salary
No change.
€775,000
€775,000
Short-term
Incentive Plan
(STIP)
No change.
200% of base salary
200% of base salary.
Long-term
Incentive Plan
(LTIP)
CEO will be eligible
for awards of up to
500% of base
salary in the form
of performance or
restricted shares,
or a combination
of the two.
One-off award of 300%
of base salary in
restricted shares.
500% of base salary
(60% of the award will
be restricted shares and
40% of the award will be
performance shares).
Ensure we maintain our
focus on performance
and the high profitable-
growth potential we still
see in the future.
Align CEO pay with
amendments proposed
for the executive team –
aligned with our “one
for all” philosophy.
Value-Creation
Plan (VCP)
Any future value
delivered under
the VCP will be
offset by the value
of vested LTIP
awards.
To maintain our focus
on entrepreneurial
growth but also ensure
our current caps on CEO
reward continue to
operate and new
schemes are not
additive to existing VCP
maximum caps agreed
with shareholders.
Policy table: Executive Director
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
77
Element
Purpose and link
to strategy
Operation and
opportunity
Framework used to assess performance
and provisions for the recovery of
sums paid
Base salary
To provide the core
reward for the role.
To attract, retain and
motivate high-calibre
executive
management.
Salaries are reviewed
annually, with any increase
being awarded at the
discretion of the
Remuneration Committee.
The Remuneration
Committee may take into
account a number of factors
in deciding whether an
increase should be made,
including benchmarking
against selected comparator
companies, the individual’s
skills and experience,
internal relativities, and the
Executive’s personal
performance contribution.
The Remuneration Committee will consider the
individual salary of the Executive Director at a
meeting each year.
Benefits
To attract, retain and
motivate executive
management without
paying more than
necessary.
The benefits to the
Executive Director are in
line with those provided to
employees and those
deemed necessary for the
role or job taken. They
include the following:
The Executive Director is
covered by the Company’s
group personal accident
and life assurance cover,
which is in place for all
employees (2x salary).
Free return tickets usable
on the route network of the
Group, consistent with the
number of free tickets
made available for all
employees.
At its discretion, the
Committee may provide
reasonable support for
costs associated with
relocation where required at
Company request, and
other benefits as deemed
necessary by the
Remuneration Committee.
Pension
Not applicable
Not applicable. The
Company does not provide
a pension scheme for the
Executive Director (unless
contributions are required
by law).
Not applicable
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
78
Element
Purpose and link
to strategy
Operation and
opportunity
Framework used to assess performance
and provisions for the recovery of
sums paid
Short-term
Incentive Plan
(STIP)
To incentivise the
successful execution
of the Company’s
business strategy.
To reward the
achievement of
annual financial and
operational goals.
Payments under the STIP
are made in cash and/or
shares, subject to certain
specified performance
requirements as determined
by the Remuneration
Committee and up to a
maximum STIP set as a
percentage of base salary
by the Remuneration
Committee. The maximum
payout is 200 per cent of
base salary. A threshold
level of performance is
specified as 50 per cent of
the at target bonus; if
performance falls below this
level, there will be no
payout for that proportion
of the award.
Performance requirements are determined by
the Remuneration Committee. They are
intended to align the performance of the
Executive Director with the Group’s near-term
objectives of delivering against its strategy.
The Remuneration Committee may exercise its
discretion to ensure that a fair and balanced
outcome is achieved, taking into account the
overall performance of the Company and the
experience of Shareholders.
The STIP is based on a combination of
financial and non-financial measures as
selected by the Remuneration Committee in
any given year. Financial measures would
typically represent no less than 50 per cent of
the weighting.
The annual STIP is subject to malus and/or
clawback in the event of serious misconduct
that could serve as a reason for terminating
the employment for cause, or if the employee
was involved in fraud, dishonesty or other
types of illegal activity. The policy does not
determine the time frame of the malus and/or
clawback.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
79
Long-term
Incentive Plan
(LTIP)
To align the
Executive Director’s
long-term interests
with those of
Shareholders. To
reward strong
financial
performance.
Each year, performance
shares and restricted
shares may be granted.
Awards vest over a three-
year period. Performance
shares are subject to the
achievement of
performance targets over
those three years.
The maximum face value of
annual awards will be 500
per cent of base salary. For
performance shares,
typically 25 per cent of
award value will vest for
threshold performance with
straight-line vesting to
maximum performance.
Performance targets are determined by the
Remuneration Committee and vesting of the
performance shares is subject to performance
targets being met over the performance
period. The performance targets for the LTIP
are based on a combination of financial and
non-financial measures and may include ESG
measures as selected by the Remuneration
Committee in any given year. Financial
measures would typically represent no less
than 50 per cent of the weighting.
The Remuneration Committee may use its
discretion to ensure that a fair and balanced
outcome is achieved, taking into account the
overall performance of the Company and the
experience of Shareholders.
If a participant’s employment ends before the
end of the performance period or, in the case
of restricted shares, the vesting period, any
vested and unvested options will normally
lapse, save in certain “good leaver” scenarios,
although the Remuneration Committee retains
discretion to allow all shares to vest subject to
performance conditions (as applicable).
LTIP awards are subject to malus and/or
clawback in the event of serious misconduct
which could serve as a reason for terminating
the employment for cause, or if the employee
was involved in fraud, dishonesty or other
types of illegal activity.
Value Creation
Plan (VCP)
To retain the Chief
Executive Officer and
deliver Shareholder
value.
One-off award of shares
granted in 2021. Award
vests after a seven-year
period (40 per cent of the
overall award at the end of
year seven and 20 per cent
per year after years eight,
nine and ten).
The award is based on the
following performance
conditions:
• 90 per cent share price;
and
• 10 per cent ESG (5 per
cent based on CO2
emissions reduction
goals; and 5 per cent
based on gender diversity
target).
Maximum payout is capped
at £100 mn. Threshold
payment is £20 mn for
delivery of share price
£77.24. Award payout to be
offset against LTIP award.
ESG criteria are
independent of share price
growth criteria.
Straight line vesting in
between.
The share price related
portion of the VCP award
will pay out at 100 per cent
if the maximum share price
is achieved during two
consecutive quarters before
end-date.
To ensure that vesting outcomes are
consistent with superior Shareholder
experience, the Remuneration Committee has
discretion to adjust the level of vesting
downwards (including, for the avoidance of
doubt, to nil) where it considers that the level
of vesting resulting from applying a
performance condition would not be a fair and
accurate reflection of the performance of the
Company, the Group, any Group member or
the participant and/or such other factors as
the Remuneration Committee may consider
appropriate.
If the participant ceases to be employed by
reason of ill health, injury, disability, death,
retirement with the agreement of the
Remuneration Committee, or for any other
reason at the discretion of the Remuneration
Committee, 40 per cent of the award will vest
as soon as practicable after the cessation date
and 20 per cent in each of the next three
years, to the extent that the performance
conditions have been met. The award will
lapse in all other circumstances.
Malus and clawback may be applied at any
time before an award vests, or for three years
after the seventh anniversary of the grant
date in the following circumstances: material
misstatement of the results of the Company,
errors or inaccuracies or misleading
information leading to an incorrect grant or
vesting of the award, gross misconduct,
material failure of risk management by the
Company, corporate failure (e.g.
administration or liquidation) or any other
circumstance which, in the opinion of the
Remuneration Committee, could have a
significantly adverse impact on the Company's
reputation.
Targets for the STIP and LTIP are continually reviewed to ensure they are appropriate and stretching. The
Remuneration Committee takes into consideration the expected performance of individuals, the current
business environment and other external reference points. The measures used in the STIP are selected to
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
80
reflect the Group’s near-term objectives of delivering against its strategy. With regard to the LTIP,
performance targets are determined regularly by the Remuneration Committee to ensure they align well
with the Company’s long-term strategy and Shareholder interests.
Scenario chart
An illustration of how much the CEO could earn under the Remuneration Policy’s approved LTIP is
demonstrated in the chart below.
The chart above shows the illustration of the application of the Executive Directors' Remuneration Policy for
F26 at minimum, threshold, maximum levels and maximum with 50% share price growth. The one-off
300% award granted in October 2024 has been excluded.
Fixed pay in the chart above utilises the forward looking base salary of €775,000 and assumptions for
benefits and pensions. The figure for benefits and pension aligns with the single figure amount received
during F25.
At a maximum, the Short-Term Incentive is presented as 200 per cent of base salary, 50 per cent of
maximum for target, and 25 per cent of maximum for threshold.
The scenario chart excludes the VCP as the likelihood of any vesting is negligible and in any case the value
under the LTIP awards is offset against the VCP value on a pound for pound basis should it in fact vest. The
annual LTIP award from F26 will be 500 per cent of base salary and the chart above demonstrates both the
restricted shares (60 per cent of the award) and performance shares (40 per cent). Restricted shares
represent 300 per cent of base salary, for threshold, target and maximum the value is consistent as there
are no associated performance conditions. Performance shares represent 200 per cent of base salary at
maximum, threshold figures are 20 per cent of maximum and target is 50 per cent of maximum.
Wider workforce remuneration
How the organisation considered wider workforce pay when developing new Policy for Executive Directors
Wizz Air’s intention is to treat the wider workforce and Executive Directors in the same way and implement
an aligned philosophy from top to bottom. Remuneration for the Company’s senior management team and
wider employee base have all been aligned to the same goals as the CEO under the VCP. The amounts of
the components and vehicles granted vary for the individuals and the levels of positions, but the intended
performance is mirrored from the top to the bottom of the organisation. In relation to the remuneration of
the Executive Directors, employees have had the opportunity to provide feedback through the People
Council.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
81
Non-Executive Director remuneration
The Non-Executive Directors are only paid fees.
Element
Purpose and
link to strategy
Operation and opportunity
Framework used to
assess performance and
provisions for the recovery
of sums paid
Fees
To remunerate
Non-Executive
Directors to
reflect their level
of responsibility.
Each Non-Executive Director receives an annual fee
which is inclusive of one Committee fee. Additional
fees are paid: for chairing Committees; to the
Senior Independent Director; to the Vice Chair; and
to the Director responsible for employee
engagement. Fees for Non-Executive Directors,
other than the Chairman, are determined by the
Chairman and the Executive members of the Board.
Fees for the Chairman are determined by the
Remuneration Committee without the Chairman
being present. In both cases, there is flexibility to
increase fee levels to ensure that they appropriately
reflect the experience of the individual, time
commitment of the role and fee levels in comparable
companies. Non-Executive Directors receive an
additional fee for sitting on more than one
Committee. The Non-Executive Directors will also be
reimbursed for all proper and reasonable expenses
incurred in performing their duties.
Fees are paid in cash and/or shares which are not
subject to performance.
Not applicable; there are no
provisions for the recovery of
sums paid or the withholding
of any payment relating to
fees.
Other Policy items
Recruitment remuneration
On the recruitment of a new Executive Director, the Remuneration Committee seeks to pay no more than is
necessary to attract and retain the best candidate available, within the limits of the approved DRP. The
remuneration package for an incoming Executive Director would reflect the principles set out above,
although the Remuneration Committee believes it serves the interests of the Shareholders to retain an
element of flexibility in its approach to recruitment, to enable it to attract the best candidates. That said, this
flexibility is limited.
The Remuneration Committee may find it necessary to compensate a new recruit for forfeiture of payments
for leaving prior employment. There is no limit to the value of such a buy-out award; however, the
Remuneration Committee will seek to link rewards to performance wherever possible, and mirror the award
being forfeited by the new recruit. The Remuneration Committee may introduce a one-off arrangement as
permitted under Listing Rule 9.3.2.
For the appointment of a new Chairman or Non-Executive Director, fee arrangements will be made in line
with the policy as set out above.
Policy on payment for loss of office
In the event of termination of a service contract or letter of appointment of a Director, contractual
obligations will be honoured in accordance with the service contract or letter of appointment. The CEO has a
fixed-term seven-year contract, in all other cases there are no fixed terms on service contracts. The
Remuneration Committee will take into consideration the circumstances and reasons for departure, health,
length of service and performance. Under this policy, the Remuneration Committee will make any statutory
payments it is required to make. In addition, the Remuneration Committee may agree to payment of
outplacement counselling costs and disbursements (such as legal costs) if considered to be appropriate and
depending on the circumstances of departure.
There are no pre-determined contractual provisions for Directors regarding compensation in the event of loss
of office, save for those listed in the table below.
Details of provision
Executive Director
Non-Executive Directors
Notice period
Six months’ notice by either party.
One month’s notice by either party.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
82
Termination payment
The employing company may
terminate the Executive Director’s
employment with immediate effect by
payment in lieu of notice. The
Executive Director will be paid a sum
equal to six months’ base salary if the
employing company chooses to
enforce the restrictive covenants
referenced below.
Upon termination of employment
other than for cause, the Executive
Director is entitled to a severance
payment equal to six months’ base
salary in addition to any notice pay or
payment in lieu of notice.
Fees and expenses accrued up to
termination only.
Post-Termination covenants
Post-termination restrictive covenants
apply for a period of one year
following termination of employment.
Not applicable.
Under the LTIP and STIP, if an Executive Director leaves, the default position is that no payment will be
made. The Executive Director will be treated as a good leaver in certain circumstances, including ill health,
redundancy, retirement (with agreement of the Company) or death, and other circumstances as determined
by the Committee at their discretion. Executive Directors leaving with good-leaver status will receive a pro-
rated bonus payment as determined under the STIP, and awards under the LTIP will vest on a pro-rated
basis, unless the Remuneration Committee decides otherwise. The pro-rata bonus and LTIP awards shall be
calculated based on the actual period of active employment in the relevant financial year(s). The
achievement of targets shall be reviewed and assessed by, and at the discretion of, the Remuneration
Committee. If good-leaver status is not granted to an Executive Director, all outstanding awards made to
them under the LTIP will lapse.
Discretion, flexibility and judgment of the Remuneration Committee
The Remuneration Committee operates under the DRP, which includes flexibility in a number of areas. These
include:
• the timing of awards and payments;
• the size of an award, within the maximum limits;
• the participants of the plan;
• the performance requirements and maximum percentages of salary to be used for the Short-term
Incentive Plan and the Long-term Incentive Plan from year to year;
• the performance conditions, performance periods and vesting periods for awards under the Long-term
Incentive Plan from year to year;
• the assessment of whether performance requirements and/or conditions have been met;
• the treatment to be applied for a change of control or significant restructuring of the Group;
• the determination of a good/bad leaver for incentive plan purposes and the treatment of awards thereof;
and
• the adjustments, if any, required in certain circumstances (e.g. rights issues, corporate restructuring,
corporate events and special dividends).
Legacy arrangements
The Committee may approve remuneration payments and payments for loss of office on terms that differ to
the terms in the Policy where the terms of the payment were agreed before the Policy came into effect, or
were agreed at a time when the relevant individual was not a Director of the Company. This includes the
exercise of any discretion available to the Committee in connection with such payments.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
83
Annual Report on Remuneration
The Remuneration Committee is responsible for setting the Remuneration Policy for all Executive Directors
and the Chairman, including pension rights and any compensation payments, and recommending and
monitoring the remuneration of the senior managers. Non-Executive Directors’ fees are determined by the
full Board.
A summary of the Remuneration Committee’s terms of reference can be found on our corporate website.
Further details about the Remuneration Committee are set out on pages 35 to 37 of the Corporate
Governance Report.
Barry Eccleston (Chairman), who joined the Committee in September 2020 in the position of Chairman,
remains in post. Stephen L. Johnson was appointed interim Chair on 4 September 2024 and stepped down
as interim chair on 14 March 2025. Both Anthony Radev (effective from 1 September 2022) and Anna Gatti
(effective from 28 January 2022) remained Committee members during F25.
To monitor the consistency between the remuneration of the CEO and his direct reports, the Remuneration
Committee is frequently updated and consulted on any remuneration changes. All external hires and internal
promotions to senior-level positions require the prior approval of the Remuneration Committee on their
future remuneration package. Only after the approval is received can the offer be extended to the candidate.
The Remuneration Committee is also consulted on, and needs to approve, remuneration changes for existing
Senior Executives. This includes salary revisions linked to new market benchmark information as well as
revisions arising from internal organisational changes. József Váradi, Chief Executive Officer, Veronika Jung,
former People Officer who left during F25, Owain Jones, Chief Corporate Officer, and Yvonne Moynihan,
Corporate & ESG Officer and Company Secretary, attended meetings in F25 by invitation, and assist the
Remuneration Committee in its deliberations as appropriate, though they are not present when their own
compensation is discussed.
The Remuneration Committee is advised by WTW, as appointed by the Remuneration Committee. WTW was
re-contracted as remuneration consultant following a competitive tender process in 2020. It attends
Committee meetings as and when required. During F25, WTW received fees based on time and materials
totalling £148,900 for advice to the Remuneration Committee related to the Remuneration Policy,
governance, developments in Executive pay, benchmarking and performance analysis. Besides support on
remuneration advice, no other services were provided by WTW to the Company in F25.
WTW is a member of the Remuneration Consultants Group and, as such, operates voluntarily under the
Remuneration Consultants Group Code of Conduct in relation to executive remuneration consulting in the
UK. The Remuneration Committee is satisfied that WTW offers independent, impartial and objective advice
and brings a high degree of expertise to the Remuneration Committee’s discussions.
Shareholders’ vote on remuneration
At the 2024 AGM the Directors’ Remuneration Policy was supported by 63.32 per cent of Shareholders and
the Directors’ Remuneration Report was supported by 96.03 per cent of Shareholders.
AGM 2024 (during F25) – Directors’ Remuneration Report voting results:
Directors’ Remuneration Policy
Directors’ Remuneration Report
Votes for
11,281,085
63.32%
17,178,448
96.03%
Votes against
6,533,913
36.68%
710,722
3.97%
Total votes
17,814,998
17,889,170
Votes withheld
79,504
374
The Company received Shareholder approval for our Remuneration Policy and Remuneration Report at the
AGM on 25 September 2024. Ahead of the vote, the Chair of the Remuneration Committee and Company
management engaged with key Shareholders through numerous meetings on the Directors’ Remuneration
Policy. We were pleased that the majority of our Shareholders supported both the Remuneration Report and
our new Remuneration Policy, which effectively granted the CEO a one-off award in restricted shares and
from F26 onwards eligibility to be granted an LTIP with a face value of 500 per cent of base salary. The
changes also included an amendment to the VCP plan rules, whereby any value delivered under the VCP will
be offset by the value of vested LTIP awards.
However, the votes of 63.32 per cent in favour of the Policy and 73.89 per cent in favour of the Omnibus
Plan represented less than 80 per cent support, and, as such, the Chair of the Remuneration Committee and
management again met a range of Shareholders within a six-month window following the AGM vote, as
required by the Corporate Governance Code. While the Board recognises that the majority of shareholders
approved all AGM resolutions, in consultations following the AGM, the Company acknowledges that certain
shareholders did object to some of the proposed changes. During the discussions, the management team
highlighted the rationale for the adjustments to the plan to ensure effective incentives for the CEO.
The Board believes that the VCP in combination with the LTIP appropriately rewards management and
serves to align the CEO and the wider management team with the interests of all stakeholders and will
continue to keep the plans under review given the continuing volatile market conditions. The Board
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
84
appreciates the time and engagement of its shareholders during this process and acknowledges and respects
the views expressed by some Shareholders. The Board would like to thank all Shareholders that took part in
engagement and values the feedback and insight it has gained through the process.
Executive Director’s remuneration
Full details of the Chief Executive Officer’s remuneration for F25 and F24 are set out below (in euros):
Single total figure of remuneration table (audited)
József Váradi
Fees and
salary
€
Benefits
€
STIP
€
LTIP
€
Other
€
Pension
€
Total
€
Total fixed
remuneration
€
Total variable
remuneration
€
F25
775,000 22,291 770,727
— 2,325,000
1,570 3,894,588
798,861
3,095,727
F24
710,534 23,000 660,868
—
—
1,530 1,395,932
735,064
660,868
Base salary
There was no increase to this figure during F24, and the Chief Executive Officer’s salary remained at
€710,534. In F25, the CEO received a 9 per cent base salary increase to €775,000.
Short-term Incentive Plan F25 – audited
The Committee implemented a balanced scorecard methodology of F25 STIP targets, which incorporates a
healthy ratio between financial, operational, commercial and people metrics. This mix ensures alignment
with the strategic priorities and holistic performance evaluation. A total of 6 KPIs were introduced to
emphasise the delivery of strategic measures that would create value for Shareholders in the long term. This
is in addition to the individual rating – weighted at 25 per cent of the total award – which is aimed at
rewarding individual performance and acting in line with the values of the Company. As part of this balanced
scorecard, financial outcomes – adjusted EBIT margin and ex-fuel CASK – represented 25 per cent of the
award. In addition, 25 per cent has been weighted towards operational performance against utilisation
and completion rates. 12.5 per cent of the total STIP has been based on customer-related indicators
serving as a solid baseline for business performance. The remaining 12.5 per cent – based on ESG and
the percentage of women in Management positions – demonstrates the Company’s commitment to
promoting diversity among the management team.
The entire bonus (both financial and non-financial portions) is subject to a minimum achievement of an
“A” individual rating. More information on the target and achievement result can be found in the table
below.
At target, the STIP pays out the annual base salary of the CEO (i.e. 100 per cent of salary). Threshold
payout is 50 per cent of target and maximum payout is 200 per cent of target. As per the Policy, payout
for performance between threshold and target and between target and maximum has been calculated by
using linear interpolation (straight-line percentage performance). For individual performance, threshold
payout is provided for performance rating “A”, target payout for performance rating “AA”, 150 per cent
payout for performance rating “AAA” and maximum payout for performance rating “1”.
Weighting
Performance
indicators
Threshold
(50% payout)
Target
(100% payout)
Stretched
(150% payout)
Maximum
(200% payout)
Outcome
Formulaic
outcome
25%
Financial performance
12.5%
Adjusted EBIT
margin (%)
12.00%
Straight line between min and max
15.00%
3.00%
—%
12.5%
CASK ex-fuel
(normalised for
wet leases)
2.61
Straight line between min and max
2.56
2.87
—%
75%
Non-financial performance
12.5%
Utilisation
12:17
Straight line between min and max
12:43
12:28
14.18%
12.5%
Completion
(without
extraordinary
events)
99.39%
Straight line between min and max
99.50%
99.70%
25.0%
12.5%
Customer
Satisfaction
72%
Straight line between min and max
75%
72.64%
10.27%
12.5%
ESG (diversity)
36.00%
Straight line between min and max
37.00%
37.90%
25.0%
25%
Individual performance1,2
Individual
performance
rating
Rated A
Rated AA
Rated AAA
Rated 1
Rated AA
25.0%
1.
The CEO’s performance is assessed by the Nomination and Governance Committee (between 0 per cent and 200 per cent) and the
payout is approved by the Remuneration Committee. See below this table for details on why the CEO received an “AA” rating in
F25.
2.
Threshold payout requires a performance rating of “A”.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
85
As part of our sustainability commitment, we want to comply as a minimum with the Hampton-Alexander
Review guidelines calling for the need for one-third female Board members and a 40 per cent to 60 per cent
gender split by the end of F26 at management level (Head level and above). As per the current status, we
have 36 per cent female representation among the Board of Directors and 37.9 per cent female
representation at management level. The number of employed nationalities continued to grow, reaching 112
nationalities at the Company level, which Wizz Air is rightly proud of.
The evaluation of the Chief Executive Officer’s personal performance during F25 has primarily been
measured against his response and leadership throughout another challenging year. In F25, Wizz Air faced
significant operational challenges, including the grounding of approximately 20 per cent of its fleet due to
Pratt & Whitney engine issues and geopolitical disruptions affecting key markets. Despite these hurdles, CEO
József Váradi demonstrated effective leadership by securing compensation agreements with engine
suppliers, adjusting fleet strategies through wet and dry leasing, and maintaining a focus on operational
efficiency. Under his guidance, the airline achieved a record 63.4 million passengers in F25 and maintained a
strong load factor of 91.2 per cent. While the Company revised its net income forecast to €125–175 million
due to unforeseen challenges, the Chief Executive Officer’s emphasis on adaptability and strategic planning
ensured that Wizz Air remained resilient, positioning the Company for future growth despite ongoing
industry challenges.
Based on the individual performance demonstrated above, the Chief Executive Officer received a
performance rating of “AA” and therefore achieved 100 per cent of the target against the individual
performance measure, which has a weighting of 25 per cent under the Short-term Incentive Plan. This,
combined with the financial performance set out above, resulted in a 99.4 per cent annual salary payout
(49.7 per cent of maximum).
Benefits (audited)
The Company covered certain accommodation expenses of Mr Váradi amounting to €22,291 and €23,000 in
F25 and F24 respectively.
Long-term Incentive Plan (LTIP) vested during F25 with respect to F24 (audited)
Under the previous Remuneration Policy, when the VCP was introduced in F22 the Chief Executive Officer
was not eligible to receive an LTIP award. As such, there were no awards due to vest in F25 with respect to
F24 for the Executive Director.
Long-term Incentive Plan (LTIP) with respect to F25 (audited)
Under the previous Remuneration Policy, when the VCP was introduced in F22 the Chief Executive Officer
was not eligible to receive an LTIP award. As such, there are no awards due to vest in F26 with respect to
F25.
Other - One-off Long-term Incentive Plan (LTIP) granted during F25 (audited)
Following the approval of the Remuneration Policy at the 2024 AGM, the Chief Executive Director received a
one-off LTIP grant of 300 per cent of base salary in restricted shares, granted on 1 October 2024. The
restricted share award is not subject to underpins or performance conditions. As disclosed in the Notice of
AGM at the time, the intention for this award is to ensure Wizz Air can maintain its focus on performance
and the high profitable-growth potential envisioned for the future, whilst ensuring that the Chief Executive
Officer’s remuneration is aligned with the Company’s “one for all” philosophy.
Pensions
The value of pension contributions in both years represent contributions as required by law.
Payments to past Directors (audited)
No payments were made to past Directors.
Payments for loss of office (audited)
No payments were made for loss of office.
Historical TSR performance1 – value of hypothetical £100 holding
The following performance graph shows the Company’s total shareholder return compared to the FTSE 250
index and the FTSE 100 index, as well as a selection of airlines for the past 10 financial years. TSR is defined
as share price growth plus reinvested dividends.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
86
1.
Growth in the value of a hypothetical £100 holding over nine years, in comparison to the FTSE 250, the airline peer group used for
measurement of relative TSR and the FTSE 100. Data based on one-month average of trading day values. Source: S&P Capital IQ.
This graph is re-based to 100 at the start of the relevant period. As a constituent of the FTSE 250, this index
represents an appropriate reference point for the Company. To provide Shareholders with additional context
we have also included a “TSR Airlines Average” reflecting the TSR of the comparator group used for the TSR
measurement under the LTIP awards, including easyJet, Ryanair, Air France-KLM, Lufthansa, Finnair and
IAG. Information is also included on a comparison to the FTSE 100, given that Wizz Air’s fully diluted market
capitalisation would place it within the FTSE 100 index.
In the tables below we provide a ten-year overview of the Chief Executive Officer’s remuneration and the
change in the Chief Executive Officer’s remuneration compared to that of all employees.
Ten-year overview of Chief Executive Officer remuneration
Financial
year
Executive
Director
Single figure of total
remuneration (€)
Performance STIP
achieved against
maximum possible
LTIP shares vesting
against maximum
possible
F16
József Váradi
1,812,883
95%
n/a
F17
József Váradi
1,240,812
48%
n/a
F18
József Váradi
1,281,304
58%
n/a
F19
József Váradi
4,056,438
26%
100%
F20
József Váradi
2,640,666
26%
50%
F21
József Váradi
1,620,409
0%1
50%
F22
József Váradi
1,771,652
50 %
50%
F23
József Váradi
1,266,511
41%
0%
F24
József Váradi
1,395,932
47 %
0%
F25
József Váradi
3,095,727 2
50%
0%
1.
There were no options vesting in F16–F18 under either the old (ESOP) or the new (LTIP) share option plan. In F21, although
targets were achieved in three out of the four quarters based on the cash targets, management’s recommendation and the
discretionary decision of the Remuneration Committee was to pay no STIP for F21 to the Chief Executive Officer or any other
employee eligible for the scheme. This voluntary decision of the management was in line with the overall industry and Company
performance for the twelve-month relevant period which was heavily impacted by the COVID-19 pandemic and the significant drop
in air traffic.
2.
For F25, the increase to the single figure of total remuneration versus F24, is due to the introduction of the one-off LTIP award
granted to the Chief Executive Officer in F25 (valued at 300% of salary with no performance conditions or underpins attached) as
well as the implementation of the increase in the CEO’s base salary.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
87
Change in the remuneration of the Directors compared to that of all other employees
The table below shows the year-on-year percentage change in salary, benefits and annual STIP for the
Directors, compared to the average earnings of all other Wizz Air employees. This is provided for F25,
between the year ended 31 March 2024 and the year ended 31 March 2025, as well as for F24, F23, F22
and F21.
F25
F24
F23
F22
F21
Salary
and
fees
Benefits1
Annual
STIP
Salary
and
fees
Benefits1
Annual
STIP
Salary
and fees
Benefits1
Annual
STIP
Salary
and
fees
Benefits1
Annual
STIP
Salary
and
fees
Benefits1
Annual
STIP
József Váradi
9%
(3%) 17%
3%
156%
16%
16%
100%
85 %
19 %
0% (100) % (22) %
0%
(100) %
William A. Franke
0%
0%
0%
12%
0%
0%
38%
0%
0%
19 %
0%
0%
(20) %
0%
0%
Stephen L. Johnson
6%
0%
0%
30%
0%
0%
25%
0%
0%
20 %
0%
0%
(21) %
0%
0%
Simon Duffy5
—
—
—
0 %
0%
0% (100%)
0%
0%
9 %
0%
0%
(21) %
0%
0%
Andrew S. Broderick
0%
0%
0%
28%
0%
0%
12%
0%
0%
28 %
0%
0%
(14) %
0%
0%
Barry Eccleston
(32%)
0%
0%
27%
0%
0%
35%
0%
0%
32 %
0%
0%
(27) %
0%
0%
Peter Agnefjäll6
—
—
—
0 %
0%
0% (100) %
0%
0%
(98) %
0%
0%
(26) %
0%
0%
Maria Kyriacou6
—
—
—
0 %
0%
0% (100) %
0%
0%
(78) %
0%
0%
(26) %
0%
0%
Guido Demuynck7
—
—
—
—
—
—
— %
0%
0% (100) %
0%
0%
(83) %
0%
0%
Susan Hooper8
—
—
—
—
—
—
— %
0%
0% (100) %
0%
0%
(87) %
0%
0%
Charlotte Pedersen
6%
0%
0%
24%
0%
0%
14%
0%
0%
60%
0%
0%
0%
0%
0%
Enrique Dupuy de
Lome Chavarri
0%
0%
0%
21%
0%
0%
26%
0%
0%
158%
0%
0%
0%
0%
0%
Charlotte Andsager
0%
0%
0%
31%
0%
0%
21%
0%
0%
148%
0%
0%
0%
0%
0%
Dr Anthony Radev3
(4%)
0%
0%
30%
0%
0%
16%
0%
0%
0%
0%
0%
0%
0%
0%
Anna Gatti4
0%
0%
0%
28%
0%
0%
155%
0%
0%
0%
0%
0%
0%
0%
0%
Phit Lian Chong9
33
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Average pay based
on all employees2
11%
0%
6%
20%
0%
22%
22%
0%
84 %
30 %
0% (100) % (42) %
0%
(100) %
1.
Benefit value change from F24 to F25 for the CEO is explained on page 210. For employees, benefits represent an insignificant part
of the total compensation. The Non-Executive Directors do not receive any benefits.
2.
The average employee figures are based on the average earnings of Group-level employees as Wizz Air Holdings Plc has no
employees.
3.
Joined as of 13 April 2021.
4.
Joined as of 4 November 2021.
5.
Resigned as of 28 January 2022.
6.
Resigned as of 27 July 2021 (did not stand for re-election).
7.
Resigned as of 28 July 2020.
8.
Resigned as of 3 June 2020.
9.
Joined as of 6 July 2023.
In F25; the CEO received a 9.1 per cent salary increase. The STIP payment for F25 resulted in a 17 per cent
increase of the Short-term Incentive Plan for the Chief Executive Officer versus the previous financial year,
which is primarily driven by the increased base salary.
In F21, in line with a commitment towards cost restriction and alignment with stakeholder experience, the
Company’s Non-Executive Directors took no fees for the month of April 2020 and reduced all fees by 15 per
cent between 1 May 2020 and 31 March 2021. During F22, Non-Executive Directors also accepted a
reduction in fees of 7.5 per cent to recognise ongoing cost pressures. At the start of F23, the Committee
decided it was no longer necessary for the fee reduction to be in place and the fees for the Chairman and
Non-Executive Directors were reinstated to the contracted amount. The Remuneration Committee reviewed
and approved a change in fee structure during F23 for the Non-Executive Directors, with an effective date of
1 September 2022. Prior to reductions made in relation to COVID-19, the last time the Non-Executive
Director fees were changed was in F19.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
88
Similar COVID-19 pay-cuts were taken by the wider employee population. The salaries of cabin crew and
office employees (Heads of Functions and below) were restored to pre-reduction levels in January 2021, and
the pilot salary reduction was reversed to the original pre-COVID-19 levels in October 2021. To tackle the
difficult business environment represented by high inflation and the shortage of talent, the management
recommended and got approval for a modest adjustment to base salaries of 5.4 per cent on average across
Senior Chief Officer, Chief Officers, Officers and Heads, and implemented a salary increase for office staff of
13 per cent on average in F23. In F24 for the wider employee population, following the market movements
and considering the different job levels and pay bands, a 3–12 per cent salary increase was implemented on
average depending on region and role. The same principles were followed in F25 with a 0-10 per cent salary
increase implemented for the wider workforce.
Relative importance of spend on pay
There were no dividends or share buybacks in either F25 or F24, and therefore disclosure of “relative
importance of spend on pay” has not been included.
Scheme interests (audited)
The one-off LTIP award granted to the Executive Director of the Company in F25 is as follows:
Date of award
Ordinary shares
Face Value (€)
Share price at
30 September
2024 (£)
Vesting date
Restricted share
options
01-Oct-24
133,957
2,325,000
14.50
01-Oct-27
As set out in the 2024 Notice of AGM, and following Shareholder approval, the CEO was granted a one-off
award in restricted share options valued at 300 per cent of salary on 1 October 2024, with no performance
conditions or underpins attached. The face value of the award has been determined using the share price on
the day prior to the date of granting. The value of the award was converted from EUR to GBP using a
conversation rate of 1 EUR to 0.83543 GBP, which was the conversation spot rate as of 30 September 2024.
Non-Executive Director remuneration
The Chairman and Non-Executive Directors are paid only Directors’ fees. The full details of the annual
compensation of the Non-Executive Directors are set out below:
Single total figure of remuneration table – audited
Salary and fees
€
F25
F24
William A. Franke
336,000
336,000
Stephen L. Johnson
127,238
120,000
Andrew S. Broderick
112,500
112,500
Barry Eccleston
107,094
157,500
Charlotte Pedersen
132,323
125,000
Enrique Dupuy de Lome Chavarri
125,000
125,000
Charlotte Andsager
125,000
125,000
Dr Anthony Radev1
112,500
117,500
Phit Lian Chong3
100,000
75,000
Anna Gatti2
112,500
112,500
Total
1,390,155
1,406,000
1.
Joined as of 13 April 2021.
2.
Joined as of 4 November 2021.
3.
Joined as of 6 July 2023.
The Committee agreed that the basic Non-Executive Director fee would be €100,000 and that all
Committee Chairs would receive an additional €25,000. For secondary Committee membership an
additional fee of €12,500 would be paid. The Senior Independent Director and Vice Chair would receive
an additional €20,000 and the Director responsible for employee engagement would receive €2,500 per
physical employee event attended. The Committee also agreed that fees would be paid quarterly.
During F24 the Committee also reviewed the Chairman fee and agreed that going forward, as Chairman,
William A. Franke will receive a fee of €336,000 (all inclusive) per annum for taking on that role.
In F25, the fees of the Non-Executive Directors remained unchanged.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
89
Total Directors’ remuneration (Executive and Non-Executive)
Total remuneration of Directors for F25 was €5,284,743 (2024: €2,801,932). This is the sum of the total
Chief Executive Officer’s compensation and the total fees paid out to the Non-Executive Directors. The
increase against F24 was mainly driven by the one-off LTIP award for the CEO which was approved by
Shareholders at 2024 AGM.
Our conflict of interest policy prohibits any other employment (for all employees) on top of their
employment at Wizz Air. Therefore, in the case of the Chief Executive Officer, any additional directorship
would require specific permission of the Chairman of the Board. The Chief Executive Officer joined the
board of JetSMART SpA in March 2018 as a Non-Executive Director, with the approval of the Board. The
Chief Executive Officer does not receive any fee for his role as a Non-Executive Director of JetSMART.
Statement of Directors’ shareholdings and share interests (audited)
For Executive Directors, the shareholding requirement is equivalent to 400 per cent of base salary. The
Chief Executive Officer holds a significant shareholding in the Company through a family trust and is also
eligible to participate in the Company’s Value Creation Plan. Wizz Air considers the shareholding
requirement to have been met.
The Company therefore believes that the interests of the Directors are well aligned with those of the
Shareholders. Full details of the Directors’ and their connected persons’ interests in the Company’s shares
as of 31 March 2025 are set out below:
Direct
ownership
Options (performance
measures based)
Options (time
restricted)
Interests1
Director
Number of
Ordinary
Shares
Vested, not
exercised
yet
Unvested2
Unvested2
Number of
Ordinary
Shares
Additional number of
Ordinary Shares (if full
principal of outstanding
Convertible Notes is fully
converted)
William A. Franke
212,917
—
—
—
24,759,645
24,246,715
József Váradi2
1,504,472
—
837,943
133,957
1,504,472
—
Stephen L. Johnson
52,750
—
—
—
—
—
Anthony Radev
17,300
—
—
—
—
—
Andrew S. Broderick
5,090
—
—
—
—
—
Barry Eccleston
5,000
—
—
—
—
—
Charlotte Andsager
4,000
—
—
—
—
—
Charlotte Pedersen
1,435
—
—
—
—
—
Enrique Dupuy de
Lome Chavarri
1,421
—
—
—
—
—
Phit Lian Chong
395
—
—
—
—
—
Anna Gatti
—
—
—
—
—
—
1.
Mr Franke is deemed to be interested in all of the Ordinary Shares held by Indigo Hungary LP, Indigo Maple Hill LP, Indigo Hungary
Management LLC and Bigfork Partners LLC for the purposes of section 96B of the Financial Services and Markets Act 2000. Indigo
Hungary LP and Indigo Maple Hill LP also hold Convertible Notes that, subject to certain conditions, are convertible to Ordinary
Shares of the Company.
2.
Mr Váradi has 837,943 options under the VCP, and 133,957 options under the LTIP.
During F24 the Board began recommending that Non-Executive Directors should invest in the Company
and show support through holding shares in the Company to encourage alignment with Shareholder
values. The recommendation is that Non-Executive Directors should build up their share ownership in
Wizz Air over a three-year period, equal in value to one year’s basic fee. The CEO already has a
significant number of shares over and above the normal requirement.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
90
Application of the Remuneration Policy in F26
Application of the policy: Chief Executive Officer
a) Chief Executive Officer’s base salary
As disclosed within the Remuneration Policy, there will be no increase to the Chief Executive Officer’s base
salary for F26. The base salary will remain at €775,000.
b) Pension
As part of the Company’s continued commitment to fostering long-term financial well-being, a new
voluntary private pension scheme has been introduced for the wider workforce during F26. Under this
scheme, eligible employees may choose to make personal contributions equivalent to 1.5% of their gross
salary. In return, the Company will match this amount with an additional 1.5% employer contribution to
a private pension plan. As such, the CEO and senior management may choose to opt-in to the scheme. The
Committee intends to seek shareholder approval at the 2025 AGM to allow the CEO to voluntarily participate
in the scheme on the same terms as employees.
b) Short-term Incentive Plan
The Chief Executive Officer is eligible to receive a cash bonus of up to 200 per cent of base salary for F26.
The amount payable will depend on the achievement of the Balanced Scorecard:
▶
Financial measures will represent a 25 per cent weighting of the award:
•
underlying profit after tax (12.5 per cent); and
•
CASK ex-fuel normalised for wet leases (12.5 per cent).
▶
Non-financial measures will represent a 75 per cent weighting of the award:
•
utilisation – percentage of how many hours an AC flies per day (12.5 per cent);
•
completion (extraordinary circumstances excluded as per EC 261 Regulation) – percentage of
operated flights compared to total number of scheduled flights (12.5 per cent);
•
customer satisfaction (12.5 per cent);
•
ESG – diversity (12.5 per cent); and
•
individual rating (25 per cent).
There will be a straight line of payment between threshold and over-performance. Payout will be
calculated based on the performance against the above measures, requiring at least an “A” individual
performance rating or higher for payment to be made under the plan. Targets are set on a yearly basis
and were decided at the start of the performance period; they are not yet disclosed due to commercial
sensitivity, but will be disclosed retrospectively in next year’s Remuneration Report alongside the
outcome.
c) Long-term incentive awarded to Chief Executive Officer
The Chief Executive Officer is eligible to receive an LTIP of up to 500 per cent of base salary for F26.
▶
60% of the total LTIP award will be Restricted Options
•
The restricted options portion of the award are not subject to performance conditions or underpins.
▶
40% of the total LTIP award will be Performance Options
•
The performance options portion of the award will be subject to Relative Total Shareholder Return
(TSR). The peer group to measure Wizz Air’s performance against will be selected European airline
peers.
•
The TSR group will consist of the following entities: Ryanair and Easyjet (50 per cent weighting);
AirFrance-KLM, Deutsche Lufthansa, Finnair and IAG (50 per cent weighting). 25 per cent of the
award will vest for median performance and 100 per cent of the award will vest for performance equal
to or exceeding the upper quartile. There will be no vesting for performance below median, and linear
interpolation will apply for performance between the median and upper quartile.
d) VCP awarded to Chief Executive Officer
As referenced in the policy, the one-off VCP award was made during F22 and included an award of
837,943 shares. Any value delivered under the VCP will be offset by the value of vested LTIP awards.
e) Chairman and Non-Executive Directors’ fees
There is no planned increase to the Chairman and Non-Executive Directors’ fees for F26. The
Remuneration Committee has reviewed and benchmarked the fee components and kept a positive
dialogue with the Chairman and Non-Executive Directors with regard to their compensation.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
91
Application of the policy: wider workforce
a) Short-term Incentive Plan (F26)
The performance criteria under the F26 STIP for Heads, Officers, Chief Officers and Senior Chief Officer are
aligned to that of the CEO.
For all employees below Head level, they are eligible for an annual award in cash subject to select
performance criteria.
b) Long-term Incentive Plan (F26)
To ensure consistency of the F26 LTIP across all senior leadership roles, the Committee approved the same
split of 60 per cent restricted shares and 40 per cent performance shares for Head, Officer and Chief Officer
and Senior Chief Officer, in line with that of the Chief Executive Officer.
As the purpose of the LTIP is to prioritise creating long-term shareholder value, for the performance portion
of the award, the Committee has approved a single performance indicator, Relative Total Shareholder Return
(TSR), against select European Airlines. This is consistent with the LTIP measure for the Chief Executive
Officer.
c) Senior Leadership Growth Plan (F26)
Officers, Chief Officers and the Senior Chief Officer are eligible to receive a one-off award in shares under
the SLGP, which was first granted in 2021. The award is subject to a seven-year performance period.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
92
Other disclosures
Chief Executive pay ratio
The table below sets out the Chief Executive Officer to worker pay ratios for the year ended March 2025. The
ratios compare the single total figure of remuneration of the Chief Executive with the equivalent figures for
the lower quartile (P25), median (P50) and upper quartile (P75) UK employees.
We have used the Option A methodology as of 31 March 2025 for the Chief Executive Officer and employees
over the financial year to provide the most accurate comparison. The total FTE remuneration paid during the
year for each employee was calculated on the same basis as the information set out in the “single figure”
table for the Chief Executive on page 85.
In calculating the figures, the following considerations were made:
▶
the single total figure of remuneration of our colleagues was calculated using a year’s worth of
remuneration up to and including the March 2025 payroll;
▶
where employees joined part way through the reporting period, pay was pro-rated to determine the
full-year equivalent; and
▶
this data then identified the employees at the 25th (lower quartile), 50th (median) and 75th (upper
quartile) percentile points.
Pay ratio
Financial year
Method used P25 (lower quartile)
P50 (median)
P75 (upper quartile)
F25
Option A
126:1
97:1
55:1
F24
Option A
49:1
40:1
23:1
F23
Option A
44:1
36:1
22:1
F22
Option A
80:1
59:1
29:1
F21
Option A
80:1
62:1
37:1
For F20 the Company was exempt from reporting pay ratios for that financial year.
The table below summarises the identified employees in 2025:
P25 (lower quartile)
P50 (median)
P75 (upper quartile)
Financial year
Base pay
Total pay
Base pay
Total pay
Base pay
Total pay
F25
€23,245
€30,811
€26,615
€40,178
€40,358
€71,105
F24
€21,711
€28,526
€24,881
€34,544
€34,963
€60,857
F23
€21,121
€28,878
€23,987
€35,231
€31,705
€56,272
F22
€13,479
€24,981
€15,670
€34,022
€43,101
€70,413
F21
€16,269
€24,569
€24,044
€31,587
€36,235
€53,903
Unlike the total remuneration for the majority of employees, total remuneration for the CEO is mostly
dependent on business and share price performance over time. As a result, our ratios in the future may vary
from year to year subject to the number of shares vesting in the given financial year. The Remuneration
Committee considers the median ratio to be representative of the pay and progression policies at the
Company. For F25, the calculations reflect the introduction of the one-off LTIP award granted to the Chief
Executive Officer in the year (valued at 300% of salary with no performance conditions or underpins
attached) as well as the implementation of the increase in the CEO’s base salary. As a result, there is a
notable increase in the median pay ratio between F24 and F25.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
93
Directors’ service agreements and letters of appointment
Executive Director
Since 2 August 2023, Mr Váradi has had a contract with Wizz Air UK Limited. The Company has the right to
terminate Mr Váradi’s employment with immediate effect by payment in lieu of notice. The service
agreement contains post-termination restrictive covenants preventing Mr Váradi from competing with the
Company or any of its business partners in the EU as well as those non-EU countries where the Wizz Air
Group operates, for a period of one year following the termination of his employment. Mr Váradi will be paid
a sum equal to six months’ base salary if the Company chooses to enforce these restrictive covenants. Upon
termination of employment other than for cause, Mr Váradi is entitled to a severance payment equal to six
months’ salary, in addition to any notice pay or payment in lieu of notice.
Non-Executive Directors
The Company entered into letters of appointment for each Director. Directors are appointed for an initial
term of three years. The Directors must retire by rotation.
Each Non-Executive Director’s appointment may be terminated by the Company or the Non-Executive
Director with one month’s written notice. Continuation of the appointment is contingent on continued
satisfactory performance and re-election at the Company’s Annual General Meetings and the appointment
will terminate automatically on the termination of the appointment by the Shareholders or, where
Shareholder approval is required for the appointment to continue, the withholding of approval by the
Shareholders. Re-appointment will be reviewed annually by the Nomination and Governance Committee.
In accordance with the terms of the letters of appointment, each of the Non-Executive Directors is required
to allocate sufficient time to discharge their responsibilities effectively. Each letter of appointment contains
obligations of confidentiality that have effect both during the appointment and after termination.
On behalf of the Board
Yvonne Moynihan
Corporate Secretary
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
94
DIRECTORS’ REPORT
The Directors present their report and the audited consolidated financial statements for Wizz Air Holdings Plc
(“the Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2025.
Results and dividend
The results for the year are shown on page 104.
The Directors do not recommend the payment of a dividend (2024: nil). The Directors consider that the
existing reserves of the Group can currently best be utilised in supporting the significant planned future
growth of the Group.
Directors
The Directors of the Company who were in office during the year and at the date of signing the financial
statements are listed below:
▶
József Váradi;
▶
William A. Franke;
▶
Stephen L. Johnson;
▶
Barry Eccleston;
▶
Charlotte Pedersen;
▶
Andrew S. Broderick;
▶
Charlotte Andsager;
▶
Enrique Dupuy de Lome Chavarri;
▶
Dr Anthony Radev;
▶
Anna Gatti; and
▶
Phit Lian Chong.
Going concern
Basis of Preparation and Assessment Period
Wizz Air’s business activities, financial performance and financial position, together with factors likely to
affect its future development and performance, are described in the Strategic Report on pages 4 to 28.
Emerging and principal risks and uncertainties facing the Group are described on pages 21 to 28. Note 3 to
the financial statements sets out the Group’s objectives, policies and procedures for managing its capital and
liquidity and provides details of the risks related to financial instruments held by the Group.
The Directors have reviewed the Group’s latest financial forecasts for a period of 18 months from the date of
approval of the financial statements. This includes considering the Group’s available committed financing for
aircraft and its plans to finance committed future aircraft deliveries (see Note 32) due within this period that
are currently unfinanced and takes into account forecast aircraft groundings given our GTF engine related
supply chain issues and associated compensation to mitigate these issues.
Financial Position and Liquidity
At 31 March 2025, the Group held total cash of €1,736.0 million (including cash and cash equivalents of
€597.5 million, €1,060.2 million in short-term cash deposits and €78.3 million in restricted cash), while net
current liabilities totalled €1,156.5 million (including deferred income of €1,013.3 million) and net assets
amounted to €317.1 million.
The Group’s contractual undiscounted external borrowings comprise: bonds of €500.0 million maturing in
January 2026; €284.7 million in ETS financing from Standard Chartered Bank repayable in March 2026; and
convertible debt with a balance of €25.5 million. In addition, borrowings include a carrying amount of
€5,801.8 million from lease contracts accounted for under IFRS 16 and liabilities related to JOLCO, FTL and
Finance Lease contracts (see Note 23). None of these borrowings contain any financial covenants. Two
ratings agencies, Fitch and Moody’s, issued updates during the third quarter with Fitch updating Wizz Air’s
credit rating to BB+ with a stable outlook, while Moody’s issued a Ba1 rating with a negative outlook.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
95
Aircraft Financing and Planning Horizon
The Group operates using a three-year planning cycle. Aircraft deliveries represent the Group’s primary
capital expenditure over the going concern period, which the Group intends to finance through various forms
of sale and leaseback or other fleet financing arrangements, consistent with its past practices. While such
financing remains partially uncommitted, the vendor additionally offers committed backstop financing. This
backstop financing would cover a substantial portion, though not all, of the expenditure if the Group chooses
to utilise it.
Forecasting Approach
The Directors’ enquiries and testing included the review of a base case model projecting the Group’s cash
flows. The base case model is derived from our contracted fleet plan. This was adjusted to reflect aircraft
availability constraints from GTF engine supply chain issues, based on forecasts prepared by the operations
team.
The resulting available fleet was overlaid with a utilisation assumption consistent with actual levels observed
in FY25. A network plan was then applied to which revenue, cost, compensation, working capital and
financing assumptions were layered to develop the base case cash flows.
Downside Scenario
This base case was then flexed to produce a downside forecast that assumes lower demand leading to a
5 per cent reduction in RASK and a 10 per cent higher fuel cost per metric tonne. These assumptions were
modelled cumulatively across the full going concern period. The downside case also excludes any assumed
financing for our currently unfinanced aircraft deliveries (see Note 32). Mitigating actions in relation to the
unfinanced aircraft were also considered in preparation of the downside case.
Key Risk Considerations
In preparing both base and downside forecasts, the Directors considered the emerging and principal risks
identified including:
▶
Card acquirer risk: The Group receives payment for ticket and ancillary revenue in advance through
arrangements with various card acquirers which are subject to typical capacity and security limits.
These limits were considered in the forecast models.
▶
Geopolitical and operational disruption: The impact of conflicts in Ukraine and Israel was considered,
including the three stranded aircraft in Ukraine (see Note 13). Whilst the Group’s plans include continued
operations to Israel, the potential for reallocating capacity to other routes was assessed and considered
manageable.
▶
Climate and regulatory risk: The Directors considered the impact of higher pricing for ETS levied in
Europe and the UK, as well as CORSIA implementation costs. These were reflected in forecast
assumptions through higher carbon and fuel pricing. The use of sustainable aviation fuel (SAF) was also
considered as part of increased average jet fuel cost assumptions.
The Directors concluded that no material adverse impact on future cash flows is likely to result from these
items. Furthermore, it was assumed that there will be no further significant disruption of the magnitude
experienced in recent financial years.
Conclusion
In this downside scenario, whilst there was a significant reduction in liquidity, headroom on the security
levels of the card acquirer contracts was maintained. After making enquiries and testing the assumptions
against different forecast scenarios, including a severe but plausible downside case, the Directors have
satisfied themselves that the Group is expected to be able to meet its commitments and obligations as they
fall due for a period of at least the next twelve months from the date the Annual Report and Accounts are
approved. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting
in preparing the financial statements.
Subsequent events
Based on the assessment conducted, no material subsequent events were identified that would necessitate
disclosure in the financial statements for the reporting period.
Viability
In accordance with Provision 31 of the UK Corporate Governance Code (2018), the Directors have assessed
the prospects and the viability of the Group over a three-year period to March 2028. The Directors have
determined that a three-year period is appropriate because the Group’s strategic planning process
traditionally covers three years.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
96
Assessment of prospects
The Group’s prospects are assessed by management and the Board primarily through the strategic planning
process. This three-year plan takes into account the current position of the Group, includes a detailed
“bottom-up” annual operating plan for the financial year starting in April of that year and then, based on that
plan, builds a sufficiently detailed forecast for a further two financial years. The Board reviews and analyses
a base plan and a downside plan scenario with sensitivities that vary key parameters around key principal
risks. The scenarios also take account of the volatility of the current macroeconomic environment and
competitive dynamics, and align on the most plausible base plan. The scenarios are also used to generate
risk mitigation plans to deal with any downside, and acceleration plans to capture the upside.
Assessment of viability
The plan considers the existing aircraft order book of the Group and the aircraft deliveries falling due over
the three-year plan period together with their financing. This order book underpins the Group’s planned
growth for several years ahead. The Directors believe that the growth in the fleet can be easily absorbed by
strong demand in existing and new markets based on the Company’s strengths in terms of: 1) the majority
of the Group’s customers being drawn from the younger demographic segments; 2) leveraging the historical
strength of a faster growing Central and Eastern Europe, where travel for work or to visit family and friends
is becoming an increasingly essential feature of life, but at the same time complementing this with a more
focused footprint in the West and expansion further to the Middle East, with this diversification key to buffer
demand shocks in part of the network with the rest of the network; 3) a low cost base offering a sustainable
competitive advantage and allowing the Company to sustain low fares to stimulate demand; and 4) the
agility of the business model designed to allow the airline to adapt its operations rapidly and flexibly and to
serve the most financially and strategically attractive point-to-point connections.
Although the strategic plan reflects management’s and the Directors’ best estimate of the future prospects of
the business, they have also tested the resilience of the business to unfavourable deviations of certain key
variables from the base case scenario. In defining these scenarios, the Directors considered the emerging
and principal risks that could prevent the Group from delivering on its strategy and financial targets, as
summarised on pages 21 to 28 in the Strategic Report.
The Directors concluded that the same trading-related sensitivities to RASK and fuel price that were applied
cumulatively in the going concern assessment were also appropriate to stress test the business in the
context of the viability statement. The basis for this conclusion was that a majority of the emerging and
principal risks identified would result in lower revenues or higher costs, and this combination of sensitivities
appropriately targeted the most material of these areas. Applying the sensitivities cumulatively also
assumed many of these risks could present at the same time which was considered an appropriate approach
to the stress test.
As part of their stress testing for the viability statement, the Directors have assumed that the Group will be
able to continue financing its aircraft deliveries as they fall due, have access to its Eurobond programme —
which was extended in early 2025 — as well as have access to other financial products available to the
Group. The results of this stress testing show that the Group will be able to withstand the impact of the
assumptions used in the stress testing.
Viability statement
Based on this assessment, the Directors have a reasonable expectation that the Group will be able to
continue in operation and meet its liabilities as they fall due over the period to March 2028.
For further information on emerging and principal risks and longer-term viability please refer to pages 21
to 28.
Financial risks
The exposure of the Company to financial risks is explained in Note 3 to the financial statements. The
Group’s financial risk management objectives and policies are described on pages 126 to 134.
Environmental matters
The aviation industry has a responsibility to take steps to minimise its impact on the environment. The
Company’s ultimate goal is to ensure that by choosing to fly with Wizz Air, our customers are making the
greenest choice of air travel available. The Company’s business model is to continuously assess and
implement innovative technologies that decrease our environmental footprint. Further details on
environmental matters are outlined on pages 209 to 242.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
97
Employee matters
Committing to diversity and equal opportunities
The Company treats its existing and potential employees fairly, regardless of anything not related to their
professional abilities and irrespective of their race, gender or age. During the recruitment and selection
process, we evaluate professional factors including experience and qualifications in light of the relevant job
requirements and this principle remains throughout employment with the Company. We expect all of our
colleagues to adhere to these same principles, which are set out in The Wizz Way and our Code of Ethics,
along with the expected standards of behaviour for every member of the WIZZ team.
Employee involvement
The Company places great value on the contributions of its employees and seeks to promote their
involvement in the business wherever possible. The Company keeps employees informed by written
communications and meetings on matters affecting them as employees and on the various factors affecting
the performance of Wizz Air. Employees are encouraged to share feedback.
Further details of employee matters are set out on pages 243 to 278.
Stakeholder engagement
Details of stakeholder engagement can be found on pages 196 to 197.
Disclosure of information to auditors
At the approval date of the financial statements, the Directors confirm that, as far as they are aware, there
is no relevant audit information the Company's auditors are unaware about, and they have taken all the
steps they ought to have taken as Directors to make themselves aware of any relevant audit information
and to establish that the Company’s auditors are aware of that information.
Independent auditors
A resolution for the appointment of the auditors of the Company for the financial year ending 31 March 2025
is to be proposed by the Directors at the forthcoming Annual General Meeting.
Indemnities
The Company maintains Directors’ and Officers’ liability insurance. This insurance provides coverage for the
Directors and Officers protecting them from claims that may be brought against them arising from their
decisions taken when exercising their duties.
Political donations and expenditure
Wizz Air works constructively with all levels of government across its network, regardless of political
affiliation. Wizz Air believes in the right of individuals to engage in the democratic process. However, Wizz
Air itself does not make any political donations and does not incur any political expenditure.
Capital structure
On 29 December 2020, Wizz Air Holdings Plc announced its decision to treat as Restricted Shares certain
Ordinary Shares held by Non-Qualifying Nationals and to issue to such Shareholders Restricted Share
Notices (“Disenfranchisement”). This is because from 1 January 2021 UK nationals are no longer treated as
Qualifying Nationals with regard to ongoing European airline ownership requirements, notwithstanding the
UK-EU Trade and Cooperation Agreement. Therefore, the Board has resolved to exercise its power under the
articles to serve Restricted Share Notices on Non-Qualifying National Shareholders specifying that, from 1
January 2021, in respect of their Restricted Shares they cannot attend or speak or vote at any general
meetings of the Company. The rights to attend (whether in person or by proxy) or to speak at the general
meeting of the Company or to vote on a poll in respect of the Restricted Shares shall vest in the Chairman of
such meeting, who will be a Director who is a Qualifying National. Each such Director will give an irrevocable
undertaking not to vote any such Restricted Shares.
The Board has determined, pursuant to the articles, that the fairest and most appropriate method to
implement the Disenfranchisement is for the same proportion of each Non-Qualifying National’s (including
each UK national’s) shareholding to be designated as Restricted Shares:
▶
a “Qualifying National” includes: (i) EEA nationals; (ii) nationals of Switzerland; and (iii) in respect of
any undertaking, an undertaking which satisfies the conditions as to nationality of ownership and control
of undertakings granted an operating licence contained in Article 4(f) of Regulation (EC) No. 1008/2008
of the European Commission, as such conditions may be amended, varied, supplemented or replaced
from time to time, or as provided for in any agreement between the EU and any third country (whether
or not such undertaking is itself granted an operating licence); and
▶
a “Non-Qualifying National” includes: any person who is not a Qualifying National in accordance with
the definition above.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
98
To protect the EU airline operating licence of Wizz Air Hungary Ltd. and Wizz Air Malta Ltd. (subsidiaries of
the Company), the Board has resolved to continue to apply a disenfranchisement of Ordinary Shares held by
non-EEA Shareholders in the capital of the Company. This will continue to be done on the basis of a
“Permitted Maximum” of 45 per cent pursuant to the Company’s articles of association (“the Permitted
Maximum”). In preparation for the 2023 Annual General Meeting (AGM), on 2 August 2023 the Company
sent a Restricted Share Notice to Non-Qualifying registered Shareholders, informing them of the number of
Ordinary Shares that will be treated as Restricted Shares.
As at 31 March 2025, the Company had 103,396,078 Ordinary Shares of £0.0001 each in issue, each with
one vote. There were no shares held in treasury at that date. The rights and obligations attached to the
Company’s shares are set out in the articles of association. Holders of Ordinary Shares have the following
rights:
a)
subject to any rights or restrictions as to voting attached to any Ordinary Shares, on a show of hands,
each Shareholder present in person shall have one vote, and on a poll each Shareholder present in
person or by proxy shall have one vote for every Ordinary Share he/she holds;
b)
a certificated share may be transferred by means of an instrument in writing, either by the usual
transfer form or in any other form that the Board approves, signed by or on behalf of the person
transferring the Ordinary Shares and, unless the Ordinary Shares are fully paid, by or on behalf of the
person acquiring the Ordinary Shares. Ordinary Shares in uncertificated form may be transferred by
means of the relevant system;
c)
the right to receive dividends on a pari passu basis; and
d)
upon a winding-up, the liquidator may divide amongst the members in specie the whole or any part of
the assets of the Company.
During the 2025 financial year 35,373 new Ordinary Shares were allotted for cash, all on a non-pre-emptive
basis. These were allotted pursuant to the exercise of share options by the employees of the Group.
The aggregate nominal value of the Ordinary Shares allotted for cash in the 2025 financial year was £13.37.
The aggregate cash consideration received by the Company for the allotment of the Ordinary Shares was
£472,867.
Corporate Governance Statement
The Corporate Governance Statement, prepared in accordance with rule 7.2 of the UK Listing Authority’s
Disclosure Guidance and Transparency Rules sourcebook, can be found in the Wizz Air Holdings Plc
Corporate Governance Report on page 35. The Wizz Air Holdings Plc Corporate Governance Report forms
part of this Wizz Air Holdings Plc Directors’ Report and is incorporated into it by this reference.
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
99
Information required by Listing Rule 9.8.4C
In compliance with Listing Rule 9.8.4C, the Company discloses the following information:
Listing Rule
Information required
Relevant disclosure
9.8.4(1)
Interest capitalised by the Group
N/A
9.8.4(2)
Unaudited financial information as required (LR 9.2.18)
Unaudited financial information was
published by the Group in its interim
management statements (for Q1 and
Q3), half-yearly results and
preliminary announcement of results
for the year. There have been no
changes to the unaudited information
previously published.
9.8.4(4)
Long-term Incentive Plans (LR 9.4.3)
See Directors’ Remuneration Report.
9.8.4(5)
Directors’ waivers of emoluments
See Directors’ Remuneration Report.
9.8.4(6)
Directors’ waivers of future emoluments
See Directors’ Remuneration Report.
9.8.4(7)
Non-pro-rata allotments of equity for cash (the Company)
See paragraph headed “Capital
structure” in this report.
9.8.4(8)
Non-pro-rata allotments of equity for cash (major subsidiaries)
N/A
9.8.4(10)
Contracts of significance involving a Director
N/A
9.8.4(11)
Contracts of significance involving a controlling Shareholder
N/A
9.8.4(12)
Waivers of dividends
N/A
9.8.4(13)
Waivers of future dividends
N/A
9.8.4(14)
Agreement with a controlling Shareholder (LR 9.2.2.AR(2)(a))
See Corporate Governance Report.
For and on behalf of the Board
József Váradi
Chief Executive Officer
5 June 2025
Registered number: 103356
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
100
COMPANY INFORMATION
Registered number
103356
Registered office
44 The Esplanade
St Helier
Jersey
JE4 9WG
Secretary
Intertrust Corporate Services (Jersey) Limited
44 The Esplanade
St Helier
Jersey
JE4 9WG
Independent auditors
PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
United Kingdom
Principal bankers
Citibank
Citigroup Centre
25 Canada Square
Canary Wharf
London
E14 5LB
United Kingdom
Share registrar
Computershare Investor Services
(Jersey) Limited
13 Castle Street
St Helier
Jersey
JE1 1ES
Financial public relations
MHP Group
60 Great Portland Street
London
W1W 7RT
United Kingdom
Joint corporate brokers
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
United Kingdom
J.P. Morgan Cazenove
25 Bank Street
Canary Wharf
London
E14 5JP
United Kingdom
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
101
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT
OF THE FINANCIAL STATEMENTS
The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable
law and regulation.
The Companies (Jersey) Law 1991 requires the Directors to prepare consolidated financial statements for
each financial year. Under that law the Directors have prepared the Group financial statements in
accordance with the International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Under the Companies (Jersey) Law 1991, the Directors must not approve the consolidated financial
statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group
and of the profit or loss of the Group for that period. In preparing the consolidated financial statements, the
Directors are required to:
▶
select suitable accounting policies and then apply them consistently;
▶
state whether applicable IFRSs as adopted by the European Union have been followed, subject to any
material departures disclosed and explained in the consolidated financial statements;
▶
make judgments and accounting estimates that are reasonable and prudent; and
▶
prepare the consolidated financial statements on the going concern basis unless it is inappropriate to
presume that the Group will continue in business.
The Directors are responsible for safeguarding the assets of the Group and hence for taking reasonable steps
to prevent and detect fraud and other irregularities.
The Directors are also responsible for keeping proper accounting records that are sufficient to show and
explain the Group’s transactions and disclose with reasonable accuracy at any time the financial position of
the Group and enable them to ensure that the consolidated financial statements comply with the Companies
(Jersey) Law 1991 and the Directors’ Remuneration Report complies with the UK Companies Act 2006 as if
the Company was a UK quoted company.
The Directors are responsible for the maintenance and integrity of the Group’s website. Legislation in the
United Kingdom governing the preparation and dissemination of consolidated financial statements may differ
from legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report and Accounts, taken as a whole, are fair, balanced and
understandable, and provide the information necessary for Shareholders to assess the Group’s financial
position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in the Directors’ Report, confirm that, to the
best of their knowledge:
▶
the Group financial statements, which have been prepared in accordance with IFRSs as adopted by the
European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of
the Group; and
▶
the Strategic Report includes a fair review of the development and performance of the business and the
position of the Group, together with a description of the principal risks and uncertainties that it faces.
In the case of each Director in office at the date the Directors’ Report is approved:
▶
as far as the Director is aware, there is no relevant audit information the Group’s auditors are unaware
about; and
▶
they have taken all the steps they ought to have taken as a Director to make themselves aware of any
relevant audit information and to establish that the Group’s auditors are aware of that information.
On behalf of the Board
József Váradi
Director
5 June 2025
GOVERNANCE
Wizz Air Holdings Plc Annual Report and Accounts 2025
102
ACCOUNTS
AND OTHER
INFORMATION
Wizz Air Holdings Plc Annual Report and Accounts 2025
103
FOR THE YEAR ENDED 31 MARCH 2025
Note
2025
2024
(restated)*
€ million
€ million
Passenger ticket revenue
5,6
2,917.0
2,804.2
Ancillary revenue
5,6
2,350.6
2,268.9
Total revenue
5,6
5,267.6
5,073.1
Staff costs
8
(564.9)
(507.8)
Fuel costs
(1,797.6)
(1,855.7)
Distribution and marketing
(117.8)
(117.1)
Maintenance, materials and repairs
(330.4)
(285.0)
Airport, handling and en-route charges
(1,351.8)
(1,210.1)
Depreciation and amortisation
(966.8)
(755.3)
Other expenses*
(466.6)
(370.0)
Other income*
495.8
465.8
Total operating expenses
(5,100.1)
(4,635.2)
Operating profit
167.5
437.9
Financial income
10
82.1
80.5
Financial expenses
10
(249.5)
(196.7)
Net loss on derivative financial instruments
10
(6.4)
—
Net foreign exchange gains
10
26.0
19.4
Net financing expense
10
(147.8)
(96.8)
Share of net profit of associates
18
—
—
Profit before income tax
19.7
341.1
Income tax credit
11
194.2
24.8
Profit for the year
213.9
365.9
Profit for the year attributable to:
Non-controlling interests
17
(11.9)
(10.7)
Owners of Wizz Air Holdings Plc
225.8
376.6
Other comprehensive (expense)/income – items that may be
subsequently reclassified to profit or loss:
Change in fair value of cash flow hedging reserve, net of tax
28
(35.4)
64.6
Cash flow hedging reserve recycled to profit or loss
28
13.6
22.4
Cost of hedging
28
(32.8)
43.0
Currency translation differences
28
0.6
(0.6)
Share in other comprehensive income from investments
18
—
—
Other comprehensive (expense)/income for the year, net of tax
(54.0)
129.4
Total comprehensive income for the year
159.9
495.3
Total comprehensive income for the year attributable to:
Non-controlling interests
17
(11.8)
(10.8)
Owners of Wizz Air Holdings Plc
171.7
506.1
Basic earnings per share (€/share)
12
2.18
3.64
Diluted earnings per share (€/share)
12
1.78
2.96
*
The Group previously presented net other income for FY24 of €95.8 million. To enhance the presentation this has been split to show
other expenses of €370.0 million and other income of €465.8 million separately on the consolidated statement of comprehensive
income. The composition of other income and expenses is explained in Note 2. There was no impact on net income as a result of
this change in classification.
The Notes on pages 110 to 164 are an integral part of these financial statements.
ACCOUNTS AND OTHER INFORMATION
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Wizz Air Holdings Plc Annual Report and Accounts 2025
104
AT 31 MARCH 2025
Note
31 March 2025
31 March 2024
€ million
€ million
ASSETS
Non-current assets
Property, plant and equipment
13
6,493.0
5,815.0
Intangible assets
14
98.9
92.7
Restricted cash
22
36.3
54.0
Deferred tax assets
15
334.7
109.1
Derivative financial instruments
21
1.8
3.9
Trade and other receivables
20
45.7
37.1
Investments in associates
18
5.7
5.7
Investments in other entities
3.7
1.6
Total non-current assets
7,019.9
6,119.1
Current assets
Inventories
19
271.9
333.6
Trade and other receivables
20
630.4
669.6
Current tax assets
3.2
4.7
Derivative financial instruments
21
10.3
33.0
Restricted cash
22
42.0
55.4
Short-term cash deposits
1,060.2
751.1
Cash and cash equivalents
597.5
728.4
Total current assets
2,615.5
2,575.8
Total assets
9,635.4
8,694.9
Equity attributable to owners of the parent
Share capital
28
—
—
Share premium
28
381.2
381.2
Reorganisation reserve
28
(193.0)
(193.0)
Equity part of convertible debt
28
8.3
8.3
Cash flow hedging reserve
28
(8.0)
13.8
Cost of hedging reserve
28
(13.8)
19.0
Cumulative translation adjustments
28
3.3
2.8
Retained earnings/(Accumulated losses)
188.6
(48.7)
Capital and reserves attributable to the owners of Wizz Air Holdings Plc
366.6
183.4
Non-controlling interests
17
(49.5)
(37.7)
Total equity
317.1
145.7
Non-current liabilities
Borrowings
23
5,070.6
5,159.7
Convertible debt
24
25.2
25.4
Deferred income
26
166.5
147.2
Derivative financial instruments
21
13.4
—
Trade and other payables
25
69.5
97.2
Provisions for other liabilities and charges
29
201.2
144.3
Total non-current liabilities
5,546.3
5,573.8
Current liabilities
Trade and other payables
25
1,038.8
925.2
Current tax liabilities
18.6
37.5
Borrowings
23
1,517.9
1,084.3
Convertible debt
24
0.3
0.3
Derivative financial instruments
21
29.2
0.7
Deferred income
26
1,013.3
797.4
Provisions for other liabilities and charges
29
153.9
130.0
Total current liabilities
3,772.0
2,975.4
Total liabilities
9,318.3
8,549.2
Total equity and liabilities
9,635.4
8,694.9
The Notes on pages 110 to 164 are an integral part of these financial statements.
The financial statements on pages 104 to 164 were approved by the Board of Directors and authorised for
issue on 5 June 2025, and were signed on behalf of the Board by:
József Váradi
Chief Executive Officer
ACCOUNTS AND OTHER INFORMATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Wizz Air Holdings Plc Annual Report and Accounts 2025
105
FOR THE YEAR ENDED 31 MARCH 2025
Share
capital
Share
premium
Reorganisation
reserve
Equity part of
convertible
debt
Cash flow
hedging
reserve
Cost of
hedging
reserve
Cumulative
translation
adjustments
(Accumulated
losses)/
Retained
earnings
Total
Non-
controlling
interest
Total
equity
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Note
28
28
28
28
28
28
28
28
17
Balance at 1
April 2024
— 381.2
(193.0)
8.3
13.8
19.0
2.8
(48.7) 183.4 (37.7) 145.7
Comprehensive
income/
(expense):
Profit/(loss) for
the year
—
—
—
—
—
—
— 225.8 225.8 (11.9) 213.9
Other
comprehensive
income/
(expense)
—
—
—
— (21.8) (32.8)
0.5
— (54.1)
0.1 (54.0)
Total
comprehensive
income/
(expense) for
the year
—
—
—
— (21.8) (32.8)
0.5 225.8 171.7 (11.8) 159.9
Transactions
with owners in
their capacity
as owners:
Share-based
payment charge
(Note 27)
—
—
—
—
—
—
—
11.5
11.5
—
11.5
Total
transactions
with owners in
their capacity
as owners:
—
—
—
—
—
—
—
11.5
11.5
—
11.5
Balance at
31 March 2025
— 381.2 (193.0)
8.3 (8.0) (13.8)
3.3 188.6 366.6 (49.5) 317.1
The Notes on pages 110 to 164 are an integral part of these financial statements.
ACCOUNTS AND OTHER INFORMATION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Wizz Air Holdings Plc Annual Report and Accounts 2025
106
FOR THE YEAR ENDED 31 MARCH 2024
Share
capital
Share
premium
Reorganisation
reserve
Equity part of
convertible
debt
Cash flow
hedging
reserve
Cost of
hedging
reserve
Cumulative
translation
adjustment
Retained
earnings/
(Accumulated
losses)
Total
Non-
controlling
interest
Total
equity
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Note
28
28
28
28
28
28
28
28
17
Balance at 1 April
2023
— 381.2
(193.0)
8.3 (73.2) (24.0)
3.3 (433.6) (331.0) (26.9) (357.9)
Comprehensive
income/(expense):
Profit for the year
—
—
—
—
—
—
—
376.6 376.6 (10.7) 365.9
Other
comprehensive
income/(expense)
—
—
—
— 87.0 43.0
(0.5)
— 129.5
(0.1) 129.4
Total
comprehensive
income/(expense)
for the year
—
—
—
— 87.0 43.0
(0.5)
376.6 506.1 (10.8) 495.3
Transactions with
owners in their
capacity as owners:
Share-based payment
charge (Note 27)
—
—
—
—
—
—
—
8.3
8.3
—
8.3
Total transactions
with owners in
their capacity as
owners:
—
—
—
—
—
—
—
8.3
8.3
—
8.3
Balance at 31
March 2024
— 381.2
(193.0)
8.3 13.8 19.0
2.8
(48.7) 183.4 (37.7) 145.7
The Notes on pages 110 to 164 are an integral part of these financial statements.
ACCOUNTS AND OTHER INFORMATION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Wizz Air Holdings Plc Annual Report and Accounts 2025
107
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
(restated)
Note
€ million
€ million
Cash flows from operating activities
Profit before income tax
19.7
341.1
Adjustments for:
Depreciation
13
939.9
736.1
Amortisation
14
26.9
19.2
Financial income
10
(82.1)
(80.5)
Financial expenses
10
249.5
196.7
Unrealised fair value losses/(gains) on derivative financial instruments
11.6
(8.9)
Unrealised foreign currency gains
(31.5)
(34.2)
Realised non-operating foreign currency (gains)/losses
(6.5)
7.2
Gain on sale of property, plant and equipment
(121.3)
(244.8)
Share-based payment charges
27
11.5
8.3
Other non-cash operating income
(19.1)
(12.2)
998.6
928.0
Changes in working capital
Decrease/(increase) in trade and other receivables
20
17.8
(301.5)
Decrease/(increase) in inventory
19
67.8
(35.9)
Increase/(decrease) in provisions
29
3.4
(2.8)
(Decrease)/increase in trade and other payables
25
(198.0)
70.2
Increase in deferred income
26
215.1
23.9
106.1
(246.1)
Cash generated by operating activities before tax
1,104.7
681.9
Income taxes paid
(39.1)
(17.4)
Net cash generated by operating activities
1,065.6
664.5
Cash flows from investing activities
Purchase of aircraft maintenance assets
(23.9)
(107.6)
Purchase of tangible and intangible assets
(258.8)
(230.6)
Proceeds from the sale of tangible assets
303.6
546.5
Advances paid for aircraft
13
(362.8)
(370.7)
Refund of advances paid for aircraft
13
303.9
480.4
Interest received
75.9
77.8
Release of restricted cash***
22
37.7
27.7
Increase in restricted cash***
24
(7.2)
(15.4)
Release of short-term cash deposits***
1,136.3
755.4
Increase in short-term cash deposits***
(1,466.0)
(1,503.9)
Payment for acquisition of investments
(2.1)
(7.3)
Net cash used in investing activities
(263.4)
(347.7)
Cash flows from financing activities
Proceeds from new loans*
245.6
67.9
Repayment of loans*
(720.0)
(580.4)
Interest paid – loans – IFRS 16 lease liability
(156.5)
(124.4)
Interest paid – loans – JOLCO, FTL and FL
(50.6)
(15.7)
Repayment of unsecured debt
—
(500.0)
Proceeds from secured debt
—
415.0
Repayment of secured debt
(240.8)
(248.4)
Interest paid – unsecured debt
(5.0)
(11.8)
Interest paid – secured debt
(9.5)
(14.5)
Interest paid – other
(1.9)
(3.8)
Net cash used in financing activities
30
(938.7)
(1,016.1)
Net decrease in cash and cash equivalents
(136.5)
(699.3)
Cash and cash equivalents at the beginning of the financial year**
716.4
1,402.6
Effect of exchange rate fluctuations on cash and cash equivalents
17.0
13.1
Cash and cash equivalents at the end of the year**
596.9
716.4
* Mostly JOLCO, FTL, FL and IFRS 16, ‘Leases’ repayments. See Note 23 for cash payments for lease.
** Cash and cash equivalents at 31 March 2025 include €525.3 million (31 March 2024: €359.4 million; 31 March 2023: €197.3
million) of cash at bank and €72.2 million (31 March 2024: €145.6 million; 31 March 2023: €1,211.3 million) of cash deposits
maturing within three months of inception, €nil million in money market funds (31 March 2024: €223.4 million; 31 March 2023:
€nil) and overdrafts (repayable on demand) of €0.6 million (31 March 2024: €12.0 million; 31 March 2023: €6.0 million), which are
an integral part of cash management activities.
ACCOUNTS AND OTHER INFORMATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Wizz Air Holdings Plc Annual Report and Accounts 2025
108
*** The Group previously presented the net change as increase in short term cash deposits for FY24 of €748.5 million. To enhance the
presentation this has been appropriately split to show amounts placed on short-term cash deposits of €1,503.9 million and release
of short-term cash deposits of €755.4 million separately. Whilst not material, the Group also reclassified the net movement in
restricted cash balances of €12.3 million in F24 from operating activities and presented this in investing as cash flows from the
increase and release of such balances separately. There was no impact on cash and cash equivalents from these changes.
The Notes on pages 110 to 164 are an integral part of these financial statements.
ACCOUNTS AND OTHER INFORMATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Wizz Air Holdings Plc Annual Report and Accounts 2025
109
1. General information
Wizz Air Holdings Plc (“the Company”) is a public limited company incorporated in Jersey, registered at 44
The Esplanade, St Helier, Jersey JE4 9WG. The Company is managed from Route François-Peyrot 12, 1218
Le Grand-Saconnex, Geneva, Switzerland. The Company and its subsidiaries (together referred to as “the
Group” or “Wizz Air”) provide low-cost, low-fare passenger air transportation services on scheduled short-
haul and medium-haul point-to-point routes across Europe and the Middle East. The Company’s Ordinary
Shares are listed in the equity shares for commercial companies (“ESCC”) category of the Official List of the
Financial Conduct Authority and admitted to the Main Market of the London Stock Exchange.
2. Material accounting policies
The material accounting policies applied in the presentation of these consolidated financial statements are
set out below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
Basis of preparation
These consolidated financial statements combine the financial information of the Company and its
subsidiaries. The audited consolidated financial statements have been prepared and approved by the
Directors in accordance with the International Financial Reporting Standards as adopted by the European
Union (“Adopted IFRS”) and IFRS Interpretations Committee guidance.
Based on the exemption provided for in Article 105 (11) of the Companies (Jersey) Law 1991, the Company
does not present its separate financial statements and related notes.
The financial statements are presented in euros (EUR or €).
The Company rounds each amount and percentage individually from the fully accurate number to the figure
disclosed in the financial statements. As a result, some amounts and percentages do not total – though such
differences are all trivial.
The consolidated financial statements have been prepared under the historical cost convention, modified by
the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value
through profit or loss.
The preparation of the consolidated financial statements in conformity with the adopted IFRS requires the
use of certain critical accounting estimates, and for management to exercise judgments in the process of
applying the Group’s accounting policies. The areas involving a high degree of judgment or complexity, or
areas where assumptions and estimates involving significant uncertainty carry a risk of causing material
adjustment to the carrying amount of assets and liabilities in the coming year, are disclosed in Note 4.
New standards, amendments and interpretations
a)
Standards, amendments and interpretations adopted by the EU, effective for annual periods
beginning on or after 1 January 2024 and adopted by the Group
The Group applied the following amended standards effective for annual periods beginning on or after 1
January 2024 for the first time for its annual reporting period commencing on 1 April 2024:
▶
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
▶
Non-Current Liabilities with Covenants (Amendments to IAS 1)
The above two amendments are discussed together. These amendments, made to IAS 1 Presentation of
Financial Statements in 2020 and 2022, clarified that liabilities are classified as either current or non-
current, depending on the rights that exist at the end of the reporting period. Classification is unaffected
by the entity’s expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of
covenant). Covenants of loan arrangements will not affect classification of a liability as current or non-
current at the reporting date if the entity must only comply with the covenants after the reporting date.
However, if the entity must comply with a covenant either before or at the reporting date, this will affect
the classification as current or non-current even if the covenant is only tested for compliance after the
reporting date. The amendments require disclosures if an entity classifies a liability as non-current and
that liability is subject to covenants that the entity must comply with within 12 months of the reporting
date.
The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. Terms of
a liability that could, at the option of the counterparty, result in its settlement by the transfer of the
entity’s own equity instrument can only be ignored for the purpose of classifying the liability as current
or non-current if the entity classifies the option as an equity instrument. However, conversion options
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
110
that are classified as a liability must be considered when determining the current/non-current
classification of a convertible note.
The Group has not identified any significant liabilities, including convertible debt and liabilities with
covenants in the scope of the above amendments, therefore the amendments have no significant effect
on the Group’s financial statements.
▶
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
In September 2022, the IASB finalised narrow-scope amendments to the requirements for sale and
leaseback transactions in IFRS 16 Leases, which explain how an entity accounts for a sale and leaseback
after the date of the transaction. The amendments specify that, in measuring the lease liability
subsequent to the sale and leaseback, the seller-lessee determines ‘lease payments’ and ‘revised lease
payments’ in a way that does not result in the seller-lessee recognising any amount of the gain or loss
that relates to the right of use that it retains. This could particularly impact sale and leaseback
transactions where the lease payments include variable payments that do not depend on an index or a
rate.
As the Group has not identified any such sale and leaseback transactions that are significant, the
amendments have no significant effect on the Group’s financial statements.
▶
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7):
The amendments introduce additional disclosure requirements for a company to provide information
about its supplier finance arrangements that enable users (investors) to assess the effects of these
arrangements on the company’s liabilities and cash flows, and the company’s exposure to liquidity risk.
The amendments apply to supplier finance arrangements (also referred to as supply chain finance,
payables finance or reverse factoring arrangements) that bear all of the following characteristics: a
finance provider (also referred to as the factor) pays amounts that a company (the buyer) owes its
suppliers; the company agrees to pay under the terms and conditions of the arrangements on the same
date or at a later date than its suppliers are paid; and the company is provided with extended payment
terms or suppliers benefit from early payment terms, compared with the payment due date of the
related invoice. The Group reviewed its financing agreements and found that it has no agreements in the
scope of the amendments, therefore the amendments have no effect on the Group’s financial
statements.
b)
Standards, amendments and interpretations effective and not adopted by the Group
There are no effective standards, amendments and interpretations that are not adopted by the Group.
c)
Standards early adopted by the Group
There are no standards early adopted by the Group.
d) Interpretations and standards that are not yet effective and have not been early adopted by the Group
New standards and amendments adopted by the EU, effective for periods beginning on or after 1 January
2025:
▶
Amendments to IAS 21, ‘The Effects of Changes in Foreign Exchange Rates’: Lack of Exchangeability
New standards and amendments not yet endorsed by the EU, effective for periods beginning on or after 1
January 2025:
▶
Annual Improvements to IFRS Accounting Standards - Volume 11, contains amendments to the
following standards: IFRS 1, ‘First-time Adoption of International Financial Reporting Standards’, IFRS 7,
‘Financial Instruments: Disclosures’, IFRS 9, ‘Financial Instruments’, IFRS 10, ‘Consolidated Financial
Statements’ and IAS 7, ‘Statement of Cash Flows’.
▶
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9
and IFRS 7).
▶
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
111
▶
IFRS 18, ‘Presentation and Disclosure in Financial Statements’: The IASB issued IFRS 18 on 9 April
2024. The new standard will give investors more transparent and comparable information about
companies’ financial performances. IFRS 18 introduces three sets of new requirements to improve
companies’ reporting of financial performance and give investors a better basis for analysing and
comparing companies: three defined categories for income and expenses – operating, investing and
financing – to improve the structure of the income statement, and requiring all companies to provide
new defined subtotals, including operating profit; explanations of the company-specific measures that
are related to the income statement, referred to as management-defined performance measures
(MPMs); and enhanced guidance on how to organise information and whether to provide it in the
primary financial statements or in the notes. IFRS 18 is effective for annual reporting periods beginning
on or after 1 January 2027, but companies can apply it earlier. The standard is not yet endorsed by the
EU. The Group will assess the effects of the new standard on its consolidated financial statements in due
course.
▶
IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’
The new accounting standards and interpretations above, other than IFRS 18, are not expected to have a
material impact on the Group in the current or future reporting periods. An analysis of the impact of IFRS
18, particularly with respect to the structure of the Group’s statement of comprehensive income, the
statement of cash flows and additional disclosures required for management-defined performance measures,
is in progress.
Basis of consolidation
The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement
with the entity, and has the ability to affect those returns through its power over the entity. The Company
controls an entity if it has all of the following:
▶
power over the entity;
▶
exposure, or rights, to variable returns from its involvement with the entity; and
▶
the ability to use its power over the entity to affect the amount of its returns from the entity.
Generally, there is a presumption that a majority of voting rights results in control. To support this
presumption, and when the Group has less than a majority of the voting or similar rights of an investee, the
Group considers all relevant facts and circumstances in assessing whether it has power over an investee,
including:
▶
the contractual arrangement(s) with the other vote holders of the investee;
▶
rights arising from other contractual arrangements; and
▶
the Group’s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control.
Non-controlling interests (NCIs) in the results and equity of subsidiaries are shown separately in the
consolidated statement of comprehensive income, statement of changes in equity and statement of financial
position respectively. NCIs are measured initially at their proportionate share of the acquiree’s identifiable
net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a
loss of control are accounted for as equity transactions.
Subsidiaries are all entities that are deemed controlled by the Company from an IFRS perspective. The
financial statements of subsidiaries are included in the consolidated financial statements from the date when
control commences until the date when control ceases. The results of all the subsidiaries (including their
branches) are consolidated up to 31 March, which is the financial year-end of the Company. Intra-group
balances, and any unrealised gains and losses or income and expenses arising from intra-group
transactions, are eliminated when preparing the consolidated financial statements.
Going concern
Basis of Preparation and Assessment Period
Wizz Air’s business activities, financial performance and financial position, together with factors likely to
affect its future development and performance, are described in the Strategic Report on pages 4 to 34.
Emerging and principal risks and uncertainties facing the Group are described on pages 21 to 28. Note 3 to
the financial statements sets out the Group’s objectives, policies and procedures for managing its capital and
liquidity and provides details of the risks related to financial instruments held by the Group.
The Directors have reviewed the Group’s latest financial forecasts for a period of 18 months from the date of
approval of the financial statements. This includes considering the Group’s available committed financing for
aircraft and its plans to finance committed future aircraft deliveries (see Note 32) due within this period that
are currently unfinanced and takes into account forecast aircraft groundings given our GTF engine related
supply chain issues and associated compensation to mitigate these issues.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
112
Financial Position and Liquidity
At 31 March 2025, the Group held total cash of €1,736.0 million (including cash and cash equivalents of
€597.5 million, €1,060.2 million in short-term cash deposits and €78.3 million in restricted cash), while net
current liabilities totalled €1,156.5 million (including deferred income of €1,013.3 million) and net assets
amounted to €317.1 million.
The Group’s contractual undiscounted external borrowings comprise: bonds of €500.0 million maturing in
January 2026; €284.7 million in ETS financing from Standard Chartered Bank repayable in March 2026; and
convertible debt with a balance of €25.5 million. In addition, borrowings include a carrying amount of
€5,801.8 million from lease contracts accounted for under IFRS 16 and liabilities related to JOLCO, FTL and
Finance Lease contracts (see Note 23). None of these borrowings contain any financial covenants. Two
ratings agencies, Fitch and Moody’s, issued updates during the third quarter with Fitch updating Wizz Air’s
credit rating to BB+ with a stable outlook, while Moody’s issued a Ba1 rating with a negative outlook.
Aircraft Financing and Planning Horizon
The Group operates using a three-year planning cycle. Aircraft deliveries represent the Group’s primary
capital expenditure over the going concern period, which the Group intends to finance through various forms
of sale and leaseback or other fleet financing arrangements, consistent with its past practices. While such
financing remains partially uncommitted, the vendor additionally offers committed backstop financing. This
backstop financing would cover a substantial portion, though not all, of the expenditure if the Group chooses
to utilise it.
Forecasting Approach
The Directors’ enquiries and testing included the review of a base case model projecting the Group’s cash
flows. The base case model is derived from our contracted fleet plan. This was adjusted to reflect aircraft
availability constraints from GTF engine supply chain issues, based on forecasts prepared by the operations
team.
The resulting available fleet was overlaid with a utilisation assumption consistent with actual levels observed
in FY25. A network plan was then applied to which revenue, cost, compensation, working capital and
financing assumptions were layered to develop the base case cash flows.
Downside Scenario
This base case was then flexed to produce a downside forecast that assumes lower demand leading to a
5 per cent reduction in RASK and a 10 per cent higher fuel cost per metric tonne. These assumptions were
modelled cumulatively across the full going concern period. The downside case also excludes any assumed
financing for our currently unfinanced aircraft deliveries (see Note 32). Mitigating actions in relation to the
unfinanced aircraft were also considered in preparation of the downside case.
Key Risk Considerations
In preparing both base and downside forecasts, the Directors considered the emerging and principal risks
identified including:
▶
Card acquirer risk: The Group receives payment for ticket and ancillary revenue in advance through
arrangements with various card acquirers which are subject to typical capacity and security limits.
These limits were considered in the forecast models.
▶
Geopolitical and operational disruption: The impact of conflicts in Ukraine and Israel was considered,
including the three stranded aircraft in Ukraine (see Note 13). Whilst the Group’s plans include continued
operations to Israel, the potential for reallocating capacity to other routes was assessed and considered
manageable.
▶
Climate and regulatory risk: The Directors considered the impact of higher pricing for ETS levied in
Europe and the UK, as well as CORSIA implementation costs. These were reflected in forecast
assumptions through higher carbon and fuel pricing. The use of sustainable aviation fuel (SAF) was also
considered as part of increased average jet fuel cost assumptions.
The Directors concluded that no material adverse impact on future cash flows is likely to result from these
items. Furthermore, it was assumed that there will be no further significant disruption of the magnitude
experienced in recent financial years.
Conclusion
In this downside scenario, whilst there was a significant reduction in liquidity, headroom on the security
levels of the card acquirer contracts was maintained. After making enquiries and testing the assumptions
against different forecast scenarios, including a severe but plausible downside case, the Directors have
satisfied themselves that the Group is expected to be able to meet its commitments and obligations as they
fall due for a period of at least the next twelve months from the date the Annual Report and Accounts are
approved. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting
in preparing the financial statements.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
113
Foreign currency
The Group’s presentation currency is the euro (EUR). The functional currency of Wizz Air Hungary Ltd. and
Wizz Air Malta Ltd. generating the vast majority of the Group’s revenues is the euro. The other airline
companies’ functional currency differs by entity. The functional currency of Wizz Air Abu Dhabi LLC is the
United Arab Emirates dirham (AED), and the functional currency of Wizz Air UK Limited is the British pound
(GBP or £). Transactions in foreign currencies are translated into the given functional currency at the
exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies at the reporting date are translated into euros at the exchange rate prevailing as of that
date. Foreign exchange differences arising on translation are recognised in the statement of comprehensive
income under net foreign exchange gain/loss within net financial income/expense. Non-monetary assets and
liabilities denominated in foreign currencies, and which are recognised at cost, are translated into euros at
the exchange rate as of the transaction date. Non-monetary assets and liabilities denominated in foreign
currencies, and which are stated at fair value, are translated into euros at the exchange rates prevailing on
the dates the fair value was determined.
The results and financial position of all the Group entities that have a different functional currency from the
presentation currency are translated into the presentation currency as follows:
▶
assets and liabilities for each statement of financial position presented are translated at the closing rate
on the date of that statement of financial position;
▶
equity is translated at the historical rate (except for the cash flow hedging reserve within equity);
▶
income and expenses for each statement of comprehensive income are translated at monthly average
exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated at the rates
on the transaction dates); and
▶
all resulting exchange differences are recognised as a separate component of equity (cumulative
translation adjustments).
Financial assets and liabilities
The Group classifies its financial assets and liabilities – in line with IFRS 9, ‘Financial Instruments’ – into the
following categories:
Description in the statement of financial position
IFRS 9 category
Non-current assets
Restricted cash
Derivative financial instruments
Trade and other receivables
Investments in other entities
Financial assets measured at amortised cost
Fair value through profit or loss
Financial assets measured at amortised cost
Fair value through other comprehensive income
Current assets
Trade and other receivables
Derivative financial instruments
Restricted cash
Short-term cash deposits
Cash and cash equivalents
Money market funds
Financial assets measured at amortised cost
Fair value through profit or loss
Financial assets measured at amortised cost
Financial assets measured at amortised cost
Financial assets measured at amortised cost
Fair value through profit or loss
Non-current liabilities
Borrowings
Convertible debt
Derivative financial instruments
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
Fair value through profit or loss
Current liabilities
Trade and other payables
Borrowings
Convertible debt
Derivative financial instruments
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
Fair value through profit or loss
The classification of financial assets depends on the business model for managing the financial assets and
the contractual cash flow characteristics of the financial assets determined by management at initial
recognition.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
114
a)
Financial assets measured at amortised cost
These are non-derivative financial assets held by the Group to collect contractual cash flows, and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal, and interest on the principal amount outstanding.
The Group’s financial assets measured at amortised cost comprise trade and other receivables excluding
prepayments, cash and cash equivalents and restricted cash in the statement of financial position. They are
included in current assets, except for maturities greater than twelve months after the reporting date, which
are classified as non-current assets. The Group primarily invests excess cash in short-term time deposits,
which are also measured at amortised cost.
b)
Financial assets measured at fair value through other comprehensive income
These are non-derivative financial assets held by the Group both to collect contractual cash flows and sell
the financial assets. The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal, and interest on the principal amount outstanding.
c)
Financial assets measured at fair value through profit or loss
Financial assets not valued either at amortised cost or at fair value through other comprehensive income are
valued at fair value through profit or loss. Derivatives are measured at fair value through profit or loss.
d)
Financial liabilities measured at amortised cost
All financial liabilities are measured at amortised cost unless they are measured at fair value through profit
or loss. The Group’s other financial liabilities comprise trade and other payables and interest-bearing loans
and borrowings (including convertible debt) in the statement of financial position. They are included in
current liabilities, except for maturities greater than twelve months after the reporting date, which are
classified as non-current liabilities.
e)
Financial liabilities measured at fair value through profit or loss
Derivatives are measured at fair value through profit or loss by the Group. The recognition and
measurement criteria for each class of asset and liability are described in the relevant accounting policy
section.
Derivative financial instruments and hedging
Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. The gain or loss on remeasurement to
fair value is recognised immediately in the statement of comprehensive income within net loss on derivative
financial instruments. However, where derivatives qualify for hedge accounting, the recognition of any
resultant gain or loss depends on the nature of the item being hedged (see below). Derivatives can only be
entered into with counterparties that have investment-grade credit ratings.
Cash flow hedges
The Group uses zero-cost collars to hedge jet fuel price and foreign exchange risks related to highly probable
future cash flows.
The Group designates only the intrinsic value of the options as hedging instruments. Changes in time value
are accumulated in the cost of hedging reserve, within other comprehensive income, and are recycled into
profit and loss — within fuel cost — in the months when the hedged transactions take place.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a
recognised asset or liability, or a highly probable forecast transaction, the effective part of any unrealised
gain or loss on the derivative financial instrument is recognised directly in the hedging reserve within other
comprehensive income. Any ineffective portion of the hedge is recognised immediately in the statement of
comprehensive income as an exceptional income or expense in the respective operating expense line.
The associated cumulative gain or loss on the effective part is removed from other comprehensive income
and recognised in the statement of comprehensive income in the respective operating expense line(s) in the
same period or periods as the hedged forecast transaction.
The Group considers a hedge relationship to be effective if:
▶
there is an economic relationship between the hedged item and the hedging instrument, and an
expectation that the value of the hedging instrument and the value of the hedged item will move in the
opposite direction as a result of the common underlying or hedged risk;
▶
the credit risk effect does not dominate the value changes associated with the hedged risk; and
▶
the hedge ratio is aligned with the requirements of the Group’s risk management strategy.
In line with IFRS 9, as long as the risk management objectives are met, the Group does not de-designate
and thereby discontinue a hedging relationship that still meets the risk management objective and continues
to meet all other qualifying criteria (after taking any rebalancing into account, if applicable).
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
115
The hedge ratio applied by the Group is always 100 per cent. The hedge ratio is defined as the relationship
between the quantity of the hedging instrument and the quantity of the hedged item.
When a hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss at that
point remains in other comprehensive income and is recognised in accordance with the above policy when
the hedged transaction is recognised in the statement of comprehensive income. If the hedged transaction is
no longer expected to take place, from an accounting point of view the hedging relationship is discontinued
and the cumulative unrealised gain or loss recognised in other comprehensive income is immediately
recognised in the statement of comprehensive income.
Before expiry, the fair value of an option comprises: (i) its intrinsic value, being a function of the difference
between the contracted and market (or spot) prices; and (ii) its time value, being the difference between the
fair value and the intrinsic value at any point in time. Subject to hedge effectiveness, any increase or
decrease in the fair value of the hedging instrument is taken to equity within other comprehensive income or
expense.
Accordingly:
▶
initial recognition: the open position on the derivative hedging instrument is recorded as an asset or
liability in the statement of financial position at fair value;
▶
subsequent remeasurement of unexpired options: (i) the effective portion of changes in the fair value is
recorded in other comprehensive income; and (ii) the ineffective or discontinued portions, if any, are
recorded in the statement of comprehensive income; and
▶
the realised gains or losses on the hedging instrument, to the extent not previously classified as
ineffective or discontinued, are recorded against the respective operating expense line(s) in the
statement of comprehensive income.
The qualitative technique to test the hedge effectiveness of a hedging relationship is the critical terms match
method. Hedge effectiveness testing is performed at inception, at each reporting date, and upon a significant
change in the circumstances affecting the hedge effectiveness requirements. Such significant change can
occur as follows:
▶
changes in payment timing of the hedged item;
▶
reduction in the total amount or price of the hedged item;
▶
location differences; and
▶
a significant change in the credit risk of either party to the hedging relationship.
The ineffective part of changes in fair value, if any, is recorded in the statement of comprehensive income as
operating income or expense.
Trade and other receivables
▶
Subsequent to initial recognitions, trade and other receivables are measured at amortised cost using the
effective interest rate method less impairment losses.
▶
The carrying amount of the asset is reduced through recognising the impact of impairment losses in the
statement of comprehensive income within other expenses. Subsequent recoveries of amounts
previously written off are credited against other expenses in the statement of comprehensive income.
▶
Other receivables include amounts receivable from aircraft and spare engine lessors (in the form of
security deposits and maintenance reserves paid) and also prepayments, deferred expenses and accrued
income (see Note 20). The accrued income within other receivables also comprises insurance claims
related to events that are covered by insurance contracts. The Group recognises the income in the
financial statements only from insurance claims which, based on management’s judgment, are virtually
certain to be received by the Group.
Impairment policy of trade and other receivables
Management reviewed the Group’s different customer payment channels and the receivables from these
channels. The most significant component is ticket sales and the various forms of payment for tickets. The
vast majority of tickets are paid either by bank card or by bank transfer, and prior to the flights. Given their
nature, no impairment is required for these. The other, less significant components involving credit risk are
commissions receivable from non-ticket revenue partners and marketing support receivables from airports
and other parties.
In accordance with IFRS 9’s requirements on expected credit loss recognition, management reviewed
historical payment and impairment statistics for transactions in these channels. The historical loss rates were
adjusted to reflect current and forward-looking information on macroeconomic factors affecting customers’
ability to settle receivables. Based on this analysis, management concluded that the impairment of
receivables in these channels does not have a material impact on the Group’s financial statements, in
compliance with IFRS 9.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
116
Cash and cash equivalents
Cash and cash equivalents comprise bank balances on current accounts and on deposit accounts, as well as
equity investments made to money market funds that are readily convertible into cash without there being
any significant risk of a change in value to the Group. Cash and cash equivalents do not include restricted
cash.
The money market funds are held at fair value through profit or loss, with the remaining balance of cash and
cash equivalents carried at amortised cost.
Short-term cash deposits
Short-term cash deposits comprise cash deposits maturing within three to approximately twelve months of
inception, the balance of which was €1,060.2 million as at 31 March 2025 (2024: €751.1 million).
Restricted cash
Restricted cash represents cash deposits held by the banks that cover letters of credit, issued by the same
bank, to certain suppliers. Restricted cash is split between non-current and current assets depending on the
maturity period of the underlying letters of credit.
Trade and other payables
Trade and other payables are initially recognised at fair value when the Group becomes party to the
contractual provisions of the instrument, and subsequently measured at amortised cost using the effective
interest rate method. Trade and other payables comprise balances payable to suppliers, authorities and
employees.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any
difference between cost and redemption value being recognised in the statement of comprehensive income
as a financial expense over the period of the borrowings on an effective-interest-rate basis. Financial
expenses also include withholding tax paid on the interest if — according to the loan agreement — the Group
is liable to pay withholding tax.
Convertible debt
Convertible debt instruments that can be converted to share capital at the option of the holder, where the
number of shares issued does not vary with changes in their fair value, are accounted for as compound
instruments. Transaction costs that relate to the issue of a compound instrument are allocated to the liability
and equity components in proportion to the allocation of proceeds. The liability component is recognised
initially at the fair value of a similar liability that does not have an equity conversion option. The equity
component of the compound instrument is calculated as the excess of the issue proceeds over the value of
the liability component.
Classification of compound instruments issued by the Group
Compound instruments issued by the Group are only treated as equity (i.e. forming part of Shareholders’
funds) if they meet the following two conditions:
a)
they include no contractual obligations upon the Company (or the Group as the case may be) to deliver
cash or other financial assets, or to exchange financial assets or financial liabilities with another party,
under conditions that are potentially unfavourable to the Company (or the Group); and
b)
where the instrument will or may be settled in the Company’s own equity instruments, it is either a
non-derivative that includes no obligation to deliver a variable number of the Company’s own equity
instruments, or it is a derivative that will be settled by the Company exchanging a fixed amount of cash
or other financial assets for a fixed number of its own equity instruments.
If this definition is not met, the issue proceeds are classified as a financial liability measured at amortised
cost. Where the instrument so classified takes the legal form of the Company’s own shares, the amounts
presented in these financial statements for called-up share capital and the share premium account exclude
amounts in relation to those shares.
Where a compound instrument contains both equity and financial liability components, these components
are separated by recognising the liability at fair value and accounted for individually under the above policy.
The finance cost on the financial liability component is correspondingly higher over the life of the instrument.
Finance payments associated with financial liabilities are dealt with as part of finance expenses. Finance
payments associated with compound instruments classified in equity are dividends, and are recorded directly
in equity.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
117
Impairment of financial assets
The Group considers the probability of default upon initial recognition of a financial asset, and whether there
has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To
assess whether there is a significant increase in credit risk, the Group compares the risk of a default
occurring on the financial asset as at the reporting date with the risk of default as at the date of initial
recognition.
At each reporting date, the Group measures the loss allowance for financial assets at an amount equal to the
lifetime expected credit loss; if there is a significant increase in credit risk or the financial assets are not
settled in accordance with the terms stipulated in the agreements, management considers these financial
assets to be underperforming or non-performing, and thus impaired.
The historical loss rates are estimated based on the historical credit losses experienced over the expected
life of the receivables and are adjusted to reflect current and forward-looking information on macroeconomic
factors affecting the ability of the counterparties to settle the receivables.
A loss allowance is recognised on financial assets carried at amortised cost or fair value through other
comprehensive income for expected credit losses. When management considers that there is no reasonable
expectation of recovery, the financial assets are written off.
If, at the reporting date, the credit risk on a financial asset has not increased significantly since initial
recognition, the Group measures the loss allowance for that asset at an amount equal to the 12-month
expected credit loss.
If the Group has measured the loss allowance for a financial instrument at an amount equal to the lifetime
expected credit loss in the previous reporting period, but determines at the current reporting date that the
credit risk on a financial asset has not increased significantly since initial recognition, the Group measures
the loss allowance at an amount equal to the 12-month expected credit loss at the current reporting date.
The Group recognises in profit or loss, as an impairment gain or loss, the amount of expected credit loss (or
reversal) that is required to adjust the loss allowance at the reporting date to the amount that must be
recognised in accordance with IFRS 9.
Current trade and other receivables are discounted where the effect is material.
Non-financial assets and liabilities
Property, plant and equipment
Assets received free of charge
In certain cases, the Group receives assets free of charge. These items are classified as non-cash items in
the statement of cash flows. The Group recognises these as assets and connected deferred income. Both the
assets and the deferred income are systematically amortised over the assets’ useful life. Consequently, the
transaction does not affect comprehensive income. Exceptions are assets received as compensation for costs
already incurred or financial losses. In these cases, the fair value of the assets is recognised immediately as
other income in the financial statements.
Useful economic life and residual value
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for
as separate items of property, plant and equipment.
Depreciation is charged to the statement of comprehensive income on a straight-line basis to write off cost
to residual value over the estimated useful economic lives of each part of an item of property, plant and
equipment. In the case of certain aircraft maintenance assets, the useful economic life of the asset can be
defined in terms of flight hours or flight cycles, and in this case the depreciation charge is determined based
on the actual number of flight hours or flight cycles.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
118
The estimated useful lives of the relevant asset categories, reflecting the Group’s intention for the period of
use in the business, are as follows:
Land and buildings – investments made on
leased buildings
3–5 years, being the shorter of the investment’s useful economic life
and the lease term of the building
Aircraft (A320neo and A321neo family)1
12-14 years
Aircraft (A320ceo)2
20 years
Aircraft spare engines (V2500 and GTF)
16-20 years (part of aircraft parts in Note 13)
Aircraft and spare engines – prepaid
maintenance
4–10 years (part of aircraft assets in Note 13)
Aircraft maintenance assets (for leased
aircraft or spare engines)
1–10 years, or 2,000–10,000 flight cycles in the case of aircraft
engines, being the shorter of the useful economic life and the lease
term
Aircraft parts (other than engines)
7 years
Fixtures and fittings (incl. computer
hardware)
3–5 years
Right-of-use assets (from leases)
The lease term over one year (typically 8–12 years for leased aircraft,
which is significantly less than its estimated useful economic life)
1. Having considered the impact of climate change, the full expected useful life of these aircraft types is determined to be 28 years
based on the Original Equipment Manufacturers (OEMs) airworthiness guidelines and our estimated future annual aircraft utilisation.
However, based on the current business model we apply a 12-14 year useful life and an estimated residual value of the asset based
on an aircraft by aircraft assessment of its market value assuming an unencumbered single transaction for the asset’s highest and
best use.
2. The useful life of aircraft assets that were first leased and then purchased by the Group is estimated based on the date of the major
overhaul events that are no longer economical to perform. Within the current aircraft fleet, the maximum estimated useful life of
A320ceo aircraft is 20 years.
The residual values and useful lives are reassessed annually.
Leases
The Group leases most of its aircraft and spare engines. Other than aircraft and spare engines, the Group
has only a limited number of leases related to offices, flight training simulator buildings (formerly also
equipment) and maintenance hangars.
The Group elected to use the following practical expedients permitted by IFRS 16:
▶
lease payments associated with short-term leases (contracts with a duration of twelve months or less)
and with leases for which the underlying asset is of low value (defined by the Group as below €5,000)
are recognised on a straight-line basis over the lease term; and
▶
it did not reassess whether a contract that the Group entered into before the date of initial application
was a lease or contained a lease – that is, IFRS 16 has only been applied to contracts that were
previously classified as leases.
The Group has short-term lease rentals from F25 and related expenses are recognised in the aircraft rentals
line. The Group does not apply IFRS 16 to other leases of intangible assets. Some lease contracts contain
variable payment terms that are linked to floating market interest rates.
The Group chose to treat compensation expected to be payable to lessors, either in the form of recurring
maintenance reserve payments or compensation payable at lease end, as “non-lease components” under
IFRS 16. These payments are therefore not included in the measurement of the lease liability. Contractual
maintenance obligations which are not dependent on the use of the aircraft or spare engine are recognised
in full on commencement of the lease.
Lease extension options
Some of the Group’s lease contracts contain lease extension options. The extension option is only taken into
account in the measurement of the lease liability when the Group is reasonably certain that it will later
exercise the option. Such judgment is relevant both at inception, for the initial measurement of the lease
liability, and also for a subsequent remeasurement of the lease liability if the initial judgment is revised at a
later date.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
119
Sale and leaseback transactions
The existing aircraft and spare engine lease contracts were all entered into by the Group through sale and
leaseback transactions.
Most of these contracts do not include a repurchase option for Wizz Air. On such contracts, where sale
proceeds received are judged to reflect the aircraft’s fair value, the gain or loss arising on the disposal is
directly recognised as other income in the statement of comprehensive income to the extent that it relates
to the rights that have been transferred to the lessor, while the gain or loss that relates to the rights that
have been retained by the Group are included in the carrying amount of the right-of-use asset recognised at
commencement of the lease. With regard to gains and losses arising from these sale and leaseback
agreements, the determination of the amounts to be deferred and to be recognised immediately,
respectively, requires estimating the fair value of these assets at the date of the transaction. In determining
fair values, the Group relies on independent third-party valuation reports prepared by specialist aircraft and
engine valuation experts. The Group has not sold any aircraft above fair value.
Some sale and leaseback contracts include a repurchase option for Wizz Air. These leases relate to some of
the aircraft that arrived after 1 April 2019 and are commonly referred to as JOLCO (special Japanese Tax
Lease) contracts. Such contracts do not meet the definition of a sale under IFRS 15, ‘Revenue from
Contracts with Customers’, and are not accounted for as a lease contract under IFRS 16. As a result, the
treatment of such contracts for Wizz Air (as the lessee) is to: (i) retain the asset as aircraft assets and parts
(as if there were no sale at all); and (ii) recognise a liability under IFRS 9 (as if the sale proceeds received
from the lessor were receipts from debt financing).
Foreign exchange
The lease liability (being a monetary liability) is revalued on a monthly basis to reflect the changes in
currency exchange rates where the currency of the future lease payments differs from the functional
currency of the legal entity having the lease liability. In this respect, the relevant currency pairs for the
Group are currently USD to EUR and USD to GBP, as most future payments under the aircraft lease
contracts of the Group are defined in US dollars, while the functional currency for Wizz Air Hungary Ltd. and
Wizz Air Malta Ltd. is the euro and for Wizz Air UK Limited it is the British pound.
Discount rate
The Group is not able to readily determine the interest rate implicit in its lease contracts; therefore, the
Group applied its incremental borrowing rate for discounting lease liabilities, as required by paragraph 26 of
IFRS 16. The incremental borrowing rate, in turn, was determined with reference to the market rate of
interest observable on financial instruments with an appropriate value, term and currency, and adjusted, as
required, to reflect risks specific to the leased asset as well as the risk specific to the entity in the Group
leasing the asset. These rates were calculated for each identified asset, reflecting the underlying lease terms
and based on observable inputs.
Right-of-use assets and depreciation
With respect to depreciation, the requirements of IAS 16, ’Property, Plant and Equipment’ are also applicable
to the right-of-use assets (“RoU assets”) recognised under IFRS 16. Therefore, in the case of aircraft and
spare engines, component accounting is required for the RoU assets, similar to that applicable to owned
aircraft or spare engine assets. The RoU assets associated with aircraft and spare engine lease contracts are
split into asset components on the basis of value proportions that could be observed on an owned aircraft of
the same type and age.
The useful economic life of the asset components that represent the maintenance condition of the aircraft
and of its key components is estimated to last until the respective aircraft component no longer meets the
return conditions defined in the lease contract (at which point the lease-related asset component is
derecognised and a maintenance asset is recognised – also see below). The useful economic life of the
residual asset component (which is not related to the maintenance condition of the underlying asset) is the
lease term.
The asset components related to maintenance conditions are depreciated either on a straight-line basis or
based on usage, depending on their nature.
Variable lease payments
In some of the extended lease agreements, the Group applies a power-by-the-hour lease payment scheme.
The minimum payable amount in such agreements is included in the measurement of lease liabilities. In
agreements of this nature, the maximum amount is not deemed in substance to be an unavoidable, fixed
lease payment according to management’s best estimates. Consequently, it is categorised as a variable
lease payment, and thus, it is not factored into the calculation of lease liabilities.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
120
Finance leases
The Group entered into finance leases (FL) during FY25. Under these financing arrangements the legal title
to the aircraft will be transferred back to the Group upon repayment of the loan. Such contracts do not meet
the definition of a sale under IFRS 15, and are not accounted for as a lease contract under IFRS 16. The
asset is recognised under aircraft assets and parts within PPE, in accordance with IAS 16, and a liability is
recognised as debt financing under IFRS 9. Options to repurchase the aircraft before the end of the full lease
term are not taken into account unless the Group is reasonably certain that such options will be exercised.
Component accounting
For aircraft and spare engines purchased, an element of the total cost of the asset is attributed to its service
potential upon acquisition, reflecting its maintenance condition. Such “prepaid maintenance” asset is
recognised separately because it has a shorter useful economic life than that of the underlying aircraft or
spare engine. The prepaid maintenance asset is depreciated until the estimated date of the first heavy
maintenance event that will restore the service condition to the original level (and thus enhance future
periods). Such “subsequent costs” are capitalised as aircraft maintenance assets and depreciated over the
length of the period benefiting from these enhancements.
The residual cost of the acquisition of the aircraft or spare engine, representing the part of the total asset
value that is independent from the service condition of the asset, is depreciated until the end of the
estimated useful economic life of the asset.
Advances paid for aircraft – pre-delivery payments (PDPs)
PDPs are paid by the Group to aircraft and engine manufacturers for financing the production of the ordered
aircraft or spare engine as determined by the contractual terms. Such advance payments for aircraft or
spare engines are recognised at cost and classified as property, plant and equipment in the statement of
financial position. PDPs, when paid, are recorded at the historical exchange rate at the date of payment.
Since these payments are made in US dollars by entities within the Group that have the euro as their
functional currency, when PDPs are refunded this can result in a realised foreign exchange gain or loss. The
Group has started converting PDP payment obligations to euros to reduce the exposure to the EUR/USD
foreign currency exchange rate significantly in the years ahead. There are no other gains or losses incurred
in relation to PDPs. The amount is not depreciated.
The Group usually enters into sale and leaseback arrangements with lessors to finance future aircraft or
spare engine deliveries. These arrangements are structured such that the right and the commitment to
purchase the aircraft or spare engine are assigned to the lessor only on the date of delivery (“delivery date
assignment”); as such, the recognition and classification of the PDP balance does not change when the sale
and leaseback contracts are signed. Upon the delivery of the aircraft or spare engine, the lessor pays the full
purchase price of the asset to the manufacturer, and the Group receives from the manufacturer a refund of
the PDPs paid. At this moment, the fixed asset is derecognised from the statement of financial position, and
any gain or loss is transferred to the statement of comprehensive income as an operating income or
expense.
Advances paid for aircraft maintenance assets – engine flight hour agreements (FHAs)
Advances paid for aircraft maintenance assets represent advance payments made in relation to heavy
maintenance scheduled for the future (for the definition of heavy maintenance see the accounting policy
section on maintenance). Such advance payments are particularly made by the Group to the engine
maintenance service provider under FHAs. Such advance payments are recognised at cost and classified
under property, plant and equipment in the statement of financial position. This amount is not depreciated.
The balance of such assets is re-categorised into aircraft maintenance assets within property, plant and
equipment when the aircraft maintenance asset is recognised in respect of the same component and the
same heavy maintenance event. This is when the component no longer meets the conditions set out in the
lease agreement. Advances paid for aircraft maintenance are not depreciated.
In the statement of cash flows, the FHA payments are shown under the purchase of maintenance assets line
together with other aircraft maintenance asset purchases.
French Tax Leases
The Group started to apply an additional aircraft financing method in F21, namely French Tax Leases (FTL).
Since these financing arrangements are special forms of structured asset financing, which provide local tax
benefits for French investors, from an accounting point of view they are “in-substance purchases”, not
leases; therefore, IFRS 16 lease accounting is not applicable. The related liability is considered a financial
debt under IFRS 9, while the asset is an aeronautical asset according to IAS 16.
Intangible assets
Intangible assets acquired by the Group are stated at cost less accumulated amortisation and impairment
losses.
Web development costs are capitalised to the extent they are expected to generate future economic benefits
and meet the other criteria described in IAS 38, ‘Intangible Assets’.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
121
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future
economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed
as incurred.
Amortisation is charged to the statement of comprehensive income on a straight-line basis over the
estimated useful economic lives of intangible assets, except where the asset is expected to have an
indefinite useful economic life. Intangible assets are amortised from the date they are available for use. The
estimated useful lives are as follows:
Software licences
3–8 years
Web and other software development costs
3–5 years
Airport landing rights
Indefinite
Intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually
for impairment, or more frequently if events or changes in circumstances indicate that they might be
impaired.
Landing and take-off rights are recognised at cost less any accumulated impairment losses. They are
recorded as intangible assets with an indefinite useful life based on an analysis of all the relevant factors;
there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows
for the entity, provided minimum utilisation requirements are observed. They are not amortised; however,
their value in use is tested for impairment (in accordance with IAS 36) at each reporting date together with
the fleet of aircraft as a single CGU, or where there is any indication of impairment.
Inventories
Inventory of the Group consists mainly of aircraft spare parts for aircraft maintenance and Emissions Trading
Scheme (ETS) allowances.
Aircraft spare parts
Parts are purchased for internal use and are stated at cost unless impaired. Spare parts which might be sold
are stated at net realisable value. Net realisable value is the estimated selling price less the estimated selling
expense. Cost is based on the weighted average price method and includes expenditure incurred in acquiring
the inventories and bringing them to their existing location and condition.
Emissions Trading Scheme
The Group is subject to Emissions Trading Schemes (ETS) in both the European Union (EU) and the United
Kingdom. It is required to formally report its annual carbon emissions to the relevant authorities and
surrender ETS allowances equivalent to the emissions.
ETS allowances are recognised as inventory in the statement of financial position. A decreasing portion of
the allowances are received for free and recognised at nil cost. Purchased allowances are recognised at cost.
Both types of allowance are incorporated in the total weighted average cost of the inventory.
In accordance with actual carbon emissions, a liability is recognised within trade and other payables and a
corresponding expense within fuel cost based on the expected weighted average cost of the allowances that
will be surrendered. This calculation includes the allowances already purchased and the forward transactions
that mature before the surrender. If further allowances need to be purchased to meet the surrender
requirement, their value is factored in at the prevailing market price.
The inventory and the liability are derecognised at the time of the surrender.
In F24, the Group entered into an ETS repurchase financing agreement according to which EU allowances
were sold with a repurchase commitment. According to IFRS 15, this is not a sale transaction. The units are
not derecognised from inventory and no income is accounted for. The consideration received is recognised
as a financial liability within borrowings. The difference between the sale price and the repurchase price is
recognised as interest expense over the period between the sale date and the repurchase date.
Impairment of non-financial assets
The carrying amounts of the Group’s assets are reviewed at each reporting date, or earlier if there is an
impairment trigger, to determine whether there is any indication of impairment. If any such indication
exists, the asset’s recoverable amount is estimated. The recoverable amount is the higher of an asset’s fair
value less costs of disposal and value in use. An impairment loss is recognised whenever the carrying
amount of an asset or cash-generating unit exceeds its recoverable amount. Impairment losses are
recognised in the statement of comprehensive income.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
122
Employee benefits
Share-based payment transactions
The Group operates an equity-settled share option programme that allows Group employees to acquire
shares in the Company. The options are granted by the Company. The fair value of options granted is
recognised as an employee expense within staff costs with a corresponding increase in equity. The fair value
is measured at the grant date and spread over the period during which the employees become
unconditionally entitled to the options. The fair value of the granted options is measured using an option
valuation model, taking into account the terms and conditions upon which the options were granted. The
amount recognised as an expense is adjusted at any measurement date so the cumulative expense to date
reflects the actual number of share options that are expected to vest (except where the number of shares to
vest depends on the share price performance of the Company, which is a market condition under IFRS 2 and
is therefore not updated).
Provisions
A provision is recognised in the statement of financial position when the Group has a present legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will
be required to settle the obligation.
If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-
tax rate that reflects current market assessments of the time value of money, and where appropriate, the
risks specific to the liability (please see further details of aircraft maintenance provisions in the accounting
policy section on maintenance).
Revenue
The Group’s revenue disaggregation differs from the requirements under IFRS 15, ‘Revenue from Contracts
with Customers’. The revenue is disaggregated into two main categories: passenger ticket revenues
(representing the invoiced value of flight seats) and ancillary revenues. Any compensation payable to
passengers for delays and cancellations is deducted from the revenue up to the level of the original revenue,
in accordance with IFRS 15. Any excess compensation beyond the original revenue is accounted for as an
expense. This treatment is consistent with the principle under IFRS 15 that revenue should only be
recognised to the extent it is highly probable that a significant reversal of revenue recognised will not occur
when uncertainties are resolved.
Passenger ticket revenue arises from the sale of flight seats and is recognised net of government taxes in
the period in which the service is provided, i.e. when the aircraft departed. Where charges levied by airports
or government authorities on a per passenger basis represent a government tax in fact or in substance, then
such amounts are presented on a net basis in the statement of comprehensive income (netted between the
lines of revenue and airport, handling and en-route charges). Unearned revenue represents flight seats sold
but not yet flown, and is included in deferred income. Refunds made to passengers are recorded as
reductions in revenue. Refunds are measured at the initial transaction price, excluding non-refundable
services.
Ancillary revenue arises from the sale of other services made by the Group and from commissions earned in
relation to services sold on behalf of other parties where the Group is the agent rather than the principal in
the relationship. For details of the main ancillary revenue categories, see Note 5. Commission revenue arises
in relation to the sale of on-board catering, where the Group is an agent, as well as in connection with
accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded credit cards.
Ancillary revenues are recognised as revenue when the performance obligations have been satisfied (i.e. all
the benefits associated with the performance obligation have been transferred to the customer). This,
depending on the type of service, might be either the date of sale, the date of the flight, or in the case of
membership fees, the period when customers benefit from a paid membership.
The Group considers if it is a principal or an agent in relation to contracts with other partners. Wizz
recognises revenue on a gross basis if it is the principal in the arrangement, and on a net basis if it is the
agent. The Group recognises revenue from contracts with other partners as an agent if it is the other
partners that:
▶
enter into contracts with the passengers/customers and bear the liability towards customers for
delivering the products and services;
▶
define the majority of the product portfolio, manage the inventory, are responsible for product
availability/outage, have title to the inventory and, the effect of the profit share notwithstanding, bear
the risk of loss; and
▶
have the discretion in establishing the prices.
The disaggregation of revenues into passenger ticket revenues and ancillary revenues, as applied in
the statement of comprehensive income, is a non-IFRS measure (or alternative performance measure).
The existing revenue presentation is considered relevant for the users of the financial statements because:
(i) it is regularly reviewed by the Chief Operating Decision Maker for evaluating financial performance; and
(ii) it mirrors disclosures presented outside of the financial statements.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
123
Revenues under IFRS 15 are disaggregated into revenues from contracts with passengers and with other
business partners, respectively. These two categories represent revenues that are distinct from a nature,
timing and risk point of view. This split, as required under IFRS 15, is presented in Note 6.
Accounting for membership fees
The Group operates the Wizz Discount Club (WDC) loyalty programme for its customers. Under this
programme, customers can pay an annual membership fee, with the key benefit being that during most of
the twelve-month membership period they get access to special fares that are lower than the standard ticket
prices.
The Group recognises the revenue from membership fees following the pattern of customers utilising
benefits from the programme. This pattern is determined by management once a year, on the basis of the
actual distribution of member flights in the preceding twelve months, and then applied prospectively as an
estimate for the future. A material change in the pattern within one year is unlikely because the underlying
fact patterns (for customers to buy a membership, buy tickets, and then fly with those tickets) are
reasonably stable.
Maintenance
Aircraft maintenance provisions
For aircraft held under lease agreements, the Group is contractually committed to either return the aircraft
in a certain condition or to compensate the lessor based on the actual condition of the aircraft and its major
components upon return. If the condition defined in the lease contract can only be met by performing
maintenance, then provision is made for the minimum unavoidable costs of the future maintenance
obligation at the time when such obligation becomes certain. This is when the respective aircraft component
no longer meets the lease re-delivery conditions. The provision is used through the completion of a
maintenance event enabling the component to meet the re-delivery conditions again. If it is probable that
compensation will be payable to the lessor on returning the aircraft, because maintenance is not or is no
longer planned, then the Group accrues for such obligation in line with the compensation rates defined in the
lease contract and recognises the respective expense within operating expenses (maintenance materials and
repairs) in the statement of comprehensive income.
Aircraft maintenance assets
Heavy maintenance relates to the overhaul of engines and associated components, the replacement of life-
limited parts, the replacement of landing gears and the non-routine airframe inspection and rectification
works. Under normal operating conditions, heavy maintenance relates to work expected to be performed no
more frequently than every two years.
The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and classified under
“aircraft maintenance assets”) at the earlier of: (a) the time the lease re-delivery condition is no longer met
(see above under aircraft maintenance provisions); or (b) when maintenance, including enhancement, is
carried out. Other maintenance costs are expensed as incurred.
Such maintenance assets are depreciated over the period the Group benefits from the asset, which is the
shorter of: (a) the estimated period until the next date the lease re-delivery condition is no longer met; or
(b) the end of the asset’s operational life; or (c) the end of the lease.
For engines and associated components, depreciation is charged on the basis of flight hours or cycles, while
for other aircraft maintenance assets, depreciation is charged evenly over the period the Group expects to
derive benefit from the asset.
Components of newly leased aircraft such as life-limited parts and engines are not accounted for as separate
assets, and the inherent benefit of these assets, which are utilised in the period from inception of the lease
until the time the assets no longer meet the lease re-delivery condition, is reflected in the payments made to
the lessor over the life of the lease.
Aircraft maintenance assets are non-monetary items. Non-euro amounts are translated to euros on
inception, and are not retranslated.
The recognition of aircraft maintenance assets against provisions for other liabilities and charges in the
statement of financial position is a transaction not involving cash flows. In the statement of cash flows, the
spending on these assets is presented under “purchase of aircraft maintenance assets” in the period when
cash actually flows out of the Group. This can happen either before or after the recognition of the asset,
depending on the exact facts and circumstances associated with the relevant asset or assets.
Please also refer to the property, plant and equipment section of the accounting policies.
Other receivables from lessors – maintenance reserve
Payments for aircraft and engine maintenance, as stipulated in the respective lease agreements, are made
to certain lessors as security for the performance of future heavy maintenance works. The payments are
recorded as receivables from the lessors until the respective maintenance event occurs and the
reimbursement with the lessor is finalised. Any payment that is not expected to be reimbursed by the lessor
is recognised under operating expenses (maintenance materials and repairs) in the statement of
comprehensive income.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
124
Other
The Group enters into agreements with maintenance service providers that guarantee the maintenance of
major components at a rate defined in the contract, the prime example being FHAs for aircraft engines. Such
FHAs cover the cost of both scheduled and unscheduled engine overhauls. FHA payments are accounted for
as follows:
▶
payments for scheduled maintenance work are recognised as advances paid for aircraft maintenance
assets until the maintenance asset for the respective engine overhaul is created. After this point, any
further FHA payments are either used to settle previously established aircraft maintenance provisions (to
the extent a provision for the respective FHA contract exists) or, in the absence of a provision, are added
to the amount previously capitalised under property, plant and equipment as advances paid for aircraft
maintenance assets; and
▶
payments that are made to provide guaranteed coverage for the performance of unscheduled
maintenance events are considered insurance payments and are expensed as incurred.
Please refer to the property, plant and equipment section of the accounting policies.
Supplier credits and compensation
In certain cases, the concessions receivable from a component manufacturer are linked to the Group’s
commitment to purchase a number of new aircraft with the manufacturer’s components installed on those.
In such cases, in substance, the Group earns the right to the concessions via the delivery of the respective
aircraft. In certain cases, the concessions might be delivered by the component manufacturer later than the
date when the respective aircraft delivery is taken by the Group.
Cash credits received in connection with the acquisition of aircraft and major aircraft parts are applied to
reduce the acquisition cost of that asset. If the asset is then financed with a sale and leaseback transaction,
the lower acquisition cost will translate into a higher gain (or smaller loss) on the sale and leaseback
transaction.
Credits that can be used for the purchase of goods and services are accounted for as other income at the
time of the purchase.
Credits received in connection with liquidated damage clauses in our contracts for the acquisition of aircraft
and engines that are not available when promised and expected to be utilised are recognised as other
income over the period that the circumstance exists where these credits are to compensate for loss of
income and/or incremental operating costs. This includes Original Equipment Manufacturer compensation to
mitigate the financial impact of grounded aircraft or delayed deliveries.
Other expenses
Other expenses mainly relate to short-term wet lease expenses (Note 13), compensation to customers (Note
25), expenses from cargo operations as well as crew and overhead-related expenses.
Other income
Other income mainly relates to credits and compensation received from suppliers (see above and Note 20),
gains on sale and leaseback transactions (see above and Note 13) and income from cargo operations.
Net financing expense
Net financing expense comprises interest payable, finance charges on finance and operating (under IFRS 16)
leases, interest receivable on funds invested, gains and losses on derivative financial instruments and
foreign exchange gains and losses that are recognised in the statement of comprehensive income.
Interest income and interest payable are recognised in the statement of comprehensive income using the
effective interest method.
Non-cash elements of financial income and expenses are eliminated from the statement of cash flows as an
adjusting item, whereas cash elements, e.g. realised foreign exchange gains and losses, are included in the
statement of cash flows.
Share capital
Ordinary Shares are classified as equity. Qualifying transaction costs directly attributable to the issue of new
shares are debited to equity, reducing the share premium arising on the issue of shares.
Taxation
Taxation on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in
the statement of comprehensive income except to the extent it relates to items recognised directly in equity,
in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the
statement of financial position date, and any adjustment to tax payable in respect of previous years.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
125
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. The following temporary
differences are not provided for: the initial recognition of goodwill, and differences relating to investments in
subsidiaries, to the extent they will probably not reverse in the foreseeable future. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using applicable tax rates enacted or substantively enacted at the reporting date.
A deferred tax asset is recognised to the extent it is probable that sufficient future taxable profits will be
available against which the asset can be utilised.
Segment reporting
Operating and reportable segments
The Group is managed as a single business unit that provides point-to-point, low-cost, low-fare passenger
air transportation services using a fleet of single-aisle aircraft. The Group has only one reportable segment,
its entire route network.
Management information is provided to the senior management team, which (in the context of IFRS 8,
‘Operating Segments’) is the Group’s Chief Operating Decision Maker (CODM). Resource allocation decisions
are made by the CODM for the benefit of the route network as a whole, rather than for individual routes
within the network. The performance of the network is assessed primarily based on the operating profit or
loss for the period.
3. Financial risk management
Financial risk factors
The Group is exposed to market risks relating to fluctuations in commodity prices, interest rates and
currency exchange rates. The objective of financial risk management at Wizz Air is to minimise the impact of
commodity price, interest rate and foreign exchange rate fluctuations on the Group’s earnings, cash flows
and equity. To manage commodity and foreign exchange risks, Wizz Air uses foreign currency and jet fuel
zero-cost collar contracts, jet fuel swaps and Cross Currency Interest Rate Swaps.
Risk management is carried out by the treasury department under policies approved by the Board of
Directors. The Board provides written principles for overall risk management, as well as written policies
covering specific areas, such as foreign exchange risk, fuel price risk, credit risk, use of derivative financial
instruments, adherence to hedge accounting, and hedge coverage levels. The Board has mandated the Audit
and Risk Committee of the Board to supervise the hedging activity of the Group and compliance with the
policies approved by the Board.
Risk analysis
Market risks
Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit
and Risk Committee.
Given the sustained and ongoing volatility in commodity prices, Wizz Air kept its systematic jet fuel hedging
policy and maintained hedge coverage in line with the policy and its peers. The hedges under the hedge
policy will be rolled forward quarterly, 18 months out, with coverage levels over time indicatively reaching
between 65 to 85 per cent for the first quarter of the hedging horizon and 15 to 35 per cent for the last
quarter of the hedging horizon. In line with the hedging policy, Wizz Air also hedges its fuel consumption-
related US dollar exposure in a similar fashion.
Foreign currency risk
The Group is exposed to foreign currency risk on sales, purchases and commitments that are denominated
in a currency other than the functional currency of its operating entities. The foreign currency exposure of
the Group is predominantly attributable to the following: (i) only a small portion of the Group’s revenues are
denominated in, or linked to, the US dollar, while a significant portion of the Group’s expenses are USD-
denominated, including fuel and aircraft leases; and (ii) there are various currencies in which the Group has
significantly more revenues than expenses, primarily the British pound (GBP) and – to a lesser extent – the
Polish zloty (PLN) and the Romanian leu (RON).
The EUR/USD foreign currency rate is the most significant underlying foreign currency exposure for the
Group. In October 2024, the Wizz Air Board approved a USD Lease Liabilities Economic Hedging Policy
covering a large portion of foreign exchange risks related to aircraft lease financing denominated in US
dollars. The Group maintains a significant cash reserve in US dollars as a natural hedge, and builds a
coverage ratio of 50-85% entering into Cross Currency Interest Rate Swap (CCS) contracts. These CCS
contracts have 3-year contract break clauses and are executed with fixed US dollar and fixed euro legs. At
the end of the 2025 financial year, out of our net USD exposure (USD lease liabilities – USD cash & cash
deposits), c.38% were covered.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
126
The table below analyses the financial instruments by the currency of future receipts and payments:
EUR
USD
Other
Total
At 31 March 2025
€ million
€ million
€ million
€ million
Financial assets
Trade and other receivables
323.2
134.4
110.3
567.9
Investments in other entities
—
3.7
—
3.7
Derivative financial assets
0.5
11.6
—
12.1
Cash and cash equivalents
254.4
236.8
106.3
597.5
Short-term cash deposits
215.0
845.2
—
1,060.2
Restricted cash
1.3
73.8
3.2
78.3
Total financial assets
794.4
1,305.5
219.8
2,319.7
Financial liabilities
Unsecured debt*
500.9
—
—
500.9
Secured debt
271.9
—
—
271.9
IFRS 16 aircraft and engine lease liability
775.0
2,866.6
—
3,641.6
IFRS 16 other lease liability
19.6
—
9.9
29.5
JOLCO, FTL and FL liability
1,520.1
488.6
122.0
2,130.7
Loans from non-controlling interests
—
13.9
—
13.9
Convertible debt
25.5
—
—
25.5
Trade and other payables
463.4
114.6
236.5
814.5
Derivative financial liabilities
7.1
35.5
—
42.6
Deferred income
2.8
—
2.7
5.5
Total financial liabilities
3,586.3
3,519.2
371.1
7,476.6
Net financial liabilities
(2,791.9)
(2,213.7)
(151.3)
(5,156.9)
EUR
USD
Other
Total
At 31 March 2024
€ million
€ million
€ million
€ million
Financial assets
Trade and other receivables
315.3
156.7
99.2
571.2
Investments in other entities
—
1.6
—
1.6
Derivative financial assets
—
36.8
—
36.8
Cash and cash equivalents
138.4
523.8
66.2
728.4
Short-term cash deposits
154.0
597.1
—
751.1
Restricted cash
3.1
103.4
2.9
109.4
Total financial assets
610.8
1,419.4
168.3
2,198.5
Financial liabilities
Unsecured debt*
511.6
—
—
511.6
Secured debt
257.5
205.7
—
463.2
IFRS 16 aircraft and engine lease liability
637.4
2,947.4
—
3,584.8
IFRS 16 other lease liability
16.8
—
10.3
27.1
JOLCO and FTL lease liability
1,122.4
401.9
119.1
1,643.4
Loans from non-controlling interests
—
13.9
—
13.9
Convertible debt
25.7
—
—
25.7
Trade and other payables
461.4
93.7
197.2
752.3
Derivative financial liabilities
—
0.7
—
0.7
Deferred income
4.8
—
—
4.8
Total financial liabilities
3,037.6
3,663.3
326.6
7,027.5
Net financial liabilities
(2,426.8)
(2,243.9)
(158.3)
(4,828.9)
*
Unsecured debt represents the European Mid Term Note and bank overdrafts.
Trade and other receivables in this table, and also in the other disclosures in this Note, exclude balances that
are not financial instruments, such as prepayments, deferred expenses and part of other receivables (see
Note 20). Similarly, trade and other payables and deferred income in this table, and also in the other
disclosures in this Note, exclude balances that are not financial instruments, such as part of accruals and
other payables (see Note 25).
Commodity risks
One of the most significant costs for the Group is jet fuel. The price of jet fuel can be volatile and can directly
impact the Group’s financial performance. See further details regarding jet fuel at market risks and hedge
transactions within this Note.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
127
The Group is also exposed to price risks related to Emissions Trading System (ETS) schemes. To comply
with regulations, ETS allowances must be purchased and surrendered on a yearly basis. To reduce the
exposure to price volatility and inflation, the Group enters into spot and forward purchase transactions. As at
31 March 2025, all requirements for the calendar year 2024 and 100 per cent of the total forecast
requirements for the calendar year 2025 were covered. This coverage includes forward purchase
agreements to the value of €259.7 million. These forward purchase agreements qualify for the own use
exemption, and therefore are not accounted for as a financial instrument under IFRS 9.
Interest rate risk
The Group’s objective is to reduce cash flow risk arising from the fluctuation of interest rates on financing.
The Group has a small portion of future commitments under certain lease contracts that are based on
floating interest rates. The PDP refinancing credit facility (see Note 23) is a variable rate loan, which was
fully repaid during the financial year. The floating nature of these interest charges exposes the Group to
interest rate risk. Interest rates charged on Eurobond, convertible debt liabilities and on the majority of the
leases to finance the aircraft are not sensitive to interest rate movements as they are fixed until maturity.
The Group did not use financial derivatives to hedge its interest rate risk during the year.
The Group has floating rate instruments within restricted cash, but given their short-term maturity (within
three months), the interest rates are not expected to move significantly during this short period.
Hedge transactions during the year
The Group uses zero-cost collar instruments and swaps to hedge its jet fuel-related foreign exchange
exposures and jet fuel price exposures. To ensure economic relationship, the Group enters into hedge
relationships where the critical terms of the hedging instrument match exactly those of the hedged item.
The gains and losses arising from hedge transactions during the year were as follows:
Foreign exchange hedge:
2025
2024
€ million
€ million
Gain recognised within fuel costs
Effective cash flow hedge
12.7
1.9
Total gain recognised within fuel costs
12.7
1.9
Fuel hedge:
2025
2024
€ million
€ million
(Loss)/gain recognised within fuel costs
Effective hedge
(26.2)
(24.3)
Cost of hedging recycled to profit or loss
—
—
Total loss recognised within fuel costs
(26.2)
(24.3)
Year-end open hedge positions
The Group measures its derivative financial instruments at fair value, as calculated by management using an
independent derivative valuation platform. Such fair values might change materially within the near future,
yet these changes would not arise from assumptions made by management or other sources of estimation
uncertainty at the end of the period, but from movements in market prices. The fair value calculation is most
sensitive to movements in the jet fuel and foreign currency spot prices, their implied volatility and respective
yields.
At the end of the year, the Group had the following open hedge positions:
Foreign exchange hedges with derivatives:
Derivative financial instruments
At 31 March 2025
Notional
amount
US$ million
Non-current
assets
€ million
Current
assets
€ million
Non-current
liabilities
€ million
Current
liabilities
€ million
Net
asset
€ million
Effective cash flow hedge positions
1,147.0
0.1
8.1
(3.6)
(4.2)
0.4
Total foreign exchange hedges
1,147.0
0.1
8.1
(3.6)
(4.2)
0.4
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
128
Derivative financial instruments
At 31 March 2024
Notional
amount
US$ million
Non-current
assets
€ million
Current
assets
€ million
Non-current
liabilities
€ million
Current
liabilities
€ million
Net
asset
€ million
Effective cash flow hedge positions
801.0
0.7
7.9
—
(0.5)
8.1
Total foreign exchange hedges
801.0
0.7
7.9
—
(0.5)
8.1
For the movements in other comprehensive income, please refer to the consolidated statement of
changes in equity.
The open foreign currency cash flow hedge positions at year end can be analysed according to the maturity
periods and price ranges of the underlying hedge instruments as follows:
EUR/USD foreign exchange hedge:
F26
F27
At 31 March 2025
12 months
6 months
Maturity profile of notional amount (million)
$931.0
$216.0
Weighted average ceiling
$1.1224
$1.1016
Weighted average floor
$1.0792
$1.0591
F25
F26
At 31 March 2024
12 months
6 months
Maturity profile of notional amount (million)
$686.0
$115.0
Weighted average ceiling
$1.1303
$1.1304
Weighted average floor
$1.0867
$1.0873
Foreign exchange hedge with non-derivatives:
Non-derivatives, such as cash, are existing financial assets or liabilities that hedge highly probable foreign
currency cash flows in the future and therefore act as a natural hedge.
Fuel hedge with derivatives:
Derivative financial instruments
At 31 March 2025
‘000
metric
tonnes
Non-current
assets
€ million
Current
assets
€ million
Non-current
liabilities
€ million
Current
liabilities
€ million
Net
liability
€ million
Effective cash flow hedge positions
1,753.0
1.1
2.3
(2.7)
(25.1)
(24.3)
Total fuel hedge
1,753.0
1.1
2.3
(2.7)
(25.1)
(24.3)
Derivative financial instruments
At 31 March 2024
‘000
metric
tonnes
Non-current
assets
€ million
Current
assets
€ million
Non-current
liabilities
€ million
Current
liabilities
€ million
Net
asset
€ million
Effective cash flow hedge positions
987.0
3.1
25.1
—
(0.3)
28.0
Total fuel hedge
987.0
3.1
25.1
—
(0.3)
28.0
For the movements in other comprehensive income, please refer to the consolidated statement of changes
in equity.
The fuel hedge positions at year end can be analysed according to the maturity periods and price ranges of
the underlying hedge instruments as follows:
F26
F27
At 31 March 2025
12 months
6 months
Maturity profile (‘000 metric tonnes)
1,420.0
333.0
Blended capped rate
$786.0
745
Blended floor rate
$709.0
677
F25
F26
At 31 March 2024
12 months
6 months
Maturity profile (‘000 metric tonnes)
841.0
146.0
Blended capped rate
$860.0
$844.0
Blended floor rate
$751.0
$732.0
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
129
Effects of hedge accounting on financial position and performance
The effects of the foreign exchange hedges on the Group’s financial position and performance are as follows:
2025
2024
Zero-cost collars
Carrying amount net asset (€ million)
0.4
8.1
Notional amount (US$ million)
1,147.0
801.0
Maturity date
April 2025–
August 2026
April 2024–
August 2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments (€ million)
(1.6)
4.6
Change in value of hedged item used to determine hedge effectiveness (€ million)
1.6
(4.6)
The effects of the fuel hedges on the Group’s financial position and performance are as follows:
2025
2024
Zero-cost collars
Carrying amount net (liability)/asset (€ million)
(24.5)
28.0
Notional amount (‘000 metric tonnes)
1,726.5
987.0
Maturity date
April 2025–
August 2026
April 2024–
August 2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments (€ million)
(8.7)
12.4
Change in value of hedged item used to determine hedge effectiveness (€ million)
8.7
(12.4)
Swaps
Carrying amount net asset (€ million)
0.2
—
Notional amount (‘000 metric tonnes)
26.5
—
Maturity date
April 2025–
May 2025
—
Hedge ratio
1:1
—
Change in fair value of outstanding hedging instruments (€ million)
0.2
—
Change in value of hedged item used to determine hedge effectiveness (€ million)
(0.2)
—
Hedge effectiveness
The effectiveness of hedges is tested prospectively to determine the appropriate accounting treatment of
open positions. Prospective testing of open hedges requires making certain estimates, the most significant
one being for the future expected level of the business activity (primarily the utilisation of fleet capacity) of
the Group. Building on these estimations of the future, management makes a judgment on the accounting
treatment of open hedging instruments. Hedge accounting for jet fuel and foreign currency cash flow hedges
is discontinued where the “highly probable” forecast criterion is not met in accordance with the requirements
of IFRS 9.
There was no discontinued hedging relationship during the financial year ending on 31 March 2025 or during
the financial year ending on 31 March 2024.
None of the hedge counterparties had a material change in their credit status that would have influenced the
effectiveness of the hedging transactions.
Sensitivity analysis
The table below shows the sensitivity of the Group’s profits to various market risks for the current and the
prior year, excluding any hedge impacts.
2025
2024
Difference in
profit after tax
€ million
Difference in
profit after tax
€ million
Fuel price sensitivity
Fuel price $100 higher per metric tonne
Fuel price $100 lower per metric tonne
-171.1
+171.1
-167.1
+167.1
FX rate sensitivity (USD/EUR)
FX rate 0.05 higher (meaning EUR stronger)
FX rate 0.05 lower
214.3
-235.3
+204.0
-221.3
FX rate sensitivity (GBP/EUR)
FX rate 0.03 higher (meaning EUR stronger)
FX rate 0.03 lower
-17.0
18.3
-16.8
+18.0
Interest rate sensitivity (EUR)
Interest rate is higher by 100 bps
Interest rate is lower by 100 bps
17.6
-17.7
+16.4
-16.7
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
130
The Group is primarily exposed to changes in the EUR/USD foreign exchange rate. The sensitivity of profit or
loss to changes in the exchange rates arises mainly from US dollar lease liabilities and jet fuel-related US
dollar exposure.
The interest rate sensitivity calculation above considers the effects of varying interest rates on the interest
income on bank deposits and floating rate leases.
The table below shows the sensitivity of the Group’s other comprehensive income to various market risks for
the current and the prior year. These sensitivities relate to the impact of market risks on the balance of the
cash flow hedging reserve (which includes gains and losses related to open cash flow hedges both for foreign
exchange rates and the jet fuel price).
2025
2024
Difference
€ million
Difference
€ million
Fuel price sensitivity
Fuel price $100 higher per metric tonne
Fuel price $100 lower per metric tonne
163.3
-163.3
-91.0
+91.0
FX rate sensitivity (USD/EUR)
FX rate 0.05 higher (meaning EUR stronger)
FX rate 0.05 lower
-1.1
1.1
+1.6
-1.6
Fuel volume sensitivity (metric tonnes)
100,000 metric tonnes reduction in forecast fuel purchases
100,000 metric tonnes increase in forecast fuel purchases
-0.8
0.8
+3.7
-3.7
The sensitivity analyses above for 2025 were performed with reference to the following market rates, as the
base case:
▶
for profits, annual average rates: jet fuel price $762 per metric tonne; EUR/USD FX rate 1.07; EUR/GBP
FX rate 0.84; and
▶
for other comprehensive income, year-end spot rates: jet fuel price $732.0 per metric tonne; EUR/USD
FX rate 1.08.
Liquidity risks
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding. The
financial year 2025 had an extremely challenging environment with significant price fluctuations, influenced
by geopolitical tensions, changes in interest rates and economic uncertainties. These challenges impacted
our supply chain, operational capacity and the liquidity position of the Group. In response, a number of
actions are being taken to improve costs and liquidity, the most important ones being:
▶
continuing to ensure that operated flights deliver positive cash contributions;
▶
securing nearly all lease financing for aircraft delivery positions until March 2026;
▶
working with suppliers to reduce contracted rates and improve payment terms;
▶
reducing discretionary spending and suspending non-essential capital expenditures;
▶
extending the EMTN programme in January 2025, keeping the liability to a four-year €500 million bond
that was issued in January 2022;
▶
PDP financing from the credit facility contracted in February 2023 for a maximum of three years. This
facility was fully repaid in November 2024 (see Note 23);
▶
rolling over the ETS sale and repurchase agreement with a balance of €264.5 million;
▶
working with acquiring banks to expand our ticket sales capacity. These banks will share a portion of the
credit risk for paid tickets that have not been flown, without needing to provide collateral.
As a result of these measures, the Group is confident in its ability to maintain sufficient liquidity in the case
of further unexpected events or increases in commodity prices. For further notes, please refer to the going
concern assessment under Note 2.
The Group invested excess cash primarily in US dollar- and euro-denominated short-term time deposits with
high-quality bank counterparties.
The table below analyses the Group’s financial assets and liabilities (receivable or payable either in cash or
net settled in the case of certain derivative financial assets and liabilities) in relevant maturity groupings
based on the period to the contractual maturity date as remaining at the reporting date.
The amounts disclosed in the table below are the contractual undiscounted cash flows, except for derivatives
where fair values are presented. Therefore, for certain asset and liability categories the amounts presented
in this table are different from the respective amounts presented in the statement of financial position.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
131
At 31 March 2025
Within three
months
€ million
Between three
months
and one year
€ million
Between one
and five years
€ million
More than five
years
€ million
Total
€ million
Financial assets
Trade and other receivables
519.7
2.5
45.7
—
567.9
Derivative financial assets
3.2
7.1
1.8
—
12.1
Short-term cash deposits
361.1
699.1
—
—
1,060.2
Cash and cash equivalents
597.5
—
—
—
597.5
Restricted cash
21.0
20.7
31.5
5.1
78.3
Total financial assets
1,502.5
729.4
79.0
5.1
2,316.0
Financial liabilities
Unsecured debt
0.6
505.0
—
—
505.6
Secured debt
—
284.7
—
—
284.7
IFRS 16 aircraft and engine lease
liability
184.2
560.1
2,242.1
1,211.7
4,198.1
IFRS 16 other lease liability
1.3
3.4
16.4
13.8
34.9
JOLCO, FTL and FL liability
45.4
151.7
915.7
1,443.0
2,555.8
Loans from non-controlling interests
—
—
—
13.9
13.9
Convertible debt
0.3
—
25.2
—
25.5
Trade and other payables
796.9
1.6
9.9
6.1
814.5
Derivative financial liabilities
6.5
22.7
13.4
—
42.6
Deferred income
5.5
—
—
—
5.5
Total financial liabilities
1,040.7
1,529.2
3,222.7
2,688.5
8,481.1
Within three
months
€ million
Between three
months
and one year
€ million
Between one
and five years
€ million
More than five
years
€ million
Total
€ million
At 31 March 2024
Financial assets
Trade and other receivables
529.8
4.3
37.1
—
571.2
Derivative financial assets
8.8
24.2
3.8
—
36.8
Short-term cash deposits
—
751.1
—
—
751.1
Cash and cash equivalents
728.4
—
—
—
728.4
Restricted cash
9.1
46.3
50.9
3.1
109.4
Total financial assets
1,276.1
825.9
91.8
3.1
2,196.9
Financial liabilities
Unsecured debt
12.0
5.0
505.0
—
522.0
Secured debt
39.5
388.3
54.8
—
482.6
IFRS 16 aircraft and engine lease
liability
167.2
517.0
2,149.5
1,318.9
4,152.6
IFRS 16 other lease liability
0.9
2.8
16.8
13.5
34.0
JOLCO and FTL lease liability
31.4
104.5
553.7
1,227.8
1,917.4
Loans from non-controlling interests
—
—
—
13.9
13.9
Convertible debt
0.3
—
25.4
—
25.7
Trade and other payables
687.0
10.4
26.1
28.8
752.3
Derivative financial liabilities
0.3
0.4
—
—
0.7
Deferred income
4.8
—
—
—
4.8
Total financial liabilities
943.4
1,028.4
3,331.3
2,602.9
7,906.0
The Group has obligations under financial guarantee contracts as detailed in Note 31. The most significant
financial guarantee contracts relate to aircraft leases, hedging, EMTN notes and Convertible Notes. For these
items, the respective underlying liabilities are reflected in the appropriate line of the financial liabilities part
of the table above (for leases, the liability is presented under borrowings). Since the liability itself is already
reflected in the table, it would not be appropriate to include the financial guarantee provided by another
Group entity for the same obligation as well.
Management does not expect that any payment under these guarantee contracts will be required by the
Company.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations. The Group’s exposure to credit risk from individual customers is
limited as most of the payments for flight tickets are collected before the service is provided.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
132
However, the Group has significant banking, hedging, aircraft manufacturer and card-acquiring relationships
that represent counterparty credit risk. The Group analysed the creditworthiness of the relevant business
partners to assess the likelihood of non-performance of liabilities and therefore assets due to the Group. The
credit quality of the Group’s financial assets is assessed by reference to external credit ratings (published by
Standard & Poor’s or similar institutions) of the counterparties as follows:
A
A-
Other
Unrated
Total
At 31 March 2025
€ million
€ million
€ million
€ million
€ million
Financial assets
Cash and cash equivalents
516.0
47.5
30.9
3.0
597.5
Short-term cash deposits
954.1
106.2
—
—
1,060.3
Restricted cash
78.3
—
—
—
78.3
Trade and other receivables
4.1
3.3
5.8
554.7
567.9
Derivative financial assets
8.3
3.8
—
—
12.1
Investments in other entities
—
—
—
3.7
3.7
Total financial assets
1,560.8
160.8
36.7
561.4
2,319.8
A
A-
Other
Unrated
Total
At 31 March 2024
€ million
€ million
€ million
€ million
€ million
Financial assets
Cash and cash equivalents
449.0
1.2
265.5
12.8
728.4
Short-term cash deposits
751.1
—
—
—
751.1
Restricted cash
109.4
—
—
—
109.4
Trade and other receivables
5.1
5.8
3.8
556.4
571.1
Derivative financial assets
21.0
12.1
3.8
—
36.9
Investments in other entities
—
—
—
1.6
1.6
Total financial assets
1,335.5
19.0
273.1
570.9
2,198.5
Within the unrated category of trade and other receivables, the Group has €25.1 million (2024:
€25.8 million) in receivables from different aircraft lessors in respect of maintenance reserves and lease
security deposits paid (see also Note 20). However, given that the Group physically possesses the aircraft
owned by the lessors and the Group has significant future lease payment obligations towards the same
lessors, management does not consider the credit risk on maintenance reserve receivables to be material.
Most of the remaining balance in this category in both years relates to ticket sales receivables from
customers and non-ticket revenue receivables from business partners. These balances are spread between a
significant number of counterparties and the credit performance in these channels has historically been
good.
Based on the information above, management does not consider the counterparty risk of any of the
counterparties to be material, and therefore no fair value adjustment was applied to the respective cash or
receivable balances.
Fair value estimation
The Group classifies its financial instruments based on the technique used for determining fair value into the
following categories:
Level 1: Fair value is determined based on quoted prices (unadjusted) in active markets for identical assets
or liabilities.
Level 2: Fair value is determined based on inputs other than quoted prices that are observable for the asset
or liability, either directly or indirectly.
Level 3: Fair value is determined based on inputs that are not based on observable market data (that is, on
unobservable inputs).
The following table presents the Group’s financial assets and liabilities measured at fair value as at
31 March 2025:
Level 1
Level 2
Level 3
Total
€ million
€ million
€ million
€ million
Assets
Investments in other entities
—
—
3.7
3.7
Derivative financial instruments
—
12.1
—
12.1
Cash and cash equivalents
—
—
—
—
Liabilities
Derivative financial instruments
—
42.6
—
42.6
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
133
The following table presents the Group’s financial assets and liabilities measured at fair value as at
31 March 2024:
Level 1
Level 2
Level 3
Total
€ million
€ million
€ million
€ million
Assets
Investments in other entities
—
—
1.6
1.6
Derivative financial instruments
—
36.9
—
36.9
Cash and cash equivalents
223.4
—
—
223.4
Liabilities
Derivative financial instruments
—
0.7
—
0.7
The Group measures its derivative financial instruments at fair value, calculated by a third-party front office
system or determined by the financial institutions issuing the respective derivative that falls into the Level 2
category. The front office platform provides comprehensive risk management capabilities, using generally
accepted valuation techniques, principally the Black-Scholes model and discounted cash flow models. The
fair value of investments in other entities is estimated using Level 3 methodology.
All the other financial assets and financial liabilities are measured at amortised cost.
Capital management
The Group’s objectives when managing capital are: (i) to safeguard the Group’s ability to continue as a
going concern in order to provide returns for Shareholders and benefits for other stakeholders; (ii) to secure
funds at competitive rates for its future aircraft acquisition commitments (see Note 32); and (iii) to maintain
an optimal capital structure to reduce the overall cost of capital.
The current sources of capital for the Group are equity as presented in the statement of financial position,
bonds and other borrowings (see Note 23), as well as, to a lesser extent, convertible debt (see Note 24).
Wizz Air’s strategy is to hold significant cash and liquid funds to mitigate the impact of potential business
disruption events and to invest in opportunities as they come along in an increasingly volatile market
environment. Accordingly, the Group has so far retained all profits and paid no dividends and financed all its
aircraft and most of its spare engine acquisitions through sale and leaseback agreements. The Group
furthered its financing options through the establishment in January 2021 of a €3.0 billion European Mid
Term Note (EMTN) programme and issuance of its debut bond by Wizz Air Finance Company B.V.,
unconditionally and irrevocably guaranteed by Wizz Air Holdings Plc. Following the 2024 bond repayment,
Wizz Air renewed the EMTN programme without a new issuance. A single bond remains maturing in January
2026. In addition, the Group entered into a repurchasing agreement utilising its large inventory of ETS units.
The existing aircraft orders of the Group create a need for raising significant amounts of capital in the
coming years. The strategy of the Group is to ensure that it has access to various forms of long-term
financing, which in turn allows the Group to further reduce its cost of capital and the cost of ownership of its
aircraft fleet.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
134
4. Critical accounting estimates and judgments made in applying the Group’s
accounting policies
a)
Maintenance policy
The estimations and judgments applied in the context of the maintenance accounting policy of the Group
impact the balance of: (i) property, plant and equipment (and, within that, aircraft maintenance assets, as
detailed in Note 13); and (ii) aircraft maintenance provisions (as detailed in Note 29).
Estimate: For aircraft held under lease agreements, provision is made for the minimum unavoidable costs of
specific future maintenance obligations required by the lease at the time when such obligation becomes
certain. The amount of the provision involves making estimates of the cost of the heavy maintenance work
required to discharge the obligation, including any end-of-lease costs. A 5 per cent increase in the planned
costs of heavy maintenance works at the 31 March 2025 year end would increase the balance of both
aircraft maintenance assets and aircraft maintenance provisions by €17.0 million.
Estimate: The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and
classified as an “aircraft maintenance asset”) at the earlier of: (a) the time the lease re-delivery condition is
no longer met; or (b) when maintenance, including enhancement, is carried out. The calculation of the
depreciation charge on such assets involves making estimates primarily for the future utilisation of the
aircraft. A 4 per cent change in the F26 forecast aircraft utilisation would result in the same average
utilisation as in F25. This would cause a €0.9 million decrease in the balance of aircraft maintenance assets.
The basis for these estimates is reviewed annually at least, and also when information becomes available
that is capable of causing a material change to an estimate, such as the renegotiation of end-of-lease return
conditions, increased or decreased utilisation of the assets, or changes in the cost of heavy maintenance
services.
Judgment: On a lease-by-lease basis, the Group makes a judgment on whether or not it would perform
future maintenance that would impact the condition of the respective aircraft or spare engine asset in a way
that eliminates the need for paying compensation to the lessor on the re-delivery of the leased asset. When
such maintenance is not expected to be performed, then an accrual is made for the compensation due to the
lessor in line with the terms of the respective lease contract. The change in the balance of accrued expenses
includes a release of €83.4 million (31 March 2024: €17.1 million) based on the judgment that the Group
will perform future maintenance that eliminates the need to pay compensation to the lessor on the re-
delivery of the leased asset. The related credit is recognised in the statement of comprehensive income
within maintenance, materials and repairs.
Judgment: The policy adopted by the Group, as summarised above, is only one of the policies available
under IFRS in accounting for heavy maintenance for aircraft held under lease agreements. A principal
alternative policy involves recognising provisions for future maintenance obligations in accordance with
hours flown or similar measures, and not only when lease re-delivery conditions are not met. In the
judgment of the Directors, the policy adopted by the Group, whereby provisions for maintenance are
recognised only when lease re-delivery conditions are not met, provides the most reliable and relevant
information about the Company’s obligations to incur major maintenance expenditure on leased aircraft, and
at the same time it best reflects the fact that an aircraft has lower maintenance requirements in the early
years of its operation. The average age of the Group’s aircraft fleet at 31 March 2025 was 4.5 years
(31 March 2024: 4.3 years). Given the adopted policy, we currently do not consider that climate change has
a material impact on the maintenance provision.
b)
Hedge and derivative accounting
Estimate: The asset and liability balances at year end related to open hedge instruments can be material.
The fair value of derivatives is estimated by a third-party front office system as per industry practice. As
required, the fair values ascribed to those instruments are also verified by management using high-level
models. Such fair values might change materially within the next financial year but these changes would not
stem from assumptions made by management or other sources of estimation uncertainty at the end of the
year, but from the movement of market prices. The fair value calculation is most sensitive to movements in
the jet fuel and foreign currency spot prices, their implied volatility and respective yields. A sensitivity
analysis for the jet fuel price and for the FX rate on most relevant currency pairs is included in Note 3.
Estimate and judgment: The effectiveness of hedges is evaluated prospectively to ascertain the suitable
accounting treatment for hedge gains and losses. Additionally, designated hedging relationships undergo
retrospective assessment for ineffectiveness, with any ineffective portion subsequently recognised in the
Statement of comprehensive income. Prospective testing of open hedges requires making certain estimates,
the most significant one being for the future expected level of the business activity (primarily the utilisation
of fleet capacity) of the Group, which is supported by the models used to prepare going concern
assessments.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
135
Building on these estimations of the future, management exercises judgment on the appropriate accounting
treatment, considering the alignment of hedge instruments with the Group’s risk management objectives
and strategies. Hedge accounting for jet fuel and foreign currency cash flow hedges is discontinued where
the “highly probable” forecast criterion was not met in accordance with the requirements of IFRS 9.
None of the hedge counterparties had a material change in their credit status that would have influenced the
effectiveness of the hedging transactions.
c)
Net presentation of government taxes and other similar levies
The Group’s accounting policy stipulates that where charges levied by airports or government authorities on
a per passenger basis represent a government tax, in fact or in substance, then such amounts are presented
on a net basis in the statement of comprehensive income (netted against revenue).
Judgment: Management reviews all passenger-based charges levied by airports and government authorities
to ensure that any amounts recovered from passengers in respect of these charges are appropriately
classified within the statement of comprehensive income. Given the variability of these charges and the
number of airports and jurisdictions within which the Group operates, the assessment of whether these
items constitute taxes in nature is an inherently complex area for some airports, requiring a level of
judgment.
d)
Accounting for aircraft and spare engine assets
Judgment: When the Group acquires new aircraft and spare engines, it applies the following critical
judgments in determining the acquisition cost of these assets:
▶
engine contracts typically include the selection of an engine type to be installed on future new aircraft, a
commitment to purchase a certain number of spare engines, and lump-sum (i.e. not per engine)
concessions from the manufacturer. Management recalculates the unit cost of engines by allocating
lump-sum credits over all engines ordered and by adjusting costs between installed and spare engines in
a way that ensures that identical physical assets have an equal acquisition cost; and
▶
aircraft acquisition costs are recalculated to reflect the impacts of: (i) any adjustment to the cost of
installed engines (as above); and (ii) concessions received from the manufacturers of other aircraft
components under selection agreements. Such acquisition cost also has relevance for leased aircraft
when calculating the amount of total gain or loss on the respective sale and leaseback agreement.
e)
Accounting for leases
Judgment: Some of the Group’s lease contracts contain options to extend the lease term for a period of one
to two years. The extension option is taken into account in the measurement of the lease liability only when
the Group is reasonably certain that it would later exercise the option. Such judgment is made lease by
lease, and is relevant both at inception, for the initial measurement of the lease liability, and also for a
subsequent remeasurement of the lease liability if the initial judgment is revised at a later date.
Judgment: The Group takes the view that, as a lessee, it is not able to readily determine the interest rate
implicit in its lease contracts. Therefore, it applies its incremental borrowing rate for discounting future lease
payments.
The estimations made by management in accounting for leases do not materially impact the asset and
liability balances of the Group. The majority of aircraft and spare engine assets are leased, and as such their
period of depreciation is the shorter of their useful economic lives and lease duration. As these assets are
new at the inception of the lease and typically have a useful economic life of at least twice the duration of
the lease, no further estimation has been required.
f)
Revenue from contracts with other partners
As explained in Note 6, revenue from contracts with other partners relates to commissions on the sale of
onboard catering, accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded
cards.
Judgment: The Group considers that it is an agent (as opposed to a principal) in relation to all its contracts
with other partners. Accordingly, Wizz Air recognises revenue from these contracts on a net (commission)
basis.
The provision of onboard catering services is the most significant in value of these contracts, and it is also
the most complex from the perspective of making the “agent versus principal” assessment/judgment. The
Company’s judgment that it is an agent is based on the fact that it is the partner that: (i) enters into
contracts with the passengers/customers and bears the liability towards them for delivering the products and
services; (ii) defines the majority of the product portfolio, manages the inventory, is responsible for product
availability/outage, has title to the inventory and bears the risk of loss; and (iii) has discretion in establishing
prices. The difference on this contract between gross sales and net commission revenue (as recognised in
the statement of comprehensive income) was €57.1 million (2024: €55.9 million).
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
136
g)
Recoverability of deferred tax assets
Estimate: The change in the Group’s deferred tax assets and the resulting deferred tax income amounts to
€219.9 million (2024: €74.7 million). The main components of such changes are detailed in Note 15.
Management prepared an estimation of future taxable profits against which the deductible temporary
differences and tax loss carryforwards giving rise to deferred tax assets can be utilised based on mid-term
business plans. Based on its estimates, management considered that all deferred tax assets presented in the
Group’s consolidated statement of financial position as at 31 March 2025 are recoverable. .
5. Segment information
Reportable segment information
The Chief Operating Decision Maker of the Group, as defined in IFRS 8, ‘Operating Segments’, is the senior
management team of the Group.
During F25, the Group had only one reportable segment, being its entire route network. All segment revenue
was derived wholly from external customers, and as the Group had a single reportable segment, inter-segment
revenue was zero.
Reconciliation of reportable segment revenue and operating profit to consolidated profit after income tax:
2025
2024
€ million
€ million
Segment revenue
5,267.6
5,073.1
Segment operating expenses
(5,100.1)
(4,635.3)
Segment operating profit
167.5
437.8
Net financing expense
(147.8)
(96.8)
Income tax credit
194.2
24.8
Profit for the year
213.9
365.9
Entity-wide disclosures
Products and services
Revenue from external customers can be analysed by groups of similar services as follows:
2025
2024
€ million
€ million
Passenger ticket revenue
2,917.0
2,804.2
Ancillary revenue
2,350.6
2,268.9
Total segment revenue
5,267.6
5,073.1
These categories are non-IFRS categories meaning they are not necessarily distinct from a nature, timing
and risk point of view; however, management believes that these categories provide clarity over the
revenue profile of the Group to the readers of the financial statements and they are in line with airline
industry practice. The categories as per the definition of IFRS 15 are disclosed in Note 6.
Ancillary revenue arises mainly from baggage charges, booking/payment currency conversion charges,
airport check-in fees, fees for various convenience services (e.g. priority boarding, extended legroom and
reserved seats), loyalty programme membership fees, commission on the sale of onboard catering,
accommodation, car rental, travel insurance, bus transfers, premium calls, co-branded cards and charters.
Geographic areas
Segment revenue can be analysed by geographic area as follows:
2025
2024
€ million
€ million
EU and EFTA countries
3,638.3
3,576.2
UK
547.6
533.4
Other (non-EU)
1,081.7
963.5
Total revenue from external customers
5,267.6
5,073.1
In the table above, other (non-EU) comprises a number of non-EU geographic areas that are all individually
less than 10 per cent of the total revenue.
Revenue was allocated to geographic areas based on the location of the first departure airport on each
ticket booking.
The Company’s revenue from external customers within the EU is mainly generated by Italy at €671.8 million
(2024: €597.9 million), Romania at €561.7 million (2024: €518.7 million) and Poland at €482.3 million
(2024: €407.3 million).
The physical location of non-current assets is not disclosed by geographic area. This is because: (i) by value,
most assets are associated either with aircraft not yet received (pre-delivery payments) or with existing
leased aircraft and spare engines (RoU and maintenance assets), the location of which changes regularly
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
137
following aircraft capacity allocation decisions; and (ii) the value of the remaining asset categories (land and
buildings, fixtures and fittings) is not material within total non-current assets.
The distribution of non-current assets between the key operating entities of the Group is as follows:
31 March 2025
31 March 2024
€ million
€ million
Wizz Air Hungary Ltd.
2,226.3
2,448.9
Wizz Air Malta Ltd.
1,913.7
1,754.0
Wizz Air Fleet Management Ltd.
1,709.8
1,333.8
Wizz Air UK Limited
407.7
481.5
Wizz Air Abu Dhabi Ltd.
44.1
56.5
Wizz Air Asset Solutions Ltd.
696.5
—
Other
21.8
44.4
Total non-current assets
7,019.9
6,119.1
No revenue or non-current asset of the Group was recognised in Jersey, the Company’s country of domicile
for the year ended 31 March 2025 (2024: €nil).
Wizz Air Asset Solution Ltd. (formerly: AOG Jet Limited), a wholly owned subsidiary of the Group, was
established in July 2023, and Wizz Air Aviation Services LLC a wholly owned subsidiary of the Group, was
established in January 2025.
Major customers
The Group derives the vast majority of its revenues from its passengers and sells most of its tickets directly
to passengers as final customers, rather than through corporate intermediaries (tour operators, travel
agents or similar).
6. Revenue
The split of total revenue presented in the consolidated statement of comprehensive income, being
passenger ticket revenue and ancillary revenue, is a non-IFRS measure (or alternative performance
measure). The existing revenue presentation is considered relevant for users of the financial statements
because: (i) it mirrors disclosures presented outside of the financial statements; and (ii) it is regularly
reviewed by the Chief Operating Decision Maker for evaluating financial performance of the (now only one)
operating segment.
Revenue from contracts with customers can be disaggregated as follows based on IFRS 15:
2025
2024
€ million
€ million
Revenue from contracts with passengers
5,197.6
4,994.6
Revenue from contracts with other partners
70.0
78.5
Total revenue from contracts with customers
5,267.6
5,073.1
These two categories represent revenues that are distinct from a nature, timing and risk point of view.
Revenue from contracts with other partners relates to commissions on the sale of onboard catering,
accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded cards, where the
Group acts as an agent.
The contract costs reported at 31 March 2025 as part of trade and other receivables amounted to
€8.9 million (31 March 2024: €6.4 million) and the contract liabilities (unearned revenues) reported as
part of deferred income were €1,003.5 million (31 March 2024: €790.3 million). Out of the €5,197.6 million
revenue from contracts with passengers recognised in F25 (2024: €4,994.6 million), €790.3 million (2024:
€761.1 million) was included in the contract liability balance at the beginning of the year (see unearned
revenue in Note 26).
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
138
7. Auditors’ remuneration
2025
2024
€ million
€ million
Fees payable to the Company’s auditors for the audit of the consolidated
financial statements
1.0
1.3
Fees payable to the auditor and their associates for the audit of financial statements
of subsidiaries pursuant to legislation
1.3
1.0
Total fee for audit services
2.3
2.3
Other audit-related services fees*
0.2
0.2
Other non-audit services fees
0.1
0.1
Total fee for non-audit services
0.3
0.3
Total remuneration of auditors
2.6
2.6
* Other audit-related services fees comprise fees for the interim review of the consolidated financial statements and fee for pre-
assurance procedures for the Double Materiality Assessment (DMA).
8. Staff numbers and costs
The monthly average number of persons employed during the year, including Non-Executive Directors but
excluding inactive employees and subcontracted staff such as rented pilots, analysed by category, was as
follows:
Number of persons
2025
2024
Non-Executive Directors
10
10
Crew and pilots
7,481
7,416
Administration and other staff
655
502
Total staff number
8,146
7,928
The aggregate compensation of these persons was as follows:
2025
2024
€ million
€ million
Wages and salaries
473.3
423.4
Pension costs
21.1
16.1
Social security costs other than pension
46.4
42.0
Share-based payments
11.5
8.3
Subtotal
552.3
489.8
Subcontracted staff costs (rented pilots)
12.6
18.0
Total staff costs
564.9
507.8
9. Directors’ emoluments
2025
2024
€ million
€ million
Salaries and other short-term benefits
2.9
2.8
Social security costs
0.3
0.2
Share-based payments
4.4
3.5
Total Directors’ emoluments
7.6
6.5
2025
2024
Directors receiving emoluments
11
11
Number of Directors who in respect of their services received LTIP share options
under long-term incentive schemes during the year
1
—
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
139
10. Net financing income and expense
2025
2024
€ million
€ million
Interest income
82.1
80.5
Financial income
82.1
80.5
Interest expenses on:
Convertible debt
(1.9)
(1.8)
IFRS 16 lease liability
(156.7)
(123.8)
JOLCO, FTL and FL liability
(59.6)
(34.3)
Unsecured debt
(5.8)
(11.8)
Secured debt
(25.0)
(22.3)
Other
(0.5)
(2.7)
Financial expenses
(249.5)
(196.7)
Net loss on derivative financial instruments
(6.4)
—
Net foreign exchange gains
26.0
19.4
Net financing expense
(147.8)
(96.8)
Interest income and expenses include interest on financial instruments. Interest income is earned on cash
and cash equivalents, short-term deposits and restricted cash.
Net loss on derivative financial instruments includes the realised and unrealised result on the cross currency
interest rate swap contracts.
11. Income tax credit
Recognised in the consolidated statement of comprehensive income:
2025
2024
€ million
€ million
Current tax on profit for the year
30.8
39.8
Adjustment for current tax of prior years
(13.8)
0.7
Other income-based taxes for the year
9.1
7.9
Adjustment for income-based taxes of prior years
(0.4)
1.5
Total current tax expense
25.7
49.9
Decrease in deferred tax liabilities
—
(3.2)
Increase in deferred tax assets
(219.9)
(71.5)
Total deferred tax credit
(219.9)
(74.7)
Total tax credit
(194.2)
(24.8)
The Company, that is Wizz Air Holdings Plc, has a local corporate tax rate of 14.7 per cent (2024: 13.97 per
cent). The tax rate relates to Switzerland, where the Company is tax resident, but does not have any
commercial operations. The current tax expense decreased compared to the prior year due to the decrease
in the profit before tax of the Group. The increase in deferred tax assets more than offsets current taxes and
turned the total tax charge of the Group into a total tax credit. The increase in deferred tax assets was
mainly attributable to an intra-group restructuring of aircraft purchase rights, the dissolution of a fiscal unity
in Malta, and the recognition of new deferred tax assets as explained in the tax reconciliation table below.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
140
Reconciliation of effective tax rate
The tax credit for the year (including both current and deferred tax charges and credits) is different to the
Company’s standard rate of corporation tax of 14.7 per cent (2024: 13.97 per cent). The difference is
explained below.
2025
2024
€ million
€ million
Profit before income tax
19.7
341.0
Tax at the corporation tax rate of 14.7 per cent (2024: 13.97 per cent)
2.9
47.6
Adjustment for current tax of prior years
(13.8)
0.7
Adjustment for income-based taxes of prior years
(0.4)
1.5
Adjustment for deferred tax of prior years
22.5
—
Effect of different tax rates of subsidiaries versus the parent company
(207.7)
(25.4)
Non-deductible expense
(0.7)
—
Effect of newly recognised deferred tax assets
(6.1)
(44.0)
Tax losses utilised for which no previous deferred tax was recognised
—
(13.1)
Other income-based foreign tax
9.1
7.9
Total tax credit
(194.2)
(24.8)
Effective tax rate
n/a*
(7.3%)
*the % value is not interpretable
The Group paid €39.1 million of tax in the year (2024: €17.4 million).
Other income-based foreign tax represents the local business tax and the “innovation contribution” payable
in Hungary in F25 and F24 by the Hungarian subsidiaries of the Group, primarily Wizz Air Hungary Ltd.
Hungarian local business tax and innovation contribution are levied on an adjusted profit basis.
An intra-group sale of aircraft purchase rights between two subsidiaries of the Group significantly affected
the deferred tax assets of the Group. These rights have no carrying amount in the statement of financial
position of the Group but had a carrying amount (in the form of an intangible asset) in the books of the
seller subsidiary in its local GAAP financial statements. The profit from the intra-group sale was recognised
by the seller subsidiary and is subject to tax in F25. In the books of the buyer subsidiary, a carrying amount
(in the form of an intangible asset) is recognised in the local GAAP financial statements, which will be
amortised in future years. The buyer subsidiary will recognise most of the corresponding expenses (from the
intangible asset) in future years, including deductions for tax purposes, that will reduce the current tax
charge of the Group in those years. The increase in the deferred tax assets of the Group stemmed from the
increase in the value of aircraft purchase rights and the difference between the tax rates applicable to the
seller and buyer subsidiaries of the Group.
The deferred tax asset position of the Group was affected by the decision to dissolve the fiscal unity of Wizz
Air Malta Ltd. and WAM Ventures Ltd., effective as of FY26, which changes the tax rates from 5% to 35%
applicable to these subsidiaries. Consequently, future profits generated by the Maltese subsidiaries will be
subject to a 35% tax rate unless a dividend is declared to the holding entity, which, under current
legislation, permits a tax credit reclaim, achieving an effective tax rate of 5%.
The effect of different tax rates on subsidiaries is a composition of impacts primarily in Hungary, the UK,
Malta and the UAE, relating to the subsidiaries of the Group.
Global minimum tax
Switzerland, Hungary, the UK and the Netherlands have implemented the OECD's Pillar Two rules, ensuring
a minimum effective tax rate of 15% for large multinational enterprises with global revenues over €750
million. The Group was subject to minimum tax in these jurisdictions in F25. The UAE has introduced a
Domestic Minimum Top-up Tax aligned with the OECD's GloBE Model Rules only as of financial years starting
in 2025. Malta has transposed the EU's Global Minimum Tax Directive without a set date for future
introduction. As a result, in F25 the income of the Malta and Abu Dhabi subsidiaries of the Group were not
subject to global minimum tax (although Abu Dhabi has introduced corporate income tax at 9 per cent,
which applies from F25). The income of the Hungarian, UK and Dutch subsidiaries are subject to minimum
tax but this did not result in an increased tax burden since the subsidiaries in all these affected jurisdictions
met Pillar Two transitional safe harbour conditions, and were thus exempted from minimum tax obligations
in FY25.
The assessment by management of the detailed and continuously developing minimum tax interpretations is
ongoing. Considering that Switzerland has introduced Income Inclusion Rules as of tax years starting in
2025, it is expected that from F26 substantially all profits of the Group will be subject to the global minimum
tax and the effective tax rate of the Group will be approximately 15 per cent.
In line with the exception introduced by a 2023 amendment of IAS 12, ‘Income Taxes’, the Group does not
account for deferred taxes on “Pillar Two income taxes” but will account for such taxes as a current tax when
incurred in the future. Therefore, the minimum tax rules had no impact on the recognition and measurement
of deferred tax balances as at 31 March 2025, and hence on the total tax credit in the year.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
141
Recognised in the statement of other comprehensive income
2025
2024
€ million
€ million
Deferred tax related to movements in cash flow hedging reserve
5.4
(13.2)
Total tax credit/(charge)
5.4
(13.2)
Interpretation 23, ‘Uncertainty over Income Tax Treatments’ (IFRIC 23)
The Group has open tax periods in a number of jurisdictions involving uncertainties of a different nature and
materiality. The Group assessed the impact of uncertainty of each of its open tax positions in line with the
requirements of IFRIC 23. The outcome of this assessment was that the Group has not identified any
material uncertain tax positions for FY25. The Group concluded it was probable that the tax authority would
accept the uncertain tax treatment that has been taken or is expected to be taken in those tax returns, and
therefore accounted for income taxes consistently with that tax treatment. The final liabilities, as later
assessed by the tax authorities, are not expected to vary materially from the amounts recognised by the
Group.
12. Earnings per share
Basic earnings per share
Basic earnings or loss per share is calculated by dividing the profit or loss attributable to equity holders of
the Company by the weighted average number of Ordinary Shares in issue during each year.
2025
2024
Profit for the year attributable to equity holders of the Company, € million
225.8
376.6
Weighted average number of Ordinary Shares in issue
103,379,218 103,329,836
Basic earnings per share, €
2.18
3.64
There were no Convertible Shares in issue at 31 March 2025 (2024: nil) (see Note 28).
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary Shares in
issue with the weighted average number of Ordinary Shares that could have been issued in the respective
period as a result of the conversion of the following convertible instruments of the Group:
▶ Convertible Shares;
▶ Convertible Notes; and
▶ Employee share options (vested share options are included in the calculation).
The profit for the year was adjusted for the purposes of calculating diluted earnings per share in respect of
the interest charge relating to the debt which could have been converted into shares.
Diluted earnings per share, €
2025
2024
Profit for the year attributable to equity holders of the Company, € million
225.8
376.6
Interest expense on convertible debt (net of tax), € million
1.9
1.8
Profit used to determine diluted earnings per share, € million
227.7
378.4
Weighted average number of Ordinary Shares in issue
103,379,218
103,329,836
Adjustment for assumed conversion on convertible instruments
24,345,392
24,379,850
Weighted average number of Ordinary Shares for diluted earnings per share
127,724,610
127,709,686
Diluted earnings per share, €
1.78
2.96
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
142
13. Property, plant and equipment
Land and
buildings
€ million
Aircraft
maintenance
assets
€ million
Aircraft
assets and
parts
€ million
Fixtures
and
fittings
€ million
Advances
paid
for aircraft*
€ million
Advances paid
for aircraft
maintenance
assets
€ million
RoU assets –
aircraft and
spares
€ million
RoU assets
– other
€ million
Total
€ million
Cost
At 1 April 2023
25.9
428.6 1,298.3
12.2 810.0
208.2 3,920.6
27.3 6,731.1
Additions
12.3
202.0 576.9
1.1 512.7
68.7 1,048.1
11.9 2,433.7
Disposals
(0.7)
(172.1)
(72.7)
(0.1) (480.4)
—
(315.8)
(5.4) (1,047.2)
Transfers
—
127.0
—
—
—
(127.0)
—
—
—
FX translation effect
—
(3.9)
3.6
—
—
—
8.8
—
8.5
At 31 March 2024
37.5
581.6 1,806.1
13.2 842.3
149.9 4,661.7
33.8 8,126.1
Additions
10.0
249.1 806.1
2.4 426.8
71.4
536.2
9.6 2,111.6
Disposals
—
(102.8) (213.3)
(0.2) (303.9)
—
(277.7)
(3.0) (900.9)
Transfers
—
110.1
39.0
—
(39.0)
(110.1)
—
—
—
FX translation effect
—
(2.9)
3.9
—
—
1.2
6.0
0.8
9.0
At 31 March 2025
47.5
835.1 2,441.8
15.4 926.2
112.4 4,926.2
41.2 9,345.8
Accumulated
depreciation
At 1 April 2023
6.0
242.4 128.6
8.4
—
— 1,669.8
9.9 2,065.1
Depreciation charge
1.7
156.7
92.9
1.9
—
—
479.8
2.9 735.9
Disposals
(0.3)
(166.1)
(4.3)
(0.1)
—
—
(311.0)
(4.0) (485.8)
FX translation effect
—
(6.1)
(0.5)
—
—
—
2.5
—
(4.1)
At 31 March 2024
7.4
226.9 216.7
10.2
—
— 1,841.1
8.8 2,311.1
Depreciation charge
2.2
238.7 109.9
1.8
—
—
583.0
4.3 939.9
Disposals
—
(101.9)
(17.1)
(0.3)
—
—
(276.3)
(1.5) (397.1)
FX translation effect
—
(3.1)
0.4
—
—
—
1.4
0.2
(1.1)
At 31 March 2025
9.6
360.6 309.9
11.7
—
— 2,149.2
11.8 2,852.8
Net
carrying
amount
At 31 March 2025
37.9
474.5 2,131.9
3.7 926.2
112.4 2,777.0
29.4 6,493.0
At 31 March 2024
30.1
354.7 1,589.4
3.0 842.3
149.9 2,820.6
25.0 5,815.0
*
Disposals represent the refunds upon delivery of aircraft advances previously paid.
The Group entered into various financing arrangements to finance aircraft, including sale and leaseback,
Japanese Operating Lease with Call Option (JOLCO), French Tax Lease (FTL) structures and Finance Lease
(FL) structures. Some of these arrangements include Special Purpose Vehicles (SPV) in the financing
structure, and in accordance with IFRS 10, where the Group has control of these entities, these are
consolidated in the Group balance sheet. Aircraft assets and parts leased under JOLCO as part of sale and
leaseback arrangements are not classified as leases under IFRS 16 and are treated as aircraft assets and
parts (as if there were no sale at all) (Note 2).
Other right-of-use (RoU) assets include leased buildings and simulator equipment. Please refer to Note 23
for details on lease liabilities.
Additions to aircraft maintenance assets (2025: €249.1 million; 2024: €202.0 million) were fixed assets
created primarily against provisions for maintenance, as the Group’s aircraft or their main components no
longer met the relevant return conditions under lease contracts.
Additions to “advances paid to aircraft maintenance assets” reflect primarily the advance payments made by
the Group to the engine maintenance service provider under power-by-the-hour agreements.
Additions to “advances paid for aircraft” represent PDPs made in the year, while disposals in the same
category represent PDP refunds received from the manufacturer where the respective aircraft or spare
engine was delivered to the Group. During F25, in the statement of cash flows the cash inflow was a
€303.9 million “refund of advances paid for aircraft” and the cash outflow was €362.8 million in “advances
paid for aircraft”. In F23, the Group entered into a PDP financing loan agreement denominated in US dollars
($), according to which PDPs of $260.0 million were pledged as collateral as of 31 March 2024. The facility
was fully repaid in November 2024.
The Group reviewed the expected useful lives attributed to its leased aircraft fleet financed through
operating leases, and notes that the duration of its leases is significantly less than the current expected
economic life of an aircraft. The useful economic life estimates for aircraft financed under JOLCO, FTL or FL
are aligned to the manufacturer or EASA certificates. No climate risk that may impact these assets during
their expected useful economic lives has been identified. Given this, no change to the expected useful life is
considered necessary as a result of climate change.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
143
The Group recognised €121.3 million as a gain on sale and leaseback transactions in the period (2024:
€244.8 million).
Short-term wet-lease expenses of €113.0 million were recognised in the period (2024: €17.2 million).
Impairment assessment conducted for a cash-generating unit (CGU) within the Group involved using
assumptions of future market conditions, operational performance, and discount rates to evaluate asset
recoverability. These assumptions were applied to forecast future cash flows, which were discounted to
determine if the asset carrying amount exceeded its recoverable amount. No indication of impairment
regarding CGU’s assets was identified.
Impairment assessment
An impairment assessment was performed for the Group’s aircraft fleet which comprises a single cash
generating unit (CGU) that includes virtually all property, plant, equipment, and also the intangible assets of
the Group. The recoverable amount of that CGU was estimated by value in use calculations based on cash
flow projections in the plan approved by the Board for the following three financial years up to and including
March 2028.
Management’s assessment of future trends includes trading and other assumptions - such as fleet size,
passenger numbers, load factors, commodity prices, foreign exchange rates - based on external and internal
inputs, as well as climate change risks and opportunities outlined in the TCFD disclosure.
Key assumptions for the jet fuel price and USD exchange rate were the following:
2026
2027
2028
Jet fuel price (USD per metric tonne)
863.1
876.4
880.3
EUR/USD exchange rate
1.089
1.083
1.082
Cash flow projections of the approved plan were extrapolated beyond March 2028 for a period of 12 years in
total to cover all lease terms in the existing aircraft fleet. A pre-tax discount rate of 9.6% was derived from
the weighted average cost of capital of the Group. The risk of significant adverse changes in cash flows were
taken into account by calculating and weighting management’s base case approved plan with a downside
scenario that is consistent with that used in the Group’s going concern assessment. Sensitivity analysis was
performed by management to assess the impact of changes in its trading assumptions and the key
assumptions detailed above. Management did not identify any reasonable possible changes in assumptions
that would cause an impairment.
Aircraft in Ukraine
In February 2022, the airspace of Ukraine, Russia and Moldova was closed until further notice as a result of
the war in Ukraine. Four of Wizz Air’s aircraft were stranded in Ukrainian territory, one in Lviv and three in
Kyiv.
The aircraft in Lviv, and all six engines of the aircraft in Kyiv were successfully repatriated. After attending
airframe structural checks and engine inspections the aircraft and the engines returned to service with no
significant extra repair work required.
The airframes remaining in Kyiv are in good condition and with no damage, as evidenced by photographic
images and local employee information. Maintenance work has been performed to put parking and storage
procedures in place. The total net carrying amount of the assets is €13.7 million. Since these stranded
assets are not generating cash inflows, an impairment assessment was performed.
Management evaluated various scenarios, including successful repatriation to the fleet, the feasibility of
commencing operations in Ukraine in case of peace, the prospect of recovery under insurance
arrangements, selling the assets in full or in part to third parties, and continued grounding with no recovery
prospects. In the case of successful repatriation, it is assumed that the aircraft may return to the fleet by the
late autumn or winter season 2025 and can continue to generate cash inflows. The other scenarios
considered range between full recovery and complete loss of the asset values. Based on the weighted
probability assessment, management considers the carrying amount of the aircraft to be recoverable from
the cash flows generated through the various scenarios assessed.
Wizz Air Holdings Plc Annual Report and Accounts 2025
144
14. Intangible assets
Software
€ million
Licences
€ million
CIP intangible
assets
€ million
Total
€ million
Cost
At 1 April 2023
78.1
36.0
3.2
117.2
Additions
—
—
34.5
34.5
Transfers
27.5
—
(27.5)
—
Disposals
(4.7)
—
—
(4.7)
FX translation effect
—
0.8
—
0.8
At 31 March 2024
100.9
36.8
10.2
147.8
Additions
—
—
32.6
32.6
Transfers
27.9
—
(27.9)
—
Disposals
(13.0)
(0.1)
—
(13.1)
FX translation effect
—
0.6
—
0.6
At 31 March 2025
115.8
37.3
14.9
167.9
Accumulated amortisation and impairment
At 1 April 2023
40.4
0.1
—
40.5
Amortisation charge for the year
19.2
—
—
19.2
Disposals
(4.6)
—
—
(4.6)
At 31 March 2024
55.0
0.1
—
55.1
Amortisation charge for the year
26.9
—
—
26.9
Disposals
(12.9)
(0.1)
—
(13.0)
At 31 March 2025
69.0
—
—
69.0
Net carrying amount
At 31 March 2025
46.8
37.3
14.9
98.9
At 31 March 2024
45.9
36.7
10.2
92.7
Licences are mainly related to landing slots purchased at London Luton Airport and at London Gatwick
Airport. As these landing slots have no expiry date and are expected to be used in perpetuity, they are
considered to have an indefinite life and are accordingly not amortised.
15. Tax assets and liabilities
Deferred tax assets and liabilities recognised
RoU assets*
Lease
liabilities*
Provisions for
other
liabilities and
charges
Property,
plant and
equipment
Tax loss
carry-
forwards
Hedge
Other
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
At 1 April 2023
(151.7)
171.7
18.4
(9.8)
12.0
9.9
(3.1)
47.4
Credited/(charged)
to:
Profit or loss
24.5
1.2
(3.8)
(9.1)
15.4
—
46.8
75.0
Other
comprehensive
expense
—
—
—
—
—
(13.2)
—
(13.2)
At 31 March 2024
(127.2)
172.9
14.6
(18.9)
27.4
(3.3)
43.7
109.2
Deferred tax
assets
(127.2)
172.9
14.6
(18.9)
27.4
(3.3)
43.7
109.2
Deferred tax
liabilities
—
—
—
—
—
—
—
—
Credited/(charged)
to:
Profit or loss **
(686.8)
792.8
0.7
10.1
(1.6)
—
104.9
220.1
Other
comprehensive
income
—
—
—
—
—
5.4
—
5.4
At 31 March
2025
(814.0)
965.7
15.3
(8.8)
25.8
2.1
148.6
334.7
Deferred tax
assets
(814.0)
965.7
15.3
(8.8)
25.8
2.1
148.6
334.7
Deferred tax
liabilities
—
—
—
—
—
—
—
—
Assets: + / Liabilities: -
* Deferred tax assets and liabilities recognised have been further analysed to separately show effect on RoU assets and lease liabilities.
** The summary table does not contain the effect of currency translation (CTA).
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
145
The total balance of the deferred taxes is a €334.7 million asset (2024: €109.2 million asset) that consists of
only deferred tax assets.
The €151.7 million net deferred tax asset recognised in relation to IFRS 16 RoU assets and lease liabilities is
driven by the fact that certain subsidiaries of the Group recognise leasing fees in their income tax returns in
line with contracts, on a straight-line basis, which differs from the timing of recognition under the IFRS 16
rules. Under IFRS 16, the lease-related expenses are forward loaded, i.e. throughout the lease period the
Group IFRS financial statements cumulatively include more expense and a lower profit (or higher loss) than
the tax returns.
The €15.3 million deferred tax asset was recognised in relation to provisions (e.g. for the carbon quota
submission obligation in the EU Emissions Trading System) that are not deductible for tax purposes. This
temporary difference will be reversed when the Company makes payments to settle the related liability and
receives the tax deductions.
The €8.8 million net deferred tax liability was recognised in connection to property, plant and equipment,
which is mainly driven by the different depreciation or capital allowance derived from the tax rules compared
to the accounting depreciation of the assets. In addition, a deferred tax liability (€(22.5) million) was
recognised on the temporary difference related to a development reserve formed according to Hungarian
corporate income tax rules. The development reserve (€250.0 million) formed at Wizz Air Hungary Ltd. is for
future purchases of property, plant and equipment, and is deductible for tax purposes when it was formed,
but no accounting depreciation will be tax deductible on the assets purchased in the future using the
development reserve.
The deferred tax assets of €25.8 million on tax loss carry-forwards are mainly attributable to the tax losses
generated by Wizz Air UK Limited in the current and prior years.
The majority of the deferred tax asset related to other temporary differences amounting to €148.6 million
(2024: € 43.7 million) is attributable to an intra-group sale of rights to purchase aircraft – see further
explanation in the commentary to the effective tax rate reconciliation table in Note 11.
Unrecognised deferred tax liabilities
At 31 March 2025, the aggregate amount of temporary differences in respect of investment subsidiaries,
branches, interest in associate is approximately €528.7 million (2024: €1,074.9 million). However, this
liability was not recognised because the Group controls the dividend policy of its subsidiaries - i.e. the Group
controls the timing of reversal of the related taxable temporary differences and management is satisfied that
they will not reverse in the foreseeable future. The local tax rate of the parent for the received dividend and
capital gain is zero percentage, so the unrecognized deferred tax liability would be nil.
Unrecognised deferred tax asset from tax loss carry forward
Tax loss carry forward for which the Group has not recognized deferred tax asset as at 31 March 2025,
amounted to €118.5 million (2024: €nil). The tax losses for which no deferred tax asset was recognized has
unlimited expiry.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
146
16. Subsidiaries and associates
The Group has the following subsidiaries as at 31 March 2025:
Country of
incorporation
Registered
address
Principal
activity
Class of
shares held
Percentage
held
Financial
year end
Subsidiary undertakings
Wizz Air Hungary Ltd.
Hungary
1
Airline
operator
Ordinary
100
31 March
Cabin Crew Professionals Sp. Z.o.o.
Poland
2
Dormant
Ordinary
100
31 March
Wizz Air Bosnia LLC
Bosnia and
Herzegovina
3
Dormant
Ordinary
100
31 December
Wizz Air Nederland Holding B.V.
The
Netherlands
4
Dormant
Ordinary
100
31 March
Dnieper Aviation LLC
Ukraine
5
Dormant
Ordinary
100
31 December
Wizz Air Ukraine LLC
Ukraine
5
Dormant
Ordinary
100
31 December
Wizz Aviation Professionals S.R.L
Moldova
6
Crew
company
Ordinary
100
31 December
WA Pilot Academy Sp. Z.o.o.
Poland
7
Special
purpose
company
Ordinary
100
31 December
Wizz Air UK Limited
UK
8
Airline
operator
Ordinary
100
31 March
Wizz Air Finance Company B.V.
The
Netherlands
12
Financing
company
Ordinary
100
31 March
Wizz Air Fleet Management Ltd.
Hungary
1
Aircraft
leasing
Ordinary
100
31 March
Wizz Air Abu Dhabi Limited
United Arab
Emirates
9
Holding
entity
Ordinary
49
31 March
Wizz Air Abu Dhabi LLC
United Arab
Emirates
10
Airline
operator
Ordinary
49
31 March
Wizz Air Innovation Ltd.
Hungary
1
Service
provider
Ordinary
100
31 December
Wizz Air Malta Limited
Malta
11
Airline
operator
Ordinary
100
31 March
WAM Ventures Holding Limited
Malta
11
Holding
entity
Ordinary
100
31 March
Wizz Air Asset Solutions Ltd.
(former name: AOG Jet Limited)
Malta
11
Aircraft
leasing
Ordinary
100
31 March
Wizz Air Aviation Services LLC
Hungary
1
Dormant
Ordinary
100
31 March
The Group has the following associate as at 31 March 2025:
Country of
incorporation
Registered
address
Principal activity
Class of
shares held
Percentage
held
Financial
year end
Firefly Green Fuels Limited
UK
13
SAF R&D
Ordinary
25
31 December
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
147
Registered offices
1.
1095 Budapest, Lechner Ödön fasor 6, Hungary
2.
ul. Wolnosci 90, 42-625 Pyrzowice, Poland
3.
Bulevar vojvode Živojina Mišića broj 49A-1, 78 000 Banja Luka, Bosnia and Herzegovina
4.
Kraijenhoffstraat 137 A, 1018RG Amsterdam, The Netherlands
5.
Bulv. Tarasa Shevchenko 33-B, 3rd floor, 01032 Kyiv, Ukraine
6.
MD-2005, str. Alexandr Puşkin, 47/1-5a, mun. Chişinău, Republica of Moldova
7.
26 Jasna Street, 00-054 Warszawa, Poland
8.
Percival House, 134 Percival Way, London Luton Airport Roundabout, Luton LU2 9NU, United Kingdom
9.
2426 ResCo-work06, 24, Al Sila Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi,
United Arab Emirates
10. Business Park 01, Plot P6, Office number 208, Abu Dhabi International Airport, Abu Dhabi, United Arab
Emirates
11. Skyparks Business Centre, Level 2, Malta International Airport, Luqa LQA 4000, Malta
12. Herikerbergweg 238, Luna ArenA, 1101CM Amsterdam, The Netherlands
13. B21 Gloucestershire Science & Technology Park, Berkeley, Gloucestershire GL13 9FB, United Kingdom
Wizz Air Aviation Services LLC, a wholly owned subsidiary of the Group, was established in January 2025.
WA Pilot Academy Sp. Z.o.o. is under liquidation as at the reporting date.
The Group entered into various financing arrangements to finance aircraft, including sale and leaseback,
Japanese Operating Lease with Call Option (JOLCO), French Tax Lease (FTL) and Finance Lease (FL)
structures. Some of these arrangements include Special Purpose Vehicles (SPV) in the financing structure,
and in accordance with IFRS 10, where the Group has control of these entities, they are consolidated in the
Group statement of financial position.
Certain subsidiaries have a financial year end that differs from the Group’s financial year end due to the
requirements of local legislation.
17. Non-controlling interests
The following table summarises the information relating to Wizz Air Abu Dhabi Ltd. and Wizz Air Abu Dhabi
LLC that has material NCI, before any intra-group eliminations.
2025
2024
2025
2024
€ million
Abu Dhabi
LLC
€ million
Abu Dhabi
LLC
€ million
Abu Dhabi
Limited
€ million
Abu Dhabi
Limited
Summarised balance sheet
Non-current assets
247.4
309.8
46.3
46.3
Current assets
106.3
89.3
—
—
Non-current liabilities
232.4
311.9
46.3
46.3
Current liabilities
283.8
210.6
—
—
Net liabilities
(162.5)
(123.4)
—
—
Net liabilities attributable to NCI
(49.5)
(37.7)
—
—
Revenue
283.1
225.0
—
—
Net loss for the year
(39.3)
(35.6)
—
—
Other comprehensive income/(expense) for the year, net of
tax
0.2
(0.4)
—
—
Total comprehensive expense
(39.1)
(36.0)
—
—
Net loss for the year allocated to NCI
(11.9)
(10.7)
—
—
Other comprehensive income/(expense) for the year, net of
tax allocated to NCI
0.1
(0.1)
—
—
Cash flows from operating activities
23.1
(4.0)
—
—
Cash flows from investment activities
—
—
—
—
Cash flows from financing activities (dividends to NCI: €nil)
(4.0)
(6.3)
—
—
Net increase/(decrease) in cash and cash equivalents
19.1
(10.3)
—
—
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
148
18. Summarised financial information for investments in associates
Wizz Air has an interest in one individually immaterial associate, Firefly Green Fuels Limited (“Firefly”).
Firefly is an SAF research and development company that operates in the UK.
In 2023, fulfilling its investment commitments stipulated in the investment agreement concluded
between Wizz Air and other owners of Firefly in two tranches, Wizz Air invested a total of £5.0 million
(€5.7 million) into Firefly, resulting in 25 per cent ownership. Wizz Air has no investment commitment
going forward.
As Wizz Air has had significant representation (20 per cent) on the board of directors of Firefly since April
2023, Wizz Air concluded that it has significant influence over Firefly and therefore has applied the equity
method of accounting for Firefly since April 2023.
The following table shows the carrying amount and Wizz Air’s share of the net result and other
comprehensive income of Firefly:
Firefly Green Fuels
Limited
€ million
Firefly Green Fuels
Limited
€ million
31 March 2025
31 March 2024
Carrying amount of Firefly Green Fuels Limited
5.7
5.7
Percentage ownership interest
25.0 %
25.0 %
Share of net profit of associates
—
—
Share in other comprehensive income from investments
—
—
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
149
19. Inventories
31 March 2025
31 March 2024
€ million
€ million
Aircraft consumables
47.3
37.2
UK Emissions Trading Scheme (UK ETS) allowances*
23.8
44.6
EU Emissions Trading Scheme (EU ETS) allowances (refer to Note 23)*
200.8
251.8
Total inventories
271.9
333.6
*Emission Trading Scheme (ETS) allowances have been further detailed to separately display allowances under UK and EU Emissions
Trading Schemes.
During the year, remnant stock with a carrying amount of €0.4 million was written off to maintenance
expenses (2024: €0.3 million). There was no write back in either year of any write down of inventory
previously made.
Inventories totalling €27.6 million were recognised as maintenance materials and repairs expenses in the
year (2024: €23.1 million).
20. Trade and other receivables
31 March 2025
31 March 2024
€ million
€ million
Non-current
Receivables from lessors
31.0
25.4
Other receivables
14.7
11.8
Non-current trade and other receivables
45.7
37.2
Current
Trade receivables
275.1
320.5
Receivables from lessors
0.5
3.1
Other receivables
38.1
31.9
Total current other receivables
38.6
35.0
Prepayments and deferred expenses*
71.4
104.4
Accrued income*
245.3
209.9
Current trade and other receivables
630.4
669.8
Total trade and other receivables
676.1
706.9
*
Prepayments, deferred expenses and accrued income have been further detailed to separately display prepayment and deferred
expenses and accrued income amounts.
Receivables from lessors (both current and non-current) represent the deposits provided by the Group to
lessors as security in relation to the lease contracts and in relation to the funding of future maintenance
events.
Trade receivables included €202.1 million in receivables from contracts with customers (31 March 2024:
€192.4 million). The amount consists mainly of credit card sales not yet transferred to the Group by the card
acquirer, receivables from travel agencies and group bookings.
Credits received in the amount of €353.6 million are related to incentives and compensation from Original
Equipment Manufacturers (OEMs) and other suppliers (2024: €198.6 million). These credits and
compensations are accounted for as other income in the consolidated statement of comprehensive income.
Total trade and other receivables as at 31 March 2025 included financial instruments in the amount of
€567.9 million (31 March 2024: €571.2 million).
Impairment of trade and other receivables
31 March 2025
31 March 2024
€ million
€ million
Impaired receivables
– trade receivables
(2.8)
(2.8)
Allowances on impaired receivables
– other receivables
(0.5)
(0.5)
The Group recorded €2.1 million of receivables from Warsaw Modlin Airport during 2013 as compensation for
damages, which was immediately impaired in full. However, the Group is legally claiming the full amount in
court. The compensation claimed by the Group, plus interest, was awarded by the District Court of Warsaw
in June 2018. However, the airport appealed against the decision, which is currently pending. There was no
development regarding this receivable in this financial year.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
150
21. Derivative financial instruments
31 March 2025
31 March 2024
€ million
€ million
Assets
Non-current derivatives
Cash flow hedges
1.3
3.9
Cross-currency interest rate swaps
0.5
—
Current derivatives
Cash flow hedges
10.3
33.0
Total derivative financial assets
12.1
36.9
Liabilities
Non-current derivatives
Cash flow hedges
(6.3)
—
Cross-currency interest rate swaps
(7.1)
—
Current derivatives
Cash flow hedges
(29.2)
(0.7)
Total derivative financial liabilities
(42.6)
(0.7)
Derivative financial instruments represent cash flow hedges and cross-currency interest rate swaps (see
Note 3). In the case of cash flow hedges, the full value of a hedging derivative is classified as a current asset
or liability if the remaining maturity of the hedged item is less than a year. In the case of cross-currency
interest rate swaps, the full value of the derivative is classified as a current asset or liability if the remaining
maturity of the deal is less than a year.
The changes in the net position of assets and liabilities in respect of open cash flow hedges are detailed in
the consolidated statement of changes in equity.
The mark-to-market gains (cash flow hedges) were generated on gains on call options bought (as part of zero-
cost collar instruments) that were in the money at year end.
The mark-to-market losses (cash flow hedges) were generated on losses on put options sold (as part of zero-
cost collar instruments) that were out of the money at year end.
22. Restricted cash
31 March 2025
31 March 2024
€ million
€ million
Non-current financial assets
36.3
54.0
Current financial assets
42.0
55.4
Total restricted cash
78.3
109.4
Restricted cash is not accessible by the Group. It comprises cash in bank against which there are letters of
credit issued or other restrictions in place governing the use of that cash, resulting from agreements with
aircraft lessors or other business partners. Restricted cash is excluded from cash and cash equivalents in the
cash flow statement.
23. Borrowings
31 March 2025
31 March 2024
€ million
€ million
Lease liability under IFRS 16
605.7
563.2
Unsecured debt
500.9
12.0
Secured debt
271.9
409.4
Liability related to JOLCO, FTL and FL contracts
139.4
99.7
Total current borrowings
1,517.9
1,084.3
Lease liability under IFRS 16
3,065.4
3,048.8
Unsecured debt
—
499.6
Secured debt
—
53.8
Loans from non-controlling interests
13.9
13.9
Liability related to JOLCO, FTL and FL contracts
1,991.3
1,543.6
Total non-current borrowings
5,070.6
5,159.7
Total borrowings
6,588.5
6,244.0
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
151
Unsecured debt
On 19 January 2022, Wizz Air Finance Company B.V., a wholly owned subsidiary of Wizz Air Holdings Plc,
issued a €500.0 million, 1.00 per cent Eurobond, fully and irrevocably guaranteed by the Company, under
the €3,000.0 million EMTN programme, maturing in January 2026. This Eurobond does not contain any
financial covenants. The EMTN programme was renewed in January 2025.
Bank overdrafts which are repayable on demand and are an integral part of cash management activities are
included within unsecured debt in the amount of €0.6 million (31 March 2024: €12.0 million).
Secured debt
In February 2023, the Group entered into a PDP financing loan agreement, according to which some of the
PDPs made have been financed, and at the same time pledged as collateral, through the novation of the PDPs
and the associated aircraft purchase rights to an orphan SPV. In October 2023, the loan facility was extended
by an additional $270.0 million, keeping the total drawdown limit at $280.6 million. The facility was fully
repaid in November 2024. After settlement, the aircraft purchase rights and the PDPs were automatically re-
novated to Wizz Air. The PDP refinancing credit facility did not contain any financial covenants.
In December 2023, the Group entered into an ETS sale and repurchase agreement according to which EU
allowances were sold for €253.6 million with a commitment to repurchase them in September 2024. In
September 2024, the parties decided to extend the repurchase date to March 2026. The consideration
received is recognised as a financial liability within secured debt. The difference between the sale price and
the repurchase price is recognised as interest expense over the period between the sale date and the
repurchase date. The facility does not contain any financial covenants.
Short-term and variable lease payments
The Group recognised a €3.0 million expense relating to short-term leases (2024: €3.5 million) and a €nil
expense relating to variable lease payments in the period (2024: €0.6 million).
The maturity profile of borrowings as at 31 March 2025 is as follows:
IFRS 16
aircraft and
engine lease
liability
IFRS 16
other lease
liability
JOLCO, FTL
and FL
liability
Unsecured
debt
Secured
debt
Loans from
non-
controlling
interests
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Payments due:
Within one month
42.8
0.3
11.4
0.6
—
—
55.1
Between one and
three months
95.7
0.6
26.3
—
—
—
122.6
Between three
months and one
year
463.7
2.6
101.7
500.3
271.9
—
1,340.2
Between one and
two years
558.5
3.1
143.9
—
—
—
705.5
Between two and
three years
480.0
3.3
148.1
—
—
—
631.4
Between three and
four years
433.8
3.3
152.6
—
—
—
589.7
Between four and
five years
426.5
3.3
281.9
—
—
—
711.7
More than five years
1,140.6
13.0
1,264.8
—
—
13.9
2,432.3
Total borrowings
3,641.6
29.5
2,130.7
500.9
271.9
13.9
6,588.5
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
152
The maturity profile of borrowings as at 31 March 2024 is as follows:
IFRS 16
aircraft and
engine lease
liability
IFRS 16
other lease
liability
JOLCO and
FTL lease
liability
Unsecured
debt
Secured
debt
Loans from
non-
controlling
interests
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Payments due:
Within one month
35.8
0.2
9.6
12.0
—
—
57.6
Between one and three
months
70.2
0.4
18.5
—
35.3
—
124.4
Between three months and
one year
454.7
1.9
71.5
—
374.1
—
902.2
Between one and two years
535.3
2.8
107.0
499.6
53.8
—
1,198.5
Between two and three years
488.0
2.9
110.0
—
—
—
600.9
Between three and four years
409.0
3.1
113.0
—
—
—
525.1
Between four and five years
365.0
3.1
116.4
—
—
—
484.5
More than five years
1,226.8
12.7
1,097.4
—
—
13.9
2,350.8
Total borrowings
3,584.8
27.1
1,643.4
511.6
463.2
13.9
6,244.0
The total cash outflow for leases during F25 was €761.3 million (2024: €613.7 million) and €165.8 million
(2024: €106.8 million) for JOLCO, FTL and FL.
See details on right-of-use assets in Note 13.
24. Convertible debt
31 March 2025
31 March 2024
€ million
€ million
Non-current convertible debt
25.2
25.4
Current convertible debt
0.3
0.3
Total convertible debt
25.5
25.7
Convertible debt is Convertible Notes held by Indigo Hungary LP and Indigo Maple Hill LP (“Indigo”).
The principal and any accrued interest on the Convertible Notes are convertible into Ordinary Shares in Wizz
Air Holdings Plc at conversion factors in the range of €1.0–€1.5 for one share as an option for Indigo. Such
Ordinary Shares issued as a result of conversion in certain cases might be subject to restrictions on voting
and dividend rights. Until the Notes are converted, interest on the Notes is payable in cash with a coupon
rate of interest of 8 per cent per annum, twice a year in February and in August.
Convertible Notes are guaranteed by Wizz Air Hungary Ltd. – see Note 31.
For more information about the Group’s exposure to interest rate risk, see Note 3.
25. Trade and other payables
31 March 2025
31 March 2024
€ million
€ million
Non-current liabilities
Accrued expenses
69.5
97.2
Non-current trade and other payables
69.5
97.2
Current liabilities
Trade payables
230.7
215.9
Payables to passengers
57.9
68.4
Other payables
37.7
28.2
Accrued expenses
712.5
612.8
Current trade and other payables
1,038.8
925.3
Total trade and other payables
1,108.3
1,022.5
Payables to passengers include refunds made in credits that can be used by customers for re-booking tickets
for later dates or can be requested by customers for refunding by the Group in cash and other liabilities
towards customers. Credits not eligible for a cash refund are classified as deferred income.
Accrued expenses mainly include accruals for operating expenses such as airport and ground handling, fuel,
ETS allowances, en-route and navigation, crew and maintenance-related expenses and liabilities for
Regulation (EC) No. 261/2004 (EC261) compensation to customers in the amount of €13.0 million
(31 March 2024: €11.8 million).
The Group recognised €166.5 million for Regulation (EC) No. 261/2004 (EC261) and other flight disruption
related compensation to customers in the period (2024: €169.7 million).
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
153
Total trade and other payables as at 31 March 2025 included financial instruments in the amount of €814.5
million (31 March 2024: €752.3 million).
26. Deferred income
31 March 2025
31 March 2024
€ million
€ million
Non-current liabilities
Deferred income
166.5
147.2
Current liabilities
Unearned revenue
1,003.5
790.3
Other
9.8
7.1
1,013.3
797.4
Total deferred income
1,179.8
944.6
Non-current deferred income represents the value of the benefit for the Group derived from credits and free
aircraft components received from manufacturers and component suppliers, which will be recognised as a
credit (a decrease to aircraft-related expenses) over the useful life of the respective asset.
Current deferred income represents the value of tickets paid by passengers for which the flight service is yet
to be performed (“unearned revenue”), the value of membership fees paid but not yet recognised, the
current part of the value of supplier credits received and credits provided to passengers with no cash
conversion option in the amount of €32.5 million (31 March 2024: €17.1 million). Unearned revenue
increased due to higher demand and ticket bookings made further in advance.
The contract liabilities (unearned revenue) of €1,003.5 million as at 31 March 2025 (31 March 2024: €790.3
million) will become revenue during F26 (subject to further cancellations that might happen after the year
end).
27. Employee benefits
Share-based payments
The share-based payment charge in the financial statements for the year relates to employee share options
issued during 2019–2023 under the Long-term Incentive Plan (LTIP), Senior Leadership Growth Plan (SLGP)
and Value Creation Plan (VCP) of the Group. The expenses (other than social security) recognised in relation
to these instruments were €11.6 million (2024: €8.2 million).
The options are classified as equity-settled share-based payments. The Company issues new shares for any
options exercised, irrespective of the exercise method. The fair value of the awards and options is
recognised as staff cost over the estimated vesting period with a corresponding charge to equity.
The Group announced on 6 August 2021 that it had signed a new long-term service agreement with József
Váradi, the Group’s founding Chief Executive Officer. The contract term is for five years and the terms of his
service agreement are materially the same as his previous agreement, with the exception of a new long-
term incentive arrangement, the Value Creation Plan (VCP), which targets a 20 per cent CAGR in the Group’s
share price over the next five years.
The fair value of the awards was calculated using a Monte Carlo simulation. This model simulates the share
price of Wizz Air over the performance period, based on a number of assumptions, to calculate the
proportion of an award which might vest and the value at the vesting date. By averaging the results of
thousands of simulations, a robust valuation can be calculated adjusted to the volatility assumption used for
the impact of COVID-19 on the Wizz Air share price. To account for the exclusion of the seven-month
COVID-19 period, the date ranges have been expanded to ensure a full period of three or five years is
covered. Had there not been a global pandemic, the assumptions would likely be three or five years to date
of granting; however, COVID-19 caused significant volatility, particularly within the industry in which Wizz
Air operates.
The reason behind the assumptions on volatility is to make an estimate about the future; as a base
principle, we apply the same volatility assumptions for the awards made on the same day. IFRS 2 states
that historical levels should be observed for the same length of time as we look ahead to model the awards
being valued, and this is the approach that was taken in these valuations.
Risk-free rates used to determine initial grant date fair values:
▶
F23 LTIP – yield on a zero-coupon UK government bond over three years: 1.83 per cent; and
▶
SLGP – yield on a zero-coupon UK government bond over five years: 1.91 per cent.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
154
In accordance with IFRS 2, the resulting cost is charged to staff costs in the statement of comprehensive
income and a corresponding increase in equity over the vesting period of the awards. The total amount is
determined by reference to the fair value of the awards granted, including any market performance
conditions, which are based on the Wizz Air share price, and that the individual must remain an employee
over a specified period. The Group plans to settle the awards on vesting in equity. Non-market-based
performance conditions in general are not incorporated into the fair value per share at the date of granting.
Instead, the value recognised is adjusted at each reporting date to take account of current expectations
regarding the number of shares due to vest. At the end of the performance period, this value is trued up to
reflect the actual vesting level. The Group assumes a management rotation of 19 per cent for LTIP and 23
per cent for SLGP to calculate the number of shares to be forfeited during the vesting period.
Modifications of share-based payment arrangements
In August 2023, the Group modified both the VCP and SLGP that were granted in August 2021.
Key modifications to the VCP are as follows:
▶
Both the performance period and vesting period were extended by two years (from five to seven years)
▶
Market performance conditions were modified to be expressed in absolute thresholds of share prices
instead of share-price growth rates
▶
The ESG performance condition was also de-linked from the share price performance such that there is
no longer a requirement for the threshold share price target to be met in order for the ESG element to
vest
Key modifications to the SLGP are as follows:
▶
Both the performance period and vesting period were extended by two years (from five to seven years)
▶
Market performance conditions were modified to be expressed in absolute thresholds of share prices
instead of share-price growth rates
▶
The share price threshold under which no awards will vest was lowered from £96.46 to £77.24
The fair value of the options at the date of the modification was determined to be £6.27 and £4.44 for the
VCP and SLGP, respectively. The incremental fair value of the VCP and SLGP at £4.78 and £2.69,
respectively will be recognised as an expense over the period from the modification date to the end of the
extended vesting period. The expense for the original option grant will continue to be recognised as if the
terms had not been modified. The fair value of the modified options was determined using the same models
and principles.
The modifications for the VCP and SLGP were approved by Shareholders at the AGM dated 2 August 2023.
On 30 May 2024 new restricted share awards (share options) were granted to senior leaders under the LTIP.
The only vesting condition attached to those awards is a three-year service condition, i.e. employees
concerned have to remain in employment of Wizz Air until 30 May 2027. Due to the 100 per cent time
vested nature, the fair value of the options at the grant date was determined based on the spot share price
as at that date, being £21.38 per share.
As approved by shareholders at the 25 September 2024 AGM, there were changes to the incentive plan of
the CEO, József Váradi as follows to retain the incentive power of his share-based payment package:
▶
As a one-off grant, restricted share awards (share options) were granted at 300 per cent of his salary,
on the same basis as the above mentioned LTIP awards granted on 30 May 2024, i.e. 100 percent time
vested, with a vesting (service) period from 1 October 2024 to 1 October 2027.
▶
From May 2025, further LTIP share awards (share options) were granted at 500 per cent of his salary,
with both a three-year service condition and performance condition attached to them.
▶
The above mentioned VCP continues to operate, however, any value that vests under the above and
future LTIP awards for the CEO will be netted off against any value vesting and payable under the VCP.
Value Creation Plan (VCP)
Share options issued during the financial year
Terms and conditions:
All options
Performance options
Number of options
0
0
Exercise price
nil
nil
Vesting period
7 years
Termination
10 years
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
155
Senior Leadership Growth Plan (SLGP)
Share options issued during the financial year
Terms and conditions:
All options
Performance options
Number of options
19,008
19,008
Exercise price
nil
nil
Vesting period
5 years
Termination
8 years
Long-term Incentive Plan (LTIP)
Share options issued during the financial year
Terms and conditions:
All
options
Restricted
options
Performance
options
Number of options
852,795
852,795
0
Exercise price
nil
nil
nil
Vesting period
3 years
3 years
Termination
10 years
10 years
Share price at grant date: £21.38.
Share options in issue
The number of VCP, SLGP and LTIP share options in issue at year end is as follows:
All
options
Restricted
options
Performance
options
Outstanding at the beginning of the year
2,355,177.0
366,011.0
1,989,166.0
Granted during the year
871,803.0
852,795.0
19,008.0
Exercised during the year
(35,373.0)
(12,850.0)
(22,523.0)
Forfeited during the year
(655,509.0)
(212,574.0)
(442,935.0)
Outstanding at the end of the year
2,536,098.0
993,382.0
1,542,716.0
Exercisable at the end of the year
91,114.0
29,680.0
61,434.0
The weighted average remaining contractual life for the LTIP share award at 31 March 2025 was seven years
and seven months (seven years and four months at 31 March 2024). The weighted average share price of
the exercised options during F25 was £13.37 (F24 was £24.13).
Employee Share Option Plan (ESOP)
Share options issued during the financial years
There were no share options issued either during the year or in the prior year. The last options under the
ESOP were issued in January 2015, and therefore by January 2018 all open options vested.
There are no individual performance conditions set for the employees to exercise their vested options other
than the employees must be employed by one of the Group entities until and on the date the options are
exercised.
Share options in issue
At the end of the 2024 and 2025 financial years, there were no outstanding options.
Taxation
Under the terms of both programmes, all taxes payable on share options are the liability of the recipients of
these benefits. However, in certain cases the Company or its subsidiaries have a legal obligation to pay the
employer social security on the income realised by the recipients. To the extent the additional social security
obligations can be estimated, the Group already makes a provision for these during the vesting period of
the instruments.
28. Capital and reserves
Share capital
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
156
Number of shares
31 March 2025
31 March 2024
In issue at the beginning of the year
103,360,705 103,282,854
Issued during the year
35,373
77,851
In issue at the end of the year – fully paid
103,396,078 103,360,705
Ordinary Shares
103,396,078 103,360,705
2025
2025
2024
2024
Value of shares
£‘000
€‘000
£‘000
€‘000
Authorised
Equity: 170,000,000 (2024: 170,000,000) Ordinary Shares
of £0.0001 each and 80,000,000 (2024: 80,000,000) non-
voting, non-participating Convertible Shares of £0.0001
each
25
34
25
34
Allotted, called up and fully paid
Equity: 103,396,078 (2024: 103,360,705) shares of
£0.0001 each
10
13
10
13
Ordinary Shares
10
13
10
13
During both F25 and F24, the increase in the total number of issued shares was due to the exercise of
certain employee share options.
Ordinary Shares
The holders of Ordinary Shares are entitled to receive dividends as declared, and are entitled to one vote per
share at meetings of the Company.
Convertible Shares
In March 2015, in relation to the listing of the Company’s shares on the London Stock Exchange, certain
convertible loans and notes (including accrued interest) were converted into non-voting, non-participating
Convertible Shares of the Company. There were no Convertible Shares in issue at 31 March 2025 (2024: nil
shares). The Company informed Indigo Hungary LP and Indigo Maple Hill LP (together “Indigo”) on 1 June 2021
that the Company had elected to convert Indigo’s entire holding of 17,377,203 Convertible Shares of
£0.0001 each in the capital of the Company (“Convertible Shares”) into Ordinary Shares of £0.0001 each in
the capital of the Company (“Ordinary Shares”), on a one-for-one basis, in accordance with the Company’s
articles of association.
Share premium
The share premium has two main components. €207.2 million was recognised as a result of the Group
reorganisation in October 2009. It represents the estimated fair value of the Group at the date of the
transaction. The remaining €174.0 million (as at 31 March 2025) was recognised as a result of new share
issues made since October 2009. These new share issues comprised the primary offering on the initial public
offering of the Company’s shares on the London Stock Exchange in March 2015, the conversion of some of
the convertible debt instruments into shares and the conversion of certain employee share options into
shares. During F25, €nil (2024: €nil) was recorded in the share premium, all related to the conversion of
employee share options.
Reorganisation reserve
A reorganisation reserve of €193.0 million was recognised as a result of the Group reorganisation in
October 2009. It is equal to the difference between the fair value of the Group at the date of reorganisation,
€209.0 million, and the share capital of the Group at the same date (€16.0 million).
Equity part of convertible debt
The equity part of convertible debt comprises the equity component of compound instruments issued by the
Company. The amount of the convertible debt classified as equity of €8.3 million (2024: €8.3 million) is net
of attributable transaction costs of €8.3 million.
Share-based payment charge
The share-based payment balance of a €47.2 million credit (2024: €35.6 million credit) corresponds to the
recognised cumulative charges of share options and share awards provided to the employees and Directors
under long-term incentive schemes. This balance is recognised directly in retained earnings.
Cash flow hedging reserve
The hedging reserve comprises the effective portion of the cumulative unrealised net change in the fair value
of cash flow hedging instruments related to hedged transactions that have not yet occurred.
The gross amount of unrealised change in the fair value of cash flow hedging instruments was a €40.8
million loss (2024: €77.8 million gain), while the deferred tax effect was a €5.4 million gain (2024: €13.2
million loss). A €13.6 million loss (2024: €22.4 million loss) was recycled to profit or loss related to cash flow
hedging instruments. For more information please see Note 3.
Cost of hedging reserve
The hedging reserve comprises the time value of the cumulative unrealised net change in the fair value of
cash flow hedging instruments related to hedged transactions that have not yet occurred.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
157
The cost of hedging was a €32.8 million loss (2024: €43.0 million gain). No cost of hedging was recycled to
profit or loss (2024: €nil). For more information please see Note 3.
Cumulative translation adjustments
Cumulative translation adjustments included currency translation differences amounting to a €0.6 million
gain (2024: €0.6 million loss), from which a €0.1 million gain related to non-controlling interests (2024:
€0.1 million loss).
Retained earnings
There were no dividends paid or declared in F25 or F24. Share-based payments are charged to retained
earnings.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
158
29. Provisions for other liabilities and charges
Aircraft
maintenance
Other
Total
€ million
€ million
€ million
At 1 April 2023
148.7
7.4
156.1
Non-current provisions
76.2
0.1
76.3
Current provisions
72.5
7.2
79.8
Capitalised within property, plant and equipment
195.8
—
195.8
Charged to profit or loss
—
5.3
5.3
Used during the year
(81.8)
(2.0)
(83.8)
FX translation effect
0.9
—
0.9
At 31 March 2024
263.6
10.7
274.3
Non-current provisions
144.2
0.1
144.3
Current provisions
119.4
10.6
130.0
Capitalised within property, plant and equipment
231.2
—
231.2
Charged to profit or loss
—
19.7
19.7
Used during the year
(153.5)
(14.5)
(168.0)
FX translation effect
(2.1)
—
(2.1)
At 31 March 2025
339.2
15.9
355.1
Non-current provisions
186.1
15.1
201.2
Current provisions
153.1
0.8
153.9
Non-current provisions mainly relate to future aircraft maintenance obligations of the Group on leased
aircraft and spare engines, falling due typically between one and five years from the reporting date. Current
aircraft maintenance provisions relate to heavy maintenance obligations expected to be fulfilled in the
coming financial year. The provision amount reflects management’s estimates of the cost of heavy
maintenance work that will be required in the future to discharge obligations under the Group’s lease
agreements (see Note 4). Maintenance provisions in relation to engines and APUs covered by power-by-the-
hour agreements are netted off with the prepayments made to the maintenance service provider under such
agreements in respect of the same group of engines and APUs.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
159
30. Financial instruments
Fair values
The fair values of the financial instruments of the Group together with their carrying amounts shown in the
statement of financial position are as follows:
Carrying
amount
Fair value
Carrying amount
Fair value
31 March 2025
31 March 2025
31 March 2024
31 March 2024
€ million
€ million
€ million
€ million
Financial asset at fair value through other
comprehensive income
3.7
3.7
1.6
1.6
Trade and other receivables due after more
than one year
45.7
45.7
37.1
37.1
Restricted cash
78.3
78.3
109.4
109.4
Derivative financial assets
12.1
12.1
36.9
36.9
Trade and other receivables due within one
year
522.2
522.2
534.0
534.0
Cash and cash equivalents
597.5
597.5
728.4
728.4
Short-term cash deposits
1,060.2
1,060.2
751.1
751.1
Trade and other payables due after more than
one year
(16.0)
(16.0)
(55.0)
(55.0)
Trade and other payables due within one year
(798.5)
(798.5)
(697.4)
(697.4)
Derivative financial liabilities
(42.6)
(42.6)
(0.7)
(0.7)
Convertible debt
(25.5)
(25.5)
(25.7)
(25.7)
Borrowings
(5,815.7)
(5,674.4)
(5,269.2)
(5,071.0)
Secured debt
(271.9)
(261.8)
(463.2)
(458.4)
Unsecured debt
(500.9)
(489.7)
(511.6)
(482.3)
Deferred income
(5.5)
(5.5)
(4.8)
(4.8)
Net balance of financial instruments
(liability)
(5,156.9)
(4,994.3)
(4,829.1)
(4,596.7)
The fair value of the Eurobonds is estimated using quoted prices (Level 1), derivatives (Note 3) and lease
liabilities are valued using Level 2 methodology, and the fair value of all other financial assets and financial
liabilities is estimated using Level 3 in the fair value hierarchy.
Financial assets measured at fair value through profit or loss:
Carrying amount
Carrying amount
31 March 2025
31 March 2024
€ million
€ million
Derivative financial assets
12.1
36.9
Total
12.1
36.9
Financial liabilities measured at fair value through profit or loss:
Carrying amount
Carrying amount
31 March 2025
31 March 2024
€ million
€ million
Derivative financial liabilities
42.6
0.7
Total
42.6
0.7
Where available, the fair values of financial instruments were determined by reference to observable market
prices, where the instruments are traded. The fair value of financial instruments that are not traded in an
active market (such as long-term deposits among non-current other receivables) is determined by estimated
discounted cash flows.
The carrying amount less impairment provision of trade receivables and payables is assumed to approximate
their fair values due to the short-term nature of trade receivables and payables. Long-term financial assets
and liabilities which are classified as at fair value through profit and loss are recognised at fair value.
Trade and other receivables due after more than one year are almost exclusively maintenance reserves, with
an average term of approximately four years. The fair value of these assets is determined by discounting at
a rate of interest of the four-year US dollar swap rate prevailing on the last day of the financial year. The
carrying amount of the Level 3 instruments within trade and other receivables is considered to be the fair
value, as discounting has an immaterial effect.
The fair value of derivative financial instruments is either estimated by a third-party front office system as
per their industry practice or determined by the financial institutions that issued the respective derivative.
Both the third-party front office system, as well as the financial institutions, use generally accepted valuation
techniques, principally the Black-Scholes model and discounted cash flow models.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
160
The fair value of lease liabilities is determined by discounting the future contractual cash flows with the
discount rate (incremental borrowing rate) prevailing at the year end.
Gains and losses
The following net realised FX gains or losses were recognised in the consolidated statement of
comprehensive income in relation to the derecognition of financial assets measured at amortised cost:
▶
during the year, €19.5 million gain (2024: €4.7 million gain) on cash and cash equivalents;
▶
during the year, €nil loss/gain (2024: €nil loss/gain) on short-term cash deposits; and
▶
no material realised FX on restricted cash and trade and other receivables.
See Note 10 for details of interest income recognised in F25 and F24.
Effective interest rates analysis
Interest-bearing financial liabilities
The following table indicates the effective interest rate of the interest-bearing liabilities of the Group on
the reporting date and the periods in which they mature. Lease liability and secured debt are mainly
denominated in US dollars, while unsecured debt and convertible debt are denominated in euros
(see Note 3).
31 March 2025
31 March 2024
Effective
interest
Total
Within
one year
One to
two
years
Two to
five years
Above five
years
Effective
interest
Total
Within
one year
One to
two
years
Two to
five years
Above
five years
rate
€ million
€ million
€ million
€ million
€ million
rate
€ million
€ million
€ million
€ million
€ million
Convertible
Notes
7.42%
25.5
0.3
25.2
7.42%
25.7
0.3 25.4
—
—
Unsecured
debt
1.16% 500.9 500.9
—
—
— 1.16%
511.6
12.0 499.6
—
—
Secured debt
5.12% 271.9 271.9
—
—
— 8.45%
463.2 409.4 53.8
—
—
IFRS 16
aircraft
engine lease
liability
4.22% 3,641.6 602.2 558.5 1,340.3 1,140.6 4.19% 3,584.8 560.7 535.3 1,262.0 1,226.8
IFRS 16 other
lease liability
3.39%
29.5
3.5
3.1
9.9
13.0 3.25%
27.1
2.5
2.8
9.1
12.7
JOLCO, FTL
and FL liability 3.18% 2,130.7 139.4 143.9 582.6 1,264.8 2.71% 1,643.4
99.6 107.0 339.4 1,097.4
Total
6,600.1 1,518.2 730.7 1,932.8 2,418.4
6,255.8 1,084.5 1,223.9 1,610.5 2,336.9
Interest earning financial assets
The Group invested excess cash primarily in euro- and US dollar-denominated short-term time deposits at
market rates at major banking groups.
Changes in liabilities arising from financing activities
The following table includes changes in net borrowings (including convertible debt) reconciled with their
effects on the consolidated statement of cash flows.
31 March 2025
31 March 2024
€ million
€ million
Net borrowings at the beginning of the year
6,269.7
5,301.4
Proceeds from new loans
245.6
67.9
Repayment of loans
(720.0)
(580.4)
Proceeds from unsecured debt*
—
6.0
Repayment of unsecured debt
—
(500.0)
Proceeds from secured debt
—
415.0
Repayment of secured debt
(240.8)
(248.4)
Paid interest
(223.5)
(170.2)
Change in net borrowings from cash flows
(938.7)
(1,010.1)
New non-cash borrowings
1,059.7
1,767.7
Interest expense
249.2
196.4
Exchange differences
(11.6)
17.1
Other non-cash items
(14.3)
(2.8)
Net borrowings at the end of the year
6,614.0
6,269.7
* At 31 March 2025, €0.6 million (31 March 2024: €12.0 million) is related to overdrafts. In the consolidated statement of cash flows,
this amount was included within cash and cash equivalents, decreasing its total balance, instead of presenting it separately as proceeds
from unsecured debt.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
161
31. Financial guarantees
The Company has provided parent guarantees to certain lessors of its aircraft fleet, to guarantee the
performance of its airline subsidiaries under the respective lease contracts.
In April 2018 the Company provided a parent guarantee to the UK Civil Aviation Authority, to guarantee
the performance of Wizz Air UK Limited in the context of the UK operating licence application process of
Wizz Air UK Limited.
The note purchase agreement (for Convertible Notes) contains a guarantee and indemnity, pursuant to
which Wizz Air Hungary Ltd., inter alia, guarantees for Indigo Hungary LP and Indigo Maple Hill LP the
punctual performance by the Company of its obligations under the note purchase agreement.
The issue of a €500.0 million, 1.00 per cent Eurobond in January 2022 by Wizz Air Finance Company B.V. is
fully and irrevocably guaranteed by the Company.
32. Capital commitments
At 31 March 2025, the Group had the following contracted capital commitments:
▶
A commitment to purchase 300 Airbus aircraft of the A320 family in the period 2025–2030. The total
commitment is valued at $46.2 billion (€42.6 billion) based on list prices last published in 2018 and
escalated annually until the reporting date based on contract terms (2024: $48.7 billion (€45.2 billion)
to purchase 326 Airbus aircraft of the A320 family in the period 2024–2029). At 9 May, out of the 300
aircraft, 50 are subject to delivery in F26 and for 42 financing is already contracted. The Group uses
various financing arrangements to finance aircraft, including Sale and Leaseback, Japanese Operating
Lease with Call Option (JOLCO), French Tax Lease (FTL) and Finance Lease (FL) structures. In addition,
Original Equipment Manufacturer (OEM) backstop financing may also be available, supplemented by a
partial self-contribution.
▶
The Wizz Air Group has committed to purchasing one IAE “neo” (GTF) spare engine in 2025, valued at
$22.3 million (€20.6 million) based on 2025 list prices. This follows a previous commitment in 2024
valued at $174.1 million (€161.6 million), based on 2024 list prices, to acquire 8 IAE “neo” (GTF) spare
engines in 2025. At 9 May, the engine has already been delivered.
▶
A commitment to purchase three full-flight simulators. The total commitment is valued at €22.2 million
based on contract terms. Payment is due in instalments, with €16.6 million paid as at 31 March 2025.
33. Contingent liabilities
Legal disputes
European Commission state aid investigations
Between 2011 and 2015, the European Commission initiated state aid investigations with respect to certain
arrangements between Wizz Air and the following airports: Timişoara, Cluj-Napoca, Târgu Mureş, Beauvais
and Girona. In the context of these investigations, Wizz Air has submitted its legal observations and
supporting economic analyses of the relevant arrangements to the European Commission, which are
currently under review. The European Commission has given notice that the state aid investigations
involving Wizz Air will be assessed on the basis of the new “EU guidelines on state aid to airports and
airlines”, which were adopted by the European Commission on 20 February 2014. Where relevant, Wizz Air
has made further submissions to the European Commission in response to this notification. In relation to the
Timişoara arrangements, the European Commission confirmed on 24 February 2020 that the arrangements
did not constitute state aid. We are awaiting decisions in relation to the other airport arrangements
mentioned herein above. Ultimately, an adverse decision by the European Commission could result in a
repayment order for the recovery from Wizz Air of any amount determined by the European Commission to
constitute illegal state aid. None of these ongoing investigations are expected to lead to exposure that is
material to the Group.
No provision has been made by the Group in relation to these issues because there is currently no reason to
believe that the Group will incur charges from these cases.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
162
34. Related parties
Identity of related parties
Related parties are:
▶
Indigo Hungary LP and Indigo Maple Hill LP (collectively referred to as “Indigo” here), because of its
shareholding and its appointment of two Directors to the Board of Directors (all in service at
31 March 2025); and
▶
key management personnel (Directors and Officers).
Indigo, Directors and Officers collectively held 25.7 per cent of the Ordinary Shares of the Company as at
31 March 2025 (2024: 25.7 per cent).
Transactions with related parties
Transactions with Indigo
At 31 March 2025, Indigo held 24,684,895 Ordinary Shares, equal to 23.9 per cent of the Company’s issued
share capital (2024: 24,684,895 Ordinary Shares, 23.9 per cent).
Indigo has an interest in convertible debt instruments issued by the Company (see Note 24). The Company’s
liability to Indigo, including principal and accrued interest, was €25.5 million at 31 March 2025 (2024:
€25.7 million).
During the year ended 31 March 2025, the Company entered into transactions with Indigo as follows:
▶
The Company recognised interest expense on convertible debt instruments held by Indigo in the amount
of €1.9 million (2024: €1.8 million).
Transactions with key management personnel
Officers (members of executive management) and Directors of the Board are considered to be key
management personnel. The compensation of key management personnel, including Non-Executive
Directors, is as follows:
2025
2024
€ million
€ million
Salaries and other short-term employee benefits
9.9
10.1
Social security costs
1.2
1.1
Share-based payments
9.6
7.1
Total key management compensation expense
20.7
18.3
There were no termination benefits paid to any key management personnel in the year or the prior year.
There were no post-employment benefits or other long-term benefits provided to any key management
personnel in the year or the prior year.
There were no material transactions with related parties during the financial year, except as indicated below.
The Group has contracted with companies that are related to the CEO. The total paid for such goods and
services in F25 was €3.6 million. The main service purchased was to provide machine-learning capabilities
with regard to ticket and ancillary sales. The amount paid for this service in F25 was €3.5 million (2024:
€3.3 million), which in the judgment of the Board was not material. On 31 March 2025, the outstanding
amount payable to the related party was €0.7 million (31 March 2024: €0.4 million).
35. Subsequent events
Based on the assessment conducted, no material subsequent events were identified that would necessitate
disclosure in the financial statements for the reporting period.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
163
36. Ultimate controlling party
In the opinion of the Directors, there is no individual controlling party in relation to the Company’s issued
Ordinary Shares.
On 29 December 2020, Wizz Air Holdings Plc announced its decision to treat as Restricted Shares certain
Ordinary Shares held by Non-Qualifying Nationals and to issue to such Shareholders Restricted Share
Notices (“Disenfranchisement”). This is because from 1 January 2021, UK nationals are no longer to be
treated as Qualifying Nationals with regard to ongoing European airline ownership requirements,
notwithstanding the UK–EU Trade and Cooperation Agreement. Therefore, the Board has resolved to
exercise its power under the articles to serve Restricted Share Notices on Non-Qualifying National
Shareholders, specifying that, from 1 January 2021, in respect of their Restricted Shares they cannot attend
or speak or vote at any general meetings of the Company. The rights to attend (whether in person or by
proxy), to speak and to demand and vote on a poll in respect of the Restricted Shares shall vest in the
Chairman of such meeting, who will be a Director who is a Qualifying National. Each such Director will give
an irrevocable undertaking not to vote any such Restricted Shares.
The Board has determined, pursuant to the articles, that the fairest and most appropriate method to
implement the Disenfranchisement is for the same proportion of each Non-Qualifying National’s (including
each UK national’s) shareholding to be designated as Restricted Shares.
▶
A “Qualifying National” includes: (i) EEA nationals; (ii) nationals of Switzerland; and (iii) in respect of
any undertaking, an undertaking which satisfies the conditions as to nationality of ownership and control
of undertakings granted an operating licence contained in Article 4(f) of Regulation (EC) No. 1008/2008
of the European Commission, as such conditions may be amended, varied, supplemented or replaced
from time to time, or as provided for in any agreement between the EU and any third country (whether
or not such undertaking is itself granted an operating licence).
▶
A “Non-Qualifying National” includes: any person who is not a Qualifying National in accordance with
the definition above.
To protect the EU airline operating licence of Wizz Air Hungary Ltd. and Wizz Air Malta Ltd. (subsidiaries of
the Company), the Board has resolved to continue to apply a disenfranchisement of Ordinary Shares held by
non-EEA Shareholders in the capital of the Company. This will continue to be done on the basis of a
“Permitted Maximum” of 45 per cent pursuant to the Company’s articles of association (“the Permitted
Maximum”). In preparation for the 2024 Annual General Meeting (AGM), on 4 September 2024 the
Company sent a Restricted Share Notice to Non-Qualifying registered Shareholders, informing them of the
number of Ordinary Shares that will be treated as Restricted Shares. We will provide further details
simultaneously with the notice of the 2025 Annual General Meeting.
ACCOUNTS AND OTHER INFORMATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Wizz Air Holdings Plc Annual Report and Accounts 2025
164
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
In our opinion, Wizz Air Holdings Plc’s group financial statements:
▶
give a true and fair view of the state of the group’s affairs as at 31 March 2025 and of its profit and cash
flows for the year then ended;
▶
have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as
adopted by the European Union; and
▶
have been prepared in accordance with the requirements of the Companies (Jersey) Law 1991.
We have audited the financial statements, included within the Annual Report and Accounts 2025 (the
“Annual Report”), which comprise: the Consolidated statement of financial position as at 31 March 2025; the
Consolidated statement of comprehensive income, the Consolidated statement of cash flows and the
Consolidated statement of changes in equity for the year then ended; and the notes to the financial
statements, comprising material accounting policy information and other explanatory information.
Our opinion is consistent with our reporting to the Audit and Risk Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and
applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for
the audit of the financial statements section of our report. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, which includes the Financial Reporting Council’s (“FRC”) Ethical
Standard, as applicable to listed public interest entities in accordance with the requirements of the Crown
Dependencies' Audit Rules and Guidance for market-traded companies, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical
Standard were not provided.
Other than those disclosed in note 7, we have provided no non-audit services to the company or its
controlled undertakings in the period under audit.
Our audit approach
Overview
Audit scope
▶
The group financial statements are a consolidation of Wizz Air Holdings Plc, its main trading subsidiaries
(Wizz Air Hungary Ltd., Wizz Air UK Limited, Wizz Air Abu Dhabi LLC and Wizz Air Malta Ltd.), plus a
number of insignificant intermediate holding and smaller trading companies, and companies that are
dormant.
▶
The accounting for these entities and the group consolidation is centralised in Budapest, Hungary.
▶
Whilst the consolidated results are derived from a number of legal entities, due to the internal reporting
process and centralised maintenance of accounting records, our audit approach is to audit the
consolidated results as one component.
Key audit matters
▶
Accuracy of IFRS 16 “Leases” input data
▶
Aircraft maintenance provisioning
▶
Recognition and recoverability of deferred tax assets
Materiality
▶
Overall materiality: €46,000,000 (2024: €45,000,000) based on 0.9% of total revenue.
▶
Performance materiality: €34,000,000 (2024: €33,750,000).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in
the financial statements.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
165
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance
in the audit of the financial statements of the current period and include the most significant assessed risks
of material misstatement (whether or not due to fraud) identified by the auditors, including those which had
the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the
efforts of the engagement team. These matters, and any comments we make on the results of our
procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Recognition and recoverability of deferred tax assets is a new key audit matter this year. Otherwise, the key
audit matters below are consistent with last year.
Key audit matter
How our audit addressed the key audit matter
Accuracy of IFRS 16 “Leases” input data
The group recognised right-of-use (“RoU”) assets
of €2,806.4 million and associated lease liabilities
of €3,671.1 million at 31 March 2025.
The RoU assets and lease liabilities largely relate to
aircraft
leases
and
are
calculated
based
on
discounted
future
lease
payments.
These
calculations involve assumptions including, but not
limited to, the determination of the lease payments,
the expected lease term, consideration of extension
options and the discount rate used to determine the
liabilities.
We focused on this area because input data errors
for new leases or a failure to accurately capture
changes in lease contracts in the year could
materially impact the lease accounting given the
value of an individual aircraft lease.
Refer to the Material accounting policies note 2,
note 4 for management’s disclosures of the relevant
judgments and estimates involved in determining
the IFRS 16 balances at 31 March 2025 and notes
13 and 23 which disclose the RoU assets and lease
liability balances and movements, respectively.
We understood and evaluated the process followed
by management to account for its leases under
IFRS 16.
We tested the integrity of management’s system
used to perform the lease liability and RoU asset
calculations by testing that its IT general controls
are operating effectively.
We tested the accuracy of the underlying data used
in management’s system calculation for new leases
in the year to supporting lease documentation.
We also tested the appropriateness of the other
significant assumptions used for lease additions in
the year. This included the discount rates used
where we tested the rate used to discount future
lease payments, and the appropriateness of the
external sources of information used for risk-free
rates and credit spread and found that the rates
used
for
new
leases
were
a
reasonable
approximation of the incremental borrowing rate of
the group.
Where
leases
contained
an
option
for early
termination
or
extension,
we
considered
management’s assessment of the likelihood of the
option being exercised, based on the nature of the
assets and the terms including changes in the
period under option.
Using a digital audit solution we reperformed the
calculation of the asset, liability, depreciation and
interest entries relating to the accounting for leases
under IFRS 16 and compared the results to the
values generated by management’s system and
found the difference to be within acceptable
thresholds.
We assessed the adequacy of disclosures in notes 2
and 4 in respect of the accounting policies and
significant judgements and estimates involved in
determining
the
IFRS
16
balances
and
the
disclosures in notes 13 and 23 for leases.
We did not identify any material uncorrected
misstatements from our work on IFRS 16.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
166
Aircraft maintenance provisioning
The group operates aircraft which are held under
lease arrangements and incurs liabilities for
maintenance costs in respect of leased aircraft in
line with the terms of its aircraft leases.
Under these lease agreements, the group is
contractually committed to either return the aircraft
in a certain condition or to compensate the lessor
based on the actual condition of the aircraft and its
major components upon return.
The group uses the "strict obligation” method of
accounting for such costs under which provision is
made for the minimum unavoidable costs of specific
future maintenance obligations created by the lease
at the time when such obligations become certain.
Maintenance provisions of €339.2 million for aircraft
maintenance costs in respect of leased aircraft are
recorded in the financial statements at 31 March
2025 (refer to note 29 to the financial statements).
At each balance sheet date, the calculation of the
maintenance
provision
includes
a
number
of
variable factors and assumptions including the likely
utilisation of the aircraft; the expected cost of the
heavy maintenance check at the time it is expected
to occur; the condition of the aircraft; and the
lifespan of life-limited parts.
We focused on this area because an inherent level
of management judgement and estimation is
required in determining the above variable factors
and assumptions on an aircraft-by-aircraft basis.
This includes a commercial decision on whether to
perform future maintenance based on expected
flying hours or to avoid this and pay compensation
to the lessor at the end of the lease.
Refer to the Material accounting policies note 2 and
note 4 for management’s disclosures of the relevant
judgments and estimates involved in calculating the
maintenance provisions required, as well as note 29
for specific disclosures relating to the maintenance
provisions.
We understood and evaluated the process followed
by management to determine its maintenance
provision, including the input data, assumptions
and significant judgements and estimates used.
We tested the integrity of the maintenance provision
system used by management by testing the
effectiveness of IT general controls and specific
automated calculations therein.
We also assessed the process by which the variable
factors used within the provision calculation were
appropriately estimated by performing the following
procedures:
•
Comparing the cost assumptions in the
maintenance provision system with recent invoices,
inspected approved maintenance plans as well as
validating current flight hours and flight cycles to
non-financial data sources.
•
Testing the input data through agreement
to underlying lease contracts, focusing specifically
on new and amended contracts in F25 and
considering whether the planned maintenance could
be materially impacted by risks associated with
climate change.
•
Understood
the
planned
maintenance
schedule and discussed it with management’s
expert who advises on maintenance requirements.
•
Testing material manual adjustments to the
provision amount calculated by the maintenance
provision system.
•
Re-performing calculations.
•
Performing a look back test to assess the
accuracy of past estimates.
We tested the short and long-term classification of
the provision.
We assessed the adequacy of disclosures in note 4
in respect of the significant judgements and
estimates involved in maintenance provisioning.
We did not identify any material uncorrected
misstatements from our work on maintenance
provisions.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
167
Recognition and recoverability of deferred tax
assets
The group recognised deferred tax assets of €334.7
million at 31 March 2025 (31 March 2024: €109.1
million) This balance increased significantly due to
restructuring
involving
the
group’s
Maltese
subsidiaries during the year. The recognition and
recoverability of deferred tax assets is based on a
number of significant assumptions. Deferred tax
assets can be recognised to the extent it is probable
that there will be sufficient future taxable profits to
utilise them.
The forecasts of future taxable profits include a
number of assumptions regarding the future and
thus
estimation
uncertainty.
They
cover
an
extended period to demonstrate the reversal of
timing differences giving rise to the deferred tax
assets recognised. This period goes beyond the
group’s normal three-year planning horizon and
involves
assumptions
regarding
revenue
and
operating cost levels and fleet utilisation.
Refer to the Material accounting policies note 2 and
note 4 for management’s disclosures of the relevant
judgments and estimates involved in assessing the
recoverability of deferred tax assets, as well as note
11 for details of the income tax credit recognised in
the year and note 15 for specific disclosures relating
to the deferred tax asset balances.
We
understood
and
evaluated
management’s
process of preparing deferred tax calculations and
analysis of the deferred tax impact of transactions
involving the group’s Maltese subsidiaries during the
year.
We
tested
the
deferred
tax
calculations
for
arithmetic accuracy and validated input data. We
also utilised local Malta tax experts to confirm
specific local tax treatments that impact the
calculation of the deferred tax assets.
We evaluated management’s methodology for
assessing the recognition and recoverability of
deferred tax assets. The recognition of a deferred
tax asset is supported by the availability of sufficient
probable taxable profits in future periods against
which temporary tax-deductible differences can be
utilised.
We assessed the reasonableness of assumptions
underpinning the future forecasts. In doing this, we
considered whether the taxable profit growth
assumed was supportable. Where applicable we
assessed the consistency of the forecasts used to
justify the recognition of deferred tax assets to
those used elsewhere in the business, including for
the going concern assessment and impairment
assessment of the fleet cash-generating unit.
We also assessed the adequacy of disclosures over
this area, particularly the disclosures on the
deferred tax impact of recent transactions. We did
not identify any material uncorrected exceptions
from our audit work.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
168
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion
on the financial statements as a whole, taking into account the structure of the group, the accounting
processes and controls, and the industry in which it operates.
The group consists of one reporting segment, being the airline business. It includes the results of the legal
entities of Wizz Air Holdings Plc and its trading subsidiaries, the main ones being Wizz Air Hungary Ltd., Wizz
Air UK Limited, Wizz Air Abu Dhabi LLC and Wizz Air Malta Ltd., together with branch operations in base
countries. Whilst the consolidated results consist of a number of legal entities, due to the internal reporting
process and maintenance of centralised entities and consolidated general ledgers for the group, our audit
approach is to audit the consolidated results as one component. The accounting for these entities and the
group consolidation is centralised in Budapest, Hungary.
The audit is largely performed by a single engagement team comprising individuals based in the UK and in
Hungary together with an offshore support function, tax and treasury specialists and valuation experts. The
operations are audited by applying our collective knowledge and understanding of the group and its financial
reporting processes and controls.
The audit work is largely performed by members of our engagement team based in Hungary who are
directed and supervised by the UK team members both virtually and during their visits to Hungary. The UK
team members attended all Audit and Risk Committee meetings in Switzerland, London or Hungary, either
in person or virtually. This gave us the evidence we required for our opinion on the financial statements as a
whole.
The impact of climate risk on our audit
The Sustainability Report within the Annual Report describes the group’s strategy to reduce carbon
emissions and explains how climate change could impact the group’s business but also provides a number of
opportunities. The group has publicly set out its commitment to reducing carbon emissions by 25% by 2030
relative to F20 levels and has a strategy aligned to meeting this including the use of sustainable aviation fuel
(“SAF”) and investments in SAF production and supply companies. A number of financial risks could arise
from both the transitional and physical risks associated with climate change. Management, assisted by an
independent expert, has evaluated these as disclosed in the Sustainability Report. This has then informed
the evaluation of financial risks that have been reflected by management in the preparation of the financial
statements to the extent that they can be forecast at present or conclusions as to why no material impact is
expected.
As part of our audit we have made enquiries of management to understand the work performed by
management and its expert to assess the potential impacts of climate change on the group and leading to
the disclosures in the Sustainability Report, which includes the group’s Task Force on Climate-related
Financial Disclosures (“TCFD”) disclosures, and the resultant impact on the F25 financial statements. We
have used this information and understanding to assess the impact on the financial statements and our audit
thereof. We have also considered the consistency of this assessment with the communications of climate
related impacts both in the F25 Annual Report and Accounts and other sources such as its website and the
group’s public submission to the Carbon Disclosure Project.
Overall management has concluded, having considered both the physical and transition risks arising from
climate change, that there is currently no material impact that it can forecast impacting the F25 results or
financial position. The key areas of the financial statements where the potential impact of climate was
considered are as follows:
▶
The accounting for ETS allowances used by the group to meet its obligations under the EU and UK ETS
schemes (see note 2);
▶
The group’s going concern assessment covering a period of at least 12 months from the date of signing
of the financial statements (see note 2 and the Conclusions relating to going concern section below);
▶
The useful economic lives and residual value of aircraft and spare engines, maintenance assets and parts
and associated depreciation of these assets (see note 2);
▶
The impact on the impairment assessment of the group’s aircraft fleet (see notes 13 and 14);
▶
The impact on the recoverability of deferred tax assets recognised (see note 4 and 15 of the financial
statements and key audit matter above); and
▶
The impact on maintenance provisioning (see notes 4 and 29 of the financial statements and key audit
matter above).
Where significant, further details on how climate change has been considered in the above areas and our
audit response is given in the key audit matters above. Our procedures did not identify any material impact
in the context of our audit of the financial statements as a whole for the year ended 31 March 2025. The
future estimated financial impacts of climate risk are clearly uncertain given the medium to long term
timeframes involved and their dependency on how governments, global markets, corporations and society
respond to the issue of climate change and the speed of technological advancements that may be necessary.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
169
Accordingly, the financial statements cannot capture all possible future outcomes as these are not yet
known.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative
thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope
of our audit and the nature, timing and extent of our audit procedures on the individual financial statement
line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate
on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as
follows:
Overall group materiality
€46,000,000 (2024: €45,000,000)
How we determined it
0.9% of total revenue
Rationale for benchmark applied
We considered various potential benchmarks including profit before
tax and concluded, using professional judgement, that total revenue
(2024: total revenue) continues to be an appropriate benchmark for
the current year audit.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of
uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance
materiality in determining the scope of our audit and the nature and extent of our testing of account
balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance
materiality was 75% (2024: 75%) of overall materiality, amounting to €34,000,000 (2024: €33,750,000)
for the group financial statements.
In determining the performance materiality, we considered a number of factors - the history of
misstatements, risk assessment and aggregation risk and the effectiveness of controls - and concluded that
an amount at the upper end of our normal range was appropriate.
We agreed with the Audit and Risk Committee that we would report to them misstatements identified during
our audit above €2,250,000 (2024: €2,250,000) as well as misstatements below that amount that, in our
view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group's ability to continue to adopt the going concern
basis of accounting included:
▶
Testing the model used for management’s going concern assessment, which is primarily a liquidity
assessment given there are no financial covenants in its committed debt facilities. Management’s
forecast covers the period to 30 November 2026.
▶
Management’s base case forecasts are taken from its normal forecasting process for the next three
years. We understood and assessed this process including the assumptions used for F26 and F27 and
assessed whether there was adequate support for these assumptions. We also considered the
reasonableness of the monthly phasing of cash flows. A similar assessment was performed of the
downside cash flows, including by comparison of actual monthly cash flows experienced in F25 and by
comparison of assumed flying levels relative to those experienced in prior periods.
▶
We understood and assessed the reasonableness of the adjustments made to the base case forecasts to
arrive at the downside forecasts.
▶
We read and understood the key terms of committed debt facilities to understand any terms, covenants
or undertakings that may impact the availability of the facility. We also understood the impact of the
base and downside forecasts on security levels in the card acquirer contracts of the group, which
generally require a level of liquidity to be held by the business.
▶
We understood the schedule of committed aircraft and engine deliveries over the next eighteen months
and assessed management’s assessment of how these would be financed based on their available
committed financing and other plans to finance future aircraft and engine deliveries.
▶
Using our knowledge from the audit and assessment of previous forecasting accuracy, we applied our
own sensitivities to management’s downside cash flow forecasts. We overlaid this on management’s
forecasts to arrive at our own view of management’s downside forecasts.
▶
We considered the potential mitigating actions that management may have available to it to reduce
costs, manage cash flows or raise additional financing and assessed whether these were within the
control of management and possible during the period of the assessment.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
170
▶
We commented on draft disclosures of the Group’s Going concern assessment seeking changes to clarify
aspects of it and assessed the adequacy of the final disclosures in the Going concern statement in note 2
of the group financial statements and the Going concern statement in the Directors’ Report and found
that these appropriately reflect the key areas of uncertainty identified and assumptions made.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as
a going concern for a period of at least twelve months from when the financial statements are authorised for
issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as
to the group's ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the directors’ statement in the financial
statements about whether the directors considered it appropriate to adopt the going concern basis of
accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in
the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial
statements and our auditors’ report thereon. The directors are responsible for the other information. Our
opinion on the financial statements does not cover the other information and, accordingly, we do not express
an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance
thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we
identify an apparent material inconsistency or material misstatement, we are required to perform procedures
to conclude whether there is a material misstatement of the financial statements or a material misstatement
of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report based
on these responsibilities.
Corporate governance statement
The Listing Rules require us to review the directors’ statements in relation to going concern, longer-term
viability and that part of the corporate governance statement relating to the company’s compliance with the
provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with
respect to the corporate governance statement as other information are described in the Reporting on other
information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements
of the corporate governance statement, included within the Corporate Governance Report is materially
consistent with the financial statements and our knowledge obtained during the audit, and we have nothing
material to add or draw attention to in relation to:
▶
The directors’ confirmation that they have carried out a robust assessment of the emerging and principal
risks;
▶
The disclosures in the Annual Report that describe those principal risks, what procedures are in place to
identify emerging risks and an explanation of how these are being managed or mitigated;
▶
The directors’ statement in the financial statements about whether they considered it appropriate to
adopt the going concern basis of accounting in preparing them, and their identification of any material
uncertainties to the group’s ability to continue to do so over a period of at least twelve months from the
date of approval of the financial statements;
▶
The directors’ explanation as to their assessment of the group's prospects, the period this assessment
covers and why the period is appropriate; and
▶
The directors’ statement as to whether they have a reasonable expectation that the company will be
able to continue in operation and meet its liabilities as they fall due over the period of its assessment,
including any related disclosures drawing attention to any necessary qualifications or assumptions.
Our review of the directors’ statement regarding the longer-term viability of the group was substantially less
in scope than an audit and only consisted of making inquiries and considering the directors’ process
supporting their statement; checking that the statement is in alignment with the relevant provisions of the
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
171
UK Corporate Governance Code; and considering whether the statement is consistent with the financial
statements and our knowledge and understanding of the group and its environment obtained in the course
of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the corporate governance statement is materially consistent with the financial statements and
our knowledge obtained during the audit:
▶
The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and
understandable, and provides the information necessary for the members to assess the group’s position,
performance, business model and strategy;
▶
The section of the Annual Report that describes the review of effectiveness of risk management and
internal control systems; and
▶
The section of the Annual Report describing the work of the Audit and Risk Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement relating to
the company’s compliance with the Code does not properly disclose a departure from a relevant provision of
the Code specified under the Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities in respect of the financial statements,
the directors are responsible for the preparation of the financial statements in accordance with the applicable
framework and for being satisfied that they give a true and fair view. The directors are also responsible for
such internal control as they determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or to cease operations,
or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-
compliance with laws and regulations related to the regulations of country aviation authorities such as the
European Union Aviation Safety Agency, the UK Civil Aviation Authority and the UAE General Civil Aviation
Authority Regulations and General Data Protection Regulation, and we considered the extent to which non-
compliance might have a material effect on the financial statements. We also considered those laws and
regulations that have a direct impact on the financial statements such as the Companies (Jersey) Law 1991,
the Listing Rules of the UK Financial Conduct Authority, relevant corporate tax compliance regulations, the
Air Passengers Rights Regulation 2004 (Regulation (EC) No 261/2004) and EU Emissions Trading System.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and determined that the principal risks were related
to posting inappropriate journal entries and management bias in accounting estimates such as aircraft
maintenance provisions. Audit procedures performed by the engagement team included:
▶
Discussions throughout the year with the Audit and Risk Committee, management, Internal Audit and
the Group's internal counsel, including consideration of known or suspected instances of fraud or non-
compliance with laws and regulation;
▶
Understanding and evaluating controls designed to prevent and detect irregularities and fraud;
▶
Reviewing legal expense accounts to identify significant legal spend that may be indicative of non-
compliance with laws and regulations;
▶
Reviewing whistleblowing reports;
▶
Identifying and testing journal entries, in particular journal entries posted with unusual account
combinations;
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
172
▶
Reading the minutes of Board and Committee meetings to identify any inconsistencies with other
information provided by management; and
▶
Challenging significant subjective judgements and accounting estimates used by the directors that
involve making assumptions and considering future events that are inherently uncertain in the
preparation of the financial statements, including those relating to revenue, maintenance provisions,
hedge and derivative accounting, aircraft and spare engine assets, deferred tax assets and lease
accounting together with the disclosure of these items.
There are inherent limitations in the audit procedures described above. We are less likely to become aware
of instances of non-compliance with laws and regulations that are not closely related to events and
transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due
to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly
using data auditing techniques. However, it typically involves selecting a limited number of items for testing,
rather than testing complete populations. We will often seek to target particular items for testing based on
their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion
about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in
accordance with Article 113A of the Companies (Jersey) 1991 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any other purpose or to any other person to whom this
report is shown or into whose hands it may come save where expressly agreed by our prior consent in
writing.
OTHER REQUIRED REPORTING
Companies (Jersey) Law 1991 exception reporting
Under the Companies (Jersey) Law 1991 we are required to report to you if, in our opinion:
▶
we have not obtained all the information and explanations we require for our audit
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit Committee (now the Audit and Risk Committee), we were
appointed by the members on 15 August 2007 to audit the consolidated financial statements of the previous
parent company of the Wizz Air group. Following the company’s incorporation in 2009, we were appointed to
audit the consolidated financial statements of the company for the period ended 31 March 2010 and
subsequent financial periods. Our period of total uninterrupted engagement is for the group (comprising the
previous parent company and now the company, and their subsidiaries) is 18 years, covering the years
ended 31 March 2008 to 31 March 2025 and for the Company is 16 years, covering the years ended 31
March 2010 to 31 March 2025.
VOLUNTARY REPORTING
The company voluntarily prepares a Directors’ Remuneration Report. The directors requested that we audit
the part of the Directors’ Remuneration Report specified by the UK Companies Act 2006 to be audited as if
the company were a UK quoted company. In our opinion, the part of the Directors’ Remuneration Report to
be audited has been properly prepared in accordance with the UK Companies Act 2006.
OTHER MATTER
The company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to
include these financial statements in an annual financial report prepared under the structured digital format
required by DTR 4.1.15R - 4.1.18R and filed on the National Storage Mechanism of the Financial Conduct
Authority. This auditors’ report provides no assurance over whether the structured digital format annual
financial report has been prepared in accordance with those requirements.
Jason Burkitt
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Recognized Auditor
London
5 June 2025
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ
AIR HOLDINGS PLC
Wizz Air Holdings Plc Annual Report and Accounts 2025
173
Alternative performance measures (APMs)
Alternative performance measures are non-IFRS standard performance measures aiming to introduce the
Company’s performance in line with management’s requirements. The existing presentation is considered
relevant for the users of the financial statements because: (i) it mirrors disclosures presented outside of the
financial statements; and (ii) it is regularly reviewed by the senior management team of the Group for
evaluating the financial performance of its single operating segment.
Ancillary revenue: generated revenue from ancillaries (including other ancillary revenue-related items).
Rationale – Key financial indicator for the separation of different revenue lines.
Average capital employed: average capital employed is the sum of the annual average equity and
interest-bearing borrowings (including convertible debt), less annual average cash and cash equivalents, and
short-term cash deposits. Rationale – This key financial indicator is integral for evaluating the profitability
and effectiveness of capital utilisation.
Calculation: average equity + interest-bearing borrowings (including convertible debt) - cash and cash
equivalents - short-term cash deposits.
Earnings before interest, tax, depreciation and amortisation (EBITDA): EBITDA represents the profit
or loss before accounting for net financing costs or gains, income tax expenses or credits, and depreciation
and amortisation. Rationale – This measure serves as a key financial indicator for the Company, providing
insights into operational profitability.
Calculation: operating profit/(loss) + depreciation and amortisation.
EBITDA margin %: EBITDA margin % is computed by dividing EBITDA by total revenue in millions of
euros. Rationale – This metric presents EBITDA as a percentage of total net revenue and offers valuable
financial insights for the Company’s performance assessment.
Calculation: EBITDA/total revenue (€ million) x 100
2025
2024
€ million
€ million
Operating profit
167.5
437.9
Depreciation and amortisation
966.8
755.3
EBITDA
1,134.3
1,193.2
Total revenue
5,267.6
5,073.1
EBITDA margin (%)
21.5%
23.5%
Leverage ratio: leverage ratio is computed by dividing net debt by the last twelve months EBITDA.
Rationale – It serves as a crucial key financial indicator for the Group, facilitating an assessment of the
organisation’s financial leverage and debt management.
Calculation: please see the table under the definition of net debt.
Liquidity: liquidity represents cash, cash equivalents, and short-term cash deposits, expressed as a
percentage of the last twelve months revenue. Rationale – This key financial indicator offers a
comprehensive view of the Group’s cash position and financial stability.
Calculation: please see the table below.
31 March 2025
31 March 2024
€ million
€ million
Cash and cash equivalents
597.5
728.4
Short-term cash deposits
1,060.2
751.1
Total revenue
5,267.6
5,073.1
Liquidity
31.5%
29.2%
ADDITIONAL INFORMATION
Wizz Air Holdings Plc Annual Report and Accounts 2025
174
Net debt: net debt is defined as interest-bearing borrowings (including convertible debt) less cash and cash
equivalents. Rationale – plays a pivotal role as a key financial indicator, offering valuable information
regarding the Group’s financial liquidity and leverage position.
Calculation: please see the table below.
31 March 2025
31 March 2024
€ million
€ million
Non-current liabilities
Borrowings
5,070.6
5,159.7
Convertible debt
25.2
25.4
Current liabilities
Borrowings
1,517.9
1,084.3
Convertible debt
0.3
0.3
Current assets
Short-term cash deposits
1,060.2
751.1
Cash and cash equivalents
597.5
728.4
Net debt
4,956.3
4,790.2
EBITDA
1,134.3
1,193.2
Leverage ratio
4.4
4.0
Passenger ticket revenue: generated revenue from ticket sales (including other ticket revenue related
items). Rationale – Key financial indicator for the separation of different revenue lines.
Return on capital employed (ROCE): operating profit or loss before tax divided by average capital
employed, expressed as a percentage. Rationale – ROCE is a key financial indicator that facilitates an
assessment of the Group’s profitability and the efficiency of capital utilisation.
Calculation: please see the range below.
2025
2024
€ million
€ million
Operating profit
167.5
437.9
Average Shareholders’ equity
231.4
(106.1)
Average borrowings and convertible debt
6,441.8
5,785.6
Average cash and cash equivalents
(663.0)
(1,068.5)
Average short-term cash deposits
(905.7)
(375.6)
Average capital employed
5,104.6
4,235.4
ROCE (%)
3.3%
10.3%
Total cash: non-statutory financial performance measure and comprises/is calculated from cash and cash
equivalents, short-term cash deposits and total current and non-current restricted cash. Rationale – This key
financial indicator offers a comprehensive view of the Group’s cash position and financial stability.
Calculation: please see the table below.
31 March 2025
31 March 2024
€ million
€ million
Non-current assets
Restricted cash
36.3
54.0
Current assets
Restricted cash
42.0
55.4
Short-term cash deposits
1,060.2
751.1
Cash and cash equivalents
597.5
728.4
Total cash
1,736.0
1,588.9
Total revenue: total ticket and ancillary revenue for the given period. The split of total revenue presented
in the consolidated statement of comprehensive income. Rationale – Key financial indicator for the
Company.
ADDITIONAL INFORMATION
Wizz Air Holdings Plc Annual Report and Accounts 2025
175
Glossary of terms
Aircraft utilisation/utilisation: the number of hours one aircraft is in operation on one day. Rationale –
Key performance indicator in aviation business, measurement for one day of aircraft productivity.
Calculation (for one month): monthly aircraft utilisation equals total block hours divided by number of days
in the month divided by the equivalent aircraft number divided by 24 hours. Calculation (for a longer period
than one month): the given period aircraft utilisation equals the weighted average of monthly aircraft
utilisation based on the month-end fleet counts.
Ancillary revenue per passenger: ancillary revenue divided by the number of passengers (PAX) in the
given period, which gives the ancillary performance per passenger. Rationale – Key performance indicator
for revenue performance measurement.
Calculation: ancillary revenue / PAX
Available seat kilometres (ASK)/total ASKs: the number of seats available for scheduled passengers
multiplied by the number of kilometres those seats were flown. Rationale – Key performance indicator for
capacity measurement.
Calculation: seats on aircraft x stage length
Average aircraft stage length (km): average distance that an aircraft flies between the departure and
arrival airport. Rationale – Key performance indicator for measurement of capacity and productivity.
Calculation: average stage length of the revenue sectors in the given period (ASKs / capacity)
Average departures per aircraft per day: the number of departures one aircraft performs in a day in the
given period. Rationale – Key performance indicator for revenue generation / utilisation of assets.
Calculation: total number of revenue sectors per number of days (in the given period) per equivalent aircraft
number
CASK (total unit cost): total cost per ASK, where cost is defined as operating expenses and financial
expenses net of financial income. Rationale – Key performance indicator for divisional cost control.
Calculation: total operating expenses + financial income + financial expenses / total of ASKs (km) x 100
Completion factor or rate: per cent of operated flights compared to scheduled flights. Rationale – Key
performance indicator for commercial planning and controlling, measurement for operational performance.
Calculation: number of operated flights / number of scheduled flights
Equivalent aircraft or average aircraft count: the average number of aircraft available to Wizz Air within
a period. The count includes spare aircraft, aircraft under maintenance and parked aircraft. Rationale – Key
performance indicator in aviation business for the measurement of average aircraft available for flying and
capacity.
Calculation (for one month): average from the daily fleet count in a given month which includes/excludes
deliveries and redeliveries. Calculation (for a longer period than one month): weighted average of the
monthly equivalent aircraft numbers based on the number of days in the given period.
Equivalent operating aircraft or average operating aircraft count: the average number of operating
aircraft available to Wizz Air within a period. The count includes all aircraft except those parked. Rationale –
Key performance indicator in aviation business for the measurement of average fleet and capacity.
Calculation (for one month): average from the daily operating fleet count in the given month which
includes / excludes deliveries and redeliveries. Calculation (for a longer period than one month): weighted
average of the monthly equivalent operating aircraft numbers based on the number of days in the given
period.
Ex-fuel CASK (ex-fuel unit costs): this measure is computed by dividing the total ex-fuel cost by the
total ASKs within a given timeframe. Ex-fuel CASK defines the unit ex-fuel cost for each kilometre flown per
seat in Wizz Air’s fleet. Note: total ex-fuel cost consists of total operating expenses and net cost from
financial income and expense, but does not contain fuel costs. Rationale – It serves as an essential
performance indicator for overseeing divisional cost control. The rationale for employing this metric is rooted
in its ability to gauge and manage non-fuel operating expenses effectively.
Calculation: total ex-fuel cost (euro) / total of ASKs (km) x 100
Foreign exchange rate: average foreign exchange rate, plus any hedge deal for the given period,
calculated with a weighted average method. Rationale – Key performance indicator for fuel control and
treasury teams.
Fuel CASK (fuel unit cost): this metric is calculated by dividing the total fuel costs (plus additional fuel
consumption related costs) by the sum of Available Seat Kilometres (ASKs) during a specific reporting
period. Rationale – Fuel CASK provides an insightful unit fuel cost measurement, representing the cost
incurred for flying one kilometre per seat within Wizz Air’s fleet. The rationale behind the use of this measure
lies in its effectiveness as a critical performance indicator for the control and management of fuel expenses.
ADDITIONAL INFORMATION
Wizz Air Holdings Plc Annual Report and Accounts 2025
176
Calculation: total fuel cost (euro)/total of ASKs (km) x 100.
Fuel price (average US dollar per tonne): average fuel price within a period, calculated as fuel cost
(including other fuel cost related items) divided by the consumption. Rationale – Key performance indicator
for fuel cost controlling.
Gauge: the average seat capacity per aircraft.
JOLCO (Japanese Tax Lease) and French Tax Lease: special forms of structured asset financing,
involving local tax benefits for Japanese and French investors, respectively. Rationale – These measures are
employed to encapsulate specific lease contracts that facilitate enhanced cash utilisation strategies.
Load factor (%): the number of seats sold (PAX) divided by the number of seats available on the aircraft
(capacity). Rationale – Key performance indicator for commercial and revenue controlling.
Calculation: the number of seats sold divided by the number of seats available.
Net fare (total revenue per passenger): average revenue per passenger calculated by total revenue
divided by the number of passengers (PAX) during a specified period. Rationale – This metric is a crucial
performance indicator for commercial control, offering insights into the overall revenue generated per
passenger.
Calculation: total revenue / PAX
Operating aircraft utilisation: the number of hours that one operating aircraft is in operation on one day.
Rationale – Key performance indicator in aviation business, measurement for one-day aircraft productivity.
Calculation (for one month): average daily operating aircraft utilisation in a month equals total monthly
block hours divided by number of days in the month divided by the equivalent operating aircraft number
divided by 24 hours. Calculation (for a longer period than one month): the given period operating aircraft
utilisation equals the weighted average of monthly operating aircraft utilisation based on the month-end
operating aircraft counts.
Passengers (alternative names: passengers carried, PAX): passengers who bought a ticket (thus
making revenue for the Company) for a revenue sector. Rationale – Key performance indicator for
commercial controlling team.
Calculation: sum of number of passengers of all revenue sectors.
PDP: PDP refers to the pre-delivery payments made under the Group’s aircraft purchase agreements. These
payments signify contractual commitments designed to support fleet expansion and growth.
Period-end fleet size or number of aircraft at end of period: the number of aircraft that Wizz Air has in
its fleet and that are leased or owned at the end of the given period. The count contains spare and aircraft
under maintenance as well. Rationale – Key performance indicator in aviation business for the measurement
of fleet.
Calculation: sum of aircraft at the end of the given period.
Period-end operating aircraft: the number of operating aircraft that Wizz Air has in its fleet and that are
leased and/or owned at the end of the given period. The count includes all aircraft except those parked.
Rationale – Key performance indicator in aviation business for the measurement of operating aircraft at a
period end.
Calculation: sum of operating aircraft at the end of the given period.
RASK: RASK is determined by dividing total revenue by total ASK. This measure characterises the unit net
revenue performance for each kilometre flown per seat within Wizz Air’s fleet. Rationale – It serves as a
pivotal performance indicator for commercial control, providing insights into revenue generation efficiency.
Calculation: total revenue (euro) / total of ASKs (km) x 100
Revenue departures or sectors: flight between departure and arrival airport where Wizz Air generates
revenue from ticket sales. Rationale – Key performance indicator in revenue generation controlling.
Calculation: sum of departures of all sectors.
Revenue passenger kilometres (RPK): the number of seat kilometres flown by passengers who paid for
their tickets. Rationale – Key performance indicator for revenue measurement.
Calculation: number of passengers x stage length.
Seat capacity / capacity: the total number of available (flown) seats on aircraft for Wizz Air within a given
period (revenue sectors only). Rationale – Key performance indicator for capacity measurement.
Calculation: sum of capacity of all revenue sectors.
Stage length: the length of the flight from take-off to landing in a single leg.
Calculation: sum of kilometres flown during a flight.
ADDITIONAL INFORMATION
Wizz Air Holdings Plc Annual Report and Accounts 2025
177
Ticket revenue per passenger: passenger ticket revenue divided by the number of passengers (PAX) in
the given period. Rationale – Key performance indicator for measurement of revenue performance.
Calculation: passenger ticket revenue / PAX
Total block hours: each hour from the moment an aircraft’s brakes are released at the departure airport’s
parking place for the purpose of starting a flight until the moment the aircraft’s brakes are applied at the
arrival airport’s parking place. Rationale – Key performance indicator in aviation business, measurement for
aircraft’s block hours.
Calculation: sum of block hours of all sectors (in the given period).
Total flight hours: each hour from the moment the aircraft takes off from the runway for the purposes of
flight until the moment the aircraft lands at the runway of the arrival airport. Rationale – Key performance
indicator in the airline business for the measurement of capacity and flown flight hours by aircraft.
Calculation: sum of flight hours of all sectors (in the given period).
Yield: represents the total revenue generated per Revenue Passenger Kilometre (RPK). Rationale – This
measure is integral for assessing and controlling commercial performance by quantifying the revenue
derived from each kilometre flown by paying passengers.
Calculation: total revenue / RPK
ADDITIONAL INFORMATION
Wizz Air Holdings Plc Annual Report and Accounts 2025
178
STRATEGIC REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
179
Table of Contents
Report of the Chair of the Sustainability and Culture Committee
181
Our Proudest Moments in F25
184
General information
186
Basis for preparation
186
Governance
187
Strategy
192
Impact, risk and opportunity management: disclosures on the double materiality
assessment
198
Environmental information
209
Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy Regulation)
210
[E1] Climate change
210
[E] Other environmental information
240
Social information
244
[S1] Own workforce
244
[S2] Workers in the value chain
267
[S4] Consumers and end-users
271
[S] Other social information
290
Governance information
279
[G1] Business conduct
280
[G] Other governance information
292
Economy-related information
295
ESRS Content index
298
TCFD index
306
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
180
REPORT OF THE CHAIR OF THE SUSTAINABILITY AND CULTURE COMMITTEE
“The Committee has contributed
significantly to the Company’s success
by providing oversight and guidance,
ensuring that our sustainability efforts
are aligned with our strategic goals and
organisational culture.”
Charlotte Andsager
Chair of the Sustainability and Culture Committee
Dear Shareholder,
As we reflect on the past
year, we are pleased to
share the significant
strides we have made on
our journey towards
sustainability and
innovation. Once again,
Wizz Air has proven itself
to be at the forefront of
sustainability compared to
competitors. The
Company’s commitment to
excellence has been
recognised through
numerous accolades and
groundbreaking initiatives,
setting new benchmarks in
CO2 intensity in the
aviation industry.
The financial year ended
on 31 March 2025 was
notable for its increased
regulatory oversight. From
the Committee’s
perspective, this placed a
stronger emphasis on
compliance and
transparency. The
Committee collaborated
closely with management
to ensure the Company is
prepared for the
implementation of the
Refuel EU Aviation
Regulation (Refuel EU) and
the EU Corporate
Sustainability Reporting
Directive (CSRD).
Additionally, the
Committee focused on
meeting new requirements
related to the EU
Emissions Trading System
(EU ETS) Regulation and
Carbon Offsetting and
Reduction Scheme for
International Aviation
(CORSIA). The Committee
formally approved the
Company’s Net Zero Plan
(“Flying Towards Net
Zero”) and validated the
results of the Company’s
inaugural Double
Materiality Assessment
(DMA), which is a
requirement under CSRD.
The Company is expected
to be subject to reporting
requirements starting in
2028.
The Group’s F25
Sustainability Report is
presented on pages 179 to
306 and has been
prepared in accordance
with the basis of
preparation on page 186.
The Company was proud
to receive three
distinguished awards: (1)
World Finance – Most
Sustainable Low-Cost
Airline 2024; (2) World
Finance – Best Airline in
Carbon Reduction 2024;
and (3) CAPA – EMEA Most
Environmentally
Sustainable Airline Group
2024. These accolades
were granted based on an
impartial assessment of
airline carbon emissions
data by independent third
parties. This rigorous
evaluation process ensures
the credibility and
objectivity of the awards,
solidifying Wizz Air’s
position as a leader in
carbon reduction efforts.
Compared to other global
airlines, Wizz Air stands
out with the lowest
reported CO2 per
passenger kilometre: 52.2
grams of CO2 per
passenger kilometre for
the fiscal year 2025. This
achievement is a direct
result of the Company’s
strategic fleet renewal
programme.
In terms of organisational
culture, the Committee
was pleased to see greater
participation in the annual
employee engagement
survey, and the efforts of
the Company to carefully
identify and rectify any
gaps to ensure continuous
progress.
The Committee has
contributed significantly
to the Company’s success
by providing oversight and
guidance, ensuring that
our sustainability efforts
are aligned with our
strategic goals and
organisational culture.
Membership, Meetings
and Attendance
▶
Charlotte Andsager
▶
Anthony Radev
▶
Andrew Broderick
The Committee consists of
three Non-Executive
Directors, including the
Employee Engagement
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
181
Director, appointed by the
Board according to
experience, dedication and
capacity. The Head of
Legal acts as Secretary to
the Committee and
relevant members of the
senior leadership team are
invited to attend meetings.
More information is
available at: https://
wizzair.com/en-gb/
information-and-services/
investor-relations/
governance/board-
committees.
The Committee met six
times during the year and
focused on the following
activities:
▶
Approval of the
Company’s Net Zero
Plan
▶
Approval of the
Company’s Double
Materiality Assessment
outcomes in alignment
with CSRD
▶
Review of the Group
ESG and SAF strategy
▶
Review of ESG ratings,
gap analysis and action
plans
▶
State of preparedness
for legislative changes
under Refuel EU,
CSRD, and EU ETS
▶
Progress on
sustainability projects,
including SAF flights
and the Sustainability
Ambassador’s
Programme
▶
Review of green claims
and related risk
▶
Review and tracking of
targets and key
metrics relating to CO2
and Diversity
▶
Review of the annual
sustainability report
▶
Review of the results of
employee engagement
survey and action
plans
▶
Reports from the
Employee Engagement
Director
Furthermore, the
Committee participated in
training sessions related to
climate-risk litigation and
carbon removal
technology.
The Committee invited all
Directors to participate in
the training, and the
training was recorded for
later internal use. This
proactive approach
ensures we are prepared
for evolving regulatory
standards.
Key Activities
ESG Strategy, Projects and
Initiatives
The Committee received
regular updates on Wizz
Air’s ESG strategy,
engaging in discussions
related to target tracking
and transition planning. In
particular, it closely
monitored the Group’s
initiatives related to SAF.
Management provided
regular updates on
readiness for the
submission of the first
report under Refuel EU
and related SAF
procurement efforts to
enable the Company to
uplift 2 per cent SAF
across a network of 101
European Union airports.
Challenges in relation to
cost and availability were
highlighted, as well as the
ability to prove
sustainability criteria to
ensure access to SAF
allowances under EU ETS.
The Committee supported
the Company’s proactive
engagement with SAF
policy, which included
launching a pioneering
project with Airbus to trial
SAF on two routes and a
passenger survey on
awareness of
environmental topics
related to aviation. The
trial highlighted the
significant increased cost
of SAF (4-5 times that of
conventional jet fuel), and
the need for collaboration
across the aviation
ecosystem.
The Committee fully
endorsed the Company’s
stance on corporate
advocacy, leading to a
historic invitation to
COP29 in Baku,
Azerbaijan, as the first-
ever ULCC airline to
attend. The Company’s
participation emphasised
the need for collaborative
policy development to
decarbonise the aviation
industry. Specifically, it
advocated for subsidies to
accelerate the production
of Sustainable Aviation
Fuel (SAF).
ESG Ratings, Reporting
and Consultations
The Committee was
updated on the improved
scores by the rating
agencies ISS and S&P
Global. The Company
maintained its CDP score,
which was commended by
the Committee in light of
the introduction of
strengthened scoring
criteria.
The Committee received
several status updates
regarding preparations for
the upcoming CSRD and
related legislation.
Although the Company is
not in scope this year, we
proactively decided to
produce a CSRD-
referenced version of the
annual sustainability
report and conduct a
Double Materiality
Assessment. The
Committee reviewed and
approved both the process
and the outcomes,
demonstrating our
commitment to staying
ahead of regulatory
requirements.
Transition Planning
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
182
In March 2025, the
Company presented its
Net Zero Plan, “Flying
Towards Net Zero” to the
Committee for approval.
The Company believes it
must be realistic about
what is possible in the
near and long term in an
industry that is hard to
abate. Developed with the
assistance of an external
third party to ensure
accuracy, the Plan
emphasises Sustainable
Aviation Fuel (SAF) as a
crucial decarbonisation
lever. Unlike competitor
plans, our Plan places a
greater emphasis on SAF,
recognising it as the most
viable long-term solution.
Due to the lack of
development in hydrogen-
based technologies, the
Company did not include
hydrogen as part of its
plan. The Committee
approved the Net Zero
Plan, commending the
Company’s comprehensive
and realistic approach to
transition planning.
Diversity and Culture
The Committee regularly
discussed the progress
made with respect to the
Company’s diversity
target, with an
outstanding result of 37
per cent women in
management for the
financial year. The
Company is well on track
to meet its target of 40
per cent for the next
financial year.
The diversity of
management was
highlighted at the
Company’s “Women on
Air” event held for
International Women’s
Day. The event featured
guest speakers to
celebrate diversity at Wizz
Air. This initiative reflects
our commitment to
fostering an inclusive and
diverse workplace.
The Committee reviewed
several people initiatives,
including increased and
improved leadership and
development training, in
addition to the
introduction of enhanced
technology platforms.
Such platforms are
particularly important
considering that the
Company has welcomed
over 2,300 new colleagues
since the last financial
year.
The Company’s approach
to engagement is
distinguished by its unique
and innovative internal
People Council. The
Committee was pleased to
receive a presentation
from the President of the
People Council, who
provided updates on its
direct engagement
initiatives and the newly
enhanced structure with
employee-elected
representatives.
Additionally, the
Committee consistently
received reports from the
Employee Engagement
Director, ensuring a
comprehensive
understanding of
employee engagement
efforts.
Finally, I would like to
extend my sincere
appreciation to the Wizz
Air management and ESG
team for their unwavering
dedication to
transparency, risk
management and
innovative solutions. Their
commitment has been
instrumental in driving our
sustainability initiatives
forward and ensuring our
continued success.
Charlotte Andsager
Chair of the Sustainability
and Culture Committee
5 June 2025
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
183
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
184
Wizz Air achieved 52.2 grams of
CO2 emissions per passenger
kilometre in F25 – one of the
best among industry peers.
Wizz Air became the first ULCC
airline to participate in the 29th
COP in Baku, emphasizing the
importance of joint policy efforts
to drive decarbonization in the
aviation sector.
Wizz Air launched second term
of
Sustainability
Ambassador
Programme following first term
success.
As part of the Company’s growth
and fleet renewal strategy, Wizz
Air’s fleet grew to more than 200
aircraft by the end of the financial
year.
Wizz Air, ahead of EU mandates,
trialled sustainable aviation fuel in
collaboration with Airbus on two
major routes, Barcelona to Budapest
and Brussels Charleroi to Budapest,
with SAF supplied by Cepsa and
distributed by World Fuel Services.
Furthermore, we set an aspirational
goal of fuelling 10% of our flights with
sustainable aviation fuel by 2030.
Wizz
Air
welcomed
its
20th
anniversary aircraft with a special
livery that is a vibrant testament
to the airline’s commitment to
sustainability, while celebrating its
iconic brand colours.
We take pride in having recruited
over 2,300 new employees during
this financial year, strengthening
our workforce and driving our
continued success.
We value the diversity of our
team,
with
112
nationalities
represented among our workforce,
fostering
a
truly
global
and
inclusive environment.
FLYING TOWARDS NET ZERO
We are proud to share our aspirational
transition plan focusing on the three pillars
of flights, fuel and footprint. This strategy
outlines our ambition for decarbonisation
and calls on stakeholders and regulators to
join us in ensuring the aviation industry
achieves net zero (read more on page 219).
INDUSTRY RECOGNITION AND CLIMATE RATINGS
World Finance Sustainability Awards
In December 2024, Wizz Air was awarded 'Best Airline for Carbon Reduction' at the inaugural Carbon Awards
2024, hosted by World Finance. World Finance recognised Wizz Air’s sustainability credentials and
commitment to reducing emissions intensity by a further 25 per cent by the end of the decade, and its
pioneering efforts in developing more sustainable aviation practices.
The Carbon Awards are granted annually by World Finance to reward companies and organisations
demonstrating measurable impact and innovative solutions in combating climate change. This year, the
awards placed strong emphasis on quantifiable sustainability achievements and forward-thinking strategies
across multiple industries, with aviation being a critical focus area.
Wizz Air was also named the “Most Sustainable Low-Cost Airline” for the fourth consecutive year at the
World Finance Sustainability Awards 2024. This underscores the airline’s role in contributing to
decarbonisation within the aviation sector.
CAPA Environmental Sustainability Awards for Excellence
For the third consecutive year, Wizz Air received a sustainability award at the annual CAPA airline Leader
Summit. In 2024, Wizz Air was named EMEA’s Environmental Sustainability Airline Group.
The CAPA Environmental Sustainability Awards for Excellence recognise airlines, airports and suppliers who
put climate change at the forefront of their business. The awards are independently researched by CAPA’s
analysts and carbon-reduction strategists at Envest Global, based on the CAPA Envest Global Airline
Sustainability Benchmarking Report. This report serves as a comprehensive industry resource, offering a
transparent assessment of airline emissions and establishing an independent airline sustainability rating
system. CAPA’s Sustainability Rating System is designed to measure an airline’s overall sustainability
performance relative to other airlines, based on a weighted blend of various sustainability key performance
indicators (KPIs). This rating system focuses exclusively on carbon emissions, rather than encompassing a
broader Environmental, Social and Governance (ESG) rating. It does not include other sustainability
dimensions such as waste management, noise pollution or social impacts. The system categorises airlines
into five distinct Sustainability Rating categories. These categories are determined through a weighted
assessment of several key sustainability performance metrics. These metrics include CO2 per passenger
kilometre, CO2 per available seat kilometre, total CO2 per revenue tonne kilometre, passenger load factor,
and the use of sustainable aviation fuel, among others. This focused approach allows for a clear and precise
measurement of an airline's carbon footprint and its efforts to reduce carbon emissions.
Wizz Air is ranked at the top in CAPA’s benchmarking report, underscoring our environmental efforts. By
operating such a young and innovative fleet we can deliver very low levels of CO2 emissions per passenger
kilometre and our robust fleet-renewal programme continues to support ongoing carbon intensity reduction.
Wizz Air's ultra-low-cost, low-fare business model, focusing on technology and innovation, fuel efficiency and
high seat capacity along with passenger load factors is a strong contributor to our low emissions per
passenger kilometre when compared to our airline competitors.
Carbon Disclosure Project (CDP)
Since 2021, Wizz Air has been disclosing its environmental impact through CDP, a global non-profit that runs
the world’s leading environmental disclosure platform. Committed to environmental transparency, Wizz Air
has been improving its disclosures continuously in response to the evolving methodology and scoring
criteria. In 2024, the Company completed CDP’s Climate Change Questionnaire, and for the second
consecutive year, received a score of “B”, reaching the “management level.” This score reflects the
significant efforts Wizz Air is making to manage its environmental impact, especially given that CDP
strengthened its scoring criteria in the past year. A significant update was the creation of a unified multi-
environmental issue format for the corporate assessment, merging the previously distinct questionnaires for
climate change, forests and water security into one comprehensive document.
The overall “B” score in the CDP ranking indicates that Wizz Air is taking coordinated action on climate
issues. CDP recognised Wizz Air for its top-tier performance in disclosing emission-reduction initiatives and
implementing robust risk-management processes, governance and environmental pricing strategies. Fully
aligned with the Task Force on Climate-related Financial Disclosures (TCFD), CDP holds the largest
environmental database in the world. CDP scores are widely used to drive investment and procurement
decisions towards a zero-carbon, sustainable and resilient economy. Wizz Air’s 2024 disclosure is available
on the CDP website.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
185
GENERAL INFORMATION
Basis for preparation
[BP-1] GENERAL BASIS FOR PREPARATION OF SUSTAINABILITY STATEMENTS
This report is the annual Sustainability Report of Wizz Air Holdings Plc (hereinafter referred to as “the
Company” or “Wizz Air”), presenting its strategies and practices within the framework of environmental,
social and governance (ESG) management, its stance on climate change and its decarbonisation efforts.
This report covers the period from 1 April 2024 to 31 March 2025 (hereinafter referred to as “F25”).
We are evolving our ESG disclosures to ensure that we meet our future reporting obligations. In
preparation for reporting in line with the requirements of the European Union’s Corporate Sustainability
Reporting Directive (CSRD) we have voluntarily prepared our Sustainability Report for F25 ahead of the
required timeline, by reference to the CSRD’s European Sustainability Reporting Standards (ESRS) which
were enacted into law in December 2023.
In February 2025, the European Commission published two Omnibus proposals to amend the CSRD.
These are referred to as the ‘stop the clock’ and ‘content’ proposals. The ‘stop the clock’ proposal which
delays ‘Wave 2 and Wave 3’ reporting by two years, was formally approved and entered into force in
April; however, this is not final until transposed by EU Member States, which is expected on or before 31
December 2025. The ‘content’ proposal, which includes four primary areas of proposed change (scope of
the CSRD, value chain requirements, assurance requirements and updates to the ESRS standards) is still
under consideration by the European Council and the European Parliament, with a tentative committee
vote scheduled for October 2025.
Our F25 Sustainability Report has been prepared on a consolidated basis unless otherwise stated. The
report includes all operating entities under the Company, namely Wizz Air Hungary Ltd., Wizz Air UK Limited,
Wizz Air Abu Dhabi LLC, Wizz Air Malta Ltd., and all related subsidiaries.
We completed a double materiality assessment (DMA) during F25 to determine which environmental,
social and governance (ESG) topics are material to the business from a financial and impact perspective.
Aligned with this, we have extended our reporting to incorporate limited aspects of the upstream and
downstream value chain not previously included within our Sustainability Reports.
More information about this mapping can be found in the Strategy chapter. In F25 our reporting discloses
information on topics that did not reach the materiality threshold of our DMA, but to which we remain
committed. The sustainability matters identified for reporting are under review, pending the
implementation of forthcoming mandatory disclosure obligations. During the DMA, management
conducted a net impact evaluation, reflecting Wizz Air’s mitigation efforts and ESG risk management,
which ultimately resulted in the identification of predominantly positive material impacts.
Reporting guidelines
This Sustainability Report has been prepared in alignment with the Task Force on Climate-related
Financial Disclosures (TCFD) and in reference to the CSRD European Sustainability Reporting Standards
(ESRS) enacted into law in December 2023.
Detailed indices with relevant page numbers and external disclosure references can be found at the end of
this Sustainability Report.
No information corresponding to intellectual property, know-how or the results of innovation has been
omitted from the sustainability statement. Nor has the Company exempted from disclosure any impending
developments or matters that are currently in the course of negotiation.
This report was reviewed and approved by Wizz Air's responsible Officer and the Sustainability and Culture
Committee of the Board of Directors.
[BP-2] DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES
Wizz Air defines timelines as short-term (0–1 years), medium-term (1–5 years), and long-term (5–10
years). The Company has chosen this approach because these timeframes align with the Enterprise Risk
Management (ERM) framework, climate risk analysis, and the Company’s existing financial planning
horizons.
Value chain estimations have been used for some quantitative metrics, particularly for Scope 2 and Scope 3
greenhouse gas emissions (GHG), which are subject to high measurement uncertainty due to reliance on the
quality of data from our suppliers. In such cases, sector- and country-average data, commonly used
emissions factors and methodologies have been used. For some metrics, this type of data is the most
accurate available. The metrics and estimations used are documented in the sustainability statement from
page 234. Wizz Air has been calculating its greenhouse gas emissions based on the GHG Protocol’s carbon
accounting framework, and the report was prepared considering the guidance of this framework for carbon
reporting. Therefore, all estimations are in line with the Protocol’s guidelines.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
186
Wizz Air is dedicated to transparency and committed to enhancing our sustainability reporting by ensuring
our disclosures meet industry best practices and stakeholder expectations. Therefore, ahead of our reporting
obligations, we are proactively referencing the CSRD in our reporting to further improve our sustainability
disclosures. This approach allows us to enhance our sustainability disclosures while anticipating future
regulatory expectations. Due to increased obligations and changes in the reporting framework, the current
F25 report will draw on enhanced data and information to cover topics previously not addressed, resulting in
a much more comprehensive and extended report.
This report was reviewed and approved by Wizz Air’s responsible Officer, as well as the Sustainability and
Culture Committee of the Board of Directors. Independent assurance is a key part of our approach to
reporting. This year, we engaged PwC Hungary to provide limited assurance on Wizz Air’s greenhouse gas
(GHG) metrics that are disclosed between pages 234 - 239, for which the limited assurance report is
available on page 308. The sections covered by this assurance are marked with a blue △ symbol at the
beginning and a pink △ symbol at the end, throughout pages 234 - 239. The Company has engaged with
advisors to review and support the development of its DMA processes ahead of upcoming mandatory
reporting requirements. This preparatory measure is intended to help identify areas for improvement and
enhance the robustness of our sustainability disclosures. By taking these steps, the Company aims to be
better positioned to meet regulatory expectations when they take effect. Emissions data from intra-
European flights (EU and UK Emissions Trading Schemes) and all other flights falling under the scope of the
UN Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is reviewed and verified by
Verifavia, an independent third party, for the complete calendar year.
Information stemming from other legislation or from generally accepted sustainability reporting standards
and frameworks is included in the sustainability statement.
Use of phase-in provisions
In accordance with the phase-in provisions defined in ESRS 1 General Requirements Appendix C, Wizz Air
has omitted the following Disclosure Requirements for the first year of preparing its Sustainability Report:
SMB-1 paragraphs 40(b) and 40(c), S1-7 Characteristics of non-employee workers in the undertaking’s
own workforce, S1-11 Social protection, and S1-13 Training and skills development metrics. For the listed
topics, Wizz Air briefly described these as identified material matters, including how its business model
and strategy take into account the associated impacts; any time-bound targets set and progress made
towards them; relevant policies; actions undertaken to address actual or potential adverse impacts and
the results thereof; as well as any available metrics, where applicable.
Wizz Air utilised the option of a phased implementation; the list of sustainability subtopics for which
adequate quality information was not available during the first reporting period can be found in the “ESRS
Content Index” table at the end, starting from page 298.
Governance
[GOV-1] ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
Board of Directors
Wizz Air operates under a comprehensive governance framework, structured around two main pillars: the
Board of Directors and an internal governance system.
The Board of Directors is instrumental in defining Wizz Air's strategic direction. Collaborating closely with the
executive team, particularly the CEO, the Board reviews and approves key business objectives and
strategies. Ensuring that the Company's operations align with its mission, values and regulatory
requirements — including environmental, social and governance (ESG) factors — is a primary responsibility.
These objectives and strategies are approved based on the CEO’s recommendations.
To further support the Board, a dedicated Sustainability and Culture Committee ensures that the Company’s
strategic goals are aligned with sustainability principles. This committee is responsible for promoting long-
term value creation by integrating environmental considerations into the Company’s strategy and providing
recommendations to the Board.
The Directors who have served during F25 and since the end of the year are:
Number of Executive Members
Male: 1
Female: 0
Number of Non-executive Members
Male: 6
Female: 4
Ratio of Non-executive and executive Board Members
Male: 64%
Female: 36%
Number of Independent Board Members: 7
Percentage of Independent Board Members: 64%
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
187
For more detailed information on the composition of Wizz Air’s Board of Directors please see page 46.
Sustainability and Culture Committee responsibilities
Responsibilities
Implementation
Strategy
Reviewing and overseeing the implementation of Wizz Air’s sustainability strategy.
Risk assessment
Examining extra-financial risks, particularly those related to environmental, social
and societal issues.
Reporting and
benchmarks
Overseeing non-financial reporting processes, adhering to applicable legislation and
international benchmarks.
Culture and diversity
Beyond sustainability, evaluating the Company’s culture, ensuring that it promotes
diversity across the workforce, and facilitating effective communication between
management and employees.
Employee
engagement
Overseeing employee relations, ensuring that Wizz Air fosters a diverse and engaged
workforce.
The Board’s Audit and Risk Committee also plays a crucial role in overseeing the Company’s risk assessment
processes. This includes approving the processes around the Enterprise Risk Management (ERM) framework
(outlined on page 211) and the annual comprehensive climate opportunity and risk analysis integrated
therein. In addition to the regular, bi-monthly Board updates, the Committee receives a detailed briefing on
the principal risks as well as the risk appetite, and it reviews the action plans proposed by management.
Wizz Air’s Board of Directors continues to support and endorse projects, innovations and investments aimed
at minimising the environmental impact of the Company’s operations. In F26, the Sustainability and Culture
Committee will continue to play a central role in assessing the execution of the Company’s sustainability
strategy and ensuring ongoing compliance with ESG reporting frameworks, with regular updates provided to
the Board. ESG-related matters will remain a recurring focus across the Board’s six annual meetings. This
review process will be overseen by the Corporate and ESG Officer, who serves as Board Secretary and chairs
the internal Sustainability Council.
In F25, Wizz Air continued its practice of engaging key stakeholders on emerging climate-related issues. This
year, the focus was on providing an overview of the evolving climate litigation landscape and the latest
developments in carbon removal and storage technologies. Attendees included members of the Board’s
Sustainability and Culture Committee, key members of Wizz Air’s senior management (Leadership Team),
and the responsible Heads. This sustainability workshop, conducted by experts from Airbus and Clifford
Chance in January 2025, further advanced the Board’s understanding of climate litigation and
decarbonisation solutions. The Board is confident in its understanding of climate change and recognises the
need to stay updated on emerging themes across jurisdictions and technologies on the path to
decarbonisation.
To maintain momentum and meet our objectives, the Board emphasises the effective oversight of key
sustainability initiatives. The focus is on enhancing sustainability governance through additional training,
ensuring environmental expertise, and staying informed about climate-related developments, risks and
opportunities. For more information on the Board Composition, please see page 46 of this Annual Report.
Strengthening Wizz Air’s sustainability strategy and governance is the first step towards achieving
sustainable aviation. This aligns with the Company’s vision of: i) reaching WIZZ500; ii) becoming Europe's
undisputed price leader; and iii) becoming Europe’s top choice for environmentally conscious flying.
Leadership Team and Sustainability Council
The Sustainability Council, led by the Corporate and ESG Officer, met regularly in F25 within its individual
working groups. These groups were dedicated to discussing and coordinating topics such as the Sustainable
Aviation Fuel (hereinafter: SAF) strategy and reporting, and ESG reporting. They reviewed our sustainability
agenda, monitored new developments, and evaluated ongoing projects to ensure compliance with emerging
regulatory and sustainability obligations. Additionally, Council stakeholders analysed future plans related to
the Company’s decarbonisation pathway.
As of January 2025, the Sustainability Council is overseen at the operational level by the Head of
Government Affairs and Sustainability, with overall responsibility resting with the Corporate function,
including the Corporate and ESG Officer and the Chief Corporate Officer. The Council includes key internal
stakeholders such as the Chief Financial Officer, the People Officer, the Commercial Officer, the Managing
Directors of airline subsidiaries, and relevant Heads of Function. Main stakeholders encompass leaders and
experts from strategic functions such as Corporate and ESG, Finance, Government and Public Affairs,
Investor Relations, Group Operations, Fleet Acquisition, Flight Operations, Purchasing (Supply Chain),
Aircraft Maintenance and Engineering, Cabin Operations, Retail, Facility, Organisational Development,
Recruitment, Human Resources, Crew Resources and Planning, Group Training, People Council, Customer
Experience, Communications and Marketing, Legal, and Internal Audit. Their collective mission is to drive our
Company’s sustainability strategy and ensure its effective implementation throughout the organisation.
The fully cross-functional working groups under the umbrella of the Sustainability Council will continue their
operations to align and monitor progress related to our strategic priorities, providing updates to the
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
188
Leadership Team. When necessary, any adjustments to goals and strategies will be discussed and presented
to the appropriate Chief Officers or the Leadership Team. Additionally, progress and future strategies will be
coordinated with the Board’s Sustainability and Culture Committee.
SUSTAINABILITY GOVERNANCE SUMMARY
Board of Directors
Approval and
supervision of
strategic
objectives
Sustainability and Culture Committee
▶
Objective: Aligns the Company’s sustainability strategic objectives with industry best-in-
class standards.
▶
Frequency: Meets at least six times per year, with an additional session dedicated to in-
depth training on sustainability and climate-related matters each year.
Audit and Risk Committee
▶
Objective: Approval of the climate-risk universe (including the physical and transition
risk analysis), risk appetite and action plan to address these risks.
▶
Frequency: Meets at least six times per year.
Leadership Team
Development and
execution of
strategies
Sustainability Council
The driving force behind sustainable practices, ensuring they are embedded throughout the
organisation’s operations and culture.
▶
Strategic alignment: Supports the Leadership Team in defining sustainability objectives
and corresponding strategies. Ensures alignment with industry best practices.
▶
Execution and prioritisation: Drives execution across the organisation by prioritising and
allocating resources. Focuses on key priorities, including fleet renewal, fuel efficiency,
climate regulation advocacy and sustainable aviation fuels.
▶
Expertise hub: Serves as a centre of expertise on ESG, sustainability and climate
matters.
▶
Integration and action: Integrates functional leaders to swiftly deploy guidance into
operations.
[GOV-2] INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS ADDRESSED BY THE
UNDERTAKING’S ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
The Sustainability and Culture Committee meets bimonthly to ensure that the Company’s strategic goals are
aligned with sustainability principles and to stay informed about sustainability matters through regular
briefings and detailed reports. The Committee receives comprehensive updates on key sustainability
initiatives, regulatory changes and performance metrics from the Sustainability function, such as updates on
ESG reporting, SAF strategy and the Company’s transition planning. These matters are addressed by
approving necessary resources for sustainability projects, reporting and auditing, and monitoring progress
through established key performance indicators (KPIs). This approach ensures that sustainability
considerations are embedded in decision-making processes and the Company remains compliant with
emerging regulatory requirements.
During the reporting period, members of the Sustainability and Culture Committee were informed about the
impacts, risks and opportunities identified based on the results of the double materiality assessment. The
Sustainability and Culture Committee approved the identified material topics, impacts, risks and
opportunities on 28 January 2025. The material topics and their associated impacts, risks and opportunities
are elaborated in detail in the [IRO-1] subchapter. For more information see [GOV-5] Risk management and
internal controls over sustainability reporting.
[GOV-3] INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE SCHEMES
Sustainable, profitable and organic growth with an industry-leading cost base has been core to our strategy
since the start of Wizz Air’s operations. To support this strategy, our Shareholders approved a long-term
incentive scheme for the Chief Executive Officer at our 2021 Annual General Meeting. This scheme strongly
incentivises the delivery of our strategic goals with meaningful and challenging financial, sustainability and
diversity targets. Our environmental target has been integrated into the incentive scheme for the CEO, the
Value Creation Plan, which was launched in F22. The following performance conditions are set within the
Value Creation Plan: 90 per cent share price growth and 10 per cent ESG (5 per cent based on CO2
emissions reduction goals and 5 per cent based on gender diversity targets). To demonstrate the Company’s
commitment to promoting diversity among the management team, the gender diversity target was also
integrated into the short-term incentive scheme (STIP) for the CEO and the entire Management Team
(Officers and Heads of Function) in F25, ensuring that the leadership are directly accountable for driving the
Company’s ESG agenda. The measures used in the STIP are always selected to reflect the Group’s near-
term objectives of delivering against its strategy. The Company’s aim is to maintain the ESG target for F26
as well. The principles of the VCP are outlined in our Omnibus Plan, while the STIP is governed by a STIP
Policy that is revised annually.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
189
[GOV-4] STATEMENT ON DUE DILIGENCE
Our airline is committed to integrating sustainability into every aspect of our operations. As part of our
sustainability due diligence process, we follow the guidelines outlined in the ESRS 1 chapter 4 on
Sustainability Due Diligence.
Core elements of due diligence
Paragraphs in the sustainability statement
Embedding due diligence in governance, strategy
and business model
ESRS 2: GOV-1, GOV-2, GOV-3, SMB-3
Topical standards: S1-1, S2-1, S4-1, G1-1
Engaging with affected stakeholders in all key
steps of the due diligence
ESRS 2: SBM-2, IRO-1, GOV-2
Topical standards: E1-2, S1-2, S2-2, S4-2, G1-2
Identifying and assessing adverse impacts
ESRS 2: IRO-1, SBM-3,
Taking actions to address those adverse impacts
ESRS 2: GOV-2, GOV-5
Topical standards: E1-3, S1-4, S2-4, S4-4, G1-2,
G1-3
Tracking the effectiveness of these efforts and
communicating
ESRS 2: GOV-2, GOV-5
Topical standards: E1-4, E1-5, E1-6, E1-7, E1-8,
S1-5, S1-6, S1-7, S1-9, S1-11, S1-13, S1-14,
S1-17, S2-4, S2-5,G1-3, G1-4, G1-5, G1-6
[GOV-5] RISK MANAGEMENT AND INTERNAL CONTROLS OVER SUSTAINABILITY REPORTING
Governance via the Enterprise Risk Management Framework
Wizz Air’s Enterprise Risk Management (ERM) framework assesses various risks, including those related to
the environment and climate change. This framework undergoes a biannual review by the Board of
Directors. The risk identification process, which involves recognising, acknowledging and describing risks
that could impede Wizz Air’s objectives, is essential for updating the Company’s risk universe and risk
appetite every six months. This process employs various methods such as meetings, interviews, group
discussions, historical data and market information. Once identified, the risks are analysed and evaluated
based on their impact and likelihood.
Additionally, the Group’s ESG function continuously monitors sustainability-related risks. It collaborates with
experts to perform a detailed annual climate scenario analysis, which is integrated into the ERM. These risks
are assessed using the ERM classification methods for relevant business planning timeframes. Further details
about this process, the main risks identified and climate-risk mitigation strategies can be found in the
report’s Task Force on Climate-related Financial Disclosures (TCFD) section from page 210.
The ERM framework includes various ESG risks, such as those related to climate change. Primary and
secondary risk owners are designated based on their functional expertise. These risk owners are responsible
for accurately assessing the risks and providing relevant information to the Internal Audit function during the
annual update process. As part of the Company’s going concern and viability assessments, management
maps principal risks to the planning horizons for going concern and viability, which correspond to short-term
and medium-term risks, respectively. The principal risks identified through the ERM process are evaluated
for their impact over one, five and ten-year periods. This same methodology is applied to climate risks, with
assessments documented for short, medium and long-term horizons for each identified climate risk,
including both transition and physical risks. Where applicable, the quantified impact of these assessments is
integrated into the Company’s going concern and viability modelling.
Wizz Air is committed to consistently predicting and mitigating the effects of climate-related phenomena on
the environment, our communities and our business. Climate considerations are integrated into our financial
planning and controlling processes. Each year, when preparing the financial operating plan for the following
year and medium-term forecasts, key risks are gathered from Heads of Function, indicating the potential
financial impact of these risks. This information is continuously incorporated into financial planning, ensuring
the organisation remains prepared and resilient by calculating the most significant risks and their financial
threats.
Risk Governance Structure
Wizz Air’s risk governance is designed to identify potential risks and manage them within the organisation’s
risk appetite to enhance the achievement of business objectives. The risk governance structure ensures
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
190
well-defined roles and responsibilities for its members regarding ERM. The risk management process is
channelled through the Company’s Leadership Team, the Audit and Risk Committee, and the Board of
Directors, receiving robust support and priority for driving business plans and implementing risk mitigation
actions.
The Internal Audit function and the Leadership Team report to the Board’s Audit and Risk Committee. The
Internal Audit function periodically updates the Leadership Team and the Audit and Risk Committee on any
significant risk exposures. It is accountable to, and functionally reports to, the Board’s Audit and Risk
Committee, and administratively (i.e. for day-to-day operations) to the Chief Financial Officer. To ensure full
independence, the Internal Audit function is not involved in decision-making processes related to business
matters. Its purpose is to provide independent, objective assurance and consulting services designed to add
value and improve the operations of all entities within the Group. It also ensures that any internal auditing
activity remains free from conditions that may threaten the ability of internal auditors to carry out their
responsibilities in an unbiased manner.
Mitigation of Environmental and Climate Change-Related Risks
A key focus area related to climate change and ESG is compliance with environmental regulations. This
includes adhering to current and future mandatory reporting frameworks related to corporate sustainability,
such as CSRD, emissions reporting, ETS, CORSIA reporting, and potential future environmental taxation
compliance. The Company’s dedicated working groups continuously ensure compliance with existing
regulations as well as prepare resources, systems and processes for emerging requirements. Wizz Air is
committed to strengthening its internal and Board-level sustainability governance through frequent reviews
and updates of reporting requirements. Each reporting and environmental compliance matter is assigned to
a responsible function within the Company. These functions report on applicable risks and mitigation actions
to the Leadership Team, which then informs the Board of Directors.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
191
Strategy
[SBM-1] STRATEGY, BUSINESS MODEL AND VALUE CHAIN
Wizz Air is a rapidly growing ultra-low-cost carrier, operating a fleet of 231 Airbus A320 and A321-family
aircraft. As of 31 March 2025, we connect over 200 destinations across more than 50 countries. Our team
of dedicated aviation professionals provides an excellent service and very low fares, making Wizz Air the
preferred choice for over 63 million passengers in the fiscal year ended 31 March 2025. At Wizz Air, our
vision is to make travel affordable for everyone. We maintain one of the lowest unit costs and carbon
intensity footprints in the European airline industry2, driving profitable growth to create value for our
Shareholders and stakeholders.
In the last two decades, Wizz Air has grown from a small airline to a network spanning Europe, Central
Asia, the Middle East and Africa. Over the years, Wizz Air has faced challenges, overcome obstacles and
emerged as a symbol of resilience and innovation. With each challenge, Wizz Air has turned adversity into
opportunity, enhancing the passenger experience while steadily reducing its environmental footprint per
flight. During F25 there were no significant changes to the core services offered to customers or the
customer groups served. Wizz Air does not provide products and services that are banned in any markets
it operates in. Wizz Air is a global company with a significant presence across multiple countries. In
Europe, it employs staff in Hungary, Romania, Italy, the UK, Malta and many other nations. Additionally,
Wizz Air has a strong workforce in the UAE, reflecting its expansive international operations.
Distribution of employees by region*
Region
Headcount
Europe, other
8,217
Middle East
599
* The data disclosed is based on the regions of deployment as at 31 March 2025
By 2030, we plan to reduce our carbon emissions intensity by 25 per cent versus the base year F20. This
commitment to the environment is embedded into our day-to-day operations, to every take-off and
landing. Our ultra-low-cost, low-fare business model aligns with key elements of a low-carbon strategy.
This synergy, combined with a highly efficient operational framework, allows us to provide affordable, safe
and reliable air travel to more people every day. Wizz Air’s efforts to enhance sustainability, including fuel-
efficient operations, attract travellers who value environmental responsibility.
Leading in fleet renewal
Fuel-efficient aircraft and
engines
High seat capacity – low
emissions per passenger
We
are
committed
to
technology
and
innovation,
and
we
believe
that
fleet
renewal is a crucial solution
available now to reduce our
emissions
per
flight.
The
Airbus
A321neo
contributes
significantly
to
this
goal,
offering a nearly 50 per cent
reduction in noise footprint, a
20 per cent reduction in fuel
consumption, and a 50 per
cent
reduction
in
nitrogen
oxide emissions compared to
previous-generation
aircraft.
Replacing older aircraft with
the
latest
Airbus
A321neo
models is a key part of our
long-term strategy to reduce
Wizz Air’s carbon intensity by
25 per cent by 2030.
At Wizz Air, offering low costs
and fares does not equate to
compromising
on
service
quality.
In
fact,
we
pride
ourselves on operating one of
the
youngest
and
most
carbon-efficient fleet (as per
CAPA award) in Europe, and
the
third
youngest
fleet
globally among airlines with
over 100 aircraft (as per ch-
aviation awards 2024). Our
fleet has one of the lowest
environmental footprints per
passenger kilometre (as per
CAPA award). By prioritising
fuel efficiency, we continuously
reduce our CO2 emissions per
passenger
kilometre,
outperforming
the
industry
average.
With
the
Airbus
A321neo
aircraft’s 239-seat single-class
configuration,
Wizz
Air
is
advancing its carbon efficiency
efforts.
By
maximising the
number
of
passengers
per
flight,
we
effectively
lower
carbon
emissions
per
passenger
kilometre.
This
strategy
aligns
seamlessly
with
our
commitment
to
sustainability and responsible
air travel.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
192
2 According to the CAPA – Centre for Aviation Awards for Excellence 2024, which benchmarks global airlines emissions intensity data and positions Wizz
Air as the airline with the lowest CO2 per RPK compared to other global airlines. For more information please see page 182.
Wizz Air’s Sustainability Strategy
At Wizz Air, our mission is to provide travel opportunities that enrich lives and foster global connections.
We believe in bringing nationalities, cultures and businesses together through affordable air travel. Our
commitment extends beyond transportation; we strive to set high standards in safety, customer
experience, corporate citizenship and reliability.
A key focus for us today is building a sustainable business. We recognise the urgent need to address
climate change impacts on our operations. To achieve this, we actively seek solutions to minimise our
environmental footprint. Our sustainability efforts are centred around four key pillars: environment,
people, economy and governance.
ENVIRONMENT
PEOPLE
ECONOMY
GOVERNANCE
Key objective
Continue to decrease
our
environmental
footprint and maintain
the lowest CO2 (grams)
emitted
per
revenue
passenger km in the
industry.
Key objective
Become an employer of
choice, set an example
for
corporate
citizenship. Retain and
develop
talent
and
provide
a
great
customer experience.
Key objective
Contribute to the GDP
growth
of
our
destinations
by
enabling
affordable
connectivity.
Create
new
jobs,
drive
tourism and business
opportunities.
Key objective
Put
the
proper
organisational structure
of
sustainability
management,
systems
and people in place to
support
our
strategy
and vision.
Wizz Air ESG pillars and contribution to UN SDGs via our relevant programmes
By aligning with the UN SDGs that fall within our sphere of influence, we actively contribute to global
progress. Our unwavering focus on sustainability, resilience in the face of climate risks and fostering an
inclusive culture – built on gender diversity and career prosperity – drive our development and business
conduct.
The Company’s Strategic Priorities
Opportunity, consistent resource efficiency and service are the cornerstone of Wizz Air’s success, and today
this still inspires Wizz Air’s mission and its key strategies. Delivering value to Shareholders and
stakeholders remains a primary objective, with a dedication to maintaining strong financial performance
while addressing the unique challenges of the aviation industry. As part of our long-term vision, we are
committed to decarbonising the aviation sector. We continuously explore innovative opportunities to
facilitate this transition. Our dedication goes beyond environmental stewardship, encompassing a holistic
approach to sustainability. Prioritising resource efficiency and cost-effectiveness, Wizz Air ensures low fares
without compromising service quality through continuous investment in fuel-efficient technologies and
optimised operations. Moreover, customer experience is at the heart of what we do, with a focus on
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
193
providing reliable and affordable air travel through innovation and excellent service. Wizz Air remains
determined in its pursuit of sustainability, a core value of our business.
Company goals
▶
Deliver an average of 15-20 per cent
annual growth in capacity in the long term
▶
Deliver double-digit net income margin
▶
Reduce our CO2 emissions intensity by 25
per cent by F30 (versus base year F20)
The main ESG-related metrics are integrated
into our key performance measures year on
year.
Strategic priorities
▶
A focused, ultra-low-cost, low-fare business
model
▶
Increasing and diversifying our geographical
footprint
▶
Delivering industry leading sustainability in
accordance with the Company’s ESG strategy
▶
Enabling our business by creating the leading
digital platform
▶
Continuing to run a highly engaged, agile and
entrepreneurial organisation
ESG-related metrics (indicated in pink) are integrated into our key performance measures, year on year:
1. Leading on
cost
2. Increasing our
geographical
footprint
3. Leading
sustainability
4. Leading digital
platform
5. Highly engaged
organisation
1.1. CASK
performance
2.1. Market
penetration
3.1. CO2 emissions
intensity
4.1. Brand
awareness
5.1. Employee
engagement
1.2. Ancillary PAX
revenue
2.2. Market share
3.2. Gender
diversity
4.2. Web/app
visitors
5.2. Staff attrition
1.3. Cash
4.3. Conversion
5.3. Promotion from
within
For more information on Wizz Air’s revenue, see the Financial Review on page 11. Wizz Air does not
engage in activities related to the exploration, storage or transportation of fossil fuels, chemical production,
it is not involved in the trade of disputed weapons, and it is not engaged in activities related to tobacco
cultivation.
Wizz Air’s Value Chain Mapping
Wizz Air has conducted value chain mapping to ensure our sustainability reporting encompasses all
relevant ESG impacts. This mapping includes some upstream and downstream activities, providing an
overall view of our operations and wider business relationships. The value chain assessment incorporated
all reasonable and verifiable information available to the Company during the reporting period. This
mapping has been conducted across Wizz Air’s three main business segments.
The following summary highlights the most relevant value chain activities from the perspective of the
Company’s business operations, along with examples. The activities are grouped as follows:
▶
Passenger air transport (including ticket sales and ancillary revenues)
▶
On-board sales & catering
▶
Partners & commissions
Passenger air transport (including ticket sales and ancillary revenues) encompasses inbound logistics,
outbound logistics, operations and supporting activities. On-board sales and catering services, as well as
partner activities and commissions, encompass inbound logistics, operations and supporting activities.
The table below offers an overview of Wizz Air’s value chain and business relationships across three key
activities. This analysis is instrumental in identifying stakeholders who are, or may be, impacted by
Wizz Air’s operations, both upstream and downstream. This overview serves as a crucial foundation for
the subsequent steps in assessing Wizz Air’s impacts, risks and opportunities.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
194
In the table below, AOC (Air Operator Certificate) refers to the four airlines operating with AOCs in the
United Kingdom, Malta, Hungary and Abu Dhabi.
Passenger air transport (including ticket sales and ancillary revenues) encompasses inbound logistics,
outbound logistics, operations and supporting activities.
Activities
Value chain
Estimated location
Key stakeholders
Inbound logistics
Leasing/purchase of
aircraft
Upstream and downstream
value chain activities
AOC locations
Aircraft manufacturers,
airplane leasing companies
Ensuring sufficient fuel
supply at each destination
to ensure smooth
operations
Upstream and downstream
value chain activities
Network wide
Fuel suppliers, including
SAF, airports, fuel hedging
firms
Procurement of parts and
maintenance of aircraft
fleet
Joint activity
Network wide
Parts suppliers,
maintenance service
providers, airports
Outbound logistics
Efficient utilisation of the
fleet while scheduling
flights
Joint activity
AOC locations
Own employees, air traffic
control, airport authorities,
ground service providers,
IT service providers
Crew scheduling, including
standby crew
arrangements, to ensure
smooth operations
Joint activity
AOC locations
Own employees, IT service
providers
Offering tickets and
ancillary services (e.g.
extra legroom, priority
boarding, baggage) to
customers
Own activity
Network wide
Partners, customers
Operations
Overseeing aircraft
servicing activities,
including check-in,
boarding and baggage
handling
Joint activity
Network wide
Airports, events,
marketing agencies,
partners
Operating flights or leasing
out flight
Joint activity
AOC locations
Customers, employees,
partners, employees in the
value chain, flight
operators
Supporting activities
Promoting Wizz Air's
services through a variety
of channels, including
advertising campaigns and
sponsorships
Joint activity
Destination wide
Airports, marketing
agencies, partners, event
organisers
Addressing customer
feedback and concerns,
including rebooking flights
and issuing refunds
Joint activity
Centralised
Customers, own
employees, partners,
employees in the value
chain
On-board sales and catering encompass inbound logistics, operations and supporting activities.
Activities
Value chain
Estimated location
Key stakeholders
Inbound logistics
Strategising the sales of
food and beverages,
services and other
merchandise for flights
Joint activity
Destination wide
Customers, employees,
partners/suppliers
Coordinating the
procurement of food,
beverages and merchandise
for onboard sales
Upstream and downstream
value chain activities
Destination wide
Airports, ground service
providers, workers in the
value chain, suppliers
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
195
Managing ground logistics
for food, beverages and
merchandise
Upstream and downstream
value chain activities
Destination wide
Airports, ground service
providers, suppliers,
workers in the value chain
Operations
Facilitating onboard sales of
merchandise and services
Joint activity
Destination wide
Customers, own employees
Supporting activities
Overseeing waste
management from onboard
sales and services
Upstream and downstream
value chain activities
Destination wide
Airports, ground service
providers, workers in the
value chain
Addressing and resolving
customer complaints (e.g.
rebooking flights, issuing
refunds, etc.)
Joint activity
Centralised
Customers, own
employees, partners,
workers in the value chain
Partners and commissions encompass inbound logistics, operations and supporting activities.
Activities
Value chain
Estimated location
Key stakeholders
Inbound logistics
Establishment of
partnership and
procurement of services
Joint activity
AOC locations
Partners, customers
Operations
Sales of partner services
Own activity
Destination wide
Customers, partners
Supporting activities
Collecting and handling
customer complaints (e.g.
issuing refunds, etc.)
Joint activity
Centralised
Customers, own
employees, partners,
workers in the value chain
[SBM-2] Interests and views of stakeholders
Wizz
Air
conducted
its
first
double
materiality assessment with reference to the
CSRD requirements. This comprehensive
assessment,
now
extended
to
include
financial materiality in parallel with impact
materiality, is crucial for identifying the
environmental, social and governance (ESG)
issues most significant to our business and
stakeholders. Through targeted stakeholder
engagement,
we
gathered
diverse
perspectives to inform our assessment and
deepen
our
understanding
of
evolving
expectations. Internal stakeholders were
consulted both directly and indirectly, while
external
stakeholder
views
were
incorporated
indirectly
through
internal
representatives. This approach enables us to
identify priority areas and develop strategies
aligned with stakeholder expectations and
broader societal needs.
To bring our materiality assessment to the
highest standard, Wizz Air appointed internal
teams with comprehensive knowledge of the
relevant stakeholder groups to represent
customers, investors, employees, partners,
communities and policymakers/regulators.
Throughout the assessment, we analysed
stakeholder insights to gain an understanding of their significance to our operations and insights into their
priorities and concerns. For more details, please refer to the table below and Wizz Air’s F23 Annual Report.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
196
Wizz Air’s primary stakeholders
To identify the main stakeholder groups, internal and external stakeholders were first categorised, and
their levels of interest and influence were assessed using a scale from 0 (low) to 5 (high). Based on a
predefined threshold, stakeholders were then grouped into two main categories: Primary and Secondary.
This methodology was introduced by external experts during a dedicated workshop led by the
Sustainability Team. The approach, including the scaling system and threshold criteria, was subsequently
reviewed and approved by both the Management and the Sustainability Team. Following the interest and
influence assessment, stakeholders were prioritised into the two categories: Primary: highly influential with
significant interest, and Secondary: less influential with lower interest.
Wizz Air involved internal subject-matter experts as representatives of stakeholder groups in identifying
and validating material topics. We engaged them through a targeted approach, leveraging their strong
understanding of ESG topics, Wizz Air’s business and stakeholder insights. Information sessions were
conducted before each engagement to explain the process and the concept of double materiality,
formalising the inputs received. Additionally, we engaged with major investors and partners to support our
assessment and understand their expectations and perspectives. While this outreach was not part of the
DMA, we considered it important to gather their insights to better inform our evaluation and anticipate
expectations for future ESRS alignment.
Throughout F25, we maintained close engagement with our stakeholders through targeted communication
across various platforms, including meetings, online surveys, social media and newsletters. While the DMA
process was a key part of our activities, we remained committed to regular dialogue with customers,
employees, policymakers and regulators, independently of the DMA. This included collaborating with
business partners to share best practices, support key initiatives and promote sustainable innovation. To
gain deeper insights into investor preferences, we actively collaborated with investor representatives
through our Investor Relations team and direct meetings, focusing on ESG matters, climate change and
sustainability agendas.
The Board of Directors, particularly the Sustainability and Culture Committee, provides strategic guidance
and oversight. This helps align our operations with stakeholder expectations and broader industry
standards. Insights and decisions from the Board are vital for navigating complex challenges and seizing
opportunities, ultimately contributing to the airline’s success and resilience.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
197
Stakeholder
Why they matter to us
Our customers
Our customers are the foundation of our success. We strive to meet
their needs whilst keeping our cost structure competitive.
Our investors
Our investors’ support is key to sustaining our business model and
our strategy. Their backing allows us to support our customers
through investing in the growth of our business whilst delivering
leading shareholder returns.
Sustainability and Culture Committee
of the Board of Directors
The Sustainability and Culture Committee of the Board of Directors
at Wizz Air is crucial to overseeing the strategic direction and
governance of sustainability. Their priorities include integrating
environmental considerations into the Company’s strategy to drive
long-term sustainability and ensuring regulatory compliance. By
providing strategic guidance, the Committee ensures our operations
align with stakeholder expectations and industry standards,
contributing to the airline's success and resilience.
Our people
Above all, Wizz Air is made up of the many loyal employees we
have. They are the face of the Company towards our customers.
We strive to have highly engaged people as this leads to a more
efficient and customer-centric service offered.
Our partners
Wizz Air is a focused operation, and we partner with many
companies to deliver a “lowest-cost-done-right” service. Wizz Air
values the agility of partners even in the most difficult times, and
rewards them with security and growth prospects.
Our communities
Wizz Air brings prosperity and happiness to the communities we
serve. We integrate communities into economies and connects
people with opportunities.
Regulators and policymakers
Wizz Air supports commitments for more sustainable aviation,
advocating for a fair and equitable approach across all geographies,
while developing the necessary ecosystems and incentivising a
green transition that serves the best interests of our communities.
Wizz Air’s Sustainability Team
The Sustainability Team at Wizz Air is the driving force behind
embedding
sustainable
practices
across
the
organisation’s
operations and culture.
Operative Management / ESG
representatives of operational areas /
departments
Our teams integrate sustainable practices into daily operations to
ensure long-term viability. By engaging with stakeholders, including
employees, customers and communities, we build trust and support
for our sustainability goals.
Impact, Risk and Opportunity Management: Disclosures on the Double Materiality
Assessment
[IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND
OPPORTUNITIES
Wizz Air is committed to sustainable business practices, considering its environmental, social and
governance impacts. Recognising the importance of contributing to climate change mitigation, Wizz Air
voluntarily prepared and published its sustainability report.
In F25, Wizz Air conducted its double materiality assessment (DMA) process with reference to ESRS
requirements for the first time. This process included a contextual analysis based on previous materiality
assessments, public and internal sources, stakeholder engagement through interviews with employee
representatives of key stakeholders, internal impact and financial materiality assessments, along with
working group meetings focused on the topic. The DMA provides us with deeper insight into both the impact
of our business activities and how external factors influence our operations and our value chain. The
assessment enables us to identify priority areas and develop strategies that align with stakeholder
expectations, broader societal needs and increasing regulatory requirements.
By conducting a double materiality assessment and identifying our material topics, we ensure that we focus
resources on areas where it can have the greatest impact. This assessment provides a methodological
analysis and criteria to determine whether a sustainability topic is material to Wizz Air's operations and value
chain. Based on this analysis, Wizz Air identified the primary ESG topics and related information to disclose
in this report, presenting their relevance, associated risks, opportunities, impacts, indicators and strategic
objectives. The material sustainability topics identified provide clear direction for Wizz Air for F25, and serve
as a foundation for the Hungarian Act CVIII of 2023 (the “ESG Act”) implementing EU expectations. During
the reporting period, Wizz Air examined its material sustainability topics, considering recent geopolitical
events, changes in market and stakeholder priorities and relevant reporting standards.
Our approach to the double materiality assessment
The Company employed a six-step approach to conduct its double materiality assessment.
Step 1 involved mapping the relevant stakeholders. During this process, the scope of the value chain was
defined, and subsidiaries, joint ventures and associated companies were identified. Wizz Air Holdings Plc’s
most significant subsidiaries include Wizz Air Hungary Ltd., Wizz Air UK Limited, Wizz Air Abu Dhabi LLC and
Wizz Air Malta Ltd. To gain a comprehensive understanding, we reviewed competitor benchmarks and the
results of previous years' materiality assessments. Following the first step, the long list of ESG topics was
assessed, reviewed, and narrowed down to a shortlist by the Sustainability Team to identify the Company's
material topics.
In steps 2 and 3, potential sustainability topics were identified. This process involved identifying potential
impacts, risks and opportunities through input from internal stakeholders, in collaboration with Wizz Air’s
operational department leaders.
▶
Identification of impacts (impact materiality): The process included the identification of impacts related
to key sustainability issues, followed by an assessment to determine whether these impacts could also
lead to financial risks and opportunities.
▶
Identification of risks and opportunities (financial materiality): The identification of sustainability-related
risks and opportunities that could significantly influence the Group's financial performance, position, or
cash flows. This includes assessing the impacts of past and future events, as well as the Group's
dependency on natural, human and social resources, which may pose financial risks or create
opportunities.
In step 4, the identified impacts, risks and opportunities was evaluated using objective scoring criteria. For
each impact, we assigned ratings across three dimensions: Scale (ranging from none to very high), Scope
(from none to global), and Irremediability (from none to irreversible), each measured on a scale of 0 to 5.
Additionally, Likelihood was evaluated on a scale of 1 to 5, spanning from unlikely to reasonably certain.
These ratings were then combined to produce a total score. Based on this score, each ESG topic was
categorised as one of the following: Not Material, Not Material but Worth Monitoring, or Material.
Threshold values served for both financial and impact materiality, above which a particular impact, risk or
opportunity was deemed significant, or material, to Wizz Air operations. The threshold for the impact
materiality assessment was set based on Wizz Air's ESG team's professional judgment and the previous
year's materiality assessment, while the financial materiality assessment threshold was established with the
support of Wizz Air's finance team to ensure that the outcomes accurately reflect relevant and significant
matters.
In step 5, selected internal stakeholders were engaged in the validation process. External stakeholders were
not directly engaged. After validating inputs from Wizz Air's internal subject matter experts representing
stakeholders (e.g. employees, subcontractors), the results were synthesised. The final, consolidated group-
level results were approved by Wizz Air’s Sustainability and Culture Committee in January 2025.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
198
[SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model
Through the double materiality assessment, Wizz Air identified key material topics relevant to its operations,
business, value chain, stakeholders and related Impacts, Risks and Opportunities (IROs). Additionally, we
identified entity-specific topics such as cybersecurity, data protection, community programmes and
charitable support.
The material impacts identified by Wizz Air have both positive effects on people and negative effects on the
environment. Negative impacts, such as carbon emissions, primarily affect the environment and are linked
to the Company's operations and supply chain. Positive impacts, such as improved working conditions and
enhanced corporate culture, benefit employees and communities. Wizz Air is well aware of these impacts
and material topics. Our sustainability strategy has been designed accordingly to strengthen and further
improve sustainability performance and to pursue material opportunities, especially those related to climate
change and carbon emissions. While the time horizon of these impacts varies, most of them were identified
in the short and medium term. As we work to integrate the insights from the DMA into Wizz Air's strategic
planning and business model, a formal resilience analysis has not yet been conducted.
Outcomes of double materiality assessment
The table and accompanying materiality matrix below present the ESG topics based on the Company's
double materiality assessment. The matrix illustrates topics identified as impact material, double material,
financially material, and non-material. The topics listed under impact material and double material are
identified as material to the Company. These include ESRS E1 Climate Change, ESRS S1 Own Workforce,
ESRS S2 Workers in the Value Chain, ESRS S4 Consumers and End-users, ESRS G1 Business Conduct and
other G entity-specific topics and sub-topics. Topics identified as financially material were also assessed for
impact materiality; therefore, topics with financial materiality are listed under double materiality.
Wizz Air’s List of Wizz Air’s material topics
The table provides a detailed
description of the material ESRS
topics, including those associated
with each material sustainability
topic and their placement within
our business model across various
time horizons. This report will
further elaborate on our goals,
strategies and results related to
these issues and opportunities.
Please note, this Sustainability
Report covers all the material
topics listed below, as discussed
under the relevant ESG pillar
disclosures,
to
ensure
added
transparency and detail on the
topics
most
essential
to
our
stakeholders.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
199
ENVIRONMENT
ESRS standard
and topic
Materiality
assessment
Impact on people
or
environment
Current and
anticipated
effects
Response and
evaluation
time perspective
Current and
anticipated financial
effects
E1 - Climate change
ESRS E1 –
CLIMATE CHANGE
MITIGATION
The material
impact is
concentrated in
our own
operations and our
upstream value
chain
Impact
materiality high
Time horizon:
Short
The impact is
negative,
actual.
Greenhouse gas
emissions generated
by air transport
activities are
contributors to
climate change,
which is associated
with rising global
temperatures, shifts
in weather patterns,
and sea level
increases
Our climate strategy
includes challenging
objectives and
ambitious targets to
address climate risks
across our
operations.
Wizz Air are
dedicated to
mitigating climate
change impacts
through a
comprehensive
strategy that
includes renewing
our aircraft fleet,
continuously
improving
operational
efficiency, and
investing in
sustainable aviation
fuels. Furthermore,
we actively
collaborate with
industry partners to
ensure emissions
reductions across
our supply chain
and broader
operations.. The
strategy is
described in more
detail in the ESRS
E1 – Climate
Change chapter.
Sustainability is
integrated into Wizz
Air’s core strategy.
Wizz Air has
implemented
measures and set
targets to reduce
GHG emissions by
investing in
sustainable and
alternative fuels,
renewing its fleet,
and enhancing fuel
efficiency initiatives.
Currently, there are
limited significant
financial costs related to
climate change
mitigation. However, in
the near future, we
anticipate increased
operational costs due to
emission reduction
regulations. Operating in
the EU, UK and UAE adds
compliance complexity.
Additional costs will come
from the UK and EU ETS,
higher carbon prices, and
new fossil fuel taxes. The
financial impact could be
higher with parallel
carbon taxes, leading to
double taxation.
Increased SAF blending
volumes will also raise
operational costs.
ESRS E1 –
CLIMATE CHANGE
MITIGATION
The material
impact is
concentrated in
our upstream
value chain
Impact
materiality high
Time horizon:
Short
The impact is
negative,
actual.
Emissions generated
in the upstream such
as those caused by
the manufacture of
kerosene also
contribute to climate
change.
Wizz Air is investing
in sustainable
aviation fuel
research and
development
companies, holding
MOUs with several
providers while fully
complying with
current regulations
and mandates, such
as ReFuelEU
Aviation.
Sustainability is
integrated into Wizz
Air’s core strategy.
Wizz Air has
implemented
measures and set
targets to reduce
GHG emissions by
investing in
sustainable and
alternative fuels,
renewing its fleet,
and enhancing fuel
efficiency initiatives.
Currently, there are
limited significant
financial costs related to
climate change
mitigation. However, in
the near future, we
anticipate increased
operational costs due to
emission reduction
regulations, higher carbon
prices, new fossil fuel
taxes, and the rising
volumes of SAF blending.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
200
SOCIAL
ESRS standard and
topic
Materiality
assessment
Impact on people or
environment
Current and
anticipated
effects
Response and
evaluation
time
perspective
Current and
anticipated financial
effects
S1 - Own workforce
ESRS S1 - SECURE
EMPLOYMENT
The material impact
is concentrated in
our own operations
and our downstream
value chain.
Impact
materiality
high
Time horizon:
Short
The impact is positive,
actual. Wizz Air is
committed to providing
secure employment
through comprehensive,
indefinite-term contracts
and enhanced employee
support programmes. Our
operations create direct
and indirect job
opportunities, from pilots
and cabin crew to ground
staff and maintenance
personnel, contributing to
job growth in the countries
where we operate.
At Wizz Air, we
are committed
to retaining
competencies to
conduct
business in the
most effective
and efficient
way. There is no
anticipated
effect on our
strategy,
business model,
value chain, or
decision-making
process.
No change
planned.
No significant financial
impact.
ESRS S1 -
WORKING TIME
The material impact
is concentrated in
our own operations
Impact
materiality high
Time
horizon:Short
The impact is positive,
actual. The aviation
industry is one of the most
regulated sectors. Working-
time regulations in the
aviation industry, especially
at Wizz Air, contribute
positively to society by
ensuring safer and
healthier working
conditions for employees.
These regulations help
maintain well-rested and
alert staff, which enhances
overall flight safety and
service quality for
passengers, promoting
public confidence in air
travel.
Due to the
highest
compliance of
working-time
regulations, it
does not affect
the strategy,
business model,
value
chain and
decision-making
process.
No change
planned.
No significant financial
impact.
ESRS S1 - HEALTH
AND SAFETY (OWN
WORKFORCE)
The material impact
is concentrated in
our own operations
Impact
materiality high
Time horizon:
Short
The impact is positive, and
actual. Safety is the first
priority in our work and the
key to a successful
business. Protecting
employees from safety
hazards and unhealthy and
unsafe working conditions is
our overarching goal. The
Company operates a Safety
Management System,
where employees can report
safety issues and concerns
to maintain safe operations.
Compliance with
H&S regulations
and the
Company's
commitment do
not affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
No significant financial
impact.
ESRS S1 TRAINING
AND SKILLS
DEVELOPMENT
(OWN WORKFORCE)
The material impact
is concentrated in
our own operations
Impact
materiality
high
Financially
material
Time horizon:
Medium
The impact is positive, and
actual. At Wizz Air we are
dedicated to recruiting top
talent and providing them
with essential tools, offering
dynamic development
opportunities through a
specially tailored
programme for all levels
within the organisation.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
The risk and anticipated
financial impact may
arise from a lack of
skilled workforce for hire,
affecting service quality.
Additionally, losing
talented and well-
qualified employees
poses a risk and has cost
implications. Wizz Air
maintains a high standard
of quality and expertise
for its employees, but a
high turnover rate leads
to increased costs.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
201
ESRS S1 –
DIVERSITY
The material impact
is concentrated in
our own operations
Impact
materiality high
Time horizon:
Short
The impact is positive, and
actual. Wizz Air's approach
to diversity and inclusion
aligns with its mission to
democratise air travel. The
airline expects its workforce
to follow its diversity and
inclusion principles and
actively supports
underrepresented groups,
striving to increase their
access to opportunities.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
No significant financial
impact.
S2 - Workers in the value chain
ESRS S2 - SECURE
EMPLOYMENT
Financially
material
Time horizon:
Medium
Wizz Air only partners with
suppliers who share our
values and are expected to
comply with our Supplier
Code of Conduct.
Wizz Air requires its
partners to comply with
ethical business practices,
social and labour standards,
and legal compliance.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process. Wizz
Air ensures that
suppliers have
accepted the
Code of
Conduct and
conducts
detailed reviews
of suppliers
categorised as
priority (critical)
or those with
high-value
contracts.
No change
planned.
Although Wizz Air only
partners with suppliers
who share our values and
are expected to comply
with our Supplier Code of
Conduct, risks can still
arise on the supplier side,
such as improper
treatment of workers or
non-compliance with
laws. Even with an
immediate contract
termination, these issues
may slightly affect Wizz
Air's market activity,
potentially leading to a
bad reputation, reduced
market demand, and
financial consequences.
ESRS S2 - SOCIAL
DIALOGUE WITH
PARTNERS IN THE
VALUE CHAIN
The material impact
is concentrated in
our downstream
value chain
Impact
materiality high
Time horizon:
Medium
The impact is positive, and
actual. Wizz Air's
commitment to strict ethical
conduct and labour
standards for its suppliers
has a tangible and positive
impact. By holding all
providers to these high
expectations, the Company
fosters adherence to ethical
practices, thereby
contributing positively to
society.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
No significant financial
impact.
ESRS S2 -
ADEQUATE WAGES
Financially
material
Time horizon:
Medium
Wizz Air only partners with
suppliers who share our
values and are expected to
comply with our Supplier
Code of Conduct.
Wizz Air requires its
partners to comply with
ethical business practices,
social and labour standards,
and legal compliance,
including those related to
working hours and working
conditions.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
Although Wizz Air only
partners with suppliers
who share our values and
are expected to comply
with our Supplier Code of
Conduct, risks can still
arise on the supplier side,
such as improper
treatment of workers or
non-compliance with
laws. Even with an
immediate contract
termination, these issues
may slightly affect Wizz
Air's market activity,
potentially leading to a
bad reputation, reduced
market demand, and
financial consequences.
ESRS S2 - HEALTH
AND SAFETY (VALUE
CHAIN WORKERS)
The material impact
is concentrated in
our upstream and
downstream value
chain
Impact
materiality high
Time horizon:
Short
The impact is positive, and
actual. Wizz Air's
commitment to strict ethical
conduct and labour
standards for its suppliers
has a tangible and positive
impact. By holding all
providers to these high
expectations, the Company
fosters adherence to ethical
practices, thereby
contributing positively to
society.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
No significant financial
impact.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
202
S4 - Consumers and end-users
ESRS S4 - FREEDOM
OF EXPRESSION
(COMPLAINTS
MANAGEMENT)
The material impact
is concentrated in
our own operations
Impact
materiality high
Time horizon:
Short
The impact is positive, and
actual. Wizz Air implements
consumer-focused
complaints management,
providing a platform for
consumers to raise issues
and work on solutions.
It does not
affect the
strategy,
business model,
value chain and
decision-making
process.
No change
planned.
No significant financial
impact.
ESRS S4 - HEALTH
AND SAFETY OF
PASSENGERS
The material impact
is concentrated in
our own operations
Impact
materiality high
Financially
material
Time horizon:
Short
The impact is positive, and
actual. Our employees'
personal commitment
ensures the highest level of
safety for our customers.
We comply with all laws,
regulations and industry
best practices, including
IATA Standards and
Recommended Practices
(ISARPs), and continuously
evaluate our systems and
processes.
Wizz Air has put
in place a
comprehensive
Safety
Management
System to
manage the
risks associated
with its
operations and
activities. It
does not affect
the strategy,
business model,
value chain and
decision-making
process.
No change
planned.
A financial risk may arise
from failing to comply
with applicable laws,
regulations or standards,
potentially resulting in
harm to consumers,
material loss, penalties
and reputational damage.
ESRS S4 -
SECURITY OF
PASSENGERS
The material impact
is concentrated in
our own operations
Impact
materiality high
Financially
material
Time horizon:
Short
The impact is positive, and
actual. Adhering to strict
policies and making safety a
priority organisation-wide,
Wizz Air is committed to
safe travel and the
protection of passengers.
Wizz Air has put
in place a
comprehensive
Safety
Management
System to
manage the
risks associated
with its
operations and
activities. It
does not affect
the strategy,
business model,
value chain and
decision-making
process.
No change
planned.
Non-compliance with
applicable laws,
regulations, or standards
may lead to consumer
harm, significant
financial loss, penalties,
and damage to
reputation.
ESRS S4 - ACCESS
TO PRODUCTS AND
SERVICES, AND
INFORMATION
The material impact
is concentrated in
our own operations
Impact
materiality
high
Financially
material
Time horizon:
Short
The impact is positive, and
actual. Wizz Air is
committed to making travel
more affordable for
everyone. The highly
efficient operational
framework allows us to
provide affordable, safe and
reliable air travel to more
and more people every day.
By providing air
travel at an
affordable price,
Wizz Air
connects people
from diverse
backgrounds. It
does not affect
the strategy,
business model,
value chain and
decision-making
process.
No change
planned.
A financial risk associated
with providing clear and
reliable information is the
potential cost of
compliance and
maintaining up-to-date,
accurate data.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
203
ESRS S4 –
RESPONSIBLE
MARKETING
Financially
material
Time horizon:
Medium
Wizz Air prioritises ethical
marketing by providing
accurate and timely
information on its website.
This commitment helps
avoid legal issues,
compensation claims, and
reputational damage, which
could lead to lost revenue
and higher customer
acquisition costs. The
Company ensures all claims
and product information are
truthful and not misleading.
Not applicable.
No change
planned.
Miscommunication and
greenwashing can lead to
reputational and financial
losses. Wizz Air has
already introduced
sustainability practices,
while guidelines and
policies related to
marketing and
communications have
been established.
ESRS S4 – DATA
PRIVACY
Financially
material
Time
horizon:Short
Wizz Air prioritises
cybersecurity and data
privacy, ensuring strict
regulatory compliance and
adherence to internal
policies. To maintain the
confidentiality, integrity, and
availability of sensitive
information, and to mitigate
risks, the airline has
implemented a
comprehensive cybersecurity
and data protection
framework. For more
detailed information please
see page 292.
Not applicable.
No change
planned.
An accidental data breach
or leak can lead to
reputational and legal
repercussions, potentially
resulting in revenue loss
and penalties. Therefore,
it is considered a financial
risk and is assessed not
only from a risk
management perspective
but also within the
framework of Wizz Air's
specific governance,
cybersecurity, and data
protection policies.
GOVERNANCE
ESRS standard and
topic
Materiality
assessment
Impact on people
or
environment
Current and
anticipated
effects
Response
and
evaluation
time
perspective
Current and anticipated
financial effects
G1 - Business conduct
ESRS G1 - BUSINESS
ETHICS AND
COMPLIANCE
The material impact is
concentrated in our
own operations
Impact
materiality
high
Financially
material
Time horizon:
Short
The impact is
positive, and actual.
Wizz Air’s Board of
Directors and the
entire workforce are
expected to act with
integrity and in
accordance with all
applicable laws and
regulations at all
times.
The ethics and
integrity of Wizz Air
have a far-reaching
and positive impact
on society by
fostering trust,
promoting
responsible
practices,
addressing social
and environmental
challenges, and
contributing to
economic growth
and development.
As the Company
prioritises ethics and
integrity, there is no
effect on the strategy,
business model, value
chain and decision-
making process.
No change
planned.
A lack of ethics, integrity,
and independence can
increase the likelihood of
financial risks arising from
misconduct, legal issues,
and damaged relationships
with stakeholders. However,
due to Wizz Air’s robust
internal risk management,
compliance processes, and
quality assurance measures,
the likelihood of such
financial costs occurring is
very low.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
204
ESRS G1 - BUSINESS
ETHICS AND
COMPLIANCE
The material impact is
concentrated in our
downstream value
chain
Impact
materiality
high
Time horizon:
Medium
The impact is
positive, and
potential. Wizz Air is
committed to doing
business with
suppliers and
partners who supply
products and/or
services to Wizz Air
and who share Wizz
Air’s values and
commitments.
By partnering with
suppliers who align
with the Company's
ethics and values, we
ensure that the
suppliers downstream
act ethically and make
a positive impact on
our customers, and on
their own workforce
and partners.
Therefore, there is no
effect on the strategy,
business model, value
chain and decision-
making process.
No change
planned.
No significant financial
impact.
ESRS G1 -
CORPORATE CULTURE
The material impact is
concentrated in our
own operations
Impact
materiality
high
Financially
material
Time horizon:
Short
The impact is
positive, and actual.
By maintaining a
respectful, inclusive,
equitable and
unbiased corporate
culture, Wizz Air
positively impacts its
stakeholders by
fostering a
supportive and
ethical environment
for all.
It does not affect the
strategy,
business model, value
chain and decision-
making
process.
No change
planned.
No significant financial
impact.
ESRS G1 -
PROTECTION OF
WHISTLEBLOWERS
The material impact is
concentrated in our
own operations
Impact
materiality
high
Time horizon:
Short
The impact is
positive, and actual.
Wizz Air ensures that
an effective
reporting line is in
place to uphold the
integrity of our
business. This
encourages ethical
behaviour and
accountability,
ensuring that any
misconduct is
reported and
addressed promptly.
It does not affect the
strategy, business
model, value chain
and decision-making
process.
No change
planned.
No significant financial
impact.
ESRS G1 - POLITICAL
ENGAGEMENT
The material impact is
concentrated in our
own operations
Impact
materiality
high
Time horizon:
Medium
The impact is
positive, and actual.
Wizz Air is politically
neutral and regularly
engages in the public
policymaking
process and
expresses its views
on policies, laws and
regulations that
govern various
aspects of its
business in the EU
and internationally.
By ensuring that our
political engagement is
transparent and
ethical there is no
effect on the strategy,
business model, value
chain and decision-
making process.
No change
planned.
No significant financial
impact.
ESRS G1 -
MANAGEMENT OF
RELATIONSHIPS WITH
SUPPLIERS
The material impact is
concentrated in our
own operations
Impact
materiality
high
Financially
material
Time horizon:
Medium
The impact is
positive, and actual.
Wizz Air is
committed to doing
business with
suppliers and
partners who supply
products and/or
services to Wizz Air
and who share Wizz
Air’s values and
commitments.
By partnering with
suppliers who align
with the Company's
ethics and values, we
ensure that the
suppliers downstream
act ethically and make
a positive impact on
our customers, their
own workforce, and
partners. Therefore,
there is no effect on
the strategy, business
model, value chain
and decision-making
process.
No change
planned.
Although Wizz Air is
committed to partnering
only with suppliers who
share our commitments to
environmental sustainability,
commercial sustainability,
ethical business practices
and data protection, and are
expected to comply with our
Supplier Code of Conduct,
risks can still arise. If a
supplier inadvertently or
misleadingly fails to comply
with our regulations, it can
pose financial risks.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
205
ESRS G1 -
PREVENTION AND
DETECTION OF
CORRUPTION AND
BRIBERY
The material impact is
concentrated in our
own operations
Impact
materiality
high
Time horizon:
Short
The impact is
positive, and actual.
The Anti-Corruption
Policy sets out the
principles,
prohibitions and
practical guidelines
relating to bribery
and corrupt
practices. This
ensures that Wizz Air
preserves the
integrity of its
business, and
complies with
relevant anti-bribery
and corruption
regulations in all the
countries where it
operates.
It does not affect the
strategy, business
model, value chain
and decision-making
process.
No change
planned.
No significant financial
impact.
ESRS G1 -
PREVENTION AND
DETECTION OF
CORRUPTION AND
BRIBERY
The material impact is
concentrated in our
upstream value chain
Impact
materiality
high
Time horizon:
short
The impact is
positive, and actual.
Wizz Air’s suppliers
are required to
conduct their
business activities in
full compliance with
all competition and
fair-trading laws,
including Wizz Air’s
Anti-Corruption
Policy.
It does not affect the
strategy, business
model, value chain
and decision-making.
No change
planned.
No significant financial
impact.
ESRS G1 - INCIDENTS
OF CORRUPTION AND
BRIBERY
The material impact is
concentrated in our
own operations
Impact
materiality
high
Time horizon:
Short
The impact is
negative, and
potential. Wizz Air’s
Anti-Corruption
Policy prohibits
corrupt or improper
practices or bribery.
It applies to
interactions
between Wizz Air
personnel and third
parties. The policy
aims to prevent
improper
inducements or
rewards related to
relevant functions.
Anti-corruption
education and
training are
provided to Wizz Air
personnel and third
parties involved in
business operations.
It does not affect the
strategy, business
model, value chain
and decision-making.
No change
planned.
No significant financial
impact.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
206
ESRS G1 -
MANAGEMENT OF THE
GOVERNING BODY
Financially
material
Time horizon:
Medium
Wizz Air’s Board of
Directors and
workforce are
expected to act with
integrity and comply
with all laws and
regulations. While a
lack of ethics and
integrity can lead to
financial risks from
misconduct and legal
issues, our internal
risk and compliance
processes minimise
this likelihood.
Effective
management of the
governing bodies
impacts corporate
culture and investor
confidence.
Investors consider
executive
remuneration, board
diversity and state
involvement in
decision-making as
key factors in
assessing financial
risks.
It does not affect the
strategy, business
model, value chain
and decision-making.
No change
planned.
Wizz Air is not party to any
third-party collective
bargaining agreements
which some investors may
perceive as a potential risk.
Wizz Air’s approach to
employee engagement is
one of innovative direct
dialogue, which is the most
effective way to safeguard
and promote: (i) the right to
freedom of expression; (ii)
the right to obtain or impart
information necessary to
make an informed choice on
matters relevant to the
workplace; and (iii) the right
to protection against
interference with privacy,
family, home,
correspondence or
reputation. Our approach is
based on cooperation by
relying on face-to-face
interaction and
communication through
innovative technologies. Our
approach offers a modern
alternative to outdated
third-party practices. We
rely on our People Council
for management-employee
discussions and have an
independent Board member
overseeing employee
engagement. Feedback is
regularly shared with the
Board and translated into
actions on remuneration and
work-life balance.
Additionally, our executive
management, including the
CEO, conducts regular floor
talks and base visits for
open and transparent
discussions with all
employees.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
207
ESRS G ENTITY-
SPECIFIC -
CYBERSECURITY AND
DATA PROTECTION
(OPERATIONAL
RESILIENCE)
The material impact is
concentrated in our
own operations
Impact
materiality
high
Financially
material
Time horizon:
Short
The impact is
positive, and actual.
Cybersecurity, data
protection and
overall security are
crucial aspects of
Wizz Air's operations
and are areas that
the Board of
Directors monitors
closely and
regularly.
Wizz Air complies with
EU standards such as
the General Data
Protection Regulation
(GDPR) as well as with
relevant international
and national
regulations and
guidelines.
Responsible and
ethical conduct, along
with advancements in
data protection,
ensures that the
personal data of Wizz
Air employees and
customers is managed
securely.
No change
planned.
Risks and financial
implications may arise from
accidental data breaches or
leaks, which can have
reputational and legal
consequences, potentially
leading to revenue loss and
penalties. These financial
risks are assessed not only
from a risk perspective but
also in Wizz Air's ESRS S4
framework concerning
consumers, end-users and
privacy data.
ESRS G ENTITY-
SPECIFIC -
COMMUNITY
PROGRAMMES AND
CHARITABLE
SUPPORT
The material impact is
concentrated in our
own operations
Impact
materiality
high
Time horizon:
Short
The impact is
positive and actual.
Through the WIZZ
Foundation, Wizz Air
supports many
community
programmes.
The Company provides
support during crises.
No change
planned.
No significant financial
impact.
[IRO-2] Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
During the preparation of the sustainability report, the list of disclosure requirements based on the results of
the materiality assessment will be presented in the ESRS Content Index at the end of this report, starting on
page 298, while the list of datapoints derived from other EU regulations can be found on page 302.
Topics identified as non-material through the double materiality assessment are those considered less
significant by the Company. However, steps are being taken to manage them appropriately, ensure
compliance with applicable requirements and regulations, and maintain regular monitoring, with no
immediate action required. Please see page 198 for the use of thresholds and the methodology applied to
identify material information to be reported.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
208
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
209
ENVIRONMENTAL INFORMATION
Disclosures Pursuant to Article 8 of Regulation 2020/852 (Taxonomy Regulation)
Due to ongoing regulatory developments and uncertainties surrounding the implementation of the EU
Taxonomy framework, especially the application of the “Do No Significant Harm” criteria, we have opted
not to include the EU Taxonomy disclosure in our current annual report. We recognise the importance of
alignment with evolving EU regulations and are actively monitoring and working on the progress of their
implementation. Once Wizz Air Holdings Plc is fully in scope and the regulatory landscape is clarified, we
will incorporate it in future reports to ensure full transparency and compliance.
E1 - Climate Change
[GOV-3] INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE SCHEMES
Detailed information related to the integration of sustainability-related performance in incentive schemes is
presented in the Governance chapter, in the [GOV-3] subchapter starting on page 189, and in the [E1-4]
subchapter on page 231.
[SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY
AND BUSINESS MODEL
Detailed information on the identified material impacts, risks and opportunities in the environmental pillar is
presented in the chapter on impact, risk and opportunity management: disclosures on the double
materiality assessment, subsection [SBM-3], starting on page 199.
[IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL CLIMATE-RELATED
IMPACTS, RISKS AND OPPORTUNITIES
TCFD-based climate risk analysis
As an airline, we recognise our environmental impact and the industry's goal to decarbonise by 2050. We
are committed to reducing our environmental footprint while ensuring affordable air travel for our customers
and the communities we serve. As we continuously improve our understanding of how to mitigate our
negative impact on the climate, we remain focused on regularly assessing the effects of climate change on
our operations.
Climate change is recognised as a potential risk to Wizz Air, affecting our business in the short, medium and
long term. This is part of the Enterprise Risk Management (ERM) process, as detailed in the Annual Report's
Emerging and Principal Risks and Uncertainties section. The Audit and Risk Committee has reviewed climate-
related risks throughout the year as part of its regular review of principal risks, as outlined in the Annual
Report.
Since F21, Wizz Air has been reporting based on TCFD guidance. Each year, we review and expand our
disclosures in line with TCFD guidelines, good market practices and evolving internal sustainability practices.
Our annual review ensures the inclusion of relevant industry-specific metrics, such as fleet fuel use, the
percentage of sustainable fuels, total emissions, risk-mitigation strategies related to transitioning to more
efficient aircraft, and research and development projects aimed at ramping up renewable fuel production.
Wizz Air’s disclosures are consistent with the recommendations and recommended disclosures of the Task
Force on Climate-related Financial Disclosures (TCFD) and relevant UK Listing Rules, taking into
consideration the TCFD all sector guidance and the supplemental guidance for non-financial groups for
the transportation group. Wizz Air completed its first transition plan in F25 and it has a clear timetable to
develop further in the future.
Defining qualitative substantive impact for climate-related risks
Wizz Air categorises risk timelines into short-term (0–1 years), medium-term (1–5 years), and long-term
(5–10 years). This approach aligns with our Enterprise Risk Management (ERM), climate risk analysis, and
existing financial planning horizons. Risks identified in
the scenario analysis are compiled into materiality/
likelihood heatmaps, following our in-house ERM logic
and risk-ranking framework. This heat-mapping enables
Wizz Air to assess the impact of climate-related risks.
Substantive climate risks are identified if they have a
high impact in any time horizon or at least a medium-
risk impact across all time horizons.
To better understand the potential impacts, however, Wizz Air evaluated the impact of four possible global-
warming scenarios. We looked at the impact on our business, projecting our current fleet plan and the
WIZZ500 ambitions. To continuously develop our climate risk assessment approach, we have been working
with expert sustainability and climate consultants from external advisors who helped improve our existing
climate risk analysis approach. The methodology considered four different climate change scenarios, in
accordance with the Intergovernmental Panel on Climate Change (IPCC). These scenarios are ~1.5°C, 2°C,
3°C and 4°C. The four potential scenarios had previously been chosen as they cover a broad spectrum of
outcomes. These were grouped into low-emissions (well below 1.5°C) and high-emissions (3°C to 4°C)
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
210
Horizon
Definition
Short
0–1 years
Medium
1–5 years
Long
5–10 years
scenarios. This assessment helps Wizz Air understand potential risks and opportunities from different climate
pathways.
The scenario analysis focused on policy and regulation, technological advancement, market and consumer
behaviour, and green financing. It also evaluated physical risks like extreme weather, rising sea levels, and
changing precipitation patterns. Wizz Air used the IEA NZE 2050 scenario for transition risks and the SSP1-
RCP 1.9 scenario for physical risks, acknowledging the challenges in long-term forecasting.
Scenario
Physical risks
Transition risks
Low-emissions
scenario
SSP1-1.9-SSP1-2.6
(~1.5–2°C)
IEA Net Zero Emissions by 2050 (NZE)
High-emissions
scenario
SSP3-7-SSP5.85
(~3–4°C)
IEA Stated Policies Scenario (STEPS)
Based on a heat-mapping process as part of the qualitative risk assessment, taking into account the
aforementioned materiality threshold, Wizz Air identified the main climate risks and categorised them based
on Wizz Air's ERM framework: low impact (accept risk); medium impact (action plan); and high impact
(avoid, reduce or transfer risk).
The quantitative risk assessment was based on Wizz Air’s business projections, current climate legislation
and proposals, as well as up-to-date industry-specific reports and forecasts from EASA, ICAO and IATA
sources. As risk calculation involves assumptions and estimates, and since the financial impact of risks is
dynamically changing, it is crucial for the Company to have effective risk management processes to review
and adjust the financial impact estimations frequently to the changing circumstances or policy environment.
The ERM framework and climate-related risks
For climate-related risks, management complements the ERM approach on a qualitative basis first as
outlined below, using two dimensions: 1) impact (low, medium, high) and 2) likelihood (low, medium, high).
This leads to a risk and impact qualification called the TARA framework, which assists decision making on
whether the risks can be accepted, need an action plan, or must be reduced, avoided or transferred. The
Company and the Board have agreed on an averse risk appetite for climate-related risks, which essentially
means that any climate-related risk needs an action plan.
Following the TCFD recommendations, the key risks retained are quantified afterwards and integrated in the
going concern, viability planning and asset impairment analysis for the Company.
The Enterprise Risk Management (ERM) process is overseen by the Internal Audit function and operationally
managed by actively informing the Company’s Management. This comprehensive process addresses both
principal and emerging risks, encompassing the entire business scope, including all subsidiaries. The ERM
process reports to the Board’s Audit and Risk Committee and is conducted on a rolling basis to ensure the
timely identification of material risks, including those related to climate.
Material climate risks are reviewed by Management and reported to the Audit and Risk Committee and the
Board. This structure ensures that the risk process is continuously informed by both internal expertise and
Board-level oversight. Management maps principal climate-related risks into planning horizons aligned with
short-term (going concern) and medium-term (viability) timeframes. These alignments enable the Company
to assess the potential impact of climate risks on operational resilience and the long-term viability of the
Company.
Climate-related risks and their significance and mitigation measures
Wizz Air has identified the main climate risks through a heat-mapping process. The tables below describe the
primary physical (acute and chronic) and transitional climate risks, their potential effects on Wizz Air, and
the mitigation strategies and actions implemented by the responsible departments.
The risk assessment tables align with the Company's Enterprise Risk Management framework, using colour
coding to indicate risk impact categories. Green signifies a low-risk impact (risk acceptance), yellow indicates
a medium impact (requiring an action plan), and red represents a high impact (necessitating risk avoidance,
reduction or transfer). The visualisation of risk impact over the short, medium and long term shows how the
severity of the same type of risk can change over time, transitioning from green to yellow or red. As the
climate risk assessment is conducted annually, based on updated scientific forecasts or changing
circumstances, the climate risks and their impact ratings are reviewed and revised as needed.
Overall results and findings
Our comprehensive risk assessment included high-impact risks across all time horizons, as well as those
with at least a medium impact for each timeframe. When considering global warming scenarios, the most
severe potential impacts were taken into account for each risk category, specifically 1.5°C and 2°C for
transitional risks.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
211
The results of the climate scenario assessment imply that under a high-emissions scenario the Company
would incur revenue loss and increased fuel costs. This is due to physical risks, such as more frequent and
severe weather events, which could disrupt our operations. For instance, extreme weather might damage
infrastructure, cause supply chain disruptions, and increase the frequency of flight delays or cancellations.
Conversely, in the low-emissions scenario, where efforts to reduce emissions are more successful, the
Company would face different challenges, including increased operational cost due to carbon pricing and
offsetting mechanisms, the need to use greater volumes of renewable fuels and the adoption of disruptive
low-carbon technology. Despite these challenges, Wizz Air considers itself resilient and well-prepared for
both low- and high-emission scenarios, thanks to strategic investments in SAF, its transition to a more
sustainable fleet and robust financial planning. The analysis also suggests that transitional and physical risks
are inversely related. If climate policies prove to be ineffective, it could lead to scenarios of 3°C and 4°C,
where physical risks would become more pronounced. However, these would only pose a moderate risk
within our defined time horizons, with the severe physical impacts expected only after 2050. Conversely,
effective regulation and policy implementation would reduce physical risks but could lead to a significant
increase in transition risks, and therefore higher compliance costs for the Company.
Physical risks – detailed disclosure
The assessment below indicates that no high-impact physical risks were identified within the evaluated time
frame. However, the significance of physical risks increases as we look further into the future (2050 and
beyond). While we continuously adapt our operations to changes in temperature and weather patterns, we
anticipate minimal changes over the next decade. If climate policies are ineffective, physical risks could
disrupt operations, markets and supply chains, or cause damage to assets.
The most critical climate-related physical risks identified in this year’s assessment are detailed as follows:
Risk type
and estimated
significance
Risk description
Financial impacts
Mitigation measures
More extreme
heatwaves
(acute)
Extreme heat can impact aircraft
performance and flight operations
because it can reduce efficiency
and limit engine lifecycle, and may
result in rescheduling departures
for heavier aircraft or reduce the
weight of the aircraft.
As a result of heatwaves, airports
can also decrease runway capacity
due to the less dense warm air that
is able to damage runway surfaces
or taxiways.
Disruption of regular
revenue streams and
increased operating
costs.
Ongoing climate-scenario
analysis, aligned with the TCFD
framework, allows the Company
to evaluate risks and implement
mitigation strategies in
collaboration with the Operational
and Commercial teams.
Advancements in forecasting
technologies, which track
historical disruption causes and
locations better, will enhance our
operational planning in response
to evolving weather patterns.
Key mitigation measures are also
implemented by Wizz Air’s airport
operator partners, supported in
Europe by the guidance of the
European Plan for Aviation Safety.
Increase in the
frequency and
magnitude of
wildfires
In the future, wildfires may
increasingly impact travel
decisions, leading to more frequent
cancellations and revenue losses.
Attractive summer holiday
destinations could be affected by
these fires, particularly in Southern
Europe. Additionally, wildfire
smoke can disrupt operations due
to reduced visibility caused by
particulate matter, potentially
resulting in flight delays or
cancellations.
Potential revenue loss
and higher operating
costs due to disruptions
that cannot be
prevented, avoided or
planned for.
Ensuring operational readiness
by following established
procedures and policies for
managing disruptions, including
wildfires.
Additionally, advancements in
forecasting technologies, which
track historical disruption causes
and locations better, will
enhance our operational
planning in response to wildfire
events.
For wildfire risk, mitigation
measures of airport operators
are essential; in Europe this is
supported by the guidance of
the European Plan for Aviation
Safety.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
212
Increase in
frequency of
more intensive
storms
Severe storms have the potential
to disrupt airspace and airport
operations, as well as cause
damage to infrastructure.
Additionally, they may lead to
increased fuel consumption.
Northern, North Western and
Central Europe are likely to see a
rise in severe storms. Meanwhile,
in the Mediterranean, cyclone
frequency may decrease, but their
intensity could increase.
Lost revenue and
increased operating and
fuel costs.
Continuous forecasting and risk
assessment by Operational and
Commercial teams to ensure
operational preparedness for
intense storms and related asset
and infrastructure damage.
Key mitigation measures are
also implemented by Wizz Air’s
airport operator partners, and in
Europe this is supported by the
guidance of the European Plan
for Aviation.
Acute flooding
Heavy rainfall and pluvial flooding
could occur across all regions.
Flooding has the potential to harm
airport infrastructure and runways,
leading to reduced capacity, flight
delays, cancellations and financial
losses. Additionally, intense
precipitation and flash floods may
become more frequent at global
warming levels exceeding 1.5°C,
except in the Mediterranean. These
weather events could disrupt
ground operations and cause
damage to airport facilities,
resulting in flight disruptions.
Lost revenue and
increased operating
costs.
Ensuring operational readiness
by following established
procedures and policies for
managing disruptions, including
flooding.
Continuous forecasting and risk
assessment by Operational and
Commercial teams for flooding
and related disruptions.
Airports’ adaptation plans are
key for flood-risk mitigation, this
is supported in Europe by the
guidance of the European Plan
for Aviation.
Change in
weather patterns
(general)
Significant changes in weather
phenomena (frequency and
intensity) are likely in the long
term (e.g. by 2050 and beyond);
however, we expect no critical
change within the next ten years.
Potential revenue loss
and higher operating
costs due to disruptions
that cannot be
prevented, avoided or
planned for.
Ongoing climate-scenario analysis
aligned with the TCFD framework
allows the Company to evaluate
risks and implement mitigation
strategies in collaboration with
the Operational and Commercial
teams. Additionally,
advancements in forecasting
technologies, which track
historical disruption causes and
locations better, will enhance our
operational planning in response
to evolving weather patterns.
Chronic change
in temperature
and sea levels
Rising sea levels pose a threat to
low-lying and coastal regions in the
long term (e.g. by 2050 and
beyond), as well as islands,
especially at a higher global
warming level. Airports in such
areas could be affected by flooding,
potentially harming airport
infrastructure and runways, leading
to reduced capacity, flight delays
and network disruptions. The
temperature rise could also lead to
a shift in destination preferences,
besides the operational risks of
acute heatwaves. We do not expect
these changes to be critical within
the next ten years.
Lost revenue and
increased operating
costs.
Continuous forecasting and risk
assessment by Operational and
Commercial teams –
incorporating airport resilience
assessment – to ensure
operational preparedness for
flooding and related disruptions.
Integration of climate-scenario
analysis into business planning
to consider changing customer
demand for routes impacted by
the chronic changes in
temperature in Wizz Air’s
relevant markets.
Transitional risks – detailed disclosure
▶
Policy – Emissions reduction regulation in general terms
▶
Policy – ETS carbon price increase and decrease in free allowances
▶
Policy – EU ETS Carbon Border Adjustment Mechanism (CBAM) regulation and increase in aircraft and
manufacturing costs
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
213
▶
Policy – Energy taxation and the introduction of kerosene tax in the EU
▶
Policy – Sustainable aviation fuel mandate
▶
Policy – CORSIA and offsetting
▶
Policy – Uncertainties regarding the changing landscape of ESG reporting obligations
▶
Technology – Disruptive aviation innovation
▶
Technology – Technological feasibility issues of SAF production
▶
Market – High price elasticity of demand
▶
Market – Reduced demand due to increasing number of ESG-conscious customers
▶
Market – Growing green investor sentiment
▶
Liability– Emissions and climate damage litigation
▶
Reputation – Brand reputation
The most critical climate-related transitional risks identified in this year’s assessment are the following:
Risk type
and estimated
significance
Risk description
Financial impacts
Mitigation measures
Emissions
reduction
regulations
In a 1.5–2°C scenario, Wizz Air
may face strict policies across the
network to reduce emissions.
However, varying national policies
without a standardised approach
bears the risk of non-compliance
due to regulatory complexities.
Decarbonisation efforts, including
fossil fuel taxation, aim to reduce
carbon emissions, but they may
increase operational costs.
Additionally, differing timelines and
reporting requirements as well as
the changing regulatory
environment pose risks to
achieving adequate reductions.
Increased operational costs
and possible penalties in the
medium and long term, in
the event of failure to
comply with the complex set
of requirements in our
operating environment (Wizz
Air currently has four
airlines: two within the EU,
one in the UK and one in a
UAE jurisdiction, which
results in added complexities
in overall compliance).
Maintain strong emphasis on
evaluating and ensuring
compliance with tax and
regulatory requirements
related to emissions
regulations (this involves
cross-functional coordination
to guarantee a full review
across the organisation).
Additionally, we actively
engage with government
bodies, the European Union,
and other essential
stakeholders to establish a
cohesive approach across
different regions.
Continuously monitoring the
changing regulatory
environment is also essential.
EU ETS – carbon
price increase
and decrease of
free allowances
In a 1.5–2°C scenario, carbon price
hikes are likely to occur in the
medium and long term. The EU
Emissions Trading System (EU
ETS) is projected to surpass
existing policy mandates
significantly in the long term, after
phase IV (ending by 2030).
Consequently, operational and
upstream expenses will rise sharply
due to the elevated carbon prices,
resulting in more substantial costs.
These price increases are expected
due to the gradual elimination of
free carbon allowances by the EU,
with forecasts indicating that the
EU ETS will exceed current policy
requirements over the long term.
Additional compliance costs
under UK and EU ETS.
Operational costs will
increase due to higher
carbon prices per unit, and
the elimination of free
allowances.
Maintaining an effective
carbon allowance/offset
purchasing strategy to
mitigate price volatility.
Continuously forecasting
carbon prices and cost
increases to boost resilience,
Wizz Air uses internal carbon
prices to forecast ETS unit
cost, to facilitate better
budgetary and risk
management decisions.
Wizz Air would also rely on
the EU’s SAF-related support
mechanisms, including free
ETS allowances and/or lower
annual carbon cost due to the
use of SAF.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
214
Energy taxation
– introduction of
kerosene tax in
the EU
The EU intends to impose a
mandatory tax on kerosene of
roughly €0.4 per litre, as part of
the ongoing revision of the Energy
Taxation Directive. The proposal
allows Member States to introduce
even higher tax rates under
specific conditions.
Originally planned for 2024, the
approval and implementation have
faced negotiation deadlock in the
EU as of March 2025; however, the
approval is expected later on to
ensure compliance with the EU’s
ambitious climate package, if it
wants to maintain alignment with
1.5–2°C climate pathways.
New fossil fuel and related
taxes may impact overall
taxation costs in the medium
and long term. The financial
impact would be even higher
if the EU and its Member
States introduce carbon
taxes in parallel, leading to
double taxation.
Continuously and accurately
assessing changes in tax
legislation in Wizz Air’s
network is crucial. Advocacy
measures to ensure a
standardised approach
globally, avoiding double
taxation of emissions, via
carbon pricing and kerosene
and carbon taxes, putting
additional burden on
operators.
SAF mandates
(ReFuelEU
regulation)
Regulations requiring the use of
SAFs in aviation fuel are already
operational in some countries. A
new mandate has also been
implemented in the EU in 2025
(mandatory SAF blend in departing
flights: 2 per cent in 2025, 6 per
cent in 2030, and 70 per cent in
2050 as per the ReFuelEU aviation
regulation), while similar trends
are anticipated in other regions.
Higher operational and
upstream costs in the
medium term due to the
increase in minimum SAF
blending volumes in aviation
fuel. Non-compliance and
continued dependence on
fossil fuels could lead to
penalties.
Wizz Air took a significant
step by investing in SAF
companies, firstly Firefly then
CleanJoule, and partnering
with various SAF suppliers,
ensuring a reliable long-term
supply chain. Procurement
efforts will keep focusing on
ensuring compliance with
current and future SAF
mandates.
Resources have also been
allocated to advocacy
regarding the book and claim
mechanism.
Although 2024 was mainly a
preparatory year for
ReFuelEU reporting, Wizz Air
remained compliant and
submitted the required data
as mandated.
Uncertainties
regarding the
changing
landscape of ESG
reporting
obligations
Compliance with new ESG-related
reporting standards (for example
the EU's Corporate Sustainability
Reporting Directive - CSRD) will
require additional administrative
capacities at various functions of
Wizz Air, and investments in new
processes and systems may be
needed to satisfy all emerging
transparency requirements. As
Wizz Air operates in different
geographies, the new and changing
reporting expectations create
parallel reporting obligations.
Ensuring compliance with
emerging reporting
requirements can increase
administrative costs and tie
up capacity to otherwise
implement strategic and
value-adding transitional
actions for the climate.
Non-compliance with
mandatory reporting
requirements can result in
penalties and reputational
damage.
Competent teams at Wizz Air
are working with various
sustainability and ESG
professionals to ensure
continued compliance with all
relevant transparency
requirements. The relevant
working group has been
established to prepare for
upcoming reporting needs.
A new software solution has
been implemented for an
improved ESG supplier risk
assessment and management
process, while further
initiatives are in progress.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
215
Disruptive
aviation
innovation
The rate at which low-carbon
technologies are embraced
influences the competitiveness of
airlines, the cost of operations and
the value of assets. Investments in
capital expenditures (CapEx),
research and development (R&D)
and innovation need to strike a
balance between risk and reward,
fostering innovations that are both
sustainable and profitable. Talent
attraction for the success of
innovation is also essential.
Failure to invest in the
appropriate technology, or
investing in unsuitable
technology, can introduce
significant risks, potentially
leading to increased costs
and reduced
competitiveness.
Additionally, the inability to
retain and attract talent may
hinder the successful
implementation of new
technologies.
Wizz Air signed a
Memorandum of
Understanding with Airbus in
2022 to explore the potential
for hydrogen-powered
aircraft operations. We have
also joined the EU's Alliance
for Zero Emission Aviation
(AZEA) to pave the way for
next-generation sustainable
aircraft. Based on the current
understanding, zero-emission
aircraft large enough to fit
our business model (above
200 seats) are not feasible in
the near future. While we are
waiting for technical
improvements, we continue
to look into opportunities to
accelerate the ramp-up of the
European SAF market – as
the most efficient short-term
tool for the decarbonisation
of the aviation sector.
Growing green
investor
sentiment
In the long term, investors may
begin to withdraw from carbon-
intensive sectors.
Such disinvestment is likely
to result in higher capital
costs for Wizz Air.
A robust environmental
strategy including fleet
renewal with the best
available technology, and fuel
efficiency initiatives.
SAF strategy execution
(including investments in
R&D) to ensure a steady
supply of alternative fuels,
helping to achieve our
targets. Wizz Air is
committed to continued
transparency regarding the
transition planning.
More information on lower-impact transitional risks (not included in the detailed risk table):
▶
CBAM regulation: Under the CBAM regulation aimed at reducing carbon leakage, iron, steel, and
aluminium products, including those used in aircraft manufacturing, will be subject to carbon pricing
starting in 2026. Importers and producers will incur fees based on EU ETS allowances. The
implementation of this regulation has commenced, and its impacts will become evident within five to ten
years across various climate scenarios.
▶
CORSIA: The CORSIA-related offsetting obligation will result in increased operational and upstream
costs, albeit only in the medium term.
▶
Sustainable Aviation Fuel (SAF): Regarding the technological feasibility of SAF, forecasts indicate that
even in scenarios where temperatures exceed 2°C, the production capacity of SAF may fall short of
meeting the aviation industry's demand. The current SAF production is limited and costly, and regulators
need to scale SAF through long-term policies and incentives to make SAF competitive with conventional
jet fuel. An appropriate policy framework and strategic investments could ensure a sufficient supply of
SAF in the medium to long term.
▶
Modal shift of short-haul aviation: The transition from aviation to alternative transportation for short-
distance travel is becoming more probable as passenger rail networks expand and EU Member States
implement measures to tax or ban short-haul flights. However, the current legislative initiatives
targeting short-haul aviation, such as the 500km limit in Belgium and the 2.5-hour rail alternative in
France, do not significantly impact Wizz Air's operations.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
216
▶
Price elasticity of demand: In a strict policy scenario, Wizz Air's unit costs would rise due to carbon
pricing, SAF and carbon taxes. Despite these increased costs, Wizz Air's ultra-low-cost model would still
offer more affordable options for customers. Such airlines would also pass on these additional costs to
their customers, resulting in higher fares. Therefore, Wizz Air would maintain its competitive advantage
in terms of affordability.
▶
Reduced demand due to ESG-conscious customers: Wizz Air's ongoing investment in fleet renewal and
new aircraft technologies ensures the airline remains a leader in emissions efficiency per passenger
kilometre. This commitment makes Wizz Air an attractive choice for travellers who need to fly but wish
to minimise their environmental footprint.
▶
Brand reputation: Our ambitious fleet-renewal plan by 2030, coupled with ongoing advancements in fuel
efficiency projects and our SAF strategy, will enable us to differentiate our brand through demonstrated
leadership and meet public expectations.
▶
Emissions and climate-damage litigation: Due to the carbon-intensive nature of the aviation industry,
the Company may encounter regulatory scrutiny, potentially resulting in liability-related expenses.
Nonetheless, Wizz Air has consistently demonstrated transparency in emissions reporting to both
regulatory authorities and the public.
Quantitative risk analysis
Wizz Air’s qualitative climate risk assessment identified the most critical climate risks for Wizz Air’s business
planning. From the physical and transitional climate risks listed above, the following most critical risks were
selected for the quantitative analysis. The ETS, SAF and kerosene tax-related risks were chosen because of
their high-impact risk rating on the medium and long-term time horizons (excluding the emission-reduction
regulations where clear forecasts on applicable taxes and costs are not available), while the weather-pattern
changes were selected to ensure that physical risks are also reviewed in the quantitative review:
▶
ETS (carbon price increase);
▶
SAF mandate-related additional fuel cost;
▶
introduction of kerosene tax in the EU; and
▶
weather-pattern changes and their impact on operations.
The quantitative risk assessment was conducted using Wizz Air’s latest business projections, current climate
legislation and proposals, and the most recent industry-specific reports and forecasts from EASA, ICAO,
IATA and other reputable third-party sources. Given that medium-term climate-risk calculations often
involve assumptions and estimates, and the financial impact of these risks is continuously evolving, it is
essential for the Company to maintain robust risk management processes. These processes allow for
frequent reviews and adjustments to cost assessments in response to changing external conditions and
policy environments. The findings from the quantitative risk assessment have been presented to the Finance
department, facilitating their integration into Wizz Air’s financial planning processes. This year, we quantified
the potential financial impact of the most critical climate risks up to F30. By focusing on this time horizon,
we gained a clearer understanding of the potential medium-term risks the Company may face.
Complementary disclosures
The detailed results of the F25 quantitative risk assessment will be disclosed in the Company’s upcoming
Carbon Disclosure Project (CDP) submission, the public version of which will be available next year. To note,
Wizz Air’s CDP disclosure from 2024 is already public (and also available on the Company’s sustainability
website), including a breakdown of the minimum and maximum financial impact, and potential impact
calculation logic (section C3). This disclosure reflects the results of the F24 assessment. Wizz Air considers
the outcome of the potential financial impact assessment based on future scenarios as being separate from
financial reporting, and as such, complementary information.
Opportunity analysis
Initiatives related to climate change mitigation can often contribute to opportunities for companies. Such
climate-related opportunities will vary based on the industry, sector and level of the organisation in terms of
the status of their decarbonisation roadmap. The following list includes the opportunities identified by Wizz
Air, potentially bringing competitive or cost-related benefits in the short and medium term. Long-term
opportunities, such as those related to zero-emission operations, will be evaluated at a later stage due to the
lack of clarity regarding capital costs, timelines, and the adoption rate of disruptive technologies.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
217
Opportunity
Analysis
EU ETS – phasing
out free allowances
– competitive
advantage:
Although the phasing out of free carbon allowances poses a risk, it also offers a
competitive advantage in the short and medium term. Wizz Air’s total free allowances,
relative to its emissions, have been significantly lower than most of its peers in the
sector. This grants Wizz Air additional resilience, as the resulting cost increase will be
much smaller compared to many airline competitors that currently benefit from higher
volumes of free allowances.
Sustainable
Aviation Fuel
investments:
Wizz Air invests strategically in research and development (R&D) projects to secure its
own sources of SAF. These investments ensure a reliable supply chain in the longer term,
allowing us to meet future blending mandates effectively. As an example, Firefly (the
Company’s first equity investment) has pioneered an integrated technology pathway for
SAF production using sewage sludge as a feedstock – which is a sustainable and highly
abundant source. This proactive approach to SAF investments ensures a sustainable and
resilient fuel supply due to the higher SAF volumes provided by one producer, at a
preferential price. This would ensure cost-efficient SAF access, lower than market price,
mitigating the cost increase resulting from the SAF mandates and opening up
opportunities for additional SAF purchases and uplift if higher volumes are available after
the production ramp-up.
Sustainability-
conscious
customers:
Wizz Air currently strives (and will continue in the future) towards maintaining the lowest
reported emissions intensity per passenger kilometre, compared to other major airlines in
its network. Additionally, while there are still misconceptions about the ultra-low-cost,
low-fare business model, with the growing transparency on emissions per passenger and
per flight, climate change awareness is projected to shift consumer sentiment to favour
ULCC more than traditional airlines. In terms of a low-carbon strategy, flying more
efficient aircraft and maximising the passenger numbers in the cabin are crucial, and the
preferences of climate-focused consumers (who cannot avoid flying) will shift towards
more fuel-efficient flights and airlines. Consequently, this change could impact traditional
airlines negatively, while carriers already efficient would benefit from it.
Industry
collaboration
opportunities in
various
geographies:
Wizz Air, operating across diverse geographies, faces varying legal jurisdictions and
climate-related demands. Within the EU, UK, UAE (where the four Wizz Air airlines are
headquartered) and other third countries, the airline encounters a range of approaches
towards achieving net zero emissions and the related decarbonisation strategies. This
exposure allows Wizz Air to learn from diverse technological innovations and national
strategies, leveraging them to its advantage.
Enhanced ESG
supplier risk
assessment and
management
processes:
As a result of new climate-related transparency requirements, Wizz Air is already working
on improving its third-party risk assessment and management approach, with a special
focus on ESG topics, including environmental and climate-related programmes of its
business partners and vendors. Through the enhanced process, the Company will be able
to receive more detailed information on its main suppliers’ environment and climate-
related initiatives, which will provide opportunities for better cooperation in the future.
The focused risk assessment will also help the Company identify potential climate and
environmental risks during the tender phase with prospective service providers.
Regulatory and
capital market
incentives –
competitive
advantage:
Wizz Air’s leading role in the decarbonisation of the aviation industry makes it more
resilient to climate regulation risks than its competitors, and strengthens its capital
market position among green/transition investors. Wizz Air’s favourable risk profile
among airlines as regards climate risks and associated financial risks enhances its
standing among traditional investors as well.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
218
[E1-1] TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION
In the rapidly evolving aviation industry, transition planning is essential for airlines to navigate the
complexities of modern air travel. Wizz Air recognises its responsibility to create a pathway towards a
net-zero future. We are dedicated to mitigating climate change impacts through a comprehensive
strategy that includes renewing our aircraft fleet, continuously improving operational efficiency, and
investing in sustainable aviation fuels. Furthermore, we actively collaborate with industry partners to
ensure emissions reductions across our supply chain and broader operations.
Flying Towards Net Zero – our aspirational transition plan towards 2050
Wizz Air's ultra-low-cost, low-fare business model is inherently aligned with the key elements of a low-
carbon strategy. This alignment creates significant synergies between our sustainability ambitions and
our operational focus on year-round aircraft utilisation, seat and sector productivity, and cost efficiencies.
By integrating these elements, Wizz Air effectively combines its ultra-low-cost carrier (ULCC) model with
a robust low-carbon strategy, ensuring both environmental responsibility and economic efficiency.
While we recognise the importance of decarbonising aviation, we must acknowledge that this goal is
influenced by factors beyond our control, such as the availability and emissions reductions of sustainable
aviation fuel (SAF) and advancements in future aircraft technologies. Aviation is a vital driver of economic
growth, and the industry is set for continued expansion. However, it is currently at a critical juncture.
Despite global commitments to achieving net-zero emissions, progress has been slower than anticipated.
The technological breakthroughs needed have not materialised at the required pace, and SAF – the most
crucial lever for decarbonisation – faces significant challenges related to cost and availability.
Therefore, Wizz Air remains realistic about current technology and capabilities, adopting a conservative
approach in our analysis of potential emissions reductions. Our transition plan emphasises realistic carbon
emissions reductions and the feasibility of meeting our near-term intensity reduction targets. At Wizz Air,
we recognise that emissions from the combustion of jet fuel are the most significant component of our
carbon footprint, accounting for approximately 92 per cent of our total Group emissions in F25. Our
strategic priority is to leverage all available measures to reduce these emissions.
Flights. Fuel. Footprint - Call for radical change
Wizz Air supports the visions for net zero, however, the current pace of change is insufficient, and
without significant intervention, the aviation industry will struggle to meet its commitments. Achieving a
net-zero roadmap is fraught with uncertainties. The most significant challenges extend beyond scientific
issues and encompass policy decisions, investment strategies, market dynamics, and the timely
implementation of essential measures. Scientific advancements also encounter obstacles related to cost,
infrastructure and regulatory approval.
Flights – Aviation innovation must move faster
In the short term, we recognise new aircraft technology and intragenerational advancements — along
with fleet renewal — as pivotal elements in reducing our Scope 1 emissions. These efforts are
complemented by operational efficiency measures. Wizz Air is committed to investing in cutting-edge
aircraft and engine technology, continuously replacing older models with state-of-the-art aircraft. This
strategy has resulted in one of the youngest and most fuel-efficient fleets in Europe, and one of the
lowest carbon emissions intensities3. However, to further advance decarbonisation efforts, the future of
aviation hinges on radical innovation. It is crucial to prepare aircraft for SAF blends that exceed the
current regulatory maximum of 50 per cent. Substantial government support for research and
development is essential to drive progress in engine and aircraft technology.
Looking beyond 2030, we will continue to integrate sustainability considerations into our fleet expansion
plans and invest in next-generation advancements in aircraft design. Our dedicated efficiencies team is
actively engaged in designing and implementing fuel efficiency initiatives across the business, positioning
us to leverage all available mechanisms to minimise our fuel consumption per flight.
Fuel – SAF must scale now
In the medium term, we recognise SAF as a pivotal element in our decarbonisation strategy. Wizz Air has
proactively invested in SAF production, supporting innovative technology pathways and securing offtake
agreements. We endorse legislative mandates and aim to power 10 per cent of applicable flights with SAF
by 2030. We anticipate that 53 per cent of our emissions reductions will be driven by SAF by 2050, given
its potential to reduce lifecycle emissions by up to 80 per cent. However, current SAF production is
limited, and prices remain challenging, particularly for a low-cost business model. To effectively scale SAF
production, it is essential to establish a long-term policy framework that promotes SAF adoption.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
219
3 According to the CAPA – Centre for Aviation Awards for Excellence 2024, which benchmarks global airlines emissions intensity data and positions Wizz
Air as the airline with the lowest CO2 per RPK compared to other global airlines. For more information please see page 186.
Additionally, introducing incentives to bridge the price gap between SAF and conventional jet fuel will be
crucial.
Footprint - Implementing infrastructure reform
In the longer term, Wizz Air is committed to exploring various avenues to reduce Scope 1 emissions.
These include enhancing operational efficiencies and supporting the modernisation of European airspace.
However, our decarbonisation strategy will increasingly rely on advancements in aircraft technology, with
a particular emphasis on adhering to the evolving UK and EU SAF blending mandates. Additionally, we
remain open to the potential of zero-emissions technologies, such as hydrogen, although we acknowledge
the current uncertainties surrounding these innovations; therefore, we have not yet integrated them into
our immediate roadmap.
Scope 1 emissions carbon reduction roadmap
Regarding potential locked-in GHG emissions, these are prevalent across Wizz Air's Scope 1, 2 and 3
emissions. The aviation industry currently relies on conventional jet fuel and operationally efficient aircraft
for operations. Although there are industry-wide efforts to transition to SAF and invest in new aircraft
technology to reduce emissions, these technologies are not yet available for mass commercial use. Wizz Air
leases buildings, which presents challenges in managing Scope 2 emissions. Similarly, Scope 3 emissions are
influenced by the current limitations of renewable energy sources at airports, which are typically dependent
on local power grids. Nevertheless, we do not perceive this as a significant obstacle to our transition, as
these factors are integral to our comprehensive decarbonisation strategy.
Wizz Air's transition plan is integrated with its overall business strategy and financial planning, focusing on
sustainability and operational efficiency. Sustainability measures are intertwined with key performance
indicators year on year, ensuring a cohesive approach to achieving their goals. The Company's commitment
to environmental sustainability is reflected in its ultra-low-cost business model, which emphasises resource
efficiency and reduced costs. This alignment helps Wizz Air maintain affordability for passengers while
achieving its sustainability goals. The strategy focuses on reducing carbon intensity, renewing the fleet,
improving fuel efficiency and exploring sustainable aviation fuels. Financial planning includes significant
investments in new, fuel-efficient aircraft like the A321neo, which are expected to further enhance fuel
efficiency.
Sustainability is also integrated into Wizz Air's risk management framework, addressing climate-related risks
and ensuring compliance with environmental regulations. Additionally, Wizz Air engages with stakeholders to
align its sustainability initiatives with broader industry goals and regulatory requirements. These efforts are
all reflected in the Company’s transition planning.
The transition plan was approved by the Sustainability and Culture Committee on 11 March 2025.
Wizz Air’s progress on implementing the transition plan can be found in chapter [E1-3] Actions and
resources in relation to climate change policy.
Wizz Air's decarbonisation roadmap is aspirational, supported by well-established methodology and
comprehensive external expert guidance. Although dedicated financial resources were not allocated in the
current reporting year, Wizz Air is committed to monitoring and reviewing its transition plan. The
Company plans to disclose the resources dedicated to addressing significant sustainability issues related
to climate change mitigation.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
220
[E1-2] POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION
In our commitment to addressing climate change, we have adopted comprehensive policies aimed at
mitigating its impacts. These policies are designed to reduce greenhouse gas emissions, enhance energy
efficiency, and promote sustainable practices across all operations.
ESRS disclosure
requirement
Material topic
Related policies
E1 - Climate Change
Climate change mitigation
ESG Policy
Environmental Policy
Sustainable Procurement Policy
ESG Policy
The purpose of Wizz Air's Environmental, Social and Governance (ESG) Policy is to outline the Company's
commitment to sustainable and responsible operations. This policy integrates ESG considerations into
business decisions and strategies, creating long-term value for stakeholders and contributing to sustainable
development. It is based on the requirements of the Corporate Sustainability Reporting Directive (CSRD)
and underpinned by ESG frameworks such as the Global Reporting Initiative (GRI) and the Task Force on
Climate-related Financial Disclosures (TCFD), reflecting the Company's values and purpose.
The policy applies to Wizz Air Holdings Plc and all its subsidiaries and affiliates, ensuring consistent and
transparent implementation across all operations. All employees are expected to adhere to this policy in their
work.
Oversight of the ESG Policy is integrated into Wizz Air's operations, with responsibility shared across all
organisational levels. The Sustainability and Culture Committee assists the Board in aligning strategic goals
with sustainability principles and provides ultimate oversight. At the operational level, the ESG function and
key internal stakeholders are responsible for implementing the policy within their departments, promoting a
culture of sustainability and responsibility.
In setting the policy, Wizz Air considered the interests of key stakeholders, ensuring their needs and
concerns are addressed. The policy is made available to all potentially affected stakeholders through the
Company's website and annual sustainability reports, facilitating transparency and engagement.
The policy undergoes an annual review to ensure its relevance and effectiveness in addressing ESG
commitments and responsibilities, and to align with current or upcoming trends and regulations.
Environmental Policy
Wizz Air's Environmental Policy demonstrates our commitment to reducing carbon emissions and minimising
environmental impact across all operations. Recognising the significant environmental impact of aviation, we
focus on reducing our carbon footprint through technological investments and transitioning to a net-zero
emissions economy. The policy mandates a thorough review of all organisational activities to identify
opportunities for minimising environmental impact, adhering to the highest environmental standards, and
complying with all relevant sustainability and pollution-prevention regulations. We ensure that employees
are well-trained and informed about the environmental implications of their work, encouraging their active
participation in environmental initiatives. Engaging with key stakeholders is crucial for Wizz Air, as their
input helps shape our pathways to net-zero emissions. We foster innovation and support programmes aimed
at advancing decarbonisation technologies. The policy is accessible to stakeholders through our sustainability
website and internal communications.
Sustainable Procurement Policy
Wizz Air is committed to minimising the environmental impact of our operations and demonstrating
leadership by integrating environmental considerations into its supply-chain strategy and business practices.
The Sustainable Procurement policy emphasises ongoing research and efforts to adopt new sustainability
practices, incorporating sustainability criteria in tender evaluations, and requiring suppliers to include
sustainability factors in their procurement and daily operations. This policy applies to all Wizz Air subsidiaries
and companies, covering all procurement activities.
Key aspects of the approach include compliance with relevant legislation and regulatory requirements,
setting objectives and action plans to support the policy, and continuously improving sustainable
procurement practices. For further information, please refer to Chapter [S4] - Workers in the value chain.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
221
[E1-3] ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE POLICIES
Priority Programmes in Wizz Air’s Environmental Strategy
Wizz Air has been actively implementing three key environmental programmes aimed at enhancing resource
efficiency and continuously minimising our climate impact. These ongoing initiatives focus on lowering
emissions intensity, implementing fuel and operational efficiency programmes, and establishing a
sustainable aviation fuel (SAF) supply chain to support our efforts in decarbonising aviation.
PRIORITY PROGRAMME
GOALS AND KEY LEVERS
1.
1. FOCUS ON CARBON INTENSITY
(CO2/RPK) REDUCTION
RESOURCE EFFICIENCY
Our most important environmental commitment is to reduce
the emissions intensity generated by flight operations gradually
and radically through:
▶
1.a fleet renewal; and
▶
1.b fuel efficiency.
2. SUSTAINABLE
AVIATION FUELS
▶
Qualify a SAF supply chain.
▶
Invest strategically in SAF R&D.
▶
Partnerships and calls to action.
3. INDUSTRY COLLABORATION
▶
Qualify future technology building blocks and industry
partnerships for innovation and cooperation, to enable
decarbonisation.
The next section of the Sustainability Statement provides detailed information about these integral elements
of Wizz Air’s environmental pillar.
1. Focus on Carbon Intensity (CO2/RPK) Reduction and Resource Efficiency
The most substantial portion of Wizz Air’s carbon footprint comes from Scope 1 CO2 emissions during flight
operations. Therefore, the Company places significant emphasis on managing carbon efficiency and
implementing programmes that support its commitment to improving this efficiency. Currently, no fuel
sources are entirely devoid of any environmental impact throughout their lifecycle. Consequently, Wizz Air
uses the intensity of carbon emissions as its primary environmental indicator. The intensity metric, CO2
emissions per revenue passenger kilometre, quantifies emissions from a specific amount of activity, allowing
for objective comparisons between companies of various sizes and business models.
Changes in emissions intensity are a critical indicator of a Company's resource efficiency, whereas total
emissions primarily reflect changes in economic performance. A decrease in total emissions could simply
result from reduced economic activity, without any real improvements in efficiency or related processes. This
distinction is crucial for passengers who aim to minimise their carbon emissions, as the intensity metric —
CO2 emissions per revenue passenger kilometre — provides a more accurate and comparative measure
among various airlines.
Carbon efficiency is directly tied to the energy efficiency of aviation operations, given that CO2 emissions are
a direct result of the fuel consumed during flights. According to international conversion standards, burning
one tonne of fuel results in the emission of approximately 3.15 tonnes of CO2. Therefore, focusing on
emissions intensity rather than total emissions offers a clearer picture of an airline's commitment to
improving its environmental performance and resource efficiency.
In 2021, Wizz Air set the target to reduce CO2 emissions to 43 grams per revenue passenger kilometre
(RPK) by 2030, compared to a baseline of 57.2 grams CO2/RPK in fiscal year 2020. In F25, Wizz Air
maintained its carbon emissions intensity at 52.2 grams, compared to 52.0 grams in F24, despite the
challenging backdrop of A321neo aircraft groundings due to GTF engine issues. For more information, please
see page 231. This achievement, along with the Company's ongoing efforts to reduce emissions per flight
and per passenger kilometre, has been recognised by external stakeholders. In November 2024, Wizz Air
received the award for EMEA Environmental Sustainability Airline Group of the Year at the CAPA Aviation
Summit. The awards are independently researched by CAPA’s analysts and carbon reduction strategists at
Envest Global. For more information on the CAPA awards and its ranking methodology please see page 185.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
222
1/a. Fleet Renewal - Main Pillar of Carbon Intensity Decrease
Since its introduction to the Wizz Air fleet in 2019, the Airbus A321neo has been recognised for its
exceptional fuel efficiency among single-aisle aircraft. It boasts the lowest fuel consumption per seat
kilometre in its class. Equipped with Pratt & Whitney Geared Turbofan engines, this advanced aircraft
features a spacious cabin with 239 seats in a single-class configuration. This design provides Wizz Air
with remarkable flexibility, enhanced fuel efficiency, and lower operating costs. Compared to the
A321ceo, the A321neo achieves significant fuel savings, reducing fuel consumption by 10 per cent. The
synergy between these engines and Airbus Sharklet™ wing-tip devices can improve per-seat fuel
efficiency by up to 20 per cent.
As Wizz Air announced in November 2021, the Company signed an agreement with Airbus for the
purchase of additional Airbus A321 aircraft, including both Airbus A321neo and Airbus A321XLR models,
with the majority to be delivered over the next few years.
Airline
Wizz Air
Ryanair
EasyJet
AF-KLM
IAG
LH
SAS
Average fleet age
4.7
10.0
10.2
12.1
12.4
14
7.9
Source: Based on the latest publicly available information at the time of report publication.
Wizz Air proudly operates the Airbus A320/321 family of aircraft, boasting the largest Airbus A321neo
fleet and one of the youngest fleets globally. With an average age of just 4.7 years and 227 seats per
aircraft, our fleet of 231 Airbus A320/321neo and ceo aircraft is significantly younger than the industry
average of approximately ten years.
Wizz Air is committed to maintaining a young and modern fleet. We aim to have 500 aircraft by the end
of the decade, with 100 per cent consisting of A320/A321neo models and equipped with the most fuel-
efficient engines available. The Company has been continuously expanding its fleet with the addition of
new Airbus A321neo aircraft while phasing out older models. By the close of the fiscal year, aircraft
equipped with the advanced “neo” technology constituted 66 per cent of Wizz Air’s fleet. These state-of-
the-art aircraft are capable of operating on a fuel blend containing up to 50 per cent SAF.
With the global net zero target set for 2050, it is essential for airlines to rely on the technology that is
available here and now. We are confident that our investment in state-of-the-art, fuel-efficient aircraft
will continuously reduce passengers' carbon footprint per flight and help us achieve our CO2 reduction
goal by 2030.
Fleet disposal information
Wizz Air operates a modern fleet, being the initial operator of all its aircraft, which are delivered brand new
by Airbus. The Company leases its aircraft from reputable global lessors and typically returns them when
they are relatively young, averaging between eight and twelve years old. Due to the aircraft's young age and
optimal performance at the end of their lease term with Wizz Air, lessors have the opportunity to lease these
assets to other operators before they reach their end of life. Wizz Air is contractually obligated to return the
aircraft in a specified condition, ensuring their continued value. Additionally, lessors may choose to resell the
aircraft to other owners, thereby extending their financial utility. Consequently, the post-lease handling of
the aircraft is beyond Wizz Air's control.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
223
1/b. Fuel Saving and Efficiency Initiatives
Wizz Air's dedicated teams are constantly seeking innovative methods to enhance fuel efficiency, thereby
reducing our environmental impact per flight by consuming less fuel. Utilising a new AI-driven digital
solution, we have identified and classified up to 47 distinct fuel-efficiency initiatives spanning various flight
phases – from fuel policy to ground operations, departure, cruise and descent. Collaborating with StorkJet
has facilitated the discovery of new fuel-optimisation opportunities, even in areas previously assumed to be
optimised.
Emissions-reduction impact of fuel-saving initiatives during main flight stages
The infographic illustrates the reduction of the carbon dioxide equivalent (CO2e) achieved through the implemented fuel-
saving and efficiency initiatives during the different flight stages in F25. Based on our fuel-saving estimates, in F25 a total
of 144,882 tonnes of CO2e emissions were avoided. While carbon dioxide (CO2) refers specifically to the greenhouse gas
CO2, CO2e includes not only CO2 but also other greenhouse gases like methane and nitrous oxide, converted into the
equivalent amount of CO2 based on their global warming potential.
Fuel data analytics – StorkJet cooperation
Since 2019, Wizz Air has been collaborating with StorkJet to enhance its operational efficiency and
sustainability efforts. This partnership focuses on leveraging StorkJet’s advanced tools and technologies,
including FuelPro, Advanced APM and FlyGuide, to optimise fuel consumption and improve overall
operational performance from all possible aspects. This collaboration has been playing a crucial role in
driving Wizz Air’s commitment to operational excellence and environmental considerations.
In 2022, StorkJet published a case study highlighting Wizz Air's use of its AI-powered fuel efficiency
software. Wizz Air initially had an internal platform for fuel efficiency, but there was a need for more
advanced analytics. By collaborating with StorkJet, we identified ten key fuel-saving initiatives. Over six
years, our cooperation strengthened, incorporating daily updates and tail-specific performance models.
Between December 2023 and February 2024, we tested a new solution with 500 pilots across 12,000
flights, optimising speeds and altitudes for enhanced fuel efficiency.
In 2024, a new case study was published in collaboration with StorkJet, detailing the adoption of
StorkJet’s machine-learning and data-driven taxi fuel solution. The study outlines how Wizz Air has
leveraged advanced technologies such as Big Data and Artificial Intelligence to optimise taxi fuel
planning. It specifically highlights the integration of StorkJet’s machine-learning-powered statistical taxi
fuel solution, which has achieved significant savings and reduced CO2 emissions.
Accurate taxi fuel planning is a common challenge in the aviation industry due to the variability of airport
operations, weather conditions, seasonality and air traffic control procedures. Overestimating taxi fuel
leads to unnecessary costs and increased emissions due to extra weight being carried, while
underestimating could pose risks to operational safety. These inefficiencies impact airlines globally. To
address this challenge, Wizz Air partnered with StorkJet to develop a sophisticated approach using
advanced technology. The StorkJet Taxi Fuel API uses historical QAR data (Quick Access Recorder) and
machine-learning models to predict taxi fuel consumption accurately for each operation. It continuously
learns from operational feedback, considering factors like seasonality, aircraft type, runway preference,
weather conditions and preferred percentile for calculations.
When projected across all flights, the integration of the StorkJet Taxi Fuel API has resulted in an average
fuel saving of 4 kg per flight. For the Wizz Air fleet, this translates to estimated annual savings of 740
tonnes of fuel and a reduction of 2,340 tonnes of CO2 emissions per year.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
224
Wizz Air’s most impactful fuel-efficiency initiatives
In total, we have been deploying the following high-impact, fuel-efficiency initiatives that, on an ongoing
basis, are reducing consumption by 2.1 per cent:
Initiative
Efficiency gain
Total fuel saving
Total carbon saving
Sharklets
0.80%
14,540 tonnes
46,258 tonnes
Lighter Seats
0.50%
8,650 tonnes
27,519 tonnes
Reduced take-off flap configuration
0.20%
3,630 tonnes
11,549 tonnes
Fuel Efficiency Pilot App
0.20%
3,480 tonnes
11,071 tonnes
Calculated Reserve Fuel
0.20%
3,140 tonnes
9,990 tonnes
Fuel Efficiency Platform
0.20%
3,090 tonnes
9,831 tonnes
Idle reverse thrust
0.10%
1,700 tonnes
5,408 tonnes
Electronic Flight Bag (EFB)
0.10%
1,240 tonnes
3,945 tonnes
Contingency Fuel
0.10%
1,110 tonnes
3,531 tonnes
Performance/idle factors
0.10%
1,080 tonnes
3,436 tonnes
Zero Fuel Weight Optimisation
0.10%
1,080 tonnes
3,436 tonnes
Statistical Taxi Fuel
0.10%
1,070 tonnes
3,404 tonnes
Single engine taxi-in
0.00%
770 tonnes
2,450 tonnes
CONF 3 landing
0.00%
700 tonnes
2,227 tonnes
Lighter Aircraft Brakes
0.00%
260 tonnes
827 tonnes
Note, the savings are calculated against a fuel-efficiency scenario where the Company does not implement
the initiatives. On top of the measures listed above, which have the highest impact on fuel efficiency, there
are various other initiatives and policies applied on an ongoing basis, to ensure the most efficient fuel
consumption during operations.
For a comprehensive understanding of the Company’s individual initiatives towards fuel efficiency, please see
below and refer to pages 36–38 of our F23 Annual Report.
▶
Fuel Efficiency App: Flight crew can access detailed insights from their own flight data and performance
metrics, aligned with predefined fuel efficiency initiatives. Additionally, the app provides guidance based
on historical data for upcoming flights, enabling pilots to make more informed fuel-related decisions.
▶
Contingency Fuel: This involves utilising statistical contingency fuel based on historical data and reducing
the contingency fuel from 5 per cent to 3 per cent of the trip fuel on suitable routes.
▶
Lighter seats: Wizz Air is enhancing fuel efficiency by using lighter seats. These seats, crafted from
advanced materials and designed to minimise weight, offer several significant benefits. With less weight
to carry, the aircraft's engines require less fuel, leading to improved fuel efficiency. Additionally, modern
lighter seats are designed for comfort, ensuring passengers enjoy a more comfortable flight experience
without compromising the airline's operational efficiency.
2. Sustainable Aviation Fuel (SAF)
SAF is a non-conventional aviation fuel derived from renewable resources, and is the main term used by the
aviation industry. SAF is the preferred term for this type of fuel in aviation, although when other terms are
used, such as sustainable alternative fuel, sustainable alternative jet fuel, renewable jet fuel or biojet fuel,
generally speaking the same intent is meant. Biofuel typically refers to fuels produced from biological
resources (plant or animal material). However, current technology allows fuel to be produced from other
alternative sources, including non-biological resources; thus the term is adjusted to highlight the sustainable
nature of these fuels.
While SAF is a fuel for aviation with an alternative feedstock (raw material from which fuels are produced) to
crude oil, it is produced from a variety of renewable resources, including waste oils, fats, agricultural
residues, and even municipal waste. It can also be synthesised from renewable energy sources through
processes like Fischer-Tropsch synthesis or Hydroprocessed Esters and Fatty Acids (HEFA). Although SAF
produces similar levels of carbon dioxide when burned compared to conventional aviation fuels, SAF is
produced from renewable resources such as waste oils, agricultural residues and non-food crops. These
feedstocks absorb CO2 during their growth, which is then released when the fuel is burned. This creates a
closed carbon cycle, unlike fossil fuels that release carbon previously locked underground. While the
production of SAF does generate emissions — stemming from activities such as crop cultivation,
transportation of raw materials and fuel refinement — these factors are taken into account when assessing
its overall impact. Despite these production-related emissions, SAF has been demonstrated to reduce total
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
225
CO2 lifecycle emissions significantly compared to fossil fuels, with reductions of up to 80 per cent in some
instances, according to IATA. Additionally, SAF contains fewer impurities, such as sulphur, which leads to
further decreases in emissions of sulphur dioxide and particulate matter, surpassing the reductions achieved
by current technologies.
SAF has chemical and physical properties that are nearly identical to those of conventional jet fuel. This
allows SAF to be safely blended with traditional jet fuel in various proportions, utilising the same supply
infrastructure without necessitating modifications to aircraft or engines. These types of fuel are known as
"drop-in fuels," meaning they can be seamlessly integrated into existing airport fuelling systems.
Wizz Air recognises the critical role of alternative fuels in reducing carbon emissions and advancing the
decarbonisation of aviation. SAF is increasingly recognised as a viable solution for mitigating aviation's
carbon footprint. However, the current supply of SAF does not yet meet the growing demand. Despite
somewhat increased production, the sector still requires substantial investment and scaling up production
capabilities. It is imperative to facilitate the scaling of SAF production by establishing a long-term policy
framework that promotes SAF adoption and by introducing incentives to bridge the price gap between
SAF and conventional jet fuel.
Wizz Air’s SAF strategy is comprehensive: we invest strategically in research and development projects,
and we collaborate with SAF suppliers to ensure a reliable and sustainable fuel supply chain in the long
term. To further demonstrate our commitment, Wizz Air has set an aspirational goal to fuel our flights
with a 10 per cent sustainable aviation fuel blend by 2030.
SAF Management - Internal Working Groups
Wizz Air, leveraging the robust framework established by the Sustainability Council, has formed expert
working groups to ensure compliance with all SAF-related obligations. These groups oversee the entire
process, from initial preparations to uplifting and reporting to the relevant authorities and organisations. The
working groups convene regularly to discuss ongoing matters and report to senior management. They
comprise various teams, including Finance, Operations, Fuel Procurement, Sustainability and EU Affairs,
covering the entire scope of the Group's operations.
Our strategic SAF investments
▶
Firefly
In April 2023, Wizz Air made an investment
of
£5.0
million
to
support
Firefly’s
development of SAF processes, aiming for
ASTM qualification. This strategic partnership
with Firefly, a biofuel company, will enable
Wizz Air to supply SAF to our UK operations
starting in 2028. Over the next 15 years,
Firefly is expected to deliver up to 525,000
tonnes
of
SAF,
potentially
mitigating
approximately
1.5
million
tonnes
of
greenhouse gas lifecycle emissions compared
to traditional fossil jet fuel. Firefly has
pioneered an integrated technology pathway
for SAF production using sewage sludge as a
feedstock, promising enhanced sustainability
with a remarkable 90 per cent reduction in
greenhouse
gas
emissions
across
the
lifecycle. Firefly’s SAF will undergo rigorous
validation by the gold-standard sustainability
assessor
RSB,
ensuring
alignment
with
environmental standards. Looking ahead, Firefly aims to operationalise its first commercial SAF plant within
the next few years. In 2025 Firefly’s fuel has been independently tested by Cranfield University, and the
results show a predicted 92 per cent life cycle carbon reduction compared to fossil jet fuel.
▶
CleanJoule
Wizz Air’s second equity investment is in CleanJoule, a US-based startup dedicated to the production of SAF.
CleanJoule secured a $50 million investment round led by Indigo Partners LLC, a private equity firm and a
large shareholder in Wizz, with participation from three airlines: Frontier Airlines (US), Wizz Air (Europe) and
Volaris (Mexico). As part of their commitment, these airlines have signed binding agreements to purchase up
to 90 million gallons of SAF. The funding consortium also included GenZero, a decarbonisation-focused
investment platform under Temasek in Singapore, and Cleanhill Partners, a US-based private equity firm.
Although CleanJoule is based in the US, Wizz Air’s investment in its research and development aims to scale
the technology for broader application. CleanJoule has developed a new SAF called CycloSAF, which contains
more cycloalkanes, making it 10 per cent more energy-dense than Jet A fuel. CycloSAF can potentially
enable flights using 100 per cent SAF and eliminating aromatics, reducing non-CO2 emissions like soot. The
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
226
fuel is made from biomass which is abundant globally, especially in rural areas, allowing CycloSAF to scale
up to meet increasing aviation fuel demands.
Wizz Air’s SAF Memorandum of Understanding (MoU)
▶
Wizz Air signed an MoU with Mabanaft/P2X Europe. This partnership focuses on the supply of power to
liquid synthetic SAF, scheduled to commence in 2026.
▶
Our collaboration with OMV extends from 2023 to 2030. Under this MoU, Wizz Air would gain access to
up to 185,000 metric tonnes of SAF (HEFA type).
▶
Wizz Air signed MoU with Neste, which allows the opportunity to purchase SAF across our European and
UK route network.
▶
An MoU has been signed between Cepsa and Wizz Air, providing the airline with the option to purchase
Sustainable Aviation Fuel (SAF) to support its route network across Spain.
3. Industry Collaboration
Wizz Air at COP29: Supporting Global Efforts Toward Aviation Decarbonisation
Wizz Air participated in COP29’s Transport Day, engaging in discussions focused on the aviation sector’s
decarbonisation pathway. The Company expressed its support for the International Civil Aviation
Organization’s (ICAO) Long-Term Aspirational Goal (LTAG) of achieving net-zero carbon emissions by 2050
and highlighted the need for coordinated international efforts and effective policy frameworks to help
achieve this target.
Wizz Air advocates for incentives to scale up SAF production locally, addressing one of aviation’s most
pressing decarbonisation challenges. The airline has already invested in SAF innovation, including an
investment in Firefly, a UK-based company developing SAF from renewable waste, and investment in
CleanJoule, a SAF production company focused on agricultural residue-based SAF production.
Wizz Air also emphasised the importance of robust carbon markets as a tool to offset emissions within the
broader context of global decarbonisation. In its engagement at COP29, the Company encouraged ICAO
Member States to increase the availability of eligible units under the Carbon Offsetting and Reduction
Scheme for International Aviation (CORSIA). This mechanism is intended to support the aviation sector’s
contribution to emissions reductions while facilitating investment in renewable energy and other climate-
related projects.
SAF trial ahead of EU mandates
In October 2024, Wizz Air announced a collaboration with Airbus to trial SAF. This positioned Wizz Air at the
forefront of compliance with the EU’s forthcoming RefuelEU aviation regulations, which took effect in January
2025. The trial involved flights across two major routes: Barcelona to Budapest (BCN-BUD) and Brussels
Charleroi to Budapest (CRL-BUD), with SAF supplied by Cepsa and distributed by World Fuel Services, a
World Kinect company, at each departure airport. The project was conducted using the mass balancing
method, with Wizz Air purchasing up to 16 metric tonnes of pure SAF through a 5 per cent SAF blend at
Barcelona-El Prat Airport and up to 18 tonnes of pure SAF through a 10 per cent SAF blend at Brussels
Charleroi Airport. During the trial, Wizz Air operated more than 50 flights using a blend of SAF and
traditional jet fuel.
The joint initiative underscored Wizz Air’s proactive approach to decarbonising air travel in alignment with
the EU’s Destination 2050. Through this project, Wizz Air took steps to incorporate SAF into its operations,
leveraging the fuel efficiency of the Airbus A321neo aircraft, testing alignment with regulatory frameworks
ahead of schedule, and understanding passengers’ awareness of SAF and related policies by distributing a
survey. This initiative demonstrated the feasibility of incorporating SAF into regular operations and
highlighted areas for future development, including infrastructure upgrades and cost optimisation.
Airbus supported Wizz Air in this trial by providing technical guidance and expertise to maximise the
efficiency of SAF integration across operations. By proactively embracing SAF and laying the groundwork for
adopting new regulatory frameworks, Wizz Air is set to deliver more carbon-efficient air travel options for
millions of European passengers.
First ever SAF refuelling in Hungary
In 2023, Wizz Air conducted a sustainable aviation fuel
(SAF) test in Hungary, marking the first time it took off
from Budapest Airport with a 37 per cent blend of Neste
MY Sustainable Aviation Fuel™ supplied by MOL. Five of
Wizz Air's aircraft were fuelled with a total of 23.5 tonnes
of a blend containing 37 per cent pure SAF and 63 per
cent Jet A1 fuel. This project aligns with broader aviation
efforts to reduce lifecycle CO2 emissions and prepare
Budapest Airport's supply system for the upcoming SAF
blending mandate.
Wizz Air is also a member of the Alliance for Zero Emission
Aviation (AZEA) and the Renewable and Low-Carbon Fuels
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
227
Value Chain Industrial Alliance (RLCF). Additionally, the Company has participated in discussions on national
SAF strategies in countries like Austria and Hungary.
Collaborating with future SAF suppliers is crucial for Wizz Air to establish a robust SAF supply chain, ensuring
compliance with upcoming blending mandates. In the short term, the focus is on securing SAF supplies to
meet regulatory requirements, while in the long term, the Company aims to achieve a structural advantage
in terms of cost and supply.
SAF availability in our network
With the introduction of the 2 per cent SAF blending mandate in January 2025 under RefuelEU Aviation
(RFEUA), Europe is expected to maintain a sufficient supply until 2030. While domestic European production
is stagnating, imports — especially from the US and Asia — are playing a crucial role in balancing the supply.
This has even led to a temporary market oversupply, as seen in falling SAF prices published by the
independent price reporting agency, ARGUS, in early 2025.
Despite the current oversupply, airlines are adopting SAF more slowly than expected due to high costs (SAF
is currently 4-5 times more expensive than fossil jet fuel), leading to weaker demand for voluntary
commitments to reduce carbon emissions. The price gap between SAF and conventional jet fuel varies
depending on the SAF production pathway and feedstock, and SAF prices can fluctuate significantly due to
factors like feedstock availability, production costs and policy changes.
SAF production in the EU remains very uneven, with some countries — such as Spain and Finland — leading
in capacity, while Southern and Eastern Europe lag behind due to weaker policy incentives, lower
investment, and less developed bio-refining infrastructure. This imbalance creates logistical challenges, cost
disparities and supply bottlenecks, making it more difficult for the aviation sector to meet the blending
mandates in the most cost-efficient way.
Under the RefuelEU flexibility mechanism, fuel suppliers must meet overall blending mandates but are not
required to supply SAF to every airport in order to reduce compliance costs and avoid unnecessary logistics
and emissions; therefore, supply is mainly concentrated at major European hubs. Low-cost carriers
operating from secondary and regional airports face significant logistical and cost challenges in accessing
SAF, as these smaller airports often lack the necessary infrastructure. Some smaller German airports in Wizz
Air’s network will not receive SAF in 2025, meaning Wizz Air cannot account for SAF usage under the EU
ETS, which requires SAF to be physically delivered to the departure airports. Therefore, regulatory
consistency between RefuelEU and EU ETS is crucial to addressing this issue.
As for the mid-term outlook by 2030, Europe faces several challenges in scaling SAF supply up to meet its 6
per cent regulatory mandate and climate goals due to the production capacity shortfall, feedstock limitation
and high production cost. The HEFA production pathway, which dominates today’s SAF production, depends
on used cooking oil (UCO) and waste fats, which are already in short supply. Europe consumes far more
UCO than it collects, making future expansion difficult.
Synthetic SAF (e-fuels) production is currently very limited in Europe, and it remains a major challenge to
meet the 1.2 per cent sub-mandate by 2030 (and the 0.2 per cent UK mandate from 2028). Unlike bio-
based SAF, synthetic SAF is produced using Power-to-Liquid (PtL) technology, which combines green
hydrogen (from renewable electricity) with captured CO2 to create synthetic hydrocarbons. Despite the
significant potential in e-fuel, several barriers hinder its large-scale deployment by 2030, such as high
production costs (synthetic SAF is more expensive than bio-based SAF and jet fuel), limited renewable
energy availability (renewable electricity for hydrogen production) and policy & market uncertainty (slow
progress in projects due to low mandate, a lack of long-term price signals and investment certainty).
Adding to these challenges, RefuelEU Aviation's implementation has led to unintended cost burdens on
airlines. A recent IATA report found that fuel suppliers have imposed compliance surcharges that are, on
average, twice the prevailing SAF market price premium — leading to airline fuel costs exceeding €2 billion
annually. Airlines that do not directly procure SAF are forced to pay inflated compliance fees, while many still
lack the required sustainability certification documents to claim environmental benefits under the EU ETS.
Since SAF has a critical role to play in achieving
net-zero carbon emissions by 2050, strong
production
incentives
are
critical
for
accelerating
production
at
traditional
oil
companies and expanding regional feedstock
and SAF production to encourage greater airline
uptake and drive emissions reductions at the
lowest possible cost. However, the rising price
pressure from Asian imports and the lack of
investment certainty threaten the expansion of
European SAF production, potentially leading to
increased import dependence.
Wizz Air’s aspirational SAF target
In April 2024, Wizz Air decided to emphasise its
commitment further by adopting an aspirational
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
228
goal to fuel our flights with a 10 per cent SAF blend by 2030. The new goal supports our commitment to
reduce total lifecycle emissions per flight.
With this step, Wizz Air is also initiating a call to action. The different circumstances and development levels
of SAF production in our network will underpin the airline's ability to contribute to the achievement of the
SAF goal by 2030. Wizz Air is committed to achieving sustainable aviation growth in alignment with global
aspirations. Our comprehensive strategy addresses environmental impact, operational efficiency and long-
term sustainability. This commitment involves leveraging technology, refining operational practices and
adopting SAF. While improvements in aircraft technology hold promise, their impact will unfold over years
and decades.
SAF offers a direct pathway to reducing emissions, making it crucial to increase SAF production and
utilisation within the aviation sector as soon as possible. The urgency to accelerate SAF production aligns
with Europe's demand, and closing this gap is essential for achieving our shared environmental goals.
Future Technology Building Blocks
Industry collaboration is crucial for the decarbonisation of the aviation sector because it brings together
diverse expertise, resources and innovative solutions necessary to tackle the complex challenge of reducing
carbon emissions. Wizz Air is committed to engaging with industry stakeholders to drive sustainable change
within aviation. By cooperating with our suppliers, partners and other stakeholders on projects concerning
technological and operational innovations, we can collectively develop and implement sustainable
technologies more effectively. Ultimately, this collaborative approach accelerates progress towards achieving
net-zero emissions, ensuring a more sustainable future for aviation.
Electrification of Ground Handling Processes
▶
Aeroporti di Roma and Aviation Services
In July 2023, Wizz Air had its first fully electric turnaround at Rome Fiumicino Airport, one of the largest
bases in our network. Our sustainability efforts do not stop with fleet renewal, operational efficiencies and
investing in sustainable fuels.
The turnaround process included a number of steps using electric equipment to prepare Wizz Air’s aircraft
for the next departure once it had landed. Aviation Services used all-electric baggage tractors and belt
loaders, passenger steps, a ground power unit and a towbarless pushback.
Electric turnaround allows us to reduce carbon emissions from the ground handling process per aircraft by
85 per cent compared to using diesel-powered equipment. Industry collaboration is one of the most
impactful ways to address the current climate challenge, and we are pleased to work on this together with
Aeroporti di Roma and Aviation Services to make our ground operations less emitting in Italy.
▶
Menzies Aviation – Budapest
In November 2023, Wizz Air was the first airline to perform fully electric turnarounds at Budapest Airport
thanks to our partnership with Menzies Aviation. The turnaround at Budapest Airport is possible through the
airport’s provision of charging infrastructure necessary for electric equipment, with all the energy drawn
from renewable sources. It is further supported by Menzies’ “electric first” approach, which includes a
commitment to having 25 per cent electric ground service equipment globally by 2025. Menzies’ use of
electric baggage tractors and belt loaders, passenger steps with solar panels, a ground power unit, a
pushback, potable water and lavatory units is enabling Wizz Air to depart from Budapest Airport safely while
improving energy use and operational efficiency.
These electric turnarounds reduce carbon emissions from the ground handling process by around 80 per
cent per aircraft when compared to using diesel-powered equipment. Currently, Menzies Aviation can
provide fully electric turnarounds for two Wizz Air aircraft simultaneously at Budapest Airport. Wizz Air
welcomes Menzies Aviation’s investment to switch from diesel-powered to electric equipment. As Budapest
Airport’s largest operator, we are delighted to continue working with our local partners to find new solutions
that help us reach our targets collectively as an industry.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
229
European Union - Industry Collaboration
▶
Alliance for Zero Emission Aviation (AZEA)
In September 2022, Wizz Air joined AZEA, a voluntary initiative launched by the European Commission to
pave the way for next-generation sustainable aircraft. The objective of AZEA is to prepare the market for the
entry into service of zero-emission aircraft. The Company is participating in two expert-level groups most
relevant to our operations: one dealing with roll-out scenarios for electric and hydrogen-powered aircraft and
related “figures of reference”, and the other focusing on incentives, analysing the barriers and opportunities
operators may face when integrating such aircraft into their fleet.
▶
Renewable and Low-Carbon Fuels Value Chain Industrial Alliance (RLCF)
The RLCF Alliance is working on tackling the lack of availability and affordability of renewable and low-carbon
drop-in fuels for aviation (and waterborne transport), boosting production, increasing investor certainty,
reducing investment risks and reducing the price differential between conventional fossil fuels and
alternative fuels. Wizz Air has been a member since September 2022, and we continuously provide
information and industry expectations in the framework of targeted consultations.
▶
European Aviation Environmental Report (EAER) – Advisory Group
The European Union Aviation Safety Agency (EASA) will publish its next EAER in 2025, as part of which EASA
has invited Wizz Air as a key stakeholder to participate in the EAER Advisory Group that will provide input
and guide the report process. The relevant content of the EAER 2025 will also be used as the basis for the
European Common Section of the ECAC State Action Plans to quantify CO2 emission reductions from
mitigation measures that are submitted by states to the ICAO every three years. This will facilitate a
harmonised approach on environmental reporting, both within Europe and internationally, towards the ICAO.
Sustainable aviation fuel
Alongside technological and operational enhancements, our SAF strategy encompasses a multifaceted
approach. As production has only recently become viable with the support of governments and technological
development, the sector needs significant investment to scale up. We invest strategically in research and
development (R&D) projects to secure our own sources of SAF.
▶
SAF trial
In collaboration with Airbus, Wizz Air trialled SAF across two major routes, Barcelona to Budapest (BCN-
BUD) and Brussels Charleroi to Budapest (CRL-BUD), with SAF supplied by Cepsa and distributed by World
Fuel Services, a World Kinect company, for each departure airport. Wizz Air purchased up to 16 tonnes pure
SAF through an up to 5 per cent SAF blend at Barcelona-El Prat Airport, and up to 18 tonnes pure SAF
through an up to 10 per cent SAF blend at Brussels Charleroi Airport.
▶
Firefly
Our strategic partnership with Firefly, a biofuel company, will enable us to supply SAF to our UK operations
starting in 2028. Over the next 15 years, we anticipate delivering up to 525,000 tonnes of SAF. By doing so,
we have the potential to mitigate approximately 1.5 million tonnes of greenhouse gas emissions when
compared to traditional fossil jet fuel. Firefly has pioneered an integrated technology pathway for SAF
production using sewage sludge as a feedstock. Firefly’s SAF will undergo rigorous validation by the gold-
standard sustainability assessor RSB, ensuring its alignment with environmental standards.
▶
CleanJoule
The company secured a $50 million investment round with Indigo Partners LLC, a private equity firm, as part
of which three airlines – Frontier Airlines (US), Wizz Air (Europe) and Volaris (Mexico) – also participated.
With their commitment, Frontier Airlines, Wizz Air and Volaris have signed binding agreements to purchase
up to 90 million gallons of SAF. While CleanJoule is a US-based company, it is planning to build plants in
Europe in the future, which would support SAF availability within the EU.
Aircraft Technology
▶
Airbus – ZEROe Hydrogen Project
Wizz Air and Airbus signed a ZEROe Memorandum of Understanding in January 2022 to explore the potential
for hydrogen-powered aircraft operations. Key topics of the cooperation are the evolution of the ecosystem,
sharing insights on operational and infrastructure opportunities and challenges to determine how a zero-
emission aircraft could be operated within Wizz Air’s network.
Wizz Air's action plans and environmental strategy focus comprehensively on enhancing resource
efficiency and continuously minimising our climate impact. These ongoing initiatives focus on lowering
emissions intensity, implementing fuel and operational efficiency programmes, and establishing a
sustainable aviation fuel (SAF) supply chain to support our efforts in decarbonising aviation. Although
dedicated financial resources were not specified in the current reporting year, Wizz Air plans to disclose
the resources allocated to addressing sustainability issues related to climate change mitigation.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
230
[E1-4] TARGETS RELATED TO CLIMATE CHANGE MITIGATION
To realise Wizz Air’s vision, we have set four specific objectives, both quantitative and qualitative, within the
environmental pillar, aligned with our sustainability ambitions.
Environment
Commitments
On
target
Current status
Reduce CO2/RPK (carbon emitted per
passenger kilometre) from flight
operations by 25 per cent until 2030 (F20
base year).
Industry-leading results (as per CAPA award),
though the F25 annual sub-target has not been
achieved due to external factors. More
information can be found on page 231.
Qualify a sustainable aviation fuel (SAF)
supply chain from 2025.
On target. Two equity investments in
sustainable aviation fuel research, partnerships
with SAF suppliers and aspiration to fuel flights
with 10 per cent SAF blend by 2030. Details on
page 227.
Drive noise reduction by ensuring all our
fleet is compliant with the applicable
Chapter 14 noise-emission standards by
2028.
On target. 82 per cent of our aircraft are
compliant as of F25. See page 240, for more
information.
Qualify future technology building blocks
and industry partnerships to enable
decarbonisation by 2050.
Ongoing, with the Board of Directors leading and
the Sustainability Council stakeholders
implementing actions. See page 227 for key
projects.
(
= target achieved or in case of long-term target, the current trend is positive;
= target not reached, but there is an action plan
in place to reach it).
As part of our commitment to reducing greenhouse gas (GHG) emissions, Wizz Air has established a specific
target for Scope 1 emissions. We aim to reduce our CO2 emissions per revenue passenger kilometre (CO2/
RPK) by 25 per cent by the financial year 2030. This goal is integral to our broader environmental strategy
to minimise our carbon footprint. The target encompasses all flights operated by Wizz Air, with a baseline
value of 57.2 grams of CO2/RPK set in the financial year 2020.
The methodologies used to define this target include fleet renewal, operational efficiency improvements and
the adoption of sustainable aviation fuels. Offset programmes are not included in the carbon intensity
glidepath. The target period extends from 2020 to 2030, with reporting and disclosure of CO2/RPK planned
and actuals on a glidepath to ensure progress is tracked and transparently communicated.
Internal stakeholders, including the sustainability, finance and controlling
teams, have been actively involved in the target-setting process through
consultations. Any changes in the target or underlying methodologies are
transparently communicated in Wizz Air's annual sustainability reports.
This target was established in 2021 based on the WIZZ300 strategy,
which has since been replaced by the WIZZ500 strategy. The new
strategy aims for a more ambitious fleet renewal target of 500 aircraft, up
from the previous target of 300 aircraft. This shift was made to take
advantage of an opportunity to secure attractive fleet order positions
when other airlines were hesitant to commit.
In the financial year 2025, Wizz Air successfully maintained its carbon
intensity at 52.2 grams, compared to 52.0 grams in F24, continuing to
lead Europe in carbon intensity metrics relative to major competitors. This
achievement is particularly noteworthy given the significant operational
disruptions encountered. Mandatory inspections of the Pratt & Whitney
GTF PW1100 engines necessitated the grounding of approximately 50
aircraft at the beginning of 2024. To mitigate the impact of these
disruptions, Wizz Air extended multiple existing A321 Ceo aircraft leases
and secured additional non-Neo aircraft through dry and wet leases.
However, the necessity of leasing older, less-efficient engined aircraft
adversely affected flight fuel efficiency and CO2 intensity.
In November 2024, Wizz Air was honoured with the EMEA’s Environmental Sustainability Airline Group of the
Year award. This marks the third consecutive year that the airline has received a sustainability award at the
annual CAPA Airline Leader Summit. These awards are independently researched by CAPA’s analysts and
carbon-reduction strategists at Envest Global.
Wizz Air stays committed to doubling its fleet between 2025 and 2030, and establishing a predominantly neo
fleet of 500 aircraft by the end of the decade. The growth and fleet renewal, underpinned by the Airbus
order book and focused on operating the most fuel-efficient aircraft in the market, remains a core aspect of
Wizz Air's business model.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
231
F20
F21
F22
F23
F24
F25
CO2 per RPK (in grams)
57.2
77.3
60.7
53.8
52
52.2
With increasing load factors, operational fuel efficiency measures, future SAF purchase commitments and
the restoration of future delivery rates, Wizz Air maintains its commitment to the overall glidepath target of
42.6 grams CO2/RPK by F30 (a 25 per cent reduction over the decade) compared to 57.2 grams CO2/RPK in
F20. The progress versus the ultimate CO2/RPK decrease target remains part of the management incentive
scheme for the Group CEO and all Officers.
Currently, we do not have established targets for Scope 2 and Scope 3 emissions. We are assessing the
possibility to develop targets for Scope 2 emissions and will engage with stakeholders to ensure these future
targets are robust and effective. Transparency remains a cornerstone of our approach, and we will continue
to update our stakeholders on our progress and any new developments in our emissions reduction
initiatives.
[E1-5] ENERGY CONSUMPTION AND MIX
As a global airline, energy consumption is a key contributor to our overall environmental footprint, with
aviation fuel comprising the majority of our energy use. In line with the ESRS, this section discloses our
energy consumption and energy mix, covering both renewable and non-renewable sources. We report only
the energy consumed from processes owned or controlled by the undertaking, applying the same reporting
perimeter used for GHG Scope 1 and Scope 2 emissions. This ensures consistency and transparency in
tracking our energy use and supports our broader decarbonisation strategy.
Energy consumption and mix
Unit
F25
(1) Fuel consumption from coal and coal products
MWh
0
(2) Fuel consumption from crude oil and petroleum products
MWh
22,359,983
(3) Fuel consumption from natural gas
MWh
0
(4) Fuel consumption from other fossil sources
MWh
0
(5) Consumption of purchased or acquired electricity, heat,
steam, and cooling from fossil sources
MWh
1,001
(6) Total fossil energy consumption (calculated as the sum of
lines 1 to 5)
MWh
22,360,984
Share of fossil sources in total energy consumption
%
100
(7) Consumption from nuclear sources
MWh
657
Share of consumption from nuclear sources in total energy
consumption
%
0
(8) Fuel consumption for renewable sources, including biomass
(also comprising industrial and municipal waste of biologic origin,
biogas, renewable hydrogen, etc.)
MWh
0
(9) Consumption of purchased or acquired electricity, heat,
steam, and cooling from renewable sources
MWh
164
(10) The consumption of self-generated non-fuel renewable
energy
MWh
0
(11) Total renewable energy consumption (calculated as the sum
of lines 8 to 10)
MWh
164
Share of renewable sources in total energy consumption
%
0
Total energy consumption (calculated as the sum of points 6,7
and 11)
MWh
22,361,805
Energy production
Non-renewable energy production
(MWh)
22,359,983
Renewable energy production
(MWh)
0
High climate impact sector disclosures
Energy intensity from activities in high climate impact sectors
MWh/€
0
Total energy consumption from activities in high climate impact
sectors
MWh
22,361,805
High climate impact sectors used to determine energy intensity
-
Transportation
and Storage
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
232
Energy intensity per net revenue
Unit
F25
Disclosure of reconciliation to relevant line item or notes in
financial statements of net revenue from activities in high climate
impact sectors
-
Annual report /
main chapter
Financial Review /
sub-chapter
Financial
performance
Net revenue from activities in high climate impact sectors
€M
5,267.6
Net revenue from activities other than in high climate impact
sectors
€M
0
Total net revenue (Financial statements)
€M
5,267.6
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
233
[E1-6] GROSS SCOPES 1, 2, 3, AND TOTAL GHG
Understanding and disclosing our greenhouse gas (GHG) emissions across the value chain is fundamental
to our climate strategy. Wizz Air’s emissions mainly stem from Scope 1 GHG emissions, from jet fuel
combustion, while Scope 2 emissions arise from purchased electricity at our rented facilities, and Scope 3
includes indirect emissions such as those from our supply chain and customer travel-related activities.
This section provides a comprehensive overview of our gross GHG emissions across Scopes 1, 2 and 3.
The Greenhouse gas report and inventory was prepared and aligned with the GHG Protocol and ISO
14064-1:2018.
△ Wizz Air’s chosen reporting boundary is operational control. Under the operational control approach,
Wizz Air accounts for 100 per cent of emissions from all operations under which it or one of its
subsidiaries (Wizz Air Holdings Plc: Wizz Air Hungary Ltd., Wizz Air UK Limited, Wizz Air Abu Dhabi
Limited, Wizz Air Malta Ltd. and other legal subsidiaries) has operational control, which means that it has
the authority to introduce and implement its operating policies.
Area
Unit
F25
F24
CO2/RPK
g/RPK
52.2
52.0
Scope 1 GHG emissions
CO2e gross Scope 1
tCO₂eq
5,834,826
5,771,643
CO2 Scope 1
tCO₂eq
5,782,148
5,719,535
CH4 Scope 1
tCO₂eq
4,030
3,986
N2O Scope 1
tCO₂eq
48,649
48,122
Scope 2 GHG emissions
Gross location-based Scope 2 greenhouse gas
emissions
tCO₂eq
376
1,093
Gross market-based Scope 2 greenhouse gas
emissions
tCO₂eq
490
1,680
Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions
tCO₂eq
2,126,990
1,773,193
Percentage of Gross Scope 3 greenhouse gas
emissions
%
17.71
15
3.1 Purchased goods and services
tCO₂eq
549,108
121,085
3.2 Capital goods
tCO₂eq
313,378
372,984
3.3 Fuel and energy-related activities (not
included in Scope 1 or Scope 2)
tCO₂eq
1,215,126
1,202,267
3.4 Upstream transportation and distribution
tCO₂eq
18,991
38,800
3.5 Waste generated in operations
tCO₂eq
7,793
7,772
3.6 Business travel
tCO₂eq
6,741
3,585
3.7 Employee commuting
tCO₂eq
9,263
17,805
3.8 Upstream leased assets
tCO₂eq
1,506
n/a
3.9 Downstream transportation
tCO₂eq
n/a
n/a
3.10 Processing of sold products
tCO₂eq
n/a
n/a
3.11 Use of sold products
tCO₂eq
26
19
3.12 End-of-life treatment of sold products
tCO₂eq
252
258
3.13 Downstream leased assets
tCO₂eq
n/a
n/a
3.14 Franchises
tCO₂eq
n/a
n/a
3.15 Investments
tCO₂eq
4,807
8,618
Total GHG emissions
Total GHG emissions (location-based)
tCO₂eq
7,962,194
n/a
Total GHG emissions (market-based)
tCO₂eq
7,962,308
7,546,516
△
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
234
Area
Unit
F25
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes (EU/UK ETS)
%
41
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes (CORSIA)
%
37
For more information on carbon regulation frameworks and compliance markets please see page 239.
(Excluded from the limited assurance engagement.)
△ GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used
to determine emissions factors and the values needed to combine emissions of different gases.
This reporting year (F25) is the first time the Company reports biogenic CO₂e emissions associated with
combustion activities. This inclusion aims to enhance the completeness of our emissions data by
accounting for carbon dioxide released from biogenic sources. For further details and a breakdown of
these emissions, please refer to the table below:
Area
Unit
F25
Biogenic emissions of CO2 from the combustion or bio-degradation of
biomass not included in Scope 1 GHG emissions
tCO₂eq
0
Biogenic emissions of CO2 from combustion or bio-degradation of biomass
not included in Scope 2 GHG emissions
tCO₂eq
49
Biogenic emissions of CO2 from combustion or bio-degradation of biomass
that occur in value chain not included in Scope 3 GHG emissions
tCO₂eq
62
Total Biogenic Emissions
tCO₂eq
111
(Excluded from the limited assurance engagement.)
The amount of carbon dioxide equivalents emitted per million euros of net revenue is detailed in the
following table.
GHG intensity by net revenue
Unit
F25
Net revenue
€M
5,267.6
Total GHG emissions (location-based) per net revenue
tCO2eq/mEUR
0.0023
Total GHG emissions (market-based) per net revenue
tCO2eq/mEUR
0.0023
(Excluded from the limited assurance engagement.) △
Description of relevant activities, methodologies, assumptions and emissions factors per scope and
energy consumption
Wizz Air has been reporting its Greenhouse gas (GHG) emissions since F21, and although F25 marks the
inaugural year for a voluntary ESRS report, key data — including Scope 1, Scope 2 and Scope 3
emissions — were already disclosed in previous years. △ The Corporate Carbon Footprint (CCF) for F25
was calculated based on a 12-month reporting period and assessed retrospectively as relevant
consumption data became available. △ No significant events or changes impacting the emissions
inventory were identified during the F25 period.
△ Carbon emissions were calculated based on the Company’s consumption data. Wherever feasible,
primary data was collected directly. However, due to certain limitations in data availability and
accessibility, it was necessary to supplement primary data with secondary sources and employ estimation
techniques where gaps existed. To address data gaps and enhance the accuracy of the GHG inventory
calculations, a detailed set of assumptions and estimation methods was applied. High-quality, supplier-
specific emission factors (EFs) were prioritised when available, as these allow for a more targeted
understanding of emissions and support effective reduction strategies. When supplier-specific EFs were
not accessible, alternative emission factors were sourced from internationally recognised databases and
authoritative sources, including: ecoinvent, DEFRA, Agrifootprint, Ökobaudat, AIB, ADEME, AGRIBALYSE,
IPCC, US EPA, FCID. These sources are chosen for their credibility and alignment with global
sustainability standards. Emission factors are rigorously evaluated before inclusion in calculations to
ensure alignment with the GHG Protocol’s five data quality principles: Reliability, Technological
Representativeness, Completeness, Geographical Representativeness, and Temporal Representativeness.
The carbon footprint calculation process involves multiplying the collected consumption data by the
corresponding emission factors, resulting in quantifiable carbon dioxide equivalent (CO₂e) emissions. This
standardised approach ensures consistency and transparency in emissions reporting, supporting both
internal reduction strategies.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
235
▶
Scope 1 GHG emissions
Wizz Air’s Scope 1 GHG emissions originate from sources owned, leased or controlled by the Company,
with jet fuel being the primary contributor. Fugitive refrigerants are excluded from the Company’s GHG
reporting as these emissions are not considered material. However, Wizz Air intends to collect and
disclose this data in future years to ensure a comprehensive footprint.
Wizz Air calculates its Scope 1 emissions by multiplying fuel and energy use by the applicable conversion
factors based on the UK Government’s latest GHG conversion factors for company reporting (DEFRA
2024). It is estimated that burning one tonne of fuel results in the emission of 3.15 tonnes of CO2. For
F25, Wizz Air discloses Scope 1 CO2e emissions, including methane (CH4) and nitrous oxide (N2O)
emissions for Scope 1 non-CO2 greenhouse gases, in accordance with the referenced GHG conversion
factors. △
CO2 with Radiative Forcing Index
Wizz Air has been incorporating the Radiative Forcing Index (RFI) in its CO2 emissions reporting since F24
as per the recommendation of DEFRA 2023 methodology of GHG conversion factors for company
reporting. The RFI is a metric that considers not only CO2 but also non-CO2 emissions from aviation. It is
utilised to compute emissions related to air travel, reflecting the higher global warming potentials of
these emissions, including the impacts of contrails and other high-altitude emissions.
As outlined by DEFRA, this multiplier is exclusively applied to the CO2 component of direct emissions,
excluding other greenhouse gases like methane or nitrous oxide. This multiplier is uniformly applied to all
flights, irrespective of their distance or altitude, and to all flight phases, while recognising the inherent
approximations linked with this approach. Although these effects are widely acknowledged, the precise
mechanisms and their full extent remain under active scientific study. Current scientific research
addresses aviation emissions as an aggregate, without the capacity to distinguish between effects at
different altitudes or flight stages.
CO2 [t CO2e]
Total [t CO2e]
With RFI-Factor 1.7
9,882,331
No RFI-Factor
5,834,827
Scope 1 emissions from the direct use of kerosene for flight operations are tracked, documented and
assessed by Wizz Air’s internal systems. These robust systems provide high-quality data on the
Company’s fuel emissions, thereby eliminating the need for assumptions or benchmarking in Scope 1
emissions accounting.
Wizz Air’s primary source of emissions is jet fuel, accounting for a substantial portion of the total
emissions. When considering both fuel production (Scope 3) and combustion in aircraft (Scope 1), jet fuel
contributes to 92 per cent of Wizz Air’s overall carbon footprint.
▶
Scope 2 GHG emissions
△ Wizz Air’s Scope 2 emissions are indirect
emissions resulting from the generation of
electricity
consumed
in
ground
facilities,
including rented offices, crew rooms, the
training centres and hangars. △ In F25, Wizz
Air,
following
the
latest
research
and
recommendations on GHG accounting, revised
its approach and methodology for accounting
for purchased energy-related emissions. Under
the new approach, purchased electricity for
rented spaces is counted under Scope 2 if Wizz
Air has operational control over the leased
space. Operational control is considered to be
in place if all prerequisites are met, such as
the Company being responsible for utility
decisions in the leased space. If Wizz Air does
not have meaningful influence over energy
consumption and the prerequisites are not
met, the consumption is counted under Scope
3 category 8, assuming the landlord manages
the energy use and pays the utility bills. △ Furthermore, no contractual instruments were used in relation
to Scope 2 GHG emissions, including market-based mechanisms, bundled electricity purchases, and
unbundled energy attribute claims, all reported at 0 per cent.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
236
Wizz Air's total GHG emissions by Scope F25
82%
0%
18%
Scope 1
Scope 2
Scope 3
In accordance with the GHG Protocol Scope 2 guidance, Wizz Air calculates and reports both market-
based and location-based emissions from electricity usage, without excluding any categories.
• Location-based electricity emissions are calculated based on the average emissions intensity of the
grids where energy consumption occurs. The relevant carbon conversion factors are sourced from
databases such as EcoInvent 3.10 and EcoInvent 3.11.
• Market-based electricity emissions are calculated using specific electricity conversion factors sourced
directly from suppliers or energy attribute certificates, reflecting the true emissions associated with the
purchased energy mix. Where supplier-specific conversion factors are unavailable, residual mix factors
are applied. If residual mix factors are not available for the market, location-based factors are used.
▶
Scope 3 GHG emissions
Scope 3 GHG emissions encompass all other indirect GHG emissions originating from a company’s value
chain. Scope 3 emissions occur from sources not directly owned or controlled by Wizz Air. These
emissions include activities upstream of Wizz Air’s operations, primarily from Tier 1 suppliers during the
reporting year. Wizz Air’s residual emissions, once jet fuel is excluded, primarily stem from two sectors:
capital goods, and purchased goods and services. Although these other emissions—such as those from
upstream transportation, distribution, or employee commuting—constitute a minor share of total
emissions, Wizz Air considers their inclusion essential to our comprehensive long-term emissions
reduction strategy due to their absolute significance. △
The results indicate that Wizz Air’s jet fuel emissions (upstream emissions and combustion in aircraft)
account for 92 per cent of the total carbon footprint, followed by purchased goods and services at 4.6 per
cent, capital goods at 2.6 per cent, with the remaining categories being immaterial and accounting for
less than 1 per cent of the total.
△ Wizz Air utilises both activity-based and spend-based methodologies to calculate its accounted
emissions. Whenever feasible, the Company prioritises the use of primary data to ensure accuracy and
reliability in its emissions reporting. However, due to certain limitations in data availability and
accessibility, it sometimes becomes necessary to supplement primary data with secondary sources. In
instances where data gaps are identified, Wizz Air employs estimation techniques to approximate
emissions, maintaining a commitment to transparency and adherence to best practices in carbon
accounting.
Primary Data share for Scope 3
Unit
F25
Percentage of GHG Scope 3 calculated using primary [activity] data
%
57
Percentage of GHG Scope 3 calculated using primary [intensity] data %
0
(Excluded from the limited assurance engagement.)
Scope 3 GHG emissions by categories
Category 1: Purchased Goods and Services
▶
This category includes all emissions generated upstream of Wizz Air’s operations from Tier 1 suppliers
during the reporting year. GHG emissions attributable to purchased products and services are
calculated using the spend-based method. Wizz Air calculates this category based on the financial
data and activities entered into the general ledger to determine the associated emissions. The
emissions factors are derived from suitable databases such as Exiobase.
Category 2: Capital Goods
▶
This category encompasses all emissions generated from any capitalised expenditure within the
reporting year. Upstream emissions from aircraft manufacturing have been excluded as these assets
are effectively owned by a different company and not Wizz Air. The spend-based method was applied,
with emissions factors derived from suitable databases such as Exiobase.
Category 3: Fuel- and Energy-Related Activities (Not Included in Scope 1 or Scope 2)
▶
The extraction, production and transportation emissions of jet fuels are the most significant indirect
Scope 3 emission source for Wizz Air. This includes emissions related to the extraction, production
and transportation of fuels and energy purchased or acquired by the reporting company in the
reporting year, not already accounted for in Scope 1 or Scope 2. The spend-based method was
applied, while assumptions were used to calculate Scope 2 emissions. Please refer to the Scope 2
emissions descriptions for further information.
Category 4: Upstream Transportation and Distribution
▶
This category includes shipping paid for and arranged by Wizz Air on behalf of buyers and sellers for
the transportation of goods and materials. For Wizz Air, this includes the transportation of materials,
maintenance assets or passenger-related transport activities, such as baggage delivery. Upstream
transportation emissions typically encompass various modes of transportation such as road, rail, air
or sea freight, as well as associated activities like loading, unloading and handling. The spend-based
method was applied, with emissions factors derived from suitable databases such as Exiobase.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
237
Category 5: Waste Generated in Operations
▶
This category covers emissions from the disposal and treatment of solid waste at sites within Wizz
Air’s operational control, including waste generated on aircraft. Operational waste includes emissions
from transport to waste disposal sites as well as from the treatment of waste generated by Wizz Air.
The calculation method is activity-based, meaning Wizz Air uses primary data to calculate the waste
and associated emissions to some extent. However, internal assumptions were used to calculate the
galley and tank waste.
Category 6: Business Travel
▶
This category includes the transportation of employees for business-related activities during the
reporting year, in vehicles not owned or operated by the reporting company. A hybrid method was
used, with primary data available.
Category 7: Employee Commuting
▶
This category covers employee commuting distances to Wizz Air’s sites. A consumption-based method
was used, supported by an employee commuting survey.
▶
Emissions are calculated based on country-specific average employee commuting emission factors for
the UK, Poland and Austria. A continent-specific average commuting emission factor for Europe was
used and assumed to be representative, except for the United Arab Emirates, where an average
employee commuting emission factor for the United States was applied. This adjustment was made
because commuting patterns in the UAE are considered similar to those in the U.S. Across all
countries, the calculation assumes a total of 235 workdays per year, excluding weekends and the
average number of leave days in the EU. Public holidays are included, as airport and aircraft
operations typically continue on those days.
Category 4: Upstream Transportation and Distribution
▶
This category includes shipping paid for and arranged by Wizz Air on behalf of buyers and sellers for
the transportation of goods and materials. Upstream transportation refers to the transportation
activities involved in the supply chain that occur prior to the arrival of goods or materials at the
Company’s own facilities or point of use. For Wizz Air, this includes the transportation of materials,
maintenance assets, or passenger-related transport activities, such as baggage delivery. Upstream
transportation emissions typically encompass various modes of transportation such as road, rail, air
or sea freight, as well as associated activities like loading, unloading and handling. The spend-based
method was applied, with emissions factors derived from suitable databases such as Exiobase.
Category 8: Upstream Leased Assets
▶
The assumptions and calculations associated with Scope 3 category 8 are detailed within the Scope 2
section.
Category 9: Downstream Transportation and Distribution
▶
Wizz Air does not sell any physical products. Downstream transportation (i.e. from customers to end-
users) is excluded from Wizz Air’s organisational boundaries due to a lack of influence, limited risk
(not core to business operations), and the absence of reliable data for analysis.
Category 10: Processing of Sold Product
▶
Wizz Air does not process sold intermediate products by third parties (e.g. manufacturers)
subsequent to sale.
Category 11: Use of Sold Products
▶
Wizz Air offers onboard retail services for our passengers, including products like small electronic
devices and other non-food items. In this category, the use-phase related emissions are calculated.
Primary data is available to some extent. Based on the electricity consumption and estimated lifespan
of these products, as well as the number of products sold, a total electricity consumption was
estimated.
▶
The emission factor for the primary data of electricity consumption was sourced from the scientific
database Ecoinvent 3.8. The majority of the products sold onboard were described as other non-food
products without any indication that the use phase is relevant, and were therefore excluded from the
calculation.
Category 12: End-of-Life Treatment of Sold Products
▶
This category includes emissions generated from the disposal of sold products. Since the end
consumer is responsible for disposal and no real data is usually available for this phase, there are
challenges in assessing the disposal of products and their packaging. Therefore, assumptions must be
made for the calculation. The electronic devices with available product specifications were categorised
as electronic waste and calculated based on weight per piece and the number of sold products. The
calculation of emissions from waste treatment at the end of a product’s life cycle is done by allocating
products to sales markets, waste categories and disposal methods.
Category 13: Downstream Leased Assets
▶
Wizz Air does not have any downstream leased assets.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
238
Category 14: Franchises
▶
Wizz Air does not have any franchises.
Category 15: Financed Emissions
▶
This category relates to financed emissions, which are emissions arising from financial services,
investments and loans provided to other companies. Wizz Air has two equity investments in the
companies Firefly and CleanJoule. Both companies focus on the production and development of
sustainable aviation fuels. In F25, the Company made further investments in its existing R&D
projects. For more information, please refer to the Consolidated Statement of Financial Position in the
financial report on page 105. The spend-based calculation methodology was applied using the
Exiobase database. Additionally, in alignment with the investment-related emission calculation
framework of the Partnership for Carbon Accounting Financials (PCAF), an asset turnover ratio was
defined for the business activity of the R&D project, and the emissions were adjusted accordingly. △
[E1-8] INTERNAL CARBON PRICING
Internal carbon pricing
During the majority of F25, Wizz Air employed an internal carbon pricing mechanism to enhance energy
efficiency and manage climate-related risks. This mechanism utilised a shadow price, determined through
benchmarking against peers and scenario analysis. Advanced software with artificial intelligence forecasted
price changes over time based on publicly available statistical analysis and carbon market forecasts. This
internal price covered Scope 1 emissions and was applied uniformly across different locations, evolving over
time.
Although the internal carbon price was applied to operations and risk management, it was not mandatory
within business decision-making processes. The pricing approach was continuously monitored and evaluated
to achieve our objectives, contributing to better budgetary and risk management decisions. Management
and Controlling used this input for short-term and medium-term budgets and business plans, while Treasury
balanced liquidity and market risks in their forward planning and risk management activities. Carbon pricing
estimates were integrated into the Company's climate risk assessment process.
Carbon regulation frameworks and compliance markets
Wizz Air has been compliant with the EU Emissions Trading System (EU ETS) since 2012. The Company has
since developed strategies and processes for data collection, verification and reporting to ensure compliance
with the expanded scope, including the Switzerland ETS (reported alongside the EU ETS) and the UK ETS. To
maintain compliance, the Tax, Treasury and Controlling departments have dedicated internal resources.
These Finance functions collaborate with internal teams (EU Affairs and ESG) and external consultants on
policy changes, receiving training from third-party experts to stay updated on regulations. The responsible
departments meet regularly as part of the ETS reporting project and through the Sustainability Council
working groups to understand changes in EU and UK laws.
As a result of this process Wizz Air has been able to comply with the applicable regulations and ensure high-
quality data collection and ETS reporting processes. The final reports are processed by the Finance
departments, then reviewed and verified by Verifavia SAS, a third-party assurance provider. As a result of
the above-described processes, Wizz Air is able to comply with the changing regulations and ensure ongoing
compliance.
The impact of carbon pricing changes is assessed regularly. Our risk mitigation strategies include
maintaining an effective carbon allowance/offset purchasing strategy to mitigate price volatility,
forecasting carbon prices and cost increases continuously to increase resilience, and continued work on
assessing a feasible decarbonisation pathway for Wizz Air in the long term.
Apart from ETS, Wizz Air also discloses its emissions through the UN Carbon Offsetting and Reduction
Scheme for International Aviation (CORSIA), with the Company being subject to offset purchases under
CORSIA since January 2024.
The total offsets funded by Wizz Air cover 79 per cent of emissions (ETS/CORSIA offsets excluding free
credits). The average price of an EU/UK ETS credit purchased during F25 came in at €75.9, while Wizz
Air’s ETS unit cost was €57.24
Note, Wizz Air has not included offsets in its F30 carbon intensity reduction glidepath.
Tonnes of CO2 offset:
F25
F24
Scope 1 CO2 emissions with EU/UK ETS offsets
2,385,443
2,421,482
Scope 1 CO2 emissions with CORSIA offsets
2,162,878
577,985
Scope 1 CO2 emissions without offset
1,238,761
920,953
Wizz Air's Treasury function is responsible for managing ETS and CORSIA emissions reporting to the
competent authorities. It also oversees the purchase and surrender of the required allowance volume within
the allotted timeframe, while forecasting future ETS and CORSIA costs.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
239
[E] OTHER ENVIRONMENTAL INFORMATION
Although the topics covered in this chapter were not deemed material during the DMA, the Company
acknowledges their relevance to its broader sustainability efforts and has therefore chosen to disclose
information about them as part of its commitment to transparency and continuous improvement.
Environmental and Sustainability Programmes: Noise, Circularity, and More
While the DMA process prioritises issues with the most significant impacts we recognise the importance of
addressing other emerging concerns, including topics like noise pollution and circularity.
Noise Emissions Reductions
Wizz Air remains dedicated to minimising noise pollution from our fleet, acknowledging the impact of airline
operations on air quality and the well-being of communities near airports, as well as its significance to
policymakers. Our fleet-renewal programme consistently delivers substantial noise-reduction benefits. For
instance, the A321neo aircraft generates nearly 50 per cent less noise compared to its predecessor, the
A321ceo, highlighting a clear distinction in noise emissions between newer and older generation aircraft.
Currently, all our aircraft comply with the ICAO Chapter 4 noise emissions standard, and 82 per cent also
meet the more stringent Chapter 14 standard. The only exceptions are the 41 A321ceo aircraft, which have
not yet achieved Chapter 14 compliance. However, we anticipate that by 2029, 100 per cent of our fleet will
comply with this standard. The ICAO Chapter 4 noise emissions standard applies to aircraft certified from 31
December 2005, while Chapter 14 applies to aircraft certified from 31 December 2017. Chapter 14 requires
aircraft to be at least 7 effective perceived noise decibels (EPNdB) quieter than those meeting the Chapter 4
standard.
Fleet compliance based on Chapter 14 noise emissions requirements
73%
77%
80%
82%
85%
90%
95%
100%
100%
2022
March
2023
March
2024
March
2025
March
2026
March
2027
March
2028
March
2029
March
2030
March
Data based on latest confirmed fleet plan.
For reference, the table below shows (in EPNdB) that Airbus neo aircraft deliver a strong margin versus the
Chapter 14 ICAO requirements. Our A321neo EPNdB levels are like those of the Boeing 737-8 with LEAP
engines’ EPNdB, even with the A321neo transporting 42 more passengers per trip.
EPNdB
Lateral
Flyover
Approach
vs Chapter 4
vs Chapter 14
A320neo
86.6
79.7
92.3
-20
-13
A321neo
87.8
83.1
94.5
-15.6
-8.6
Boeing 737-8
88.5
82.6
94.2
-14.9
-7.9
Circularity
We previously launched an in-flight recycling trial programme in collaboration with Budapest Airport. The
goal was to improve waste collection on board, promote circularity and reduce landfill waste. The project
involves our cabin crew in Budapest, local ground handling teams and the airport’s waste sorting station.
Wizz Air is expanding the programme to other bases in our network, such as one of our largest operating
bases in Romania.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
240
ELeather – aircraft seat covers made sustainably
Wizz Air is not only active in finding ways to deliver fuel efficiency and
decarbonisation initiatives, but also continues to support resource-efficient
processes across the supply chain. The Company's aircraft have been
outfitted with Gen Phoenix ELeather's seat covers ever since 2012. The
ELeather manufacturing process is naturally sustainable – recycling waste
leather, which would otherwise be destined for landfill, into a durable
material with strong environmental credentials. Its innovation journey is
continuing as ELeather is developing next-generation materials with
increased recycled content, as well as end-of-life (EOL) solutions for Wizz
Air seat covers to ensure that these materials have a future life, even
when no longer on our aircraft. Over the last 10 years, our combined
sustainability efforts have prevented over 100,000m2 of material and 16
tonnes of waste from going to landfill. ELeather produces over 80 per cent
less carbon emissions and saves 87 per cent more water in the
manufacturing process as compared to traditional leather. Alongside
strong environmental accreditations, Gen Phoenix also offers end-of-life
solutions for Wizz Air seat covers to ensure that there is a use for these
materials, long after they have been retired from our aircraft.
Fuel efficiency - StorkJet
In 2024, Wizz Air and StorkJet published a case study on the adoption of StorkJet’s machine learning taxi
fuel solution. This solution uses Big Data and AI to optimise taxi fuel planning, resulting in significant fuel
savings and reduced CO2 emissions. Accurate taxi fuel planning is challenging due to variable factors like
airport operations and weather. Overestimating fuel leads to extra costs and emissions, while
underestimating poses safety risks. The StorkJet Taxi Fuel API, which uses historical data and machine
learning, accurately predicts taxi fuel consumption, saving an average of 4 kg of fuel per flight. In calendar
year 2024, this translates to an annual saving of 740 tonnes of fuel and a reduction of 2,340 tonnes of CO2
emissions for Wizz Air.
Other environmental metrics
Non-GHG emissions
In addition to greenhouse gas (GHG) emissions, air transport activities also produce a variety of non-GHG
emissions, including Carbon Monoxide (CO), Non-Methane Volatile Organic Compounds (NMVOCs),
Nitrogen Oxides (NOx), Sulphur Dioxide (SO₂), and Particulate Matter (PM).
The table below gives a metrics overview of Wizz Air’s non-GHG emissions:
Emissions sources
Unit
F25
Carbon Monoxide (CO)
tCO₂eq
13,785
Non-Methane Volatile Organic Compounds (NMVOC)
tCO₂eq
1,947
Nitrogen Oxides (NOx)
tCO₂eq
20,828
Sulphur Dioxide (SO2)
tCO₂eq
1,861
Particulate Matter (PM)
tCO₂eq
30
Wizz Air applied the latest emission factors to calculate its non-GHG emissions, drawing data from
international databases, including the IPCC (Intergovernmental Panel on Climate Change), ICAO
(International Civil Aviation Organization), and Ecoinvent 3.11.
Noise, waste, natural resources
Area
Unit
Note
F25
Noise regulation compliance
Chapt.14
1
82 %
Waste-to-landfill
%
2
27 %
Freshwater use per sales
l/EUR
3
0.36
(1) Noise emissions: See page 240, for more details on Wizz Air’s noise emissions reduction plan.
(2) Circularity: Waste is generated across various areas of Wizz Air’s operations, including aircraft,
rented offices and other facilities leased by the airline. While Wizz Air does not have direct operational
control over waste management in these facilities, it is seeking to engage in dialogue with its suppliers to
explore opportunities for implementing waste recycling initiatives.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
241
In F25, similar to F24, Wizz Air applied the methodology for waste-to-landfill reporting, employing EU
standards and statistical data to calculate the ratio of waste going to landfill. As Wizz Air doesn’t have
direct operational control over waste management at its rented facilities, and as such, lacks data and
data granularity, it relies on benchmark and proxy data for waste reporting.
In the aircraft we have galley waste and tank waste, with one hour of flying causing around 30kg of
waste (5kg of galley waste and 25kg of tank waste), or a total of 21,172 tonnes during F25. Office waste
for Wizz Air was estimated at a total 607 tonnes.
Wizz Air has introduced initiatives to reduce waste in our operations and across all our activities:
Office: In F24, Wizz Air’s HR Operations team launched a fully digital solution for the employment-related
documentation distribution and signatures, eliminating the current paper-based process. Other than the
technical benefits, this digital solution is part of a transition to a paperless environment, streamlining
processes, lowering administrative burdens, and reducing office waste.
On board: In F24 Wizz Air implemented a machine-learning tool that leverages historical data to predict
the optimal number of sandwiches needed per route. Since its implementation, this data analytics tool
has successfully enabled the reduction of sandwich waste by 10 per cent. In F25, further enhancements
were made to the tool by heterogeneously adjusting prediction times across airports to send them as late
as possible, avoiding the effect of last-minute aircraft swaps and thus further reducing wastage.
The Company previously launched an in-flight recycling trial programme in collaboration with Budapest
Airport. The goal was to improve waste collection on board, promote circularity and reduce landfill waste.
Such projects need to involve the cabin crew, the local ground handling supplier and the airport’s waste
sorting station and infrastructure, where available. Wizz Air has now also implemented in-flight waste
sorting at the Company’s Romanian bases.
Wizz Air prioritises sourcing SAF or a significant portion of it from waste materials that do not compete
with food sources like corn. Consequently, the company focuses on recycled SAF feedstock rather than
exploiting virgin materials. This strategy is in line with circular economy principles, as it involves
repurposing waste products, thereby mitigating dependencies and the risks associated with food scarcity
and inflated food and feed prices. For example, Wizz Air has made investments in projects like Firefly,
where SAF is produced from sewage sludge. The feedstock for this process is an abundant and highly
sustainable waste material.
(3) Water use intensity: Water consumption at Wizz Air encompasses various activities across its
rented facilities, including offices, crew rooms, training centres, hangars where engine washing occurs,
and airports where aircraft de-icing takes place. These activities are crucial for maintaining safe and
efficient flight operations, as engine washing enhances performance by removing contaminants, while de-
icing ensures safety by preventing ice build-up on wings and obstructing sensors and vents.
Building on the initial assessment conducted in F24, Wizz Air continued its commitment to enhancing the
detail and completeness of its natural resource use reporting in F25 by conducting a second expanded
evaluation of water usage across all its rented facilities. This assessment revealed an estimated total
consumption of 19.1 million litres. The calculation employed a hybrid methodology, utilising limited actual
consumption data, benchmark/proxy data, and estimations, chosen due to the lack of data granularity
from Wizz Air’s suppliers.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
242
People pillar
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
243
SOCIAL INFORMATION
[S1] OWN WORKFORCE
At Wizz Air, we prioritise the interests, views and rights of our workforce, recognising them as a crucial
group of stakeholders. Our strategy and business model are underpinned by the engagement and well-
being of our employees, ensuring their human rights are respected and upheld. We believe that the
strength of our organisation lies in the exceptional qualities of our people, and we are committed to
empowering them to shape their career paths and professional growth in alignment with our Company's
vision. By fostering a supportive and inclusive work environment, we ensure that our employees can
thrive and contribute to delivering outstanding safety and customer service, which are central to our
mission. Our social agenda and progress towards our self-imposed targets are regularly reviewed by Wizz
Air’s Leadership Team, led by the Chief Executive Officer. Furthermore, the Sustainability and Culture
Committee of the Board actively monitors and discusses these critical topics.
[SBM-2] INTERESTS AND VIEWS OF STAKEHOLDERS
Recognising our workforce as a key group of stakeholders, Wizz Air places great emphasis on engaging
with them through several key pillars. We conduct regular surveys, including an annual employee
engagement survey, providing employees with the opportunity to share feedback from various
perspectives freely. Additionally, we hold town hall meetings to gather and share insights with
employees, involving leadership team members to ensure their perspectives are considered in shaping
our business practices. Our regular floor talks, hosted by the Chief Executive Officer, provide employees
with valuable opportunities to receive important updates on operations and strategy.
We have also implemented robust policies to protect and promote the human rights of our workforce,
including fair wages, safe working conditions, and opportunities for professional development. By
fostering a positive work environment and aligning our operations with the values and expectations of our
employees, we enhance overall business performance and maintain ethical and sustainable operations.
For further details please refer to [S1-2] Processes for engaging with own workers and workers’
representatives about impacts.
[SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY
AND BUSINESS MODEL
The Company conducted a double materiality assessment to identify key topics relevant to its operations,
stakeholders and IROs. While the wider workforce was considered in this process, their engagement was
conducted indirectly through representation on the People Council. Committed to acting ethically and with
integrity, the Company has implemented a policy prohibiting all forms of modern slavery and child labour,
which must be read and understood by all employees and suppliers.
Wizz Air is dedicated to a well-defined social strategy, firmly believing that our operations can
significantly improve the lives of many people, including our team members, passengers and the
communities we serve. We remain committed to our mission of "breaking down every barrier between
people and air travel." Our social strategy encompasses a wide range of initiatives, focusing on several
key priority programmes:
▶
Prioritising safety
▶
Continuously improving the customer experience
▶
Recruiting and developing our employees
▶
Enhancing and leveraging diversity
▶
Engaging our employees and ensuring effective communication through the People Council
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
244
▶
Supporting community programmes and charitable initiatives
Wizz Air's general workforce includes both own employees and non-employees. Own employees are
directly contracted by Wizz Air and work in various roles such office-based positions, operations, cabin
and flight crew, supervision of maintenance, airport operations and other ground activities. Non-
employees, who are engaged under contracts other than employment contracts, also perform intellectual
and physical tasks within the value chain. However, in this report, non-employees are not counted as part
of Wizz Air's own workforce when disclosing data or information. Further characteristics of our employees
are presented in [S1-6] Characteristics of the undertaking’s employees and [S1-7] Characteristics of non-
employee workers in the undertaking’s own workforce subchapters. Detailed information on the material
impacts, risks and opportunities identified in the social pillar is presented in the chapter on Impact, Risk
and Opportunity Management: Disclosures on the Double Materiality Assessment, subsection [SBM-3],
starting on page 199.
In F25, Wizz Air did not identify significant risks of incidents of forced labour, compulsory labour or child
labour within its workforce, as it primarily operates in countries where national and international labour
laws and standards (including ILO conventions) prohibit these forms of employment.
[S1-1] POLICIES RELATED TO OWN WORKFORCE
Wizz Air’s most important policies related to its own workforce are presented in the summary table
below:
ESRS
Material topic
Related policies
S1 - Own
workforce
Secure employment
Policy of Good Conduct (please see [G1-1]
Business
conduct
policies
and
corporate
culture)
Whistleblowing
Policy
(please
see
[G1-1]
Business
conduct
policies
and
corporate
culture)
Anti-Fraud Policy (please see [G1-1] Business
conduct policies and corporate culture)
Anti-Slavery and Human Trafficking Policy and
Modern Slavery Act Disclosure Statement
Conflict of interests Policy
Health and Safety
Health and Safety Policy and initiatives
Diversity
Equal Opportunities and Fair Treatment Policy
Working hours
Working Hours Policies and Compliance
Remote Working Location Policy
Training and development skills
Training and Development Policy
Anti-Slavery and Human Trafficking Policy, Modern Slavery Act Disclosure Statement
Modern slavery is a crime and a violation of fundamental human rights. It manifests in various forms,
including slavery, servitude, forced and compulsory labour, and human trafficking. These practices share
a common thread: the deprivation of a person's liberty by another for personal or commercial gain. Wizz
Air is committed to acting ethically and with integrity in all our business dealings and relationships. To
ensure modern slavery does not occur within our business or supply chains, we implement and enforce
effective systems and controls. Transparency is a key aspect of our approach, consistent with our
disclosure obligations under the Modern Slavery Act 2015.
We uphold high standards for all our employees, contractors, suppliers and business partners. Our
contracting processes include specific prohibitions against the use of forced, compulsory or trafficked
labour, and against holding anyone in slavery or servitude, whether adults or children. We expect our
suppliers to adhere to these standards and to ensure their own suppliers do the same. All employees
must read, understand and comply with this policy. They are encouraged to raise concerns about any
issues or suspicions of modern slavery within our business or supply chains. Concerns should be reported
to the relevant manager, the Senior Manager Group Security and Resilience, or through our
Whistleblowing Policy as soon as possible.
Wizz Air provides online compliance training related to its Code of Ethics to every staff member.
Additionally, anti-slavery training is included in the annual security training sessions for all crew
members.
The Anti-Slavery and Human Trafficking Policy and the Modern Slavery Act Disclosure Statement are
publicly available on the Company’s official website.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
245
Conflict of interest policy
Wizz Air's conflict of interest policy emphasises the importance of maintaining high personal ethics and
integrity among employees. The policy is designed to prevent situations where personal interests might
conflict with the Company's interests. Employees are required to avoid any financial or other relationships
that could create a conflict of interest. Transparency is crucial, and employees should disclose any
potential conflicts to uphold integrity in business dealings. All employees are expected to act in
accordance with Wizz Air's corporate culture, which values honesty, fairness and ethical behaviour.
For more detailed information please see Wizz Air’s conflict of interest policy extract on its website.
Health and Safety policy and initiatives
Wizz Air has established and operates a comprehensive Employee Health and Safety (EHS) management
system. This system provides the framework for tasks related to occupational health and safety, fire
safety and environmental protection. It ensures compliance with specified conditions and facilitates the
fastest possible intervention when necessary. The scope of the EHS Regulation encompasses all Wizz Air
bases, establishments, rented properties, subsidiaries, branches and commercial representations.
With the assistance of the EHS, the organisation continuously monitors occupational safety and health
requirements and takes measures to address issues affecting healthy and safe working conditions. The
most senior level in the organisation accountable for implementing policies related to the workforce
includes the General Counsel, the Chief Corporate Officer and the respective officer. Wizz Air always
considers the interests of stakeholders, incorporating their feedback when setting policies. Stakeholders
can provide feedback through various channels. Policies related to the workforce are available in internal
shared folders and on the Company’s official website. Wizz Air prepares its policies in accordance with all
applicable laws and regulations, with the General Counsel’s approval required in every case.
The Company’s policies in this area have not been analysed for compliance with the UN Guiding Principles
on Business and Human Rights, the International Labour Organization's Declaration on Fundamental
Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises, as no material
negative impacts were identified concerning its own workforce.
Wizz Air established the Employee Emergency Funding initiative to provide financial support to employees
in medical emergencies, outlining criteria and processes for funding. Additionally, the Employee
Assistance Programme (EAP) supports employees facing stress, mental health issues or difficult life
circumstances, helping them with personal and work-related problems affecting their health, well-being
and job performance. The Employee Emergency Funding initiative and the Employee Assistance
Programme are parts of the Company’s actions regarding its own workforce, please refer to [S1-4]–
Taking action on material impacts on own workforce, and approaches to mitigating material risks and
pursuing material opportunities related to own workforce, and effectiveness of those actions.
Detailed information on health and safety programmes, metrics and systems is included in chapter
[S1-14] – Health and safety metrics.
Equal Opportunities and Fair Treatment Policy
The Equal Opportunities and Fair Treatment Policy outlines how Wizz Air treats its employees, contractors
and business partners in all areas of its business. The purpose of the policy is to support our commitment
to create a safe and respectful working environment for all stakeholders, based on mutual respect,
fairness and equality; to advocate diversity and to preserve an atmosphere free from any forms of
discrimination, victimisation, vilification, bullying or harassment (for example during employment,
recruitment, selection, contracting processes, marketing activities, training and promotions, working
hours, leave, task allocations, etc.).
In the past two decades since Wizz Air was founded, the Company has been committed to providing
equal opportunities and an inclusive environment to all candidates, employees and partners regardless of
their race, national and ethnic origin, social origin, gender, age, religion, political views, sexual/gender
identity or expression, marital status, citizenship, disability or medical history, military status,
employment status or any other legally protected factor.
Decisions in all aspects of the Company’s business operations are to be based on the merit – skills,
performance and abilities – of a candidate/employee, in line with the given position’s requirements,
irrespective of any other personal characteristics.
At Wizz Air, all employees are given the right to work in an environment that supports their professional
goals and needs, regardless of their race, gender, age, sexual identity, political views, marital status or
disability, etc. Detailed information about diversity at Wizz Air is included in chapter [S1-9] - Diversity
metrics.
Working Hours Policies and Compliance
Aviation is one of the most highly regulated sectors. Consequently, all working-time policies and
conditions within Wizz Air are fully compliant with applicable local and international legal frameworks and
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
246
regulations. These policies and conditions are always specified in individual employment contracts and
company policies.
Wizz Air’s Operations Manual regulates Flight Crew and Cabin Crew Flight Time Limitations (FTL) in
compliance with EASA Part FTL and other applicable national legislation. The system ensures adequate
rest periods and sufficient sleep for crew members, covering maximum flight duty periods (FDP) and
minimum rest periods between FDPs. It also considers alternating day/night duties, time-zone transitions
and acclimatisation periods. Duty hour limits include flight hours, ground duties, office hours, training,
medical examinations and other duties. Duty rosters are published 14 days before each calendar month.
▶
Flight Crew and Cabin Crew: Wizz Air complies with EASA requirements for Wizz Air Hungary Ltd. and
Wizz Air Malta Ltd., follows UK CAA requirements for Wizz Air UK Limited, and GCAA requirements for
Wizz Air Abu Dhabi.
▶
Operation and Maintenance Control Centre: Employees of the Company’s Operational Control Centre,
Maintenance Operations Control Managers and Duty Engineers all work in twelve-hour shifts, as
specified in their contracts and/or company policies. Accordingly, their work-hour schedule, along
with the weekly rest days are always published in advance for the following month. All conditions are
in full compliance with paragraphs 92 and 94 of Act I of 2012 on the Hungarian Labour Code and
other labour-law legislation in Hungary.
▶
Office Employees: Expected to work from designated offices, with conditions outlined in individual
contracts and company policies.
Remote Working Location Policy
The Remote Working Location Policy allows full-time and part-time Wizz Air Office Employees to work
outside their allocated office with prior written approval from their supervisor (e.g. for parenting,
caregiving, medical appointments or personal matters). Employees must complete their contracted hours
and attend all meetings. The supervisor decides if business continuity is maintained under the changed
circumstances.
Training and Development Policy
At Wizz Air, we recognise the importance of investing in the continuous development and professional
growth of our employees. Our Training and Development Policy is designed to support and encourage the
development of skills, knowledge and capabilities that contribute to both individual and organisational
success. The objectives of this policy are providing personal and professional opportunities for growth to
enhance employee performance and promote a culture of continuous training at Wizz Air. There are
several development opportunities both for managers and for all Wizz Air employees. For more detailed
information on the training and development metrics please see [S1-13] - Training and skills
development metrics.
[S1-2] PROCESSES FOR ENGAGING WITH OWN WORKERS AND WORKERS’ REPRESENTATIVES ABOUT
IMPACTS
To ensure our workforce's perspectives are valued and effectively integrated into our decision-making
processes, we have established multiple channels for communication and feedback. These channels are
designed to facilitate open dialogue and encourage employees to share their insights, concerns and
suggestions. By actively listening to our employees, we aim to create a more inclusive and responsive
organisational culture.
WIZZ People Council
At Wizz Air, the People Council plays a pivotal role in shaping and enhancing
our corporate culture by representing the collective voice of our employees.
We believe that the strength of our organisation lies in the exceptional
qualities of our people. Our dedicated team embodies passion, resilience and
kindness, thriving on the dynamic challenges inherent in our industry. We also
recognise the importance of empowering our employees to shape their own
career paths and professional growth in alignment with the Company’s vision.
This council ensures that employees' concerns, ideas and feedback are heard
and considered in our decision-making processes, fostering a culture of
inclusion and respect. By bringing diverse perspectives together from various
departments and backgrounds, the People Council promotes an inclusive
environment where every team member feels valued. They facilitate open
dialogue between employees and leadership, enhancing transparency and
trust within our organisation. The WIZZ People Council serves as a space where our valued team
members feel secure sharing their insights, concerns and innovative ideas.
The Council is led by its President, who serves a two-year term, is nominated from among the Council
members and is appointed by the Leadership Team. In F25, the People Council focused on further
improving its structure and operations to represent employees better across the network. Consequently,
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
247
the Council expanded from 14 to 25 members, including the President. Now, every country in our
network has at least one representative, democratically elected by their local communities for a two-year
term, following a comprehensive local application process by Wizz Air employees. The selection process is
guided by transparent criteria, ensuring balanced representation from all countries.
Key people steering work of the WIZZ People Council:
▶
Nikoletta Zima, the Council’s current President, has been an integral part of the Wizz Air family since
2004. As the very first cabin crew member, she brings a wealth of experience and steadfast
dedication. She also serves as a Cabin
Crew
Trainer
and
Training
Centre
Operations
Manager,
and
is
actively
involved in the WIZZ Foundation and WIZZ
Aid.
Her
passion
for
our
Company’s
corporate
social
responsibility
(CSR)
initiatives is unwavering.
▶
Doloresz Szalay, the Council’s Secretary
General, joined Wizz Air in 2011. Her
previous roles within the HR department
have given her a deep understanding of
our
organisation.
Doloresz
previously
served on the Council for two years in the
same capacity before her maternity break.
▶
Nikola Mitov, the People Council Vice
President, brings a decade of experience
as a captain at Wizz Air. His insights and
leadership make a significant contribution
to the Council’s effectiveness.
The Council’s structure and ways of working are:
Council Pillars
Strategy
Term and
continuity
The Representatives serve for two years. After their mandate expires they can
continue their term for another two-year period if re-elected by the local
community.
Committees and
focus areas
The Council’s work revolves around two major areas: reward/recognition, and
work patterns/rosters. Two dedicated committees – each led by two chairs
appointed by the President – delve into a spectrum of topics, challenges and
strategic initiatives. These committees convene twice a month to deliberate and
shape policies.
Facilitating
effective
communication
The entire Council engages monthly with the airline (AOC) Managing Directors,
monthly with the senior Leadership Team, and separately with the Chief
Executive Officer. Furthermore, Wizz Air has a dedicated Board member, Dr
Anthony Radev, responsible for overseeing engagement with employees. These
interactions foster open dialogue, enabling the Council to fulfil its core objective,
Informed decision
making and
transparency
The Council provides critical insights on matters impacting the entire Wizz Air
community. Every action and decision arising from monthly meetings is shared
with employees by their appointed representatives.
The key recurring agenda topics are:
▶
work-life balance;
▶
company policies and process changes;
▶
working environment improvement;
▶
salary principles and policies;
▶
company events;
▶
trends impacting safety; and
▶
initiatives enhancing employee diversity.
Throughout the year, the People Council actively contributed to various projects, offering detailed insights
from specific employee groups to support other departments. To ensure effective communication with the
Wizz Air community, Council members frequently engage in face-to-face sessions with employees,
organise online meetings across all countries, and conduct regular base visits with the Wizz Air
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
248
Leadership Team. In 2024, the People Council connected with employees in person or online 30 times to
collect feedback, organised 5 engaging events, and initiated 20 projects. These efforts aim to strengthen
open communication between employees and management across the airline’s network. Additionally, the
People Council arranges regular meetings at the Company headquarters, allowing employees to interact
with the Secretary General and the local office representative. Critical topics, such as knowledge
management, office environment enhancements and employee retention are thoughtfully discussed and
addressed.
By fostering a culture of open dialogue and active engagement, the People Council significantly enhances
our corporate culture and employee well-being. This commitment to our people not only strengthens our
organisation but also contributes to a positive and supportive work environment.
Base visits, floor talks and management updates on Workvivo
Engaging directly with Company management through various events is crucial for fostering a strong
corporate culture at Wizz Air. These events provide a unique platform for local crews to voice their
opinions, ask questions about the business direction, and express their concerns. In addition to top
management's "fly-around events," line operation base visits occur biannually, with at least one
representative from the People Council present.
The People Council actively participates in these base visits, facilitating both formal and informal
interactions between the Leadership Team and employees. In the past year (F25), the People Council's
President, Secretary General, and local Council representative took part in 13 personal base visits.
Regular floor talks hosted by the Chief Executive Officer offer valuable quantitative and qualitative
insights into employees' work and life. These talks are live and accessible either in person or via
Workvivo, our internal social media channel available to all employees. Additionally, regular live
leadership updates are delivered to all Wizz Air employees via the Company’s internal platform. The Chief
Executive Officer and the Leadership Team also issue written updates on Workvivo for significant events
impacting Company operations or when key information needs direct communication from management.
Wizz Air remains committed to engaging directly with its workforce, ensuring that all employees have
direct access to the Chief Executive Officer and senior management through these channels. Based on
employee feedback, the Company continuously implements relevant actions, as evidenced in the section
discussing employee engagement results. Moreover, Wizz Air complies with all applicable laws and
regulations in every country of operation, and actively participates in mandatory consultations where
required. By maintaining these practices, Wizz Air strengthens its corporate culture, ensuring a
motivated, informed and cohesive workforce.
Employee engagement survey results and follow-up actions
Annual engagement surveys are a critical tool for us, offering
a structured way for employees to share their feedback. This
continuous
feedback
loop
helps
identify
areas
for
improvement and implement changes that enhance the work
environment, boosting morale and job satisfaction.
In November 2024, Wizz Air conducted its eighth employee
engagement survey, yielding 4,556 responses, reflecting a
participation rate of 55 per cent. Company-wide, the overall
satisfaction reached 7.1, with an engagement score of 7.0,
marking a consistent trend with the previous year.
Specifically, office employees demonstrated a significant
improvement in the engagement score of 7.5, up by 0.4 from
the previous year and maintaining a positive trend in office
employee engagement. Meanwhile, Flight Crew engagement
remained consistent with the previous year, maintaining a
score of 6.5. Cabin Crew employees experienced a slight
decrease of 0.3 points, bringing their overall satisfaction rate
to 7.2.
The satisfaction survey includes a range of key aspects that are addressed in the employee survey,
serving as a valuable tool to gain insights into the sentiments and perspectives of the workforce. These
are:
▶
resources and support;
▶
freedom of opinion;
▶
engagement;
▶
reward; and
▶
health and well-being, including mental and social well-being.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
249
Following detailed analysis and discussions of results, Executives, Officers and Heads of Function
submitted their action plans. Concurrently, the People Council conducted an exhaustive analysis,
reviewing over 25,000 comments to propose additional action points.
Drawing from these insights, the Organisational Development department crafted a comprehensive action
plan slated for completion over F26, aimed at further enhancing employee engagement and satisfaction
across the organisation. All employee engagement survey results are annually reviewed by the Board of
Directors, which also enables the Company’s highest decision-making body to assess and monitor
progress towards cultural objectives, identify priorities and set measurable goals for achieving the vision.
At the Company level, the focus areas to improve engagement and the work environment are:
▶
enhanced roster stability and preferences (crew);
▶
a comprehensive appreciation programme;
▶
improved change management process and communication;
▶
career progression (office);
▶
fair and transparent reward practices
The engagement and retention-focused actions already implemented are the following:
▶
Despite not meeting the share price increase target, a discretionary decision was made to pay out a
portion of the target bonus under the All-Employee Bonus Scheme to eligible employees.
▶
We completed our annual salary review across all Wizz Air entities, aiming to ensure competitive and
equitable compensation for all employees.
▶
We introduced tailored development programmes for recently promoted people managers and
coaching support for Heads of Function. These initiatives ensure smooth transitions for recently
promoted leaders and enhance retention, thereby contributing to our long-term sustainability goals.
Compensation and salary
In terms of compensation matters, Wizz Air designs its remuneration practices with a focus on base
salaries and performance-driven progression. While non-financial benefits such as access to Wizz Air’s
services for leisure travel at accessible, favourable and discretionary prices are available as a token of
appreciation for employees’ commitment and loyalty, these are considered supplementary to the core
compensation offering.
Pay is only part of the proposition to join and stay at Wizz Air. Whilst the annual salary reviews –
supported by recurring market benchmark processes – allow for regular adjustments, the most significant
opportunity to increase compensation lies in performance and internal career progression. This focus on
growth is embedded across all of Wizz Air’s HR processes, including recruitment, compensation and
organisational development.
Additionally, Wizz Air is introducing a new private pension package. With this benefit, the Company will
contribute a set percentage of employees’ annual gross salary to a private pension scheme for greater
financial security in the future, provided employees also contribute the same amount. Participation is
entirely voluntary. The scheme is currently being implemented and will be fully introduced in F26.
Company events supporting employee engagement
Company events are essential for fostering a sense of community and belonging. These gatherings allow
us to celebrate achievements, recognise contributions and build
connections
across
different
departments.
By
bringing
employees together in a relaxed setting, we strengthen team
spirit and promote a cohesive, motivated workforce.
At Wizz Air, social interaction and building strong, dedicated
and efficient teams are core aspects of our culture. We ensure
that colleagues have opportunities to reunite and celebrate our
achievements together. Therefore, we will continue to organise
corporate events and programmes, such as the annual
Christmas and Wizz Air birthday celebrations, department away
days, team-building events and initiatives like the WIZZ
Academy, to strengthen our company culture.
Employee engagement on sustainability
Sustainability is a core value at Wizz Air, and we actively
engage our employees in our environmental initiatives. This
alignment of values not only empowers our workforce but also
drives
innovation
and
collective
responsibility
towards
sustainability.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
250
We firmly believe that fostering a culture of responsibility and stewardship starts with education and
awareness of environmental developments within the workplace. By providing our workforce with the
necessary knowledge and resources, we continuously build a motivated and informed team, ready to
tackle future challenges.
Building upon the achievements of the initial term of the Sustainability Ambassador Programme, which
was a first-of-its-kind initiative, Wizz Air has commenced its second term. Our second-term Sustainability
Ambassadors will continue to participate in local sustainability projects, promoting eco-friendly practices
and sharing valuable insights with colleagues. These projects vary from recycling initiatives to charitable
endeavours.
For the third time, Wizz Air initiated its internal campaign, “Sustainability Month,” in November 2024. As
part of this campaign, we launched a four-week-long network-wide competition to inspire our employees
to adopt environmentally friendly practices and share their efforts to minimise their impact on the
environment. The goal is to encourage more people at Wizz Air to take up eco-friendly habits and
promote sustainable daily routines. Throughout this campaign, WIZZ Sustainability Ambassadors
demonstrated their enthusiasm and commitment by actively encouraging employees to buy local
products, reimagine and upcycle old items and clothing, focus on their well-being, and reduce their use of
plastic-packaged goods.
We recognise the significance of indirect emissions, which arise
from sources beyond our direct control. One such source is
employee commuting – the routine travel between their place
of residence and the workplace. To assess our environmental
footprint comprehensively, we conduct an employee commuter
survey twice a year. This survey gathers information directly
from our employees on how often they commute, their
preferred modes of transport, and the distance of their
commute. By understanding these patterns, we can develop
strategies to minimise our impact and promote sustainable
commuting options.
[S1-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN WORKERS TO RAISE
CONCERNS
As outlined in the chapter on Impact, Risk and Opportunity Management, in the [IRO-1] subchapter our
double materiality assessment did not identify any material negative social impact on our own workforce.
Consequently, we have not established a general approach or specific processes for providing or
contributing to remedy in this regard. Nevertheless, Wizz Air is dedicated to preventing and investigating
every suspected misconduct and/or fraudulent act at the Company.
Wizz Air’s Whistleblowing Policy (please refer to the [G1-1] business ethics section) enables the
employees of Wizz Air to report suspected misconduct, including information about any unlawful or
suspected unlawful acts or omissions or any other abuse in accordance with applicable laws. The Policy
applies to all Wizz Air employees, and eligible individuals who contact Wizz Air through their work. It
outlines the procedure for reporting suspected misconduct, how reports are handled, and guarantees
confidentiality and protection for whistleblowers.
Whistleblower processes
Reports of suspected misconduct can be submitted through multiple channels at Wizz Air, ensuring
confidentiality. Employees are encouraged to raise concerns with management, use the ticketing system
for complaints, or share opinions in the Employee Engagement Survey. Reports can be made in person at
the Office of the General Counsel or via the internal Intelex platform. Whistleblowers are protected from
retaliation and can report anonymously via Wizz Air’s external webmail site, which is regularly checked by
authorised personnel.
Every report must be investigated by the relevant Investigation Lead, who ensures whistleblower
confidentiality and informs the whistleblower of the investigation's conclusions and actions taken.
The Investigation Lead reports to the Office of the General Counsel. Employees suspected of misconduct
are only considered guilty once proven. Wizz Air may take legal action against those who report in bad
faith.
Whistleblowers can report suspected fraudulent acts personally or anonymously through established
channels:
▶
In person, via mail, or by phone by contacting the Anti-Fraud and Investigations Manager.
▶
Through the whistleblowing platform referred to in the Policy of Good Conduct and Whistleblowing
Policy, where reports are directed to the General Counsel.
The General Counsel and Anti-Fraud Manager evaluate allegations involving Wizz Air personnel,
departments, systems or third parties. An Investigation Team is established with defined responsibilities.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
251
The Anti-Fraud Manager determines measures and corrective actions, consulting other departments or
external experts if needed.
Employees can find information on reporting channels through internal folders, the intranet, or by
contacting their department's Respective Officer. They can also share opinions in the annual Employee
Engagement Survey or use the EU and worldwide claim submission platform.
Wizz Air has implemented an Anti-Fraud Policy to address any concerns related to potential negative
impacts on employees. This policy, detailed in the [G1-1] Business conduct policies and corporate culture
section, outlines Wizz Air’s principles, restrictions and practical guidelines to prevent, detect and avoid
fraudulent, unethical or improper business practices.
Adhering to this policy ensures that Wizz Air maintains the integrity of its business and complies with all
relevant anti-fraud laws, regulations, corporate policies and best practices. Consequently, Wizz Air strictly
prohibits any actions or omissions that contradict the values or principles of this policy. The whistleblower
and anti-fraud topics are integral components of Wizz Air’s mandatory eLearning programme. This is
designed to ensure that all employees are thoroughly educated on the importance of ethical behaviour
and the procedures for reporting any suspicious activities.
[S1-4] TAKING ACTION ON MATERIAL IMPACTS ON OWN WORKFORCE, AND APPROACHES TO
MITIGATING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO OWN
WORKFORCE, AND EFFECTIVENESS OF THOSE ACTIONS
Aligned with the material impacts identified on our workforce, our efforts to mitigate material risks, and
our commitment to seizing material opportunities, Wizz Air presents various ongoing and planned key
programmes related to its own workforce. These initiatives include actions, metrics and targets. For
detailed information, please refer to the sections on diversity and inclusion, health, safety and well-being,
social protection, training and skills development as well as work-life balance under Chapter [S1] - Own
workforce.
Actions at Wizz Air on material impacts on employees identified by the DMA, and mitigation approaches
adopted:
Topic/subtopic
Key programmes and connected actions
Working conditions:
• Put Safety First: Prioritising the safety and well-being of all
employees.
• Engage Our Employees: Ensuring effective communication
through the People Council.
• Compensation and Salary: Conducting yearly reviews of the
remuneration policy based on market benchmarks to
provide competitive base salaries and non-financial benefits.
Secure employment
• Crew to Office Programme: Wizz Air transferred 11
employees from crew to office positions during F25. This
initiative aims to provide active flight and cabin crew
employees with opportunities to transition their careers and
gain experience in the office environment.
• Reducing Attrition Rates: Focusing on enhancing employee
satisfaction and retention by creating a supportive and
engaging work culture.
• Improving Engagement Survey Results: Actively listening to
feedback and implementing initiatives that enhance the
overall employee experience.
Working time
• The working-time policies and conditions within Wizz Air
fully comply with all applicable local and international
regulations. These are specified in individual employment
contracts and company policies, requiring no special actions
on this matter. See [S1-1] - Policies related to own
workforce for details.
Health and safety
• The Employee Assistance Programme (EAP): Implemented
to support employees with stress, mental health problems
or difficult life circumstances.
• The Employee Emergency Funding initiative: Aims to provide
assistance to employees who need financial support in
medical emergency situations.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
252
Equal treatment and opportunities
for all:
• Recruit and Develop Our Employees: Focusing on attracting
and nurturing talent.
• Improve and Leverage Diversity: Promoting a diverse and
inclusive workplace.
Training and skills development
• Providing
various
development
opportunities
and
comprehensive training programmes to employees to
enhance
their
professional
skills
and
career
growth
according to their level and needs:
-
Training for flight and cabin crew
-
Wizz Air Pilot Academy (WAPA) Programme
-
Developing our office workforce
-
Leadership education
-
Digital learning solutions
• Organising regular performance and talent reviews to set
professional goals for the next business year and provide
feedback to employees on their work and development.
• Supporting
career
paths
and
transparent
career
development to ensure that employees can advance and
achieve their professional goals.
Diversity
• The Company expects its workforce to adhere to its diversity
and inclusion principles, which are set out in ‘The Wizz Way’,
its Policy for Good Conduct, and its Equal Opportunities and
Fair Treatment Policy along with the expected standards of
behaviour for every member of the Wizz Air team.
Launching several unique programmes to nurture talent and
diversity in our flight deck:
-
She Can Fly Programme
-
Internal Cadet Programme
-
Cabin Crew to Captain Programme
-
Self-Sponsored Cadet Programme
• Hosting inspiring events and discussion panels to promote
gender diversity and create a balanced and inclusive
environment where all genders are equally represented and
can thrive.
• Achieving 40 per cent gender diversity in management,
reflecting our commitment to gender equality at all levels of
leadership.
• Fostering generational diversity by creating an inclusive
environment that values and leverages the strengths of
employees from all generations, ensuring a dynamic and
innovative workplace.
Wizz Air has a whistleblowing system in place that provides channels for own workforces to raise
concerns in relation to material negative impacts on them. Whistleblowing systems are described in detail
in [S1-3]– Processes to remediate negative impacts and channels for own workers to raise concerns, and
[G1-1]– Corporate culture and business conduct policies.
Wizz Air conducts an annual Employee Engagement Survey to assess the effectiveness of various
workforce-related actions. The survey results, particularly the identified pain points and development
areas, are evaluated to create action plans. If necessary, the Organisation Development department, in
collaboration with HR Operations, may modify existing policies or develop new ones based on the survey
findings. The effectiveness of company actions is also evaluated during regular performance reviews and
goal-setting sessions. Feedback from employees is disseminated across relevant business functions and
departments. For example, the Compensation and Benefits Team assesses compensation and benefits
using market benchmark practices to ensure fairness. These initiatives and programmes are embedded
within the organisation and managed by subject-matter experts, such as the Organisation Development,
Compensation, and HR departments. They are responsible for implementation, tracking and monitoring,
with continuous reviews to ensure the measures remain effective.
The Company ensures that it always adheres to EU regulations and respective national legislation where
it operates. Through this and the protective measures described above, it is confident that it does not
exert any material negative impacts on its own workforce.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
253
Wizz Air introduced initiatives to improve working conditions and promote equal opportunities for
employees, aligned with its HR strategy. The comprehensive action plan related to own workforces is
currently under preparation. Based on the double materiality assessment, Wizz Air plans to refine
developing policies and processes to create detailed action plans and allocate resources in relation to
material sustainability matters related to own workforces and workers in the value chain.
[S1-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE
IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES
The Company is in the process of establishing detailed targets with a comprehensive methodology for
measurable objectives related to the management of all material impacts, risks and opportunities
concerning its workforce. However, Wizz Air has already defined some general goals and initial objectives
related to material topics concerning its workforce (see table below).
Wizz Air actively collects employee feedback through its employee engagement survey, which informs
decision-making. Survey results, along with related targets and actions, are shared with team leaders
and communicated internally to all employees, ensuring organisational transparency and alignment.
Wizz Air’s objectives within the people pillar:
People
Commitments
On
target
Current status
Continue to put safety first, in everything we
do.
On target. Our Safety Review Board meets
four times a year. Dedicated Safety,
Security
and
Operational
Compliance
Committee of the Board. See page 263.
Further improve gender diversity in the Board,
management and flight deck to achieve:
1.
33 per cent female gender diversity in the
Board of Directors;
2.
40 per cent female gender diversity in the
management team by F26; and
3.
7 per cent female gender diversity in the
flight deck by F30.
1.
Board of Directors: 36 per cent –
target reached.
2.
Management team: 38 per cent.
3.
Flight deck: 6 per cent.
See [S1-9] - Gender diversity metrics for
more details.
Develop and maintain employee engagement
at a medium level of 7.7, aligned with the
industry benchmark.
Improvement in F25 but target not yet
fulfilled. More on employee engagement
subchapter [S1-13].
(
= target achieved, or in case of long-term target, the current trend is positive;
= target not reached but there is an action plan
in place to reach it).
[S1-6] CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES
Wizz Air is dedicated to recruiting talented, professional employees and providing them with essential
tools, offering dynamic development opportunities through a specially tailored programme for all levels
within the organisation, while promoting diversity and inclusion throughout the entire employee journey.
At Wizz Air, our workforce consists of employees directly contracted by the Company. Specific non-
employee workers, who are not classified under [S1-4] – Value Chain Workers, are addressed separately
in [S1-7] Characteristics of non-employee workers in the undertaking’s own workforce, according to the
categorisation of workforce types below.
▶
Own employees are individuals directly contracted by Wizz Air. They are fully covered by company
policies, health and safety systems, receive all mandatory training, and are entitled to various leave
and benefits offered by the Company. Employment contracts are signed directly between Wizz Air and
the employee, with no involvement of agencies.
▶
Non-employee workers include self-employed individuals or those provided by agencies primarily
engaged in employment activities. These workers are covered by their respective companies' health
and safety systems and employee-related policies. They receive essential training, such as fire safety
and security. Agreements are signed between the self-employed individuals or workforce agencies
and Wizz Air. The workforce agency or third party remains the employer.
Wizz Air's employee base grew significantly from 1,184 in 2010 to 8,816 by the end of March 2025.
Despite encountering operational challenges during F25, including aircraft groundings due to Pratt &
Whitney GTF engine inspections and ongoing geopolitical conflicts in Europe and Middle East, Wizz Air
successfully recruited 2,373 employees.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
254
As part of the ongoing Crew to Office Programme, Wizz Air transferred 11 employees from crew to office
positions during F25. This initiative aims to provide active flight and cabin crew employees with
opportunities to transition their careers and gain experience in the office environment.
We remain dedicated to continuous development to facilitate efficient career advancement and growth
within respective fields or transitions to new functions within the Company for further development. In
F25, 23 per cent of office employees received internal career advancement opportunities, both
promotions to higher positions or moving laterally to different positions.
Wizz Air promoted three Heads to Officer level and nine senior managers to Head level in F25,
demonstrating the commitment to developing internal talent and recognition of the expertise of
experienced staff, fostering a growth-oriented work environment in management positions.
Wizz Air office career development and gender breakdown
50%
41%
73%
40%
40%
100%
42%
50%
59%
27%
60%
60%
58%
Female
Male
Promotion
Lateral
movement
Crew to
office
External
hire
Stayed in
position
Back from
parental
leave
Grand total
—%
20%
40%
60%
80%
100%
The data presented below encompasses own employees when referring to our workforce. The table below
provides information on employees categorised by contract type, gender and country. The data reported
uses the year-end headcount. However, the attrition rate is calculated using the average headcount over
12 months and the total number of leavers during that period.
Breakdown of Wizz Air’s own employees by gender
Gender
Number of employees (headcount)
Female
4,174
Male
4,642
Non-binary
0
Not reported
0
Total
8,816
Breakdown of Wizz Air’s own employees by country
Country
Number of employees (headcount)
Romania
1,403
Poland
1,362
Hungary
1,350
Italy
1,187
United Kingdom
915
Other (less then 10% of total
headcount)
2,599
Total
8,816
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
255
The total number of employees who left the Company, including all subsidiaries, during the reporting
period was 1,496, and the employee turnover rate for the same reporting period was 18%.
[S1-7] CHARACTERISTICS OF NON-EMPLOYEE WORKERS IN THE UNDERTAKING’S OWN WORKFORCE
In line with ESRS 1 Appendix C, Wizz Air has chosen to omit reporting on all data points in this Disclosure
Requirement for this reporting year.
[S1-9] DIVERSITY METRICS
Over the past two decades since its founding, Wizz Air has been dedicated to fostering equal
opportunities and an inclusive environment for all candidates, employees and partners. This commitment
extends regardless of race, national and ethnic origin, social origin, gender, age, religion, political views,
sexual/gender identity or expression, marital status, citizenship, disability or medical history, military
status, employment status, or any other legally protected factor.
Decisions across all aspects of the Company’s operations are based on merit — skills, performance and
abilities — aligned with the requirements of each position, irrespective of personal characteristics. Wizz
Air expects its workforce to uphold its diversity and inclusion principles, as outlined in “The Wizz Way”,
the Policy for Good Conduct, and the Equal Opportunities and Fair Treatment Policy. These policies set
the expected standards of behaviour for every member of the Wizz Air team. For more details, please
refer to [S1-1] Policies related to our workforce.
Diversity metrics at Wizz Air: Age distribution
Age group
Headcount
Percentage
Distribution of employees under 30 years old
4,296
49 %
Distribution of employees between 30 and 50 years old
4,147
47 %
Distribution of employees over 50 years old
373
4 %
Diversity metrics at Wizz Air: Gender distribution at top management level
Gender distribution at top management level
Headcount
Percentage
Female
3
20 %
Male
12
80 %
Non-binary
0
0
Not reported
0
0
Total
15
100 %
At Wizz Air, the top management and leadership roles include all positions from Officer and above. The
management level encompasses positions from Head of Department and higher.
Nationalities
Wizz Air is an ethnically diverse and inclusive professional organisation with over 112 nationalities within
its employee base (89 in the cabin crew, 62 in the flight crew and 68 in the office). At Board level, eleven
current Directors are from eight different countries, while the Company’s 43 Heads of Function and 15
Officers and Executives represent 20 different nationalities. The following charts include detailed
information on the nationality breakdown according to various employee categories.
Cabin Crew
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
256
23%
18%
10%
8%
5%
5%
4%
4%
23%
National diversity ratio:
Romanian
23%
Polish
18%
Italian
10%
Hungarian
8%
Albanian
5%
Bulgarian
5%
Ukranian
4%
British
4%
Others (with 2% share or less)
23%
Flight crew
Office
Management
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
257
54%
4%
3%
3%
36%
17%
13%
12%
12%
9%
4%
33%
National diversity ratio:
Hungarian
54%
Romanian
4%
Indian
3%
Emirati
3%
Others (with 2% share or less)
36%
National diversity ratio:
Polish
17%
Hungarian
13%
Italian
12%
Romanian
12%
British
9%
Bulgarian
4%
Others (with 2% share or less)
33%
45%
9%
7%
3%
3%
3%
3%
3%
3%
19%
National diversity ratio:
Hungarian
45%
British
9%
Romanian
7%
Bulgarian
3%
Irish
3%
Polish
3%
Portuguese
3%
Spanish
3%
Swedish
3%
Others (with 3% share or less)
19%
Gender diversity
At Wizz Air, we maintain a balanced male-to-female ratio organisation-wide, with females representing
47 per cent of our workforce. However, we acknowledge the need for further enhancements in gender
diversity within specific employee groups. As part of our ongoing commitment to diversity, we have set
targets to enhance female representation in critical areas such as the flight deck, Leadership Team and
Boardroom.
The chart below showcases the male-to-female ratio within various employee groups at Wizz Air:
32%
94%
58%
62%
80%
53%
68%
6%
42%
38%
20%
47%
Male
Female
Cabin crew
Flight crew
Office
Management
(Head+)
Officers
(Officer+)
Grand Total
—%
25%
50%
75%
100%
Wizz Air strongly believes that leadership diversity enables faster progress towards targeted growth and
employee base diversity. The Company continues to adhere to its long-term set target to achieve 40 per
cent gender diversity by F26 among its management team (Heads of Function, Officers and CEO level),
which is broken down into yearly plans and actions, and regularly reviewed at Board level and by the
Nomination and Governance Committee.
In F25, the Board's gender diversity remained at 36 per cent female, while the management team’s
gender diversity increased to 38 per cent from 35 per cent in F24. Office gender diversity remained over
40 per cent, with 42 per cent of our office employees being female. Flight crew gender diversity increased
to 6 per cent from 5 per cent last year. Among the operating entities, Wizz Air UK Limited has the highest
flight deck female diversity, at 7.72 per cent). Meanwhile, the female cabin crew percentage remained at
68 per cent.
To improve gender diversity in the Company, we set targets that can be found in detail in subchapter
[S1-5].
We have put in place actions to achieve our ambitious targets as part of our diversity initiative, Women of
WIZZ. Recruitment is focused to ensure that there is always at least one female candidate on the shortlist
for positions and recruitment panels are recommended to have female interviewees. See the listed
actions in subchapter [S1-4].
Female pilot initiatives
Wizz Air is dedicated to enhancing gender diversity within its flight
crew, aspiring to become an industry leader in this area by
increasing the proportion of women across all functions at the
airline. To support this transformation, the Company has launched
several initiatives. Wizz Air’s cabin and flight crew ambassadors
represent
the
Company
at
public
events,
showcasing
our
commitment to diversity. Our Cadet Programme initiatives serve as
key building blocks for transforming our flight crew over the coming
years. Additionally, the Company’s Equal Opportunities and Fair
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
258
Treatment Policy underscores our commitment to fostering equal access to positions where certain
protected groups, including women, are underrepresented. We always consider the personal
circumstances of all applicants, respect their fundamental and human rights, and apply a diverse set of
selection criteria for any position or entitlement.
The percentage of Wizz Air’s female pilots continues to rise steadily, increasing from 3 per cent in 2014 to
6 per cent by the end of F25, achieving top levels of the current global aviation ratio. This progress is the
result of targeted programmes and initiatives aimed at attracting more women to the traditionally male-
dominated aviation industry. Through initiatives like the “She Can Fly" programme which provides
attractive support schemes for female cadets, the Company aims to further increase female
representation – with a goal of at least 7 per cent by 2030. In addition to this programme, Wizz Air also
operates the "Cabin Crew to Pilot" initiative, launched in 2022. This initiative has already produced its
first graduates, with 11 percent being women.
Details of programmes:
▶
She Can Fly Programme: a sub-brand of the Wizz Air Pilot Academy (WAPA) Programme dedicated to
women, aiming to increase women’s flight deck crew diversity;
▶
Internal Cadet Programme: a self-sponsored programme for Wizz Air employees who have completed
their pilot training;
▶
Cabin Crew to Captain Programme: a company-sponsored programme for Wizz Air cabin crew to
obtain a commercial pilot licence;
▶
WAPA: offers training and financial support to young, passionate candidates. Graduates can begin
their employment at Wizz Air as pilot trainees; and
▶
Self-Sponsored Cadet Programme: designated flight schools will be selected for Wizz Air’s growing
UK, Italian and UAE bases.
Women on Air 2025 – focusing on mental health and well-being
Wizz Air, building on the success of last year, hosted the second Women On Air event at the Budapest
headquarters, focusing on Mental Health and Work-Life Balance. The event showcased a diverse array of
inspiring speakers, including members of our
Leadership
Team,
well-being
coaches,
an
Olympic athlete, and other field experts. These
speakers shared their insights and practical
strategies for maintaining a healthy balance
between professional and personal life. The
discussions were not only insightful but also
underscored the importance of well-being
alongside ambition in achieving long-term
success.
Throughout the event, employees had the
opportunity to learn about the significance of
mental health and work-life balance. The
sessions
featured
numerous
engaging
presentations and panel discussions on various
topics, including well-being, mental health,
physical
health,
career
development,
and
equality in aviation. These discussions provided
valuable insights and actionable advice that
employees could apply in their daily lives.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
259
Overall, the Women On Air event was a resounding success, providing a platform for meaningful
conversations and learning opportunities. It reinforced Wizz Air's commitment to promoting gender
diversity and equality, ensuring that our employees are equipped with the knowledge and tools to thrive
both professionally and personally.
[S1-11] SOCIAL PROTECTION
All employees of Wizz Air are covered by social protection against loss of income due to significant life
events, since the declaration of employment entails the obligation to pay taxes and contributions on
employee wages and employer contributions, which covers payment during sick leave, benefits in the
event of a work-related or travel accident, maternity leave, and other parental leave benefits. Wizz Air
operates in multiple countries, ensuring social protection for all employees in accordance with local social
security and labour laws. This includes office staff, flight and cabin crew members.
Benefits related to unemployment and retirement are governed by local labour and social security laws in
each country where the Company operates. As a result, the Company adheres to these regulations and
does not implement additional rules, policies or processes for these benefits. However, the Company
plans to introduce a new private pension fund system in the future. This system will allow employees to
contribute a portion of their salaries, with the Company matching these contributions. Additionally, tax
benefits will be available for these savings.
[S1-13] TRAINING AND SKILLS DEVELOPMENT METRICS
Wizz Air is dedicated to fostering a culture of continuous learning and professional development. We have
developed a diverse array of training programmes, both mandatory and optional, aimed at empowering
employees, enhancing their skills, and supporting their
career
growth.
Our
comprehensive
Training
and
Development
Policy
clearly
outlines
the
various
development opportunities available to our employees,
ensuring they have access to the resources needed to
thrive in their roles.
For non-employees and workers within our value chain,
we offer essential training programmes such as fire and
safety training to ensure a safe working environment.
Additionally, any specialised training required for specific
positions within business functions, such as maintenance
training, is provided. This approach ensures that all
individuals, whether employed directly or as part of our
extended network, receive the necessary training to
perform their duties effectively and safely.
Below, we highlight the most important training courses
currently available at Wizz Air.
Training our flight and cabin crew
Flight and cabin crew training is organised by a dedicated in-house training team, which consists of 469
flight deck and 410 cabin crew trainers across Wizz Air’s entire network. In F25, more than 440 pilots and
over 1,800 cabin crew members joined the Company and had world-class initial training, while 2,200
pilots and 5,300 cabin crew members completed recurrent training. Most of our training is conducted in
modern, state-of-the-art facilities in Budapest and Rome. These facilities are equipped with two and three
Airbus A320 CAE 7000XR Series full-flight simulators, respectively, a cutting-edge Cabin Emergency
Evacuation Trainer, and a V9000 Commander Next-Generation Fire Trainer. In the five years since its
opening, cadets and experienced pilots who take part in recurrent training have completed a total of
more than 100,000 flight hours, i.e. roughly nine and a half years of flying on three simulators.
Wizz Air’s crew training has successfully implemented a fully integrated digital Training Management
System, which enables us to manage and control the entire lifecycle of pilot and cabin crew learning and
qualifications in a single digital platform. The system will further enhance our training efficiency,
organisational flexibility and performance, while ensuring guaranteed compliance with regulations.
In February 2024, Wizz Air inaugurated its second training centre in Rome, Italy. The facility, spanning
over 2,500 square metres, is conveniently located within walking distance of Terminal 1 at Rome
Fiumicino Airport. Briefing rooms and theoretical training spaces occupy 1,290 square metres across two
floors, while nearly 600 square metres are allocated to the simulator hall, which accommodates three
full-flight Airbus A320-family simulators. Each simulator can train up to 135 pilots per month, ensuring
recurrent training for up to 4,800 pilots per year. This development underscores Wizz Air’s unwavering
commitment to the highest standards of safety and continuous training using state-of-the-art equipment.
Additionally, this investment fosters local job opportunities, building on our existing team of over 900
Wizz Air employees in Italy.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
260
Wizz Air also organises dedicated “Foundations of People Management” leadership training upon request
for cabin and flight operations management. This training aims to enhance leadership self-awareness and
to equip managers with critical management skills and techniques such as constructive feedback,
effective delegation, conflict management and impactful communication. As our employee base rapidly
expands, maintaining strong relationships within our network is crucial, especially with newly joined
colleagues who may need assistance acclimatising to their crew life and responsibilities. The
“myWIZZmentor” programme, developed by the Cabin Operations department, aims to improve our
working environment by supporting new colleagues in their journey with Wizz Air, with the help of
experienced cabin crew. The mentoring programme is currently available at our Budapest, Vienna,
Warsaw, Sofia, Rome Fiumicino and Bucharest Otopeni bases.
Wizz Air Pilot Academy (WAPA) Programme
The Wizz Air Pilot Academy (WAPA) is a unique pilot training programme designed to develop a new
generation of pilots, even those with minimal prior aviation experience. It offers the opportunity to obtain
a Commercial Pilot’s Licence and pursue a career at Wizz Air through comprehensive, high-quality
training starting from the basics, supported by an experienced flight school and aligned with Wizz Air’s
training standards.
Wizz Air's training programme is conducted in collaboration with one of Europe's leading EASA-approved
flight training academies. Our integrated training scheme aims not only to meet EASA requirements but
also to develop cadets into proficient team players. Cadets are encouraged to support their peers and
work collaboratively towards their goals, a crucial skill in a multi-pilot environment such as airline
operations.
In addition to investing in aircraft and equipment, we continuously enhance our training structure. Active
airline pilots contribute to the development of the syllabus and participate in progress checks, theoretical
training and multi-crew cooperation training.
Developing our office workforce
In our ongoing commitment to fostering a data-driven approach to employee development, Wizz Air has
established a comprehensive soft-skill competency framework for office employees. Based on these
matrices, employees receive tailored support through the LinkedIn Learning Platform and individual
development opportunities.
As part of our dedication to digitalisation, we continue to support office staff and crew management by
providing access to the LinkedIn Learning Platform. This platform offers guided and customised learning
paths designed to enhance soft skills, ensuring continuous professional growth. The following new
Learning Paths have been developed: WIZZ Management Trainee, Base Manager, and Crew to Office.
We conduct thorough onboarding sessions
for new employees, led by the senior
leadership
team
and
key
internal
stakeholders, offering insights into company
culture, principles, policies and procedures.
These sessions aim to quickly integrate new
hires and acquaint them with the Company,
enabling them to be productive from day
one. The onboarding process is continually
refined
based
on
feedback
from
new
employees to ensure effectiveness and
relevance.
In F25, we celebrated 231 WIZZ Academy
alumni
completing
six
semesters.
The
programme aims to provide both office
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
261
employees and crew members with unique insights into the Company’s strategy and objectives,
presented by the Leadership Team, including the Chief Executive Officer. The WIZZ Academy serves as a
platform for increased interaction between employees and management, fostering a community of
internal culture and brand ambassadors and expanding the talent pool based on participants’ career
aspirations. Each WIZZ Academy semester selects a diverse group of 40 employees to attend a series of
eight bi-weekly, interactive lectures and training sessions with networking opportunities.
Building on the previous success of the WIZZ Management Trainee Programme, the initiative has been
further expanded this year. The programme aims to create diverse talent growth opportunities on entry
level, enhance WIZZ brand and culture awareness on the market, strengthen our presence at top
universities, and recruit and develop young talent with the potential to become future managers at Wizz
Air. The programme has been extended with new recruitment waves, increasing the total number of
selected management trainees to 25, with 11 offered full-time positions within Wizz Air in F25. Trainees
participate in a “one plus one” year structure, with the possibility of full employment upon completion,
and rotate every twelve months to a new department or function within the Company.
Leadership education
This year, 69 employees graduated from the 1-year Leadership Development Programme, aimed at
enhancing leadership capabilities for people managers below Head-level. The programme begins with a
competency assessment, followed by feedback from peers and direct managers to support skill
development for current and future roles. Our focus is on nurturing individual growth and providing
tailored development opportunities, including coaching and mentoring sessions.
Wizz Air continued to support Heads and Officers, providing an opportunity to further extend their
leadership capabilities and offering an opportunity to develop on various levels. The ongoing SEED
Business Management Programme, available to all Heads of Function, ensures that the leadership culture
remains consistent across all departments.
Additionally, Wizz Air maintained the practice of offering partial scholarships for enrolment in the Master
of Business Administration programme at Corvinus University of Budapest.
This year Wizz Air introduced an individual coaching programme offered to Heads and Officers in three
unique tracks to cater to different developmental needs.
▶
Promotion-Based Coaching supports internally promoted Senior Managers to Heads, and Heads to
Officers.
▶
Performance-Based Coaching is tailored to individual needs based on managerial recommendations
and aligned with performance evaluations and feedback.
▶
Interest-Based Coaching is designed for leaders seeking further development, with the programme
focus defined collaboratively by the leader and their coach.
Regular performance and talent review
Wizz Air’s annual People Cycle process ensures effective planning and alignment with strategic goals
while maintaining talent development for office employees and crew management. All internal Wizz Air
office employees and crew management are included in the process, consisting of a performance and
talent review cycle, beginning with goal setting. Goals are collaboratively set with managers to ensure full
alignment with Wizz Air's strategic objectives. These goals may be revised during the mid-year review to
accommodate any changes in priorities. At the end of the fiscal year, office employees and crew
management have the opportunity to reflect on the results and establish focus areas for the next year.
The process is facilitated digitally, promoting transparency and development across the organisation. As a
result of this process, employees receive a performance rating indicating their accomplishment of goals
and a talent rating indicating their potential for vertical or horizontal movement within the organisation.
To ensure fairness and transparency, Heads and Officers review and calibrate all ratings at both
functional and departmental levels. Final performance ratings and feedback are communicated to
employees during face-to-face discussions with their direct managers. Additionally, managers develop
succession plans based on employees’ talent profiles. Crew employees also engage in regular
performance review check-ins with their respective managers.
In the table below, Wizz Air discloses the training hours and performance review metrics for employees:
Female
Male
Other
Total
Percentage of employees and (or) non-employees that
participated
in
regular
performance
and
career
development reviews
46 %
77 %
— %
62 %
Average number of training hours per employee and (or)
non-employee
32
28
N/A
30
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
262
The data above shows the training hours of office employees in F25, broken down by gender. For cabin
crew and flight crew, the average training hours were 49.5 and 65.5, respectively. However, gender-
specific data for these groups is not available for the current reporting year. The Company is committed
to working on disclosing this data in the upcoming years.
[S1-14] HEALTH AND SAFETY METRICS
Safety is our utmost priority and the foundation of successful operations. Through the unwavering
commitment of all our employees, we ensure our customers receive the highest standards of safety.
Since August 2022, the Safety, Security and Operational Compliance Committee of the Board of Directors
has been supporting the Board with additional oversight of the Group’s policies, practices, objectives and
performance on safety, security and operational compliance.
Health and Safety metrics
F25
The number of employees who are covered by health and safety management system
in head count based on legal requirements and (or) recognised standards or guidelines
8,816
Percentage of own workers who are covered by health and safety management system
based on legal requirements and (or) recognised standards or guidelines
100%
Number of fatalities in own workforce as result of work-related injuries and work-
related ill health
0
Number of fatalities as result of work-related injuries and work-related ill health of
other workers working on undertaking's sites
0
Number of recordable work-related accidents for own workforce
51
Rate of recordable work-related accidents for own workforce
3.83
Number of cases of recordable work-related ill health of own workforce
0
Number of days lost to work-related injuries and fatalities from work-related accidents,
work-related ill health, and fatalities from ill health
493
Total hours worked by people in own workforce
13,304,943
Put safety first - Health and Safety Policy
Safety and responsibility are the core values and guiding principles of our business. This commitment
extends to our passengers and employees, ensuring the safe and responsible operation of aircraft,
facilities and installations, as well as the prevention of work-related accidents and ill health. In alignment
with Wizz Air's safety objectives, we continuously monitor and strive to enhance our safety performance
based on defined safety performance indicators. Our Health and Safety policy is communicated
throughout the organisation to achieve the highest levels of performance. Compliance with all legal
requirements and safety standards is a prerequisite for all employees. Management ensures that
adequate resources are available to implement and enforce the Health and Safety policy and to
incorporate necessary changes. To meet our safety objectives, we allocate sufficient time, personnel and
financial resources. We evaluate our environmental, health and safety performance through ongoing
monitoring and regular management reviews. We also ensure that our service providers adhere to
appropriate safety standards. In cases of conflicting interests, we prioritise safety.
Our overarching goal is to protect employees from safety hazards and unhealthy working conditions. Our
proactive approach to safety involves continuous risk assessment and the implementation of effective
control measures. To foster a sustainable health and safety management system and culture, we actively
involve our employees in identifying opportunities and hazards, as well as in establishing our policies and
targets.
Non-employees, such as contractors, are required to familiarise themselves with the Company's Health
and Safety Policy, further extending our commitment to safety. Additionally, Wizz Air maintains various
health and safety-related policies, including those for safety and fire protection. These policies are
available in local languages at all subsidiaries.
Wizz Air’s commitments:
▶
We are committed to ongoing improvement and use audits and performance metrics to identify areas
for growth and development.
▶
We look for the root causes of occurrences to eliminate them sustainably, and we verify the
effectiveness of countermeasures taken.
▶
We leverage employee experience to improve our workplace. We encourage creative thinking and
reward innovative ideas.
▶
We invest in employee development through training and support.
▶
We ensure all employees understand their role in maintaining our management system.
▶
We are open to new ideas and perspectives.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
263
Health and Safety Management
Wizz Air is dedicated to continuously improving its Health and Safety policies, systems and procedures.
The Company regularly evaluates and updates its goals and key performance indicators (KPIs), providing
a robust foundation for our Health & Safety Management System. Furthermore, Wizz Air has expanded its
Health and Safety department to support the system and uphold the highest standards. Below, we outline
our key deliverables for the upcoming period:
▶
Maintaining a high level of compliance with network-wide and local legal requirements in all countries
we have operational bases in;
▶
Documentation of key processes and standards as well as local instructions where applicable;
▶
Establishing a robust Health and Safety promotion system through a tailored training programme and
effective communication system.
Compliance Monitoring and Interface Management
Key achievements in compliance monitoring include ensuring Group-level compliance, extending auditing
capabilities, and establishing an effective oversight system for service providers in all countries where
Wizz Air operates. This expansion guarantees comprehensive coverage and reinforces our commitment to
maintaining high standards of Health and Safety across our network.
Safety Management System
We have integrated Health and Safety reporting into our Company's management system software,
enabling standardised reporting and investigation processes. This integration enhances the efficiency and
consistency of incident reporting and recording. Hazards identified from these reports are added to the
Company's risk register, and associated risks are managed under the SMS framework by our qualified
and expert team members. Significant issues are escalated to the relevant safety forum to ensure timely
and adequate resolution by Management. Our training programmes remain a cornerstone of our Health &
Safety strategy, ensuring that all employees receive the necessary education and support to uphold our
Health & Safety standards.
Employee Assistance Programme and Employee Healthcare Management
We remain committed to prioritising the health and safety of our employees and customers by
maintaining a proactive approach to our health and safety protocols. We regularly revise our policies and
procedures to ensure they remain adequate and effective. In our ongoing effort to support our
employees’ well-being, we expanded the scope of the Employee Assistance Programme (EAP). This
expansion aims to provide comprehensive psychological counselling services, both on site and online,
accessible to all employees across our network. We are committed to actively monitoring and supporting
the mental health of our colleagues and we encourage them to participate in and benefit from the
confidential resources offered by the EAP.
WIZZ Aid
WIZZ Aid is designed to provide financial support to our colleagues who need urgent medical treatment
or suffer from natural or man-made disasters outside of the coverage of life, travel and accident
insurance. The WIZZ Aid policy sets out the criteria and process related to the funding granted to
employees. This corporate initiative is open to any Wizz Air Group employee. During F25, six applications
were approved, in the amount of €25,950, for life-saving medical assistance, surgery and other related
financial support.
Safety Policy Statement
Safety is the first priority in our work and the key to a successful
business. It is through the personal commitment of all our employees
that we provide our customers with the highest level of safety
possible. Wizz Air, including the Board of Directors, the Leadership
Team and the entire employee community, is firmly committed to
ensuring the safest operations possible, always keeping our people
and our customers safe. Wizz Air’s safety philosophy is to create and
maintain an organisation which is healthy, safe and successful while
we are fully committed to supporting the continuous improvement of
the organisation and management system. We are committed to
complying with all applicable laws, regulations and standards, taking
into consideration industry best practice including IATA Standards And
Recommended Practices (ISARPs).
At Wizz Air, we are deeply committed to upholding safety
management by allocating ample resources to ensure safe operations.
Our senior leadership is dedicated to cultivating and endorsing an organisational culture that promotes
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
264
safe work practices, encourages robust safety reporting and proactively oversees safety. We firmly
believe that safety is everyone’s responsibility, and all management levels and employees are held
accountable for delivering the highest level of safety performance. This commitment starts from the top,
with our Chairman of the Board of Directors and Wizz Air’s Operations Officers. We implemented a
comprehensive Safety Management System to manage the risks associated with our operations and
activities. Our safety objectives and performance standards are designed to facilitate continuous
improvement in our safety performance.
Our employees play a crucial role in maintaining a safe operation. It is vital that they report any actual or
potential safety issues or concerns. We encourage every employee to contribute to the Safety
Management System by reporting safety issues and concerns to the Safety and Compliance department.
To support our employees in maintaining their mental fitness, we have initiated an employee support
programme. We strive to foster an atmosphere of trust through our Just Culture, where individuals are
encouraged to report critical safety-related information. Our Just Culture Policy ensures that unintentional
errors and unsafe acts will not be penalised. However, those who act recklessly or take deliberate and
unjustifiable risks will be subject to disciplinary action. This will be determined through a fair and
consistent process that includes an independent review of the events, taking into account any human
factors, human behaviour and mitigating circumstances as outlined in the Organisation Management
Manual.
It is through the personal commitment of all our employees that we will provide our customers with the
highest level of safety possible.
Safety compliance
We are dedicated to consistently operating in accordance with applicable requirements, laws, regulations
and internal documentation. This commitment is supported by our Compliance Monitoring Function, which
continuously monitors the performance of systems and processes employed by Wizz Air. This ensures
that our operations are safe, meet the expectations of both our internal and external customers, and
comply with relevant national aviation regulations and company-specific standards and requirements,
including IATA ISARPs.
Aims of Compliance Monitoring System:
▶
Ensuring safe operations and airworthy aircraft
▶
Continuous monitoring of Wizz Air operations for compliance with all applicable standards,
requirements and procedures including feedback to the Accountable Manager
▶
Maintaining our Air Operator Certificate & Operating Licence by fulfilling requirements
▶
Achieving adequate and timely implementation of corrective and preventive actions against
nonconformities discovered during audits and inspections
▶
Meeting the planned values of Safety Performance Indicators defined by the Accountable Manager at
the Management evaluation
We fully endorse the objectives of the Compliance
Monitoring Function. We are committed to consistently
performing our tasks in accordance with the requirements
of Part-ORO, Part-ORA, and Part-CAMO. Additionally, we
strive to continuously improve our processes and
performance to achieve the objectives of the Compliance
Monitoring Function.
Wizz Air adheres to all relevant aviation regulations
issued by the European Aviation Safety Agency (EASA)
and the respective national Civil Aviation Authorities
(CAAs). All standards set are in compliance with the
regulations and associated decisions issued by EASA.
Wizz Air ensures that our managers and operational
personnel comply with all applicable laws, regulations,
and procedures in every location where operations are
conducted.
[S1-17] INCIDENTS, COMPLAINTS AND SEVERE HUMAN RIGHTS IMPACTS
At Wizz Air, both employees and consumers have multiple channels to report complaints or incidents
related to harassment or discrimination. Employees can utilise the Intelex reporting system, which offers
comprehensive safety software to streamline safety protocols, incident reporting, and compliance
management. Additionally, they can report incidents to their line management, even anonymously,
submit feedback to the HR department, or use the whistleblowing platform. Suppliers and customers can
visit the Company’s official website for information on lodging claims. The website provides email
addresses, telephone numbers, and online platforms for submitting complaints. Furthermore, they can
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
265
send official letters by post, and suppliers can contact their respective contract owner or contact person
at Wizz Air.
For more information, please refer to subchapters [S1-3], [S2-3] and [S4-3]. In all cases, the reported
incidents and complaints are investigated within the specified deadline in accordance with local laws and
legislation (most common deadline is within 30 days after the reporting). The sanctions applied so far
have been termination of the employment relationship and a written warning to the employee, no fines or
penalties were imposed, and there is no related amount in the Annual Report.
In F25, there were five incidents related to harassment or discrimination, and zero incidents related to
severe human rights. In two cases, Wizz Air terminated the employment relationship with the employees,
but no other sanction was applied.
Metrics related to working rights and human rights impacts
F25
Number of incidents of discrimination
3
Number of complaints filed through channels for own workers to raise concerns
10
Number of complaints filed to National Contact Points for OECD Multinational Enterprises
0
Amount of material fines, penalties, and compensation for damages as result of violations
regarding social and human rights factors
0
Number of severe human rights issues and incidents connected to own workforce
0
Number of severe human rights issues and incidents connected to own workforce that are
violations of UN Global Compact Principles and OECD Guidelines for Multinational
Enterprises
0
Amount of material fines, penalties, and compensation for severe human rights issues and
incidents connected to own workforce
0
Number of severe human rights cases where undertaking played role securing remedy for
those affected
0
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
266
[S2] WORKERS IN THE VALUE CHAIN
Wizz Air’s value chain encompasses a diverse range of workers who contribute to the Company's success,
such as outsourced service workers, in addition to upstream value chain workers who perform aircraft
maintenance and ground handling work for example. These individuals, although not directly employed
by the Company, play a crucial role in delivering professional services and supporting various operational
functions.
Beyond our own operations, upstream and downstream value chain activities are carried out by
subcontractors or entities to which the activity is outsourced. While the Company may not directly
execute these activities, it maintains oversight and ensures that services or products are delivered as
specified in the agreement.
[SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY
AND BUSINESS MODEL
Wizz Air conducted its first double materiality assessment in F25 and defined the material impacts, risks
and opportunities related to workers in the value chain as well as their interaction with the strategy and
business model. Please refer to the summary table of the chapter on Impact, Risk and Opportunity
Management, subchapter [SBM-3]. The identified material impacts, risks and opportunities related to
workers in the value chain are the working conditions, including social dialogue, health and safety, secure
employment and adequate wages.
The detailed Wizz Air value chain map can be found in the Strategy chapter, subsection [SBM-1]. As our
assessment did not categorise IROs based on geographies or commodities, we have not identified
localised significant risk of child labour, forced labour or compulsory labour within our value chain.
Additionally, we have not identified any material negative impacts on value chain workers related to
these concerns.
Wizz Air collaborates with a wide range of suppliers who provide high-quality products and services
essential for daily operations, including ground handling, accounting tasks, customer service,
maintenance activities, and more. Please refer to page 194 for more details. All suppliers are required to
read and adhere to the Supplier Code of Conduct.
The Company expects its suppliers to provide appropriate working conditions for their employees,
including fair wages, adherence to working hours and overtime regulations, and a safe and healthy work
environment. Suppliers must have a Health and Safety system in place, and the Company offers safety
gear and health and safety training for workers in the value chain when necessary. Ensuring compliance
with these labour standards helps mitigate risks related to worker exploitation, legal non-compliance, and
reputational damage. Moreover, maintaining high labour standards fosters stronger supplier relationships,
enhances workforce stability, and bolsters the Company’s reputation as a responsible employer. Through
these partnerships, the Company promotes fair labour practices, ensures compliance with ethical
standards, and supports long-term business relationships that enhance job stability and working
conditions.
Wizz Air’s Supplier Code of Conduct strictly prohibits discrimination based on race, colour, religion,
national or ethnic origin, age, disability, gender, pregnancy or maternity, marital status, sexual
orientation, gender identity or expression, political or personal beliefs. If evidence of discrimination is
found, the Company will immediately cease business with the supplier. Additionally, suppliers are
required to maintain a workplace free from harassment and bullying. The Company ensures that
personnel working on its premises undergo security vetting, background checks, and if necessary,
aviation security training. These measures help identify and mitigate risks for vulnerable worker groups,
ensuring that all workers in the value chain are treated fairly and with respect.
Suppliers must only employ workers who meet the minimum legal age requirement and comply with all
applicable child labour laws. They are strictly prohibited from employing forced labour, including bonded
labour, prison labour, or human trafficking, and must not withhold workers’ identity documents or
salaries to create conditions of workplace slavery. Adhering to these ethical labour standards helps
prevent exploitation in high-risk groups, particularly migrant workers and low-wage labourers. Holding
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
267
suppliers accountable for these standards safeguards workers’ rights and prevents reputational and
financial risks.
The Company does not have workers in the value chain with characteristics, working contexts or activities
that may be at greater risk of harm. However, there may be dependencies on specific groups of workers
in the value chain that can materially impact the Company’s operations, particularly in areas such as
maintenance and ground handling.
[S2-1] POLICIES RELATED TO VALUE CHAIN WORKERS
ESRS
Material topic
Related policies
S2 - Workers in the value chain
Secure Employment
Supplier Code of Conduct
Adequate wages
Modern Slavery Act Disclosure
Statement
Sustainable Procurement Policy
Social dialogue
Purchasing Policy
Equal Opportunities and Fair
Treatment Policy (please see
[S1-1] own workforce policies)
Health and Safety
Anti-Fraud
Policy
(please
see
[G1-1] business conduct policies
and corporate culture)
Supplier Code of Conduct
Wizz Air is dedicated to providing affordable travel while prioritising environmental, social and economic
responsibility. The Supplier Code of Conduct applies to all suppliers and their subcontractors, ensuring
they share Wizz Air's commitments. Suppliers must adhere to environmental laws, ethical business
practices as well as health and safety standards. They are also required to maintain a workplace free
from discrimination, harassment and bullying, and comply with data protection laws. By upholding these
standards, Wizz Air fosters strong supplier relationships, enhances workforce stability, and maintains its
reputation as a responsible employer. The summary of the policy is available online at Wizz Air’s
sustainability website.
Modern Slavery Act Disclosure Statement
Wizz Air is committed to acting ethically and with integrity in our business dealings. It is Wizz Air's
expectation that our suppliers also conduct themselves in this manner. Wizz Air is committed to
improving its practices to combat slavery and human trafficking and seek out where it exists in our
dealings with third parties and suppliers, and in our supply chain, to meet our commitments. As defined
by the UK Modern Slavery Act 2015, "modern slavery" includes the offences of "slavery, servitude and
forced or compulsory labour", as well as "human trafficking".
Wizz Air expects its suppliers to adhere to the highest standards of business, internally and in relation to
their respective supply chains, and comply with their own human rights regimes and Modern Slavery Act
obligations. Our suppliers must conform to the necessary aviation safety standards and certification. We
are committed to assessing any instance of non-compliance regarding modern slavery or human
trafficking on a case-by-case basis.
We are committed to ensuring that collectively these measures will help to assist us in combating modern
slavery and human trafficking. We are looking to use indicators (KPIs) to measure effectiveness, such as
vetting procedures, supplier screening measures, sub-contractor inspections (particularly in known at-risk
countries), whistleblowing reports, percentage of staff trained, and any remedial action taken following
reports or incidents of slavery or human trafficking. For more information, please refer to the Modern
Slavery Act Disclosure Statement.
Sustainable Procurement Policy
The policy introduces the need for ongoing research and efforts for new sustainability practices,
implementing the sustainability criteria in tender evaluations with the appropriate weight and requiring
suppliers to include sustainability factors in their own procurement and daily operations. The policy
applies to all Wizz Air companies, and to all procurement activities. Please refer to subchapters [S2-4]
and [S2-5] for further information about sustainable procurement actions and targets.
Purchasing Policy
This Policy is designed to set the principles and to cover all critical phases of such activity. The purpose of
this policy is to define the rules and guidelines of the purchasing process to maximise the purchasing
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
268
power of the Company, make the purchasing procedure controlled and transparent, and keep cost at an
optimum level while maintaining quality in purchasing procedures. This Purchasing Policy applies to all
Wizz Air Group legal entities.
Our assessments have shown no material negative impacts concerning value chain workers, reflecting the
effectiveness of our current policies. While we have not yet aligned these policies with third-party
standards or initiatives, such as the UN Guiding Principles on Business and Human Rights, the
International Labour Organization's Declaration on Fundamental Principles and Rights at Work, or the
OECD Guidelines for Multinational Enterprises, we continue to monitor and review our practices to
maintain high standards of worker welfare.
The most senior level in the organisation that is accountable for the implementation of policies related to
suppliers and workers in the value chain is the General Counsel and the Chief Corporate Officer. Wizz Air
consistently considers stakeholder interests, incorporating their feedback into policy decisions through
various channels. The policies related to own workforce are available internally and on the Company’s
official website. Wizz Air prepares its policies in accordance with all applicable laws and regulations, and
the General Counsel’s approval is requested in all cases.
[S2-2] PROCESSES FOR ENGAGING WITH VALUE CHAIN WORKERS ABOUT IMPACTS
Wizz Air has established a comprehensive process for purchasing products and services from its suppliers.
We are committed to collaborating with professional, financially independent and transparent
organisations that adhere to our Supplier Code of Conduct. Our suppliers are not exclusive to Wizz Air;
they maintain agreements with various other companies, allowing their workers to engage in multiple
projects.
In developing our supplier policies and in performing the DMA, we considered the perspectives of workers
within the value chain. Our policies mandate that suppliers operate ethically and honestly, provide
adequate wages and ensure equal treatment for their employees. Any modifications to these policies are
promptly communicated to our suppliers, and if necessary, meetings are organised to negotiate the new
terms. The supplier processes, including those related to value chain workers, are outlined in our internal
purchasing documents.
Maintaining strong relationships with our suppliers and their workers is crucial for enhancing performance
quality. The contract owner is responsible for regular communication with suppliers, which includes
monthly meetings, project closure meetings, and contact via email or telephone.
Before selecting a provider, Wizz Air conducts a thorough financial and background due diligence. These
processes help us assess potential suppliers' financial stability and business risks, protect our interests,
and ensure compliance with sanctions and legislation on money laundering, bribery and corruption. Due
diligence also allows us to verify that our partners operate responsibly and sustainably, determining
whether or not to proceed with contracting.
Other aspects of supplier selection at Wizz Air:
▶
Wizz Air has established an ESG risk assessment platform that uses cloud-based technology to
monitor its supply chain.
▶
Other criteria that assess whether the potential supplier’s proposal meets the needs of Wizz Air, such
as price, quality, geographical location, etc.
▶
The potential supplier must have a health and safety system and code of conduct and other policies
which define the rules and regulations of ethical business operation, appropriate working conditions,
respect of human rights, anti-slavery and human trafficking, and other work-related rights (for
example provide secure employment and adequate wages according to local labour laws).
Wizz Air is committed to respecting human rights through a range of robust policies and practices. While
we do not have a Global Framework Agreement (GFA) or any other formal agreement with workers'
representatives in the value chain specifically focused on human rights within the workforce, our
dedication to human rights remains strong.
[S2-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR VALUE CHAIN WORKERS
TO RAISE CONCERNS
Regardless of their level or contractual relationship, all personnel — including employees, managers,
executives, business partners, suppliers, intermediaries, agents, representatives, advisors and other third
parties performing services for or on behalf of the Company — are expected to help prevent, deter and
detect fraud and misconduct. Wizz Air requires all employees to participate in fraud awareness events,
complete anti-fraud training, and report any concerns, suspicions or incidences of fraudulent acts to their
manager. Whistleblowers can report suspicions or occurrences of fraudulent acts personally or
anonymously through established channels:
▶
In person, via mail or phone by contacting the Anti-Fraud and Investigations Manager.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
269
▶
Through the whistleblowing platform referenced in the Policy of Good Conduct and Whistleblowing
Policy, where reports are directed to the General Counsel.
For further information related to the Whistleblowing Policy and Anti-Fraud Policy, please refer to
subchapters [S1-1] and [S1-3].
Suppliers and workers in the value chain can also raise their concerns and claims using Wizz Air’s official
website. The Help Centre menu is easy to find and contains clear descriptions of potential issues, links to
relevant laws and regulations, email addresses, headquarters addresses, telephone numbers and links to
webpages of official EU, UK and worldwide representative offices related to claim handling. These
channels are also indicated in subchapter [S4-3] Processes to Remediate Negative Impacts and Channels
for Consumers and End-Users to Raise Concerns.
Every supplier contract has a respective owner at the Company who is responsible for the quality of the
service and maintaining a good relationship with the given supplier. Suppliers can raise their concerns
with the respective contact person at the Company via telephone, email, during regular meetings, or in
person.
[S2-4] TAKING ACTION ON MATERIAL IMPACTS ON VALUE CHAIN WORKERS, AND APPROACHES TO
MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO VALUE CHAIN
WORKERS, AND EFFECTIVENESS OF THOSE ACTIONS
Sustainability is central to our supplier selection process. Our sustainable purchasing policy, along with the
use of an ESG supplier risk assessment tool, ensures that sustainability is a crucial factor in our selection
criteria. We thoroughly evaluate ESG topics, such as human rights, environmental impact and supply chain
responsibilities. All potential suppliers undergo a comprehensive assessment before contracting.
Wizz Air is dedicated to promoting ethical and sustainable practices throughout its supply chain. To achieve
this, we plan to include specific incentives in our supplier contracts to mitigate risks and promote responsible
behaviour from the start. Our review process leverages both external data and internal insights, including
feedback from our complaints channels and anonymous whistleblowing system. This holistic approach
ensures we maintain high standards of conduct among our direct suppliers.
Wizz Air introduced initiatives to improve working conditions and promote equal opportunities for employees,
aligned with its HR strategy. The comprehensive action plan related to own workforces is currently under
preparation. Based on the double materiality assessment, Wizz Air plans to refine developing policies and
processes to create detailed action plans and allocate resources in relation to material sustainability matters
related to own workforces and workers in the value chain. Wizz Air also intends to incorporate value chain
workers into action planning and target-setting processes, informed by concerns or feedback arising from
mandatory supplier meetings.
[S2-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE
IMPACTS AND MANAGING MATERIAL RISKS AND OPPORTUNITIES
The Company tracks key performance indicators and has established a Sustainable Procurement policy.
This policy outlines the Company’s commitment to minimising the environmental impact of its operations
and demonstrating leadership by integrating environmental considerations into its supply chain strategy
and business practices. The policy emphasises the need for ongoing research and efforts to adopt new
sustainability practices, implementing sustainability criteria in tender evaluations with appropriate weight,
and requiring suppliers to include sustainability factors in their own procurement and daily operations.
This policy applies to all Wizz Air companies and procurement activities.
Additionally, Wizz Air has established an ESG risk assessment platform that uses cloud-based technology
to monitor its supply chain. This platform facilitates the easy and quick collection, analysis and
understanding of risks from suppliers regarding their environmental, social and governance policies and
performance. Wizz Air has set up an internal procedure to monitor and assess its suppliers through ESG
risk areas and their severity. This process covers both existing suppliers and future suppliers going
through the tendering process. The Company tracks data on how many suppliers have completed self-
assessment surveys, and follows up on any potential risk identifications. For more details please refer to
subchapters [G1-2] and [S2-4].
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
270
[S4] CONSUMERS AND END-USERS
Wizz Air prioritises its customers, ensuring
their needs remain central to all actions.
Our Passenger Care Centre provides timely
and comprehensive support to consumers.
Our commitment to soliciting and acting
upon customer feedback is demonstrated
through maintaining a disruption-specific
customer survey, which enables us to
continuously refine our customer experience
strategy. Wizz Air operates in compliance
with
all
applicable
laws
and
respects
customer rights.
A customer is defined as the individual or
company who books the flight and has a
Wizz Air account; this does not necessarily
mean the passenger themselves. In Wizz
Air’s view, the passenger is the end-user of
the service. The most significant category of
customers is the “VFR” (Visiting Friends and Relatives), who seek affordable travel solutions to reconnect
with loved ones.
[SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY
AND BUSINESS MODEL
Wizz Air conducted its first double materiality assessment in F25, identifying the material impacts, risks
and opportunities related to customers and end-users. For detailed information, please refer to the
summary table in the chapter on Strategy, subchapter [SBM-3]. The assessment highlighted key areas
such as personal safety, data privacy, freedom of expression, access to quality information and social
inclusion. This includes responsible marketing strategies and access to the Company's products and
services. All customers were considered in the assessment of material impacts, risks and opportunities.
As such, the prevention and effective management of these factors are top priorities for the Company.
Safety first
Safety is our utmost priority and the cornerstone of our successful business. Through the personal
commitment of all our employees, we strive to provide our customers with the highest level of safety
possible. The Company adheres to all applicable laws, regulations and standards in the aviation industry,
incorporating industry best practices, including IATA Standards and Recommended Practices (ISARPs).
Our Compliance Monitoring System persistently evaluates the effectiveness of our systems and
processes.
In times of unforeseen circumstances, our team promptly communicates with customers, enabling us to
uphold customer satisfaction and effectively manage crises. This proactive approach enhances passenger
trust, customer satisfaction and brand loyalty. We have implemented a comprehensive Safety
Management System to manage the risks associated with our operations and activities. By adhering to
strict policies and making safety a priority organisation-wide, the Company is committed to ensuring safe
travel and the protection of consumers. Our flight crew employees participate in regular, recurring
onboarding and flight safety education, while customers and end-users receive reminder letters and
messages about flight safety rules. This holistic approach underscores our dedication to maintaining the
highest safety standards in all aspects of our operations.
Continuous preparedness and readiness are of utmost importance in aviation, as even a small emergency
event can have significant consequences or cause a crisis if not properly mitigated. Failure to address
security risks adequately could lead to severe reputational harm and regulatory scrutiny. Wizz Air’s Crisis
Emergency and Business Disruption Manual establishes procedures and processes aimed at ensuring
preparedness for responding to crisis emergencies and business disruptions. It defines the roles and
responsibilities necessary for a swift and effective response, laying down detailed measures and
responsibilities for recovery from such events. On the other hand, non-compliance with any applicable
law, regulation or standard could lead to consumer harm, material losses, penalties and reputational
damage. Investing in advanced security measures can enhance operational resilience, build customer
trust, and attract partnerships with stakeholders who prioritise safety, thereby strengthening the airline’s
market position.
Access to information and data security
Regarding information-related impacts, the Company is dedicated to providing the best experience for all
passengers and aims to enhance and automate its customer-related operations, such as reducing waiting
times and eliminating extra costs associated with telephone communication. The Company has
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
271
implemented a consumer-focused complaints management system, offering a platform for customers to
raise issues and collaborate on solutions.
Customer satisfaction surveys are provided after every journey, and regular customer research is
conducted to gather feedback on the Company’s performance. By analysing this feedback, the Company
can identify areas for improvement and incorporate these insights into action plans to enhance both
operational effectiveness and customer satisfaction. Wizz Air launched a new HUB centre and chatbot
function to make quick access to quality and transparent information for customers and end-users easier.
Cybersecurity, data protection and security are highly critical elements of Wizz Air's operations, and one
of the areas also closely and regularly monitored by the Board of Directors. An accidental data breach or
leak can have reputational and legal consequences, which might involve revenue loss and penalties. A
financial risk associated with providing clear and reliable information is the potential cost of compliance
and maintaining up-to-date, accurate data. Wizz Air places cybersecurity and data privacy at the forefront
of its priorities, ensuring the highest level of regulatory compliance. For more details on Wizz Air’s
cybersecurity and data protection measures, please refer to [G] Other governance information, in the
subchapter on cybersecurity and data protection.
Wizz Air is committed to maintaining ethical marketing practices that respect customer autonomy and
provide accurate information prominently on our website. Ensuring the accuracy and timeliness of this
information is crucial, as failure to do so could lead to customer compensation claims, legal penalties or
reputational damage. Such outcomes could result in lost revenue and increased customer acquisition
costs in a competitive market. Therefore, the Company is dedicated to ensuring that all claims and
product information are truthful and not misleading.
Our transparent pricing model ensures that passengers pay only for the services they need, eliminating
unnecessary costs and reducing waste. Many students within our network rely on the Company to pursue
their studies abroad, and we facilitate seamless travel to universities and educational institutions across
Europe. For those working abroad, Wizz Air bridges the gap by providing affordable flights, helping
families reunite more frequently, strengthening bonds and creating lasting memories. Wizz Air pays
special attention to customers who may be at greater risk of harm, such as young customers or those
with mental or physical difficulties. Passengers under the age of 16 cannot travel alone, and we request
that young customers under 16 do not sign up for marketing materials or newsletters. Passengers with
mental or physical difficulties can request assistance, including bringing their assistance dog on the flight.
Additionally, our flight booking website features a “voice-to-text” function for passengers with visual
impairments.
[S4-1] POLICIES RELATED TO CONSUMERS AND END-USERS
The double materiality process did not identify any significant negative impacts related to consumers and
end-users. However, it did highlight relevant financial risks and positive impacts in this area. While
dedicated policies for managing material IROs are not deemed necessary, the table below outlines our
existing policies that address the material topics identified in the DMA process. The aviation industry is
strictly regulated by laws and industry standards. Therefore, when addressing key topics related to
consumers and end-users, such as safety and data privacy, the Company ensures full compliance with all
applicable regulations and safety requirements. Additionally, the Company considers market trends and
the expectations of partners to develop and integrate good practices and solutions for the industry.
ESRS
Material topic
Related policies
S4: Customers
and end-users
Freedom of expression
Internal Data Protection Regulation and
Customer Privacy Notice
Health and safety
General Conditions of Carriage of Passengers
and Baggage
Security of a person
Terms and conditions of services offered
Access to products and services
Rules on delays, cancellations and refunds
Privacy
Equal Opportunities and Fair Treatment Policy
(please see [S1-1] Policies related to own
workforce)
Access to quality information
Safety compliance
Responsible marketing practices
The Company has not identified any material risks related to the human rights of consumers and end-
users derived from its operations. Wizz Air’s policies in this area are based on universal human rights, the
Policy of Good Conduct, and the Anti-Slavery and Human Trafficking Policy, as detailed in the Modern
Slavery Act Disclosure Statement in [S1-1] and on page 33.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
272
In accordance with the main principles and ethics of the Company, communication with consumers and
end-users is important from the operational perspective of having transparent and fair practices. The
general approach concerning engagement with consumers and end-users is further described in detail in
subchapters [S4-2] and [SBM-2].
The Company’s Policy of Good Conduct ensures proper respect for human rights, including for consumers
and end-users. Wizz Air has Customer Service and Help Centre functions for raising concerns and claims
that are accessible to consumers, thus external stakeholders can report violations of human rights, and
they can raise concerns by post or email as well. Each reported case is analysed and explained, following
the internal procedures of the Company. The whistleblowing processes are further described in
subchapters [S4-3] and [G1-1].
During the assessment, Wizz Air did not identify material negative impacts on consumers and end-users.
While our policies in this area have not yet been analysed for compliance with the UN Guiding Principles
on Business and Human Rights, the International Labour Organization's Declaration on Fundamental
Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises, we remain committed
to upholding high standards of human rights and ethical conduct.
Internal Data Protection Regulation and Customer Privacy Notice
Wizz Air has established a robust data protection management framework that includes comprehensive
policies, procedures and controls to safeguard personal information. This framework ensures that all
aspects of data protection are meticulously managed, from the collection and processing of personal data
to its storage and eventual disposal. Our comprehensive Internal Data Protection Regulation and a set of
internal policies are designed to uphold the highest standards of confidentiality, authenticity, integrity,
availability and functionality of the personal data handled by Wizz Air, thereby safeguarding the privacy
of employees, customers, suppliers and business partners, while ensuring compliance with all relevant
regulations, including GDPR.
Additionally, we provide clear guidelines and training to all employees to ensure they understand their
responsibilities in maintaining data security. Our Customer Privacy Notice, available publicly, details how
we collect, process and retain personal data, offering transparency and reassurance to our customers.
For more information on Data Protection please visit [G] Other governance information, and the
subchapter on cybersecurity and data protection.
Terms and conditions of services offered by Wizz Air
Wizz Air has launched comprehensive terms and conditions documents for all its services and products.
These include, but are not limited to:
▶
General Conditions of Carriage of Passengers and Baggage (GCC): This document is publicly available
and details all rules and regulations for services offered by Wizz Air, including check-in processes,
reservations, seating, baggage allowance, tariffs, taxes and other fees. Customers must read,
understand and consent to the GCC before travelling with Wizz Air.
▶
WIZZ All You Can Fly Terms and Conditions: This 12-month membership allows passengers to travel
on Wizz Air flights by paying an initial voucher fee and a flat fee per flight. Bookings must be made
between 72 hours and 3 hours before departure, with a maximum of three one-way flights per day.
▶
WIZZ MultiPass Terms and Conditions: This 12-month subscription plan allows passengers to travel
monthly on eligible Wizz Air flights by paying a fixed monthly fee, which includes all taxes and
additional fees. Subscribers receive electronic tokens each month to book flights.
▶
WIZZ Account Terms and Conditions: A WIZZ Account is required for making reservations on the
website or mobile app. Customers can use the balance of their WIZZ Account, which includes WIZZ
Credits, to purchase flight tickets and other services or modify existing reservations.
▶
WIZZ Discount Club Terms and Conditions: This club offers various membership types, both paid and
non-paid, providing benefits and discounts. Customers can join via the website, mobile app or call
centre. Non-paid memberships require a subscription to the special offers newsletter, which can be
unsubscribed from at any time.
▶
Rules on Delays, Cancellations and Refunds: These rules, available on Wizz Air's website and in the
GCC, outline options based on the duration of delays, cancellation policies and refund procedures.
Passengers can rebook or request refunds in WIZZ Credits or to the original payment method.
Safety comes first in everything we do
Safety is the first priority in our work and the key to a successful business. It is through the personal
commitment of all our employees that we provide our customers with the highest level of safety possible.
Wizz Air, including the Board of Directors, the Leadership Team and the entire employee community, is
firmly committed to ensuring the safest operations possible, always keeping our people and our
customers safe. Wizz Air’s safety philosophy is to create and maintain an organisation which is healthy,
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
273
safe and successful while we are fully committed to supporting the continuous improvement of the
organisation and management system.
We are dedicated to consistently operating in accordance with applicable requirements, laws, regulations
and internal documentation. This commitment is supported by our Compliance Monitoring Function, which
continuously monitors the performance of systems and processes employed by Wizz Air. This ensures
that our operations are safe, meet the expectations of both our internal and external customers, and
comply with relevant national aviation regulations and company-specific standards and requirements,
including IATA ISARPs.
Aims of Compliance Monitoring System:
▶
Ensuring safe operations and airworthy aircraft
▶
Continuous monitoring of Wizz Air operations for compliance with all applicable standards,
requirements and procedures including feedback to the Accountable Manager
▶
Maintaining our Air Operator Certificate & Operating Licence by fulfilling requirements
▶
Achieving adequate and timely implementation of corrective and preventive actions against
nonconformities discovered during audits and inspections
▶
Meeting the planned values of Safety Performance Indicators defined by the Accountable Manager at
the Management evaluation
We fully endorse the objectives of the Compliance Monitoring Function. We are committed to consistently
performing our tasks in accordance with the requirements of Part-ORO, Part-ORA, and Part-CAMO.
Additionally, we strive to continuously improve our processes and performance to achieve the objectives
of the Compliance Monitoring Function.
Wizz Air adheres to all relevant aviation regulations issued by the European Aviation Safety Agency
(EASA) and the respective national Civil Aviation Authorities (CAAs). All standards set are in compliance
with the regulations and associated decisions issued by EASA. Wizz Air ensures that our managers and
operational personnel comply with all applicable laws, regulations and procedures in every location where
operations are conducted.
[S4-2] PROCESSES FOR ENGAGING WITH CONSUMERS AND END-USERS ABOUT IMPACTS
Wizz Air actively engages with its consumers and end-users through various channels, addressing both
general and specific matters. These channels include surveys, newsletters, push notifications, Wizz Air’s
website and social media.
We utilise two systematic surveys to gather insights: the Brand Health Tracker and Competitor
Benchmarking. These surveys measure overall brand awareness and customer experience. The Brand
Health Tracker focuses on our image and brand perception compared to competitors, while the
Competitor
Benchmarking
survey
evaluates
customer
experience
and
service in relation to our competitors.
These surveys are conducted quarterly to
ensure we stay attuned to our customers'
needs and preferences.
Additionally, we engage specifically with
customers who have recently travelled
with Wizz Air. This includes post-trip
surveys that measure the customer's
overall experience of an actual flight.
These surveys are conducted after the
customer has completed their full journey,
providing valuable insights into every
aspect of their travel experience. We also
utilise real-time surveys, where customers
receive push notifications immediately
after each completed journey stage, allowing us to capture their feedback promptly. Additionally, we
conduct a Cancellation Survey for passengers whose flights were cancelled. This ongoing survey assesses
their satisfaction with how the disruption was handled, including the welfare and compensation package
provided. The methodology of this survey is identical to that of the Customer Satisfaction Survey, with
the only difference being the target audience.
Our customer satisfaction survey offers further insights and feedback from customers. This survey is
distributed to a randomly selected group of customers, ensuring a diverse, unbiased and representative
sample. By allowing customers to independently score their experience with Wizz Air, we gain a
comprehensive understanding of their satisfaction levels and areas for improvement.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
274
We closely monitor and track all engagement activities with our customers and end-users. This feedback
is integrated into our decision-making and strategy development processes, helping us to continuously
enhance our services. We have established key performance indicators (KPIs) and brand awareness
tracking for all focus markets, with specific targets created for each. We measure and track our Net
Promoter Score (NPS) across our network, demonstrating our ongoing commitment to delivering
exceptional customer experiences.
For more detailed information about our customer satisfaction measurement, please refer to [S4-4]
Taking action on material impacts on consumers and end-users, and approaches to managing material
risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those
actions, and [S4-5] Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities.
Wizz Air has a dedicated Customer Insights and Research Manager who coordinates and harmonises
external and internal insights. The most senior functions within Wizz Air with operational responsibility for
the process are the Commercial Officer and Senior Chief Commercial and Operations Officer. There is a
Customer Council at Wizz Air which involves Heads of Function of the Company.
[S4-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR CONSUMERS AND END-
USERS TO RAISE CONCERNS
By prioritising engagement and responsiveness, Wizz Air aims to address customer concerns effectively
and provide timely remedies. Customers and end-users can raise their claims or make complaints
through various channels, both in written and oral form. Our Help Centre menu on Wizz Air’s website
offers comprehensive information on how to raise concerns. Options include email addresses, telephone
numbers and links to the official online complaint website. Additionally, customers can use the Wizz Air
chatbot, send their claims or concerns by post, or contact Customer Service by filling out a claim form. All
complaints received are treated with discretion and handled on a case-by-case basis. Wizz Air is
committed to processing all claims and written concerns within 30 days, in compliance with applicable
laws. However, the Company strives to exceed these standards by providing shorter response times to
enhance effectiveness and customer satisfaction. On average, Wizz Air responds to claims within 5 days.
Once a claim or concern is assessed, the customer or end-user is informed by email whether the claim
was justified and what solutions are available. In cases of service disruptions, such as delays, Wizz Air
adheres to EU Regulation (EC261/2004), offering assistance and compensation to affected passengers.
A customer service interaction satisfaction survey is conducted regularly to gauge the effectiveness of our
processes and identify areas for further enhancement. The results have shown a 10% increase in overall
satisfaction with customer service compared to the previous year, indicating significant improvements in
our approach to handling customer concerns. Wizz Air has established a well-defined, transparent process
and accessible channels for raising concerns, ensuring that customers have easy access to the
information they need. If a customer is not satisfied with Wizz Air’s internal channels, they have the
option to escalate the issue to relevant authorities.
[S4-4] TAKING ACTION ON MATERIAL IMPACTS ON CONSUMERS AND END-USERS, AND APPROACHES
TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO CONSUMER
AND END-USERS, AND EFFECTIVENESS OF THOSE ACTIONS
At Wizz Air, we prioritise our customers, ensuring that their needs remain central to all our actions. In
F25, our Passenger Care Centre remained unwavering in its commitment to providing timely and
comprehensive support to our customers. We implemented early notifications regarding various events,
including strikes and terminal changes, ensuring travellers were well prepared. Additionally, in times of
unforeseen circumstances such as a global IT-supplier outage, volcanic eruption or geopolitical conflict
escalation, our team communicated promptly with customers, enabling us to uphold customer satisfaction
and manage crises effectively. Wizz Air is
committed to being 100% compliant with
regulations in all jurisdictions, putting our
customers first.
In F25, Wizz Air continued to manage an
elevated level of official claims. Our Customer
Experience
team
remained
focused
on
operational efficiency, resolving 96% of cases
within
15
days.
Enhancements
to
our
automated case allocation system supported
the
achievement
of
key
performance
indicators. We also initiated negotiations with
major claim companies to ensure sustainable
management of official cases.
Furthermore,
technological
advancements
played a pivotal role, enabling us to achieve
automation rates of 90% in EC261-related
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
275
customer case handling and 80% in third-party claim handling.
During this reporting year we continued to enhance our customer service by creating a Help Centre page
on our website, facilitating easy access to all necessary information and providing guidance through an
improved, easy-to-understand platform. To consolidate information for passengers with special needs
onto a single, easily accessible webpage, we created a user-friendly page just one click away from our
homepage. Wizz Air also ceased the operation of premium-rate phone lines. Customers can now contact
Wizz Air on local-rate phone lines, or free of charge via our new AI-powered chatbot. For complex or
exceptional cases, customers are redirected to our newly introduced Live chat, where they can receive
assistance from a live agent completely free of charge.
The Customer Experience Quality Assurance project, initiated in F24 Q3 and completed in F25 Q1, further
improved and standardised the quality of customer service, resulting in a 10-point CSAT improvement. To
enhance the quality of passenger interactions with our contracted ground handling partners, we launched
a recurring Conflict and Incident Management Workshop to provide additional training for effective
passenger communication and assistance during disruptions. We introduced an AI-based smart voice bot
named Amelia to support passengers during mass disruptions. Since June 2024, Amelia has proactively
called our passengers to share the right information at the right time and assist with the earliest problem
resolution.
Our dedication to soliciting and acting upon customer feedback is evident through the maintenance of a
disruption-specific customer survey, which enables us to continuously refine our customer experience
strategy. In line with our customer-centric approach, we introduced innovative subscription programmes
such as WIZZ All You Can Fly, WIZZ MultiPass and the Café & Boutique Voucher catering to the diverse
needs of our customers and enhancing their travel experiences.
Looking ahead to F26, we plan to introduce new technologies, including a fraud detection module and a
disruption management support system, to further enhance our customer service offerings. Expanding
our contact centre capacity significantly reduced response times, ensuring a quality customer service
during peak periods. Building on this success, we will continue to refine our operations, leveraging robust
teams and advanced automated solutions to prioritise exemplary customer care.
In F26, we will continue to elevate customer experience by investing €14 billion in our Customer First
Compass initiative. This investment focuses on providing affordable prices while enhancing our
communication, products and services. As we navigate through challenges and embrace opportunities,
our unwavering commitment to improving customer service ensures that Wizz Air remains the airline of
choice, both in F25 and beyond, for current and future customers.
These existing and planned initiatives are designed to provide our customers with efficient and effective
services. These actions aim to ensure that Wizz Air will continue to meet its commitment to providing a
reliable service to its customers, particularly during flight disruptions.
Enhancing accessibility and customer satisfaction
By
providing
affordable
air
travel
and
improving accessibility, Wizz Air connects
people from diverse backgrounds and pays
special attention to customers and end-users
with physical and/or mental conditions. Wizz
Air is also committed to improving its
available services to make travel even more
affordable, such as reducing waiting times
and terminating the premium-rate phone
number. The Company conducts several
customer
satisfaction
surveys
to
better
understand customer needs and identify
areas for development. These surveys focus
on long-term engagement, customer journey
design
strategy,
feedback
on
assistance
processes, and the overall customer journey
experience.
By
comparing
customer
satisfaction surveys with legal compliance
reviews and focus group studies, the Company ensures that its practices do not cause or contribute to
significant negative impacts on customers and end-users. Key action points include improving
transparent and proactive communication, disruption management and digital solutions. To enhance
effective communication, the Company revises all communication templates and provides real-time
updates to passengers about flight schedules, delays, and cancellations through push notifications.
Customer service and the Company’s chatbot and Live chat are available 24/7 to assist customers with
any issues.
Wizz Air continuously evaluates the effectiveness of its implemented actions using well-defined key
performance indicators. These include the percentage of customers who completed surveys, resolution
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
276
time, first-time resolution rate, and the “one channel-one touch” KPI, which aims to resolve customer
issues with a single interaction via one platform. In F25, Wizz Air achieved a first-time resolution rate of
over 85%, indicating that the Company successfully resolved customer issues during the initial
interaction. The Company also takes into account external developments when assessing risks or
dependencies, utilising tools such as an early warning system, risk management system, and annual risk
assessment process. This proactive approach ensures that Wizz Air remains prepared for potential
challenges and can adapt its strategies accordingly.
Throughout this reporting year, no severe human rights issues or incidents related to customers or end-
users have been reported to the Company. To manage material impacts and ensure the effectiveness of
actions related to customers and end-users, Wizz Air has dedicated teams in place. These include the
Customer Experience Team and the Crisis Management Centre, which specifically addresses incidents that
could pose a danger to customers or end-users.
Customer first - Our Customer Compass
In April 2025, Wizz Air launched the Customer First Compass, which
is not only an initiative, but a transformative framework that places
our customers at the forefront of every aspect of our operations.
Over the next three years, €14 billion will be invested to enhance
every touchpoint with our customers so that we can ensure that
punctuality, innovation and service are integrated into all of our
travels. The Customer First Compass is rooted in 4 key pillars:
Product
▶
Wizz Air is committed to next-level travel, with over 300 new
aircraft on order featuring the most modern Airspace cabin
interiors, the airline is dedicated to operating one of the
youngest, safest and most fuel-efficient fleets in the industry.
Expanding its reach across Europe, Africa, Central Asia, East Asia and the Middle East, Wizz Air is
focused on providing passengers with low-fare intercontinental travel to exciting new destinations
with the Airbus A321 XLR aircraft. Embracing a 100% digital-first mindset, Wizz Air ensures that
customer journeys are seamless from booking to boarding.
Price
▶
Low fares are in Wizz Air's DNA. The airline is taking steps to ensure its fares are transparent with no
hidden fees. Committed to still offering low fares, Wizz Air provides additional savings through the
WIZZ Discount Club and smart membership passes, ensuring passengers can always travel for less.
Service
▶
Prioritising punctuality, Wizz Air is continuing to build resilience into its operations to minimise
cancellations, reduce delays and provide fast solutions in the event of a disruption by using cutting-
edge AI tools as well in the airline’s operations control centre. With a 99.5% flight completion rate,
we ensure customers reach their destinations. If disruptions occur, the virtual assistant, Amelia,
provides updates and support. Claims are processed within seven days, and ticket refunds are issued
within 24 hours.
Communication
▶
Communication is the link between ourselves and our customers, and we know that every interaction
is important both on the ground and in the sky. Wizz Air is committed to clear policies with no small
print, ensuring transparency and ease of understanding. Support is available when needed, whether
online or in the air, making communication seamless and efficient.
It embodies our ongoing commitment to place customers at the heart of everything we do. We are not
just improving; we are innovating, investing in and transforming the travel experience. Our goal is to
redefine the image of Ultra Low Cost Carriers.
[S4-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE
IMPACTS AND MANAGING MATERIAL RISKS AND OPPORTUNITIES
Wizz Air tracks and monitors key performance indicators on this topic, given our strategic customer-
centric focus.
Wizz Air continuously conducts customer satisfaction surveys, analysing results to identify development
areas and good practices. These surveys help us track and monitor various metrics related to customer
satisfaction. By conducting these surveys, Wizz Air actively involves customers and end-users in action
planning, target setting and tracking processes. The frequency of evaluations varies depending on the
survey type. We have summarised the types of customer satisfaction surveys in subchapter [S4-2]
Processes for engaging with consumers and end-users about impacts. Currently, Wizz Air does not have
baseline figures for these targets.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
277
Wizz Air employs various methods to gauge and enhance customer satisfaction. The Brand Health Tracker
aims to build the brand and understand customer perception, with brand awareness as the main KPI.
Competitor Benchmarking compares customer experience and touchpoints with competitors, using
customer satisfaction (%) and NPS (Net Promoter Score). The Cancellation Survey cross-references
operational data with customer feedback, focusing on disruption journey touchpoints. The Post Trip
Survey also cross-references operational data with customer feedback, measuring customer satisfaction
(%) and journey touchpoints. Real Time Surveys allow for quick interventions and mitigation of issues,
with journey stage average satisfaction scores. The "One channel-one touch" initiative aims to resolve
customer issues with a single interaction via one platform, tracking resolution time and first-time
resolution rate. The target was to achieve a rate above 80% in F25, and this goal was surpassed with a
rate of over 85%.
[S] OTHER SOCIAL INFORMATION
Work-life balance
Wizz Air’s employees are entitled to annual leave in accordance with local labour laws. This includes
family-related leave such as maternity, paternity, parental and carer's leave to care for sick relatives.
These types of leave are available in all countries where Wizz Air operates. All employees eligible for
family-related leave can request and receive approval from the Company for these types of leave.
Percentage of entitled employees that took family-related leave
F25
Female
16.1 %
Male
4.6 %
Other gender
— %
No data
— %
Total
10 %
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
278
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
279
GOVERNANCE INFORMATION
[G1] BUSINESS CONDUCT
Wizz Air is committed to conducting business with honesty and integrity, as outlined in our Policy of Good
Conduct. The Company emphasises the importance of ethical behaviour, transparency and accountability in
all its operations. Wizz Air's governance structures ensure that we hold our Board of Directors and entire
workforce to the highest standards of integrity. It is our unwavering commitment to act in accordance with
all applicable laws and regulations at all times.
The Company also focuses on maintaining fair and respectful relationships with suppliers, adhering to our
Supplier Code of Conduct, which includes commitments to environmental sustainability and social
responsibility. Additionally, Wizz Air has robust anti-corruption measures and whistleblower protection
mechanisms in place to prevent and address unethical behaviour. By disclosing these practices, Wizz Air
aims to foster a culture of integrity and build trust with all stakeholders.
[GOV-1] THE ROLE OF THE ADMINISTRATIVE, SUPERVISORY AND MANAGEMENT BODIES
At Wizz Air, the administrative, management and supervisory bodies play crucial roles in ensuring ethical
business conduct. The Board of Directors oversees the overall governance and strategic direction of the
Company, maintaining high standards of integrity and accountability. Supervisory committees, such as the
Audit and Risk Committee, focus on financial integrity, compliance and risk management, providing
oversight to ensure adherence to legal and ethical standards. The Internal Audit function and the Audit and
Risk Committee of the Board are specifically responsible for reviewing compliance with business ethics
principles. Additionally, the Sustainability and Culture Committee at Wizz Air plays a pivotal role in
promoting business ethics and sustainability. It oversees initiatives related to environmental sustainability,
social responsibility and ethical conduct, integrating these principles into Wizz Air's strategic priorities and
daily operations. For more information on Wizz Air’s Sustainability Governance please visit [GOV-1] Role of
the administrative, management and supervisory bodies. The expertise of our highest governance body is
available within the section of the Annual Report entitled Board Composition, from page 46.
[IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND
OPPORTUNITIES
Subchapter [IRO-1] of the Strategy chapter in the sustainability report details the procedures used in Wizz
Air’s double materiality assessment. This approach helps identify and evaluate impacts, risks and
opportunities, integrating legal compliance, ethical standards and sustainability. Furthermore, business
ethics and compliance across the value chain are assessed to ensure consistency in operations and
relationships.
Our approach to identifying, assessing and prioritising impacts on people and the environment is based on
due diligence processes outlined in the Governance chapter, subsection [GOV-4]. These processes focus on
business conduct issues like human rights, labour practices and environmental compliance, aligned with
policies such as the Policy of Good Conduct, Whistleblowing Policy, Corporate Political Engagement Policy
and Statement, Sustainable Code of Conduct, Sustainable Procurement Policy, Anti-Fraud Policy and Anti-
Corruption Policy.
Value chain mapping was developed as part of the DMA process. This mapping identifies key stakeholders
across Wizz Air's activities, including upstream and downstream stages, highlighting areas with heightened
risks of adverse impacts. The value chain analysis provides essential insights for identifying and prioritising
impacts, risks and opportunities, focusing on specific activities, business relationships and geographies that
may pose greater risks to people, the environment and society. For more information, please see the
Strategy chapter, subsection [SBM-1].
In the context of business conduct, specific activities like cybersecurity and data protection, management of
supplier relationships, governance, business ethics and compliance were identified as having heightened
risks related to adverse impacts. Based on the value chain mapping, Wizz Air assessed its impacts in relation
to where they occurred (own operations, upstream, downstream).
Impacts were assessed based on categories and key factors like severity, scope, remediable character and
likelihood, with materiality determined through a matrix of severity and likelihood, categorising impacts as
material, worth observing, or not material. In identifying and assessing risks and opportunities with financial
implications, we integrated business conduct issues, such as the risk of reputational damage from unethical
practices or legal risks from non-compliance with regulations. The process prioritises risks based on their
potential to cause financial loss or reputational harm. Opportunities are identified through ethical business
practices, such as offering accessible and safe travel services that meet growing passenger demand.
Opportunities include EU ETS – phasing out free allowances, sustainable aviation fuel investments,
sustainability-conscious customers, industry collaboration opportunities in various geographies, and
enhanced ESG supplier risk assessment and management processes. In the Governance dimension, no
opportunity was assessed as material.
The assessment of impacts provides the necessary input to identify related dependencies and risks. This
process also enables the Company to recognise opportunities by analysing how business conduct-related
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
280
impacts and dependencies influence operational resilience, stakeholder relationships and regulatory
compliance.
Risks and opportunities were assessed qualitatively by category and time horizon, and quantitatively to
determine their financial implications on resource use, business relationships and cash flow. Each was rated
on a scale of 0-5 based on magnitude and likelihood, with materiality categorised as material, worth
observing, or not material.
Wizz Air’s Enterprise Risk Management (ERM) framework evaluates sustainability-related risks alongside
other risk types, with biannual reviews by the Board of Directors. Risk identification involves multiple
methods, including stakeholder discussions and market analysis, ensuring alignment with the Company’s
risk universe and appetite. Sustainability-related risks are assessed continuously by the Group’s ESG
function, which conducts annual climate-scenario analyses. These risks are integrated into the ERM and
evaluated using the same classification methods as other business risks to ensure consistency in risk
prioritisation. The Sustainability and Culture Committee oversees environmental, social and business
conduct risks, while the Audit and Risk Committee ensures alignment with the ERM framework. Business
conduct risks, including compliance and ethical issues, are assessed alongside financial and operational risks.
Climate-related risks are incorporated into financial planning and forecasting, ensuring that sustainability
considerations are embedded in the Company’s risk evaluation and mitigation strategy. Risk management
and internal controls over sustainability reporting are detailed in the Governance chapter, subsection
[GOV-5].
Our decision-making process involves an ethical governance framework that ensures all business decisions
are evaluated through the lens of compliance with ethical standards, corporate social responsibility and
sustainability. The role of the administrative, management and supervisory bodies - including the decision-
making process and related control procedures - are detailed in the Governance chapter, subsection
[GOV-2].
Our process for consulting with affected stakeholders to understand their potential impacts is detailed in the
chapters on Strategy and Impact, Risk and Opportunity Management, subsections [IRO-1] and [SBM-2].
This includes engaging with key stakeholders such as employees, suppliers and investors through surveys,
interviews and meetings to gather their perspectives and insights on potential impacts. These consultations
are integral to assessing risks and opportunities related to business conduct and sustainability.
Key input parameters for identifying, assessing and managing material impacts, risks and opportunities
include legal requirements, industry standards, stakeholder feedback and data sources, such as publicly
available information, previous reports, industry benchmarks and best practices. The process also involved
value chain mapping, external sustainability expert consultations, and internal ESG stakeholder engagement
through interviews and workshops.
The general basis for preparing sustainability statements and disclosures, including changes compared to the
prior reporting period, is detailed in the Basis for preparation chapter, subsections [BP-1] and [BP-2]. There
have been no specific changes in the process to identify, assess and manage impacts, risks and
opportunities regarding governance topics.
[G1-1] BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
At Wizz Air, we are committed to establishing, developing and promoting a strong corporate culture through
various initiatives. These include fostering open communication, recognising and rewarding achievements,
encouraging teamwork, and ensuring that employees feel valued and supported in their roles. Additionally,
the Company has also implemented a comprehensive Code of Conduct that sets clear ethical standards for
all employees. Internal training programmes on business ethics, anti-corruption and compliance ensure that
our team understands and adheres to these values. There are multiple mandatory e-learning training
courses on business ethics and all relevant policies Wizz Air has introduced, including conflict-of-interest
training, the General Data Protection Regulation, competition law and information security management, to
ensure that our workforce is aware of the key principles that govern the ethical and compliant conduct of
Wizz Air.
Our whistleblower protection programme encourages employees to report unethical behaviour without fear
of retaliation. We engage with suppliers to ensure they align with our ethical standards. Wizz Air’s partners
and suppliers are expected to comply with our Supplier Code of Conduct, which outlines requirements for
ethical business practices, social and labour standards, legal compliance, and environmental and commercial
sustainability. During the tendering phase, all supplier candidates receive the Supplier Code of Conduct to
ensure they are fully aware of the Company’s expectations.
Existing policies are accessible to all employees via the Company’s systems, and new or revised policies are
shared through our internal digital channels to maintain awareness and compliance.
The Internal Audit function and the Audit and Risk Committee of the Board are responsible for reviewing
compliance with these business ethics principles.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
281
Our Key Business Conduct Policies
The policies listed below apply to all Wizz Air employees:
Policy of Good Conduct
Our cornerstone policy for ethical business behaviour is the Policy of Good Conduct. This comprehensive
document outlines the precise expectations we have for all Wizz Air employees as they carry out their duties
within their business and professional relationships. It emphasises the importance of maintaining a
workplace characterised by mutual respect, integrity and fairness. It prohibits discrimination and
harassment, promotes a positive and professional work environment, and ensures the proper use of IT
systems. The policy also encourages clear and respectful communication, fostering a supportive and
inclusive workplace.
Wizz Air's approach to training on business conduct is designed to ensure that all employees understand and
adhere to the Company's standards of integrity, fairness and professionalism. The training is mandatory for
all employees, including new hires and existing staff, to ensure everyone is aligned with the Company's
values and ethical standards. Training sessions are conducted regularly, with new employees receiving initial
training during their onboarding process, and refresher courses provided periodically to keep all employees
updated on any changes in policies and regulations. The training covers a wide range of topics, including the
Company's Code of Good Conduct, anti-discrimination and harassment policies, compliance with legal and
regulatory requirements, and the proper use of Company resources. It also emphasises the importance of
reporting any unethical behaviour and provides guidance on how to do so. The training is designed to be
comprehensive and interactive, often involving case studies, role-playing scenarios and assessments to
ensure that employees fully understand and can apply the principles in their daily work. A summary of the
policy is available online at Wizz Air’s sustainability website.
Equal Opportunities and Fair Treatment Policy
This policy underscores our dedication to fostering a secure and respectful workplace for all stakeholders.
Rooted in principles of mutual respect, fairness and equality, we actively champion diversity. Our aim is to
maintain an environment that remains untainted by any manifestations of discrimination, victimisation,
vilification, bullying or harassment. A summary of the policy is available online at Wizz Air’s sustainability
website.
Whistleblowing Policy
The Whistleblowing Policy enables employees of Wizz Air to report suspected misconduct, including
information about any unlawful or suspected unlawful act or omission or any other abuse in accordance with
the applicable laws.
This policy covers any report made via whistleblowing channels regarding any infringement of Wizz Air's
Code of Conduct or the laws of any jurisdiction where a Wizz Air entity is established. Wizz Air has
established a robust internal whistleblowing mechanism that includes multiple reporting channels such as
web, phone and email, allowing for anonymous reporting. Information about these channels is regularly
communicated through the Company's website, internal communications and training sessions. The
comprehensive Code of Conduct training includes whistleblower processes. To protect whistleblowers from
retaliation, Wizz Air ensures that individuals who report suspected misconduct in good faith, particularly
concerning the laws of the European Union, are not subject to any form of discrimination. This is achieved
through strict confidentiality measures, robust internal policies, and well-defined reporting channels. The
Company enforces non-retaliation policies, and provide secure and anonymous reporting mechanism. The
Company is committed to investigating business conduct incidents promptly and thoroughly, using
whistleblower reports to maintain high standards of integrity and compliance.
The reports are submitted to the Office of the General Counsel, who ensures that the competent
Investigation Lead receives the report based on the type of the issue reported. Every report filed in
accordance with the Policy must be investigated by the relevant Investigation Lead. A summary of the policy
is available online at Wizz Air’s sustainability website.
Anti-Fraud Policy
This policy sets out Wizz Air’s principles, restrictions and practical guidelines regarding fraud in order to
prevent, detect and avoid any fraudulent, unethical or improper business practice. Wizz Air rigorously
prohibits any act, behaviour or failure to act that is contrary to the values and principles of its Anti-Fraud
Policy. A summary of the policy is available online at Wizz Air’s sustainability website.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
282
Anti-Corruption Policy
Wizz Air’s Anti-Corruption Policy prohibits corrupt, improper practices and bribery. It applies to interactions
between Wizz Air personnel and third parties. The policy aims to prevent improper inducements or rewards
related to relevant functions. Anti-corruption education and training are provided to Wizz Air personnel and
third parties involved in business operations. All Wizz Air Personnel, regardless of their level, are expected to
help in preventing, deterring and detecting fraud and misconduct. The Policy is consistent with General
Assembly resolution 58/4 of 31 October 2003, the United Nations Convention against Corruption. A
summary of the policy is available online at Wizz Air’s sustainability website.
The table below provides details on the functions within Wizz Air that are most at risk with respect to
corruption and bribery, in compliance with the ESRS G1-1 disclosure requirement.
High-risk functions / business activities
Mitigating measures
Functions that select and do business with third-party
suppliers can be at a higher risk of corruption and bribery.
Supplier due diligence, contractual provisions on anti-
corruption principles, monitoring of third-party activities.
Functions with interactions with Government Officials and
Other Covered Parties. Aviation is a highly regulated
sector where interactions between Government Officials
and Other Covered Parties and market participants are
unavoidable.
To mitigate risks from interactions, two methods are
recommended:
▶
Long-term Relationships: Report these to the anti-
corruption compliance officer, who will document and
include them in the risk assessment process.
▶
Ad Hoc Relationships: Document meetings to ensure
transparency.
Group
level
operation.
Wizz
Air
established
the
compliance framework at group level; however, individual
member
companies
operate
in
different
market
environments and face different corruption risks.
To ensure robust compliance at the Group level, we establish a
unified and effective compliance framework, including anti-
corruption measures based on consistent principles and
methods. Additionally, we tailor this framework to address the
specific corruption risks of each member company, ensuring
proper management both at the Group level and within each
individual company.
Supplier Code of Conduct
Wizz Air’s partners and suppliers are expected to comply with the Company’s Supplier Code of Conduct. The
Supplier Code of Conduct outlines requirements for ethical business practices, social and labour standards,
legal compliance, and environmental and commercial sustainability. During the tendering phase, all supplier
candidates receive the Supplier Code of Conduct to ensure complete awareness of the Company’s
expectations. There are additional policies ensuring the ethical conduct of the Board of Directors and those in
leadership positions at Wizz Air. A summary of the policy is available online on Wizz Air’s sustainability
website.
Share Dealing Policy
The Company has adopted a Share Dealing Policy. Directors and designated employees must obtain
clearance from the Company’s Chairman of the Board before dealing in Company shares. During certain
periods, dealing in Company shares is strictly prohibited. Regular face-to-face training is provided to ensure
Directors and affected employees can manage insider information appropriately, and keep informed about
continuing obligations.
Our Core Values and the WIZZ Culture
Wizz Air remains steadfast in its commitment to its employees, fostering an inclusive environment with
equal opportunities and providing tools that support professional aspirations, enabling all team members to
realise their full potential. Supported by strong policies against discrimination or harassment, everyone is
afforded equitable chances to excel, develop and thrive.
Our social agenda and progress toward our self-imposed targets are regularly discussed with Wizz Air’s
Leadership Team, led by our Group Chief Executive Officer. Additionally, the Sustainability and Culture
Committee of the Board actively monitors and discusses this critical topic, as outlined on page 188.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
283
The WIZZ Culture empowers our workforce to embody the five core values of Wizz Air, driving innovation
and problem-solving in our business endeavours. These values underpin our organisation’s identity and
ambition:
▶
Inclusivity – we embrace diversity, engaging and collaborating with all key stakeholders to achieve our
goals.
▶
Positivity – we are an inspired and inspiring team, passionate about what we offer, using a positive
mindset to unlock new ways to do things better and more efficiently.
▶
Integrity – doing what is right for passengers and stakeholders, holding ourselves to the highest possible
standards in everything we do.
▶
Dedication – we have an entrepreneurial “can-do” attitude, taking individual and collective ownership,
and are accountable for everything we do.
▶
Sustainability – we strive to be the leading airline offering a sustainable choice of air travel, and we work
hard on continuously decreasing our environmental footprint.
Wizz Air is committed to fostering the WIZZ Culture through various initiatives. These include the annual
employee engagement survey, which provides employees with an opportunity to share their feedback and
insights. Additionally, the People Council serves as a representative body, ensuring the collective voice of
our employees is heard and considered in decision-making processes. Regular base visits and floor talks
facilitate open communication between leadership and staff, while company events promote team spirit
and foster a sense of community and belonging. Detailed information about these initiatives can be found
under [S1-2] Processes for engaging with own workers and workers’ representatives about impacts.
[G1-2] MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS
The Company’s operations rely heavily on supply chain services, which include valuable contributions from
our partners and suppliers. Our Purchasing Policy ensures good conduct and outlines the rules and
guidelines of our purchasing processes to create and maintain transparency and accountability. It establishes
contract risk management and liability assessment guidelines. The Policy outlines all stages of purchasing,
from tendering to contracting and invoicing. All processes must be completed through our purchasing
management platforms.
In F25, the Purchasing team introduced a new software solution that facilitates comprehensive risk
assessments across our supply chain. This tool enables thorough evaluations of existing, newly contracted
suppliers and tendering companies across various categories, including financial, legal and ESG scopes. This
will help Wizz Air identify, monitor and successfully manage potential supplier risks during tender evaluations
and after contracting as well. Wizz Air’s invoicing and payment practices are discussed under [G1-6]
Payment practices on page 288.
Our supply chain encompasses around 2,500 suppliers across various categories related to airline
operations, including, but not limited to:
▶
aircraft manufacturers (including companies providing spare parts and aircraft interior components);
▶
fuel suppliers;
▶
airports and ground-handling providers;
▶
aircraft maintenance services;
▶
digital system and software companies supporting operations and other business processes (e.g.
navigational systems, booking system, website, cybersecurity and procurement system);
▶
consultants and auditors; and
▶
other sub-contractors or service providers (e.g. financial services and contact centre services).
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
284
Working towards a sustainable supply chain and enhanced third-party risk assessment
Effectively managing supplier relationships is vital for Wizz Air due to the aviation industry's complex and
dynamic supply chain. Wizz Air aims to build cooperative relationships with key suppliers to enhance quality,
reduce costs, and optimise resources. This involves careful selection, regular communication, continuous
forecasting and collaborative planning to address potential risks.
Managing ESG risks is particularly important for the Company.
This includes understanding the ESG factors that could impact
the supply chain and overall operations.
In F23, we implemented a Sustainable Procurement Policy to
enhance oversight of indirect emissions, particularly within the
supply chain. This policy mandates ongoing sustainability
research and efforts, and requires suppliers to incorporate
sustainability factors into their operations.
In F25, as part of its strategy to expand comprehensive ESG risk
assessments across its supply chain, Wizz Air partnered with a
company specialising in third-party risk management. This
partnership provides a software solution that enables thorough
and efficient assessments across various environmental, social
and governance topics, allowing for an in-depth analysis of the
supplier base.
The platform helps Wizz Air assess suppliers on critical ESG
topics
such
as
carbon
emissions,
labour
practices
and
governance policies. The information collected is regularly reviewed and evaluated to mitigate any risks
within the supply chain. Based on these reviews, the Company can select suppliers that align with its values
and reduce ESG risks. If any risks are identified, necessary measures are taken to improve practices or
switch to alternative suppliers if needed, as per our internal ESG supplier risk assessment and management
guidelines.
The ESG risk management process is cyclical, involving continuous monitoring and regular reviews to ensure
the effectiveness of strategies and make adjustments as necessary. By integrating these approaches, Wizz
Air can effectively manage supplier relationships, mitigate supply chain risks, and enhance the sustainability
performance of both the Company and its suppliers.
[G1-3] PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY
Wizz Air has had an Anti-Corruption Policy in place since July 2011, which reflects our company-wide
commitment to conducting business ethically and with integrity, to protect Wizz Air and our business
partners from engaging in any form of corruption and bribery. The Anti-Corruption Policy helps us to
maintain an effective compliance environment across our supply chain.
As part of our comprehensive onboarding process, Wizz Air provides new employees with mandatory e-
learning courses on business ethics and all relevant policies, including our Anti-Corruption and Bribery Policy.
This training is also extended to third parties involved in business operations, ensuring a consistent
understanding of our ethical standards. In addition to e-learning, Wizz Air organises various anti-corruption
training courses. Employees who are invited to individual training sessions or work in high-risk areas are
required to attend these sessions, especially those in direct contact with suppliers, subcontractors,
customers or officials. The training is tailored in terms of form and content to match the corruption exposure
of the employees involved. Affected employees must repeat the training at specified intervals or when there
is a significant change in the training material. All employees receive online training on the subject matter,
and recurring individual training is also provided to members of supervisory bodies within the Company.
Before entering into any contracts, we require suppliers and service providers to commit to compliance with
this policy. To minimise the risk of corruption and bribery, we conduct due diligence before engaging any
third party, and we continuously monitor these activities. Additionally, all employees and suppliers are able
to report any suspected incidents. To review each incoming case, investigators are appointed individually,
ensuring they are independent and not part of the management chain responsible for preventing and
detecting corruption or bribery.
To ensure our policy complies with all current regulations, an internal compliance audit is conducted
annually. This audit may involve inquiries with the Company’s Officers, General Counsel, and other
personnel as deemed appropriate by the Chief Executive Officer. During this year’s review, two main action
plans were identified for the future: conducting risk assessments at the local level for each of Wizz Air’s
subsidiaries and appointing a person responsible for compliance with the anti-corruption policy at Group
level. This is currently managed by the General Counsel and the Human Resources department. These key
action plans will be carried out over the next financial year.
The Company's Chief Executive Officer provides an annual update to the Board regarding compliance with
the anti-corruption policy. An extract of the policy is available on our website, and the full version is on the
Company’s intranet.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
285
During F25, Wizz Air conducted its annual Anti-Fraud Training for all employees, with 2,089 participants
completing the programme. Additionally, a Conflict of Interest & Anti-Corruption e-learning course was
provided for all new office hires, completed by 153 employees. This training is mandatory for everyone.
[G1-4] INCIDENTS OF CORRUPTION OR BRIBERY
In F25, Wizz Air had no convictions for violations of anti-corruption and anti-bribery laws, and no fines
were imposed for any breaches of these regulations.
Wizz Air has a zero-tolerance policy towards bribery. This means that employees, Officers, Directors and
business partners are strictly forbidden from offering, paying, authorising or accepting any unlawful bribe
or anything of value to or from anyone. Additionally, third parties performing services for Wizz Air must
comply with anti-corruption laws, as their actions can affect Wizz Air's compliance. To ensure everyone
understands and adheres to these standards, Wizz Air provides comprehensive anti-corruption education
and training to its personnel and third parties involved in business operations. Any violations of this policy
can result in disciplinary actions, including termination of employment, and may lead to criminal and civil
penalties.
[G1-5] POLITICAL INFLUENCE AND LOBBYING ACTIVITIES
At Wizz Air, it is crucial for us to build and maintain relationships with our stakeholders and effectively
communicate our corporate mission, values, goals and actions in a transparent manner. Our corporate
political engagement strategy is centred around building trust, transparency and engagement with
authorities, government officials and the communities in which we operate.
Wizz Air also established a Corporate Political Engagement Policy and Statement which outlines the
principles and guidelines for engaging with political stakeholders. This policy ensures that all interactions are
conducted transparently, ethically and in alignment with the Company's values and regulatory requirements.
Political Donations and Advocacy Expenditures
Wizz Air has a dedicated Government and Public Affairs Team to
manage corporate political engagement. Employees interacting with
political stakeholders receive guidance from this team to ensure
consistency and compliance. The Corporate & ESG Officer, who
oversees this team, is responsible for monitoring and ensuring
adherence to Wizz Air’s lobbying activities, public interactions as well
as the effectiveness of related policies and procedures.
All employees must adhere to the Wizz Air Code of Conduct and Anti-
Bribery Policy, which strictly prohibits any improper influence on
decisions by government officials, legislators, authorities or regulators.
If there is a significant risk of policy or procedural violations, the
Corporate & ESG Officer will escalate the matter to the Audit & Risk
Committee of the Board of Directors. Non-compliance with these
policies may result in disciplinary action, termination of employment,
or legal consequences, depending on the severity of the violation.
Wizz Air maintains political neutrality and prohibits contributions to
political parties, campaigns, political think tanks, and any equivalent
political donations, either directly or indirectly, by its employees or
contractors acting on behalf of Wizz Air. Occasionally, the Company
offers non-financial support to public events intended to promote
cultural exchange, community development as well as support issues
important to the Company and the aviation industry. Occasionally, the
Company provides non-financial support to public events that align with its interests and those of the
aviation industry. Any such expenditure requires approval from an Officer of the Group.
Wizz Air engages in responsible lobbying and advocacy efforts by:
▶
Shaping public policy issues that impact the Company through active participation in public
consultations, industry forums, and governmental initiatives concerning legitimate business interests.
▶
Advancing the Company’s mission, interests and goals by working with authorities, regulators,
embassies and government officials at all levels in relevant jurisdictions.
▶
Ensuring that any lobbying, advocacy or interaction with authorities, regulators, embassies and
government officials by Wizz Air employees is conducted with honesty, integrity, openness, and is in
compliance with local and international laws.
Wizz Air sometimes employs external third-party consultants to support its political engagement activities,
monitor legislative developments and engage government officials on industry matters. These consultants
are contractually committed to complying with the Corporate Political Engagement Policy and Statement.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
286
Wizz Air maintains its profile on the EU Transparency Register, which lists meetings with representatives of
the European Commission and contributions to public consultations. These engagements are publicly
available.
Wizz Air maintains a constructive relationship with all levels of government within its network, irrespective of
political affiliation. The Company upholds the right of individuals to participate in the democratic process.
However, Wizz Air itself refrains from making political donations or incurring political expenditures.
Between 2021 and 2024, Wizz Air collaborated with Penta (formerly Hume-Brophy) on advocacy issues
within the European Union, with a particular focus on climate and other regulations affecting aviation.
According to the EU transparency registry, Penta acted as an intermediary for more than half of our F25.
Wizz Air has been registered in the EU transparency register since August 2022 under registration number
481429647259-30.
Climate Policy Positions and Advocacy
Wizz Air regularly engages in the public policymaking process and expresses our views on policies, laws and
regulations that govern various aspects of our business in the EU and internationally.
The Company actively engages in advocacy issues in the European Union, with a special focus on climate
and other regulations impacting on aviation.
Fit for 55 Climate Package
In July 2021, the European Commission
introduced the Fit for 55 climate package,
aiming to reduce greenhouse gas emissions
by at least 55% by 2030. While most
aviation-related
proposals
have
been
finalised,
negotiations
on
the
Energy
Taxation Directive are still ongoing. The
package includes modifications to existing
legislation and new initiatives.
Wizz Air has consistently advocated for two
key principles. Firstly, the importance of a
level
playing
field,
noting
that
many
proposals
focus
on
intra-EU
flights,
potentially disadvantaging intra-EU traffic,
despite extra-EU flights contributing more
significantly to emissions. Secondly, Wizz
Air emphasises that sustainable aviation
hinges on necessary advanced technology.
Wizz Air has highlighted to decision makers
the efforts Wizz Air has made in the decarbonisation of the aviation sector, e.g. by investing in a young and
efficient fleet with the best technology available on the market that allows for a steady reduction in carbon
emissions intensity.
ReFuelEU Aviation
Wizz Air has been closely following the negotiations of and supporting the ReFuelEU Aviation proposal to
promote and develop the use of sustainable aviation fuels (SAF) for all flights in a fair and equal way. The
new law entered into force at the end of 2023. The ReFuelEU Aviation legislation creates an obligation for
fuel suppliers to provide gradually increasing amounts of SAF to airlines, so they can progressively increase
their use of SAF and subsequently reduce the emissions of aviation. Wizz Air considers SAF as the most
viable short and medium-term solution for decarbonising aviation. The Company has a robust sustainability
strategy in place that includes aircraft fleet renewal, operational efficiency initiatives and investments in SAF.
Wizz Air advocates for the inclusion of a book and claim system to support the EU's green goals and ensure
fair access to alternative fuels as the market evolves across the EU. We believe that revising the current
flexibility mechanism to incorporate elements of a book and claim system would provide the necessary
flexibility for aircraft operators. This is particularly important given the geographic imbalances in SAF supply
and pricing, especially in Central and Eastern Europe and parts of the European periphery.
A book and claim system would allow aircraft operators to “purchase” the required amounts of SAF, even if it
is not available at their specific operating airport. Airlines that purchase SAF should be able to claim
proportional emissions reductions in relevant EU-wide and international systems and report emissions
accordingly. A SAF registry could ensure transparency and prevent double counting. Wizz Air is actively
working to secure adequate supplies to meet future mandates.
Regarding the ReFuelEU Aviation Regulation, several governments are developing their national SAF
strategies and consulting with aviation industry stakeholders. Wizz Air has contributed to the Austrian,
Hungarian and Polish strategies. We believe that technology is key to sustainable aviation, and our fleet-
renewal programme, which replaces older aircraft with more efficient models, serves as a positive example
for governments.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
287
ETS Aviation
The EU Emissions Trading System (ETS) aviation legislation was published in May 2023. During the
discussions, Wizz Air has been advocating for extending the scope to all departing flights from the European
Economic Area (EEA), as emissions do not stop at borders. We regret that the scope remained intra-EEA,
excluding the most polluting flights. Extending the scope would have contributed significantly to the joint
European green goal.
We have been supporting the early phase-out of free ETS allowances to airlines and welcome that they will
be fully auctioned from 2026. This is a step towards a level playing field in the European market.
We also agree with the introduction of the SAF allowances into ETS, to incentivise SAF uptake across Europe,
as we believe this is the effective short to mid-term solution.
Energy Taxation Directive
The European Commission has proposed to end kerosene tax exemption for intra-EU flights over a period of
ten years. Wizz Air cannot support an additional financial burden to be introduced for airlines. If the proposal
is adopted in its current form, the most polluting flights, namely intercontinental long-haul flights, will be
excluded, despite being the main source of European CO2 emissions1. Given that the EU ETS already applies
to intra-European flights, we believe that double taxation needs to be avoided. According to Eurocontrol’s
analysis2, there is no proof that taxing aviation will result in lower greenhouse gas emissions. However,
there is a risk that such taxation would divert traffic from EU to non-EU airports (carbon leakage),
threatening Europe’s connectivity and competitiveness3.
Advocacy in the United Kingdom
Wizz Air UK Limited is the only operator of a 100 per cent A321neo fleet in the United Kingdom, with a fleet
average age of 2.2 years. The Company provides its business insight to the UK government, to support the
mission of reaching net zero in the aviation sector by 2050. Wizz Air also welcomes the UK’s SAF mandate
(entered into force in January 2025), which aligns with Wizz Air’s aspiration to power its flights with 10%
SAF by 2030. Wizz Air has also invested in Firefly, an innovative UK-based biofuel company, and is firmly
committed to working with the industry and government to meet the mandated requirements.
Engagement and Climate Policies in the United Arab Emirates
Wizz Air Abu Dhabi LLC, a UAE national airline and
the second-largest carrier in Abu Dhabi, is actively
involved in sustainability efforts. The UAE was the
first country in the Middle East and North Africa to
commit to achieving net zero emissions by 2050. As
part of this commitment, Wizz Air Abu Dhabi
participates in the UAE Aviation Environment
Working Group, established by the General Civil
Aviation Authority to support the UAE’s Net Zero
2050 Strategy for aviation.
The
airline
remains
dedicated
to
promoting
sustainability through its ongoing collaboration with
the UAE Ministry of Energy and Infrastructure. This
partnership focuses on raising awareness about
environmentally
friendly
practices
among
passengers.
Efforts
include
online
educational
campaigns across both organisations' social media
platforms, websites, forums and key stakeholder events. Additionally, the airline endorses the “Switch Off,
Take Off” initiative, a National Conservation programme.
Furthermore, Wizz Air participates in and contributes to the UAE Aviation Environment Working Group
(AEWG) meetings. The AEWG meetings are organised by the UAE General Civil Aviation Authority (GCAA).
These meetings focus on discussing and advancing environmental initiatives within the aviation sector. The
group brings together various stakeholders to collaborate on strategies and actions that support the UAE’s
environmental efforts in aviation.
[G1-6] PAYMENT PRACTICES
The Company does not have a specific policy dedicated to preventing late payments. Instead, we prioritise
establishing mutually beneficial payment terms through negotiation with all our suppliers. This approach
ensures that both parties can meet their financial obligations in a timely manner. By fostering open
communication and collaboration, we aim to create a supportive and reliable business environment. This
strategy not only helps maintain strong relationships with our suppliers, but it also contributes to the overall
stability and efficiency of our supply chain operations.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
288
1 EUROCONTROL Data Snapshot on CO₂ emissions and flight distance | EUROCONTROL.
2 EUROCONTROL Data Snapshot on CO₂ emissions and flight distance | EUROCONTROL.
3 Does taxing aviation really reduce emissions? | EUROCONTROL.
Wizz Air’s average payment terms are 30-45 days, which encompass approximately 70% of its annual
invoices by value. It pays for services received within 15 days of receipt of the invoice, which accounts for
about 20% of its annual invoices. The remainder of its invoices are paid within 90 days of receipt. The
average time for Wizz Air to pay an invoice during the financial year was 44.3 days.
The calculation of the average time the Company takes to pay an invoice was based on an internal database.
Specifically, focusing on the AP KPI section where cycle times are listed. The total cycle time, which spans
from the invoice receipt to the payment date, was selected as the basis for this calculation. Additionally, the
average Days Payable Outstanding (DPO) was included. The DPO indicates the average time (in days) the
Company takes to pay its bills and invoices to its trade creditors, which includes suppliers, vendors or
financiers.
For F25, Wizz Air Holdings Plc does not currently have any known ongoing legal proceedings related to
outstanding contractual late payments.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
289
[G] OTHER GOVERNANCE INFORMATION
During the DMA, community programmes, charitable support, as well as cybersecurity and data protection,
were identified as material, entity-specific topics. As a result, the Company is committed to providing
detailed disclosures on these areas below.
Community Programmes and Charitable Support
As a responsible corporate citizen, Wizz Air has consistently risen to the occasion during challenging times.
In response to the conflict in Ukraine, the airline introduced a programme offering free seats on flights
departing from Ukraine’s border countries, facilitating the journey for refugees to their chosen destinations.
Additionally, the airline has been proactive in supporting local rescue efforts and swiftly organising
emergency flights during natural disasters and political crises in various countries over the past few years.
Beyond crisis response, Wizz Air actively engages in regular initiatives that benefit the communities where
we operate. Supporting local communities and foundations allows Wizz Air to contribute to the well-being
and development of the regions we serve, creating a positive impact that extends beyond providing air
travel services.
Several teams within the organisation, including members from the People Council, Internal
Communications, and the WIZZ Foundation, are responsible for these initiatives.
Wizz Air carefully considers the impacts, risks and opportunities of its community and charitable support
initiatives. Humanitarian aid efforts, such as providing free flights for refugees and organising emergency
flights during crises via the WIZZ Foundation, demonstrate our strong commitment to social responsibility.
Additionally, programmes like the second term of our Sustainability Ambassadors Programme engage
employees in meaningful activities, boosting morale and promoting a culture of sustainability within the
Company.
Stakeholders and potential community events are primarily identified based on location, as Wizz Air can only
make a meaningful impact in areas where it operates. Therefore, most community-building events for local
communities and employees are held near the headquarters in Budapest or at larger bases. However, the
Company aims to expand its reach by organising events, such as running events, in other major cities within
our network.
To ensure we meet our objectives, Wizz Air regularly seeks feedback from affected stakeholders through
various channels, such as written forms, personal meetings and discussions. Key stakeholders can provide
feedback at any time via dedicated channels, including collective email addresses or specific channels on the
internal communication platform. Their feedback is highly valued and actively implemented to enhance
outcomes.
Besides the WIZZ Foundation and the People Council team, the main policies within the Company for
managing community programmes and charitable support are the People Council Terms of Reference and
the Employee Emergency Funding Policy.
The People Council Terms of Reference is the official governing document approved by the Board of the
People Council. It defines the mission, constitution, scope, organisation and operations of the People Council.
The document states that the People Council aims to create a better work environment, increase employee
engagement as well as deliver enhanced organisational and business results. To achieve these goals, the
People Council's role includes collecting employee feedback, enhancing information flow between
management and employees, preparing and submitting proposals, and providing opinions before making
decisions or changing policies that affect a large number of employees. Additionally, the Employee
Emergency Funding Policy provides financial assistance to employees in critical situations. When setting
these policies or creating strategies, the interests of key stakeholders are considered, while also prioritising
business objectives. For more information on the People Council, please see page 247.
To measure the impact of our efforts regarding community and charitable support, we tracked People
Council awareness and credibility for the second year in
a row via the annual employee engagement survey on a
10-point scale. Awareness increased from 6.3 to 6.7 at
the Group level between 2023 and 2024, while the
credibility score remained stable at 5.9.
WIZZ Marathons
This financial year, we organised nine running events
across the Wizz Air network, including Budapest,
Debrecen, Cluj-Napoca, Bucharest, London, Skopje,
Sofia, Rome and Venice. Moreover, company events are
organised regularly, such as Wizz Air birthday parties
and ski trips. Overall, Wizz Air's approach to community
and charitable support is designed to maximise positive
impacts while carefully managing risks and seeking
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
290
opportunities to enhance its sustainability efforts. The 2025 Hackney marathon will feature enhanced
accessibility and inclusivity measures, including the introduction of live captions throughout the event. These
captions will be available on screens and personal devices, ensuring inclusive participation for attendees with
diverse communication needs. This initiative aligns with our Company's core values of inclusivity.
WIZZ Foundation
Csodalámpa Foundation and Fundacja Mam Marzenie partnership
WIZZ Foundation has partnered with Csodalámpa Foundation in Hungary and Fundacja Mam Marzenie in
Poland. The purpose of these wish-granting foundations is to fulfil the wishes of children who suffer from life-
threatening diseases. By making their wishes come true, the foundations hope to strengthen the children's
and their families' belief in recovery and help them persevere through times of adversity.
As part of the cooperation, the WIZZ Foundation provides flight tickets (and applicable services) every year
for children and their travelling guardians to support the foundations’ projects where the surprise involves
travelling to another destination by plane. In F25, Wizz Air supported the Csodalámpa Foundation and
Fundacja Mam Marzenie by fulfilling 28 wishes with a total of 77 tickets provided to children and their
families.
2024 Olympic and Paralympic Games – official carrier for Hungarian Olympic Team at Paris 2024
Wizz Air signed a cooperation agreement with
the Hungarian Olympic Committee and the
Hungarian Paralympic Committee for the 2024
Summer Olympic Games.
As the official partner of the Hungarian Olympic
and Paralympic Committee, Wizz Air transported
the Hungarian team members to the Olympic
and Paralympic Games, ensuring they arrived on
time and in the utmost comfort. The Olympians
travelled
on
scheduled
flights,
allowing
passengers on numerous Budapest-Paris flights
to meet the Hungarian team members.
Donation of unused IT devices to foundations
Wizz Air donated 130 unused tablets to various foundations and schools. The recipients included a children's
hospital and a foundation that operates in Africa, among others.
Community building
Wizz Air organised a Christmas charity donation where contributions from Budapest-based employees were
delivered to children in need at a small nursery in the Hungarian countryside, we hosted a community-
building event for office employees on 6 December featuring a Santa visit, chocolates and appreciation
cards, and we arranged a Santa family event at the Budapest Training Centre for employees and their
families.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
291
Cybersecurity and Data Protection
Cybersecurity is crucial across all sectors, especially in the aviation industry, which relies heavily on
interconnected digital systems for flight operations, reservations and communication. Recognising this, Wizz
Air places cybersecurity and data privacy at the forefront of its priorities, ensuring the highest level of
regulatory compliance. The airline adheres strictly to regulatory standards and internal policies to maintain
the confidentiality, integrity and availability of sensitive information. To mitigate risks and uphold the trust of
customers, employees and stakeholders, Wizz Air has implemented a comprehensive cybersecurity and data
protection framework. This framework includes extensive policies, procedures and controls designed to
safeguard personal information.
To provide a safe and secure environment for the data that flows through the organisation, Wizz Air has an
appointed Group Data Protection Officer (DPO) who oversees our data protection efforts, ensuring privacy by
design at all levels and compliance with EU standards such as the General Data Protection Regulation
(GDPR) as well as with relevant international and national regulations and guidelines. Wizz Air also has a
Cybersecurity department that collaborates closely with the DPO.
Wizz Air takes into account the impacts, risks and opportunities
associated with cybersecurity and data protection. To mitigate
risks and ensure resilience, it continuously invests in and
strengthens its cybersecurity processes, systems and policies.
This commitment includes regular risk assessments, compliance
audits and oversight of cybersecurity investments to align with
industry best practices and regulatory requirements.
To address all potential threats, Wizz Air actively gathers
feedback
from
stakeholders
through
various
engagement
activities. Regular input is collected from management and key
stakeholders to enhance processes and ensure compliance with
regulatory requirements. Stakeholders are also encouraged to
provide feedback on cybersecurity and data protection. The
Company is committed to continuously improving its processes,
understanding the concerns and expectations of all parties
involved, and implementing solutions based on feedback received.
Cybersecurity Governance and Processes
As cyber threats continue to evolve in sophistication and scale,
the importance of robust cybersecurity measures cannot be
overstated. Wizz Air’s Cybersecurity Programme is led by a
Cybersecurity team made up of skilled professionals with
extensive experience in the field, focusing on the people, process
and technology aspects of cyber by running multiple work
streams. This includes regular risk assessments, compliance
audits and oversight of cybersecurity investments to align with industry best practices and regulatory
requirements. This Cybersecurity Programme is based on several industry standards, including the NIST
Cybersecurity Framework (CSF), ISO 27001, Payment Card Industry (PCI) Data Security Standards, and
Open Web Application Security Project (OWASP) Standards. Wizz Air also holds the Cyber Certificate of
Compliance from the Civil Aviation Authority (CAA) UK.
The Company follows a layered approach to ensure proper hygiene in cyber and data protection matters. It
involves safety mechanisms for prevention as the first line of defence, detection and response mechanisms
as the second line of defence, and robust recovery procedures. To mitigate cyber risks and ensure the
resilience of our digital systems, the Company employs a comprehensive testing regime that encompasses
internal and external security tests, including vulnerability assessments, penetration testing and red team
exercises. Our testing systems are designed to simulate real-world cyber threats, providing valuable insights
into the effectiveness of our cybersecurity defences and underpinning ongoing improvements to our security
posture.
Main actions implemented in F25 for cybersecurity:
1.
Security hardening: We have initiated enhancements to our security hardening measures, aiming to
further improve the overall protection of our systems and networks against potential cyber-attacks.
2.
Enrolment Static Application 3rd party Security Testing (Snyk): It facilitates the early detection and
resolution of security vulnerabilities in the source code, thereby enhancing overall application
security.
3.
Introducing Cyber Risk Management tool (Logic Gate): Enhances the Company's security by tracking
security findings, clarifying responsibilities, and streamlining the escalation process to ensure that
critical risk items reach the appropriate individuals and levels in time.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
292
4.
IDM upgrade: We have upgraded the internal Identity Management System (IDM), addressing
existing issues to improve overall performance. This system is crucial for the Company as it ensures
secure access to resources, protects sensitive data, and enhances operational efficiency.
5.
Improving phishing process: We identify high-risk employees and develop additional procedures for
those who repeatedly click on phishing test links we send.
6.
Improving patch management: We reduced the patch window to 30 days in IT infrastructure,
thereby ensuring that security vulnerabilities are addressed promptly and our systems remain
secure and up-to-date.
7.
Multi Factor Authentication (MFA) on O365: Implementing MFA boosts security by requiring multiple
verification methods to access systems, making it harder for unauthorised users to gain entry.
8.
Smart lockout: Repeated unauthorised access attempts are blocked, enhancing the security of our
systems and protecting sensitive information.
9.
Mandatory document labelling: Mandatory document sensitivity labelling is the basis to protect
sensitive information by classifying documents appropriately, thereby enhancing security and
preventing unauthorised access.
10. Password management: We have aligned and strengthened password requirements to ensure
greater security and protection of our systems and sensitive data, thereby reducing the risk of
unauthorised access.
11. Quality review of Security Operations Centre (SOC): By reviewing the SOC, we have ensured that all
security operations are functioning effectively, processes are in place, and our organisation is well-
protected against potential threats.
12. Network and Information Security Directive (NIS2): We initiated compliance with NIS2, thereby
enhancing the overall security posture of the Company and ensuring our adherence to regulatory
requirements. This initiative is crucial as it helps in protecting critical infrastructure, mitigating cyber
threats, and aligning our operations with European Union cybersecurity standards, also with EASA
Part-IS.
13. Payment Card Industry Data Security Standard (PCI DSS): Annual PCI DSS audit passed.
As the Company places significant emphasis on cybersecurity, recognising it as a critical aspect of our
operations, we have a comprehensive set of policies and regulations designed to address emerging threats
and vulnerabilities. To stay ahead of potential risks, we continuously review and update these policies, invest
in advanced technologies, and collaborate with industry experts. Regular audits and compliance checks
ensure that our extensive policies remain effective and aligned with industry standards. The Company has
established a comprehensive framework of regulations and policies to ensure robust cybersecurity, such as
the Virus Detection Policy, the Intrusion Detection Policy, the Password Policy, the Internet Use Policy, the
Security Monitoring Policy, the System Development Policy, the Cyber Incident Management Policy and
many more covering all aspects of cybersecurity.
When setting these policies Wizz Air considers the interests of key stakeholders, particularly employees. As
such, a comprehensive and compulsory e-learning training programme for all colleagues is maintained as a
key educational and prevention measure, along with regular training sessions, online courses and simulated
phishing exercises.
Wizz Air’s cybersecurity and data protection experts have created a cybersecurity awareness campaign
during which the team shares valuable insights and practical tips each month to strengthen the employees’
knowledge of the fast-developing digital landscape. Each October for Awareness Month, the Wizz Air Group
holds internal cybersecurity awareness training, including quizzes, one-pagers and informative posts. This
approach ensures that employees are well-informed and prepared to act as a first line of defence against
cyber threats. Fake phishing messages are regularly sent to employees to test situational awareness.
Our employees routinely rely on a well-established IT service desk that is the unified communication channel
for reporting operational issues, including cyber-relevant cases. Besides materialised incident reporting, a
centralised issue management platform absorbs any findings. The reported items are thoroughly
investigated and assessed according to our risk management rules, and channelled into the operational risk
management process.
In F25, new mandatory AI Literacy training has also been implemented for office employees to keep our
workforce updated about the risks and benefits of using AI in the workplace.
Wizz Air possesses an end-to-end (E2E) incident management mechanism that manages all aspects of third-
party, IT and cyber events and environmental changes, and drives the escalation based on predefined
impact thresholds, then triggering the appropriate response.
Data Protection and Data Governance
Wizz Air has a robust data protection management framework which encompasses comprehensive policies,
procedures and controls designed to safeguard personal information. To foster comprehensive understanding
and awareness across the Group, we have an Internal Data Protection Regulation. This regulation outlines
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
293
the responsibilities of all employees and staff members. It includes the confidentiality, authenticity, integrity,
availability and functionality of the personal data handled by the Company, safeguarding the privacy of
employees, staff, customers, suppliers and business partners.
For the data transfer chain to be legally sound within the value chain, Wizz Air employs its own contract
templates aligned with standard regulatory guidelines, primarily:
▶
Guidelines 07/2020 of the European Data Protection Board on the concepts of controller and processor in
the GDPR (“EDPB Guidelines 07/2020”); and
▶
Commission Implementing Decision (EU) 2021/915 of 4 June 2021 on standard contractual clauses
between controllers and processors under Article 28(7) of Regulation (EU) 2016/679 (“EU C2P Model
Contract”).
These standards guarantee proper regulation of the flow of personal data, with suppliers formally committing
to their obligations through written Data Processing Agreements, thereby ensuring the protection of personal
data transferred outside of Wizz Air.
Customised and regularly updated data enquiry manuals are available, and training sessions are conducted
for customer service agents, focusing on the proper recognition and handling of data subject access requests
received by Wizz Air Group entities. This tailored training programme features quarterly train-the-trainer
sessions for supervisors, monthly multiple-choice test-based training sessions, and personalised awareness-
raising initiatives for a rotating selection of contact centre agents. Additionally, the Company has initiated an
awareness-raising programme, including monthly posts on its internal Wizz Air website, raising awareness
about cybersecurity and data protection-related issues, e.g. identification of personal data, data breach and
data subject access requests. Additionally, we introduced mandatory data protection training for new
employees and established yearly recurring training for all employees to ensure ongoing compliance and
awareness.
In the event of a data breach, Wizz Air follows and complies with international and industry best practices
and standards as well as its obligation to continuously keep its data breach registry up to date. Whenever
there is a suspected data breach, Wizz Air prepares a risk assessment based on the European Union Agency
for Cybersecurity’s (ENISA) scoring methodology guidelines to determine the actions needed. Employees
have a written obligation to report any suspected data breach to the Group DPO. To facilitate the
identification of possible data breaches, breach awareness is present throughout Wizz Air’s internal pages, as
well as in training and onboarding materials.
In F25, Wizz Air implemented several key actions to enhance data protection. We redesigned and updated
the Data Inquiry Manual to better support customer service agents in assessing and responding to data
subject access requests in compliance with data protection laws. The cookie banner and cookie policy on our
website were updated to align with new regulations and guidelines. Collaboration between the DPO and the
cybersecurity team led to improvements in data breach detection procedures and the corresponding internal
policy. Furthermore, we amended the IT common criteria questionnaire for upcoming vendors to include
questions related to data protection and AI Act compliance.
To further enhance our data protection processes, the Company is planning to introduce a Data Subject
Access Request (DSAR) management tool, which would provide an intake form and monitoring possibilities
to manage DSARs. Moreover, the Company plans to introduce a Data Mapping Tool to keep our data
processing activities up to date, as well as Risk Assessment Automation to assist in preparing related
documents.
Understanding the importance of data protection, Wizz Air has the following policies and practices in place:
▶
Privacy Policy for Customer, Supplier and Business Partner Data: This document is a privacy policy that
outlines how Wizz Air handles the personal data of its customers, suppliers and business partners. It
covers the purposes of data processing, consent, use of data for secondary purposes, processing of
sensitive data, data quality and retention, accountability, responsibilities, direct marketing, individual
information requirements, individual rights, security, data breach, DPIA (Data Protection Impact
Assessment), automated decision-making, data transfers and compliance monitoring.
▶
Data processing addenda: Based on the EU Commission’s recommended model clauses, specified for
aviation use-cases, such as airport development and controller-processor transfers of customer data.
▶
Privacy Notices: Separate and focused privacy notices to employees, candidates and customers; also
determining data-retention schedules.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
294
ECONOMY-RELATED INFORMATION
CONNECTING PEOPLE AND BOOSTING ECONOMIC GROWTH
Wizz Air goes beyond simply flying passengers — we support their business aspirations, connect them to
inspiring destinations, and help them reunite with their loved ones. Air travel is at the heart of our business,
and our business empowers others to pursue theirs. Wizz Air connects people across borders, and our
commitment to affordable fares makes travel accessible to a wider community. By enabling mobility, we
contribute to economic development in the regions we serve; supporting business expansion, stimulating
tourism, and creating employment opportunities. Wizz Air’s key contributions to connectivity are described
as follows.
Fostering Economic Growth, Job Creation and Personal Connections
Economic growth and job creation
▶
Business opportunities: By keeping our flights affordable and connecting diverse destinations, new
avenues for business are made available. The ability to travel connects and strengthens economies,
facilitates trade and investment across borders.
▶
Job opportunities: Our operations create employment opportunities directly and indirectly. From pilots
and cabin crew, to ground staff and maintenance personnel, Wizz Air contributes to job growth in the
countries where we operate. We aim to serve 170 million passengers by 2030 and create jobs for over
100,000 people in our network.
Boosting local economies
▶
Tourism: Travel is a gateway to captivating destinations where people can experience attractions and
cultural experiences. By connecting our passengers to these locations, Wizz Air drives the tourism
industry forward, and promotes local hospitality services.
▶
Economic impact: By connecting cities and regions, we stimulate economic activity. Our presence
encourages investment, infrastructure development and prosperity.
▶
Network growth: Wizz Air’s Airbus A321neo order book remains the strongest among its European
peers, underpinning the airline’s ambitious growth plan. This advantage was recently recognised by
Budapest Airport, naming Wizz Air the Fastest Growing Passenger Airline for 2024.
Passenger-centric approach
▶
Pay for what you use: Our pricing model ensures that passengers pay only for the services they need.
This approach eliminates unnecessary costs and reduces waste.
▶
Positive passenger experience: Our highly trained and friendly flight crew provide a welcoming
environment on-board. We prioritise safety, comfort and efficiency for all of our travellers.
Reuniting people and helping them explore new horizons
▶
International Careers: In a rapidly globalising world, it’s not uncommon for people to work abroad. Wizz
Air often bridges the gap between families and friends by providing affordable flights, helping support
frequent reunions, strengthening bonds and creating lasting memories.
▶
Exploration: Families, friends or single travellers, they can all explore new and exciting destinations
they’ve never been to. Whether it’s a weekend getaway or an extended holiday, low-fare flights open up
new doors for adventure, culture and exploration.
▶
Student Transit: Many students within our network also rely on Wizz Air to pursue their studies abroad.
We facilitate seamless travel to universities and educational institutions across Europe.
Environmental responsibility
▶
Point-to-point network efficiency: Our network strategically connects destinations (including secondary
airports) where other modes of transportation may be impractical or unavailable. By flying direct, we
minimise emissions and enhance efficiency.
▶
Carbon footprint reduction: Wizz Air maintains one of the youngest aircraft fleets in the industry,
resulting in lower CO2 emissions per passenger kilometre. We invest in fleet renewal, sustainable
aviation fuel, fuel-saving initiatives and paperless flight operations. Our commitment to sustainability is a
central pillar of our business strategy.
Passenger Testimonials
At Wizz Air, we believe that the freedom to travel is a remarkable gift, one that should be accessible to
everyone. Travel opens doors to new opportunities, enriches lives, and brings fresh perspective to the
everyday. This belief drives us daily, and our increasingly diverse team is united in its dedication to making
this experience possible for all. We are passionate about what we do: we work hard, we enjoy the journey,
and we deliver results. For some, the sky is the limit, for us, it is where the adventure begins. Over the
years, our aircraft have carried more than just passengers; they have carried stories filled with gratitude,
discovery and inspiration:
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
295
“Even though I have taken a few flights with your
company, I have never encountered a more amazing
team that is always smiling and eager to make your trip
one to remember…. I can't express how appreciative I
am to have had such a team on that trip with my family.
Continue creating such amazing people in your
organisation and demonstrate to the world what sort of
airline you are.”
“Just a message to let you know that the cabin crew on
this flight were some of the best I've experienced in
recent years. To see genuine smiles, chatting with
customers throughout, it was a pleasure to see!”
“I just wanted to say how great the flight was. As
someone who flies a lot but is still very nervous flying, the
whole crew were fantastic. The captain gave updates
which is always appreciated and cabin crew were great...
You can tell how much he loves his job and spreading joy
making people feel at ease.”
“The flight crew and cabin crew went above and
beyond in every way that doesn't involve paid upgrades:
professionalism, joyfulness, good humour. They really
brightened my trip!”
“Thank you for looking after my wife on this flight. She
unexpectedly needed a wheelchair through the airports and
this was seamlessly organised by your staff. We were
very relieved and impressed by the level of care -
thank you!”
Our Network Progress in F25
In this fiscal year, we proudly expanded our network with the launch of 62 new routes, further strengthening
our connectivity and reach. While we did not enter any new countries, we were excited to introduce five
compelling new destinations: the re-launched Gran Canaria station, along with Izmir, Leipzig/Halle, Salerno,
and Stuttgart. Each destination offers unique experiences and opportunities, enriching the travel choices
available to our passengers.
This year, Wizz Air proudly marked a significant milestone by welcoming 20 million passengers at Rome
Fiumicino Airport, an achievement that underscores our continued growth and positive impact on the
aviation sector. In 2024, we operated over 300,000 flights, including more than 90,000 within Italy and over
30,000 departing from Fiumicino alone. Passenger traffic at Rome Fiumicino increased by 38% compared to
2023, surpassing 6.5 million travellers. Across Italy, Wizz Air experienced 15% growth, reaching over 18.5
million passengers. With service to nearly 90 destinations, we have firmly established ourselves as a key
player in the Italian aviation market, contributing to both economic and social development. Rome remains
our largest base in Italy, and we recently opened a state-of-the-art Training Centre near Fiumicino Airport to
support our 7,000+ crew members. Our contribution to employment is equally noteworthy, with over 600
direct jobs created in Rome, reinforcing our role as a vital driver of the local economy.
Wizz Air proudly reached a significant milestone, with 100 million passengers travelling through our UK and
Romanian networks, highlighting our strong economic contribution and continued operational expansion. In
the UK alone, we operate up to 168 flights daily across 95 routes, serving key airports including Aberdeen,
Birmingham, Glasgow, Leeds Bradford, London Luton, and London Gatwick. Our UK operations currently
support over 900 employees, and we are preparing to launch a new pilot recruitment campaign to sustain
our growth trajectory. Wizz Air UK Limited now operates a fleet of 17 aircraft, with the addition of an Airbus
A321XLR expected in 2025.
Since beginning operations in 2018, Wizz Air has transported over 9 million passengers to and from Vienna,
now offering connections to 32 dynamic destinations across 23 countries. These milestone reflect our
ongoing commitment to strengthening regional connectivity and expanding access to affordable air travel.
Additionally, since 2014, we have served 6 million passengers from Iași, further demonstrating our
dedication to providing reliable, convenient, and cost-effective travel solutions to communities in Romania
and beyond.
Airport Leadership Testimonials About Wizz Air’s Role In Society
▶
Marius Ioan Gîrdea, General Manager of Sibiu International Airport, on the Wizz Air base expansion:
“Today, we are pleased to announce a new beginning for the Wizz Air base in Sibiu, with the reallocation of
the second aircraft and the opening of six new routes that will connect our community to various
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
296
international destinations. This important achievement would not have been possible without the strong
partnership with Wizz Air, which has supported us throughout this process.”
▶
Stephanie Wear, VP Aviation Development at London Gatwick Airport, on the Wizz Air 100 million
passenger milestone:
“We are delighted to be partnering with Wizz Air in celebration of this impressive milestone of 100 million
passengers in the UK. Wizz Air has been successfully growing at London Gatwick since the launch of their
base in summer 2022. We are excited about Wizz Air’s continued growth plans and particularly the new
long-haul route to Jeddah launching from London Gatwick next spring.”
▶
David Ciceo, CEO of Cluj International
Airport:
“We are enthusiastic about this new route
announcement, and a direct flight between
Cluj and Castellon, which is going to be
the 8th Spanish destination in our route
network. The new route will serve the
important
Romanian
community
of
Castellon but will also provide Spanish
citizens of this region the opportunity to
visit the city of Cluj-Napoca and the
historical province of Transylvania.”
▶
Sergiu Spoiala, Acting Director at
Chisinau International Airport, on Wizz
Air base opening:
“Chisinau International Airport warmly
welcomes the decision of Wizz Air to
establish an operational base in Chisinau,
Republic of Moldova. The extension of the Wizz Air’s route map and the increase of frequencies on already
existing routes will greatly improve connectivity of Chisinau International Airport with Europe. In partnership
with Wizz Air, our airport will provide better and more convenient options of travel for the citizens of the
Republic of Moldova and other countries.”
Economy-related Key Metrics
We have previously outlined the role we see for the Company towards the communities and countries where
we operate. Our related key metrics include:
COMMUNITIES
UNIT
NOTE
F25
F24
F23
Passenger numbers
m
1
63
62
51
Paid taxes
m EUR
2
906
809
632
Notes:
(1) Wizz Air reported 63 million carried passengers in F25.
(2) Wizz Air contributes to the communities it operates in through the payment of taxes. In F25, total taxes of €906
million were paid in the form of airport-related taxes, corporate income tax, local business taxes in Hungary, payroll taxes,
social security and other contributions (yet excluding carbon credit-related fees), or a total of 17 per cent of revenues.
Wizz Air advocates for fair taxation policies, highlighting the disparity in tax treatment that often benefits national airlines.
Many jurisdictions impose taxes not tied to carbon emissions intensity but rather based on past emissions, regardless of
aircraft technology or noise levels. We are engaging with authorities and environmental agencies to ensure there are
environmental taxes to incentivise the right behaviour in the industry.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
297
ESRS CONTENT INDEX
ESRS
Disclosure requirement
Page
Comment
ESRS 2
General Information
186
Basis for preparation
186
BP-1
General basis for preparation of
the sustainability statement
186
BP-2
Disclosures in relation to specific
circumstances
186
Governance
187
GOV-1
The role of the administrative,
management and supervisory
bodies
187
GOV-2
Information provided to and
sustainability matters addressed
by the undertaking’s
administrative, management and
supervisory bodies
189
GOV-3
Integration of sustainability-
related performance in incentive
schemes
189
GOV-4
Statement on due diligence
190
GOV-5
Risk management and internal
controls over sustainability
reporting
190
Strategy
192
SBM-1
Strategy, business model and
value chain
192
The disclosure requirement has not been
applied, as the relevant Commission
Delegated Act — which would specify the
application date for ESRS 2 SBM-1 paragraph
40(b) (breakdown of total revenue by
significant ESRS sector) and 40(c) (list of
additional significant ESRS sectors) — has
not yet been adopted pursuant to Article
29b(1), third subparagraph, point (ii), of
Directive 2013/34/EU.
SBM-2
Interests and views of
stakeholders
196
SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
199
Impact, risk, and opportunity
management
Disclosures on the double
materiality assessment
198
IRO-1
Description of the processes to
identify and assess material
impacts, risks, and opportunities
198
IRO-2
Disclosure requirements in ESRS
covered by the undertaking’s
sustainability statement
208
E
Environmental information
210
E1
Climate change
210
GOV-3
Integration of sustainability-
related performance in incentive
schemes
189
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
298
SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
199
IRO-1
Description of the processes to
identify and assess material
climate-related impacts, risks
and opportunities
198
E1-1
Transition plan for climate
change mitigation
219
E1-2
Policies related to climate
change mitigation and
adaptation
221
E1-3
Actions and resources in relation
to climate change policies
222
E1-4
Targets related to climate
change mitigation
231
E1-5
Energy consumption & mix
232
E1-6
Gross Scopes 1, 2, 3 and Total
GHG
234
E1-7
GHG removals and GHG
mitigation
projects financed through
carbon credits
-
Determined not material
E1-8
Internal carbon pricing
239
E1-9
Anticipated financial effects from
material physical
and transition risks and potential
climate-related opportunities
-
Determined not material
E
Other environmental
information
240
E2
Pollution
non-
material
Non-CO2 emission related air pollution is
currently a non-material topic for Wizz Air.
There are still scientific uncertainties about
the impact of non-CO2 emissions per flight.
Since there is no single metric to measure
the climate effects of non-CO2 emissions,
using a simple multiplier might overestimate
these emissions. It’s important to note that
addressing
non-CO2
emissions
does
not
increase GHG emissions. Therefore, Wizz Air
is currently investigating the non-CO2 effects
of flights and their contribution to global
warming.
EU Taxonomy
210
S
Social information
244
S1
Own workforce
244
SBM-2
Interests and views of
stakeholders
196
SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
199
S1-1
Policies related to own workforce
245
S1-2
Processes for engaging with own
workers and workers’
representatives about impacts
247
S1-3
Processes to remediate negative
impacts and channels for own
workforce to raise concerns
251
S1-4
Taking action on material
impacts on own workforce, and
approaches to managing
material risks and pursuing
material opportunities related to
own workforce, and
effectiveness of those actions
252
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
299
S1-5
Targets related to managing
material negative impacts,
advancing positive impacts, and
managing material risks and
opportunities
254
S1-6
Characteristics of the
Undertaking’s Employees
254
S1-7
Characteristics of non-employee
workers in the undertaking’s
own workforce
256
In line with ESRS 1 Appendix C, Wizz Air has
chosen to omit reporting on all datapoints in
this Disclosure Requirement for this reporting
year.
S1-9
Diversity metrics
256
S1-11
Social protection
260
In accordance with the phase-in provisions
defined in ESRS 1 General Requirements,
Appendix C, Wizz Air has partly omitted the
following Disclosure Requirement in its first-
year Sustainability Report: S1-11 Social
protection.
For this topic, instead of applying the full set
of disclosure requirements as outlined in the
relevant ESRS, Wizz Air provided a brief
description. This included the identification of
these as material matters, as well as a
summary of how its business model and
strategy consider the related impacts; any
time-bound targets and progress made;
relevant policies and actions taken; and,
where available, applicable metrics.
S1-13
Training and skills development
metrics
260
In accordance with the phase-in provisions
defined in ESRS 1 General Requirements,
Appendix C, Wizz Air has partly omitted the
following Disclosure Requirement in its first-
year Sustainability Report: S1-13 Training
and skills development metrics.
For this topic, instead of applying the full set
of disclosure requirements as outlined in the
relevant ESRS, Wizz Air provided a brief
description. This included the identification of
these as material matters, as well as a
summary of how its business model and
strategy consider the related impacts; any
time-bound targets and progress made;
relevant policies and actions taken; and,
where available, applicable metrics.
S1-14
Health and safety metrics
263
S1-17
Incidents, complaints and severe
human rights impacts
265
S2
Workers in the value chain
267
SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
199
S2-1
Policies related to value chain
workers
268
S2-2
Processes for engaging with
value chain workers about
impacts
269
S2-3
Processes to remediate negative
impacts and channels for value
chain workers to raise concerns
269
S2-4
Taking action on material
impacts on value chain workers,
and approaches to managing
material risks and pursuing
material opportunities related to
value chain workers, and
effectiveness of those actions
270
S2-5
Targets related to managing
material negative impacts,
advancing positive impacts, and
managing material risks and
opportunities
270
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
300
S4
Consumers and end-users
271
SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
199
S4-1
Policies related to consumers
and end-users
272
S4-2
Processes for engaging with
consumers and end-users about
impacts
274
S4-3
Processes to remediate negative
impacts and channels for
consumers and end-users to
raise concerns
275
S4-4
Taking action on material
impacts on consumers and end-
users, and approaches to
managing material risks and
pursuing material opportunities
related to consumers and end-
users, and effectiveness of those
actions
275
S4-5
Targets related to managing
material negative impacts,
advancing positive impacts, and
managing material risks and
opportunities
277
G
Governance information
280
G1
Business conduct
280
GOV-1
The role of the administrative,
supervisory and management
bodies
280
IRO-1
Description of the processes to
identify and assess material
impacts, risks, and opportunities
198
G1-1
Business conduct policies and
corporate culture
281
G1-2
Management of relationships
with suppliers
284
G1-3
Prevention and detection of
corruption and bribery
285
G1-4
Incidents of corruption or bribery
286
G1-5
Political influence and lobbying
activities
286
G1-6
Payment practices
288
G
Other governance
information
290
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
301
Appendix B: List of datapoints in cross-cutting and topical standards derived from other EU legislation
Disclosure
Requirement and
related datapoint
SFDR reference Pillar 3
reference
Benchmark
regulation reference
EU Climate
Law
Reference
Page
Reference
ESRS 2 GOV-1 Board's
gender diversity
paragraph 21 (d)
Indicator
number 13 of
Table #1 of
Annex 1
Commission Delegated
Regulation (EU)
2020/1816, Annex II
Pg. 187
ESRS 2 GOV-1
Percentage of board
members who are
independent, paragraph
21 (e)
Commission Delegated
Regulation (EU)
2020/1816, Annex II
Pg. 187
ESRS 2 GOV-4
Statement on due
diligence, paragraph 30
Indicator
number 10,
Table #3 of
Annex 1
Pg. 190
ESRS 2 SBM-1
Involvement in activities
related to fossil fuel
activities, paragraph 40
(d) i
Indicators
number 4 Table
#1 of Annex 1
Article 449a of
Directive (EU)
No. 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 (6),
Table 1:
Qualitative
information on
environmental
risk, and Table 2:
Qualitative
information on
social risk
Pg. 192
ESRS 2 SBM-1
Involvement in activities
related to chemical
production, paragraph
40 (d) ii
Indicator
number 9, Table
#2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II
Not Material
ESRS 2 SBM-1
Involvement in activities
related to controversial
weapons, paragraph 40
(d) iii
Indicator
number 14,
Table #1 of
Annex 1
Delegated Regulation
(EU) 2020/1818 (7),
Article 12, Paragraph 1
Delegated Regulation
(EU) 2020/1816, Annex
II
Not Material
ESRS 2 SBM-1
Involvement in activities
related to cultivation
and production of
tobacco, paragraph 40
(d) (i)
Delegated Regulation
(EU) 2020/1818, Article
12, Paragraph 1
Delegated Regulation
(EU) 2020/1816, Annex
II
Not Material
ESRS E1-1 Transition
plan to reach climate
neutrality by 2050,
paragraph 14
Regulation
(EU)
2021/1119,
Article 2(1)
Pg. 219
ESRS E1-1 Undertakings
excluded from Paris-
aligned benchmarks
paragraph 16 (g)
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking book
Climate Change
transition risk:
Credit quality of
exposures by
sector, emissions
and residual
maturity
Delegated Regulation
(EU) 2020/1818,
Article12.1 (d) to (g),
and Article 12.2
Pg. 219
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
302
ESRS E1-4 GHG
emission reduction
targets, paragraph 34
Indicator
number 4 Table
#2 of Annex 1
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article
6
Pg. 231
ESRS E1-5 Energy
consumption from fossil
sources disaggregated
by sources (only high
climate impact sectors),
paragraph 38
Indicator
number 5 Table
#1 and Indicator
n. 5 Table #2 of
Annex 1
Pg. 232
ESRS E1-5 Energy
consumption and mix,
paragraph 37
Indicator
number 5 Table
#1 of Annex 1
Pg. 232
ESRS E1-5 Energy
intensity associated with
activities in high climate
impact sectors,
paragraphs 40 to 43
Indicator
number 6 Table
#1 of Annex 1
Pg. 232
ESRS E1-6 Gross Scope
1, 2, 3 and Total GHG
emissions, paragraph 44
Indicators
number 1 and 2
Table #1 of
Annex 1
Article 449a;
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Delegated Regulation
(EU) 2020/1818, Article
5(1), 6 and 8(1)
Pg. 234
ESRS E1-6 Gross GHG
emissions intensity,
paragraphs 53 to 55
Indicators
number 3 Table
#1 of Annex 1
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1)
Pg. 234
ESRS E1-7 GHG
removals and carbon
credits, paragraph 56
Regulation
(EU)
2021/1119,
Article 2(1)
Not material
ESRS E1-9 Exposure of
the benchmark portfolio
to climate-related
physical risks,
paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex
II Delegated Regulation
(EU) 2020/1816, Annex
II
Not Material
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
303
ESRS E1-9
Disaggregation of
monetary amounts by
acute and chronic
physical risk, paragraph
66 (a)
ESRS E1-9 Location of
significant assets at
material physical risk,
paragraph 66 (c).
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraphs 46
and 47; Template
5: Banking book -
Climate change
physical risk:
Exposures
subject to
physical risk.
Not Material
ESRS E1-9 Breakdown
of the carrying value of
its real estate assets by
energy efficiency
classes, paragraph 67
(c).
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453,
Paragraph 34;
Template 2:
Banking book –
Climate change
transition risk:
Loans
collateralised by
immovable
property –
Energy efficiency
of the collateral
Not Material
ESRS E1-9 Degree of
exposure of the portfolio
to climate-related
opportunities, paragraph
69
Commission Delegated
Regulation (EU)
2020/1818, Annex II
Not Material
ESRS E2-4 Amount of
each pollutant listed in
Annex II of the EPRTR
Regulation (European
Pollutant Release and
Transfer Register)
emitted to air, water
and soil, paragraph 28
Indicator umber
8 Table #1 of
Annex 1
Indicator
number 2 Table
#2 of Annex 1
Indicator
number 1 Table
#2 of Annex 1
Indicator
number 3 Table
#2 of Annex 1
Not Material
ESRS E3-1 Water and
marine resources,
paragraph 9
Indicator
number 7 Table
#2 of Annex 1
Not Material
ESRS E3-1 Dedicated
policy, paragraph 13
Indicator
number 8
Table 2 of Annex
1
Not Material
ESRS E3-1 Sustainable
oceans and seas,
paragraph 14
Indicator
number 12 Table
#2 of Annex 1
Not Material
ESRS E3-4 Total water
recycled and reused,
paragraph 28 (c)
Indicator
number 6.2
Table #2 of
Annex 1
Not Material
ESRS E3-4 Total water
consumption in m3 per
net revenue on own
operations, paragraph
29
Indicator
number 6.1
Table #2 of
Annex 1
Not Material
ESRS 2- IRO 1 - E4,
paragraph 16 (a) i
Indicator
number 7 Table
#1 of Annex 1
Pg. 198
ESRS 2- IRO 1 - E4,
paragraph 16 (b)
Indicator
number 10 Table
#2 of Annex 1
Pg. 198
ESRS 2- IRO 1 - E4,
paragraph 16 (c)
Indicator
number 14 Table
#2 of Annex 1
Pg. 198
ESRS E4-2 Sustainable
land / agriculture
practices or policies,
paragraph 24 (b)
Indicator
number 11 Table
#2 of Annex 1
Not Material
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
304
ESRS E4-2 Sustainable
oceans / seas practices
or policies, paragraph 24
(c)
Indicator
number 12 Table
#2 of Annex 1
Not Material
ESRS E4-2 Policies to
address deforestation,
paragraph 24 (d)
Indicator
number 15 Table
#2 of Annex 1
Not Material
ESRS E5-5 Non-recycled
waste, paragraph 37 (d)
Indicator
number 13 Table
#2 of Annex 1
Not Material
ESRS E5-5 Hazardous
waste and radioactive
waste, paragraph 39
Indicator
number 9 Table
#1 of Annex 1
Not Material
ESRS 2- SBM3 - S1 Risk
of incidents of forced
labour, paragraph 14 (f)
Indicator
number 13 Table
#3 of Annex I
Pg. 199
ESRS 2- SBM3 - S1 Risk
of incidents of child
labour, paragraph 14 (g)
Indicator
number 12 Table
#3 of Annex I
Pg. 199
ESRS S1-1 Human
rights policy
commitments,
paragraph 20
Indicator
number 9 Table
#3 and Indicator
number 11 Table
#1 of Annex I
Pg. 245
ESRS S1-1 Due diligence
policies on issues
addressed by the
fundamental
International Labor
Organisation
Conventions 1 to 8,
paragraph 21
Delegated Regulation
(EU) 2020/1816, Annex
II
Pg. 245
ESRS S1-1 processes
and measures for
preventing trafficking in
human beings,
paragraph 22
Indicator
number 11 Table
#3 of Annex I
Pg. 245
ESRS S1-1 workplace
accident prevention
policy or management
system, paragraph 23
Indicator
number 1 Table
#3 of Annex I
Pg. 245
ESRS S1-3 grievance/
complaints handling
mechanisms, paragraph
32 (c)
Indicator
number 5 Table
#3 of Annex I
Pg. 251
ESRS S1-14 Number of
fatalities and number
and rate of work-related
accidents, paragraph 88
(b) and (c)
Indicator
number 2 Table
#3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II
Pg. 263
ESRS S1-14 Number of
days lost to injuries,
accidents, fatalities or
illness, paragraph 88 (e)
Indicator
number 3 Table
#3 of Annex I
Pg. 263
ESRS S1-16 Unadjusted
gender pay gap,
paragraph 97 (a)
Indicator
number 12 Table
#1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II
Not Material
ESRS S1-16 Excessive
CEO pay ratio,
paragraph 97 (b)
Indicator
number 8 Table
#3 of Annex I
Not Material
ESRS S1-17 Incidents of
discrimination,
paragraph 103 (a)
Indicator
number 7 Table
#3 of Annex I
Pg. 265
ESRS S1-17 Non-respect
of UNGPs on Business
and Human Rights and
OECD, paragraph 104
(a)
Indicator
number 10 Table
#1 and Indicator
number 14 Table
#3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818 Art 12
(1)
Pg. 265
ESRS 2- SBM3 – S2
Significant risk of child
labour or forced labour
in the value chain,
paragraph 11 (b)
Indicators
number 12 and
n. 13 Table #3
of Annex I
Not Material
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
305
ESRS S2-1 Human
rights policy
commitments,
paragraph 17
Indicator
number 9 Table
#3 and Indicator
number 11 Table
#1 of Annex 1
Pg. 268
ESRS S2-1 Policies
related to value chain
workers, paragraph 18
Indicator
number 11 and
n. 4 Table #3 of
Annex 1
Pg. 268
ESRS S2- 1 Non-respect
of UNGPs on Business
and Human Rights
principles and OECD
guidelines, paragraph 19
Indicator
number 10 Table
#1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12
(1)
Pg. 268
ESRS S2-1 Due diligence
policies on issues
addressed by the
fundamental
International Labor
Organisation
Conventions 1 to 8,
paragraph 19
Delegated Regulation
(EU) 2020/1816, Annex
II
Pg. 268
ESRS S2-4 Human
rights issues and
incidents connected to
its upstream and
downstream value
chain, paragraph 36
Indicator
number 14 Table
#3 of Annex 1
Pg. 270
ESRS S3-1 Human
rights policy
commitments,
paragraph 16
Indicator
number 9 Table
#3 of Annex 1
and Indicator
number 11 Table
#1 of Annex 1
Not Material
ESRS S3-1 Non-respect
of UNGPs on Business
and Human Rights, ILO
principles and/or OECD
guidelines, paragraph 17
Indicator
number 10 Table
#1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12
(1)
Not Material
ESRS S3-4 Human
rights issues and
incidents paragraph 36
Indicator
number 14 Table
#3 of Annex 1
Not Material
ESRS S4-1 Policies
related to consumers
and end-users,
paragraph 16
Indicator
number 9 Table
#3 and Indicator
number 11 Table
#1 of Annex 1
Pg. 272
ESRS S4-1 Non-respect
of UNGPs on Business
and Human Rights and
OECD guidelines,
paragraph 17
Indicator
number 10 Table
#1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12
(1)
Pg. 272
ESRS S4-4 Human
rights issues and
incidents, paragraph 35
Indicator
number 14 Table
#3 of Annex 1
Pg. 275
ESRS G1-1 United
Nations Convention
against Corruption,
paragraph 10 (b)
Indicator
number 15 Table
#3 of Annex 1
Pg. 281
ESRS G1-1 Protection of
whistleblowers,
paragraph 10 (d)
Indicator
number 6 Table
#3 of Annex 1
Pg. 281
ESRS G1-4 Fines for
violation of anti-
corruption and anti-
bribery laws, paragraph
24 (a)
Indicator
number 17 Table
#3 of Annex 1
Delegated
Regulation (EU)
2020/1816,
Annex II)
Pg. 286
ESRS G1-4 Standards of
anti-corruption and anti-
bribery, paragraph 24
(b)
Indicator
number 16 Table
#3 of Annex 1
Pg. 286
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
306
TCFD INDEX
Responding to TCFD recommended disclosures
Governance
Disclose the organisation’s governance around climate-
related risks and opportunities.
Recommended disclosure a) Describe the
board’s oversight of climate-related risks and
opportunities.
Board-level oversight is with the Chief Executive Officer and the
Chairman of the Board, as well as the Sustainability and Culture
Committee. See pages 187 - 191.
Recommended disclosure b) Describe
management’s role in assessing and managing
climate-related risks and opportunities.
Management defines strategies and drives progress through the
Corporate and ESG Officer and the cross-functional Sustainability
Council. See pages 187 - 191.
Our disclosure is consistent with the TCFD framework.
Strategy
Disclose the actual and potential impacts of climate-related
risks and opportunities on the organisation’s businesses,
strategy and financial planning where such information is
material.
Recommended disclosure a) Describe the
climate-related risks and opportunities the
organisation has identified over the short,
medium and long term.
The ongoing development of our risk register including climate-
related risks is integrated into the ERM process (see page 21), but is
independently researched and supported via our sustainability
consultants as outlined further on pages 210 - 218.
Recommended disclosure b) Describe the
impact of climate-related risks and
opportunities on the organisation’s businesses,
strategy and financial planning.
Addressed through our comprehensive climate strategy; see pages
212 - 218, where we have outlined how climate risk analysis and risk
management are embedded in our financial planning for short and
medium-term risks and opportunities.
Recommended disclosure c) Describe the
resilience of the organisation’s strategy, taking
into consideration different climate-related
scenarios, including a 2°C or lower scenario.
Our climate strategy integrates climate risk assessments and is
embedded in our short, medium and long-term planning process.
Our climate scenario modelling processes include a qualitative and
quantitative analysis with applicable risks under four different
climate-related scenarios. Please refer to pages 210 - 218.
Our disclosure is consistent with the TCFD framework.
Risk management
Disclose how the organisation identifies, assesses and
manages climate-related risks.
Recommended disclosure a) Describe the
organisation’s processes for identifying and
assessing climate-related risks.
Climate-related risks are identified as part of our ERM process (page
21), based on cross-functional alignments and independently
reviewed by third-party climate risk assessment experts (pages 210
- 212).
Recommended disclosure b) Describe the
organisation’s processes for managing climate-
related risks.
By integrating sustainability and climate as the key focus area of our
corporate strategies, we intend to be a pioneer on all relevant
climate-related areas for the Company. See pages 219 and 220, and
222 - 230.
Recommended disclosure c) Describe how
processes for identifying, assessing and
managing climate-related risks are integrated
into the organisation’s overall risk
management.
We manage climate-related and ESG risks through our corporate
ERM framework. The Company’s risk register identifies a wide array
of ESG-related risks, a sub-group of which includes climate risks. See
pages 211 and 21.
Our disclosure is consistent with the TCFD framework. We are constantly working on developing our ERM framework
and the applicable internal risk management processes to ensure heightened resilience in the face of climate change.
Metrics and targets
Disclose the metrics and targets used to assess and manage
relevant climate-related risks and opportunities where such
information is material.
Recommended disclosure a) Disclose the
metrics used by the organisation to assess
climate-related risks and opportunities in line
with its strategy and risk management process.
See pages 192 and 222 - 230 for our environmental metrics and
targets.
Recommended disclosure b) Disclose Scope 1,
Scope 2, and if appropriate, Scope 3
greenhouse gas (GHG) emissions, and the
related risks.
We report extensively on Scope 1, Scope 2 and Scope 3 emissions
on page 234.
Recommended disclosure c) Describe the
targets used by the organisation to manage
climate-related risks and opportunities and
performance against targets.
See page 69 regarding the Directors’ Remuneration Report and
pages 189 and 77 for climate-related metrics in CEO incentives.
Our disclosure is consistent with the TCFD framework. We will continue to improve our greenhouse gas disclosure with
increased data granularity regarding location-based emissions reporting in the short and medium term.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
307
INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT ON
WIZZ AIR HOLDINGS PLC’S CONSOLIDATED GREENHOUSE GAS (GHG)
STATEMENT
To the Management Board of Wizz Air Holdings Plc
We have undertaken a limited assurance engagement of the accompanying consolidated GHG statement
of Wizz Air Holdings Plc (hereinafter – the “Company”) for the twelve-month period ended 31 March
2025, comprising the emissions inventory and the explanatory notes marked with triangle symbol (“△”)
on pages 234 - 239 (hereinafter – the “consolidated GHG statement”).
Responsibility of the Company’s Management Board for the consolidated GHG statement
The Company’s Management Board is responsible for the preparation of the consolidated GHG statement
in accordance with
• GHG Protocol Corporate Accounting and Reporting Standard;
• GHG Protocol Scope 2 Guidance;
• GHG Protocol Corporate Value Chain (Scope 3) Standard; and
• GHG Protocol Scope 3 Calculation Guidance (together hereinafter – the “Applicable Criteria”),
applied as explained on pages 234 - 239 of the consolidated GHG statement. This responsibility includes
the design, implementation and maintenance of internal control relevant to the preparation of a
consolidated GHG statement that is free from material misstatement, whether due to fraud or error.
As discussed in Note “[E1-6] GROSS SCOPES 1, 2, 3, AND TOTAL GHG” to the consolidated GHG
statement, GHG quantification is subject to inherent uncertainty because of incomplete scientific
knowledge used to determine emissions factors and the values needed to combine emissions of different
gases.
Our independence and quality management
We have complied with the applicable laws of Hungary, with the Hungarian Chamber of Auditors’ Rules on
ethics and professional conduct of auditors and on disciplinary process (hereinafter – the “Rules”) and, for
matters not regulated in the Rules, with the International Code of Ethics for Professional Accountants
(including International Independence Standards) issued by the International Ethics Standards Board for
Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour and we also comply
with further ethical requirements set out in these.
Our Firm applies international standard on quality management (ISQM) 1 (Quality management for firms
that perform audits or reviews of financial statements, or other assurance or related services
engagements), and accordingly maintains a comprehensive system of quality control including
documented policies and procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Our responsibility
Our responsibility is to express a limited assurance conclusion on the consolidated GHG statement based
on the procedures we have performed and the evidence we have obtained. We conducted our limited
assurance engagement in accordance with International Standard on Assurance Engagements 3410,
Assurance Engagements on Greenhouse Gas Statements ('ISAE 3410'), issued by the International
Auditing and Assurance Standards Board. That standard requires that we plan and perform this
engagement to obtain limited assurance about whether the consolidated GHG statement is free from
material misstatement.
A limited assurance engagement undertaken in accordance with ISAE 3410 involves assessing the
suitability in the circumstances of the Company’s use of the Applicable Criteria as the basis for the
preparation of the consolidated GHG statement, assessing the risks of material misstatement of the
consolidated GHG statement whether due to fraud or error, responding to the assessed risks as necessary
in the circumstances, and evaluating the overall presentation of the consolidated GHG statement. A
limited assurance engagement is substantially less in scope than a reasonable assurance engagement in
relation to both the risk assessment procedures, including an understanding of internal control, and the
procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgment and included inquiries,
observation of processes performed, inspection of documents, analytical procedures, evaluating the
appropriateness of quantification methods and reporting policies, and agreeing or reconciling with
underlying records.
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
308
Given the circumstances of the engagement, in performing the procedures listed above we:
• conducted interviews of management and personnel responsible for the preparation of the consolidated
GHG statement and collection of underlying data;
• performed analysis of the relevant internal methodology and guidelines, gaining an understanding of
the design of the key structures, systems, processes and controls for managing, recording, preparing
and reporting the subject matter information; and
• performed limited substantive testing on a selective sample basis of the subject matter information to
check that data had been appropriately measured, recorded, collated and reported
• evaluated whether disclosures meet the requirements of the Applicable Criteria.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had we performed a reasonable assurance engagement. Accordingly, we do not express a
reasonable assurance opinion about whether the Company’s consolidated GHG statement has been
prepared, in all material respects, in accordance with the Applicable Criteria applied as explained on
pages 234 - 239 of the consolidated GHG statement.
Limited assurance conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to
our attention that causes us to believe that the Company’s consolidated GHG statement for the twelve
month period ended 31 March 2025 is not prepared, in all material respects, in accordance with the
Applicable Criteria applied as explained on pages 234 - 239 of the consolidated GHG statement.
Restriction on distribution and use
This report, including our conclusion, has been prepared solely for the Management Board of Wizz Air
Holdings Plc in accordance with the agreement between us, to assist the Management Board in reporting
on the Company’s key climate change related measures, performance and activities. We permit this
report to be attached to the consolidated GHG statement, which will be published on the Company’s
website, to assist the Management Board in responding to their governance responsibilities by obtaining
an independent limited assurance report in connection with the consolidated GHG statement.
The maintenance and integrity of the Company’s website is the responsibility of the management; the
work carried out by us does not involve consideration of these matters and, accordingly, we accept no
responsibility for any changes that may have occurred to the consolidated GHG statement when
presented on the Company’s website.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Management Board of the Company for our work or this report except where the respective terms are
expressly agreed in writing and our prior consent in writing is obtained.
Budapest 5 June 2025
Anita Sávoly-Hatta
Partner
PricewaterhouseCoopers Könyvvizsgáló Kft.
1055 Budapest, Bajcsy-Zsilinszky út 78.
Licence Number: 001464
SUSTAINABILITY REPORT
Wizz Air Holdings Plc Annual Report and Accounts 2025
309