Analysis date: 12 November 2026 · Wizz Air F27 first half (six months to 30 September 2026) and second quarter (July–September), from the company’s results release of 12 November 2026; peers from their own Q3 2026 releases.
Wizz Air grew fast this summer but kept less of each euro. First-half revenue rose 13.8% to €3.80bn, yet operating profit (EBIT) fell 39.8% to €264.5m, a margin of 7.0%, down from 13.1% a year earlier.
The second quarter alone was better: operating profit rose 8.8% to €447.8m. The weak half-year comes from a deep first-quarter loss, plus a fuel bill that rose faster than capacity.
H1 revenue
€3.80bn
+13.8% year on year
H1 EBIT and margin
€264.5m · 7.0%
13.1% in H1 F26
Q2 operating profit
€447.8m
+8.8%; margin 19.5% (calculated)
Passengers (H1)
46.1m
+26.2%; load factor 92.5%
Seats grew faster than revenue, and fuel did the rest
Wizz added 26.1% more seats and 17.1% more available seat kilometres (ASK) in the half. Revenue per ASK (RASK) fell 2.9% to 4.84 euro cents, which Wizz Air attributes largely to yield pressure in the first quarter from the Middle East conflict.
Unit costs moved the other way. Total cost per ASK rose 4.3% to 4.65 cents, driven by fuel: fuel cost per ASK jumped 14.5% to 1.58 cents. The all-in fuel price, including hedging, was $1,090 per tonne against $914 a year earlier.
Excluding fuel, unit costs were flat at 3.07 cents (−0.3%). That matters: the ex-fuel line is the part Wizz controls, and it held while the airline absorbed rapid fleet growth to 276 aircraft.
The summer quarter held up, but peers kept more
July–September revenue rose 19.9% to €2.29bn and RASK edged up 0.5% to 5.55 cents. Net profit for the quarter was €306.3m, up 7.4%. Yet the operating margin slipped to 19.5% from 21.5%.
Most European airlines that have reported this season show the same pattern: a summer quarter that was profitable but thinner than last year. Wizz sits below Ryanair and Pegasus, and above IAG and Air France-KLM on this measure.
Wizz’s summer margin slipped two points, in line with most peers
Operating margin, July–September quarter, 2025 vs 2026 (%)
Source: company results releases (Wizz Air 12 Nov 2026; Ryanair FY27 Q2; Pegasus 3Q26; IAG and Air France-KLM Q3 2026). Margins = operating result ÷ revenue on each company’s own basis (IAG before exceptional items; Air France-KLM adjusted). Data: Aviation Intelligence airline comparison.
Leverage is the number to watch
Net debt rose to €5.16bn at 30 September, from €4.94bn in March, and net debt to EBITDA stood at 4.1x. That is better than 4.4x after the first quarter, but worse than 3.7x a year ago.
Total cash was €2.39bn. The order book still holds 235 aircraft (234 A321neo and one A321XLR), so the balance sheet will carry heavy capital spending for years.
What to watch next
- Winter pricing. Wizz guides Q3 RASK up low single digits and says October RASK was up about 5%.
- Capacity. Q3 ASKs are guided up about 12% and seats about 19%, with load factor down low single digits.
- Costs. F27 ex-fuel unit cost is guided up mid single digits, on transitional costs.
- Fuel. 82% of H2 F27 fuel is hedged with collars capped at $860 per tonne.
- Next date. F27 Q3 results on 28 January 2027 (confirmed).
The first half shows a growth engine that still works, held back by fuel and a costly first quarter. Get Wizz Air results alerts to see the Q3 numbers the day they land, and compare unit costs on the RASK and CASK comparison.
Methodology
H1 F27 is the six months to 30 September 2026; Q2 F27 is July–September 2026. Figures are as reported by Wizz Air (IFRS, euros). EBIT is Wizz Air’s operating profit. The Q2 operating margins are calculated as operating profit ÷ revenue. Peer margins use each company’s own operating measure and are not fully comparable.
Primary sources
- Wizz Air Holdings plc, F27 H1 results release, 12 November 2026.
- Ryanair, Pegasus, IAG and Air France-KLM Q3 2026 results releases, as loaded on the airline comparison.
This analysis is for information only and is not investment advice.
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