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Wizz Air Reports Fiscal First Half 2023 Net Profit of €400.7 Million

Wizz Air has reported a fiscal first half 2023 (H1) net profit of $400.7 million on a year-over-year increase in revenue of 39.1 percent to €3.05 billion. At September 30, 2023, the carrier had cash totaling €1.84 billion.

Wizz Air Airbus A321neo Rendering - Courtesy Airbus

On Thursday (November 9, 2023), Wizz Air reported their first half (H1) financial results for the period ending September 30, 2023. The carrier reported a first half net profit of €400.7 million compared to a loss of (€384.3) million for H1 2022. Wizz Air’s H1 2023 revenue increased year-over-year by 39.1 percent to €3.05 billion. The airline’s revenue per available seat kilometer (RASK) for the period increased 9.6 percent versus the same period last year to 4.91 euro cents, while cost per available seat kilometer (CASK) declined 12.3 percent to 4.15 euro cents. Costs excluding fuel (CASK-ex) declined year-over-year by 0.8 percent to 2.60 euro cents. At September 30, 2023, the company had €1.84 billion, up 20.2 percent compared to the end of H1 2022.

In Thursday’s announcement, Wizz Air’s CEO, József Váradi, said,

“This summer we delivered significantly improved operational performance compared to last year. There were fewer flight cancellations, and overall fleet utilisation and productivity increased year on year. Our revenue and profit results reflect the higher volumes we now operate and the enormous amount of work and investment over the past three years.

“In the first half, we saw very strong load factor recovery, as demand remained robust, including in new markets that are maturing steadily and where we continue to add frequencies and improve our schedule. The Middle East route network is tracking a similar maturity profile to the development of our CEE network, supporting our decision to continue to invest in, add to and evolve capacity there. Our wider fleet allocation programme remains active, and in addition to our expanded flying programme this winter, we have announced a summer 2024 expansion to Romania, Italy and Albania, operating new A321neo aircraft.

“The security of our Airbus order book continues to be the backbone of our planned capacity growth and fleet renewal programme. The initial GTF powder metal engine inspection requirements had minimal impact on our operational capacity, and we are taking measures to mitigate the impact of further inspections, including higher utilisation from our existing fleet, aircraft lease extensions and continued new aircraft deliveries.

“With respect to sustainability in our operations, we continue to make good progress, and we have made direct investments in new start-ups and signed a number of off-take agreements with SAF producers, thus securing a portion of our supply in the years to come.

“We continue to see positive bookings in Q3, with selling load factors exceeding last year's levels by single digit percentage points. We estimate overall H2 ASK capacity will be circa 20 per cent higher year on year, despite the number of GTF engines needing off-wing inspection in the period. This figure still represents industry-leading capacity growth and is a further testament to the Company's ability to overcome adverse external factors.

“Our plans to grow capacity next year are based on: combination of new aircraft deliveries, existing fleet lease extensions, securing additional aircraft capacity from the market and delivering improved utilisation. Based on current best knowledge we anticipate capacity for F25 to be at similar levels to F24. We have secured a comprehensive compensation support package from the OEM that will protect the Company's commercial and operational performance in the coming quarters, protecting us from the costs of grounding any aircraft while our GTF engines undergo inspections.

“Most of the financial impact from GTF removals will be mitigated by timely OEM compensation, while higher yield opportunities in our commercial programme will help protect revenue as market capacity remains constrained. We are narrowing our F24 net income guidance, initially set in June 2023, to a range of EUR 350-400 million. This guidance reflects our expectations for H2 F24 in the context of the ongoing macro environment uncertainty and continuing difficult operating conditions, from an infrastructure and security perspective.

“We remain well protected against volatile fuel costs and FX movements via a systematic hedging programme, and our strengthened operations and a renewing fleet (tracking at 57 per cent at the end of September '23) continue to deliver efficiencies for the business while reducing unit costs. Our continued ability to manage the impact of complicated issues gives us the confidence that Wizz Air has the strategy and expertise to achieve our profitable growth ambitions.”

Wizz Air's First Half 2023 Financial Results - Courtesy Wizz Air

In the six month period ending September 30, 2023, Wizz Air took delivery of 18 new A321neos, and company ended the period with a fleet of 187 aircraft, including 40 A320ceos, 41 A320ceos, six A320neos and 100 A321neos. The airline's young fleet has an average age of 4.20 years. Wizz Air remains on track to take delivery of 21 new Airbus A321neos by the 2024 and is currently extending leases on 13 Airbus A320ceo Family aircraft, including four A321ceos. Seven lease extensions have already been completed, and the other six are in documentation stage. At September 30th, the carrier’s firm order backlog was comprised of 13 A320neos, 287 A321neos, and 47 A321XLRs, for a total of 347 aircraft.

Budapest, Hungary-based Wizz Air is the fastest growing European ultra-low-cost carrier (ULCC) and operates an all Airbus A320 and A321 fleet of 187 aircraft. Wizz Air is the largest ULCC in Central and Eastern Europe and serves over 1,100 routes to/from 51 countries. During FY 2023 (ending March 31, 2023) the airline served approximately 51.1 million guests. Wizz Air offers superior guest service at exceptionally low fares. Shares in the company trade on the London Stock Exchange under the ticker symbol WIZZ.

Source: Wizz Air/RNS Number: 9233S


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