Wizz Air Fair Value Under Review After Earnings
Editor’s Note: This analysis was originally published as a stock note by Morningstar Equity Research.
No-moat Wizz Air WIZZ delivered modest 2025 top-line growth with revenue up 3.8% to €5.27 billion and revenue per available seat kilometer, or RASK, up 3.9% on a 1.2-percentage-point load factor gain to 91.2%, despite flat ASK.
Ticket and ancillary RASK increased 4.1% and 3.7%, respectively, driven by yield initiatives and a rollout of bundled services. Profitability deteriorated as fixed costs inflated over stagnant capacity. This marks a continuation of the structural margin pressure observed since the onset of the GTF engine issues that undermined Wizz Air’s ability to scale profitably. We are placing our Wizz Air fair value…
