As we navigate through the fiscal year 2024, Wizz Air has given the aviation industry something to talk about. The low-cost European carrier has not only returned to profitability but has also showcased impressive operational performance. This comes after a net loss of €535 million in FY2023.
By Aditya M
A Remarkable Turnaround After a challenging: FY2023, Wizz Air has made a significant comeback. The airline reported a net profit of €365.9 million, a stark contrast to the previous year’s loss of €535.1 million. This remarkable turnaround can be attributed to several strategic initiatives and operational efficiencies that the airline implemented over the year.
Operational Excellence: Wizz Air’s commitment to operational excellence is evident in its improved asset utilization and on-time performance. The airline’s operating fleet utilization increased to 12:25 hours, up from 11:08 hours last year, and its on-time performance rose to 65.3%. These metrics not only reflect the airline’s efficiency but also its dedication to providing reliable service to its passengers.
Financial Highlights
- Passengers Carried: Wizz Air saw a record number of 62.0 million passengers in FY2024, a significant increase from 51.1 million the previous year
- Total Revenue: The airline’s total revenue surged by 30.2% to €5,073.1 million.
- EBITDA: Earnings before interest, taxes, depreciation, and amortization (EBITDA) soared to €1,193.2 million, with an EBITDA margin of 23.5%.
- Unit Costs: The cost per available seat kilometre (CASK) decreased by 14.8% year-on-year, with fuel CASK down by 23.7%.
Sustainable Growth Wizz Air has been recognized as one of the most sustainable airlines in Europe, and its growth strategy reflects this commitment. The airline celebrated 20 years since its first flight and has carried over 390 million passengers since its inception1. With a focus on expanding its network and maintaining a young fleet, Wizz Air is well-positioned for sustainable growth.
Looking Ahead: As Wizz Air steps into FY2025, the outlook remains positive. The airline has made an encouraging start to the year and is navigating challenges such as the GTF engine disruption with resilience. With a strong cash balance and a maturing network, Wizz Air is set to continue its trajectory of growth and profitability.
In conclusion, Wizz Air’s FY2024 results are not just numbers on a balance sheet; they represent the airline’s resilience, strategic foresight, and commitment to sustainable operations. As we look to the future, Wizz Air’s journey is one to watch in the ever-evolving skies of the aviation industry.
Total Report Highlights
| Full year to 31 March | 2024 | 2023 | Change |
|---|---|---|---|
| Passengers carried | 62,015,792 | 51,071,836 | 21.4% |
| Total revenue (€ million) | 5,073.1 | 3,895.7 | 30.2% |
| EBITDA (€ million)1 | 1,193.2 | 134.3 | 788.5% |
| EBITDA Margin (%)1 | 23.5 | 3.4 | 20.1ppt |
| Operating profit/(loss) for the period (€ million)2 | 437.9 | (466.8) | n.m. |
| Unrealised foreign currency gain (€ million) | 34.2 | 9.1 | 275.8% |
| Profit/(loss) for the period (€ million)2 | 365.9 | (535.1) | n.m. |
| RASK (€ cent) | 4.17 | 3.98 | 4.6% |
| Fuel CASK (€ cent) | 1.52 | 2.00 | (23.7)% |
| Ex-fuel CASK (€ cent) | 2.38 | 2.58 | (7.8)% |
| Total cash (€ million)1,3 | 1,588.9 | 1,529.0 | 3.9% |
| Load factor (%) | 90.1 | 87.8 | 2.4ppt |
| Period-end fleet size | 208 | 179 | 16.2% |
| Period-end seat count (thousand) | 68,813 | 58,190 | 18.3% |
Data Source: Directors Talk
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