Wizz Air Holdings Plc Annual Report and Accounts 2025 1

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 2

HIGHLIGHTS AND

COMPANY OVERVIEW

€5.3B REVENUE

€ 1.7B TOTAL CASH1,2

€ 167.5 M OPERATING PROFIT

€213.9M NET INCOME

4.33 EURO CENTS RASK

2.85 EURO CENTS EX-FUEL CASK

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 3

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 4

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 5

STRATEGIC REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 6

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 7

STRATEGIC REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 8

STRATEGIC REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 9

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 10

STRATEGIC REPORT continued

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 11

STRATEGIC REPORT

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	—

Wizz Air Holdings Plc Annual Report and Accounts 2025 12

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 13

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 14

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 15

STRATEGIC REPORT

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

1For definitions of non-financial measures presented, refer to the Glossary of terms and Alternative performance measures (APMs)

sections of this document.

2The 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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 16

STRATEGIC REPORT

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 17

STRATEGIC REPORT

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 18

STRATEGIC REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 19

STRATEGIC REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 20

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 21

STRATEGIC REPORT

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;

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▶ 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.

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▶ 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.

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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.

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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.

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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.

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▶ 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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 28

STRATEGIC REPORT

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

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 29

STRATEGIC REPORT

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 industry 1, 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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 30

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 31

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 32

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 33

STRATEGIC REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 34

STRATEGIC REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 35

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 36

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 37

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 38

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 39

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 40

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 41

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 42

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 43

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 44

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 45

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 46

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 47

GOVERNANCE

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

Board nationalities

Wizz Air Holdings Plc Annual Report and Accounts 2025 48

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 49

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 50

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 51

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 52

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 53

GOVERNANCE

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	_	_	_	_	_

Wizz Air Holdings Plc Annual Report and Accounts 2025 54

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 55

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 56

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 57

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 58

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 59

GOVERNANCE

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 60

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 61

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 62

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 63

GOVERNANCE

▶ 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

Wizz Air Holdings Plc Annual Report and Accounts 2025 64

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 65

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 66

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 67

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 68

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 69

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 70

GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 71

GOVERNANCE

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.

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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

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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.

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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.

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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.

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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.

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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

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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

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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.

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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

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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.

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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.

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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.

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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

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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”.

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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.

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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.

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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	Benefits 1	Annual STIP	Salary and fees	Benefits 1	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 employees 2	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.

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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.

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 91

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 92

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 93

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 94

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 95

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 96

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 97

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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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 98

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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.

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GOVERNANCE

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 100

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 101

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 102

GOVERNANCE

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 103

ACCOUNTS

AND OTHER

INFORMATION

Wizz Air Holdings Plc Annual Report and Accounts 2025 104

ACCOUNTS AND OTHER INFORMATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 105

ACCOUNTS AND OTHER INFORMATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 106

ACCOUNTS AND OTHER INFORMATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 107

ACCOUNTS AND OTHER INFORMATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 108

ACCOUNTS AND OTHER INFORMATION

CONSOLIDATED STATEMENT OF CASH FLOWS

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 109

ACCOUNTS AND OTHER INFORMATION

CONSOLIDATED STATEMENT OF CASH FLOWS

*** 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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 110

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 111

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 112

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

▶ 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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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 conv erting 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’.

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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.

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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.

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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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.

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

		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

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 137

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 138

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 139

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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	—

Wizz Air Holdings Plc Annual Report and Accounts 2025 140

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 141

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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 m illion of tax in the year (2024 : €17.4 million).

Othe r 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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 142

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 143

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 144

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 145

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 146

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 147

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 148

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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)	—	—

Wizz Air Holdings Plc Annual Report and Accounts 2025 149

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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	—	—

Wizz Air Holdings Plc Annual Report and Accounts 2025 150

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 151

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 152

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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 recognise d 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

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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).

Wizz Air Holdings Plc Annual Report and Accounts 2025 154

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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

mil lion 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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 163

ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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ACCOUNTS AND OTHER INFORMATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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.

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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.

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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.

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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.

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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.

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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.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ

AIR HOLDINGS PLC

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.

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AIR HOLDINGS PLC

▶ 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

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ

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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;

Wizz Air Holdings Plc Annual Report and Accounts 2025 173

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WIZZ

AIR HOLDINGS PLC

▶ 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

Wizz Air Holdings Plc Annual Report and Accounts 2025 174

ADDITIONAL INFORMATION

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%

Wizz Air Holdings Plc Annual Report and Accounts 2025 175

ADDITIONAL INFORMATION

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 176

ADDITIONAL INFORMATION

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 177

ADDITIONAL INFORMATION

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 178

ADDITIONAL INFORMATION

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 179

STRATEGIC REPORT

Wizz Air Holdings Plc Annual Report and Accounts 2025 180

SUSTAINABILITY REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 181

SUSTAINABILITY REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 182

SUSTAINABILITY REPORT

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

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SUSTAINABILITY REPORT

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

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SUSTAINABILITY REPORT

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).

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SUSTAINABILITY REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 186

SUSTAINABILITY REPORT

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.

Wizz Air Holdings Plc Annual Report and Accounts 2025 187

SUSTAINABILITY REPORT

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%

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SUSTAINABILITY REPORT

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

Wizz Air Holdings Plc Annual Report and Accounts 2025 189

SUSTAINABILITY REPORT

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.

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SUSTAINABILITY REPORT

[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

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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.

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.

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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 CO 2 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.

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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

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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.

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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

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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’s primary 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.

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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.

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.

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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.

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[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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

Horizon	Definition
Short	0–1 years
Medium	1–5 years
Long	5–10 years

(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)

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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.

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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.

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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

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▶ 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.

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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.

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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.

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▶ 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.

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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.

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.

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[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 intensities 3. 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.

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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.

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[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.

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[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.

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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.

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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 distinc t 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.

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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

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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

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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

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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

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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.

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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.

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[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.

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	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

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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

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[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

△

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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.

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▶ 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.

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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.

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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.

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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.

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[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.

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.

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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.

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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.

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People pillar

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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

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▶ 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.

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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

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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,

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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

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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

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%

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Flight crew

National diversity ratio:
Polish	17%
Hungarian	13%
Italian	12%
Romanian	12%
British	9%
Bulgarian	4%
Others (with 2% share or less)	33%

Office

National diversity ratio:
Hungarian	54%
Romanian	4%
Indian	3%
Emirati	3%
Others (with 2% share or less)	36%

Management

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%

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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:

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

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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.

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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.

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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

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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

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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.

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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

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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

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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

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[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

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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

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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.

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▶ 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].

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[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

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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.

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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,

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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.

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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

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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

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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.

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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%

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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

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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.

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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 emissions 1. Given that the EU ETS already applies

to intra-European flights, we believe that double taxation needs to be avoided. According to Eurocontrol’s

analysis 2, 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 competitiveness 3.

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.

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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.

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[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

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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.

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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.

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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

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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.

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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:

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  “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

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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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.

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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