Wizz Air has reported a sharp decline in annual profits as the budget airline struggled with nearly 20% of its fleet grounded due to engine issues. Despite these significant operational challenges, the Hungarian carrier flew a record 63.4 million passengers and saw a modest 3.8% increase in revenue.
For the fiscal year ending in March, Wizz Air posted an operating profit of €167.5 million (£141 million), marking a 62% drop from €437.9 million (£368.7 million) recorded the previous year. The airline was forced to ground an average of 44 aircraft—primarily Airbus A320neos—due to problems with engines supplied by US manufacturer Pratt & Whitney.
In late 2024, Wizz Air secured a two-year compensation agreement with Pratt & Whitney aimed at offsetting some, but not all, of the financial and operational fallout from the groundings.
Chief Executive Jozsef Varadi emphasized resilience despite the setbacks: “Despite the unproductivity of a grounded fleet, we successfully delivered a second consecutive year of profitability. The number of grounded aircraft will start reducing in both absolute and relative terms, and this is why we have reached a transformation point.”
At present, 37 planes remain grounded, with expectations that around 34 will still be out of service by the end of September, as the airline navigates its way through the ongoing engine challenges.