Wizz has reported an average summer fare of €53.60, up 20pc, while ancillary revenues grew by 2pc to €39.10. Ryanair reported an average fare of €58 and ancillary revenue of €23.70 for the same period.
That brought Wizz’s revenue per passenger (net fare) during FY24 H1 to €92.60, representing an 11.7pc increase compared to FY23 H1.
The number of passengers increased by 25pc, reaching 33m, with seat occupancy up by 5.7 percentage points to 93pc. Revenue also saw a substantial increase of 39pc to €3.05bn. As of September 2023, Wizz Air operated 187 aircraft at 196 airports, including 34 bases.
According to its summer (H1) results, Wizz’s operating expenses for H1 FY24 increased by 12.0pc to €2,529.3m. This was driven by factors such as higher airport and handling costs, increased en-route charges due to increased capacity, higher crew-related salary costs, and higher compensation costs. The fuel bill decreased by 29pc to €2.8bn. The total cost per ASK (CASK) decreased by 12.3pc to 4.15 cents in H1 FY24, while CASK excluding fuel expenses decreased by 0.8pc to 2.60 cents.
As of FY24 H1, the company had €1.84bn in cash, with total borrowings of €5.6bn and net debt of €3.9bn. The leverage ratio stands at 5.0x and is decreasing. Fitch has affirmed an investment grade rating at BBB-.
