ii view: Wizz Air passenger numbers improve again

Passenger number update

ii round-up:

Eastern Europe-focused carrier Wizz Air Holdings (LSE:WIZZ) today reported passenger numbers of 5.25 million for the month of November. 

That’s an increase of 8.6% from 4.83 million passengers in November last year, but less than the 13.1% increase in October. The airline’s load factor for November, or the percentage of available seating capacity filled with passengers, fell marginally to 90.7% from 91.5% a year ago. 

Shares in the FTSE 250 company rose 1.5% in UK trading having come into this latest news down by around a fifth so far in 2025. The FTSE 250 index is up by almost 7% year-to-date. easyJet (LSE:EZJ) is down by just over a tenth in 2025. 

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Wizz flies to over 175 airports in more than 45 countries. Passengers carried for the 12-month rolling period from November 2024 to November 2025 climbed 8.3% to 67.8 million, with capacity improving 0.8% to 91.1%. 

Wizz took delivery of its 250th aircraft in late November, with the airline flying both Airbus A320 and Airbus A321 planes across more than 920 different routes. 

Orders from Wizz for new Airbus aircraft see its fleet potentially growing to 271 planes by the end of the financial year 2027 and then to an expected 379 planes by the end of the fiscal year 2033. 

Wizz recently flagged the average age of its aircraft of 4.6 years with the management highlighting it as the youngest fleet of any major European airline. Engine CO₂ emissions per passenger-per kilometre fell 3.9% in November from a year ago to 49.5g. 

Wizz continues to see engine maker Pratt & Whitney undertaking aircraft inspections given previously detected problems, with 35 aircraft grounded as of late September. That’s an improvement from 41 aircraft during the summer. 

In mid-November Wizz reported a 26% improvement in first-half operating profits to €439 million. Third-quarter results are scheduled for 29 January.  

ii view:

Making its maiden flight in 2004, Wizz Air today employs over 9,000 people. European Union (EU) and associated free trade countries generated most revenues during its last financial year at 69%. That was followed by non-EU countries at 20%, with the UK generating the balance of 10%. 

For investors, challenges for industry suppliers such as Pratt & Whitney and Boeing are clearly hindering efficient airline operations. Geopolitical challenges including those in Russia, Ukraine and the Middle East are still crimping operations. Group net debt of €4.83 billion (£4.25 billion) compares to a stock market value of £1.23 billion, while the many factors outside of management’s control such as the weather and air traffic control strikes cannot be forgotten.

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On the upside, a 9.8% increase in first-half passenger numbers to 36.5 million suggests robust consumer demand. Compensation from Pratt & Whitney is being received and easing difficulties not of its own making. Expansion in the group’s fleet and therefore potential profits continues to be made, while actions to hedge against volatile fuel and currencies remain part of its overall strategy.  

In all, while passenger growth and fleet expansion offer longer-term hope, more cautious investors may prefer to wait for further reductions in group net debt and better signs of share price recovery.  

Positives: 

• Fuel and currency hedging initiatives
• Positive environmental credentials

Negatives:

• No dividend payment
• Many factors outside of management’s control 

The average rating of stock market analysts:

Hold