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"iso4217:EUR" } }, "f-392": { "value": "50600000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidLoansJOLCOAndFTLClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-393": { "value": "15700000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidLoansJOLCOAndFTLClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-394": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "wizzair:RepaymentsOfUnsecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-395": { "value": "500000000.0", "decimals": -5, "dimensions": { "concept": "wizzair:RepaymentsOfUnsecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-396": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "wizzair:ProceedsFromSecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-397": { "value": "415000000.0", "decimals": -5, "dimensions": { "concept": "wizzair:ProceedsFromSecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-398": { "value": "240800000.0", "decimals": -5, "dimensions": { "concept": "wizzair:RepaymentOfSecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-399": { "value": "248400000.0", "decimals": -5, "dimensions": { "concept": "wizzair:RepaymentOfSecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-400": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidUnsecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-401": { "value": "11800000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidUnsecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-402": { "value": "9500000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidSecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-403": { "value": "14500000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidSecuredDebtClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-404": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidOtherClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-405": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "wizzair:InterestPaidOtherClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-406": { "value": "-938700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-407": { "value": "-1016100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-408": { "value": "-136500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-409": { "value": "-699300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-410": { "value": "716400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-411": { "value": "1402600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-412": { "value": "17000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-413": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-414": { "value": "596900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-415": { "value": "716400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-416": { "value": "525300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-417": { "value": "359400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-418": { "value": "197300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-419": { "value": "72200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-420": { "value": "145600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-421": { "value": "1211300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-422": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "wizzair:MoneyMarketFunds", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-423": { "value": "223400000.0", "decimals": -5, "dimensions": { "concept": "wizzair:MoneyMarketFunds", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-424": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "wizzair:MoneyMarketFunds", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-425": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-426": { "value": "12000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-427": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-428": { "value": "748500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "f-429": { "value": "1503900000.0", "decimals": -5, "dimensions": { "concept": "wizzair:IncreaseInShortTermCashDepositsClassifiedAsInvestingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-430": { "value": "755400000.0", "decimals": -5, "dimensions": { "concept": "wizzair:ReleaseOfShortTermCashDepositsClassifiedAsInvestingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-431": { "value": "12300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-432": { "value": "
1. General information
Wizz Air Holdings Plc (\u201cthe Company\u201d) is a public limited company incorporated in Jersey , registered at 44
The Esplanade, St Helier, Jersey JE4 9WG. The Company is managed from Route Fran\u00e7ois-Peyrot 12, 1218
Le Grand-Saconnex, Geneva, Switzerland. The Company and its subsidiaries (together referred to as \u201cthe
Group\u201d or \u201cWizz Air\u201d) 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\u2019s Ordinary
Shares are listed in the equity shares for commercial companies (\u201cESCC\u201d) category of the Official List of the
Financial Conduct Authority and admitted to the Main Market of the London Stock Exchange.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-433": { "value": "Wizz Air Holdings Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-434": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-435": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-436": { "value": "44 The Esplanade, St Helier, Jersey JE4 9WG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-437": { "value": "Switzerland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-438": { "value": "Switzerland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-439": { "value": "The Company and its subsidiaries (together referred to as \u201cthe Group\u201d or \u201cWizz Air\u201d) 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-440": { "value": "
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 (\u201cAdopted IFRS\u201d) 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 \u20ac).
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 \u2013 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\u2019s accounting policies. The areas involving a high degree of judgment or complexity, or
areas where assumptions and estimates involving significant\u00a0uncertainty 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:
\u25b6 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
\u25b6 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\u2019s 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 \u2018settlement\u2019 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\u2019s 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
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\u2019s financial statements.
\u00a0 \u00a0 \u00a0
\u25b6 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 \u2018lease payments\u2019 and \u2018revised lease
payments\u2019 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\u2019s financial statements.\u00a0
\u25b6 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\u2019s liabilities and cash flows, and the company\u2019s 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\u2019s financial
statements.
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.
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:
\u25b6 Amendments to IAS 21, \u2018The Effects of Changes in Foreign Exchange Rates\u2019: Lack of Exchangeability
New standards and amendments not yet endorsed by the EU, effective for periods beginning on or after 1
January 2025:
\u25b6 Annual Improvements to IFRS Accounting Standards - Volume 11, contains amendments to the
following standards: IFRS 1, \u2018First-time Adoption of International Financial Reporting Standards\u2019, IFRS 7,
\u2018Financial Instruments: Disclosures\u2019, IFRS 9, \u2018Financial Instruments\u2019, IFRS 10, \u2018Consolidated Financial
Statements\u2019 and IAS 7, \u2018Statement of Cash Flows\u2019.
\u25b6 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9
and IFRS 7).
\u25b6 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).
\u25b6 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019: The IASB issued IFRS 18 on 9 April
2024. The new standard will give investors more transparent and comparable information about
companies\u2019 financial performances. IFRS 18 introduces three sets of new requirements to improve
companies\u2019 reporting of financial performance and give investors a better basis for analysing and
comparing companies: three defined categories for income and expenses \u2013 operating, investing and
financing \u2013 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.
\u25b6 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019
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\u2019s 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:
\u25b6 power over the entity;
\u25b6 exposure, or rights, to variable returns from its involvement with the entity; and
\u25b6 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:
\u25b6 the contractual arrangement(s) with the other vote holders of the investee;
\u25b6 rights arising from other contractual arrangements; and
\u25b6 the Group\u2019s 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\u2019s identifiable
net assets at the date of acquisition. Changes in the Group\u2019s 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\u2019s 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\u2019s 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\u2019s latest financial forecasts for a period of 18 months from the date of
approval of the financial statements. This includes considering the Group\u2019s 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\u00a0 forecast aircraft groundings given our GTF engine related
supply chain issues and associated compensation to mitigate these issues.
Financial Position and Liquidity
At 31\u00a0March\u00a02025 , the Group held total cash of \u20ac1,736.0 million (including cash and cash equivalents of
\u20ac597.5 million, \u20ac1,060.2 million in short-term cash deposits and \u20ac78.3 million in restricted cash), while net
current liabilities totalled \u20ac1,156.5 million (including deferred income of \u20ac1,013.3 million) and net assets
amounted to \u20ac317.1 million.
The Group\u2019s contractual undiscounted external borrowings comprise: bonds of \u20ac500.0 million maturing in
January 2026; \u20ac284.7 million in ETS financing from Standard Chartered Bank repayable in March 2026; and
convertible debt with a balance of \u20ac25.5 million. In addition, borrowings include a carrying amount of
\u20ac5,801.8 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\u2019s, issued updates during the third quarter with Fitch updating Wizz Air\u2019s
credit rating to BB+ with a stable outlook, while Moody\u2019s 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\u2019s 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\u2019 enquiries and testing included the review of a base case model projecting the Group\u2019s 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\u00a0per 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:
\u25b6 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.\u00a0
These\u00a0 limits were considered in the forecast models.
\u25b6 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\u2019s plans include continued
operations to Israel, the potential for reallocating capacity to other routes was assessed and considered
manageable.
\u25b6 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.
Foreign currency
The Group\u2019s 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\u2019s revenues is the euro. The other airline
companies\u2019 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 \u00a3). 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:
\u25b6 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;
\u25b6 equity is translated at the historical rate (except for the cash flow hedging reserve within equity);
\u25b6 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
\u25b6 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 \u2013 in line with IFRS 9, \u2018Financial Instruments\u2019 \u2013 into the
following categories:
Description in the statement of\u00a0financial\u00a0position
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.
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\u2019s 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.
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.
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.
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\u2019s 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.
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 \u2014 within fuel cost \u2014 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:
\u25b6 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;
\u25b6 the credit risk effect does not dominate the value changes associated with the hedged risk; and
\u25b6 the hedge ratio is aligned with the requirements of the Group\u2019s 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).
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:
\u25b6 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;
\u25b6 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
\u25b6 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:
\u25b6 changes in payment timing of the hedged item;
\u25b6 reduction in the total amount or price of the hedged item;
\u25b6 location differences; and
\u25b6 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
\u25b6 Subsequent to initial recognitions, trade and other receivables are measured at amortised cost using the
effective interest rate method less impairment losses.
\u25b6 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.
\u25b6 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\u2019s judgment, are virtually
certain to be received by the\u00a0Group.
Impairment policy of trade and other receivables
Management reviewed the Group\u2019s 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\u2019s 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\u2019
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\u2019s financial statements, in
compliance with IFRS 9.
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 \u20ac 1,060.2 million as at 31\u00a0March\u00a02025 (2024: \u20ac751.1 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 \u2014 according to the loan agreement \u2014 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\u2019
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\u2019s own equity instruments, it is either a
non\u2011derivative that includes no obligation to deliver a variable number of the Company\u2019s 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\u2019s 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.
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\u2019 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.
The estimated useful lives of the relevant asset categories, reflecting the Group\u2019s intention for the period of
use in the business, are as follows:
Land and buildings \u2013 investments made on
leased buildings
3\u20135 years, being the shorter of the investment\u2019s 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 \u2013 prepaid
maintenance
4\u201310 years (part of aircraft assets in Note 13)
Aircraft maintenance assets (for leased
aircraft or spare engines)
1\u201310 years, or 2,000\u201310,000 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\u20135 years
Right-of-use assets (from leases)
The lease term over one year (typically 8\u201312 years for leased aircraft,
which is significantly less than its estimated useful economic life)
1.\u2003Having 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\u2019s highest and
best use.
2.\u2003The 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:
\u25b6 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 \u20ac5,000)
are recognised on a straight-line basis over the lease term; and
\u25b6 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 \u2013 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 \u201cnon-lease components\u201d 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\u2019s 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.
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\u2019s 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, \u2018Revenue from
Contracts with Customers\u2019, 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\u00a0
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, \u2019Property, Plant and Equipment\u2019 are also applicable
to the right-of-use assets (\u201cRoU assets\u201d) 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 \u2013 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\u2019s best estimates. Consequently, it is categorised as a variable
lease payment, and thus, it is not factored into the calculation of lease liabilities.
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 \u201cprepaid maintenance\u201d 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 \u201csubsequent costs\u201d 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 \u2013 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 (\u201cdelivery date
assignment\u201d); 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 \u2013 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\u00a0the 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\u00a0depreciated.
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 \u201cin-substance purchases\u201d, 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, \u2018Intangible Assets\u2019.
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\u00a0incurred.
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\u20138 years
Web and other software development costs
3\u20135 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\u2019s 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\u2019s recoverable amount is estimated. The recoverable amount is the higher of an asset\u2019s 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.
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\u2019s revenue disaggregation differs from the requirements under IFRS 15, \u2018Revenue from Contracts
with Customers\u2019. 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\u2011refundable
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\u00a0membership.
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:
\u25b6 enter into contracts with the passengers/customers and bear the liability towards customers for
delivering the products and services;
\u25b6 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
\u25b6 have the discretion in establishing the prices.
The disaggregation of revenues into passenger ticket revenues and ancillary revenues, as applied in
the\u00a0statement of comprehensive income, is a non-IFRS measure (or alternative performance measure).
The\u00a0existing 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.
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
\u201caircraft maintenance assets\u201d) 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\u2019s 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 \u201cpurchase of aircraft maintenance assets\u201d 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 \u2013 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.
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:
\u25b6 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
\u25b6 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\u2019s
commitment to purchase a number of new aircraft with the manufacturer\u2019s 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.
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,
\u2018Operating Segments\u2019) is the Group\u2019s 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.
4. Critical accounting estimates and judgments made in applying the Group\u2019s
accounting policies
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\u00a0March\u00a02025 year end would increase the balance of both
aircraft maintenance assets and aircraft maintenance provisions by \u20ac17.0 million.
Estimate: The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and
classified as an \u201caircraft maintenance asset\u201d) at the earlier of:\u00a0(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 \u20ac0.9 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 \u20ac83.4 million (31\u00a0March\u00a02024: \u20ac17.1 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\u2019s 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\u2019s aircraft fleet at 31\u00a0March\u00a02025 was 4.5 years
(31\u00a0March\u00a02024: 4.3 years). Given the adopted policy, we currently do not consider that climate change has
a material impact on the maintenance provision.
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.
Building on these estimations of the future, management exercises judgment on the appropriate accounting
treatment, considering the alignment of hedge instruments with the Group\u2019s risk management objectives
and strategies. Hedge accounting for jet fuel and foreign currency cash flow hedges is discontinued where
the \u201chighly probable\u201d 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.
Net presentation of government taxes and other similar levies
The Group\u2019s 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.
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:
\u25b6 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
\u25b6 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.
Accounting for leases
Judgment: Some of the Group\u2019s 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.
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\u2011branded
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 \u201cagent versus principal\u201d assessment/judgment. The
Company\u2019s 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 \u20ac57.1 million (2024: \u20ac55.9 million).
Recoverability of deferred tax assets
Estimate: The change in the Group\u2019s deferred tax assets and the resulting deferred tax income amounts to
\u20ac219.9 million (2024: \u20ac74.7 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\u2019s consolidated statement of financial position as at 31\u00a0March\u00a02025 are recoverable. .
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-441": { "value": "
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 (\u201cAdopted IFRS\u201d) 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 \u20ac).
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 \u2013 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\u2019s accounting policies. The areas involving a high degree of judgment or complexity, or
areas where assumptions and estimates involving significant\u00a0uncertainty carry a risk of causing material
adjustment to the carrying amount of assets and liabilities in the coming year, are disclosed in Note 4 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-442": { "value": "
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 (\u201cAdopted IFRS\u201d) and IFRS Interpretations Committee guidance.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-443": { "value": "
The financial statements are presented in euros (EUR or \u20ac).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-444": { "value": "
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:
\u25b6 power over the entity;
\u25b6 exposure, or rights, to variable returns from its involvement with the entity; and
\u25b6 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:
\u25b6 the contractual arrangement(s) with the other vote holders of the investee;
\u25b6 rights arising from other contractual arrangements; and
\u25b6 the Group\u2019s 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\u2019s identifiable
net assets at the date of acquisition. Changes in the Group\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-445": { "value": "
Going concern
Basis of Preparation and Assessment Period
Wizz Air\u2019s 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\u2019s 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\u2019s latest financial forecasts for a period of 18 months from the date of
approval of the financial statements. This includes considering the Group\u2019s 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\u00a0 forecast aircraft groundings given our GTF engine related
supply chain issues and associated compensation to mitigate these issues.
Financial Position and Liquidity
At 31\u00a0March\u00a02025 , the Group held total cash of \u20ac1,736.0 million (including cash and cash equivalents of
\u20ac597.5 million, \u20ac1,060.2 million in short-term cash deposits and \u20ac78.3 million in restricted cash), while net
current liabilities totalled \u20ac1,156.5 million (including deferred income of \u20ac1,013.3 million) and net assets
amounted to \u20ac317.1 million.
The Group\u2019s contractual undiscounted external borrowings comprise: bonds of \u20ac500.0 million maturing in
January 2026; \u20ac284.7 million in ETS financing from Standard Chartered Bank repayable in March 2026; and
convertible debt with a balance of \u20ac25.5 million. In addition, borrowings include a carrying amount of
\u20ac5,801.8 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\u2019s, issued updates during the third quarter with Fitch updating Wizz Air\u2019s
credit rating to BB+ with a stable outlook, while Moody\u2019s 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\u2019s 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\u2019 enquiries and testing included the review of a base case model projecting the Group\u2019s 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\u00a0per 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:
\u25b6 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.\u00a0
These\u00a0 limits were considered in the forecast models.
\u25b6 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\u2019s plans include continued
operations to Israel, the potential for reallocating capacity to other routes was assessed and considered
manageable.
\u25b6 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-446": { "value": "
Foreign currency
The Group\u2019s 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\u2019s revenues is the euro. The other airline
companies\u2019 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 \u00a3). 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:
\u25b6 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;
\u25b6 equity is translated at the historical rate (except for the cash flow hedging reserve within equity);
\u25b6 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
\u25b6 all resulting exchange differences are recognised as a separate component of equity (cumulative
translation adjustments).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-449": { "value": "
Financial assets and liabilities
The Group classifies its financial assets and liabilities \u2013 in line with IFRS 9, \u2018Financial Instruments\u2019 \u2013 into the
following categories:
Description in the statement of\u00a0financial\u00a0position
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.
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\u2019s 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.
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.
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.
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\u2019s 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.
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 \u2014 within fuel cost \u2014 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:
\u25b6 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;
\u25b6 the credit risk effect does not dominate the value changes associated with the hedged risk; and
\u25b6 the hedge ratio is aligned with the requirements of the Group\u2019s 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).
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:
\u25b6 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;
\u25b6 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
\u25b6 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:
\u25b6 changes in payment timing of the hedged item;
\u25b6 reduction in the total amount or price of the hedged item;
\u25b6 location differences; and
\u25b6 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.
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\u2019
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\u2019s own equity instruments, it is either a
non\u2011derivative that includes no obligation to deliver a variable number of the Company\u2019s 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-448": { "value": "
Financial assets and liabilities
The Group classifies its financial assets and liabilities \u2013 in line with IFRS 9, \u2018Financial Instruments\u2019 \u2013 into the
following categories:
Description in the statement of\u00a0financial\u00a0position
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.
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\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-447": { "value": "
Financial assets and liabilities
The Group classifies its financial assets and liabilities \u2013 in line with IFRS 9, \u2018Financial Instruments\u2019 \u2013 into the
following categories:
Description in the statement of\u00a0financial\u00a0position
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.
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\u2019s 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.
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-450": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-451": { "value": "
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 \u2014 within fuel cost \u2014 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:
\u25b6 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;
\u25b6 the credit risk effect does not dominate the value changes associated with the hedged risk; and
\u25b6 the hedge ratio is aligned with the requirements of the Group\u2019s 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).
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:
\u25b6 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;
\u25b6 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
\u25b6 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:
\u25b6 changes in payment timing of the hedged item;
\u25b6 reduction in the total amount or price of the hedged item;
\u25b6 location differences; and
\u25b6 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-452": { "value": "
Trade and other receivables
\u25b6 Subsequent to initial recognitions, trade and other receivables are measured at amortised cost using the
effective interest rate method less impairment losses.
\u25b6 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.
\u25b6 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\u2019s judgment, are virtually
certain to be received by the\u00a0Group.
Impairment policy of trade and other receivables
Management reviewed the Group\u2019s 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\u2019s 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\u2019
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\u2019s financial statements, in
compliance with IFRS 9.
Other receivables from lessors \u2013 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-453": { "value": "
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 \u20ac 1,060.2 million as at 31\u00a0March\u00a02025 (2024: \u20ac751.1 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-454": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-455": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-456": { "value": "
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 \u2014 according to the loan agreement \u2014 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-457": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-458": { "value": "
Property, plant and equipment
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.
The estimated useful lives of the relevant asset categories, reflecting the Group\u2019s intention for the period of
use in the business, are as follows:
Land and buildings \u2013 investments made on
leased buildings
3\u20135 years, being the shorter of the investment\u2019s 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 \u2013 prepaid
maintenance
4\u201310 years (part of aircraft assets in Note 13)
Aircraft maintenance assets (for leased
aircraft or spare engines)
1\u201310 years, or 2,000\u201310,000 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\u20135 years
Right-of-use assets (from leases)
The lease term over one year (typically 8\u201312 years for leased aircraft,
which is significantly less than its estimated useful economic life)
1.\u2003Having 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\u2019s highest and
best use.
2.\u2003The 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.
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 \u201cprepaid maintenance\u201d 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 \u201csubsequent costs\u201d 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 \u2013 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 (\u201cdelivery date
assignment\u201d); 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 \u2013 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\u00a0the 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\u00a0depreciated.
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.
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
\u201caircraft maintenance assets\u201d) 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\u2019s 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 \u201cpurchase of aircraft maintenance assets\u201d 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.
Supplier credits and compensation
In certain cases, the concessions receivable from a component manufacturer are linked to the Group\u2019s
commitment to purchase a number of new aircraft with the manufacturer\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-459": { "value": "
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:
\u25b6 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 \u20ac5,000)
are recognised on a straight-line basis over the lease term; and
\u25b6 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 \u2013 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 \u201cnon-lease components\u201d 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\u2019s 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.
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\u2019s 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, \u2018Revenue from
Contracts with Customers\u2019, 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\u00a0
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, \u2019Property, Plant and Equipment\u2019 are also applicable
to the right-of-use assets (\u201cRoU assets\u201d) 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 \u2013 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\u2019s best estimates. Consequently, it is categorised as a variable
lease payment, and thus, it is not factored into the calculation of lease liabilities.
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.
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 \u201cin-substance purchases\u201d, 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-460": { "value": "
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, \u2018Intangible Assets\u2019.
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\u00a0incurred.
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\u20138 years
Web and other software development costs
3\u20135 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-461": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-462": { "value": "
Impairment of non-financial assets
The carrying amounts of the Group\u2019s 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\u2019s recoverable amount is estimated. The recoverable amount is the higher of an asset\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-463": { "value": "
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).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-464": { "value": "
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).
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-465": { "value": "
Revenue
The Group\u2019s revenue disaggregation differs from the requirements under IFRS 15, \u2018Revenue from Contracts
with Customers\u2019. 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\u2011refundable
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\u00a0membership.
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:
\u25b6 enter into contracts with the passengers/customers and bear the liability towards customers for
delivering the products and services;
\u25b6 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
\u25b6 have the discretion in establishing the prices.
The disaggregation of revenues into passenger ticket revenues and ancillary revenues, as applied in
the\u00a0statement of comprehensive income, is a non-IFRS measure (or alternative performance measure).
The\u00a0existing 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-466": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-467": { "value": "
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
\u201caircraft maintenance assets\u201d) 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\u2019s 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 \u201cpurchase of aircraft maintenance assets\u201d 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 \u2013 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.
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:
\u25b6 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
\u25b6 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-468": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-470": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-469": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-471": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-472": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-473": { "value": "
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,
\u2018Operating Segments\u2019) is the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-474": { "value": "
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\u2019s 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\u2019s revenues are
denominated in, or linked to, the US dollar, while a significant portion of the Group\u2019s 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 \u2013 to a lesser extent \u2013 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 \u2013 USD cash & cash
deposits), c.38% were covered.
The table below analyses the financial instruments by the currency of future receipts and payments:
EUR
USD
Other
Total
At 31 March 2025
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets
Trade and other receivables
323.2
134.4
110.3
567.9
Investments in other entities
\u2014
3.7
\u2014
3.7
Derivative financial assets
0.5
11.6
\u2014
12.1
Cash and cash equivalents
254.4
236.8
106.3
597.5
Short-term cash deposits
215.0
845.2
\u2014
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
\u2014
\u2014
500.9
Secured debt
271.9
\u2014
\u2014
271.9
IFRS 16 aircraft and engine lease liability
775.0
2,866.6
\u2014
3,641.6
IFRS 16 other lease liability
19.6
\u2014
9.9
29.5
JOLCO, FTL and FL liability
1,520.1
488.6
122.0
2,130.7
Loans from non-controlling interests
\u2014
13.9
\u2014
13.9
Convertible debt
25.5
\u2014
\u2014
25.5
Trade and other payables
463.4
114.6
236.5
814.5
Derivative financial liabilities
7.1
35.5
\u2014
42.6
Deferred income
2.8
\u2014
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\u00a0March\u00a02024
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets
Trade and other receivables
315.3
156.7
99.2
571.2
Investments in other entities
\u2014
1.6
\u2014
1.6
Derivative financial assets
\u2014
36.8
\u2014
36.8
Cash and cash equivalents
138.4
523.8
66.2
728.4
Short-term cash deposits
154.0
597.1
\u2014
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
\u2014
\u2014
511.6
Secured debt
257.5
205.7
\u2014
463.2
IFRS 16 aircraft and engine lease liability
637.4
2,947.4
\u2014
3,584.8
IFRS 16 other lease liability
16.8
\u2014
10.3
27.1
JOLCO and FTL lease liability
1,122.4
401.9
119.1
1,643.4
Loans from non-controlling interests
\u2014
13.9
\u2014
13.9
Convertible debt
25.7
\u2014
\u2014
25.7
Trade and other payables
461.4
93.7
197.2
752.3
Derivative financial liabilities
\u2014
0.7
\u2014
0.7
Deferred income
4.8
\u2014
\u2014
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\u2019s financial performance. See further details regarding jet fuel at market risks and hedge
transactions within this Note.
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\u00a0March\u00a02025, 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 \u20ac259.7 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\u2019s 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
\u20ac million
\u20ac 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
\u20ac million
\u20ac million
(Loss)/gain recognised within fuel costs
Effective hedge
(26.2)
(24.3)
Cost of hedging recycled to profit or loss
\u2014
\u2014
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
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
asset
\u20ac 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
Derivative financial instruments
At 31 March 2024
Notional
amount
US$ million
Non-current
assets
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
asset
\u20ac million
Effective cash flow hedge positions
801.0
0.7
7.9
\u2014
(0.5)
8.1
Total foreign exchange hedges
801.0
0.7
7.9
\u2014
(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
\u2018000
metric
tonnes
Non-current
assets
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
liability
\u20ac 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
\u2018000
\u00a0 metric
tonnes
Non-current
assets
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
asset
\u20ac million
Effective cash flow hedge positions
987.0
3.1
25.1
\u2014
(0.3)
28.0
Total fuel hedge
987.0
3.1
25.1
\u2014
(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 (\u2018000 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 (\u2018000 metric tonnes)
841.0
146.0
Blended capped rate
$860.0
$844.0
Blended floor rate
$751.0
$732.0
Effects of hedge accounting on financial position and performance
The effects of the foreign exchange hedges on the Group\u2019s financial position and performance are as follows:
2025
2024
Zero-cost collars
Carrying amount net asset (\u20ac million)
0.4
8.1
Notional amount (US$ million)
1,147.0
801.0
Maturity date
April 2025\u2013
August 2026
April 2024\u2013
August 2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments (\u20ac million)
(1.6)
4.6
Change in value of hedged item used to determine hedge effectiveness (\u20ac million)
1.6
(4.6)
The effects of the fuel hedges on the Group\u2019s financial position and performance are as follows:
2025
2024
Zero-cost collars
Carrying amount net (liability)/asset (\u20ac million)
(24.5)
28.0
Notional amount (\u2018000 metric tonnes)
1,726.5
987.0
Maturity date
April 2025\u2013
August 2026
April 2024\u2013
August 2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments (\u20ac million)
(8.7)
12.4
Change in value of hedged item used to determine hedge effectiveness (\u20ac million)
8.7
(12.4)
Swaps
Carrying amount net asset (\u20ac million)
0.2
\u2014
Notional amount (\u2018000 metric tonnes)
26.5
\u2014
Maturity date
April 2025\u2013
May 2025
\u2014
Hedge ratio
1:1
\u2014
Change in fair value of outstanding hedging instruments (\u20ac million)
0.2
\u2014
Change in value of hedged item used to determine hedge effectiveness (\u20ac million)
(0.2)
\u2014
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 \u201chighly probable\u201d 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\u00a0March\u00a02025 or during
the financial year ending on 31\u00a0March\u00a02024.
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\u2019s profits to various market risks for the current and the
prior year, excluding any hedge impacts.
2025
2024
Difference in
profit after tax
\u20ac million
Difference in
profit after tax
\u20ac 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
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\u2019s 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
\u20ac million
Difference
\u20ac 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:
\u25b6 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
\u25b6 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:
\u25b6 continuing to ensure that operated flights deliver positive cash contributions;
\u25b6 securing nearly all lease financing for aircraft delivery positions until March 2026;
\u25b6 working with suppliers to reduce contracted rates and improve payment terms;
\u25b6 reducing discretionary spending and suspending non-essential capital expenditures;
\u25b6 extending the EMTN programme in January 2025, keeping the liability to a four-year \u20ac500 million bond
that was issued in January 2022;
\u25b6 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);
\u25b6 rolling over the ETS sale and repurchase agreement with a balance of \u20ac264.5 million;
\u25b6 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\u2019s 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.
At 31 March 2025
Within three
months
\u20ac million
Between three
months
and one year
\u20ac million
Between one
and five years
\u20ac million
More than five
years
\u20ac million
Total
\u20ac million
Financial assets
Trade and other receivables
519.7
2.5
45.7
\u2014
567.9
Derivative financial assets
3.2
7.1
1.8
\u2014
12.1
Short-term cash deposits
361.1
699.1
\u2014
\u2014
1,060.2
Cash and cash equivalents
597.5
\u2014
\u2014
\u2014
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
\u2014
\u2014
505.6
Secured debt
\u2014
284.7
\u2014
\u2014
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
\u2014
\u2014
\u2014
13.9
13.9
Convertible debt
0.3
\u2014
25.2
\u2014
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
\u2014
42.6
Deferred income
5.5
\u2014
\u2014
\u2014
5.5
Total financial liabilities
1,040.7
1,529.2
3,222.7
2,688.5
8,481.1
Within three
months
\u20ac million
Between three
months
and one year
\u20ac million
Between one
and five years
\u20ac million
More than five
years
\u20ac million
Total
\u20ac million
At 31\u00a0March\u00a02024
Financial assets
Trade and other receivables
529.8
4.3
37.1
\u2014
571.2
Derivative financial assets
8.8
24.2
3.8
\u2014
36.8
Short-term cash deposits
\u2014
751.1
\u2014
\u2014
751.1
Cash and cash equivalents
728.4
\u2014
\u2014
\u2014
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
\u2014
522.0
Secured debt
39.5
388.3
54.8
\u2014
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
\u2014
\u2014
\u2014
13.9
13.9
Convertible debt
0.3
\u2014
25.4
\u2014
25.7
Trade and other payables
687.0
10.4
26.1
28.8
752.3
Derivative financial liabilities
0.3
0.4
\u2014
\u2014
0.7
Deferred income
4.8
\u2014
\u2014
\u2014
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\u2019s exposure to credit risk from individual customers is
limited as most of the payments for flight tickets are collected before the service is provided.
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\u2019s financial assets is assessed by reference to external credit ratings (published by
Standard & Poor\u2019s or similar institutions) of the counterparties as follows:
A
A-
Other
Unrated
Total
At 31 March 2025
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac 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
\u2014
\u2014
1,060.3
Restricted cash
78.3
\u2014
\u2014
\u2014
78.3
Trade and other receivables
4.1
3.3
5.8
554.7
567.9
Derivative financial assets
8.3
3.8
\u2014
\u2014
12.1
Investments in other entities
\u2014
\u2014
\u2014
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
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets
Cash and cash equivalents
449.0
1.2
265.5
12.8
728.4
Short-term cash deposits
751.1
\u2014
\u2014
\u2014
751.1
Restricted cash
109.4
\u2014
\u2014
\u2014
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
\u2014
36.9
Investments in other entities
\u2014
\u2014
\u2014
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 \u20ac25.1 million (2024:
\u20ac25.8\u00a0million) 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\u00a0liabilities.
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\u2019s financial assets and liabilities measured at fair value as at
31\u00a0March\u00a02025:
Level 1
Level 2
Level 3
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Assets
Investments in other entities
\u2014
\u2014
3.7
3.7
Derivative financial instruments
\u2014
12.1
\u2014
12.1
Cash and cash equivalents
\u2014
\u2014
\u2014
\u2014
Liabilities
Derivative financial instruments
\u2014
42.6
\u2014
42.6
The following table presents the Group\u2019s financial assets and liabilities measured at fair value as at
31\u00a0March\u00a02024:
Level 1
Level 2
Level 3
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Assets
Investments in other entities
\u2014
\u2014
1.6
1.6
Derivative financial instruments
\u2014
36.9
\u2014
36.9
Cash and cash equivalents
223.4
\u2014
\u2014
223.4
Liabilities
Derivative financial instruments
\u2014
0.7
\u2014
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\u2019s objectives when managing capital are: (i) to safeguard the Group\u2019s 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\u2019s 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 \u20ac3.0 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-475": { "value": "
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\u2019s revenues are
denominated in, or linked to, the US dollar, while a significant portion of the Group\u2019s 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 \u2013 to a lesser extent \u2013 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 \u2013 USD cash & cash
deposits), c.38% were covered.
The table below analyses the financial instruments by the currency of future receipts and payments:
EUR
USD
Other
Total
At 31 March 2025
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets
Trade and other receivables
323.2
134.4
110.3
567.9
Investments in other entities
\u2014
3.7
\u2014
3.7
Derivative financial assets
0.5
11.6
\u2014
12.1
Cash and cash equivalents
254.4
236.8
106.3
597.5
Short-term cash deposits
215.0
845.2
\u2014
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
\u2014
\u2014
500.9
Secured debt
271.9
\u2014
\u2014
271.9
IFRS 16 aircraft and engine lease liability
775.0
2,866.6
\u2014
3,641.6
IFRS 16 other lease liability
19.6
\u2014
9.9
29.5
JOLCO, FTL and FL liability
1,520.1
488.6
122.0
2,130.7
Loans from non-controlling interests
\u2014
13.9
\u2014
13.9
Convertible debt
25.5
\u2014
\u2014
25.5
Trade and other payables
463.4
114.6
236.5
814.5
Derivative financial liabilities
7.1
35.5
\u2014
42.6
Deferred income
2.8
\u2014
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\u00a0March\u00a02024
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets
Trade and other receivables
315.3
156.7
99.2
571.2
Investments in other entities
\u2014
1.6
\u2014
1.6
Derivative financial assets
\u2014
36.8
\u2014
36.8
Cash and cash equivalents
138.4
523.8
66.2
728.4
Short-term cash deposits
154.0
597.1
\u2014
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
\u2014
\u2014
511.6
Secured debt
257.5
205.7
\u2014
463.2
IFRS 16 aircraft and engine lease liability
637.4
2,947.4
\u2014
3,584.8
IFRS 16 other lease liability
16.8
\u2014
10.3
27.1
JOLCO and FTL lease liability
1,122.4
401.9
119.1
1,643.4
Loans from non-controlling interests
\u2014
13.9
\u2014
13.9
Convertible debt
25.7
\u2014
\u2014
25.7
Trade and other payables
461.4
93.7
197.2
752.3
Derivative financial liabilities
\u2014
0.7
\u2014
0.7
Deferred income
4.8
\u2014
\u2014
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\u2019s financial performance. See further details regarding jet fuel at market risks and hedge
transactions within this Note.
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\u00a0March\u00a02025, 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 \u20ac259.7 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\u2019s 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
\u20ac million
\u20ac 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
\u20ac million
\u20ac million
(Loss)/gain recognised within fuel costs
Effective hedge
(26.2)
(24.3)
Cost of hedging recycled to profit or loss
\u2014
\u2014
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
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
asset
\u20ac 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
Derivative financial instruments
At 31 March 2024
Notional
amount
US$ million
Non-current
assets
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
asset
\u20ac million
Effective cash flow hedge positions
801.0
0.7
7.9
\u2014
(0.5)
8.1
Total foreign exchange hedges
801.0
0.7
7.9
\u2014
(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
\u2018000
metric
tonnes
Non-current
assets
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
liability
\u20ac 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
\u2018000
\u00a0 metric
tonnes
Non-current
assets
\u20ac million
Current
assets
\u20ac million
Non-current
liabilities
\u20ac million
Current
liabilities
\u20ac million
Net
asset
\u20ac million
Effective cash flow hedge positions
987.0
3.1
25.1
\u2014
(0.3)
28.0
Total fuel hedge
987.0
3.1
25.1
\u2014
(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 (\u2018000 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 (\u2018000 metric tonnes)
841.0
146.0
Blended capped rate
$860.0
$844.0
Blended floor rate
$751.0
$732.0
Effects of hedge accounting on financial position and performance
The effects of the foreign exchange hedges on the Group\u2019s financial position and performance are as follows:
2025
2024
Zero-cost collars
Carrying amount net asset (\u20ac million)
0.4
8.1
Notional amount (US$ million)
1,147.0
801.0
Maturity date
April 2025\u2013
August 2026
April 2024\u2013
August 2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments (\u20ac million)
(1.6)
4.6
Change in value of hedged item used to determine hedge effectiveness (\u20ac million)
1.6
(4.6)
The effects of the fuel hedges on the Group\u2019s financial position and performance are as follows:
2025
2024
Zero-cost collars
Carrying amount net (liability)/asset (\u20ac million)
(24.5)
28.0
Notional amount (\u2018000 metric tonnes)
1,726.5
987.0
Maturity date
April 2025\u2013
August 2026
April 2024\u2013
August 2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments (\u20ac million)
(8.7)
12.4
Change in value of hedged item used to determine hedge effectiveness (\u20ac million)
8.7
(12.4)
Swaps
Carrying amount net asset (\u20ac million)
0.2
\u2014
Notional amount (\u2018000 metric tonnes)
26.5
\u2014
Maturity date
April 2025\u2013
May 2025
\u2014
Hedge ratio
1:1
\u2014
Change in fair value of outstanding hedging instruments (\u20ac million)
0.2
\u2014
Change in value of hedged item used to determine hedge effectiveness (\u20ac million)
(0.2)
\u2014
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 \u201chighly probable\u201d 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\u00a0March\u00a02025 or during
the financial year ending on 31\u00a0March\u00a02024.
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\u2019s profits to various market risks for the current and the
prior year, excluding any hedge impacts.
2025
2024
Difference in
profit after tax
\u20ac million
Difference in
profit after tax
\u20ac 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
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\u2019s 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
\u20ac million
Difference
\u20ac 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:
\u25b6 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
\u25b6 for other comprehensive income, year-end spot rates: jet fuel price $732.0 per metric tonne; EUR/USD
FX rate 1.08.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-476": { "value": "
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:
\u25b6 continuing to ensure that operated flights deliver positive cash contributions;
\u25b6 securing nearly all lease financing for aircraft delivery positions until March 2026;
\u25b6 working with suppliers to reduce contracted rates and improve payment terms;
\u25b6 reducing discretionary spending and suspending non-essential capital expenditures;
\u25b6 extending the EMTN programme in January 2025, keeping the liability to a four-year \u20ac500 million bond
that was issued in January 2022;
\u25b6 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);
\u25b6 rolling over the ETS sale and repurchase agreement with a balance of \u20ac264.5 million;
\u25b6 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\u2019s 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.
At 31 March 2025
Within three
months
\u20ac million
Between three
months
and one year
\u20ac million
Between one
and five years
\u20ac million
More than five
years
\u20ac million
Total
\u20ac million
Financial assets
Trade and other receivables
519.7
2.5
45.7
\u2014
567.9
Derivative financial assets
3.2
7.1
1.8
\u2014
12.1
Short-term cash deposits
361.1
699.1
\u2014
\u2014
1,060.2
Cash and cash equivalents
597.5
\u2014
\u2014
\u2014
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
\u2014
\u2014
505.6
Secured debt
\u2014
284.7
\u2014
\u2014
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
\u2014
\u2014
\u2014
13.9
13.9
Convertible debt
0.3
\u2014
25.2
\u2014
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
\u2014
42.6
Deferred income
5.5
\u2014
\u2014
\u2014
5.5
Total financial liabilities
1,040.7
1,529.2
3,222.7
2,688.5
8,481.1
Within three
months
\u20ac million
Between three
months
and one year
\u20ac million
Between one
and five years
\u20ac million
More than five
years
\u20ac million
Total
\u20ac million
At 31\u00a0March\u00a02024
Financial assets
Trade and other receivables
529.8
4.3
37.1
\u2014
571.2
Derivative financial assets
8.8
24.2
3.8
\u2014
36.8
Short-term cash deposits
\u2014
751.1
\u2014
\u2014
751.1
Cash and cash equivalents
728.4
\u2014
\u2014
\u2014
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
\u2014
522.0
Secured debt
39.5
388.3
54.8
\u2014
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
\u2014
\u2014
\u2014
13.9
13.9
Convertible debt
0.3
\u2014
25.4
\u2014
25.7
Trade and other payables
687.0
10.4
26.1
28.8
752.3
Derivative financial liabilities
0.3
0.4
\u2014
\u2014
0.7
Deferred income
4.8
\u2014
\u2014
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-477": { "value": "
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\u2019s exposure to credit risk from individual customers is
limited as most of the payments for flight tickets are collected before the service is provided.
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\u2019s financial assets is assessed by reference to external credit ratings (published by
Standard & Poor\u2019s or similar institutions) of the counterparties as follows:
A
A-
Other
Unrated
Total
At 31 March 2025
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac 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
\u2014
\u2014
1,060.3
Restricted cash
78.3
\u2014
\u2014
\u2014
78.3
Trade and other receivables
4.1
3.3
5.8
554.7
567.9
Derivative financial assets
8.3
3.8
\u2014
\u2014
12.1
Investments in other entities
\u2014
\u2014
\u2014
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
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets
Cash and cash equivalents
449.0
1.2
265.5
12.8
728.4
Short-term cash deposits
751.1
\u2014
\u2014
\u2014
751.1
Restricted cash
109.4
\u2014
\u2014
\u2014
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
\u2014
36.9
Investments in other entities
\u2014
\u2014
\u2014
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 \u20ac25.1 million (2024:
\u20ac25.8\u00a0million) 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\u00a0liabilities.
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\u2019s financial assets and liabilities measured at fair value as at
31\u00a0March\u00a02025:
Level 1
Level 2
Level 3
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Assets
Investments in other entities
\u2014
\u2014
3.7
3.7
Derivative financial instruments
\u2014
12.1
\u2014
12.1
Cash and cash equivalents
\u2014
\u2014
\u2014
\u2014
Liabilities
Derivative financial instruments
\u2014
42.6
\u2014
42.6
The following table presents the Group\u2019s financial assets and liabilities measured at fair value as at
31\u00a0March\u00a02024:
Level 1
Level 2
Level 3
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Assets
Investments in other entities
\u2014
\u2014
1.6
1.6
Derivative financial instruments
\u2014
36.9
\u2014
36.9
Cash and cash equivalents
223.4
\u2014
\u2014
223.4
Liabilities
Derivative financial instruments
\u2014
0.7
\u2014
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-478": { "value": "
Capital management
The Group\u2019s objectives when managing capital are: (i) to safeguard the Group\u2019s 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\u2019s 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 \u20ac3.0 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-479": { "value": "
4. Critical accounting estimates and judgments made in applying the Group\u2019s
accounting policies
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\u00a0March\u00a02025 year end would increase the balance of both
aircraft maintenance assets and aircraft maintenance provisions by \u20ac17.0 million.
Estimate: The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and
classified as an \u201caircraft maintenance asset\u201d) at the earlier of:\u00a0(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 \u20ac0.9 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 \u20ac83.4 million (31\u00a0March\u00a02024: \u20ac17.1 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\u2019s 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\u2019s aircraft fleet at 31\u00a0March\u00a02025 was 4.5 years
(31\u00a0March\u00a02024: 4.3 years). Given the adopted policy, we currently do not consider that climate change has
a material impact on the maintenance provision.
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.
Building on these estimations of the future, management exercises judgment on the appropriate accounting
treatment, considering the alignment of hedge instruments with the Group\u2019s risk management objectives
and strategies. Hedge accounting for jet fuel and foreign currency cash flow hedges is discontinued where
the \u201chighly probable\u201d 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.
Net presentation of government taxes and other similar levies
The Group\u2019s 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.
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:
\u25b6 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
\u25b6 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.
Accounting for leases
Judgment: Some of the Group\u2019s 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.
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\u2011branded
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 \u201cagent versus principal\u201d assessment/judgment. The
Company\u2019s 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 \u20ac57.1 million (2024: \u20ac55.9 million).
Recoverability of deferred tax assets
Estimate: The change in the Group\u2019s deferred tax assets and the resulting deferred tax income amounts to
\u20ac219.9 million (2024: \u20ac74.7 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\u2019s consolidated statement of financial position as at 31\u00a0March\u00a02025 are recoverable. .
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-480": { "value": "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\u00a0March\u00a02025 year end would increase the balance of both
aircraft maintenance assets and aircraft maintenance provisions by \u20ac17.0 million.
Estimate: The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and
classified as an \u201caircraft maintenance asset\u201d) at the earlier of:\u00a0(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 \u20ac0.9 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 \u20ac83.4 million (31\u00a0March\u00a02024: \u20ac17.1 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\u2019s 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\u2019s aircraft fleet at 31\u00a0March\u00a02025 was 4.5 years
(31\u00a0March\u00a02024: 4.3 years). Given the adopted policy, we currently do not consider that climate change has
a material impact on the maintenance provision.
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:
\u25b6 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
\u25b6 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.
13. Property, plant and equipment
Land and
buildings
\u20ac million
Aircraft
maintenance
assets
\u20ac million
Aircraft
assets and
parts
\u20ac million
Fixtures
and
fittings
\u20ac million
Advances
paid
for aircraft*
\u20ac million
Advances paid
for aircraft
maintenance
assets
\u20ac million
RoU assets \u2013
aircraft and
spares
\u20ac million
RoU assets
\u2013 other
\u20ac million
Total
\u20ac 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)
\u2014
(315.8)
(5.4)
(1,047.2)
Transfers
\u2014
127.0
\u2014
\u2014
\u2014
(127.0)
\u2014
\u2014
\u2014
FX translation effect
\u2014
(3.9)
3.6
\u2014
\u2014
\u2014
8.8
\u2014
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
\u2014
(102.8)
(213.3)
(0.2)
(303.9)
\u2014
(277.7)
(3.0)
(900.9)
Transfers
\u2014
110.1
39.0
\u2014
(39.0)
(110.1)
\u2014
\u2014
\u2014
FX translation effect
\u2014
(2.9)
3.9
\u2014
\u2014
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
\u2014
\u2014
1,669.8
9.9
2,065.1
Depreciation charge
1.7
156.7
92.9
1.9
\u2014
\u2014
479.8
2.9
735.9
Disposals
(0.3)
(166.1)
(4.3)
(0.1)
\u2014
\u2014
(311.0)
(4.0)
(485.8)
FX translation effect
\u2014
(6.1)
(0.5)
\u2014
\u2014
\u2014
2.5
\u2014
(4.1)
At 31 March 2024
7.4
226.9
216.7
10.2
\u2014
\u2014
1,841.1
8.8
2,311.1
Depreciation charge
2.2
238.7
109.9
1.8
\u2014
\u2014
583.0
4.3
939.9
Disposals
\u2014
(101.9)
(17.1)
(0.3)
\u2014
\u2014
(276.3)
(1.5)
(397.1)
FX translation effect
\u2014
(3.1)
0.4
\u2014
\u2014
\u2014
1.4
0.2
(1.1)
At 31 March 2025
9.6
360.6
309.9
11.7
\u2014
\u2014
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: \u20ac 249.1 million; 2024: \u20ac202.0 million) were fixed assets
created primarily against provisions for maintenance, as the Group\u2019s aircraft or their main components no
longer met the relevant return conditions under lease contracts.
Additions to \u201cadvances paid to aircraft maintenance assets\u201d reflect primarily the advance payments made by
the Group to\u00a0the engine maintenance service provider under power-by-the-hour agreements.
Additions to \u201cadvances paid for aircraft\u201d 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
\u20ac303.9\u00a0million \u201crefund of advances paid for aircraft\u201d and the cash outflow was \u20ac362.8 million in \u201cadvances
paid for aircraft\u201d.
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.
The Group recognised \u20ac121.3 million as a gain on sale and leaseback transactions in the period (2024:
\u20ac244.8 million).
Short-term wet-lease expenses of \u20ac113.0 million were recognised in the period (2024: \u20ac17.2 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\u2019s assets was identified.
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\u2019s 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 \u20ac13.7 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-481": { "value": "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.
Building on these estimations of the future, management exercises judgment on the appropriate accounting
treatment, considering the alignment of hedge instruments with the Group\u2019s risk management objectives
and strategies. Hedge accounting for jet fuel and foreign currency cash flow hedges is discontinued where
the \u201chighly probable\u201d 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.
21. Derivative financial instruments
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac million
Assets
Non-current derivatives
Cash flow hedges
1.3
3.9
Cross-currency interest rate swaps
0.5
\u2014
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)
\u2014
Cross-currency interest rate swaps
(7.1)
\u2014
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-482": { "value": "Net presentation of government taxes and other similar levies
The Group\u2019s 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.
11. Income tax credit
Recognised in the consolidated statement of comprehensive income:
2025
2024
\u20ac million
\u20ac 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
\u2014
(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\u00a0per
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.
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\u2019s standard rate of corporation tax of 14.7 per cent (2024:\u00a013.97 per cent). The difference is
explained below.
2025
2024
\u20ac million
\u20ac 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
\u2014
Effect of different tax rates of subsidiaries versus the parent company
(207.7)
(25.4)
Non-deductible expense
(0.7)
\u2014
Effect of newly recognised deferred tax assets
(6.1)
(44.0)
Tax losses utilised for which no previous deferred tax was recognised
\u2014
(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 \u20ac39.1 m illion of tax in the year (2024 : \u20ac17.4 million).
Othe r income-based foreign tax represents the local business tax and the \u201cinnovation contribution\u201d 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,\u00a0
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 \u20ac750
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\u00a0
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, \u2018Income Taxes\u2019, the Group does not
account for deferred taxes on \u201cPillar Two income taxes\u201d 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.
Recognised in the statement of other comprehensive income
2025
2024
\u20ac million
\u20ac 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, \u2018Uncertainty over Income Tax Treatments\u2019 (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.
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\u00a0instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-483": { "value": "Accounting for leases
Judgment: Some of the Group\u2019s 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.
13. Property, plant and equipment
Land and
buildings
\u20ac million
Aircraft
maintenance
assets
\u20ac million
Aircraft
assets and
parts
\u20ac million
Fixtures
and
fittings
\u20ac million
Advances
paid
for aircraft*
\u20ac million
Advances paid
for aircraft
maintenance
assets
\u20ac million
RoU assets \u2013
aircraft and
spares
\u20ac million
RoU assets
\u2013 other
\u20ac million
Total
\u20ac 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)
\u2014
(315.8)
(5.4)
(1,047.2)
Transfers
\u2014
127.0
\u2014
\u2014
\u2014
(127.0)
\u2014
\u2014
\u2014
FX translation effect
\u2014
(3.9)
3.6
\u2014
\u2014
\u2014
8.8
\u2014
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
\u2014
(102.8)
(213.3)
(0.2)
(303.9)
\u2014
(277.7)
(3.0)
(900.9)
Transfers
\u2014
110.1
39.0
\u2014
(39.0)
(110.1)
\u2014
\u2014
\u2014
FX translation effect
\u2014
(2.9)
3.9
\u2014
\u2014
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
\u2014
\u2014
1,669.8
9.9
2,065.1
Depreciation charge
1.7
156.7
92.9
1.9
\u2014
\u2014
479.8
2.9
735.9
Disposals
(0.3)
(166.1)
(4.3)
(0.1)
\u2014
\u2014
(311.0)
(4.0)
(485.8)
FX translation effect
\u2014
(6.1)
(0.5)
\u2014
\u2014
\u2014
2.5
\u2014
(4.1)
At 31 March 2024
7.4
226.9
216.7
10.2
\u2014
\u2014
1,841.1
8.8
2,311.1
Depreciation charge
2.2
238.7
109.9
1.8
\u2014
\u2014
583.0
4.3
939.9
Disposals
\u2014
(101.9)
(17.1)
(0.3)
\u2014
\u2014
(276.3)
(1.5)
(397.1)
FX translation effect
\u2014
(3.1)
0.4
\u2014
\u2014
\u2014
1.4
0.2
(1.1)
At 31 March 2025
9.6
360.6
309.9
11.7
\u2014
\u2014
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: \u20ac 249.1 million; 2024: \u20ac202.0 million) were fixed assets
created primarily against provisions for maintenance, as the Group\u2019s aircraft or their main components no
longer met the relevant return conditions under lease contracts.
Additions to \u201cadvances paid to aircraft maintenance assets\u201d reflect primarily the advance payments made by
the Group to\u00a0the engine maintenance service provider under power-by-the-hour agreements.
Additions to \u201cadvances paid for aircraft\u201d 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
\u20ac303.9\u00a0million \u201crefund of advances paid for aircraft\u201d and the cash outflow was \u20ac362.8 million in \u201cadvances
paid for aircraft\u201d.
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.
The Group recognised \u20ac121.3 million as a gain on sale and leaseback transactions in the period (2024:
\u20ac244.8 million).
Short-term wet-lease expenses of \u20ac113.0 million were recognised in the period (2024: \u20ac17.2 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\u2019s assets was identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-484": { "value": "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\u2011branded
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 \u201cagent versus principal\u201d assessment/judgment. The
Company\u2019s 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 \u20ac57.1 million (2024: \u20ac55.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-485": { "value": "Recoverability of deferred tax assets
Estimate: The change in the Group\u2019s deferred tax assets and the resulting deferred tax income amounts to
\u20ac219.9 million (2024: \u20ac74.7 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\u2019s consolidated statement of financial position as at 31\u00a0March\u00a02025 are recoverable. .
Recognised in the statement of other comprehensive income
2025
2024
\u20ac million
\u20ac million
Deferred tax related to movements in cash flow hedging reserve
5.4
(13.2)
Total tax credit/(charge)
5.4
(13.2)
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
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac 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
\u2014
46.8
75.0
Other
comprehensive
expense
\u2014
\u2014
\u2014
\u2014
\u2014
(13.2)
\u2014
(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
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credited/(charged)
to:
Profit or loss **
(686.8)
792.8
0.7
10.1
(1.6)
\u2014
104.9
220.1
Other
comprehensive
income
\u2014
\u2014
\u2014
\u2014
\u2014
5.4
\u2014
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
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets: + / Liabilities: -
*\u2002\u2002Deferred 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).
The total balance of the deferred taxes is a \u20ac334.7 million asset ( 2024: \u20ac 109.2 million asset) that consists of
only deferred tax assets.
The \u20ac151.7 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 \u20ac15.3 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 \u20ac8.8 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 (\u20ac(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 (\u20ac250.0 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 \u20ac25.8 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 \u20ac148.6 million
(2024: \u20ac 43.7 million) is attributable to an intra-group sale of rights to purchase aircraft \u2013 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 \u20ac528.7 million (2024: \u20ac1,074.9 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 \u20ac118.5 million (2024: \u20acnil). The tax losses for which no deferred tax asset was recognized has
unlimited expiry.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-486": { "value": "
5. Segment information
Reportable segment information
The Chief Operating Decision Maker of the Group, as defined in IFRS 8, \u2018Operating Segments\u2019, 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\u2011segment
revenue was\u00a0zero.
Reconciliation of reportable segment revenue and operating profit to consolidated profit after income tax:
2025
2024
\u20ac million
\u20ac 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
\u20ac million
\u20ac 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
\u20ac million
\u20ac 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\u00a0booking.
The Company\u2019s revenue from external customers within the EU is mainly generated by Italy at \u20ac671.8\u00a0million
( 2024: \u20ac597.9 million), Romania at \u20ac561.7 million (2024: \u20ac518.7 million) and Poland at \u20ac482.3 million
( 2024: \u20ac407.3 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
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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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
\u2014
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\u2019s country of domicile
for the year ended 31\u00a0March\u00a02025 (2024: \u20acnil).
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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-487": { "value": "
Products and services
Revenue from external customers can be analysed by groups of similar services as follows:
2025
2024
\u20ac million
\u20ac 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
\u20ac million
\u20ac 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\u00a0booking.
The Company\u2019s revenue from external customers within the EU is mainly generated by Italy at \u20ac671.8\u00a0million
( 2024: \u20ac597.9 million), Romania at \u20ac561.7 million (2024: \u20ac518.7 million) and Poland at \u20ac482.3 million
( 2024: \u20ac407.3 million).
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
\u20ac million
\u20ac 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
\u20ac8.9\u00a0million (31 March 2024: \u20ac6.4 million) and the contract liabilities (unearned revenues) reported as
part\u00a0of deferred income were \u20ac1,003.5 million (31 March 2024: \u20ac790.3 million). Out of the \u20ac5,197.6 million
revenue from contracts with passengers recognised in F25 (2024: \u20ac4,994.6 million), \u20ac790.3 million (2024:
\u20ac761.1 million) was included in the contract liability balance at the beginning of the year (see unearned
revenue in Note 26).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-488": { "value": "
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
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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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
\u2014
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\u2019s country of domicile
for the year ended 31\u00a0March\u00a02025 (2024: \u20acnil).
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-489": { "value": "
7. Auditors\u2019 remuneration
2025
2024
\u20ac million
\u20ac million
Fees payable to the Company\u2019s auditors for the audit of the consolidated
financial\u00a0statements
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
*\u00a0 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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-491": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-490": { "value": "
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
\u20ac million
\u20ac 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\u2019 emoluments
2025
2024
\u20ac million
\u20ac 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\u2019 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
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-492": { "value": "
9. Directors\u2019 emoluments
2025
2024
\u20ac million
\u20ac 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\u2019 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
\u2014
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
\u20ac million
\u20ac 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 \u20ac3.6 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 \u20ac3.5 million (2024:
\u20ac3.3 million), which in the judgment of the Board was not material. On 31\u00a0March\u00a02025 , the outstanding
amount payable to the related party was \u20ac0.7 million (31\u00a0March\u00a02024: \u20ac0.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-498": { "value": "
10. Net financing income and expense
2025
2024
\u20ac million
\u20ac 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)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-497": { "value": "
10. Net financing income and expense
2025
2024
\u20ac million
\u20ac 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)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-496": { "value": "
10. Net financing income and expense
2025
2024
\u20ac million
\u20ac 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)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-495": { "value": "
10. Net financing income and expense
2025
2024
\u20ac million
\u20ac 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)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-494": { "value": "
10. Net financing income and expense
2025
2024
\u20ac million
\u20ac 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)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-493": { "value": "
10. Net financing income and expense
2025
2024
\u20ac million
\u20ac 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)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-499": { "value": "39100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-500": { "value": "
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, \u20ac million
225.8
376.6
Weighted average number of Ordinary Shares in issue
103,379,218
103,329,836
Basic earnings per share, \u20ac
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:
\u25b6 Convertible Shares;
\u25b6 Convertible Notes; and
\u25b6 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\u00a0 per share, \u20ac
2025
2024
Profit for the year attributable to equity holders of the Company, \u20ac million
225.8
376.6
Interest expense on convertible debt (net of tax), \u20ac million
1.9
1.8
Profit used to determine diluted earnings per share, \u20ac 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, \u20ac
1.78
2.96
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-501": { "value": "-303900000.0", "decimals": -5, "dimensions": { "concept": "wizzair:RefundOfAdvancesPaidForAircraftClassifiedAsFinancingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-502": { "value": "362800000.0", "decimals": -5, "dimensions": { "concept": "wizzair:AdvancesPaidForAircraftClassifiedAsInvestingActivities", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-504": { "value": "
Impairment assessment
An impairment assessment was performed for the Group\u2019s 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\u2019s 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\u2019s base case approved plan with a downside
scenario that is consistent with that used in the Group\u2019s 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\u2019s 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 \u20ac13.7 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-503": { "value": "
Impairment assessment
An impairment assessment was performed for the Group\u2019s 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\u2019s 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\u2019s base case approved plan with a downside
scenario that is consistent with that used in the Group\u2019s 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.
14. Intangible assets
Software
\u20ac million
Licences
\u20ac million
CIP intangible
assets
\u20ac million
Total
\u20ac million
Cost
At 1 April 2023
78.1
36.0
3.2
117.2
Additions
\u2014
\u2014
34.5
34.5
Transfers
27.5
\u2014
(27.5)
\u2014
Disposals
(4.7)
\u2014
\u2014
(4.7)
FX translation effect
\u2014
0.8
\u2014
0.8
At 31 March 2024
100.9
36.8
10.2
147.8
Additions
\u2014
\u2014
32.6
32.6
Transfers
27.9
\u2014
(27.9)
\u2014
Disposals
(13.0)
(0.1)
\u2014
(13.1)
FX translation effect
\u2014
0.6
\u2014
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
\u2014
40.5
Amortisation charge for the year
19.2
\u2014
\u2014
19.2
Disposals
(4.6)
\u2014
\u2014
(4.6)
At 31 March 2024
55.0
0.1
\u2014
55.1
Amortisation charge for the year
26.9
\u2014
\u2014
26.9
Disposals
(12.9)
(0.1)
\u2014
(13.0)
At 31 March 2025
69.0
\u2014
\u2014
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-507": { "value": "
16. Subsidiaries and associates
The Group has the following associate as at 31\u00a0March\u00a02025:
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
Registered offices
1. 1095 Budapest, Lechner \u00d6d\u00f6n fasor 6, Hungary
2. ul. Wolnosci 90, 42-625 Pyrzowice, Poland
3. Bulevar vojvode \u017divojina Mi\u0161i\u0107a 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 Pu\u015fkin, 47/1-5a, mun. Chi\u015fin\u0103u, 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
18. Summarised financial information for investments in associates
Wizz Air has an interest in one individually immaterial associate, Firefly Green Fuels Limited (\u201cFirefly\u201d).
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 \u00a35.0\u00a0million
(\u20ac 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\u2019s share of the net result and other
comprehensive income of Firefly:
Firefly Green Fuels
Limited
\u20ac million
Firefly Green Fuels
Limited
\u20ac million
31\u00a0March\u00a02025
31\u00a0March\u00a02024
Carrying amount of Firefly Green Fuels Limited
5.7
5.7
Percentage ownership interest
25.0%
25.0%
Share of net profit of associates
\u2014
\u2014
Share in other comprehensive income from investments
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-506": { "value": "
16. Subsidiaries and associates
The Group has the following subsidiaries as at 31\u00a0March\u00a02025:
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
Registered offices
1. 1095 Budapest, Lechner \u00d6d\u00f6n fasor 6, Hungary
2. ul. Wolnosci 90, 42-625 Pyrzowice, Poland
3. Bulevar vojvode \u017divojina Mi\u0161i\u0107a 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 Pu\u015fkin, 47/1-5a, mun. Chi\u015fin\u0103u, 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\u2019s financial year end due to the
requirements of local legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-505": { "value": "
16. Subsidiaries and associates
The Group has the following subsidiaries as at 31\u00a0March\u00a02025:
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\u00a0March\u00a02025:
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
Registered offices
1. 1095 Budapest, Lechner \u00d6d\u00f6n fasor 6, Hungary
2. ul. Wolnosci 90, 42-625 Pyrzowice, Poland
3. Bulevar vojvode \u017divojina Mi\u0161i\u0107a 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 Pu\u015fkin, 47/1-5a, mun. Chi\u015fin\u0103u, 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\u2019s financial year end due to the
requirements of local legislation.
18. Summarised financial information for investments in associates
Wizz Air has an interest in one individually immaterial associate, Firefly Green Fuels Limited (\u201cFirefly\u201d).
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 \u00a35.0\u00a0million
(\u20ac 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\u2019s share of the net result and other
comprehensive income of Firefly:
Firefly Green Fuels
Limited
\u20ac million
Firefly Green Fuels
Limited
\u20ac million
31\u00a0March\u00a02025
31\u00a0March\u00a02024
Carrying amount of Firefly Green Fuels Limited
5.7
5.7
Percentage ownership interest
25.0%
25.0%
Share of net profit of associates
\u2014
\u2014
Share in other comprehensive income from investments
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-508": { "value": "
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
\u20ac million
Abu Dhabi
LLC
\u20ac million
Abu Dhabi
LLC
\u20ac million
Abu Dhabi
Limited
\u20ac million
Abu Dhabi
Limited
Summarised balance sheet
Non-current assets
247.4
309.8
46.3
46.3
Current assets
106.3
89.3
\u2014
\u2014
Non-current liabilities
232.4
311.9
46.3
46.3
Current liabilities
283.8
210.6
\u2014
\u2014
Net liabilities
(162.5)
(123.4)
\u2014
\u2014
Net liabilities attributable to NCI
(49.5)
(37.7)
\u2014
\u2014
Revenue
283.1
225.0
\u2014
\u2014
Net loss for the year
(39.3)
(35.6)
\u2014
\u2014
Other comprehensive income/(expense) for the year, net of
tax
0.2
(0.4)
\u2014
\u2014
Total comprehensive expense
(39.1)
(36.0)
\u2014
\u2014
Net loss for the year allocated to NCI
(11.9)
(10.7)
\u2014
\u2014
Other comprehensive income/(expense) for the year, net of
tax allocated to NCI
0.1
(0.1)
\u2014
\u2014
Cash flows from operating activities
23.1
(4.0)
\u2014
\u2014
Cash flows from investment activities
\u2014
\u2014
\u2014
\u2014
Cash flows from financing activities (dividends to NCI: \u20acnil)
(4.0)
(6.3)
\u2014
\u2014
Net increase/(decrease) in cash and cash equivalents
19.1
(10.3)
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-509": { "value": "
19. Inventories
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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 \u20ac0.4 million was written off to maintenance
expenses (2024: \u20ac0.3 million). There was no write back in either year of any write down of inventory
previously made.
Inventories totalling \u20ac27.6 million were recognised as maintenance materials and repairs expenses in the
year (2024: \u20ac23.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-510": { "value": "
20. Trade and other receivables
31\u00a0March\u00a02025
31 March 2024
\u20ac million
\u20ac 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 \u20ac202.1 million in receivables from contracts with customers (31\u00a0March\u00a02024:
\u20ac192.4 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 \u20ac353.6 million are related to incentives and compensation from Original
Equipment Manufacturers (OEMs) and other suppliers (2024: \u20ac198.6 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\u00a0March\u00a02025 included financial instruments in the amount of
\u20ac567.9 million (31\u00a0March\u00a02024: \u20ac571.2 million).
Impairment of trade and other receivables
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac million
Impaired receivables
\u2013 trade receivables
(2.8)
(2.8)
Allowances on impaired receivables
\u2013 other receivables
(0.5)
(0.5)
The Group recorded \u20ac2.1 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-511": { "value": "
Impairment of trade and other receivables
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac million
Impaired receivables
\u2013 trade receivables
(2.8)
(2.8)
Allowances on impaired receivables
\u2013 other receivables
(0.5)
(0.5)
The Group recorded \u20ac2.1 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-512": { "value": "
22. Restricted cash
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-513": { "value": "
23. Borrowings
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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
\u2014
499.6
Secured debt
\u2014
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
Unsecured debt
On 19 January 2022, Wizz Air Finance Company B.V., a wholly owned subsidiary of Wizz Air Holdings Plc,
issued a \u20ac500.0 million, 1.00 per cent Eurobond, fully and irrevocably guaranteed by the Company, under
the \u20ac3,000.0 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 \u20ac0.6 million (31\u00a0March\u00a02024: \u20ac12.0 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 \u20ac253.6 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 \u20ac3.0 million expense relating to short-term leases (2024: \u20ac3.5 million) and a \u20acnil
expense relating to variable lease payments in the period (2024: \u20ac0.6 million).
The maturity profile of borrowings as at 31\u00a0March\u00a02025 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
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Payments due:
Within one month
42.8
0.3
11.4
0.6
\u2014
\u2014
55.1
Between one and
three months
95.7
0.6
26.3
\u2014
\u2014
\u2014
122.6
Between three
months and one
year
463.7
2.6
101.7
500.3
271.9
\u2014
1,340.2
Between one and
two years
558.5
3.1
143.9
\u2014
\u2014
\u2014
705.5
Between two and
three years
480.0
3.3
148.1
\u2014
\u2014
\u2014
631.4
Between three and
four years
433.8
3.3
152.6
\u2014
\u2014
\u2014
589.7
Between four and
five years
426.5
3.3
281.9
\u2014
\u2014
\u2014
711.7
More than five years
1,140.6
13.0
1,264.8
\u2014
\u2014
13.9
2,432.3
Total borrowings
3,641.6
29.5
2,130.7
500.9
271.9
13.9
6,588.5
The maturity profile of borrowings as at 31\u00a0March\u00a02024 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
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Payments due:
Within one month
35.8
0.2
9.6
12.0
\u2014
\u2014
57.6
Between one and three
months
70.2
0.4
18.5
\u2014
35.3
\u2014
124.4
Between three months and
one year
454.7
1.9
71.5
\u2014
374.1
\u2014
902.2
Between one and two years
535.3
2.8
107.0
499.6
53.8
\u2014
1,198.5
Between two and three years
488.0
2.9
110.0
\u2014
\u2014
\u2014
600.9
Between three and four years
409.0
3.1
113.0
\u2014
\u2014
\u2014
525.1
Between four and five years
365.0
3.1
116.4
\u2014
\u2014
\u2014
484.5
More than five years
1,226.8
12.7
1,097.4
\u2014
\u2014
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 \u20ac761.3 million (2024: \u20ac613.7 million) and \u20ac165.8 million
(2024: \u20ac106.8 million) for JOLCO, FTL and FL.
See details on right-of-use assets in Note 13.
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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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*
\u2014
6.0
Repayment of unsecured debt
\u2014
(500.0)
Proceeds from secured debt
\u2014
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
*\u2003At 31\u00a0March\u00a02025, \u20ac 0.6\u00a0million (31\u00a0March\u00a02024: \u20ac12.0 million) is related to overdrafts. In the consolidated statement of cash flows,
this\u00a0amount was included within cash and cash equivalents, decreasing its total balance, instead of presenting it separately as proceeds
from unsecured debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-514": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-515": { "value": "12000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-516": { "value": "
24. Convertible debt
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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 (\u201cIndigo\u201d).
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 \u20ac1.0\u2013\u20ac1.5 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. \u2013 see Note 31.
For more information about the Group\u2019s exposure to interest rate risk, see Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-517": { "value": "
25. Trade and other payables
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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 \u20ac13.0 million
(31\u00a0March\u00a02024: \u20ac11.8 million).
The Group recognised \u20ac166.5 million for Regulation (EC) No. 261/2004 (EC261) and other flight disruption
related compensation to customers in the period (2024: \u20ac169.7 million).
Total trade and other payables as at 31\u00a0March\u00a02025 included financial instruments in the amount of \u20ac814.5
million (31\u00a0March\u00a02024: \u20ac752.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-518": { "value": "
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 \u20ac13.0 million
(31\u00a0March\u00a02024: \u20ac11.8 million).
The Group recognised \u20ac166.5 million for Regulation (EC) No. 261/2004 (EC261) and other flight disruption
related compensation to customers in the period (2024: \u20ac169.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-520": { "value": "
26. Deferred income
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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
Current deferred income represents the value of tickets paid by passengers for which the flight service is yet
to be performed (\u201cunearned revenue\u201d), 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 \u20ac32.5 million (31\u00a0March\u00a02024: \u20ac17.1 million). Unearned revenue
increased due to higher demand and ticket bookings made further in advance.
The contract liabilities (unearned revenue) of \u20ac1,003.5 million as at 31\u00a0March\u00a02025 (31 March 2024: \u20ac790.3
million ) will become revenue during F26 (subject to further cancellations that might happen after the year
end).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-519": { "value": "
26. Deferred income
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-521": { "value": "
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\u20132023 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 \u20ac11.6 million (2024: \u20ac8.2 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 J\u00f3zsef
V\u00e1radi, the Group\u2019s 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\u2019s
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:
\u25b6 F23 LTIP \u2013 yield on a zero-coupon UK government bond over three years: 1.83 per cent; and
\u25b6 SLGP \u2013 yield on a zero-coupon UK government bond over five years: 1.91 per cent.
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\u2011market-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:
\u25b6 Both the performance period and vesting period were extended by two years (from five to seven years)
\u25b6 Market performance conditions were modified to be expressed in absolute thresholds of share prices
instead of share-price growth rates
\u25b6 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:
\u25b6 Both the performance period and vesting period were extended by two years (from five to seven years)
\u25b6 Market performance conditions were modified to be expressed in absolute thresholds of share prices
instead of share-price growth rates
\u25b6 The share price threshold under which no awards will vest was lowered from \u00a396.46 to \u00a377.24
The fair value of the options at the date of the modification was determined to be \u00a36.27 and \u00a34.44 for the
VCP and SLGP, respectively. The incremental fair value of the VCP and SLGP at \u00a34.78 and \u00a32.69,
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 \u00a321.38 per share.
As approved by shareholders at the 25 September 2024 AGM, there were changes to the incentive plan of
the CEO, J\u00f3zsef V\u00e1radi as follows to retain the incentive power of his share-based payment package:
\u25b6 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.
\u25b6 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.
\u25b6 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
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: \u00a321.38.
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\u00a0March\u00a02025 was seven years
and seven months (seven years and four months at 31\u00a0March\u00a02024). The weighted average share price of
the exercised options during F25 was \u00a313.37 (F24 was \u00a324.13).
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\u00a0instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-522": { "value": "
28. Capital and reserves
Share capital
Number of shares
31\u00a0March\u00a02025
31\u00a0March\u00a02024
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 \u2013 fully paid
103,396,078
103,360,705
Ordinary Shares
103,396,078
103,360,705
2025
2025
2024
2024
Value of shares
\u00a3\u2018000
\u20ac\u2018000
\u00a3\u2018000
\u20ac\u2018000
Authorised
Equity: 170,000,000 (2024: 170,000,000) Ordinary Shares
of \u00a30.0001 each and 80,000,000 (2024: 80,000,000) non-
voting, non-participating Convertible Shares of \u00a30.0001
each
25
34
25
34
Allotted, called up and fully paid
Equity: 103,396,078 (2024: 103,360,705) shares of
\u00a30.0001 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\u2019s 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 \u201cIndigo\u201d) on 1 June 2021
that the Company had elected to convert Indigo\u2019s entire holding of 17,377,203 Convertible Shares of
\u00a30.0001 each in the capital of the Company (\u201cConvertible Shares\u201d) into Ordinary Shares of \u00a30.0001 each in
the capital of the Company (\u201cOrdinary Shares\u201d), on a one-for-one basis, in accordance with the Company\u2019s
articles of association.
Share premium
The share premium has two main components. \u20ac207.2 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 \u20ac174.0 million (as at 31\u00a0March\u00a02025) 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\u2019s 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, \u20acnil (2024: \u20acnil) was recorded in the share premium, all related to the conversion of
employee share options.
Reorganisation reserve
A reorganisation reserve of \u20ac193.0 million was recognised as a result of the Group reorganisation in
October\u00a02009. It is equal to the difference between the fair value of the Group at the date of reorganisation,
\u20ac209.0\u00a0million, and the share capital of the Group at the same date (\u20ac16.0 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 \u20ac 8.3 million (2024 :\u00a0\u20ac8.3\u00a0million) is net
of attributable transaction costs of \u20ac8.3 million.
Share-based payment charge
The share-based payment balance of a \u20ac 47.2 million credit (2024 : \u20ac35.6 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\u00a0occurred.
The gross amount of unrealised change in the fair value of cash flow hedging instruments was\u00a0a \u20ac 40.8
mil lion loss (2024: \u20ac77.8 million gain ), while the deferred tax effect was a \u20ac5.4 million gain (2024: \u20ac13.2
million loss). A \u20ac13.6 million loss (2024 : \u20ac22.4 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\u00a0occurred.
The cost of hedging was a \u20ac32.8 million loss (2024: \u20ac43.0 million gain). No cost of hedging was recycled to
profit or loss (2024: \u20acnil). For more information please see Note 3.
Cumulative translation adjustments
Cumulative translation adjustments included currency translation differences amounting to a \u20ac 0.6 million
gain (2024: \u20ac 0.6 million loss), from which a \u20ac0.1 million gain related to non-controlling interests (2024:
\u20ac0.1 million loss).
Retained earnings
There were no dividends paid or declared in F25 or F24. Share-based payments are charged to retained
earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-523": { "value": "
Share capital
Number of shares
31\u00a0March\u00a02025
31\u00a0March\u00a02024
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 \u2013 fully paid
103,396,078
103,360,705
Ordinary Shares
103,396,078
103,360,705
2025
2025
2024
2024
Value of shares
\u00a3\u2018000
\u20ac\u2018000
\u00a3\u2018000
\u20ac\u2018000
Authorised
Equity: 170,000,000 (2024: 170,000,000) Ordinary Shares
of \u00a30.0001 each and 80,000,000 (2024: 80,000,000) non-
voting, non-participating Convertible Shares of \u00a30.0001
each
25
34
25
34
Allotted, called up and fully paid
Equity: 103,396,078 (2024: 103,360,705) shares of
\u00a30.0001 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\u2019s 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 \u201cIndigo\u201d) on 1 June 2021
that the Company had elected to convert Indigo\u2019s entire holding of 17,377,203 Convertible Shares of
\u00a30.0001 each in the capital of the Company (\u201cConvertible Shares\u201d) into Ordinary Shares of \u00a30.0001 each in
the capital of the Company (\u201cOrdinary Shares\u201d), on a one-for-one basis, in accordance with the Company\u2019s
articles of association.
Share premium
The share premium has two main components. \u20ac207.2 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 \u20ac174.0 million (as at 31\u00a0March\u00a02025) 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\u2019s 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, \u20acnil (2024: \u20acnil) was recorded in the share premium, all related to the conversion of
employee share options.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-524": { "value": "
Reorganisation reserve
A reorganisation reserve of \u20ac193.0 million was recognised as a result of the Group reorganisation in
October\u00a02009. It is equal to the difference between the fair value of the Group at the date of reorganisation,
\u20ac209.0\u00a0million, and the share capital of the Group at the same date (\u20ac16.0 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 \u20ac 8.3 million (2024 :\u00a0\u20ac8.3\u00a0million) is net
of attributable transaction costs of \u20ac8.3 million.
Share-based payment charge
The share-based payment balance of a \u20ac 47.2 million credit (2024 : \u20ac35.6 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\u00a0occurred.
The gross amount of unrealised change in the fair value of cash flow hedging instruments was\u00a0a \u20ac 40.8
mil lion loss (2024: \u20ac77.8 million gain ), while the deferred tax effect was a \u20ac5.4 million gain (2024: \u20ac13.2
million loss). A \u20ac13.6 million loss (2024 : \u20ac22.4 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\u00a0occurred.
The cost of hedging was a \u20ac32.8 million loss (2024: \u20ac43.0 million gain). No cost of hedging was recycled to
profit or loss (2024: \u20acnil). For more information please see Note 3.
Cumulative translation adjustments
Cumulative translation adjustments included currency translation differences amounting to a \u20ac 0.6 million
gain (2024: \u20ac 0.6 million loss), from which a \u20ac0.1 million gain related to non-controlling interests (2024:
\u20ac0.1 million loss).
Retained earnings
There were no dividends paid or declared in F25 or F24. Share-based payments are charged to retained
earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-525": { "value": "
29. Provisions for other liabilities and charges
Aircraft
maintenance
Other
Total
\u20ac million
\u20ac million
\u20ac 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
\u2014
195.8
Charged to profit or loss
\u2014
5.3
5.3
Used during the year
(81.8)
(2.0)
(83.8)
FX translation effect
0.9
\u2014
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
\u2014
231.2
Charged to profit or loss
\u2014
19.7
19.7
Used during the year
(153.5)
(14.5)
(168.0)
FX translation effect
(2.1)
\u2014
(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\u2019s estimates of the cost of heavy
maintenance work that will be required in the future to discharge obligations under the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-527": { "value": "
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\u00a0March\u00a02025
31\u00a0March\u00a02025
31\u00a0March\u00a02024
31\u00a0March\u00a02024
\u20ac million
\u20ac million
\u20ac million
\u20ac 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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-526": { "value": "
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\u00a0March\u00a02025
31\u00a0March\u00a02025
31\u00a0March\u00a02024
31\u00a0March\u00a02024
\u20ac million
\u20ac million
\u20ac million
\u20ac 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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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.
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:
\u25b6 during the year, \u20ac19.5 million gain (2024: \u20ac4.7 million gain) on cash and cash equivalents;
\u25b6 during the year, \u20acnil loss/gain (2024: \u20acnil loss/gain) on short-term cash deposits; and
\u25b6 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\u00a0Note 3 ).
31\u00a0March\u00a02025
31\u00a0March\u00a02024
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
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
rate
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Convertible
Notes
7.42%
25.5
0.3
25.2
7.42%
25.7
0.3
25.4
\u2014
\u2014
Unsecured
debt
1.16%
500.9
500.9
\u2014
\u2014
\u2014
1.16%
511.6
12.0
499.6
\u2014
\u2014
Secured debt
5.12%
271.9
271.9
\u2014
\u2014
\u2014
8.45%
463.2
409.4
53.8
\u2014
\u2014
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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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*
\u2014
6.0
Repayment of unsecured debt
\u2014
(500.0)
Proceeds from secured debt
\u2014
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
*\u2003At 31\u00a0March\u00a02025, \u20ac 0.6\u00a0million (31\u00a0March\u00a02024: \u20ac12.0 million) is related to overdrafts. In the consolidated statement of cash flows,
this\u00a0amount was included within cash and cash equivalents, decreasing its total balance, instead of presenting it separately as proceeds
from unsecured debt.
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\u00a0performance 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 \u20ac500.0 million, 1.00 per cent Eurobond in January 2022 by Wizz Air Finance Company B.V. is
fully and irrevocably guaranteed by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-528": { "value": "
Financial assets measured at fair value through profit or loss:
Carrying amount
Carrying amount
31\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-529": { "value": "
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\u00a0March\u00a02025
31\u00a0March\u00a02024
\u20ac million
\u20ac 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*
\u2014
6.0
Repayment of unsecured debt
\u2014
(500.0)
Proceeds from secured debt
\u2014
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
*\u2003At 31\u00a0March\u00a02025, \u20ac 0.6\u00a0million (31\u00a0March\u00a02024: \u20ac12.0 million) is related to overdrafts. In the consolidated statement of cash flows,
this\u00a0amount was included within cash and cash equivalents, decreasing its total balance, instead of presenting it separately as proceeds
from unsecured debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-530": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-531": { "value": "12000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "f-533": { "value": "
32. Capital commitments
At 31 March 2025, the Group had the following contracted capital commitments:
\u25b6 A commitment to purchase 300 Airbus aircraft of the A320 family in the period 2025\u20132030. The total
commitment is valued at $46.2 billion (\u20ac42.6 billion) based on list prices last published in 2018 and
escalated annually until the reporting date based on contract terms (2024: $48.7 billion (\u20ac45.2 billion)
to purchase 326 Airbus aircraft of the A320 family in the period 2024\u20132029). 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.
\u25b6 The Wizz Air Group has committed to purchasing one IAE \u201cneo\u201d (GTF) spare engine in 2025, valued at
$22.3 million (\u20ac20.6 million) based on 2025 list prices. This follows a previous commitment in 2024
valued at $174.1 million (\u20ac161.6 million), based on 2024 list prices, to acquire 8 IAE \u201cneo\u201d (GTF) spare
engines in 2025. At 9 May, the engine has already been delivered.
\u25b6 A commitment to purchase three full-flight simulators. The total commitment is valued at \u20ac22.2 million
based on contract terms. Payment is due in instalments, with \u20ac16.6 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: Timi\u015foara, Cluj-Napoca, T\u00e2rgu Mure\u015f, 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 \u201cEU guidelines on state aid to airports and
airlines\u201d, 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
Timi\u015foara 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-532": { "value": "
32. Capital commitments
At 31 March 2025, the Group had the following contracted capital commitments:
\u25b6 A commitment to purchase 300 Airbus aircraft of the A320 family in the period 2025\u20132030. The total
commitment is valued at $46.2 billion (\u20ac42.6 billion) based on list prices last published in 2018 and
escalated annually until the reporting date based on contract terms (2024: $48.7 billion (\u20ac45.2 billion)
to purchase 326 Airbus aircraft of the A320 family in the period 2024\u20132029). 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.
\u25b6 The Wizz Air Group has committed to purchasing one IAE \u201cneo\u201d (GTF) spare engine in 2025, valued at
$22.3 million (\u20ac20.6 million) based on 2025 list prices. This follows a previous commitment in 2024
valued at $174.1 million (\u20ac161.6 million), based on 2024 list prices, to acquire 8 IAE \u201cneo\u201d (GTF) spare
engines in 2025. At 9 May, the engine has already been delivered.
\u25b6 A commitment to purchase three full-flight simulators. The total commitment is valued at \u20ac22.2 million
based on contract terms. Payment is due in instalments, with \u20ac16.6 million paid as at 31 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-534": { "value": "
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: Timi\u015foara, Cluj-Napoca, T\u00e2rgu Mure\u015f, 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 \u201cEU guidelines on state aid to airports and
airlines\u201d, 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
Timi\u015foara 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-535": { "value": "
34. Related parties
Identity of related parties
Related parties are:
\u25b6 Indigo Hungary LP and Indigo Maple Hill LP (collectively referred to as \u201cIndigo\u201d here), because of its
shareholding and its appointment of two Directors to the Board of Directors (all in service at
31\u00a0March\u00a02025); and
\u25b6 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\u00a0March\u00a02025 (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\u2019s 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\u2019s
liability to Indigo, including principal and accrued interest, was \u20ac25.5 million at 31\u00a0March\u00a02025 (2024:
\u20ac25.7\u00a0million).
During the year ended 31\u00a0March\u00a02025, the Company entered into transactions with Indigo as follows:
\u25b6 The Company recognised interest expense on convertible debt instruments held by Indigo in the amount
of \u20ac1.9 million (2024: \u20ac1.8 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
\u20ac million
\u20ac 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 \u20ac3.6 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 \u20ac3.5 million (2024:
\u20ac3.3 million), which in the judgment of the Board was not material. On 31\u00a0March\u00a02025 , the outstanding
amount payable to the related party was \u20ac0.7 million (31\u00a0March\u00a02024: \u20ac0.4 million).
36. Ultimate controlling party
In the opinion of the Directors, there is no individual controlling party in relation to the Company\u2019s 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 (\u201cDisenfranchisement\u201d). 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\u2013EU 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\u2019s (including
each UK national\u2019s) shareholding to be designated as Restricted Shares.
\u25b6 A \u201cQualifying National\u201d 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).
\u25b6 A \u201cNon-Qualifying National\u201d 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
\u201cPermitted Maximum\u201d of 45 per cent pursuant to the Company\u2019s articles of association (\u201cthe Permitted
Maximum\u201d).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "f-536": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800COXGZCORLJZA85", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }