维兹航空（WIZZ LN）2025财年业绩：EBITDA未达预期，2026财年指引暗示共识下调超25%

EUROPE | TransportationWizz AirEquity ResearchJune 5, 2025 Jaina Mistry, CFA *  | Equity Analyst44 (0)20 7029 8913 | jmistry@jefferies.comDiana Luca *  | Equity Associate+44 (0)20 7029 8722 | dluca@jefferies.comJames Wheatcroft *  | Equity Analyst44 (0) 20 7029 8126 | jwheatcroft@jefferies.comMatthew Copeland *  | Equity Analyst+44 (0)20 7548 4715 | mcopeland@jefferies.comFY25 Results: FY25 EBITDA Miss, FY26 GuideImplies >25% Consensus CutsConclusionA poor quality FY25 net income beat (c.40% beat), driven by larger thanexpected income tax credits. EBITDA was a 6% miss. Early FY26 guidancehas disappointed on CASK ex-fuel due to D&A and maintenance. Guidanceimplies FY26 net profit consensus could fall to €25-235m - low endassumes RASK is flat and CASK ex-fuel inflation 5%, high end, RASK +2%and CASK ex-fuel +2%. Current trading suggests slight growth in RASK.Results are in-line with our wider caution stemming from yield and costrecovery. As FY26 returns to c.15%-20% ASK growth per year,