Good morning, everyone. Thank you for joining this presentation.

We are reporting the first quarter of fiscal '27, the April-June period. If I would want to title this quarter, I would say this is all about absorbing cost pressure and high growth.

I think we've done actually a pretty good job going through this period. We believe that what we are reporting is pretty much what we have said, what we have told you, there shouldn't be any surprise.

As far as we are concerned, this is totally in line with guidance we have provided to you previously. Let me pick a few highlights on the quarter.

Capacity growth. This is a high-growth period.

You recall we told you a good year ago when we renegotiated the Airbus delivery agreement that this is the last period, the first half of fiscal '27, when we are still getting the originally scheduled aircraft deliveries. After that, this is all going to be moderated down to around 10% to 12% growth.

This agreement is in place, this is kind of the last period in the first half you are seeing fleet growth, more delivery into 20% growth rate as opposed to the 10% growth rate. On top of that, we are, and I think that's a good development for the company, we are tremendously increasing sector productivity as a result of our strategic decision to enter domestic markets, especially in Italy, and later on we will do that in Spain, too.

That gives us a lot better platform, especially in terms of economic efficiency, the same asset delivering more seats to the market at lower cost at the end of the day. You are seeing that coming through.

While ASK capacity is 15% up, seat capacity is more like 25% up. Obviously, this is a transition.

It's not always going to be a deviation like this. For so long as we are ramping up domestic production, you're going to be seeing this kind of a distortion, but I think this is a very good thing for the company in terms of long-term economic efficiency.

Then you look at load factor. Load factor is flat.

You can certainly argue that we have been able to deliver this business for 25% growth at load factor neutral, we have not been jeopardizing our load factor production. Of course, you get some penalty when you are creating that degree of new capacity through prematurity, we had this 8% deficiency on fares, effectively.

Now, if you put that in context, you look at the market in Europe, I mean the market is suggesting that intra-European traffic is down probably 3% to 5%, the 8% should be measured against that. We are delivering 5-6 times higher growth than what the rest of the market is achieving.

I think that's a very good revenue resilience what we are seeing over here. We have been much focused on the cost side of the business.

We think we have a very clear path to cost leadership in the industry in Europe. As we previously elaborated on, we believe that a couple of years down the line, we are going to become the cost leader.

That cost leadership is essentially established on four key pillars. One is the ungrounding of the GTF.

We have made tremendous progress. A year ago we had 41 aircraft on the ground, this time around 27.

We have the plan in place that is now pretty intact and we believe is going to get delivered by the end of calendar '27 when the entire GTF grounded fleet will be ungrounded. Secondly, we are in the process of returning the CEO fleet.

That's a major change. Obviously, it comes with some cost penalty at the time of returning the fleet, putting the aircraft back into a return condition.

Once it is done, we will clearly and fully benefit from the economic efficiencies, the unit cost advantages of the NEO aircraft. In the meantime, this is not only renewal of the aircraft, but also the upgauging of the aircraft, especially in a higher fuel price environment, you are seeing the benefit on fuel burn by being converted into that fleet type.

That is happening and it will be done majorly in the next two years or so. Obviously, with all of that, we are ramping utilization back up to standards.

We have made significant progress, but we got interfered by the war in Iran. We had to pull capacity out last minute, and we were unable to reallocate that capacity overnight.

Obviously, that takes some time to allow lead time for sales. We got a detrimental impact on that.

Structurally speaking, utilization is improving in the company, and I think you're going to see some of it in Q2 and the rest of the financial year. Now we are back into growth, and that gives us a leverage for lowering our airport costs.

We have made significant progress on that. Airport cost is coming down.

You may not see that in the numbers because at the same time as we are putting navigation, handling, and airports all together, monopoly infrastructure charges are up, navigation charges are up and they offset the good work and progress we have made on airports. Nevertheless, we are in a position now to leverage growth for lowering airport costs.

Operational efficiency remains very strong in the company. We are at the top of the list of European airlines completing schedules.

We actually fly what we sell, and we sell what we fly, and we are uniquely better than the rest of the industry. On-time performance has improved quite significantly.

We are really in the kind of the upper pack of the airline industry in Europe. It's a very solid operation with a lot less disruption, with a lot less disruption costs like EU261 than before.

We are clearly benefiting from that. I also think that it kind of flows through into revenue resilience because you build a lot more confidence in the market with the customers to book with us.

Cash remains very strong. Liquidity is, as we speak today, €2.3 billion, we are holding up the level very well.

That translates into close to 40% liquidity ratio. That's one of the strongest in the industry globally.

We are running a business with very high liquidity and with significant cash. That, we believe, gives us an opportunity not just how to weather the storm of challenging circumstances arising from the war, spiking fuel price, etc., but also that gives us strategic opportunities should there be significant market opportunities arising, especially in the winter period when we're going to be seeing more capacity adjustments by other airlines.

Maybe just a commentary on fuel hedge. We are well-hedged.

We continued our hedging activities during the past period, except for the very short term when fuel was hyped up. For the interim period, for the mid-term period, we continued to place hedges, both on fuel and FX.

We think we are well-covered, and if this war continues to unfold for a longer period, we are well-protected versus the rest of the industry. I would say that you probably have a lot of interest in what is happening in Q2.

In terms of capacity, it is fairly similar to the Q1 situation, with one change that why the Iran war made us ground some capacity that was originally allocated to the Middle East, that capacity is entirely recycled either back into Israel, especially, or into other European markets. We don't have grounded capacity as a result of that.

I think that's an improvement. In terms of the trading environment, we are also seeing an improvement on fares.

We are holding load factors, I don't think you should be expecting any change. We continue to deliver the business at flat load factor.

While we had 8% fall on fares in the Q1 period, we are only seeing low single digit in the Q2 period. We think that our resilience continues to hold, and effectively some of the invested newly invested capacity matures very quickly, giving us a better room to maneuver against the market.

We are closing on the gap, notwithstanding that we are still delivering 25% seat growth in this period. Maybe with these remarks, I will just hand over to Veronika to comment on the financial performance.

Thank you.

Thank you, József. Good morning, everybody.

If we can go to the next page, please. I would like to show and make a couple of points about our Q1 Q1 numbers, which are very much in line with with what József has commented.

I would also reiterate three points that that have been in focus and that have been, as previously said, we are growing the capacity and deploying deploying it across the key markets. We see that supported in the numbers, in the growth of the ASKs by 15% and by seat and passengers by the by the 25%.

We also see the we also see the lower lower stage length, which is which is as per as per deployment of the capacity. There is a focus on the cost and operational excellence and operational performance, which I will go through when we when we speak about the costs.

As said, that we have delivered in Q1 the numbers as as per guidance, as guided previously, in terms of the capacity, in terms of the load factor, RASK, and we have delivered -2% of the of the ex-fuel cost. What what I would like to point out on this slide, we are finishing the quarter with the profit after tax of negative 119 98.

This is, as you can see, this is this is largely about 100 million of impact of that is on the is on the fuel cost and increase in the in the cost, which is impacting the whole industry. I would like to again point out that we that we have a hedging program in place, which is which is mitigating the the fuel prices to to a high extent.

We have 82% of the Q2 fuel needs hedged, 62% of the H2 F27, and we are already hedging into the into the F28, where we have a 39% of the of the first half of the of the expected consumption covered. This is as per the as per the hedging program, which we which we are implementing, which we have implemented and we continue delivering on that.

That would be on this page. If I can ask to move to the next page, please.

Yes. Here I would like to focus on some of the some of the some of the cost lines.

You see as as I as I said previously, the fuel cost the fuel cost is is up on the year-on-year basis, but we have seen the improvement of the fuel of the ex-fuel costs. I would say that this is this is attributed to the several factors.

We can see the staff costs, which are which are going down, and this is in line with the with the crew with the crew efficiency. We are seeing improvement of the airport unit costs, which is also in line with the with the redeployment of the of the network of the capacity very very efficiently.

What we see is an improvement of the of the other costs as well. Now when we take a look at the other costs, what I would like to point out is that the two factors which which were quoted previously, we have a benefit of the of the sale and leasebacks, Q1 to Q1 '26 and '27, but if you can see, this this is basically offset by the decrease in credits and compensation.

Really the improvement of the other costs and income is in delta attributed to the to the decrease of the disruption costs, which is in line with the improvement of the operational performance, and and the decrease or non-existence of the of the wet leases. On the on the sale and leasebacks, what I would like to what I would like to comment, we see we see a bigger benefit if we if we compare Q1 '26 and Q1 '27.

On the on the full-year basis, we expect a smaller smaller benefit coming in this year than than last year. Okay.

With that, I would turn to the next page, please. Okay.

On this slide, we can see that the quarter that the quarter has resulted in the in the positive in the positive free cash flow combined of the combined of the of the usual components. On the on the net on the net CapEx, what I would like to point out is that we have seen we have seen 7 aircraft and 8 engines, which were part of the SLB program this quarter, as opposed to as opposed to 7 aircraft only in the same period as the last year.

This is what I was also commenting on the on the last on the previous slide. Looking forward for the full year, we expect the about 21 aircraft and 19 engines to be under this program.

The the forecast receipts will be around 200 million, as I was also commenting based on the based on the full-year based on the full-year projection. What is important, as as József has mentioned, we are ending the quarter with the with the 2.2 billion of the of the cash, and and most recent figure is 2.

is 2.3, which is, which is bringing the liquidity ratio of 37%, which is the one of the one of the one of the best in the industry and more than adequate in terms of the required liquidity levels. That would be on the nutshell on the on the financials, and I would like to turn to Ian to to comment on the on the Q1 unit revenue.

Thank you very much, Veronika. Could we please go to the next slide?

In terms of the revenue performance this quarter, there was a lot that was happening in the period. I think it's important to put some of the issues on the table so that you can understand the business in the medium term once these issues are resolved.

We obviously have the fuel price, the maintenance costs, and the depreciation costs that Veronika talked about. Those will diffuse when the fuel price comes down and the legacy fleet leaves the business.

In terms of the revenue side of things, we also have some I would say temporal factors that we're dealing with and dealing with it as best as we can. Last year's Q1 RASK was at 4.41.

I think it's important to point out that the numbers this year are flattered by the shorter stage length. We increased, we decreased stage length roughly 8% year on year as a result of the reallocation of a lot of our capacity in March from the Middle East and Israel to our European strongholds.

We did so in very short period of time, and that changed the shape of the network dramatically. We've never seen that dramatic of a shift in our network.

Of course, we were compelled to under the circumstances. The numbers do enjoy a bit of flattery here from that stage length.

The next impact then was the growth impact. We're growing dramatically.

We're growing 25% in ASK terms this quarter, and that growth will continue for the next few quarters. That's that is what it is.

It's something that we have to deal with, is something we knew was happening. The growth wind-down got delayed a little bit by virtue of some of these impacts, but that too will subside.

We have to digest the growth, and we have to deploy it because the alternative of parking capacity is not acceptable because we're paying for the aircraft, and so we need to make sure that we deploy them properly. Growth has always been one of the strengths of this company.

Growth equals value, and growth today is value tomorrow. In terms of this, once we get through deploying it and deploying it sensibly, which is what we're in the process of doing, that will then allow immature capacity to convert into mature capacity.

To put it in perspective, last year this time we had roughly 70 to 80 routes that were less than one year old. Now we have just under 300 routes that are less than one year old.

Four times the number of routes that are new. Now, some of them are new because of the reallocation from Middle Eastern capacity back to Europe.

Some of them are new just due to organic growth. We've also embarked on some additional domestic flying in Italy, and now with Spain coming online.

That will, within less than a year, become more mature capacity, which means that you will see margin expansion coming from that. There is a cost to putting that growth into the system, and that's what you see there in terms of Q1.

Then you have the April impact. April was compounded by the fact that you had a shift in Easter, plus you had the impact of basically full ramp-up of the 2026 Iran war.

We had a lot of uncertainty around fuel supplies. You can remember there's a lot of consumer sentiment, there were people that were changing their travel plans, and in fact we showed you a slide last period that talked about the change in behavior of the consumer from booking more in advance to booking last minute, waiting to see what was happening.

We had seen that trend was reversing when we did the last quarter's results and that we were going back to more normal patterns in May and June. However, we have seen now since as we get into peak summer that that's shifting back, July and August are seeing more late booking, and we're actually seeing some of that behavior come through our July and August numbers.

There's some encouragement here, but we still have the rest of August and September to get through for Q2. Then lastly, there's an element of market pricing having to stimulate, again, driven by I would say competitive reaction into the region as we concentrate our capacity into our core Central and Eastern European stronghold, our historical diaspora flows, as well as moving into new markets where we can drive this productivity that József mentioned earlier.

What we're doing as a result of the shorter stage length is driving significantly more seats out of our assets. We pay for the planes whether we fly them or not, and so if our ambition, my ambition, is to create as many seats as possible out of those aircraft so that we have more product to sell, to give customers more choice, more options, and ultimately become more of a preferred airline.

We have a bunch of new initiatives that we put forward this year, this quarter. We announced Starlink, as just right before the last quarter, but then we have also added some interesting new winter options for the business that we haven't had to do before.

We've expanded our program to North Africa, out of Poland in particular. We've introduced some new opportunities for skiing in Northern Italy, which we encourage everyone to check out.

Ultimately we're balancing this growth, which we still see and will always see as an opportunity, with sensibility around where we fly in the summer and where we fly in the winter. That's how we are going to get through this period and get to that ultimate profitability perspective where you see the cost excellence coming through.

In fact, the cost side, I think, is probably the easy part now, because you can see the path to that. The revenue side will come with that maturity that I talked about.

Ultimately that's how the medium term comes together. I'll wrap up at this point, hand it back to József to talk about any final remarks and the outlook.

Thank you, Ian. Could you please move the slide?

Thank you. With regard to Q2 outlook, with regard to capacity, the period continues to be high growth.

We are expecting to deliver around 20% ASK growth, higher on seats as a result of stage length reduction. Load factor is expected to be flat year on year.

RASK, as said, it's going to be slightly down on the back of this high-growth capacity, but at the same time we are seeing quite a significant improvement to Q1. As you recall, Q1 was 8% down.

We are really expecting only a couple of percentage points down here. With regard to cost for the period and H1 in total, we are expecting a slight increase on ex-fuel cost.

I think we are working hard to mitigate that and keep it flat, but to be on the safe side, that would be our best guidance to you today. If I just wrap it up, I would say that you should really focus on two avenues here.

One is the efforts of the company on the cost side of the business to get to cost leadership. I think we have a pathway.

I think we've got the building blocks very clear, and we have associated actions to make sure that in the foreseeable future, next 18 to 24 months indeed, Wizz Air becomes the cost leader of Europe. Those building blocks are around the GTF ungrounding, the CEO aircraft returns, leveraging airport costs, and really ramping utilization, fleet utilization back up to previous standards.

I think we are well on the way, and this is what you are seeing in the improvements in ex-fuel costs, which I think makes us already a positive outlier in the industry. Two, as we have been elaborating on the revenue side, this year is high-capacity growth.

Once we are through the year, you should be seeing a lot more moderated growth pattern coming through. The business is benefiting from the renegotiated aircraft delivery stream with Airbus, the ungrounding of GTF, business becomes more normalized, a lot more palatable in terms of stretch to the business.

I would highlight that while you may feel a bit of a short-term pain delivering that capacity growth currently, but that is an investment into the future. Once you go through the maturity curve, you're going to see substantial benefits coming through that maturity.

We believe that we have adequate liquidity to do that, to execute against that, even beyond that. I think that we will see how the winter plays out in Europe, what happens to the industry and each of the players on the industry.

That period may represent more strategic opportunities for the company. With that, I would turn it over to questions and answers.

Thank you.

Hey, good morning, everyone. I've got two questions.

First one, you talk about wanting to take advantage of market opportunities in the release, and I think that means, if other airlines potentially cut back on capacity this winter. Do you know or have you done any kind of analysis on what percentage of your competitors are unhedged or what percentage of capacity out there you're competing with is unhedged on fuel?

Then the second question, on a similar line, if the fuel price stays at current levels, would you still expect to deploy the same level of capacity growth this winter as compared to the summer, 25% to 30% seats growth, or does fuel at the current level kind of change the equation in terms of deploying capacity? Thanks a lot.

Thank you. Maybe I start with the second question and leave the first one to Ian.

I think our baseline expectation is that fuel stays high, because anything else is speculative. We don't know.

The current reality is that there is a war dragging in Iran. It keeps wobbling.

One day it's peace, the other day it's war. God knows what's going to happen there.

We ought to assume that this is not going to get resolved anytime soon. If it gets resolved sooner, great, then we will take the benefits of that.

We are planning baseline on a prolonged war with continuous distress coming through the fuel pricing environment. I think before you ask the question what we are going to do, I think you also need to look at the context of the industry.

We have €2.3 billion of liquidity that translates into close to 40% liquidity cover. That stands probably the best of any airlines in Europe and even globally, or certainly amongst the best.

You have a lot of other airlines with basically no liquidity, unhedged on fuel, flying an old fleet of airplanes burning fuel like hell. Those airlines will get distressed in an off-peak demand environment like going into the winter period.

Yes, you manage your own capacity on the one hand, but at the same time you would also need to look at the market and see how opportunities arise from that. I think this is to be seen.

Of course, we are screening the industry, we are screening the performance of airlines. We have a pretty good understanding where the weak spots are, where the opportunities may arise, but I think, you can never take it definite.

We say that the entry barrier to the airline industry is high, but I think the exit barrier is probably 10 times higher. Airlines tend to find money, good or bad, to continue to stay alive, to get bailed, either governments or private investors.

We don't know that exactly. We think that given the scenario of a continuously distressed macro environment, that will force changes in the industry, and I think we want to be ready for the opportunities coming.

As far as we are concerned, we are doing a lot of good work in terms of de-seasonalizing the business. Last year, last winter, we grounded capacity to make sure that we manage capacity adequately to demand, to avoid cash negative flying.

This time around, I think we try to be smarter and we are altering capacity by bringing a set of network opportunities for the customer actually in line with their expectation where they want to fly. There is a concept of winter sun, and I think that is very strong and it has been gaining a lot of traction in Central and Eastern Europe, especially with the wealth creation, growing GDP, people have money to spend, not only in summer, but also in the winter period.

Skiing is popular, and we think we can create opportunities for the network to serve the customer needs better. We're going to be a lot more balanced, seasonality-wise, coming into this winter.

Then you have this unknown at the moment, but I think that unknown will get clarified sooner or later, what market opportunities we may have. I think we are planning on operating the fleet.

As we said, you fly what we sell, we sell what we fly. I think we will be sticking to that even if it feels like a stretch at this point in time, but that will create tremendous benefits going into next years.

I think you've covered that. I wouldn't read too closely into that statement, Harry.

We've always taken advantage of market opportunities as a company. We saw opportunities in the past when airlines had to reprioritize and repivot.

That's how we entered into Romania, for example, a few years ago. There will be capacity allocation changes going into the winter, especially if the fuel price stays high.

Our peer group in the low-cost space, as you well know, Harry, is hedged, but not everybody is or can. It requires a level of sophistication.

It requires relationships with credit institutions. It requires cash to be able to collateralize in case you don't have credit lines.

We also know that there's a lot of activity happening in this space in Europe. You have, a transaction underway in Portugal.

that ITA is now being absorbed into the Lufthansa Group and looking at long-haul South America. We're now the second largest airline in Italy.

we see something happening tomorrow, right? We just don't know what tomorrow will bring, but we know that there will be change.

We are at the position where we have capacity to be able to take advantage of gaps. Where we operate right now, we still have 60-plus percent of our network uncontested, where we have the ability to pass costs onto our into the fares.

As costs rise, we're going to have to do so. One thing you can be sure with our cost leadership is that those increases will be lower with Wizz than anybody else, and that will create opportunity for customers to choose us based upon price.

We are in the process of delivering opportunities for customers to choose us based upon preference, because we have a better aircraft. We have a newer aircraft, we have a more comfortable aircraft, it's more environmentally efficient, it's more silent.

We know that ultimately that combination of experience as well as financial performance and operational performance is what will drive consumer preference.

Cool. Thank you both.

Morning, everyone. First question, you've obviously got very high levels of liquidity, but if you look at your net debt to EBITDA, you were making progress on that front, it's now kind of flat year over year.

I guess the question is, what level would you get nervous? Is it 4.5, is it 5?

Over time you want to get it down to 2. Just how you're thinking about that, given also seasonally you would have got a lot of cash in at the back of the quarter.

Then, just coming back a little bit to changes happening in terms of stage length and the adjustments of this year, but how should we think about it, going forward, March '28, is that very much more normal year in terms of ASKs matching seats? Any colour on that, thanks.

I would pick the second one and Veronika addresses the first one. With regard to stage length, I think you should see it as a not necessarily an overnight adjustment of the business, but you see the ramp-up of domestic operations.

We have reallocated a lot of long Middle Eastern capacity to a shorter-haul European capacity. That's not going to reverse meaningfully, maybe a little, but not dramatically, and we will continue to expand domestic operations in Europe.

If you want to take kind of good planning assumption, I would say that if you assume 1,500 kilometers as the baseline for Wizz once this capacity evolution gets consolidated, and I think in a good year from now you will see a more consolidated platform when ASK and seat will get aligned again at around the 1,500-kilometer mark, that would be a good assumption. Obviously, there might be some variation to that, but it's not going to be that great.

We are deliberately de-scaling medium haul, like Middle Eastern operation. Those are flights of thousands of kilometers, and we are deliberately scaling up domestic flying, and they are a few hundreds of kilometers.

There is this rebalancing of stage length, but I think, I would bet on 1,500 fairly stable as of the next financial year, allowing some degree of variation, but not huge.

Jarrod, on the on the question to net debt to EBITDA, it's the same as as it was Q1 Q1 '26. This is this is at the more slightly more elevated level than than what it was at the at the last year.

There are two factors. One is the new aircraft and the and the financing which is which is relevant to that.

We expect we expect the net debt to to EBITDA leverage to to stay to stay slightly elevated for for this year and then then going down from from next year, also with the with the redeliveries and also with the with the growth of the of the EBITDA.

If I might just quickly jump in on that point to clarify. The gross debt number, Jarrod and everyone, is going to go up as this business grows.

It's just simple mathematics based upon new more aircraft coming, the total size of the fleet growing, and the way that those aircraft get financed end up creating more debt. What didn't happen this period is the EBITDA growth.

As we explained, we had a war where we were more exposed than others to, and we had a fuel price spike which created 21% increase in our unit costs on that. I think it's important to point out that this debt is not does not have a sort of bullet maturity where we are facing a wall that we are going to run into.

This debt matches the lease terms of our aircraft. We have a lot of recent aircraft lease growth happening, which means that we have 12 years to pay it off.

The maturity profile of this on average, is in 10-12 years in terms of our leases. While the debt coming onto the balance sheet is instantaneous, the repayment profile is over 12 years.

We do need to be able to recognize that there are going to be periods where things happen like a shock again, but that this business is resilient and will ride through this much like it has. That number that you ask for is at what point do we get nervous, sure, we're monitoring and we're nervous about every financial metric of this company, but that number is going to be changing, it's going to be going down, not up.

We're confident that as we continue to see this cost excellence and we get these routes matured and this capacity deployed, and that we're able to build the presence and market share that we want in terms of profitable market share, that will then ultimately drive the EBITDA number up and that ratio down.

Great. Thanks.

Thanks for the clarity.

Yes, good morning. First question is on other income in the full year, given you may have some visibility there.

Should we expect other income to moderate from €107 million in the first quarter? Would a range of €300 to €400 million be a reasonable expectation?

Then you show on slide 8 that depreciation cost will fall in full year '28 due to CEO retirements. Should we expect that to continue into full year '29?

Thank you.

I'll take it in the reverse order, if I may, the depreciation. Yes, expected to expected to fall down, and as we mentioned previously, the depreciation and in fact also the maintenance line are are elevated and are impacted by the by the redelivery of the of the CEO aircraft.

What we have seen is that last year we had 16 redeliveries, we expect 24 24 this year, and that has an impact on the on the depreciation and also on the maintenance for two factors. Is that the aircraft, before it is before it is returned, there is an increased maintenance which is which is needed to be which is needed to be done, and also in the in the last stages of the basically of the aircraft before being redelivered, the the depreciation is is elevated.

These are the these are the factors which which are which are impacting the the depreciation line this year. As we as we will see the the CEOs exiting the exiting the fleet, we expect the we expect the decline in the on the depreciation line.

On the on the other on the other income, what we what we expect, as mentioned, on the on the sale and leasebacks, there is a there is an increased there is an increased benefit in the in the Q1 '27, which is compared to Q1 '26. That on the on the full-year basis, that will be lower than the than the than the last year because because of the profile of the sale and leasebacks, especially in the fourth quarter, where it was higher where where it was higher last year than than what we expect than what we expect this year.

It was around 260 last last year, we expect that to be around 200 this year.

Good morning, everyone. Two questions, if I may.

The first one's for Ian, it's just a clarification on the comments you made about the booking curve. I thought you said it was elongating previously and had shifted back a little bit, but maybe I picked that up the wrong way, if we could just get a bit more detail on that.

Then thinking longer term, you've mentioned investing in future growth today, sector productivity is increasing, utilization is increasing. As we look forward beyond the GTF issues, do you think you have a structurally stronger business now?

Thank you. Let me take the second one first.

Definitely. It's, we have done quite a lot of analysis internally to understand how the business has been affected over the last few years and what drove those effects.

The single biggest issue is the GTF grounding. If you really think about the level of disruption to the business and to what extent it has been affected, the financial performance, on the cost side, on the revenue side, on the balance sheet, it's been hugely disruptive.

In 18 months from now, we are out of it. I think, that one on its own merit will kind of reset the business back to where we used to be.

Let's not forget that next year, next financial year, we're going to be hitting the 100 million mark on passenger numbers. That will make us a very large scale business in Europe.

This is pretty close to the current size of easyJet. This is a lot bigger than any of the legacy carriers, we are already bigger with that regard.

You have the major disruption to the business eliminated by that time at a different scale versus when that happened and that started affecting the business. I think that will make us structurally a lot better airline than what we are today.

On top of that, I think you should also kind of appreciate what is happening in the fleet renewal side of the operation. We are converting fully into NEO, we are upgauging pretty much fully into A321s, with a few exceptions, but 95% of the fleet is going to be A321s.

Those are huge structural benefits arising from the fleet side. I think you can expect of, you should expect us to be able to ramp up the assets what we are dealing with, airplanes as well as labor, to an optimum level of productivity, fleet utilization, crew productivity, etc.

Absolutely, we're going to be a lot better business, structurally speaking. Of course, at the moment the revenue line is hit by the high level of capacity growth.

Again, and, this can be mathematically proven, what you invest today is going to benefit you tomorrow through maturity, and you're going to see that maturity ramp-up happening very quickly going into the next financial years, which should also ramp up the revenue line. You have this, elevation of your standing relatively to the industry on the cost line to we call it the pathway to cost leadership, but at the same time, you will benefit from the maturity of the revenues what you are investing into today.

Yes, definitely. Then

Dudley, hi, thank you. On that booking curve comment, I was referring to the chart from last quarter where we saw this shift post-war onset to short-term behavior, and then our numbers were indicating that it was shifting back.

Following April, May and June were showing more normal behavior similar to what we saw in January and February. What I said is that actually that has flipped again, and going into July and now into August, we're seeing moderate short-term behavior, and we saw that with a bit of a pickup at the end of July, and we're seeing that activity in August is still continuing.

I guess the way to read into that is that there's some late summer activity building for people doing their travels.

That's great. Thank you.

think let me kick it off with the grounding question. The current plan is to unground the entire GTF-powered fleet by the end of calendar year 2027.

Now, you also have to know that there is some yet minor degree of distress coming through the V2500-powered fleet, the market is running dry on spare engines. Of course, Pratt & Whitney is congested on maintenance work and shock capacity and parts availability with that regard.

Being the largest customer of Pratt & Whitney effectively, we see that the plans we are having in place to be fully ungrounded on engines by the end of calendar '27 has been tracked accordingly to plan. I don't think that the risk is huge to that plan, but you cannot guarantee it until you are through the cycle.

As of then, I think you should be pretty much expecting no groundings. There should be no reason to ground, unless there is another event happening in the industry that or around the industry or geopolitically that would force you to ground.

I think that would come as temporary as opposed to structure. Structural grounding, we should be out in 18 months from now.

Yeah. By the end of FY '28.

Yep.

Yeah.

I will comment on the ex-fuel CASK H1. As it was mentioned, the H1, and that's what we will see in Q2 as well, is impacted by two factors, which are temporary, but which we will be incurring.

One is the redelivery of the CEO aircraft, and that comes with the higher depreciation and the higher maintenance. These are the factors which will be playing into a temporary cost increase in the Q2 as these events occur.

As mentioned, we are very much focused on decreasing the cost, decreasing the ex-fuel cost, and we are making all the efforts to keep the cost down. This is a transitory element which is impacting the cost, and this is what we will see in Q2 as well.

My thoughts on winter capacity planning is that we are, as said, de-seasonalizing the market, we are, a lot more skewed towards capacity that is leisure demanded in the period, winter sun, skiing, etc. We'll do a lot more of that type of capacity than before to make sure that, we are really converting underperforming capacity otherwise into performing capacity.

I think we mind fleet utilization as a concept, because, you have to recognize differences when you lease airplanes, what we do. You have significant fixed costs observed in the business.

Should you decide to ground because of weak demand, that fixed cost would spread across a narrower cost base, so that would push your unit costs up, you would create a problem as well what you are trying to fix. That is quite different versus when you own the plane.

I think you have a bit more flexibility for seasonal grounding, adjusting for demand. I think we are confident that the program we are putting in place makes a lot of commercial and financial sense.

As said before, we expect some opportunities coming up in the winter period resulting from the weaknesses of other airlines. We are observing that in the market and we will act accordingly to those opportunities.

It will be still a high-growth period, probably the last one going forward, and as of fiscal '28, you're going to be seeing this moderated capacity plan, moderated growth plan, because this year really is catching up to standards on many fronts to make sure that, the maturity will come through for the benefit of the business and for the benefit of financial performance going into the next financial year.

Was there a second question from Muneeba?

Yeah. We're still seeing strong demand.

We're booking ahead in terms of August and September for Q2. We have a modest buffer there on load factor.

The fare trends are in line with what we've been seeing on Q1, which is we're looking at something between mid single digits to high single digits down on fares. Although with that close-in booking increasing, we're monitoring that closely to see if that ends up more on the high end of on the towards the middle of the sort of single digit range.

Far, we're seeing, I would say, okay demand and okay pricing, given the fact that we're growing five times faster than the next competitor in the period. We are roughly 79%, 80% call it booked for August, and somewhere between 40% and 50% booked in September.

Those, are trending ahead of last year, and we're now in the process of managing the peak summer period to make sure that we are able to maximize what we can in terms of our RASK performance.

I can comment. I believe that this question was referring to already in one of the previous questions.

The main factors here are the increased depreciation and the maintenance, which is related to the redelivery of the aircraft.

I think it's really more about more volume of those sorts of returns happening in this period, plus as these aircraft exit, when you have more aircraft at the very end of their period of time with Wizz, they attract the highest amount of depreciation in their life cycle. You're hit by this compounding effect, which as soon as they're redelivered, then they know those costs drop off.

This is why we keep on mentioning that in the near term to medium term, we're seeing strong cost improvement performance, and we don't see any reason why that will change because we can identify where those problems are. In terms of the rest of the cost base, as József mentioned, bundled within the airports and handling and en-route line is airports, which is performing better, as we always said it would as we get back to growth.

We are seeing efficiency from the crew due to much better operational planning, as well as fewer aircraft unparked, which means that we're now able to deploy the crew efficiently as opposed to having crew inefficiently waiting for aircraft to come back online. Then you have this operational excellence that's driving disruption.

Of course, summer is always a period of challenges because we end up flying so much, and there's so many different issues that we're dealing with. There was fires and weather and things like that, but we're still going to see much better improvement because the operational performance is a financial strategy.

It helps us on the cost side, and it helps me on the revenue side, because people get more confidence in booking. Those are the drivers on the cost side.

I think, Veronika, you want to add something as well?

Yes, and I would add one more point as as I mentioned, we have to look at the also at the other costs and income on the sale and leaseback. There was a there was a there was a benefit of 25 25 million year on year.

This is this is due to the timing of the of the sale and leasebacks throughout the year. That was a bigger difference in the in the Q1 than it will be in the Q2, so that will drive the that will drive the difference of the other other income slower in the in the Q2.

So €75 million more in Q1 versus Q2 on in that whole basket,

yeah. 25, yeah.

Mhm. Then

We've covered that already, right?

I don't think we would want to add more than what we have said with that regard. We are watching the market, observing what is happening, and we'll form a view when we cross the bridge when we come to it.

I think this was a written question, we already covered it on one of the prior questions.

Hi there. Just two questions wondering.

One maybe for Ian. Would your assumption being with as you reduce the route churn that there would be better airport deals available in that case?

Because I think you've had an issue in the last couple of years of massive route churn. The second question, what I think this might be more József, but in terms of some ramp-up in domestic markets, say Italy, Spain, how are labor relations?

How are Are you happy that, there's not bluntly, there's no threat of unionization, etc.? Thank you.

Maybe I start with the second one. Look, contrary to some of the perceptions out there, we are incredibly labor-friendly in the company.

I think we are the only airline probably on the planet that the CEO goes to see every base we have periodically, twice a year, to talk to the crew. You have your pilots and cabin crew in front of you and you exchange views, they can tell you whatever they want to tell you.

It's a direct dialogue. We have an institution inside the company called the People's Council that is really trying to bridge communications further on between management and people on the ground to make sure that people's voice is heard.

We are extremely engaged with labor matters and we are extremely friendly to our own people. Yes, we are not unionized because we think that our model is better than the union model, and clearly the history of the last 22 years proves it, because it's not going to be me who will unionize the company, but it's not going to be the union and outside union who will unionize the company either.

It's going to be our own people to unionize or not. Notwithstanding their rights, they have opted for maintaining the current culture, which personally I think is a lot more beneficial to the employees than every single constituent in the company.

That model works in the UK, that model works in Italy, and you can argue that those countries are more exposed to matters like this, and I think the model will work in Spain as well. It is important that people understand what we are doing and how we are doing it and how they benefit from that.

I can tell you that I think we are probably the most labor-friendly environment of any airline on the planet.

Thank you. In terms of your question, Stephen, on on on airport deals and how we're going to continue to see that.

Let's let's be clear. There's always going to be an element of churn in this in for for for a ULCC.

Before you think that we're a bunch of pussycats that don't know how to drive negotiations with airports, we approach it from a slightly more benign perspective, but but we're still trying to drive the best for our for our shareholders and for our stakeholders. The churn that we're talking about that we're going to reduce is the stuff that we is the sort of the own goal, the self-inflicted wounds.

Major things like like think about the reaccommodation we did out of the Middle East last year, moving everything back, or, the changes required from taking a XLR program and then reconfiguring it into a NEO program with much much much much different profile of travel. Looking at what we did in in Austria, for example, looking at, the the the capacity that we didn't fly last year in order to manage capacity, which is now compounding the problem this year and giving us giving us this surge that we're digesting, or even just some of the rebalancing we did in other Western markets.

What we're trying to do is avoid mass impact with big swaths of change, but constantly calibrating and and and improving our cost base and and being a partner, being a reliable partner, and having airlines understand that it's much better to collaborate and reward us for the capacity than it is to to use the stick. More more nuance there.

I'm learning the space because I'm I'm new to the role, but I've been involved in some of the discussions with the airports and understanding exactly what their needs are. There's a there's a balance there, but we're not going to shy away from from driving the best bargain that we can get.

That's the name of the game and that's where the that's where the talent comes from. We have very talented people who have years and decades of of negotiating prowess, which we're going to deploy and we're going to use, especially as we start to de-seasonalize the business and think a bit more about some of the things that we need to do now with the size of this airline before compared to the airline before.

We are we are dramatically different airline today sitting here in 2026 than we were pre-COVID, irrespective of whatever metric you want to use, whether it's revenue, or seat capacity, or ASK capacity, or EBITDA, we're more than double on any of those metrics. That that weight is something that we now have in our favor to be able to deploy in a very sensible and cost-efficient way.

Thank you. Thanks, Ian.

Thanks, József.

Thank you for bearing with us. I think you should see how the building blocks, as we were discussing, will come into play in the period.

Notwithstanding the challenges we are facing short-term, I think you will see how that will evolve structurally over time. We can elaborate on many of these matters when we have a Capital Markets Day in a few weeks from now.

Thank you.