Wizz Air shares nosedive as profits miss forecasts

(Sharecast News) - Shares in Wizz Air nosedived on Thursday as operating profits came in lower than expected with the budget carrier blaming plane groundings due to a long-running engine issue which hit capacity along with higher costs. Operating profit slumped 61% to €167.5m for the year to March, well below the €246m expected by analysts. Shares in the carrier were down 25% in early London trade.

Hungary-based Wizz has been plagued by issues with repairs of RTX-owned Pratt and Whitney engines, severely reducing its seat capacity.

"Despite the unproductivity of a grounded fleet, we successfully delivered a second consecutive year of profitability. We have the benefit of more than a year of experience operating under these unique circumstances - conditions airlines would never experience when demand exceeds supply," said chief executive Jozsef Varadi.

The company did not provide guidance for 2026, citing limited visibility across its trading seasons.

Reporting by Frank Prenesti for Sharecast.com