Latest news with #Váradi
Euronews
05-06-2025
- Business
- Euronews
Wizz Air sees income hit by engine issues and grounded aircraft
Wizz Air recorded a net profit of €213.9 million in the fiscal year 2025, representing a 41.5% year-on-year decline. The low-cost Hungarian airline also reported a comprehensive profit of €225.8m, missing its target of €250m to €300m. EBITDA, meanwhile, came in at €1.1 billion, a decrease of €58.9m compared to the prior fiscal year. Total revenue showed a 3.8% rise on the year, at €5.3bn, and the firm reported record traffic, amounting to 63.4 million passengers. 'I describe our fiscal year F25 with two words: resilience and transformation. In an environment where rare challenges have become recurrent, Wizz Air has evolved structurally, embedding increased flexibility into our standard operating model,' József Váradi, Wizz Air Chief Executive Officer, said in the earnings release. Among the challenges facing the airline this fiscal year was an obligation to ground its Airbus jets because of faulty engines. 'At end of F25, there were 42 grounded aircraft due to GTF engine inspections and 3 grounded aircraft in Ukraine,' said the firm. By the end of the first half of the next fiscal year, it expects to have about 34 planes grounded. "Wizz Air is a more resilient business today," added Váradi. "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." Wizz Air shares were down around 23.5% in daily trading just after 10am CEST in daily trading.
Yahoo
25-03-2025
- Business
- Yahoo
Wizz Air reveals details on resuming flights in Ukraine
Hungarian airline Wizz Air is ready to return to Ukraine and is close to reaching an agreement on resuming commercial operations with some Ukrainian airports. Source: CEO József Váradi during the Logistics as a Driver of Economic Growth conference organised by the think tank We Build Ukraine Details: Váradi stated that Wizz Air has big plans for Ukraine and sees significant potential in the country's aviation sector. He mentioned that Wizz Air was planning not only to operate flights to Ukraine but also to restore operational bases and resume flights from the country. Váradi reported that Wizz Air has developed a plan to establish a network of around 100 routes within the first six months of resuming operations, aiming to achieve an annual passenger flow of five million. Váradi added that they were already prepared and actively negotiating with airports in Lviv and Kyiv, being close to finalising a commercial agreement. Background: Ryanair, one of the world's largest low-cost airlines, has developed a five-year plan to resume flights to Ukraine, but CEO Michael O'Leary says the airports the company has approached with the proposed deal are ignoring it. Ryanair is preparing a plan to restart flights to Ukraine within four to six weeks after the war with Russia is suspended. Viktor Mykyta, Deputy Head of the Ukrainian President's Office, told Forbes Ukraine that every effort would be made to reopen the airport in the city of Uzhhorod, but the final decision lies with the military personnel. Wizz Air intends to resume flights to Ukraine shortly after a ceasefire with Russia is announced, restoring about 30 inbound routes within six weeks. Support Ukrainska Pravda on Patreon!
