Wizz Air Holdings PLC (LSE: WIZZ) is a FTSE 250-listed one of the most sustainable European airlines, operating a fleet of over 220 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 62 million passengers in the financial year ending 31 March 2024. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. The company was recently named the World's Top 5 Safest Low-Cost Airlines 2024 by airlineratings.com, the world's only safety and product rating agency, and named Airline of the Year by Air Transport Awards in 2019 and in 2023. This Report covers the Investment Highlights, Conclusion, and Recommendation on the stock.

Key Investment Rationale – Speculative Buy at GBX 1,070.00

• Profitability Improvement – Wizz Air reported an improvement in earnings in H1 FY26, with operating profit rising 25.8% to EUR 439.2 million and EBITDA increasing to EUR 981.3 million compared with H1 FY25. The uplift reflects lower disruption and wet-lease costs, steady revenue growth and higher capacity deployment, allowing the airline to achieve better operating leverage versus the prior year.
• Better Liquidity Position – Total cash increased to EUR 1.98 billion in H1 FY26, up 14.3% versus March 2025, while net debt decreased 2.5% year over year. The improved liquidity provides flexibility to meet upcoming commitments, including repayment of the EUR 500 million bond due January 2026, and supports fleet investment plans and ongoing operational requirements across the network.
• Optimised Fleet Planning – Wizz Air refined its future fleet profile in H1 FY26 by deferring 88 aircraft and converting 36 A321XLR orders to A321neo, aligning medium-term capacity with a targeted 10–12% annual seat growth range. These changes help reduce near-term capital intensity, improve flexibility around delivery timelines and maintain a young, fuel-efficient fleet to support route expansion.
• Operational Efficiency Trends – Operational efficiency improved in H1 FY26, with Total CASK declining 1.8% and fuel CASK reducing 10.4%, supported by lower fuel prices and a higher share of neo aircraft. Departure punctuality increased 11.1 percentage points compared with H1 FY25, contributing to lower disruption costs and partly offsetting inflationary pressures across airport charges, repairs and crew-related expenses.

WIZZ Daily Chart & Valuation

Source: REFINITIV, Analysis: Kalkine Group, as of December 10, 2025

 For conducting the valuation, the following peers have been considered: Easyjet PLC (LSE: EZJ), Jet2 PLC (LSE: JET2), etc.

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given on Wizz Air Holdings PLC (LSE: WIZZ) at the Current Market Price of GBX 1,070.00, as of December 10, 2025, at 8:01 AM GMT.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 10 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.