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Wizz Air Holdings Plc Annual Report and Accounts 2020 1 HIGHLIGHTS

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Wizz Air Holdings Plc Annual Report and Accounts 2020 1 HIGHLIGHTS WIZZ AIR AT A GLANCE Wizz Air is the leading ultra-low-cost airline in Central and Eastern Europe with a fleet of 121 Airbus aircraft, connecting 155 destinations across 45 countries. At Wizz, our vision is to liberate lives through affordable travel. We operate at the lowest unit cost and the lowest carbon footprint in the European aviation industry and drive profitable growth to create Shareholder value. In March 2020 we operated 703 routes, making Wizz Air the preferred choice of 40 million passengers in the past twelve months. CONTENTS Highlights and Company overview 2 Strategic report Chairman’s statement 5 Chief Executive’s review 7 Section 172 Statement 13 Financial review 14 Key statistics 22 Emerging and principal risks and uncertainties 24 Governance Corporate governance report 31 Compliance with the UK Corporate Governance Code 33 Management of the Company 36 Report of the Chairman of the Audit and Sustainability Committee 47 Report of the Chairman of the Nomination Committee 51 Directors’ remuneration report 52 Corporate responsibility 66 Directors’ report 74 Company information 78 Statement of Directors’ Responsibilities in respect of the financial statements 79 Independent auditors’ report 80 Accounts and other information Consolidated statement of comprehensive income 91 Consolidated statement of financial position 92 Consolidated statement of changes in equity 93 Consolidated statement of cash flows 95 Notes forming part of the financial statements 96 References to “Wizz Air”, “the Company”, “the Group”, “we” or “our” in this report are references to Wizz Air Holdings Plc, or to Wizz Air Holdings Plc and its subsidiaries, as applicable. 2020, F20, FY20 and FY 2020 in this document refer to the financial year ended 31 March 2020. 2019, F19, FY19 and FY 2019 refer to the financial year ended 31 March 2019. Equivalent terms are used for prior financial years. Wizz Air Holdings Plc Annual report and accounts 2020 1 HIGHLIGHTS €344.8 M UNDERLYING NET PROFIT * €281.1 M STATUTORY NET PROFIT €2.8B REVENUE €1. 5B TOTAL CASH 3. 95 €CENTS RASK** 2.27 €CENTS EX -FUEL CASK** * Year F19 was restated for IFRS 16 (see Note 6 to the financial statements for more details). F20 underlying net profit excludes the impact of hedge losses classified as discontinued (amounting to €63.7 million; see in the Financial Review and in Note 2 for the definition of discontinued hedges) resulting from the impact of COVID-19 in the months of March, April and May 2020. F19 underlying net profit excludes the impact of FX losses from the retrospective adoption of IFRS 16 (amounting to €138.7 million) and excludes the impact of discontinued Wizz Tours operation (€3.7 million). F19 and F20 statutory results include these exceptional expenses and items. ** For definition refer to the Glossary of technical terms on page 22. Wizz Air Holdings Plc Annual report and accounts 2020 2 GEOGRAPHIES We fly 703 routes across Europe Number of routes operated from Central and Eastern Europe (CEE ) countries as at 31 March 2020: Poland 175 Romania 147 Hungary 81 Bulgaria 44 Macedonia 36 Ukraine 34 Lithuania 28 Georgia 20 Serbia 18 Moldova 18 Bosnia and Herzegovina 15 Latvia 12 Kosovo 3 Montenegro 2 Albania 2 Slovenia 1 Croatia 1 Czech Republic 1 Number of routes operated from other European countries (to non -CEE countries) as at 31 March 2020: Austria 36 United Kingdom 29 Wizz Air Holdings Plc Annual report and accounts 2020 3 WHY INVEST IN WIZZ ULTRA-LOW COST BY DESIGN We drive efficiencies in our operations to continue to decrease our unit cost and deliver on our mission of retaining our position as Europe's undisputed airline cost leader. We operate a single-class, unified fleet and focus on high utilisation of our assets. Our flights are sold through our own digital channels wizzair.com and the Wizz app in order to avoid unnecessary distribution costs. We fly to a mix of primary, secondary and regional airports. Our choice of airports has a crucial impact on achieving the lowest cost base. STIMULATING DEMAND We are able to stimulate demand significantly by offering the lowest fares. Today we operate 121 A320-family aircraft and have a further 268 A320neo-family aircraft on order, featuring the widest single-aisle cabin with 239 seats. Operating the A320 family provides Wizz Air with maximum flexibility, fuel efficiency and low operating costs. BALANCE SHEET STRENGTH We have one of the strongest balance sheets in the industry with €1.5 billion of total cash at the end of March 2020 and are well placed as the airline industry endures unprecedented times due to COVID-19. Our relentless focus on cost is a significant competitive advantage and ensures we remain a stable business, even in challenging times. PROFITABLE GROWTH As the leading airline in Central and Eastern Europe with a total market share of 17.5 per cent and a 39.6 per cent market share amongst low-cost carriers, we are driving profitable growth. During FY 2020, we launched 98 new routes and we operate from 25 bases which connect 155 destinations in 45 countries. We will continue to drive Shareholder value by taking advantage of market opportunities as they present themselves in a dynamic industry. STABLE CUSTOMER BASE IN AN AGILE NETWORK Our customers belong to a young age group with an average age of 36 years. 87 per cent of travellers are aged 50 or younger. The majority, 65 per cent of them, travel for work or to be reunited with friends and relatives, the most essential reasons to fly. With our point-to-point operation, we have the flexibility to adapt routes to demand. Whilst in a typical year our route change rate is close to 10 per cent, with COVID-19 we expect our route changes could be higher to maximize utilisation and profitability. THE GREENEST CHOICE OF AIR TRAVEL By investing in the most modern fleet, Wizz Air continues to operate at the lowest CO2 emissions per passenger/km amongst all competitor airlines. CO2 emissions per passenger for fiscal year 2020 were 2.2 per cent lower than last year, at 57.2 grams per passenger/km. Our target and plan is a further 33 per cent reduction by 2030. Wizz Air Holdings Plc Annual report and accounts 2020 4 STRATEGIC REPORT CHAIRMAN’S STATEMENT Dear Shareholders, The airline industry is facing unprecedented times and challenges due to COVID-19 but the performance of Wizz Air in 2020 provides a strong foundation to underpin the business. Wizz Air once again delivered an outstanding performance against a challenging backdrop in 2020: passenger numbers grew by 15.8 per cent to 40 million, with revenues up 19.1 per cent and a statutory net profit of €281.1 million. The Company maintained its position as the lowest cost, lowest emission airline in Europe and the leading player in the growing Central and Eastern European market. Wizz Air’s financial resilience to the current volatile environment, resulting from our focus and discipline on cost and cash management, stands in stark contrast to the fragility of the vast majority of airlines operating in Europe today. This financial strength, as evidenced by our strong balance sheet, together with the strength of the entire Wizz Air team, makes Wizz Air uniquely positioned to take advantage of a market that will continue to show exciting growth opportunities as and when demand for air travel returns. Strategy Wizz Air’s strategy has remained constant throughout our 16 years of operation. We deliver high-quality customer experience at the lowest cost, deploying a highly efficient fleet and ensuring that we meet the highest safety, operational and environmental standards. With a future order book of 268 new aircraft, we are confident in our ability that we can further improve customer experience and increase both the diversity of our network and operational and cost competitiveness whilst reducing our carbon footprint by a further 33 per cent by 2030. An especially important milestone this year was the announcement of Wizz Air Abu Dhabi, our new airline in Abu Dhabi established as a joint venture with Abu Dhabi Developmental Holding Company. Wizz Air Abu Dhabi will bring an entirely new business concept to the UAE market, being both economically and operationally highly efficient as well as environmentally sustainable. 2020 key performance metrics During the 2020 financial year: 98 new routes were added during the year, strengthening Wizz Air’s position as the leader in CEE and as one of Europe’s strongest and most efficient airlines. A memorandum of understanding was signed with Airbus S.A.S. ("Airbus") relating to exercising a part of existing options for the purchase of 20 Airbus A321XLR aircraft. The present order will be delivered over the course of three years starting in 2023 and will allow us to connect even more airports within our wide and diverse network. Our balance sheet and liquidity position were further strengthened, with total cash of €1,496.3 million at the end of the financial year. Wizz Air was named among the top ten safest low-cost carriers of 2019 in the world by airline safety and product rating agency AirlineRatings.com. In addition to the above, in April 2020, Wizz Air was deemed an eligible issuer under the UK Government's COVID Corporate Financing Facility (CCFF) and raised £300 million, which further strengthens the Company’s already strong balance sheet. Board changes As a Board, we are committed to the highest standards of governance and effective oversight in order to protect and create Shareholder value as well as the interests of the many stakeholders in Wizz Air’s business.
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