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Investing.com -- The chief executive of Wizz Air Holdings Plc has set a two-year timeline to revive the struggling low-cost carrier and regain investor confidence following a series of challenges, including an unsuccessful expansion into the Middle East.
Jozsef Varadi, who helped establish Wizz in 2003, plans to solidify the airline’s recovery by mid-2027, he stated in a London interview. By that time, the negative effects from the failed Abu Dhabi venture should be resolved, and additional maintenance visits for the geared turbofan engines on Wizz’s Airbus SE (OTC:EADSY) aircraft fleet should be finished.
"We need to see a drastic change of performance because by that time basically the GTF issue should be behind us," said the 59-year-old CEO. "There is no worse scenario than being on the ground."
Varadi acknowledged that investors will need to see consistent improvement to rebuild trust. The Hungary-based airline’s stock has declined 4.6% this year, following a 35% drop in 2024. The shares currently trade at approximately one-third of their value from early 2020, before the COVID-19 pandemic.
"We are still standing," Varadi said. "It requires adjustments and corrections and actions, but I think we are taking them."
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