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Full Year F15 Results May 27, 2015

József Váradi

Chief Executive Officer

INTRODUCTION

2

BUSINESS HIGHLIGHTS FOR F15

Record profitability and margin expansion in F15

18% passenger growth to 16.5m passengers

Excellent operational performance

Increasing our cost advantage

Building on our strong market leadership in CEE

Continued focus on customer experience

IPO raising 150m

3

UPDATE SINCE THE IPO

Fleet increased to 59 aircraft

Continued network growth and diversification

Further rationalization in Ukraine

Fresh new brand for the next decade

Introduction of fully allocated seating

Launched pilot academies

4

FINANCIAL PERFORMANCE

Mike Powell

Chief Financial Officer

5

FINANCIAL HIGHLIGHTS

6

2015 2014 Change

Revenue ( m) 1,227 1,012 + 21%

Net profit for the year ( m), (IFRS) 183 88 + 109%

Underlying net profit after tax* ( m) 146 87 + 67%

CASK* ( cents) 3.61 3.72 - 3.0%

RASK ( cents) 4.19 4.15 + 1.1%

Ancillary revenue per pax ( ) 26.3 25.4 + 3.7%

Load Factor (%) 86.7 85.7 + 1 ppt

Free cash ( m) 449 186 + 263m

Shareholders funds ( m) 460 160 + 300m

Source: Company Information * Excluding exceptional items

7

RASK ( cent) RPKs ( bn ) Load Factor

EBITDAR ( m) & Margin* Net Income ( m) & Margin*

Source: Company information. * Excluding exceptional items

ASKs (bn)

CASK ( cent)* Revenues ( m)

+21% +41% (3.0%)

RECORD PROFIT AND MARGIN EXPANSION

+67%

3.72 3.61

87

146

241

341 1,227

1,012

27.8%

23.9%

11.9%

8.6%

+21% +20% +1 ppt +1.1%

STRONG REVENUE GROWTH

Revenue Development

Revenue Bridge

Innovative revenue generation driven by:

F15 passenger volumes +18%

Ticket revenue per pax 48.2 (+1.8%)

Ancillary revenue per pax 26.3 (+3.7%)

Total revenue per pax 74.5 (+2.5%)

Average stage length +2.6%

m

8

340

424 552

577 659

794

119

165

214

274

353

433

459

589

766

851

1,012

2 5 .9% 2 8 .1% 2 7 .9%

3 2 .2%

3 4 .9% 3 5 .3%

F10 F11 F12 F13 F14 F15

Ticket Ancillary Ancillary as % of Revenue

1,227

m

Source: Company Information

CEE

12.3%

11.5%

7.7%

3.8%

3.0%

2.3%

1.5%

1.3%

1.1%

1.0%

0.8%

2.7%

49%

Western Europe

16.3%

9.6%

5.3%

4.7%

3.8%

3.4%

2.8%

1.7%

1.7%

1.8%

51%

DIVERSE REVENUE MIX

Revenue Split by Point of Sale F15

Source: Company Information. Note: Other includes Finland, Switzerland, Cyprus, Portugal and Greece for Western Europe and Slovenia, Bosnia & Hertz. Georg ia, Azerbaijan, Russian Federation, Turkey, Moldova, Egypt and Croatia for CEE.

Other (1)

Other (1)

UK

Italy

Spain

Germany

Sweden

Netherl.

France

Belgium

Poland

Romania

Hungary

Ukraine

Bulgaria

Lithuania

Czech R.

Serbia

Latvia

Norway

9

Macedonia

Israel

Revenue Breakdown per Passenger ( )

+16 %

+81 %

+33 %

F10 F11 F12 F13 F14 F15

Ticket 41.5 43.0 49.1 46.8 47.3 48.2

Ancillary 14.5 16.8 19.0 22.2 25.4 26.3

Total 56.0 59.8 68.1 69.1 72.7 74.5

Load Factor and Volume Growth

ANCILLARY REVENUE GROWTH

10

19


DISCIPLINED COST MANAGEMENT

CASK Bridge

Cost per ASK ( cent)

CASK reduction driven by:

Total CASK -3.0%

Fuel CASK -8.4%

CASK ex - fuel +0.5%

Fuel initiatives to support CASK reduction

Active airport mix management

Other cost categories broadly flat in unit terms

11

2.30 2.32

2.25 2.29 2.25 2.26

0.95 1.191.49

1.581.48 1.36

3.25

3.51

3.743.88

3.723.61

F10 F11 F12 F13 F14 F15

CASK ex-fuel Fuel

cent

CASK F14

CASK F15

Fuel Non -consumption

Fuel consumption

Airport, en -route costs

Ownership costs


CASK* and CASK* ex - fuel Development

CASK KEY DRIVERS

12

2015 2014 %

change

Staff costs 0.28 0.28 (0.2%)

Fuel costs 1.36 1.48 (8.4%)

Distribution and marketing 0.06 0.07 (8.4%)

Maintenance, materials and repairs 0.21 0.20 6.6%

Aircraft rentals 0.47 0.46 1.6%

Airport, handling and en - route charges 1.02 1.03 (0.9%)

Depreciation and amortisation 0.12 0.10 11.1%

Other expenses 0.10 0.11 (4.8%)

3.61 3.72 (3.0%)

cent cent


Excluding exceptional items

EBITDAR MARGIN OF 27.8%

EBITDAR* Growth

EBITDAR* Bridge

Strong EBITDAR improvement:

Volume growth

Rising unit revenues (RASK +1.1%)

Lower unit costs ( -3.0% total, +0.5% ex- fuel CASK)

m

13

105

146

158

241

341

F11 F12 F13 F14 F15

241

341

36 (14)

(47) (18)

215

EBITDARF14

(Inc.)in FuelCosts

(Inc.) inMaint.Costs

(Inc.) inAirport &En-Route

Costs

(Inc.) inOtherCosts

Increasein Revenue

EBITDARF15

(36)

m

28% 18% 24% 19% 19% Margin


STRONG CASH FLOW

14

mill

ion

s


186 186

353 375

326 326

461 450 449

167

34 12

50

149

14 11

0

50

100

150

200

250

300

350

400

450

500

Opening FreeCash

OperatingProfit

Depreciation/

Amortisation

Net WorkingCapital

CAPEX Net IPOProceeds

Financialexpenses,incl. taxes

Others Closing FreeCash

( )

( )

( )

SUMMARY BALANCE SHEET

Source: Company Information, 1.Current & Non -Current.

15

million

2015 2014

Property, plant and equipment 247 222

Restricted cash 1 74 42

Derivative financial instruments 1 61 0

Trade and other receivables 1 168 116

Cash and cash equivalents 449 186

Other assets 1 23 19

Total assets 1,021 585

Equity 460 160

Trade and other payables 124 121

Borrowings 1 4 20

Convertible debt 1 27 43

Deferred income 1 263 206

Derivative financial instruments 1 82 4

Provisions 1 52 28

Other liabilities 1 8 4

Total equity and liabilities 1,021 585

LIQUIDITY AND LEVERAGE

Leverage*

17% 16%

18% 14% 11%

Cash as % of LTM Revenue

Cash and Cash Equivalents ( m)

18%

12%

36%

13%

16

Company information. *Leverage is defined as net debt adjusted to include capitalised operating lease obligations divided by earnings before interest tax depreciation, amortisation and aircraft rentals

$821 $801

$676 $672

HEDGE PROGRAMME

US Dollar

69% 61% Hedge Coverage

Average capped rate Average floor rate

Sensitivities (before hedges) :

A $10 (per metric ton) movement price of jet fuel impacts F16 fuel bill by $6.3 million. A one cent movement in the Euro/US Dollar FX rate impacts F16 operating costs by 5.4 million.

17

Jet Fuel

Notes: 1. Fuel hedged capped rates excludes into plan premium and based on CIF NWE Jet fuel prices. 2. Average floor rates on ly apply to the proportion of fuel hedged with zero cost collars.

$1.30 $1.26

$1.16 $1.11

18% 51%

Zero cost collar instruments Fuel Caps

Q4 FINANCIAL HIGHLIGHTS

18

( Q4 2015 Q4 2014 Change

Passenger ticket revenue 139,373 124,003 + 12%

Ancillary revenue 96,011 73,861 + 30%

Total revenue 235,384 197,864 + 19%

Fuel costs 83,214 82,003 + 1%

Other expenses 157,864 130,969 +21%

Total operating expenses 244,078 212,972 + 15 %

Operating Profit / (Loss) (5,694) (15,108)

Reported net profit 5,294 (20,784)

Underlying net profit (10,829) (23,466)


19

IMPROVED WINTER PERFORMANCE

Disciplined capacity management

Benign competitive environment going into winter 2014/15

Modest positive Easter effect

Relatively mild winter 2014/15

Maturing winter ski/sun routes

H2 capacity growth 18%

F11 F12 F13 F14 F15

Drivers H2 Operating profit* development

Source: Company Information * excluding exceptionsl items

OUTLOOK

2016 Financial Year Other Comments

Capacity growth (ASKs) 17 % H1: 18 %, H2: 16%.

Average stage length Unchanged

Load Factor Modest improvement

Fuel CASK -1.5% Assumes spot price of $625/MT

Ex-fuel CASK 1.0% Assumes $/1.10

Total CASK Unchanged

Revenue per ASK Down low single digit Pass through of lower fuel prices

Tax rate 6 %

Net profit 165-175million Excluding unusual or exceptional items

20

BUSINESS REVIEW

József Váradi

Chief Executive Officer

21

CEE A UNIQUE OPPORTUNITY FOR GROWTH

22

kUTASI

Large Addressable Market

Weak Legacy Carriers

GDP Growth Deregulation

Growing Propensity to Air

Travel

Growing LCC Market

Share

COMPELLING GROWTH PROSPECTS

Higher LCC Penetration

Growing Propensity for Air Travel

+

2 0 %

3 5 %

0%

10%

20%

30%

40%

CEE Western Europe

LCC Penetration

0.4

1.6

0.0

0.5

1.0

1.5

CEE Western Europe

Total Seats / Population

Note: Western Europe defined as EU -15 plus Cyprus, Iceland, Malta, Norway and Switzerland. 1. Source: Innovata (departing seat capacity per country, April 2013 to March 2014 inclusive) and IMF (population data as of January 2015), Capstats. 2. Source: Innovata (departing seat per country, April 2013 to March

Kazakhstan, Lebanon and Tunisia based on the total population in those countries.

23

STRONG ANTICIPATED ECONOMIC GROWTH

Source: IMF as of January 2015, EIU, Capstats. Note: CEE includes Poland, Hungary, Romania, Czech Republic, Bulgaria, Ukraine, Serbia, Macedonia, Croatia, Lithuania, Latvia , Estonia, Slovakia, Slovenia, Bosnia & Herzegovina, Russia, Moldova, Albania, Belarus, Montenegro and does not include Kosovo due to lack of data. 1. Middle Class defined as population with annual net income of more than US$ 25,000 as per EIU d ata , for CEE data only available for Bulgaria, Czech Republic, Hungary, Romania, Russia and Slovakia.

GDP Growth Middle Class Proportion (1)

GDP per Capita GDP per Capita Growth

CAGR 2014 -2017 2014, as % of Population

2014, in US$ CAGR 2014 -2017

24

(2017E)

7,536

(2017E)

MARKET POSITION

LCC Market Number 1 Number 2 Number 3

Carrier Carrier Carrier

CEE

Ryanair

Easyjet

Poland Ryanair Norwegian

Romania Blue Air Ryanair

Hungary Ryanair Easyjet

Czech Republic Easyjet Wizz Air Ryanair

Lithuania Ryanair Wizz Air Norwegian

Bulgaria Wizz Air Easyjet Norwegian

Latvia Ryanair Wizz Air Norwegian

Ukraine Wizz Air Pegasus FlyDubai

Slovakia Ryanair Wizz Air Norwegian

Serbia Wizz Air Easyjet Pegasus

Macedonia Wizz Air Pegasus FlyDubai

Bosnia & Herzegovina Wizz Air Pegasus Germanwings

25

Source: Company Information. Innovata, April 2014 to March 2015.

DE-RISKED GROWTH PROFILE

New Airports

Increasing Frequencies

New Destination Countries

Joining Existing Airports

26

67.1 %

F15 Capacity

27.2 %

5.6 %

0.1 %


SUMMER 2015 VS. SUMMER 2014

Bulgaria

Poland

Romania

Hungary

Ukraine

Lithuania

Serbia

Czech

Slovakia

Latvia

Bosnia -Herz.

3 New Bases Slovakia

Bosnia & Herzegovina

Poland

16 New Destinations

UK

Netherlands

Romania

Germany

Norway

Serbia

Denmark

Portugal

Egypt

Slovakia

Macedonia

Iceland

Macedonia

+ 3

+ 2

+ 2

+ 1

+ 1

+ 1

+ 1

+ 1

+ 1

+ 1

+ 1

+ 1

Base Country (# of Aircraft) 15 14

Poland 19 15

Romania 15 14

Hungary 8 7

Bulgaria 5 4

Lithuania 4 3

Macedonia 3 2

Latvia 2 1

Ukraine 1 2

Serbia 1 1

Czech Republic 1 1

Bosnia 1 -

Slovakia 1 -

Maintenance/Spare Other

2 4

Total 63 54

New aircraft added

27


F15 F16 F17 F18

Average Seat Count 180 183 190 194

Share with Winglets 36% 48% 55% 60%

FLEET ORDER SUPPORTING GROWTH

28

55

88

78

67


DELIVERING COST LEADERSHIP

Source: Company information,

29

CASK ( cent)

Fleet development Economies of scale

Improved financial standing

Fuel costs

Airport, handling, en- route

Depreciation & amortisation

Staff costs

Aircraft rentals

Maintenance, materials & repairs

Others operating costs

3.72 3.61

Opportunities

Distribution & marketing

Challenges

Inflationary pressures Infrastructure costs US dollar strength

MAXIMISING REVENUE THROUGH

ANCILLARY INCOME

Lowest Possible Ticket Prices

Maximise Appeal to Drive Growth Influence Customer Behaviour Reduce Seasonality Increase Share of Wallet Leverage Brand

+

Large cabin baggage fees

30

New and exciting destinations

Fully allocated seating

Plus Fare

Mobile enhancements

31 31

Recent changes Coming in F16

EVEN BETTER CUSTOMER EXPERIENCE

Website upgrades

Launch mobile site

Lowest Fare Finder function

Wizz Tours package holidays available in more countries throughout 2015

New deliveries of A320 and A321 in new livery

New interior in A321 from November

New uniforms with refreshed brand colors

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