Wizz Air (WIZZLN 26s; Ba1/NR/BBB- Neg) Surveyed as worst UK airline

It's been rated the UK's worst airline beating even Ryanair to the bottom in another May 'Which?'survey(UK consumer NGO). It follows it being ranked worst for delays for a 3rd straight year based on Civil Aviation data from UK airports, averaging 31min delays (ex. cancelled flights).

Mgmt responded with "Which? only surveyed 68 Wizz Air customers, which is less than 0.001% of our UK customer base of 12.3 million passengers. It is unclear to us how Which? can claim its survey is nationally representative when only 1.66% of their respondents said they had contacted Wizz Air’s customer service team." Reports are Which? surveyed >5000 UK travellers. We can't confirm if above numbers Wizz quoted are true or not.

We don't have a issue with the €26s (mids at Z+130) that look to have drifted wider since FY24 results - offer side may be tough to find but we see value. It's par callable starting in Nov '25 - relevant given co is targeting aggressive deleveraging out to then. Next up is ~€500m in financing arrangements which it said it will taken down.

1Q25 (to June) results come tomorrow.