Wizz Air CEO unfazed as O’Leary suggests rival and airBaltic ‘could go bankrupt’

The CEO of Wizz Air József Váradi appeared unfazed in comments after the Ryanair boss Michael O’Leary suggested its Hungarian rival and airBaltic could go bankrupt before the end of the year.

At a recent press conference, Il Sole 24 Ore reported that O’Leary voiced his concerns over the ongoing closure of the Strait of Hormuz and potential impact on fuel costs and supply while taking a swipe at Wizz Air.

It is understood that Ryanair has hedged around 80% of its fuel needs at $67 per barrel through March 2027, but O’Leary said he still has worries if current price levels remain.

“If oil stays at these levels, two or three European airlines in October or November could go bankrupt like Wizz Air, which wants to sue me but won’t have enough time to do so, and airBaltic,” O’Leary said, according to Il Sole 24 Ore.

In a statement sent to AeroTime, Wizz Air said that “O Leary’s recent comments about Wizz Air’s financial prospects are flatly untrue and false” and that it was “one of the best hedged airlines in the industry”.

Dmitry Rukhlenko / Shutterstock.comOn April 28, 2026, Váradi clarified Wizz Air’s position with Reuters reporting that the carrier had hedged 70% of its fuel needs for the summer.

Váradi also said that he doesn’t believe the industry “we’ll be running out of fuel” and there is “a lot of room to be creative”, according to the BBC.

“I know for a fact that tankers are going to the United States to pick up fuel and bring that to Europe,” added Váradi.

However, Váradi admitted that “ultimately if there is no fuel anywhere, then you will have to cancel [flights]”.

In March 2026, Wizz Air’s CCO, Ian Malin, told AeroTime that the carrier has hedged 86%, 71% and 61% of its fuel needs in Q1, Q2 and Q3 2026, respectively, and that it was 57% covered for the full year.

According to Malin, Wizz Air only pays $700 per metric ton of jet fuel, while, at the time of the interview in March 2026, the market price was around $1,700.

“Wizz Air has a strong balance sheet, substantial liquidity, and funds its aircraft 18 months in advance, with leasing companies and other financiers competing strongly for every opportunity. This is a business with clear stability. Wizz Air is one of the best hedged airlines in the industry against the rapidly changing fuel prices, while our fleet is already 75% A320neo family aircraft, providing a structural cost advantage compared to any other airline in Europe through significantly lower fuel burn and greater efficiency. Wizz Air also maintains long-standing relationships with leading lessors and manufacturers, continuing to execute its fleet strategy without disruption.”

“We continue to rapidly expand our footprint across our key markets. Our focus remains exactly where it should be: delivering the lowest fares, operating the youngest and most fuel-efficient fleet of aircraft, and serving millions of our customers!”
Statement from Wizz Air in response to Michael O’Leary’s comments

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