Wizz Air's chief executive, Jozsef Varadi, received a substantial pay increase despite the airline's profits plummeting in its most recent financial year.
According to the company's annual report, Varadi's remuneration package totalled €3.8m (£3.2m) for the year ending 31 March 2025, as reported by .
This significant rise was largely due to a one-off restricted shares award of €2.3m granted in October, which boosted his pay from the €1.3m he received the previous year.
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The decision to award Varadi this substantial pay deal was met with considerable opposition from shareholders, with almost 35% voting against the move at the company's 2024 AGM. The award represented 300% of Varadi's then-£710,534 salary.
At the time, the company justified the decision, citing the unique challenges faced by Wizz Air, which it described as a "parade of black swan" events.
Wizz Air raises CEO's salary further
In addition, Wizz Air has announced plans for a further share-based reward for Varadi, amounting to 500% of his salary in 2026. This comes after Varadi missed out on a potential £100m bonus for the year to 31 March 2024 due to various challenges, including the Russian invasion of Ukraine and the Israel-Hamas conflict.
The restricted shares award was granted to Varadi on 1 October 2024.
Wizz Air stated that its aim was to ensure it "can maintain its focus on performance and the high profitable growth potential envisioned for the future, whilst ensuring that the chief executive's remuneration is aligned with the company's 'one for all' philosophy."
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In its most recent financial year, the airline increased its CEO's base salary by 9%, but added that he will not receive a further increase this year.
In June, it was reported by City AM that Wizz Air experienced a significant decline in annual profit due to ongoing supply chain issues and conflicts in Ukraine and the Middle East.
The airline's annual operating profit decreased by 51.7% year-on-year to €167.5m (£141m), falling short of analyst expectations, despite achieving a record 63.4m passenger traffic.
Revenue increased by 3.8% to €5.3bn; however, the results led to a sharp decline in its share price from 1,674p to 1,136p. Currently, Wizz Air shares are trading at 1,077p each.
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