Slides
Page 1
Earnings Presentation 3Q and 9M 2025 10 November 2025
Page 2
Performance Highlights and Strategy
Page 3
3 Strong quarterly growth driven by network expansion and seasonal demand, with continued improvement in earnings and cash generation flynas Earnings Presentation | 3Q and 9M 2025 Note: all data represents quarter ending September 2025. 1. Fleet count is as of September 2025. Excludes two aircraft under re-delivery procedures. 2. Adjusted EBITDA excludes sale-leaseback gain, employee share option plan (ESOP) expense, and IPO fees. Fleet (EoP)1 68 aircraft +9 a/c YoY Q3’25 ASK 7.9 bn +22% YoY Q3’25 Cash +173% YtD ¥ 4.6 bn Q3’25Revenue ¥ 2.1 bn +6% YoY Q3’25 PAX 4.2 mn +15% YoY Q3’25 Adj. EBITDA2 ¥ 617 mn +21% YoY Q3’25
Page 4
4 Strong 9M 2025 results driven by network expansion and efficiency gains, delivering growth across traffic, revenue, and profitability flynas Earnings Presentation | 3Q and 9M 2025 Note: all data represents 9 months ending September 2025. 1. Adjusted EBITDA and Net Profit exclude sale-leaseback gain, employee share option plan (ESOP) expense, and IPO fees. 9M’25Adjusted EBITDA1 ¥ 1,969 mn +19% YoY Available Seat-Kms 20,575 mn 9M’25 +9% YoY Passengers Carried 11.5 mn 9M’25 +5% YoY Revenue ¥ 6,063 mn 9M’25 +3% YoY Adjusted Net Profit1 ¥ 426 mn 9M’25 +18% YoY Cash Balance ¥ 4.6 bn 9M’25 +173% YtD
Page 5
5 Navigating temporary headwinds while sustaining growth momentum flynas Earnings Presentation | 3Q and 9M 2025 Availability of engines Network expansion continued Visa suspensions Fleet growth sustained Regional geopolitical disruptions Wet-leased capacity optimized CFM LEAP-1A delivery delays affecting A320neo fleet availability +19 new routes and 9 destinations in 9M 2025 Temporary KSA-issued visa restrictions in 2Q-early 3Q +9 aircraft YoY to 68, including 7 new A320neo deliveries Softened travel demand in parts of 2Q and early 3Q Enables peak season growth despite engine delays ACTIONSHEADWINDS
Page 6
6 Expanding network reach across new markets, building international scale flynas Earnings Presentation | 3Q and 9M 2025 Note: 1. Data represents 12 months ending September 2025. ~6bn population ~2bn population flynas Base Airports Existing Destinations New Destinations in 9M Asuit El Alamein Cairo Moscow 9M 2025 Progress 19 new routes and 9 destinations launched across 7 countries Total network now 150 routes / 77 destinations / 36 countries ASK +9% YoY, predominantly from international expansion Entry into 2 additional countries +15% ASK growth expected YoY for 4Q 2025 Seasonal deployment aligned with winter demand and inbound tourism 9M 2025 Progress 4Q 2025 Outlook
Page 7
7 Fleet Strategy Highlights Disciplined fleet growth with focus on efficiency and reliability flynas Earnings Presentation | 3Q and 9M 2025 Notes: Fleet count projections based on current orderbook and expected deliveries as of September 2025. Fleet count and average age as of the respective period end. 1. End of period. 2. YE’25E wet lease comprises of 2 A320s and 7 B737s. 3. YE’25E excludes 1 A320 CEO under re-delivery. 4. End of period. Average fleet age excludes wet-leased aircraft. Fleet Composition1 (aircraft) Fleet Average Age4 (years) Expand A320neo family for fuel-efficiency and network flexibility Add wide-body A330s to serve Hajj, Umrah, and medium-haul markets Maintain one of the youngest fleets in the region, averaging under 5 years Utilize wet-leased aircraft to cover temporary capacity gaps from engine delays Long-term CFM support agreements ensure maintenance cost predictability 2 3 9.1 9.8 9.1 3.5 3.9 3.8 YE'24 9M'25 YE'25E Wide-body Narrow-body 4 4 3 53 60 61 2 2 22 959 68 75 YE'24 9M'25 YE'25E Wet Lease A330 CEO A320 NEO - Total A320 CEO - Total
Page 8
8 Expanding flynas’ global reputation as a trusted, award-winning low-cost carrier flynas Earnings Presentation | 3Q and 9M 2025 Sources: flynas; Skytrax; World Travel Awards (WTA); APEX. Skytrax 2025, Top 10 Global Low-Cost Carrier 3rd consecutive year Skytrax 2025, Best LCC in the Middle East 8th consecutive year WTA 2025, Best LCC in the Middle East 11th consecutive year APEX 2026, Four-Star Rating Consistency & passenger experience Growing Digital Engagement A rising social media reach and customer interaction levels Strategic Partnerships Al Hilal sponsorship and aircraft livery, Haramain x flynas Seasonal Marketing Drives Higher awareness across GCC and Europe via European Summer and Winter for All campaigns Community & Customer Focus Family check -in service and Athar 2025 participation enhance brand accessibility and inclusiveness GLOBAL RECOGNITION BRAND & MARKETING HIGHLIGHTS
Page 9
Operating and Financial Results
Page 10
10 ¥ 87 mn Q3'25Adjusted Net Profit +4% YoY ¥ 617 mn Q3'25Adjusted EBITDA +21% YoY 83.1% Q3'25Load Factor -2.7 ppts YoY flynas Earnings Presentation | 3Q and 9M 2025 Note: Adjusted EBITDA, Net Profit, and ROIC exclude sale-leaseback gain, employee share option plan (ESOP) expense, and IPO fees. 1. Indicates RPK/ASK. Strong revenue growth and improved profitability in 3Q driven by capacity expansion and continued passenger demand 7 ,885 mn Q3'25Available Seat-Kms +22% YoY 9.9 % Q3'25Adjusted ROIC -2.9 ppts YoY ¥ 2,091 mn Q3'25Revenue +6% YoY ¥ 24.9 Q3'25RASK (in halalas) -4% YoY ¥ 23.4 Q3'25Adj. CASK (in halalas) -7% YoY 1.2x Q3'25Net Debt/Adjusted EBITDA -1.0x YtD 1
Page 11
11 20,575 mn 9M'25Available Seat-Kms +9% YoY 82.5% 9M'25Load Factor -2.7 ppts YoY 10.5% 9M'25Adjusted ROIC -2.1 ppts YoY ¥ 6,063 mn 9M'25Revenue +3% YoY ¥ 25.6 9M'25RASK (in halalas) -5% YoY ¥ 24.1 9M'25Adj. CASK (in halalas) -5% YoY 1.2x 9M'25Net Debt/Adjusted EBITDA -1.0x YtD flynas Earnings Presentation | 3Q and 9M 2025 Note: Adjusted EBITDA, Net Profit, and ROIC exclude sale-leaseback gain, employee share option plan (ESOP) expense, and IPO fees. 1. Indicates RPK/ASK. Robust 9M 2025 performance driven by network expansion and efficiency initiatives, leading to higher passenger traffic, revenue, and profitability 1 ¥ 1,969 mn 9M'25Adjusted EBITDA +19% YoY ¥ 426 mn 9M'25Adjusted Net Profit +18% YoY
Page 12
12 Robust earnings performance in 9M 2025, adjusted for non-recurring and one-off items Adjusted EBITDA (¥ mn) Adjusted Net Profit (¥ mn) flynas Earnings Presentation | 3Q and 9M 2025 949 1,969982 101 (63) EBITDA 9M'25 ESOP IPO costs Sale Leaseback Gain Adj. EBITDA 9M'25 (594) 426982 101 (63) Net Profit 9M'25 ESOP IPO costs Sale Leaseback Gain Adj. Net Profit 9M'25
Page 13
13 Strong top-line performance drove the EBITDA margins, supported by effective cost management and enhanced operating efficiency Key Highlights Margins (%) flynas Earnings Presentation | 3Q and 9M 2025 Note: Adjusted EBITDA and Net Profit exclude sale-leaseback gain, employee share option plan (ESOP) expense, and IPO fees. 1. Includes recurring SG&A expenses. 2. Includes ESOP expense (¥ 982 mn) and IPO fees (¥ 101 mn) in 9M 2025. 3. Gain on sale-and leaseback transactions. 4. 3Q and 9M 2025 includes ¥ 3.8 mn from gain on wet lease termination. (¥ mn) Q3'25 Q3’24 Δ% 9M'25 9M'24 Δ% Revenue 2,091 1,969 +6% 6,063 5,891 +3% Cost of revenue (1,718) (1,584) +8% (4,825) (4,693) +3% Gross profit 372 385 -3% 1,238 1,198 +3% Recurring SG&A1 (143) (132) +8% (355) (338) +5% IPO-related expenses2 0 0 NM (1,083) 0 NM Sale-and-leaseback3,4 33 21 +56% 63 131 -52% Provisions & other inc. (3) (33) -90% 5 (36) NM EBITDA 650 530 +23% 949 1,780 -47% Adjusted EBITDA 617 509 +21% 1,969 1,649 +19% Finance cost, net & Zakat (139) (136) +2% (463) (463) +0% Net profit 120 105 +15% (594) 493 NM Adjusted Net profit 87 83 +4% 426 362 +18% Gross Profit Margin 18% 20% -2 ppts 20% 20% +0 ppts Adj. EBITDA Margin 30% 26% +4 ppts 32% 28% +4 ppts Adj. Net Profit Margin 4% 4% -0 ppts 7% 6% +1 ppts 28.0% 32.5% 6.1% 7. 0 % 9M'24 9M'25 Adjusted EBITDA Margin Adjusted Net Profit Margin
Page 14
14 85.2% 82.5% -2.7 ppts YoY 9M'24 9M'25 Passenger Traffic (th PAX) Strong capacity and passenger growth in 3Q 2025, with lower load factor driven by international expansion Supply (ASK mn) flynas Earnings Presentation | 3Q and 9M 2025 Note: all operating indicators are specific to the flynas LCC segment. 1. Indicates RPK/ASK. Load Factor1 (%) 18,881 20,575 +9% 9M'24 9M'25 10,873 11,458 +5% 9M'24 9M'25 85.7% 83.1% -2.7 ppts YoY Q3'24 Q3'25 3,693 4,242 +15% Q3'24 Q3'25 6,458 7 ,885 +22% Q3'24 Q3'25
Page 15
15 5,166 5,349 581 584145 129 5,891 6,063 +3% 9M'24 9M'25 RASK pressure eased in 3Q 2025 as the geopolitical situation stabilized Revenue by Segment (¥ mn) RASK1 (halalas) flynas Earnings Presentation | 3Q and 9M 2025 Note: 1. RASK is specific to the flynas LCC segment. 2 7. 0 25.6 -5% 9M'24 9M'25 26.1 24.9 -4% Q3'24 Q3'25 1,707 1,993 206 5756 411,969 2,091 +6% Q3'24 Q3'25 LCC Hajj & Umrah General Aviation
Page 16
16 Cost of Revenue (¥ mn) Enhanced operational effectiveness drove lower unit costs, driven by lower fuel cost and improved cost efficiency flynas Earnings Presentation | 3Q and 9M 2025 Note: CASK is specific to the flynas LCC segment. 1. Adjusted CASK excludes sale-leaseback gain and IPO-related expenses (ESOP expense and IPO fees). CoR Structure, 9M’25 (%) Adjusted CASK1 (halalas) 25.5 24.1 -5% 9M'24 9M'25 4,693 4,825 +3% 9M'24 9M'25 1,584 1,718 +8% Q3'24 Q3'25 25.1 23.4 -7% Q3'24 Q3'25 26% 22% 14% 6% 6% 2% 22% Fuel Handling, Landing & Navigation Staff Rental Maintenance Distribution Depreciation
Page 17
17 Recurring SG&A costs grew modestly, with higher strategic spending toward business development, promotional activities, and customer-service categories Recurring SG&A1 (¥ mn) SG&A1 Structure, 9M’25 (%) flynas Earnings Presentation | 3Q and 9M 2025 Note: 1. Recurring SG&A expenses exclude IPO-related expenses (ESOP expense and IPO fees). 132 143 +8% Q3'24 Q3'25 338 355 +5% 9M'24 9M'25 Selling & marketing 57% General & administrative 43% Recurring SG&A: ¥ 355 mn
Page 18
18 Healthy cash reserves and disciplined funding approach underpin stronger liquidity and improved leverage ratios Net Debt Structure (¥ mn) Net Debt/Adjusted EBITDA (x) flynas Earnings Presentation | 3Q and 9M 2025 Note: Adjusted EBITDA excludes sale-leaseback gain and IPO-related expenses (ESOP expense and IPO fees). 4,482 2,797 1,209 52 (2,946) +284% +1% +168% -38% Q4'24 Total Loans Total Lease Liabilities Cash and Bank Deposits Q3'25 2.3x 2.2x 2.2x 1.4x 1.2x Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Page 19
19 Robust cash position underpinned by IPO inflows and working capital management offset elevated capital spending CF Highlights flynas Earnings Presentation | 3Q and 9M 2025 Note: 1. Based on LTM Adj. NOPAT/Avg. Invested Capital; Adj. NOPAT = Operating profit - Zakat – Sale-leaseback Gain + IPO-related expenses; Invested Capital = Loans + Lease liabilities + Equity; weighted average invested capital is used for the calculation in 9M 2025 to capture the one-off equity increase from the IPO. 2. Includes ESOP (¥ 982 million in 9M 2025). 3. Operating cash flow less cash used in investing activities and the IPO-related charges. Adjusted FCF3 (¥ mn) Adjusted ROIC1 (%) 1,348 1,275 -5% 9M'24 9M'25 12.5% 10.5% -2.1 ppts YoY 9M'24 9M'25 (¥ mn) 9M'25 9M'24 Δ% Profit/(Loss) Before Zakat (567) 511 NM Non-cash adjustments2 2,465 1,197 +2.1x Working capital changes (109) (470) -77% Interest & end-of-service benefits 109 36 +3.0x Adj. net cash, operating activities 1,898 1,274 +49% ESOP payment (722) 0 NM Net cash, operating activities 1,176 1,274 -8% Capex (1,142) (41) +28.1x Proceeds from sales of aircraft 418 114 +3.7x Net cash, investing activities (724) 73 NM Net cash, financing activities 2,494 (992) NM Net changes in cash & equivalents 2 ,946 355 +8.3x Ending cash & equivalents 4,647 1,806 +2.6x 12.8% 9.9 % -2.9 ppts YoY Q3'24 Q3'25 363 497 +37% Q3'24 Q3'25
Page 20
Guidance, Capital Allocation and Closing Remarks
Page 21
21 Targeted execution of its growth strategy sets flynas on track for achieving revenue growth and business plan targets (2026 guidance remains unchanged) KPI FY 2024 9M 2025 FY 2025-2026 Guidance flynas Earnings Presentation | 3Q and 9M 2025 Note: 1. Includes lease liabilities. 2. EBITDA and Net margin adjusted for employee share option plan (ESOP) expense and IPO fees. 3. Net debt/EBITDA, adjusted for employee share option plan (ESOP) expense and IPO fees. Revenue, ¥ mn 2025: +2.5-4.5% YoY, driven by capacity expansion 2026: +16-18% YoY7 ,556 6,063 EBITDA Margin, % 28.8% 33.5%2 2025: 30.0-32.0%, supported by focus on cost control 2026: 30.5-32.5% Net Margin, % 5.7% 8.1%2 2025: 5.25-5.75%, helped by efficiency improvements 2026: 0.5-1.0 ppts YoY margin expansion Net Debt1/EBITDA 2.1x 1.2x2,3 2025: Below 2.0x 2026: 2.0-2.5x
Page 22
22 Support fleet expansion to meet demand and scale the network while maintaining cost-efficient operations Invest in products, partnerships, and services that enhance non-ticket revenues and improve margins Preserve a strong balance sheet by targeting prudent leverage levels and maintaining a minimum liquidity buffer Disciplined capital deployment focused on supporting growth, driving revenue diversification, and preserving balance sheet strength flynas Earnings Presentation | 3Q and 9M 2025 Reinvest in Fleet Growth Expand Ancillary Revenue Maintain Leverage & Liquidity
Page 23
23 We remain highly confident in our long-term strategy with strong focus on execution capabilities, network and fleet expansion, and enhancing our offerings to passengers flynas Earnings Presentation | 3Q and 9M 2025 Proven business model Well-capitalized for growth Focused on delivery • Leading low-cost carrier with strong track record of turbocharged and profitable growth • Recognized as one of the best LCCs in Middle East and globally • Strong cash position post-IPO supports fleet growth and network expansion • Clear execution plan aligned with Vision 2030 and long-term market dynamics • Added seven A320neo aircraft in January-September 2025
Page 24
Q&A
Page 25
25 Investor Relations contacts flynas Earnings Presentation | 3Q and 9M 2025 flynas Company Investor Relations Department Email: ir@flynas.com Website: https://www.flynas.com/en/ipo Address: P .O. Box 30516, Riyadh 11361, Kingdom of Saudi Arabia
Page 26
26 Disclaimer flynas Earnings Presentation | 3Q and 9M 2025 All information included in this document is for general use only and has not been independently verified, nor does it consti tute or form part of any invitation or inducement to engage in any investment activity, nor does it constitute an offer or invitat ion or recommendation to buy or subscribe for any securities in the Kingdom of Saudi Arabia, or an offer or invitation or recommendation in respect of buying, holding or selling any securities of flynas. flynas does not warranty, express or implied, is made, and no reliance should be placed by any person or any legal entity for any purpose on the information and opinions contained in this document, or its fairness, accuracy, completeness, or correctness. This document may include statements that are, or may be deemed to be, “forward -looking statements” with respect to the Company’s financial position, results of operations and business. Information on the Company’s plans, intentions, expectations, assumptions, goals and beliefs are for general update only and do not constitute or form part of any invitation or inducement to engage in any investment activity, nor does it constitute an offer or invitation or recommendation to buy or subscribe for any securities in any jurisdiction, or an offer or invitation or recommendation in respect of buying, holding or selling any securities of flynas.