Allegiant Travel Company · NASDAQ:ALGT
Allegiant Travel — Q2 2026 Earnings Presentation
18 slides from Allegiant Travel's earnings presentation, Aug 4, 2026
Slide 1: Transaction Announcement
Transaction Announcement January 12, 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This communication contains forward-looking statements under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, Section 27A of the Securities Act of 1933 and the Private Securities Litigation Reform Act of 1995.
Slide 3: Today’s Speakers
Today’s Speakers Greg Anderson Robert (“BJ”) Neal Jude Bricker Chief Executive Officer President & Chief Financial Officer Chief Executive Officer 3
Slide 4: Combining Two Carriers Cut From the Same Cloth
Combining Two Carriers Cut From the Same Cloth Successful, Flexible Capacity, Leisure Focused Diversified Leading Carrier Across 94%(1) of Operating Models Businesses Our Originating Markets(2) Strong and Conservative Significant Growth from New Balance Sheets with Industry Leading Margins Aircraft
Slide 5: Creates Long Term Value for Shareholders
Creates Long Term Value for Shareholders Creates a Leading Flexible Capacity Carrier in North America Expected to Generate $140 Million in Synergies with Conservative Estimates Optimized Fleet Will Maximize Returns on Existing and New Routes Accelerates Growth Plan With New Potential Domestic and In
Slide 6: Transaction Overview
Transaction Overview Transaction Details Board & Leadership Allegiant to acquire Sun Country with Allegiant The combined Company will continue under the Allegiant name shareholders owning ~67% and Sun Country shareholders and be headquartered in Las Vegas with a meaningful presence owning ~33% o
Slide 7: Similar Approaches and Ability to Flex Capacity…
Similar Approaches and Ability to Flex Capacity… Monthly Capacity(1) Peak to Trough Day of Week Daily Aircraft Utilization(1)(4) (% seats flown by month) Capacity(1)(3) (Daily block hours per aircraft) 2025 (% of weekly seats) TTM 2Q25 2025 14% 12% 14% 13% 9.7 10% 8% 7.2 6.7 6% 5% 4% 2% 0% J F M A M
Slide 8: …Have Driven Industry Leading Performance
…Have Driven Industry Leading Performance Adjusted EBIT Margin(1) (%) TTM 3Q25 10.6% 7.3% 6.2% 4.2% (2.4%) (4.1%) (20.8%) Big Four Carriers (2) Big Four Carriers(3) Flying during periods of peak demand results in industry leading profitability Source: Company filings. 1. Represents Adjusted EBIT as
Slide 9: Merger Creates Leading Flexible Capacity Carrier
Merger Creates Leading Flexible Capacity Carrier (1) (1) TTM 3Q25 Revenues $2.5 billion $1.1 billion $3.6 billion TTM 3Q25 $425 million $215 million $640 million Adj. EBITDA TTM 3Q25 20 billion 7 billion 27 billion ASMs(2) TTM 3Q25 18 million 4 million 22 million Customers(2) 2025 Avg. Peak 469 91 5
Slide 10: A Highly Successful and Profitable Leisure Carrier
A Highly Successful and Profitable Leisure Carrier Other Leisure Carriers Capacity / Flex capacity to keep utilization low and fly Less capacity optimization Utilization when most profitable Fly crowded routes where capacity Strategy Fly routes underserved by other carriers exceeds demand Business C
Slide 11: Combined Company Is Well Positioned to Win in Leisure
Combined Company Is Well Positioned to Win in Leisure Cumulative Adj. Net Income / (Loss) Since 2021 ($ in millions) 2021 – 3Q25 629 (65) (425) (439) (2,555) (1) (2) (3) (4) The combined company is highly profitable while other leisure carriers lose money Source: Company filings, Form 41. 1. Exclude
Slide 12: A More Diversified and Resilient Airline
A More Diversified and Resilient Airline Revenue Composition TTM 3Q25 $2.5 Billion(1) $1.1 Billion $3.6 Billion(1) Total Operating Revenue Total Operating Revenue Total Operating Revenue Airfare(2) $57.9 / passenger Airfare(2) $94.7 / passenger Airfare(2) $65.0 / passenger Ancillary(3) $68.9 / passe
Slide 13: Significant Future Fleet Optionality Drives Growth and Value
Significant Future Fleet Optionality Drives Growth and Value Allegiant & Sun Country Fleets (# of aircraft) 3Q25 121 $2.2 billion embedded equity value(1) in combined fleet 80 45 34 20 5 (2) Current B737 MAX B737 MAX Options B737 B737F Aircraft Leased Fleet on Order Passenger Fleet to Others Source:
Slide 14: Potential Network Growth Opportunities
Potential Network Growth Opportunities Allegiant and Sun Country Combined Network Growth Opportunities • Significant connecting-the-dot opportunities between complementary networks • Serving international leisure destinations from Allegiant’s origination markets • Added frequencies leveraging both c
Slide 15: Combination Creates Substantial Synergy Opportunity
Combination Creates Substantial Synergy Opportunity $140M Key Synergy Drivers Additional Upside Network and scheduling optimization Flexibility in fleet and asset Cost management 37 Expanded Midwest relevance Synergies through network and distribution Best-in-class third party and ancillary
Slide 16: Generates Robust Returns While Maintaining a Strong Balance Sheet
Generates Robust Returns While Maintaining a Strong Balance Sheet Expected to be Accretive Near-Term… …And Low Leverage (Adjusted Diluted EPS(1)) (Adj. Net Leverage(2)) 4.9x + Double Digit % <3.0x Mid Single Digit % Year 1 Year 3 Pro Forma Other U.S. Carriers (3) Post-Closing Post-Closing @ Closing
Slide 17: Creating Value for All Our Stakeholders
Creating Value for All Our Stakeholders Consumers & Communities Team Members Shareholders Broader, more frequent flying to New career growth and Combines complementary top vacation spots, unlocks new advancement opportunities business models that generate options for travelers the highest indu
Slide 18: $9 airlines.
$9 airlines.
Allegiant Travel Company — Q2 2026 Earnings Presentation on 6ix