Allegiant Travel Company · NASDAQ:ALGT

Allegiant Travel — Q3 2025 Earnings Presentation

19 slides from Allegiant Travel's earnings presentation, Nov 4, 2025

  1. Slide 1: Earnings Call

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Earnings Call Exhibit 99.2

  2. Slide 2: Forward looking statements

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively or separately, the "Company“) will contain forward-looking state

  3. Slide 3: Greg Anderson, Chief Executive Officer

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 3 Greg Anderson Chief Executive Officer

  4. Slide 4: Strengthened Core Airline, Back to Our Roots

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Best Airline Credit Card (7th year) Best Frequent Flyer Program (2nd year) 9 9 .1 1% 9 9 .0 0 % 9 8 .9 2% 9 8 .6 0 % 9 8 .5 2% 9 8 .4 9 % 9 8 .3 5% 9 8 .0 1% 9 7 .1 1% 99.47% G4 HA WN AS DL NK UA B6 F9 AA 4 Strengthened Core Airline, Bac

  5. Slide 5: Stronger Demand and Structural Cost Gains Driving Outperformance

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 5 Stronger Demand and Structural Cost Gains Driving Outperformance • Demand strengthened through the 3rd quarter With revenue and cost performance exceeding forecasts • Reported modest operating loss for seasonally weak quarter At favora

  6. Slide 6: Positioned for Margin Expansion

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 6 • Integration of the Boeing 737 MAX progressing 16 aircraft in service by year-end • MAX fleet to represent >20% of ASMs in 2026 Delivering strong returns and operational gains • ALGT Extra now on 70% of aircraft Driving higher TRASM,

  7. Slide 7: Drew Wells, Executive Vice President, Chief Commercial Officer

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 7 Drew Wells Executive Vice President, Chief Commercial Officer

  8. Slide 8: Building Momentum Into Year-End

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 8 Building Momentum Into Year-End Quarter highlights • $553M in airline revenue, up ~0.5% YoY • TRASM: 11.19¢, down 8.4% YoY, in line with expectations • 9.7% ASM growth, matched by 10.0% utilization increase 4Q25 Outlook and Commercial

  9. Slide 9: Robert Neal, President and Chief Financial Officer

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 9 Robert Neal President and Chief Financial Officer

  10. Slide 10: Solid Cost Execution Amid Seasonal Loss

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D (3.1%) 9.3% 8.6% 11.0% (4.5%) 1Q25A 2Q25A 3Q25A 4Q25E 10 Solid Cost Execution Amid Seasonal Loss • GAAP consolidated net loss of ($43.6) million in 3Q25 Resulting in loss per share (EPS) of ($2.41) • GAAP consolidated operating loss of (

  11. Slide 11: Strengthening the Balance Sheet for Future Growth

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 11 Strengthening the Balance Sheet for Future Growth • Ended the quarter with $1.2 billion in available liquidity Including $991.2 million in cash and investments and $175 million in revolver capacity • Strong liquidity position, with ca

  12. Slide 12: Outlook summary

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 12 Outlook summary 4Q25 System ASMs – y/y change ~9.5% Scheduled service ASMs – y/y change ~10.0% Fuel cost per gallon ~$2.55 Operating margin, excluding special charges(1) 10.0% - 12.0% Earnings per share, excluding special charges(1) $

  13. Slide 13: Q&A

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 13

  14. Slide 14: Q&A Appendix

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 14 Appendix

  15. Slide 15: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 15 Non-GAAP Financial Measures Reconciliation 1. Denotes non-GAAP figure 2. In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (including accelerated depreciation on airframes identified for

  16. Slide 16: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 16 Non-GAAP Financial Measures Reconciliation Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Amount Per Share Amount Per Share Net loss as reported (GAAP) $ (43.6) $ (36.8) Less: Net income allocated to parti

  17. Slide 17: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 17 Non-GAAP Financial Measures Reconciliation Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Amount Per Share Amount Per Share Net loss as reported (GAAP) $ (43.6) $ (36.8) Less: Net income allocated to parti

  18. Slide 18: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 18 Non-GAAP Financial Measures Reconciliation Three Months Ended September 30, Nine Months Ended September 30, Consolidated EBITDA and adjusted consolidated EBITDA (millions) 2025 2024 2025 2024 Net loss as reported (GAAP) $ (43.6) $ (36

  19. Slide 19: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 19 Non-GAAP Financial Measures Reconciliation Three Months Ended September 30, Nine Months Ended September 30, Adjusted airline-only operating CASM excluding fuel and special charges (mm) 2025 2024 2025 2024 Consolidated operating expens

Allegiant Travel — Q3 2025 Earnings Presentation on 6ix