Allegiant Travel Company · NASDAQ:ALGT
Allegiant Travel — Q4 2025 Earnings Presentation
26 slides from Allegiant Travel's earnings presentation, Feb 4, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation February 4, 2026
Slide 2: Forward looking statements
Forward looking statements Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this presentation that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our managemen
Slide 3: Greg Anderson, Chief Executive Officer
Greg Anderson Chief Executive Officer
Slide 4: Strong Finish to 2025 Reinforces the Durability of Our Model
Strong Finish to 2025 Reinforces the Durability of Our Model • Financial results exceeded our original expectations Even after accounting for higher fuel costs vs original expectations • Strong leisure demand throughout the quarter TRASM (2.6%) y/y on 10.5% capacity growth • Disciplined cost executi
Slide 5: Structural Progress Is Strengthening Earnings
Structural Progress Is Strengthening Earnings • 737 MAX fleet integration • Commercial momentum ~20% fuel burn advantage compared to A320 Allegiant Extra performing well Growing share of flying provides margin tailwind Loyalty engagement rising • Technology modernization • Cost & balance sheet disci
Slide 6: Resilient Leisure Demand Sets Up Margin Expansion in 2026
Resilient Leisure Demand Sets Up Margin Expansion in 2026 Adjusted Airline-Only Operating Margin1 1Q25 - 1Q26E 13.5% 12.9% 9.3% 8.6% • Leisure demand remains strong Midpoint of current guide (3.1%) Holiday strength carried into January 1Q25A 2Q25A 3Q25A 4Q25A 1Q26E • No fleet growth in 2026 We’ll le
Slide 7: Why this deal
Why this deal • Accelerates scale in leisure • Positions us to lead the segment Reduced integration risk • Cultural alignment • Similar fleet types • Minimal network overlap • Shared/complementary technology stack Execution • Integration plan underway • Capture synergies efficiently • Protect operat
Slide 8: Executive Vice President, Chief Commercial Officer
Executive Vice President, Chief Commercial Officer 8
Slide 9: Building Momentum Through Year-End
Building Momentum Through Year-End Airline Total Revenue ($mm) FY25 vs FY24 +4.3% y/y 2,546 2,441 • FY25 airline revenue exceeded $2.5B Up ~4.3% year-over-year and a record for Allegiant • 4Q delivered record revenue and fixed-fee contribution FY24A FY25A ~$656M airline revenue (+7.6% YoY) and $25.5
Slide 10: TRASM Held Up on Double-Digit Capacity Growth
TRASM Held Up on Double-Digit Capacity Growth 4Q25A - Scheduled Service ASM & TRASM Year-Over-Year 10.5% TRASM ASM • 4Q unit revenue performance remained resilient (2.6%) TRASM of 12.67¢ (–2.6%) on +10.5% scheduled ASMs • Load factor improved year-over-year +1.0pt YoY, supporting growth-adjusted uni
Slide 11: 2026: Flat ASMs, MAX Economics Tailwind, and Strong 1Q Demand Setup
2026: Flat ASMs, MAX Economics Tailwind, and Strong 1Q Demand Setup 737 MAX vs A320 Economics Economics = Revenue per hour less fuel • Capacity sculpting continues with full-year ASMs ~flat 20.0% FY26 ASMs ~(0.5%) YoY; growth ramps in 2H as cadence normalizes • MAX aircraft delivering better per-hou
Slide 12: President and Chief Financial Officer
President and Chief Financial Officer 12
Slide 13: Strong Finish Caps Airline-Driven Full-Year Earnings
Strong Finish Caps Airline-Driven Full-Year Earnings Airline-Only, Adjusted EBITDA ($mm) 1Q25 - 4Q25 $428 FY25 adj. EBITDA 143 • GAAP consolidated net income of $31.9 million in 4Q25 121 122 Resulting in diluted earnings per share (EPS) of $1.73 • GAAP consolidated net loss of ($44.7) million in FY2
Slide 14: Infrastructure Scale Drives Meaningful CASMex Progress
Infrastructure Scale Drives Meaningful CASMex Progress Average Fuel Cost per Gallon ($) 1Q25 - 4Q25 2.55 FY25 CPG 2.61 2.56 2.61 2.42 • Fourth quarter fuel cost averaged $2.61 per gallon Slightly above our expectations 1Q25A 2Q25A 3Q25A 4Q25A • Adjusted airline non-fuel unit costs (CASMex) were 8.01
Slide 15: Strengthening the Balance Sheet for Future Growth
Strengthening the Balance Sheet for Future Growth Net Leverage (Net Debt / Adj. EBITDA) 3Q24 - 4Q25 4.1x • Ended the quarter with $1.1 billion in available liquidity Including $838.5 million in cash and investments and $250 million in revolver capacity 3.2x • Strong liquidity position, with cash & i
Slide 16: 2026 Fleet Plan & CapEx
2026 Fleet Plan & CapEx Aircraft Fleet Plan by End of Period 4Q25A 1Q26E 2Q26E 3Q26E 4Q26E B737-8200 (190 seats) 16 17 20 21 25 A320 (180 seats) 71 71 71 71 71 A320 (177 seats) 8 7 6 5 - A319 (156 seats) 28 28 28 27 27 Total 123 123 125 124 123 The table above is management's best estimate and is pr
Slide 17: Outlook summary
Outlook summary First Quarter Guidance 1Q26 System ASMs – y/y change (~5.7%) Scheduled service ASMs – y/y change (~5.7%) Fuel cost per gallon $2.60 Operating margin, excluding special charges(1) 12.0% to 15.0% Earnings per share, excluding special charges(1) $2.50 to $3.50 Full-Year FY 2026 System A
Slide 18: Q&A
Q&A 18
Slide 19: Q&A Appendix
Q&A Appendix 19
Slide 20: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted interest expense, and adjusted income before income taxes (millions) Three Months Ended December 31, 2025 Consolidated Airline Sunseeker Adjusted (
Slide 21: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, adjusted interest expense, and adjusted income (loss) before income taxes (millions) Twelve Months Ended December 31, 2025 Consolidated Airline Sunse
Slide 22: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted airline-only earnings (loss) per share and adjusted airline-only net income (loss) (millions except share and per share amounts) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Amount Per Share Amount Per
Slide 23: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted airline-only earnings (loss) per share and adjusted airline-only net income (loss) (millions except share and per share amounts) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Amount Per Share Amount P
Slide 24: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, Consolidated EBITDA and adjusted consolidated EBITDA (millions) 2025 2024 2025 2024 Net income (loss) as reported (GAAP) $ 31.9 $ (216.2) $ (44.7) $ (240.2) Interest expense, net 22.9 16.4 90.
Slide 25: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, Adjusted airline-only operating CASM excluding fuel and special charges (mm) 2025 2024 2025 2024 Consolidated operating expenses (GAAP) $ 589.3 $ 891.7 $ 2,569.4 $ 2,752.6 Minus: Sunseeker ope
Slide 26: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted consolidated earnings (loss) per share and adjusted consolidated net loss (millions except share and per share amounts) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Amount Per Share Amount Per Share
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