Flynas Co. · TADAWUL:4264
Flynas — Q2 2026 Earnings Presentation
28 slides from Flynas's earnings presentation, Aug 5, 2026
Slide 1: Earnings Presentation 2Q and 1H 2026
Earnings Presentation 2Q and 1H 2026 5 August 2026
Slide 2: Performance Highlights and Strategy
Performance Highlights and Strategy
Slide 3: Revenue growth and a resilient balance sheet in 2Q 2026
Revenue growth and a resilient balance sheet in 2Q 2026, despite higher fuel costs and a proactive reduction in capacity ASK Q2'26 PAX Q2'26 Revenue Q2'26 5.4 bn 2.6 mn ¥ 2.2 bn -15% YoY -27% YoY +3% YoY Adj. EBITDA1 Q2'26 Adj. Net Loss1 Q2'26 Cash Q2'26 ¥ 205 mn ¥ (241) mn ¥ 3.7 bn -73% YoY NM -11%
Slide 4: First-half revenue up 6% with liquidity preserved
First-half revenue up 6% with liquidity preserved, while the second-quarter fuel shock and capacity cut weighed on earnings Available Seat-Kms H1’26 Passengers Carried H1’26 Revenue H1’26 12,976 mn +2% YoY 6.6 mn -9% YoY ¥ 4,218 mn +6% YoY Adjusted EBITDA1 H1’26 Adjusted Net Loss1 H1’26 Cash Balance
Slide 5: Navigating temporary headwinds with recovery underway and the balance sheet intact
Navigating temporary headwinds with recovery underway and the balance sheet intact IMPACT RESPONSE WHERE WE ARE NOW • Wet-lease fleet rationalized Capacity optimised, • UAE, Qatar, Bahrain, Syria NETWORK Airspace disruption routes reopened in phases, resumed opened new bases1 • Restoring capacity to
Slide 6: Network reach extended even as capacity was managed down
Network reach extended even as capacity was managed down, with Al-Qassim base launched and GCC routes progressively resumed Moscow Krakow Q2’26 and Recent Dynamics Geneva Milan Podgorica Pristina ASK -15% YoY in Q2’26, reduced to protect Rize profitability Antakya UAE, Qatar, Bahrain, Syria rout
Slide 7: Disciplined fleet management, 98% A320neo fleet
Disciplined fleet management, focused on efficiency and reliability, 98% A320neo fleet, among the region’s youngest Fleet Highlights Fleet Composition2 (aircraft) Operating a 98%1 A320neo narrow-body fleet, driving fuel efficiency and network flexibility 71 67 59 5 Wet Lease 3,4 3 Maintaining on
Slide 8: Operating and Financial Results
Operating and Financial Results
Slide 9: The market absorbed higher fares, with RASK up 22% in 2Q
The market absorbed higher fares, with RASK up 22% in 2Q, partially compensating higher fuel cost and lower volumes, while supply was trimmed to protect profitability Revenue Q2'26 RASK (in halalas) Q2'26 Available Seat-Kms Q2'26 ¥ 2,213 mn ¥ 29.9 5,431 mn +3% YoY +22% YoY -15% YoY Load Factor
Slide 10: A strong start to the year softened the second-quarter disruption
A strong start to the year softened the second-quarter disruption, with first-half ASK production and unit revenue higher year-on-year Revenue H1'26 RASK (in halalas) H1'26 Available Seat-Kms H1'26 ¥ 4,218 mn ¥ 27.6 12,976 mn +6% YoY +6% YoY +2% YoY Load Factor1 H1'26 Adj. CASK (in halalas)2 H
Slide 11: The 2Q result was driven mainly by higher fuel
The 2Q result was driven mainly by higher fuel, partly countered through capacity reduction and higher fares Key Highlights Adj. Net Profit Dynamic (¥ mn) (¥ mn) Q2’26 Q2’25 Δ% H1’26 H1’25 Δ% ¥ 388 million Revenue 2,213 2,144 +3% 4,218 3,972 +6% increase in fuel cost Cost of revenue (2,187) (1,693)
Slide 12: Supply was proactively reduced to protect profitability in 2Q
Supply was proactively reduced to protect profitability in 2Q, cushioning the decline in load factor Passenger Traffic (PAX th) Load Factor1 (%) 79.6% 82.1% 71.2% -9% 76.7% 7,215 6,600 -8.4 ppts YoY -5.4 ppts YoY -27% Q2'25 Q2'26 H1'25 H1'26 3,552 Supply (ASK mn) 2,603 +2% -15% 12,690 12,976 6,358 5
Slide 13: Revenue rose despite lower volumes, driven by higher fares and a full Hajj season
Revenue rose despite lower volumes, driven by higher fares and a full Hajj season in the second quarter Revenue by Segment (¥ mn) RASK1 (halalas) +6% +22% +6% 4,218 3,972 29.9 85 88 27.6 547 26.1 527 24.5 +3% 2,144 2,213 45 40 518 547 3,586 3,357 1,581 1,626 Q2'25 Q2'26 H1'25 H1'26 Q2'25 Q2'26 H1'25
Slide 14: The higher cost base was driven mainly by fuel in 2Q
The higher cost base was driven mainly by fuel in 2Q, with impact on unit costs compounded by operating at reduced capacity Cost of Revenue (¥ mn) CoR Structure, H1’26 (%) +24% +29% 3,845 Fuel 33% 3,106 2,187 Handling, Landing 1,693 18% & Navigation Staff 13% Q2'25 Q2'26 H1'25 H1'26 Rental 10% Adjus
Slide 15: The jet fuel premium over crude widened following the conflict
The jet fuel premium over crude widened following the conflict, and has been slower to normalize than oil Oil and Jet Fuel Price1 ($/bbl) 201 192 152 136 125 94 92 93 85 85 88 84 87 87 84 83 89 81 78 102 104 100 84 83 78 75 71 70 70 67 68 69 66 64 64 64 62 65 Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Slide 16: Recurring SG&A remained a small share of the overall cost base
Recurring SG&A remained a small share of the overall cost base, with a broad-based increase led by collection and professional fees Recurring SG&A1 (¥ mn) SG&A1 Structure, H1’26 (%) General & administrative +19% 42% 252 212 Recurring SG&A: ¥ 252 mn H1'25 H1'26 Selling & marketing 58% flynas Earnings
Slide 17: Liquidity remained strong at ¥ 3.8 billion, leverage at 1.7x
Liquidity remained strong at ¥ 3.8 billion, with leverage still comfortable at 1.7x, as last-twelve-months earnings absorbed the fuel shock and impact of conflict disruptions Net Debt Structure (¥ mn) Cash & Deposits (¥ mn) -4% 4,586 4,703 4,199 4,109 3,756 3,275 (265) (304) 443 3,150 -18% -5% -11%
Slide 18: Free cash flow remained positive through the disruption
Free cash flow remained positive through the disruption, supported by disciplined capital spending CF Highlights Adjusted ROIC2 (%) (¥ mn) H1’26 H1’25 Δ% 11.0% 11.1% Loss before Zakat (105) (695) -85% Non-cash adjustments1 892 1,962 -55% 4.3% Working capital changes (265) (741) -64% 4.4% Interest &
Slide 19: Guidance and Closing Remarks
Guidance and Closing Remarks
Slide 20: Maintaining the suspension of FY 2026 guidance with recovery path intact
Maintaining the suspension of FY 2026 guidance on limited visibility with recovery path intact, and long-term fundamentals remaining strong 3Q 2026 Guidance Positioned for Quick Recovery Revenue Growth EBITDA Margin Liquidity Buffer Strong Balance Sheet Low-to-high single digits YoY Mid-teens to mid
Slide 21: Q&A
Q&A
Slide 22: Appendix
FIYNOS mmr Appendix
Slide 23: Fuel rose to 38% of the cost base in 2Q 2026
Fuel rose to 38% of the cost base in 2Q 2026, from 26% in 1Q, as the regional conflict pushed jet fuel prices sharply higher CoR Structure, Q1’26 (%) CoR Structure, Q2’26 (%) Fuel 26% Fuel 38% Handling, Landing Handling, Landing 23% 14% & Navigation & Navigation Staff 16% Staff 12% Rental 6% Rental
Slide 24: A modern, fuel-efficient A320neo-led fleet
A modern, fuel-efficient A320neo-led fleet, operated mainly under operating and finance leases, with a gradual shift toward ownership Fleet Composition, Q2’26 Fleet Ownership Split, Q2’26 Leased1 Owned Q2’26 YE’25 Δ YtD Dry leased, 91% A320 CEO 1 0 1 3 -2 2 67 aircraft A320 NEO 58 3 61 61 - Wet leas
Slide 25: Glossary of Terms (1/2)
Glossary of Terms (1/2) KPI Description Formula Operating profit before one-off, non-operating items – the employee share option plan (ESOP) charge and IPO-related fees, recognized in 2Q 2025. Adjusted Operating Profit = Reported Adjusted Operating Operating Profit + ESOP charge + IPO- Profit
Slide 26: Glossary of Terms (2/2)
Glossary of Terms (2/2) KPI Description Formula Leverage measure: net debt over last-twelve-months (LTM) adjusted EBITDA. Net Debt to Adjusted EBITDA = Net Net Debt to The EBITDA adjustment applies only where the LTM window includes 2Q 2025 (ESOP charge, Debt / LTM Adjusted EBITDA Adjusted EBI
Slide 27: Investor Relations contacts
Investor Relations contacts 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 flynas Earnings Presentation | 2Q and 1H 2026 27
Slide 28: Disclaimer
Disclaimer All information included in this document is for general use only and has not been independently verified, nor does it 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 su