Kenya Airways Plc · NSEKE:KQ
Kenya Airways — H1 2026 Earnings Presentation
34 slides from Kenya Airways's earnings presentation, Aug 25, 2026
Slide 1: Half Year Investor Briefing 2026
Tuesday,25th August 2026 Kenya Airways PLC Half Year Investor Briefing 2026 5 2 4 4 Ke Ait 1G Overcoming Challenges, Navigating Uncertainty & Unlocking Growth &® sei Aetsoilind ded ~~) JOURNEY TO.
Slide 2: Agenda
Slide 3: Opening Remarks
Opening Remarks Mr. Kiprono Kittony, EBS Chairman, Kenya Airways Plc
Slide 4: Business Updates
Business Updates Dr. George Kamal Ag. Group Managing Director & CEO
Slide 5: Global Aviation Performance HY26 vs HY25
Global Aviation Performance HY26 vs HY25 Global Avialable Seat Global Air Cargo Kilometers (ASK) N* Demand Daas ®) 8.5% a) Global Fuel Spike eee a Load “i 66% (P) Mix = Ge Source: IATA Reports 2026 IATA ; P
Slide 6: Global GDP Growth Rate & Global Inflation Rate
Global GDP Growth Rate & Global Inflation Rate % —= Global GDP — Global inflation ) 104 \ 2000 2005 2010 2015 2020 2025 26 / \ A Takeaway: : & Source: 2026 Global + Global GDP growth drives passenger and cargo demand Se] outlook for Air + The global inflation is expected to rise above 5% IATA 0" + I
Slide 7: The Global Passenger Outlook
The Global Passenger Outlook "if - ~ 4 % mm 2024 mm 2025E mm 2026F ray \ 20 ae 18 pes IATA 16 is 127 121 106 ee 10 8.7 8 74 eo 7.3 78 7A 60 os 60 61 6 52 49 : 5.0 ; 46 4 38 . 2 i] 15 a o2 Industry Africa Asia Pacific Europe Latin America Middle East North America \ ‘Source: IATA Sustainability and E
Slide 8: The Operating Environment: Global Aviation profit outlook
The Operating Environment: Global Aviation profit outlook / am a | IATA | | Europe 2026 2026 Forecast Reforecast North America Net Profit perpax $10.90 $7.50 2026 2026 | Forecast Reforecast mit as Ps 7 7 Middle East | Net Profit per Pax $9.80 $8.10 a | 2026 2026 Asia Pacific | Forecast Reforecast 20
Slide 9: Global Airline Challenges
Global Airline*Challenges JOURNEY.-TO-
Slide 10: Significant Airline Challenges
Significant Airline Challenges Elevated fuel costs + YoY 66% surge in jet fuel prices Avg price rose to $142 per barrel + Between March-April 2026 fuel prices hit $213 per barrel resulting in a 72% fuel spike. Constrained capacity The ongoing global supply chain constraints disrupted fleet availabil
Slide 11: Business Updates
Business Updates JOURNEY TO
Slide 12: Cargo revenue grew by 18% YoY
¢ Cargo revenue grew by 18% YoY ¢ B747F capacity purchase with the aim of Growing Cargo market share from 11% to 40%
Slide 13: Commercial Updates
Commercial Updates AS-ANTE REWARDS AFRICA'S MOST AWAITED LOYALTY PROGRAM IS HERE Go beyond miles, earn points with flights and get rewarded ACCOR X Asante Loyalty: Asante Rewards MICE: Partnered with Accor to Membership has grown by Managed 130+ mice events enhance customer rewards 20% in H1 to over
Slide 14: Operations Updates
Operations Updates Increased self-service check-in adoption, reducing passenger processing times. Repatriation flights (Dubai & Haiti) Signature Drink New menu rollout Launch (Dawa)
Slide 15: Sponsorships and events
WRC Safari Rally Magical Kenya open Kenya Rugby Union Professional Golfers (MKO) Kenya (PGK)
Slide 16: Completed the First-Ever B787 D-Check
Completed the First-Ever B787 D-Check (12-Year Heavy Maintenance) Built 13 New In-House MRO Capabilities Secured 3 New MRO Partnerships High fleet utilisation
Slide 17: Fleet Utilisation
Fleet Utilisation B787 2 z 2 * =~ ~ 2 ry B} * £ = ) : SR-B8.255 7 3rd highest utilization in the world 3rd highest utilization in the world E190 Fed Teas Rega PRR ze ‘SCHEDULE RELIABILITY vs. DAILY UTILIZATION [heNva Aways AFRICA (CHARGEABLE EJEISEAMLY -L12M-APAECZ6-DL> 16 MINUTES: Seater | Repererc
Slide 18: KQ Academy Updates
KQ Academy Updates Regional Expansion ATO Approval in Tanzania and Expanded approval in Rwanda. 40% Client Growth (17 New Clients). Global Certification ICAO Trainair Plus approval. IATA Authorized Training Centre - Premier Status EASA Extended Evaluation Program Q400 People Development London Metro
Slide 19: Partnerships and stakeholder engagements
¢ Rubis Sustainability Partnership REPUBLIC OF KENYA . REPUBLIQUE FRANCAISE e Members of the National Assembly, Transport Committee : ENHANCING KENYA-FRANCE STRATEGIC PARTNERSHIP FOR SHARED PROSPERITY ¢ Aviation Media Lab 2026 f aio, ma 2026 ¢ Gordon Institute of Business Capacity Building ( ig % y
Slide 20: Questions
Slide 21: Financial Highlights
Financial Highlights Mary Mwenga Ag. Chief Finance Officer
Slide 22: Operational Highlights HY26
Operational Highlights HY26 = -9% Available Seats KMS (Mil's) CY: 6,084 PY: 6,715, © -B8% Block Hours. CY: 65,978 PY: 72,040 us 18% Cargo Revenue (Ksh Mil’s) CY: 8,768 PY: 7,461 Us 3.9 pts Cabin Factor (Points) CY: 76.3% PY: 72.4% ~ S 9% Turnover (Ksh Mil's) CY: 81,254 PY: 74,504
Slide 23: Turnover Trend HY26
Turnover Trend HY26 Kshs Mil 2019 2020 7 354 2021 Revenue 7 58550 48,104 - 5,097 2022 2023 2024 100 000 Revenue 2019 2020 2021 2022 —n 2025 2026
Slide 24: Cost Trend HY26
Cost Trend HY26 Total cost 120 000 100 000 96 793 97177 80 000 we 86677 60 000 67112 57 966 40 000 44327 38 896 20 000 = 2019 2020 2021 2022 2023 2024 2025 2026
Slide 25: EBIDTAR Trend: HY 2019-2026
EBIDTAR Trend : HY 2019-2026 25% 20% 15.3% 14.7% 15% 10% 5% 0% 2019 2020 2021 2022 2023 2024 2025 2026
Slide 26: Summary of Consolidated Income Statement HY26
Summary of Consolidated Income Statement HY26 Jun-26 Jun-25 KShs. Mil KShs. Mil Total Income 81,254 74,504 Total Operating Costs (91,895) (80,743) Operating Profit/(Loss) (10,641) (6,239) Operating Margin % (13.1) (8.4) Other costs (5,329) (5,969) Interest income 47 35 Profit/(Loss) before Tax (15,9
Slide 27: Summary of Consolidated Statement of Financial Position HY26
Summary of Consolidated Statement of Financial Position HY26 Jun 2026 Dec 2025 KShs Mil KShs Mil Assets Non-current assets 136,324 141,803 Current assets 43,974 41,425 TOTAL ASSETS 180,298 183,228 EQUITY AND LIABILITIES Equity attributable to owners (147,834) (132,027) Non-controlling interest (24)
Slide 28: Summary of Consolidated statement of Cash flow HY26
Summary of Consolidated statement of Cash flow HY26 Jun-2026 Jun-2025 Ksh Mil Ksh Mil Cashflows from operating activities Cash generated from operations 13,568 8,942 Interest Received 47 os) Interest Paid (2,169) (1,212) Income Taxes Paid (29) (26) Net cash generated from operating activities 11,417
Slide 29: Looking Ahead
Looking Ahead JOURNEY TO
Slide 30: Looking Ahead
Looking Ahead Operational Stability Manage Costs Capital Raise Diversification
Slide 31: Questions
Slide 32: Turnover Trend HY26
Turnover Trend HY26 2019 2020 «2021-2022 —nn Revenue 7 58550 48,104 - 5,097 7 354 2019 2020 2021 2022 2023 2024 2025 2026
Slide 33: Cost Trend HY26
Cost Trend HY26 Total cost 120 000 100 000 80 000 60 000 40 000 20 000 2019 2020 2022 2023 2024 2025 2026
Slide 34: Thank You
Thank You Gkenya airways 3,