Slide 1: Earnings Presentation 3Q and 9M 2025
Earnings Presentation 3Q and 9M 2025 10 November 2025
Slide 2: Performance Highlights and Strategy
Performance Highlights and Strategy
Slide 3: Strong quarterly growth driven by network expansion and seasonal demand
Strong quarterly growth driven by network expansion and seasonal demand, with continued improvement in earnings and cash generation Fleet (EoP)1 Q3’25 ASK Q3’25 PAX Q3’25 68 aircraft 7.9 bn 4.2 mn +9 a/c YoY +22% YoY +15% YoY Revenue Q3’25 Adj. EBITDA2 Q3’25 Cash Q3’25 ¥ 2.1 bn ¥ 617 mn ¥ 4.6 bn +6%
Slide 4: Strong 9M 2025 results driven by network expansion and efficiency gains
Strong 9M 2025 results driven by network expansion and efficiency gains, delivering growth across traffic, revenue, and profitability Available Seat-Kms 9M’25 Passengers Carried 9M’25 Revenue 9M’25 20,575 mn +9% YoY 11.5 mn +5% YoY ¥ 6,063 mn +3% YoY Adjusted EBITDA1 9M’25 Adjusted Net Profit1 9M’25
Slide 5: Navigating temporary headwinds while sustaining growth momentum
Navigating temporary headwinds while sustaining growth momentum HEADWINDS ACTIONS Availability of engines Network expansion continued CFM LEAP-1A delivery delays +19 new routes and 9 destinations affecting A320neo fleet availability in 9M 2025 Visa suspensions Fleet growth sustained Temporary KSA-is
Slide 6: Expanding network reach across new markets, building international scale
Expanding network reach across new markets, building international scale Moscow 9M2025 9M 2025Progress Progress 19 new routes and 9 destinations launched across 7 countries Total network now 150 routes / 77 destinations / 36 countries El Alamein Cairo ASK +9% YoY, predominantly from internatio
Slide 7: Disciplined fleet growth with focus on efficiency and reliability
Disciplined fleet growth with focus on efficiency and reliability Fleet Strategy Highlights Fleet Composition1 (aircraft) Expand A320neo family for fuel-efficiency and network 75 flexibility 68 59 9 2 2 Wet Lease 2 2 Add wide-body A330s to serve Hajj, Umrah, and 2 A330 CEO medium-haul markets 53
Slide 8: Expanding flynas' global reputation as a trusted, award-winning low-cost carrier
Expanding flynas’ global reputation as a trusted, award-winning low-cost carrier GLOBAL RECOGNITION BRAND & MARKETING HIGHLIGHTS Skytrax 2025, Skytrax 2025, Strategic Seasonal Top 10 Global Best LCC in the Partnerships Marketing Drives Low-Cost Carrier Middle East 3rd 8th Al Hilal sponsorship Higher
Slide 9: Operating and Financial Results
Operating and Financial Results
Slide 10: Strong revenue growth and improved profitability in 3Q
Strong revenue growth and improved profitability in 3Q driven by capacity expansion and continued passenger demand Available Seat-Kms Q3'25 RASK (in halalas) Q3'25 Adj. CASK (in halalas) Q3'25 7,885 mn ¥ 24.9 ¥ 23.4 +22% YoY -4% YoY -7% YoY Load Factor 1 Q3'25 Revenue Q3'25 Adjusted Net Profit
Slide 11: Robust 9M 2025 performance driven by network expansion and efficiency initiatives
Robust 9M 2025 performance driven by network expansion and efficiency initiatives, leading to higher passenger traffic, revenue, and profitability Available Seat-Kms 9M'25 RASK (in halalas) 9M'25 Adj. CASK (in halalas) 9M'25 20,575 mn ¥ 25.6 ¥ 24.1 +9% YoY -5% YoY -5% YoY Load Factor 1 9M'25 R
Slide 12: Robust earnings performance in 9M 2025, adjusted for non-recurring and one-off items
Robust earnings performance in 9M 2025, adjusted for non-recurring and one-off items Adjusted EBITDA (¥ mn) Adjusted Net Profit (¥ mn) 101 (63) 1,969 101 (63) 982 426 982 949 (594) EBITDA ESOP IPO costs Sale Adj. EBITDA Net Profit ESOP IPO costs Sale Adj. Net 9M'25 Leaseback 9M'25 9M'25 Leaseback Pr
Slide 13: Strong top-line performance drove the EBITDA margins
Strong top-line performance drove the EBITDA margins, supported by effective cost management and enhanced operating efficiency Key Highlights Margins (%) (¥ mn) Q3'25 Q3’24 Δ% 9M'25 9M'24 Δ% Revenue 2,091 1,969 +6% 6,063 5,891 +3% Cost of revenue (1,718) (1,584) +8% (4,825) (4,693) +3% 32.5% Gross p
Slide 14: Strong capacity and passenger growth in 3Q 2025
Strong capacity and passenger growth in 3Q 2025, with lower load factor driven by international expansion Passenger Traffic (th PAX) Load Factor1 (%) 85.7% 83.1% 85.2% 82.5% +5% 11,458 10,873 +15% -2.7 ppts YoY -2.7 ppts YoY Q3'24 Q3'25 9M'24 9M'25 4,242 3,693 Supply (ASK mn) +9% 18,881 20,575 +22%
Slide 15: RASK pressure eased in 3Q 2025 as the geopolitical situation stabilized
RASK pressure eased in 3Q 2025 as the geopolitical situation stabilized Revenue by Segment (¥ mn) RASK1 (halalas) +3% -5% -4% 5,891 6,063 27.0 +6% 129 26.1 25.6 145 584 24.9 581 2,091 1,969 41 56 57 206 5,166 5,349 1,993 1,707 Q3'24 Q3'25 9M'24 9M'25 Q3'24 Q3'25 9M'24 9M'25 LCC Hajj & Umrah General
Slide 16: Enhanced operational effectiveness drove lower unit costs
Enhanced operational effectiveness drove lower unit costs, driven by lower fuel cost and improved cost efficiency Cost of Revenue (¥ mn) CoR Structure, 9M’25 (%) +3% 4,693 4,825 Fuel 26% +8% 1,584 1,718 Handling, Landing 22% & Navigation Staff 14% Q3'24 Q3'25 9M'24 9M'25 Rental 6% Adjusted CASK1 (ha
Slide 17: Recurring SG&A costs grew modestly
Recurring SG&A costs grew modestly, with higher strategic spending toward business development, promotional activities, and customer-service categories Recurring SG&A1 (¥ mn) SG&A1 Structure, 9M’25 (%) +5% General & 355 administrative 338 43% +8% Recurring SG&A: 143 ¥ 355 mn 132 Selling & marketing
Slide 18: Healthy cash reserves and disciplined funding approach underpin stronger liquidity
Healthy cash reserves and disciplined funding approach underpin stronger liquidity and improved leverage ratios Net Debt Structure (¥ mn) Net Debt/Adjusted EBITDA (x) 2.3x 2.2x 2.2x -38% 1,209 52 (2,946) 1.4x 4,482 1.2x 2,797 +284% +1% +168% Q4'24 Total Loans Total Lease Cash and Q3'25 Liabilities B
Slide 19: Robust cash position underpinned by IPO inflows and working capital management
Robust cash position underpinned by IPO inflows and working capital management offset elevated capital spending CF Highlights Adjusted ROIC1 (%) (¥ mn) 9M'25 9M'24 Δ% Profit/(Loss) Before Zakat (567) 511 NM 12.8% 12.5% Non-cash adjustments 2 2,465 1,197 +2.1x 9.9% 10.5% Working capital changes (109)
Slide 20: Guidance, Capital Allocation and Closing Remarks
Guidance, Capital Allocation and Closing Remarks
Slide 21: Targeted execution of its growth strategy sets flynas on track
Targeted execution of its growth strategy sets flynas on track for achieving revenue growth and business plan targets (2026 guidance remains unchanged) KPI FY 2024 9M 2025 FY 2025-2026 Guidance 2025: +2.5-4.5% YoY, driven by capacity expansion Revenue, ¥ mn 7,556 6,063 2026: +16-18% YoY 2025: 30.0-3
Slide 22: Disciplined capital deployment focused on supporting growth
Disciplined capital deployment focused on supporting growth, driving revenue diversification, and preserving balance sheet strength Reinvest in Fleet Growth Expand Ancillary Revenue Maintain Leverage & Liquidity Support fleet expansion to meet Invest in products, partnerships, and Preserve a strong
Slide 23: We remain highly confident in our long-term strategy
We remain highly confident in our long-term strategy with strong focus on execution capabilities, network and fleet expansion, and enhancing our offerings to passengers • Leading low-cost carrier with strong track record of turbocharged and Proven business model profitable growth • Recognized as one
Slide 24: Q&A
Q&A
Slide 25: 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 | 3Q and 9M 2025 25
Slide 26: 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