Allegiant Travel Company · NASDAQ:ALGT
Allegiant Travel — Q1 2026 Earnings Presentation
22 slides from Allegiant Travel's earnings presentation, Apr 30, 2026
Slide 1: 1Q26 Earnings Presentation
1Q26 Earnings Presentation April 30, 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 Start to the Year Driven by Execution and Disciplined Strategy
Strong Start to the Year Driven by Execution and Disciplined Strategy • Highest first quarter margin since pre-COVID; expected to be industry-leading for a second consecutive quarter On a GAAP basis, 1Q26 operating margin of 11.1% Adjusted, 1Q26 operating margin of 14.9%1 • Operational performance r
Slide 5: High-Margin Commercial Initiatives Driving Revenue Growth
High-Margin Commercial Initiatives Driving Revenue Growth • >600K co-brand credit card holders; >5% of revenue • Allegiant Extra contributing to TRASM growth Card remuneration is a significant profit contributor Premium seating product continues to outperform expectations • +9% YoY increase in bank
Slide 6: Managing Fuel Volatility with Disciplined Capacity Actions
Managing Fuel Volatility with Disciplined Capacity Actions Fuel Cost per Gallon ($/gal) 1Q25A – 2Q26E • Double-digit YoY growth in cash sales with multiple record days Leisure demand remains strong across peak periods 4.35 • Crack spreads peaked near $1.70/gal, now ~$1.20 vs ~$0.60 pre-conflict Jet
Slide 7: Positioned on the right Side of widening industry gap
• Positioned on the right side of widening industry gap Efficient operators gaining advantage over weaker operators • Sun Country transaction expected to close in the coming weeks Reflects strong execution and accelerated timeline • Integration planning reinforces confidence in the combination Suppo
Slide 8: Executive Vice President, Chief Commercial Officer
Executive Vice President, Chief Commercial Officer 8
Slide 9: Record 1Q Revenue and TRASM on Reduced Capacity
Record 1Q Revenue and TRASM on Reduced Capacity Airline Total Revenue ($mm) 1Q26 vs 1Q25 +9.6% y/y 732 • $732.4M total revenue, +9.6% YoY on 5.9% lower capacity Demonstrates strength of demand and revenue management 668 • First quarter record and highest quarterly performance in company history 14.3
Slide 10: Capacity Adjusted for Fuel Environment
Capacity Adjusted for Fuel Environment • ~6.5% YoY reduction in 2Q ASMs, slightly lower vs prior plan Capacity adjusted following fuel-driven changes in the environment • Double-digit growth in cash sales through April Booking trends remain healthy despite lower capacity • 2Q TRASM growth expected t
Slide 11: President and Chief Financial Officer
President and Chief Financial Officer 11
Slide 12: Strong Execution Drives Margin Expansion
Strong Execution Drives Margin Expansion Consolidated Adjusted EBITDA1 ($mm) 1Q23 – 1Q26 Prior-years reference airline-only results +38% - y/y 168 152 121 • GAAP consolidated net income of $42.5 million in 1Q26 Resulting in diluted earnings per share (EPS) of $2.30 97 • Adjusted consolidated net inc
Slide 13: Fuel Drove 1Q OpEx; Underlying Cost Performance Remains Stable
Fuel Drove 1Q OpEx; Underlying Cost Performance Remains Stable ASM per Gallon 4Q24 - 1Q26 86.7 86.4 85.7 84.7 84.2 • 1Q26 fuel cost averaged $3.04 per gallon 83.7 Above our initial guide of $2.60 YoY 0.0% 0.9% 1.6% 2.6% 2.6% 1.2% 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A • Adjusted non-fuel unit costs (CA
Slide 14: Robust Balance Sheet with Meaningful Liquidity and Optionality
Robust Balance Sheet with Meaningful Liquidity and Optionality Net Leverage (Net Debt / Adj. EBITDA) 3Q24 - 1Q26 4.1x 3.2x • $1.2B total liquidity, $933M cash and investments and $250M revolver Cash and investments represented 36% of trailing-twelve-month revenue 2.6x 2.6x 2.6x 2.3x • $1.3B of unenc
Slide 15: Fleet Flexibility and Near-Term Transaction Enhance Positioning
Fleet Flexibility and Near-Term Transaction Enhance Positioning Fleet Plan Outlook1 1Q26 - 2Q26E 200 192 Sun Country’s 180 20 Cargo Fleet • 123 aircraft in operation at quarter-end One 737-MAX delivered and one A320 retired during the quarter 160 47 Sun Country’s • 3 additional 737-MAX deliveries ex
Slide 16: Outlook summary
Outlook summary Second Quarter Guidance 2Q26 System ASMs – y/y change (~6.5%) Scheduled service ASMs – y/y change (~6.5%) Fuel cost per gallon $4.35 Adjusted operating margin(1) 0.0% to 2.0% Adjusted earnings per share(1) ($1.00) to ($0.00) Full-Year CapEx FY 2026 Aircraft-related capital expenditur
Slide 17: Q&A
Q&A 17
Slide 18: Q&A Appendix
Q&A Appendix 18
Slide 19: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, and adjusted income before income taxes (millions) Three Months Ended March 31, 2026 GAAP Adjustments(2) Adjusted (Non-GAAP)(1) Total operating revenues $ 7
Slide 20: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended March 31 Consolidated EBITDA and adjusted consolidated EBITDA (millions) 2026 2025 2024 2023 Net income (loss) as reported (GAAP) $ 42.5 $ 32.1 $ (0.9) $ 56.1 Interest expense, net 16.2 22.4 16.7 20.4 Income tax expense (benefit) 23.5 9.8
Slide 21: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three Months Ended March 31 Adjusted airline-only operating CASM excluding fuel and special charges (mm) 2026 2025 Consolidated operating expenses (GAAP) $ 651.3 $ 634.1 Minus: Sunseeker operating expenses — 26.5 Airline-only operating expenses 651.3 607.6
Slide 22: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts) Three Months Ended March 31, 2026 Amount Per Share Net income as reported (GAAP) $ 42.5 Less: Net income allocated
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