Flynas Co. · TADAWUL:4264
Flynas — Q1 2026 Earnings Presentation
21 slides from Flynas's earnings presentation, May 11, 2026
Slide 1: Earnings Presentation 1Q 2026
Earnings Presentation 1Q 2026 11 May 2026
Slide 2: Performance Highlights and Strategy
Performance Highlights and Strategy
Slide 3: Net profit of ¥118 million on ¥2 billion revenue, driven by passenger growth
Net profit of ¥ 118 million on ¥ 2 billion revenue, driven by passenger growth and higher capacity, despite conflict-related operational headwinds ASK Q1’26 PAX Q1’26 Revenue Q1’26 7,545 mn 4.0 mn ¥ 2.0 bn +19% YoY +9% YoY +10% YoY EBITDA Q1’26 Net Profit Q1’26 Cash Q1’26 ¥ 557 mn ¥ 118 mn ¥ 4.1 bn
Slide 4: Regional disruption managed effectively, through capacity adjustments and cost control
Regional disruption managed effectively, through capacity adjustments and cost control IMPACT GCC routes suspended Airspace restricted Fuel cost pressure UAE, Qatar, Bahrain, Kuwait, Iraq Select corridors temporarily Elevated spot prices driving fuel and Syria routes temporarily closed, forcin
Slide 5: Network expanded with capacity growth across 1Q 2026 despite regional disruption
Network expanded with capacity growth across 1Q 2026 despite regional disruption Moscow Krakow Q1’26 Dynamics Geneva Milan Pristina ASK +19% YoY in Q1’26, driven by strong growth in Rize January and February Antakya Launched 5 new routes and 2 destinations Rabat Damascus March suspensions: UAE
Slide 6: Disciplined fleet management supports operational stability and cost efficiency
Disciplined fleet management supports operational stability and cost efficiency Fleet Strategy Highlights Fleet Composition2 (aircraft) Operating a 92%1 A320neo narrow-body fleet, driving fuel efficiency and network flexibility 71 72 5 6 Wet Lease 3 2 2 Adding wide-body A330s to serve Hajj, Umra
Slide 7: Operating and Financial Results
Operating and Financial Results
Slide 8: Revenue growth supported by higher capacity and strong load factor
Revenue growth supported by higher capacity and strong load factor, despite disruption across regional markets Available Seat-Kms Q1'26 RASK (in halalas) Q1'26 CASK (in halalas) Q1'26 7,545 mn ¥ 26.0 ¥ 24.7 +19% YoY -6% YoY -3% YoY Load Factor 1 Q1'26 Revenue Q1'26 Net Profit Q1'26 80.7% ¥ 2,0
Slide 9: Profitability margins moderated on softer RASK
Profitability margins moderated on softer RASK, driven by capacity expansion and late-quarter disruption Key Highlights Net Profit Dynamics (¥ mn) (¥ mn) Q1’26 Q1’25 Δ% ¥ 7 million realized fuel hedging gains Revenue 2,006 1,828 +10% 177 (254) Cost of revenue (1,658) (1,414) +17% Gross profit 347 41
Slide 10: Capacity and passenger growth remained strong in 1Q 2026
Capacity and passenger growth remained strong in 1Q 2026, while load factor softened on disruption and network expansion Passenger Traffic (th PAX) Load Factor1 (%) 84.6% +9% 80.7% 3,997 3,664 -3.9 ppts YoY Q1'25 Q1'26 Supply (ASK mn) +19% 7,545 6,333 Q1'25 Q1'26 Q1'25 Q1'26 flynas Earnings Presenta
Slide 11: LCC segment drove revenue growth in 1Q 2026, while RASK softened
LCC segment drove revenue growth in 1Q 2026, while RASK softened on the back of strong capacity growth and operational disruptions in March Revenue by Segment (¥ mn) RASK1 (halalas) +10% -6% 2,006 27.6 1,828 45 26.0 43 9 1,960 1,776 Q1'25 Q1'26 Q1'25 Q1'26 LCC Hajj General Aviation flynas Earnings P
Slide 12: Cost growth driven by capacity expansion, with unit costs improving
Cost growth driven by capacity expansion, with unit costs improving due to stronger ASK growth Cost of Revenue (¥ mn) CoR Structure, Q1’26 (%) +17% 1,658 Fuel 26% 1,414 Handling, Landing 23% & Navigation Q1'25 Q1'26 Staff 16% Rental 6% CASK1 (halalas) Maintenance 7% -3% Distribution 2% 25.3 24.7 Dep
Slide 13: Countering volatility and widening crack spread with cash benefit from hedging
Countering volatility and widening crack spread with ¥ 52 million cash benefit from hedging Oil and Jet Fuel Price1 ($/bbl) Fuel Hedging Benefit2 (¥ mn) 201 192 Dec 25 Loss -3 (mark-to-market) Q1’26 Gain 7 (realized) Q1’26 Gain 94 31 92 93 89 (mark-to-market) 85 85 88 84 87 87 84 81 83 78 100 102 78
Slide 14: Moderate growth in recurring SG&A in 1Q 2026
Moderate growth in recurring SG&A in 1Q 2026 driven by higher activity levels Recurring SG&A (¥ mn) SG&A Structure, Q1’26 (%) General & +9% administrative 40% 119 109 Recurring SG&A: ¥ 119 mn Q1'25 Q1'26 Selling & marketing 60% flynas Earnings Presentation | 1Q 2026 14
Slide 15: Strong liquidity and low leverage position flynas well
Strong liquidity and low leverage position flynas well to navigate near-term disruption Net Debt Structure (¥ mn) Cash & Deposits (¥ mn) -7% 4,586 4,703 4,199 4,109 3,275 (183) (131) 90 3,051 1,719 -12% -2% -2% Q4'25 Loans Lease Cash & Bank Q1'26 Liabilities Deposits Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Ne
Slide 16: Strong free cash flow generation in 1Q 2026
Strong free cash flow generation in 1Q 2026, supported by lower capex and effective working capital management CF Highlights Adjusted ROIC1 (%) (¥ mn) Q1’26 Q1'25 Δ% Profit Before Zakat 127 156 -19% 12.5% Non-cash adjustments 453 486 -7% 9.9% Working capital changes (6) (171) -96% -2.5 ppts YoY Inte
Slide 17: Guidance and Closing Remarks
Guidance and Closing Remarks
Slide 18: Suspending FY 2026 guidance on limited visibility with recovery path intact
Suspending FY 2026 guidance on limited visibility with recovery path intact, and long-term fundamentals remaining strong 2Q 2026 Guidance Positioned for Quick Recovery Revenue Growth EBITDA Margin Liquidity Buffer Strong Balance Sheet Low single to low double digits High single to low double digits
Slide 19: Q&A
Q&A
Slide 20: 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 | 1Q 2026 20
Slide 21: 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