Slide 1: Earnings Presentation 2Q and 1H 2025
Earnings Presentation 2Q and 1H 2025 11 August 2025
Slide 2: Overview and Market
Overview and Market
Slide 3: flynas is the leading low-cost carrier in KSA
flynas is the leading low-cost carrier in KSA with a growing network, strong profitability, and expanding scale Market Share, KSA 2024 Passengers Carried 2024 Load Factor 1 2024 Fleet (EoP) 2,3 2024 14.8% 14.7 mn 85.6% 59 aircraft 3.7 years average age +1.9 ppts YoY +32% YoY +6.1 ppts YoY +1
Slide 4: flynas' scalable LCC platform anchors the business
flynas’ scalable LCC platform anchors the business, with additional contributions from religious tourism and general aviation FY’24 Revenue: R 7,556 mn flynas LCC 89.8% Hajj and Umrah 7.8% General Aviation 2.5% Core scheduled low-cost carrier Solid performance from seasonal Hajj Tailored charter and
Slide 5: Favourable fundamentals and long-term policy tailwinds offer clear runway for growth
Favourable fundamentals and long-term policy tailwinds offer flynas a clear runway for growth and market share gains Strong Growth Trajectory LCC Penetration Gap Vision 2030 Momentum KSA is one of the world’s fastest-growing LCCs make up only 39% of KSA’s seat Vision 2030 is driving demand through a
Slide 6: Strategy and Operations
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Slide 7: Executing a clear strategy anchored in regional LCC leadership
Executing a clear strategy anchored in regional LCC leadership, operational excellence, and Vision 2030 tailwinds Our Vision To be the leading low-cost carrier in MENA for short and medium haul flights Our Mission Offer our passengers a memorable, affordable, and seamless journey supported by a mode
Slide 8: Network footprint continues to scale
Network footprint continues to scale, supported by strong domestic demand and new route additions Key Highlights 7 destinations, 15 new routes in 6 countries in 1H 2025 146 routes, 74 destinations across 34 countries1 Diversified network footprint Focus on point-to-point Strong domestic pr
Slide 9: Planned fleet growth supports destination network expansion
Planned fleet growth supports flynas’ ambition to expand its destination network with a modern, fuel-efficient aircraft mix Key Focus Areas Fleet Composition1 (aircraft) Maintain a young, fuel-efficient 167 fleet to support operational Wet Lease 2 12 efficiency CAGR +17% 35 2 A330 NEO 104 Grow a
Slide 10: Operating and Financial Results
Operating and Financial Results
Slide 11: Traffic trends remain positive with 3% growth year-on-year
Traffic trends remain positive with 3% growth year-on-year, driven by seasonal demand and continued network expansion Passengers Carried Q2'25 Available Seat-Kms Q2'25 Number of Hajj Pilgrims Q2'25 Fleet (EoP) 2,3 Q2'25 3.6 mn 6,358 mn 111.0 th 71 aircraft +3% YoY +4% YoY +41% YoY +11 a/c Yo
Slide 12: EBITDA growth and stronger margins in 2Q
EBITDA growth and stronger margins in 2Q with cash position and lower leverage supporting financial flexibility Revenue Q2'25 Adjusted EBITDA Q2'25 Adjusted Net Profit Q2'25 ¥ 2,144 mn ¥ 736 mn ¥ 191 mn -1% YoY +16% YoY -3% YoY Cash Balance Q2'25 Adjusted EBITDA Margin Q2'25 Adjusted Net Profi
Slide 13: Underlying earnings remain solid, with adjustments reflecting non-recurring impacts
Underlying earnings remain solid, with adjustments reflecting non-recurring impacts Adjusted EBITDA (¥ mn) Adjusted Net Profit (¥ mn) 101 (30) 736 101 (30) 191 982 982 (317) (863) EBITDA ESOP IPO costs Sale Adj. EBITDA Net Profit ESOP IPO costs Sale Adj. Net Q2'25 Leaseback Q2'25 Q2'25 Leaseback Pro
Slide 14: Solid underlying profitability, with margin gains driven by cost discipline
Solid underlying profitability, with margin gains driven by cost discipline and improved operating efficiency Key Highlights Margins (%) (¥ mn) Q2'25 Q2’24 Δ% H1'25 H1'24 Δ% Revenue 2,144 2,176 -1% 3,972 3,923 +1% Cost of revenue (1,693) (1,694) -0% (3,106) (3,109) -0% 34.3% Gross profit 451 483 -6%
Slide 15: Passenger volumes steady year-on-year
Passenger volumes steady year-on-year, with load factor affected by regional dynamics in 2Q Passenger Traffic (th PAX) Load Factor1 (%) 82.3% 79.6% 84.9% 82.1% +0% 7,180 7,215 +3% -2.7 ppts YoY -2.8 ppts YoY Q2'24 Q2'25 H1'24 H1'25 3,450 3,552 Supply (ASK mn) +2% +4% 12,424 12,690 6,122 6,358 Q2'24
Slide 16: Revenue mix supported by Hajj uplift
Revenue mix supported by Hajj uplift, while LCC revenue softened amid temporary regional headwinds in 2Q Revenue by Segment (¥ mn) RASK1 (halalas) +1% -5% -13% -1% 3,972 28.4 27.5 3,923 26.1 89 88 24.5 375 527 2,176 2,144 50 45 369 518 3,459 3,357 1,758 1,581 Q2'24 Q2'25 H1'24 H1'25 Q2'24 Q2'25 H1'2
Slide 17: Improved unit costs and efficient direct cost structure
Improved unit costs and efficient direct cost structure, driven by scale benefits and disciplined cost management Cost of Revenue (¥ mn) CoR Structure, Q2’25 (%) 0% Fuel 27% 0% 3,109 3,106 1,694 1,693 Handling, Landing 20% & Navigation Staff 13% Q2'24 Q2'25 H1'24 H1'25 Rental 13% Adjusted CASK1 (hal
Slide 18: Favourable fuel prices remained below budget
Favourable fuel prices remained below budget, supporting margin delivery and cost control efforts Brent Oil Price ($/bbl) 2024 Fuel Budget: $82.6/bbl 2025 Fuel Budget: $80.0/bbl 69.8 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 flynas Earnings Presentation | 2Q
Slide 19: Operating cost control sustained, with selective investment
Operating cost control sustained, with selective investment aligned to network strategy Sales and Marketing (¥ mn) General and Admin1 (¥ mn) +13% 131 -10% 116 90 81 -7% -27% 66 62 56 41 Q2'24 Q2'25 H1'24 H1'25 Q2'24 Q2'25 H1'24 H1'25 flynas Earnings Presentation | 2Q and 1H 2025 Note: 1. Recurring G
Slide 20: Stronger cash position post-IPO drives improved liquidity and lower net debt
Stronger cash position post-IPO drives improved liquidity and lower net debt Net Debt Structure (¥ mn) Net Debt/Adjusted EBITDA (x) -28% 2.4x 2.3x 2.2x 2.2x 391 (2,830) 1,183 4,482 3,227 1.4x Q4'24 Total Loans Total Lease Cash and Q2'25 Liabilities Bank Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Deposits flynas
Slide 21: IPO inflows offset higher capex resulting in stronger cash position
IPO inflows offset higher capex resulting in a stronger cash position CF Highlights Adjusted ROIC1 (%) (¥ mn) H1'25 H1'24 Δ% Profit/(Loss) Before Zakat (695) 401 NM 13.5% 12.6% Non-cash adjustments 2 1,962 767 +2.6x 10.4% 10.6% Working capital changes (113) (360) -68% Interest & end-of-service benef
Slide 22: Guidance, Capital Allocation and Closing Remarks
Guidance, Capital Allocation and Closing Remarks
Slide 23: Well-positioned to deliver double-digit revenue growth and margin uplift in 2025
Well-positioned to deliver double-digit revenue growth and margin uplift in 2025, driven by capacity expansion and cost efficiency KPI FY 2024 1H 2025 FY 2025 Guidance Revenue, ¥ mn 7,556 3,972 +6-18% YoY, driven by capacity expansion EBITDA Margin, % 28.8% 34.0%2 30.0-32.0%, supported by focus on c
Slide 24: 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 25: 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 26: Q&A
Q&A
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 2025 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