Flynas (4264) investor relations material

Executive summary

• Q3 capacity recovered to near prior-year ASK levels after a 15% Q2 reduction; revenue rose 6% YoY to SAR 2.226 billion and net profit was SAR 27 million.

• 9M revenue rose 6% to SAR 6.444 billion; adjusted net loss was SAR 96 million, reflecting Q2 losses, disruption and elevated fuel costs.

• October airport disruption is expected to significantly affect Q4; FY2026 guidance remains suspended. September-end cash and deposits totaled SAR 3.4 billion.

Financial highlights

• Q3 adjusted EBITDA was SAR 503 million, down 23% YoY, with a 22.6% margin; 9M adjusted EBITDA was SAR 1.264 billion, down 38%, with a 19.6% margin.

• Q3 gross profit fell 17% YoY to SAR 310 million, with a 13.9% margin; 9M gross profit fell 45% to SAR 684 million, with a 10.6% margin.

• Q3 operating profit was SAR 164 million, down 37% YoY; 9M operating profit was SAR 275 million versus a SAR 131 million loss a year earlier.

• Q3 net profit was SAR 27 million versus SAR 120 million a year earlier; 9M net loss was SAR 96 million versus adjusted net profit of SAR 489 million in 9M 2025.

• Q3 cost of revenue increased 11% to SAR 1.9 billion; fuel was 34% of direct costs, while other cost lines combined declined 2%, or SAR 20 million.

Outlook and guidance

• Q4 results are expected to be significantly affected by airport disruption; FY2026 guidance remains suspended and near-term visibility is limited.

• Priorities include passenger and employee safety, cash preservation and schedule restoration as airports reopen; discretionary spending was put on hold.

• Riyadh Airport partially reopened on October 25; schedule restoration is gradual, with capacity expected to return quickly once full access is restored.

• Pent-up travel demand is expected when Riyadh returns to full capacity, though timing depends on authorities and operating conditions.

• Six A320neos and three A330neos are scheduled for delivery in H2 2027; financing is in place for all six 2026 A320neo deliveries.