Flynas (4264) investor relations material

Executive summary

• Achieved strong quarterly and nine-month growth, driven by network expansion, seasonal demand, and efficiency gains.

• Completed IPO in June 2025, increasing share capital and listing on the Saudi Exchange, with significant one-off IPO and share-based payment expenses recognized.

• Passenger traffic in 3Q 2025 increased 15% YoY to 4.2 million, with ASKs up 22% and network expanded to 150 routes and 77 destinations.

• Operational profitability maintained excluding non-recurring IPO and share-based payment costs.

• Recognized globally as a leading low-cost carrier, with multiple industry awards.

Financial highlights

• Q3 2025 revenue reached 2,091 million SAR, up 6% YoY; adjusted EBITDA was 617 million SAR, up 21% YoY.

• 9M 2025 revenue totaled 6,063 million SAR, up 3% YoY; adjusted EBITDA was 1,969 million SAR, up 19% YoY.

• Adjusted net profit for Q3 2025 was 87 million SAR (+4% YoY); for 9M 2025, 426 million SAR (+18% YoY).

• Reported net loss of 594.4 million SAR for 9M 2025, mainly due to 981.9 million SAR non-recurring share-based payment and 101.1 million SAR IPO costs.

• Cash and equivalents at period end were 4.65 billion SAR, up 2.6x YoY, supported by IPO inflows.

Outlook and guidance

• 2025 revenue expected to grow 2.5–4.5% YoY, with EBITDA margin of 30.0–32.0%.

• 2026 guidance targets 16–18% revenue growth and 30.5–32.5% EBITDA margin.

• Net margin projected at 5.25–5.75% for 2025, with further expansion in 2026.

• Management expects continued profitability and strong cash flows, excluding one-off IPO and share-based payment expenses.

• Network to expand into two additional countries in 4Q 2025, with 15% ASK growth expected YoY.