Flynas (4264) investor relations material

Executive summary

• Net profit reached 118 million on 2 billion revenue in Q1 2026, supported by 19% capacity and 9% passenger growth, despite regional conflict disrupting 15% of the network.

• Load factor softened to 80.7% due to network expansion and temporary route suspensions.

• Operations remained stable despite airspace restrictions and fuel price volatility, with strong cash reserves and continued fleet and network expansion.

• IPO completed in June 2025; shares now traded on the Saudi Exchange.

Financial highlights

• Revenue increased 10% year-over-year to 2,006 million; net profit declined 20% to 118 million; EBITDA was 557 million (margin 27.8%), down 10% YoY.

• Gross profit margin decreased to 17% from 23%; net profit margin at 5.9% versus 8% last year.

• Free cash flow reached 401 million, supported by lower capex and strong operating cash flow.

• Cash and equivalents stood at 4,053 million as of 31 March 2026, 2.4x higher than 1Q 2025.

• Loan repayments of 183 million made during the period; outstanding loans at 1,301 million.

Outlook and guidance

• FY 2026 guidance suspended due to ongoing regional conflict and volatility; 2Q 2026 revenue growth expected in low single to low double digits.

• 2Q 2026 EBITDA margin guided to high single to low double digits; Hajj operations expected to be impacted by higher fuel costs.

• Management expects sufficient liquidity to meet obligations for at least 12 months, even under adverse scenarios.

• Gradual recovery of GCC network anticipated, with services resuming on select routes.