Flynas (4264) Q2 2025 earnings summary

Executive summary

• Achieved first earnings call as a public company, highlighting transparency and growth ambitions, and completed IPO in June 2025, raising capital and listing shares on the Saudi Exchange.

• Increased 2024 market share to 14.8% and carried 14.7 million passengers, up 32% year-on-year, supported by a young, expanding fleet and strong profitability.

• Network scaled to 74 destinations in 34 countries, with 15 new routes in 1H 2025 and 52% of passengers on domestic routes.

• Strategy anchored in regional LCC leadership, operational excellence, and Vision 2030 tailwinds, focusing on disciplined fleet and network growth.

• Operational improvements driven by increased fleet size, new routes, and cost-saving measures.

Financial highlights

• FY 2024 revenue reached SAR 7.6 billion (+19% YoY), EBITDA SAR 2.18 billion (+31% YoY), and net profit SAR 434 million (+17% YoY).

• H1 2025 revenue was SAR 3.97 billion, up 1% year-on-year; Q2 2025 revenue was SAR 2.14 billion, down 1% year-on-year.

• Adjusted EBITDA for H1 2025 was SAR 1.35 billion (+19% YoY), margin at 34.0% (+5.0 ppts YoY); adjusted net profit SAR 339 million (+22% YoY), margin at 8.5%.

• Net loss for H1 2025 was SAR 714.6 million, mainly due to non-recurring IPO and share-based payment expenses; excluding one-off charges, operational profitability was maintained.

• Cash balance at Q2 2025 was SAR 4.53 billion, up 2.6x year-to-date, driven by IPO proceeds and operational cash flow.

Outlook and guidance

• Full-year 2025 revenue projected to grow 6–18% year-on-year, driven by capacity and international demand.

• EBITDA margin expected between 30% and 32%; net margin projected at 6.0–6.5%; net debt/EBITDA expected to normalize at 2.0x by year-end.

• Confident in meeting targets due to efficient scaling, improved earnings quality, and strong cash flows excluding non-recurring expenses.