Flynas (4264) Q4 2025 earnings summary

Executive summary

• Reported a net loss of SAR 527 million for 2025, mainly due to a one-time share-based payment expense of SAR 981.9 million and IPO-related costs of SAR 101.1 million; excluding these, operations were profitable.

• Revenue grew to SAR 7.84 billion, up from SAR 7.56 billion year-over-year, with Flynas LCC contributing SAR 7.1 billion.

• IPO completed in June 2025, raising SAR 1.39 billion in share premium and increasing share capital to SAR 1.71 billion.

• Strong liquidity with SAR 4.14 billion in cash and cash equivalents at year-end.

Financial highlights

• Gross profit reached SAR 1.48 billion, slightly up from SAR 1.47 billion year-over-year.

• Operating loss of SAR 27 million, compared to operating profit of SAR 1.05 billion in 2024, due to non-recurring IPO and share-based payment expenses.

• Basic and diluted loss per share was SAR (3.22), compared to earnings per share of SAR 2.99 in 2024.

• Total assets increased to SAR 17.2 billion from SAR 13.5 billion year-over-year.

• Net cash from operating activities was SAR 1.43 billion, with net cash from financing activities at SAR 2.16 billion.

Outlook and guidance

• Management expects continued operational profitability and strong liquidity, excluding one-off IPO and share-based payment charges.

• Board confident in ability to meet obligations and continue as a going concern, supported by undrawn facilities of SAR 782 million.