Allegiant Travel Company · NASDAQ:ALGT

Allegiant Travel — Q3 2026 Earnings Presentation

29 slides from Allegiant Travel's earnings presentation, Nov 4, 2026

  1. Slide 1: 3Q26 Earnings Presentation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D November 4, 2026 3Q26 Earnings Presentation

  2. Slide 2: Forward looking statements

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Forward looking statements Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking sta

  3. Slide 3: Greg Anderson, Chief Executive Officer

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 3 Greg Anderson Chief Executive Officer

  4. Slide 4: Margin Expansion Despite 55% Higher Fuel

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 4 Margin Expansion Despite 55% Higher Fuel 1. Adjusted operating margin is a non-GAAP measure. See appendix for reconciliation to the most comparable GAAP measure. 2. 3Q25 pro forma reflects the Sun Country acquisition and the Sunseeker

  5. Slide 5: Low Fares and Reliable Service Sustain Leisure Demand

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 5 Low Fares and Reliable Service Sustain Leisure Demand Total fares ~30% below industry average Value proposition anchors leisure demand #1 or #2 carrier in more than 90% of origination markets Deep community presence Industry-leading co

  6. Slide 6: Commercial and Fleet Initiatives Expanding Earnings Power

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 6 Commercial and Fleet Initiatives Expanding Earnings Power • Co-brand remuneration up nearly 24% YoY Program improvements support the 10% of revenue goal • Allegiant First bookings ahead of expectations Service commencing in March ‘27 •

  7. Slide 7: Integration on Track for >$140M Annual Run-Rate Synergy Target by 2029

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 7 Integration on Track for >$140M Annual Run-Rate Synergy Target by 2029 (1) Adjusted, non-GAAP, versus 2025 pro forma. • Customers can search and book across both airlines Bottom-up synergy plan sets the multi-year integration blueprint

  8. Slide 8: Record 4Q TRASM Expected; FY26 Adjusted EPS Outlook of >$6.00 Reaffirmed

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 8 Record 4Q TRASM Expected; FY26 Adjusted EPS 1 Outlook of >$6.00 Reaffirmed • 4Q TRASM expected to be the highest in the company history • Planning 4Q fuel at ~$4.75 per gallon A sharp step-up from 3Q • FY adjusted EPS 1 outlook of >$6.

  9. Slide 9: Drew Wells, Chief Commercial Officer

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 9 Drew Wells Executive Vice President, Chief Commercial Officer

  10. Slide 10: Record 3Q Revenue and TRASM on ~6% Less Capacity

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 10 Record 3Q Revenue and TRASM on ~6% Less Capacity2 808 962 3Q25 (PF) 3Q26A Combined Total Revenue ($mm) 3Q26 vs 3Q25 Pro Forma1 +19.0% y/y • $962 million combined total operating revenue, +19.0% YoY 1 On ~6% 1 less capacity2; peak-day

  11. Slide 11: Every Revenue Lever Improved: Load Factor, Ancillary, Yield, Co-Brand

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 11 Every Revenue Lever Improved: Load Factor, Ancillary, Yield, Co-Brand +2pts Load Factor Pro forma1, YoY +$3 Ancillary Rev/Pax Pro forma1, YoY +50% Air Rev/Pax Pro forma1, YoY 5-yr BofA Co-Brand Extension term • Load factor up 2 points

  12. Slide 12: Seasonal Network Puts Flying Where Demand Peaks

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 12 Seasonal Network Puts Flying Where Demand Peaks • Summer 2026 network included 86 routes launched in the past 18 months Vast majority expected to return for summer 2027; 50 operated only in peak summer • July carried nearly 50% of 3Q

  13. Slide 13: 4Q TRASM Expected Up >20%

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 13 4Q TRASM Expected Up >20% >20% 4Q Combined TRASM Expected YoY 1 ~1.7% Scheduled Service ASMs Expected vs. 4Q25 1 • 4Q combined TRASM expected up >20% YoY 1 Strong demand despite a return to YoY capacity growth • Scheduled service ASMs

  14. Slide 14: Expedia and Premium Products Broaden the Customer Base

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 14 Expedia and Premium Products Broaden the Customer Base • Expedia now ~4% of bookings; more than half from net new customers Skews younger; supports travel from destination cities and newer routes • Allegiant First flights commence in

  15. Slide 15: Robert Neal, President and Chief Financial Officer

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 15 Robert Neal President and Chief Financial Officer

  16. Slide 16: 3Q Operating Profit Despite Fuel 18¢ Above Guidance

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 3.1% (0.3%) 3Q25 (PF) 3Q26 16 3Q Operating Profit Despite Fuel 18¢ Above Guidance • Adjusted operating income1 of $29.8 million; 3.1% adjusted operating margin Above the 1.0%–3.0% guidance range • Adjusted EBITDA1 of $111 million; 11.5%

  17. Slide 17: 3Q Marks Peak Non-Fuel Unit Cost Pressure

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 9.1% (6.0%) 17 3Q Marks Peak Non-Fuel Unit Cost Pressure • CASM-ex of 9.23¢, +9.1%2 YoY on ~6%2 lower capacity 1 Better than expected; includes a true-up of the pilot retention bonus accrual • 3Q expected to mark the peak YoY non-fuel un

  18. Slide 18: $1.1B Liquidity After Bonus Payout and Sun Country Close

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 18 $1.1B Liquidity After Bonus Payout and Sun Country Close • $136 million of 3Q capex plus $20 million of deferred heavy maintenance FY26 capex ~$850 million, unchanged; 2027 expected above 2026 levels • $1.1 billion total liquidity $86

  19. Slide 19: MAX Deliveries Add Flexibility, Not Committed Capacity

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 19 MAX Deliveries Add Flexibility, Not Committed Capacity 76 74 27 26 21 25 43 43 22 22 3Q26A YE26E Fleet Plan Outlook 3Q26 - YE26E A320 A319 B737 MAX-8 B737-800 Sun Country’s Cargo Fleet • 192 aircraft in the combined operating fleet at

  20. Slide 20: Outlook Summary

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 20 Outlook Summary 4Q26 System ASMs – y/y change(5) ~Flat Scheduled service ASMs – y/y change(5) ~1.7% Fuel cost per gallon $4.75 Adjusted operating margin(1) 6.0% to 7.0% Interest expense(2) (millions) ~$50 Capitalized interest(2) (mill

  21. Slide 21: Q&A

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 21

  22. Slide 22: Q&A Appendix

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 22 Appendix

  23. Slide 23: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 23 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes iden

  24. Slide 24: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 24 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes iden

  25. Slide 25: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 25 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes iden

  26. Slide 26: Non-GAAP Financial Measures Reconciliation

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 26 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes iden

  27. Slide 27: Non-GAAP Financial Measures Reconciliation (CASM)

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 27 Non-GAAP Financial Measures Reconciliation 1) As provided on Form 8-K filed with the SEC on November 2, 2026 *Note that amounts may not recalculate due to rounding (in millions) 2026 As Reported 2025 Pro Forma(1) Pro Forma Comparative

  28. Slide 28: Pro Forma Comparative Financial Results

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 28 Pro Forma Comparative Financial Results (in thousands, except statistical information) 2026 As Reported 2025 Pro Forma(1) Change(2) Passenger $ 777,448 $ 636,850 22.1% Third party products 44,616 42,216 5.7% Fixed fee contracts 83,646

  29. Slide 29: Pro Forma Comparative Operating Statistics

    #FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 29 Pro Forma Comparative Operating Statistics (in thousands, except statistical information) 2026 As Reported 2025 Pro Forma(1) Change(2) Pro Forma Comparative Operating Statistics Scheduled service RPMs (millions) 5,024.1 5,188.0 (3.2)%

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