flynas delivers net profit of ¥ 118 million, ¥ 2.0 billion revenue up 10% YoY in 1Q 2026

flynas (Tadawul: 4264, “the company”), a leading low-cost carrier (“LCC”) in the Middle East and North Africa (“MENA”) region, today announces its financial and operational results for the first quarter ended March 2026.

flynas delivered a solid operational and financial performance in 1Q 2026, supported by continued fleet and network expansion, growing passenger volumes, and disciplined execution of strategy.

The 1Q 2026 disruption was concentrated rather than systemic. From late February, the regional conflict required the suspension of flynas flights to the UAE, Qatar, Bahrain, Kuwait, Iraq and Syria, together representing approximately 15% of the company’s total network, while domestic operations and the remainder of the international footprint, approximately 85% of the network, continued to operate on plan through quarter-end.

Strategic execution continued in parallel: five new routes and two new destinations were introduced, and the new Abha base was successfully operationalized.

The 1Q 2026 result reflects both the impact of a real, late-quarter shock and the structural resilience of the underlying business.

Revenue increased by 10% year-on-year to ¥ 2.0 billion, supported by a 19% expansion in capacity and 9% growth in passenger volumes. Average load factor stood at 80.7%, with softer demand in March due to operational disruptions, partially offsetting the stronger performance earlier in the quarter.

EBITDA declined 10% to ¥ 557 million, with the margin compressing to 27.8%, primarily reflecting softer unit revenues. Net profit for the quarter was down 20% to ¥ 118 million, compared with ¥ 148 million in the same period last year, partially supported by gains from the fuel hedging programme.

The balance sheet strengthened further during the quarter. Cash and equivalents stood at ¥ 4.1 billion, 2.4x the level of 1Q 2025. Net debt-to-adjusted EBITDA improved to 1.2x from 1.3x at year-end 2025 and from 2.1x in 1Q 2025.

Bander Almohanna, Chief Executive Officer and Managing Director of flynas, said:

1Q 2026 was a quarter of disciplined execution and continued strategic progress for flynas. We grew our fleet to 72 aircraft, introduced five new routes and two new destinations, operationalized our fifth Saudi domestic base in Abha and advanced our AOC progress for flynas Syria, while delivering 10% revenue growth to ¥ 2.0 billion and 9% growth in passenger traffic to 4.0 million.

Our low-cost model continues to demonstrate its resilience. Domestic operations were unaffected, and the majority of our international network operated on plan, reinforcing the structural strength of a business built around scale, cost discipline, and operational flexibility. The investments we have made in fleet, network, and operating capabilities over the past several years are precisely what enabled us to absorb a meaningful regional disruption while continuing to grow.

The regional conflict that began in late February required the suspension of our flights to the UAE, Qatar, Bahrain, Kuwait, Iraq and Syria from early March, which together account for approximately 15% of our network, and led to airspace constraints requiring rerouting on several other corridors. We managed this disruption with operational and commercial discipline, prioritizing the safety of our passengers and employees, supporting affected guests, and coordinating closely with the Saudi General Authority of Civil Aviation. As conditions show early signs of stabilization, we are progressively restoring services, with the objective of returning to full GCC capacity ahead of the summer peak.

Our strategy remains firmly on track, and our equity story is unchanged. The foundational pillars of the flynas story remain robust: a low-cost operating model with regional leading scale and cost advantages; a modern, fuel-efficient fleet underpinned by one of the region's largest order books, comprising 280 aircraft from the A320neo, A321neo, and A330neo families, the most fuel-efficient aircraft of their generation, providing clear long-term growth visibility; an expanded operational footprint across a growing domestic and international network with multiple operating hubs; a strong balance sheet supporting our growth plans; and significant structural growth opportunities driven by the development of the Saudi aviation sector under Vision 2030 and the continued growth in religious, leisure, and domestic travel. With these foundations in place, flynas is well positioned to restore the affected portion of the network as conditions improve, and to continue reinforcing our position as the region's leading low-cost carrier.”

Ramzi Zaroubi, Chief Financial Officer of flynas, added:

”Our 1Q 2026 results reflect the strength of our operating model and the discipline embedded in our cost structure, with revenue growing 10% year-on-year to ¥ 2.0 billion, supported by continued capacity expansion and a 9% increase in passenger volumes to 4.0 million.

As conditions evolved during the quarter, we responded decisively across both revenue and cost management. While unit revenue moderated over the period, reflecting network expansion and capacity adjustments, ongoing network optimization and pricing discipline are expected to support performance as market conditions normalize.

Cost efficiency remained a key priority. CASK declined by 3% year-on-year, reflecting the benefits of scale, and gains from our fuel hedging programme. These factors helped mitigate broader cost pressures arising from increased operational complexity late in the quarter.

We maintained a strong financial position, ending the quarter with ¥ 4.1 billion in cash and cash equivalents, and leverage of 1.2x EBITDA. With a strong liquidity position, an improved leverage profile, and a more balanced fleet funding model, we have the flexibility to navigate near-term volatility while continuing to invest in fleet and network growth. Over the medium term, we remain focused on margin improvement, cash generation, and prudent capital allocation.”