Form 8-K
8-K — Allegiant Travel CO
Accession: 0001362468-26-000019
Filed: 2026-04-30
Period: 2026-04-27
CIK: 0001362468
SIC: 4512 (AIR TRANSPORTATION, SCHEDULED)
Item: Results of Operations and Financial Condition
Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — algt-20260427.htm (Primary)
EX-99.1 (a2026q18-kex991.htm)
EX-99.2 (a1q26-ecpresentationvfin.htm)
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8-K
8-K (Primary)
Filename: algt-20260427.htm · Sequence: 1
algt-20260427
0001362468falseLas VegasNV00013624682026-04-272026-04-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
_____________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 2026
Allegiant Travel Company
(Exact name of registrant as specified in its charter)
Nevada 001-33166 20-4745737
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
1201 North Town Center Drive
Las Vegas, NV
89144
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (702) 851-7300
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common stock, par value $0.001
ALGT
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 Financial Information
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026, Allegiant Travel Company (the “Company”) issued the press release attached as Exhibit 99.1 to this Form 8-K concerning our results of operations for the quarter ended March 31, 2026.
The information in Section 2 of this Current Report on Form 8-K and in Exhibit 99.1 is deemed to be furnished and is not to be considered to be “filed” with the Securities and Exchange Commission. As such, this information shall not be incorporated by reference into any of our reports or other filings made with the Securities and Exchange Commission.
Non-GAAP Financial Measures: Both the press release furnished as Exhibit 99.1 and Exhibit 99.2 contain non-GAAP financial measures as such term is defined in Regulation G under the rules of the Securities and Exchange Commission. While the Company believes these financial measures are useful in evaluating the Company’s performance, this information should be considered to be supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, these non-GAAP financial measures may differ from similarly titled measures presented by other companies.
Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the press release filed as Exhibit 99.1 and statements in the 1Q26 Earnings Call Slides furnished as Exhibit 99.2 that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding the announced merger with Sun Country Airlines, future airline operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, as well as other information concerning future results of operations, business strategies, financing plans, competitive position, industry environment, and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate," “project”, “hope” or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the impact of regulatory reviews of, and production limits on, The Boeing Company on our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed in connection with our fleet and network, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to prepare to offer international service from our markets, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results and the perceived acceptability of our environmental, social and governance efforts, the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Allegiant or Sun Country to terminate the definitive merger agreement for the Sun Country acquisition; the risk that potential legal proceedings may be instituted against Allegiant or Sun Country and result in significant costs of defense, indemnification or liability; the possibility that the Sun Country acquisition does not close when expected or at all because required stockholder approvals or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected; disruption to the parties' businesses as a result of the announcement and pendency of the Sun Country acquisition; the costs associated with the anticipated length of time of the pendency of the Sun Country acquisition, including the restrictions contained in the definitive merger agreement on the ability of each of Sun Country and Allegiant to operate their respective businesses outside the ordinary course consistent with past practice during the pendency of the Sun Country acquisition; the diversion of Allegiant's and Sun Country's respective management teams' attention and time from ongoing business operations and opportunities on acquisition-related matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected
or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into its businesses; the possibility that the Sun Country acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the Sun Country acquisition; and the dilution caused by Allegiant's issuance of additional shares of its common stock in connection with the consummation of the Sun Country acquisition.
Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 27, 2026, the Company, through a wholly-owned subsidiary, entered into a credit facility to borrow up to $115 million. The loan bears interest at a floating rate based on three-month SOFR plus a margin. The facility provides for a six-month grace period followed by quarterly amortizing payments, with a balloon payment due at maturity in April 2029. The obligations of the borrower under the facility are guaranteed by the Company and Allegiant Air, LLC. The facility is secured by a first in priority security interest in certain aircraft owned by the borrower. The loan has been fully drawn.
On April 28, 2026, the Company, through its wholly-owned operating subsidiary, entered into another credit facility to borrow up to $176 million. The loan will bear interest at a floating rate based on three-month SOFR plus a margin. The facility provides for quarterly amortizing payments over the ten-year term with a balloon payment due at maturity. The obligations of the borrower under the facility are guaranteed by the Company. The facility will be secured by a first in priority security interest in certain newly delivered aircraft. An initial advance of $44.0 million is expected in early May 2026 with further advances under the facility as the remaining aircraft collateral is delivered.
Section 7 Regulation FD
Item 7.01 Regulation FD Disclosure.
We are supplementing our press release with updated information for investors relating to our financial performance and outlook as well as other information regarding our business. The update is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information in Section 7 of this Current Report on Form 8-K and Exhibit 99.2 filed herewith is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. As such, this information shall not be incorporated by reference into any of the Company’s reports or other filings made with the Securities and Exchange Commission.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
a.Not applicable.
b.Not applicable.
c.Not applicable.
d.Exhibits
Exhibit No. Description of Document
99.1
Press Release issued by Allegiant Travel Company on April 30, 2026
99.2
1Q26 Earnings Call Slides
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 30, 2026 ALLEGIANT TRAVEL COMPANY
By: /s/ Robert J. Neal
Name: Robert J. Neal
Title: President and Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description of Document
99.1
Press Release issued by Allegiant Travel Company on April 30, 2026
99.2
1Q26 Earnings Call Slides
EX-99.1
EX-99.1
Filename: a2026q18-kex991.htm · Sequence: 2
Document
Exhibit 99.1
ALLEGIANT TRAVEL COMPANY
FIRST QUARTER 2026 FINANCIAL RESULTS
First quarter 2026 GAAP diluted earnings per share of $2.30
First quarter 2026 adjusted diluted earnings per share of $3.77(1)(2), up 78.7 percent year-over-year
LAS VEGAS. April 30, 2026 — Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for first quarter 2026, as well as comparisons to the prior year.
"We had a great start to the year, delivering another quarter of strong operational and financial results,” stated Gregory Anderson, chief executive officer of Allegiant Travel Company. “Customer service continues to be a top priority, and I’m pleased to report the team once again achieved a controllable completion rate exceeding 99.9%. We know that when we operate well, we perform well, and that is evidenced by our first-quarter adjusted operating margin of 14.9 percent, which marked more than a five-point improvement year-over-year and the highest first quarter level since COVID. We believe it will be the highest among U.S. airlines.
"First-quarter demand was exceptional, particularly during peak periods, driving more than a 16 percent year-over-year increase in TRASM, with total yields up over 20 percent year-over-year. That performance allowed us to set an all-time quarterly record despite a 5.9 percent year-over-year reduction in capacity. We are pleased to see our commercial initiatives taking hold and contributing to our results, including an 8.9 percent increase in co-brand remuneration compared to the prior year.
"As we move into the second quarter, leisure demand remains healthy despite geopolitical dynamics that have impacted the broader economy. We have proactively reduced capacity during off-peak times and shortened average stage lengths as we navigate the higher fuel environment. We now expect second-quarter capacity to be down 6.5 percent year-over-year. A core tenet of our long-term success is flexing our capacity to focus on profitability over utilization. We are confident that the strength of our business model and strong financial position will allow us to navigate this elevated fuel environment as well as any airline in our sector.
"With regulatory approvals now behind us, and pending shareholder approvals, we expect to close on the acquisition of Sun Country by as early as mid-May. Closing in just over four months after announcement highlights the agility and capabilities of the company. We look forward to combining our complementary networks, advancing our commitment to connect our travelers with attractive destinations, and delivering a stronger, more valuable airline for our shareholders. This combination should extend our leadership position in the value segment of the industry. We are excited about what’s ahead."
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Summary Results
Consolidated(5)
Three Months Ended March 31, Percent Change
(unaudited) (in millions, except per share amounts) 2026 2025 YoY
Total operating revenue $ 732.4 $ 699.1 4.8 %
Total operating expense 651.3 634.1 2.7 %
Operating income 81.1 65.0 24.8 %
Income before income taxes 66.0 41.9 57.5 %
Net income 42.5 32.1 32.4 %
Diluted earnings per share 2.30 1.73 32.9 %
Sunseeker special charges, net(2)
— (2.9) NM
Airline special charges(2)
27.8 1.4 NM
Adjusted income before income taxes(1)(2)(3)
93.8 43.8 114.2 %
Adjusted net income(1)(2)(3)
69.6 33.4 108.4 %
Airline only Three Months Ended March 31,
Percent Change(4)
(unaudited) (in millions, except per share amounts) 2026 2025 YoY
Airline operating revenue
$ 732.4 $ 668.4 9.6 %
Airline operating expense
651.3 607.5 7.2 %
Airline operating income
81.1 60.9 33.2 %
Airline income before income taxes
66.0 49.6 33.1 %
Airline special charges(2)
27.8 1.4 NM
Adjusted airline-only net income(1)(2)
69.6 39.0 78.5 %
Adjusted airline-only operating margin(1)(2)
14.9 % 9.3 % 5.6
Adjusted airline-only diluted earnings per share(1)(2)
3.77 2.11 78.7 %
(1)Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures.
(2)In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in Appendix A of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)In first quarter 2025, the Company incurred a $3.4M non-operating loss on debt extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.
(4)Except adjusted airline-only operating margin which is percentage point change.
(5)Comparison of consolidated figures to prior year performance is significantly impacted by the sale of Sunseeker Resort, in September 2025, as a result of which, there were no operating revenues or operating expenses related to the segment after the sale.
NM Not meaningful
* Note that amounts may not recalculate due to rounding
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First Quarter 2026 Results and Highlights
•Record first quarter total operating revenue(3) of $732.4M, up 9.6 percent year-over-year
•Fixed fee revenue of $18.1M, up 11.5 percent year-over-year
•TRASM up 16.4 percent year-over-year
•Adjusted operating income,(1)(2)(3) of $108.9M, yielding an adjusted operating margin of 14.9 percent, a more than five-percentage-point improvement over the prior year
•Adjusted income before income tax,(1)(2)(3) of $93.8M, yielding an adjusted pre-tax margin of 12.8 percent
•Adjusted EBITDA,(1)(2)(3) of $168.0M, yielding an adjusted EBITDA margin of 22.9 percent
•Adjusted operating CASM, excluding fuel(2)(3) of 8.64 ¢, up 7.1 percent year-over-year
•System capacity down 5.9 percent year-over-year
•Available seat miles per gallon of fuel of 86.7, up 1.2 percent year-over-year
•$39.3M in total cobrand credit card remuneration received, up 8.9 percent year-over-year
Balance Sheet, Cash and Liquidity
•Total available liquidity at March 31, 2026 was $1.2B, which included $933.5M in cash and investments and $250.0M in undrawn revolving credit facilities
•$268.1M in cash from operations during first quarter 2026, a quarterly record
•Total debt at March 31, 2026 was $1.8B
•Net debt at March 31, 2026 was $858.3M
•Debt principal payments of $29.4M during the quarter
•Air traffic liability at March 31, 2026 was $488.8M
Capital Expenditures
•First quarter capital expenditures of $175.9M, which included $155.4M for aircraft-related capital expenditures and $20.5M in other capital expenditures
•First quarter deferred heavy maintenance expenditures were $11.0M
(1)Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures.
(2)In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in Appendix A of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)Prior-year amounts presented herein reflect airline-only results and exclude Sunseeker Resort, which was sold in 2025. Current-period results are compared against these airline-only prior-year figures to improve comparability.
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Guidance, subject to revision
Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for adjusted earnings per share and adjusted operating margin in the table below. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.
The below guidance is for Allegiant on a stand-alone basis and excludes any contribution from our planned acquisition of Sun Country
Second quarter 2026 guidance
System ASMs - year-over-year change (~6.5%)
Scheduled service ASMs - year-over-year change (~6.5%)
Fuel cost per gallon $ 4.35
Adjusted operating margin(1)
0.0% - 2.0%
Interest expense(2) (millions)
~$35
Capitalized interest(2) (millions)
(~$6)
Interest income (millions) ~$7
Adjusted earnings per share(1)
($1.00) - ($0.00)
Full-year CAPEX
Aircraft-related capital expenditures(3) (millions)
$570 to $590
Capitalized deferred heavy maintenance (millions) $80 to $90
Other capital expenditures (millions) $80 to $90
Recurring principal payments(4) (millions) (full year)
$135 to $145
(1) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.
(2) Includes capitalized interest related to pre-delivery deposits on new aircraft.
(3) Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft.
(4) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft
Aircraft Fleet Plan by End of Period
Aircraft - (seats per AC) 1Q26 2Q26 3Q26 4Q26
Boeing 737-8200 (190 seats) 17 20 21 25
Airbus A320 (180 seats) 71 71 71 71
Airbus A320 (177 seats) 7 6 5 2
Airbus A319 (156 seats) 28 28 27 26
Total 123 125 124 124
The table above is management's best estimate and is provided based on the Company’s current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude both aircraft that we expect to take delivery of but not to be placed in service until a subsequent period as well as aircraft in temporary storage.
4
Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Thursday, April 30, 2026 to discuss its first quarter 2026 financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the “Events & Presentations” section of the website.
Allegiant Travel Company
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic round trip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.
Media Inquiries: mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
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 statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding the announced merger with Sun Country Airlines, future airline operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, estimated tax rate, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate", “project”, “hope” or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed in connection with our fleet and network, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts, the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Allegiant or Sun Country to terminate the definitive merger agreement for the Sun Country acquisition; the risk that potential legal proceedings may be instituted against Allegiant or Sun Country and result in significant costs of defense, indemnification or liability; the possibility that the Sun Country acquisition does not close when expected or at all because required stockholder approvals or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected; disruption to the parties' businesses as a result of the announcement and pendency of the Sun Country acquisition; the costs associated with the anticipated length of time of the pendency of the Sun Country acquisition, including the restrictions contained in the definitive merger agreement on the ability of each of Sun Country and Allegiant to operate their respective businesses outside the ordinary course consistent with past practice during the pendency of the Sun Country acquisition; the diversion of Allegiant's and Sun Country's respective management teams' attention and time from ongoing business operations and opportunities on acquisition-related matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into its businesses; the possibility that the Sun Country acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the Sun Country acquisition; and the dilution caused by
5
Allegiant's issuance of additional shares of its common stock in connection with the consummation of the Sun Country acquisition.
Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
Detailed financial information follows:
6
Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, Percent Change
2026 2025 YoY
OPERATING REVENUES:
Passenger $ 671,799 $ 616,750 8.9 %
Third party products 42,335 35,203 20.3
Fixed fee contracts 18,123 16,252 11.5
Resort and other 175 30,869 NM
Total operating revenues 732,432 699,074 4.8
OPERATING EXPENSES:
Salaries and benefits 218,085 231,439 (5.8)
Aircraft fuel 180,241 166,333 8.4
Station operations 76,482 73,505 4.1
Depreciation and amortization 57,926 63,312 (8.5)
Maintenance and repairs 35,216 34,854 1.0
Sales and marketing 28,201 25,096 12.4
Aircraft lease rentals 7,461 5,920 26.0
Other 19,934 35,168 (43.3)
Special charges, net of recoveries 27,782 (1,555) NM
Total operating expenses 651,328 634,072 2.7
OPERATING INCOME 81,104 65,002 24.8
OTHER (INCOME) EXPENSES:
Interest income (8,714) (11,935) (27.0)
Interest expense 29,227 40,783 (28.3)
Capitalized interest (4,291) (6,488) (33.9)
Other, net (1,142) 702 NM
Total other expenses 15,080 23,062 (34.6)
INCOME BEFORE INCOME TAXES 66,024 41,940 57.4
INCOME TAX PROVISION 23,546 9,838 NM
NET INCOME $ 42,478 $ 32,102 32.3
Earnings per share to common shareholders:
Basic $2.30 $1.74 32.2
Diluted $2.30 $1.73 32.9
Shares used for computation(1):
Basic 18,207 17,984 1.2
Diluted 18,219 18,022 1.1
(1)The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.
NM Not meaningful
7
Allegiant Travel Company
Segment Profit or Loss
Three Months Ended March 31, 2025 Only*
(in thousands)
(Unaudited)
Three Months Ended March 31, 2025
Airline Sunseeker Consolidated
REVENUES FROM EXTERNAL CUSTOMERS $ 668,386 $ 30,688 $ 699,074
OPERATING EXPENSES:
Salaries and benefits 220,374 11,065 231,439
Aircraft fuel 166,333 — 166,333
Station operations 73,505 — 73,505
Depreciation and amortization 59,711 3,601 63,312
Maintenance and repairs 34,854 — 34,854
Sales and marketing 23,370 1,726 25,096
Aircraft lease rentals 5,920 — 5,920
Other operating expenses 22,075 13,093 35,168
Special charges, net of recoveries 1,392 (2,947) (1,555)
Total operating expenses 607,534 26,538 634,072
OPERATING INCOME 60,852 4,150 65,002
OTHER (INCOME) EXPENSES:
Interest income (11,935) — (11,935)
Interest expense 28,949 11,834 40,783
Capitalized interest (6,488) — (6,488)
Other non-operating expenses 702 — 702
Total other expenses 11,228 11,834 23,062
INCOME (LOSS) BEFORE INCOME TAXES $ 49,624 $ (7,684) $ 41,940
* Segment results for only 2025 are presented as Sunseeker Resort was sold in September 2025. The Company has operated as a single segment in 2026 and the results are as presented in the Consolidated Statements of Income.
8
Allegiant Travel Company
Airline Operating Statistics
(Unaudited)
Three Months Ended March 31,
Percent Change(1)
2026 2025 YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers 4,428,463 4,451,306 (0.5) %
Available seat miles (ASMs) (thousands) 5,130,542 5,451,584 (5.9)
Airline operating expense per ASM (CASM) (cents) 12.70 ¢ 11.14 ¢ 14.0
Fuel expense per ASM (cents) 3.51 ¢ 3.05 ¢ 15.1
Airline special charges per ASM (cents) 0.54 ¢ 0.02 ¢ NM
Airline operating CASM, excluding fuel and special charges (cents) 8.64 ¢ 8.07 ¢ 7.1
Departures 31,570 33,235 (5.0)
Block hours 78,823 83,871 (6.0)
Average stage length (miles) 919 935 (1.7)
Average number of operating aircraft during period 122.4 125.1 (2.2)
Average block hours per aircraft per day 7.2 7.5 (4.0)
Full-time equivalent employees at end of period 5,666 6,057 (6.5)
Fuel gallons consumed (thousands) 59,200 63,636 (7.0)
ASMs per gallon of fuel 86.7 85.7 1.2
Average fuel cost per gallon $ 3.04 $ 2.61 16.5
Scheduled service statistics:
Passengers 4,398,107 4,420,811 (0.5)
Revenue passenger miles (RPMs) (thousands) 4,210,895 4,271,328 (1.4)
Available seat miles (ASMs) (thousands) 4,991,560 5,305,191 (5.9)
Load factor 84.4 % 80.5 % 3.9
Departures 30,472 32,133 (5.2)
Block hours 76,497 81,414 (6.0)
Average seats per departure 176.2 175.0 0.7
Yield (cents)(2)
8.53 ¢ 7.06 ¢ 20.8
Total passenger revenue per ASM (TRASM) (cents)(3)
14.31 ¢ 12.29 ¢ 16.4
Average fare - scheduled service(4)
$ 81.66 $ 68.19 19.8
Average fare - air-related charges(4)
$ 71.09 $ 71.32 (0.3)
Average fare - third party products $ 9.63 $ 7.96 21.0
Average fare - total $ 162.37 $ 147.47 10.1
Average stage length (miles) 926 941 (1.6)
Fuel gallons consumed (thousands) 57,542 61,826 (6.9)
Average fuel cost per gallon $ 3.03 $ 2.63 15.2
Percent of sales via website and mobile app during period 91.5 % 92.5 % (1.0)
Other data:
Rental car days sold 364,765 360,890 1.1
Hotel room nights sold 19,407 39,940 (51.4)
(1)Except load factor and percent of sales through website and mobile app, which is percentage point change.
(2)Defined as scheduled service revenue divided by revenue passenger miles.
(3)Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.
(4)Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.
9
Summary Balance Sheet
(in millions) March 31, 2026
(unaudited) December 31, 2025 Percent Change
Unrestricted cash and investments
Cash and cash equivalents $ 283.4 $ 172.7 64.1 %
Short-term investments 618.7 633.0 (2.3)
Long-term investments 31.4 32.8 (4.3)
Total unrestricted cash and investments 933.5 838.5 11.3
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs 121.3 118.1 2.7
Long-term debt and finance lease obligations, net of current maturities and related costs 1,670.5 1,681.5 (0.7)
Total debt 1,791.8 1,799.6 (0.4)
Debt, net of unrestricted cash and investments 858.3 961.1 (10.7)
Total Allegiant Travel Company shareholders’ equity 1,096.1 1,052.7 4.1
EPS Calculation
The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands):
Three Months Ended March 31,
2026 2025
Basic:
Net income $ 42,478 $ 32,102
Less income allocated to participating securities (585) (842)
Net income attributable to common stock $ 41,893 $ 31,260
Earnings per share, basic $ 2.30 $ 1.74
Weighted-average shares outstanding 18,207 17,984
Diluted:
Net income $ 42,478 $ 32,102
Less income allocated to participating securities (585) (840)
Net income attributable to common stock $ 41,893 $ 31,262
Earnings per share, diluted $ 2.30 $ 1.73
Weighted-average shares outstanding(1)
18,207 17,984
Dilutive effect of restricted stock 99 157
Adjusted weighted-average shares outstanding under treasury stock method 18,306 18,141
Participating securities excluded under two-class method (87) (119)
Adjusted weighted-average shares outstanding under two-class method 18,219 18,022
(1)Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.
10
Appendix A
Non-GAAP Presentation
Three Months Ended March 31, 2026 and 2025
(Unaudited)
We present adjusted consolidated operating expense and adjusted consolidated operating income, which exclude special charges related to (i) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker Resort, (ii) other charges related to the sale of Sunseeker, and (iii) the airline special charges listed in the table below. We also present adjusted consolidated interest expense, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and losses on extinguishment of debt.
We present adjusted airline-only operating expense, adjusted airline-only operating income, adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share which exclude special charges and other costs related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) accelerated amortization of software identified to be redeveloped, (iii) costs related to the Sun Country acquisition, (iv) a credit loss on a note receivable, and (v) losses on extinguishment of debt.
All of the measures described above are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airline and to compare our results to other airlines. Management believes the exclusion of these items enhances comparability of financial information between periods.
We also present adjusted airline-only CASM, which excludes aircraft fuel expense and special charges. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance.
Consolidated and airline-only earnings before interest, taxes, depreciation, and amortization ("Consolidated EBITDA" and "Airline EBITDA"), adjusted Consolidated EBITDA, adjusted Airline EBITDA, and estimated adjusted earnings per share, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.
We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. The adjusted EBITDA measures also exclude special charges and losses on the extinguishment of debt. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.
We use EBITDA and adjusted EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:
•EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
•EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;
•although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and
•other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
Presented below is a quantitative reconciliation of these adjusted numbers (other than the estimated earnings per share and adjusted operating margin figures) to the most directly comparable GAAP financial performance measure.
The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measures, which are operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income, and earnings per share, and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income, earnings per share, or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.
11
Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2026 2025
Special Charges (millions)
Accelerated depreciation on airframes identified for early retirement $ 1.3 $ 1.4
Accelerated amortization of software identified for redevelopment 10.0 —
Integration costs 9.6 —
Credit loss on note receivable 7.0 —
Airline special charges(2)
27.9 1.4
Sunseeker special charges, net of recoveries(2)
(0.1) (2.9)
Consolidated special charges, net of recoveries(2)
$ 27.8 $ (1.6)
Three Months Ended March 31, 2026
Consolidated
Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted income before income taxes, and adjusted income before income taxes margin (millions) GAAP
Adjustments(2)
Adjusted (Non-GAAP)(1)
Total operating revenues $ 732.4 $ — $ 732.4
Total operating expenses 651.3 (27.8) 623.5
Operating income $ 81.1 $ 27.8 $ 108.9
Operating margin (percent) 11.1 14.9
INCOME BEFORE INCOME TAXES $ 66.0 $ 27.8 $ 93.8
Adjusted income before income taxes margin (percent) 9.0 12.8
Three Months Ended March 31, 2025
Consolidated Airline Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted interest expense, and adjusted income (loss) before income taxes (millions) GAAP
Adjustments(2)(3)
Adjusted (Non-GAAP)(1)
GAAP
Adjustments(2)
Adjusted (Non-GAAP)(1)
GAAP
Adjustments(2)(3)
Adjusted (Non-GAAP)(1)
Total operating revenues $ 699.1 $ — $ 699.1 $ 668.4 $ — $ 668.4 $ 30.7 $ — $ 30.7
Total operating expenses 634.1 1.6 635.6 607.5 (1.4) 606.1 26.5 2.9 29.5
Operating income (loss) $ 65.0 $ (1.6) $ 63.4 $ 60.9 $ 1.4 $ 62.2 $ 4.2 $ (2.9) $ 1.2
Operating margin (percent) 9.3 9.1 9.1 9.3 13.5 3.9
Interest expense $ 40.8 $ (3.4) $ 37.4 $ 28.9 $ — $ 28.9 $ 11.8 $ (3.4) $ 8.4
INCOME (LOSS) BEFORE INCOME TAXES $ 41.9 $ 1.9 $ 43.8 $ 49.6 $ 1.4 $ 51.0 $ (7.7) $ 0.5 $ (7.2)
12
Three Months Ended March 31,
2026 2025
Consolidated EBITDA and adjusted consolidated EBITDA (millions)
Net income as reported (GAAP) $ 42.5 $ 32.1
Interest expense, net 16.2 22.4
Income tax expense 23.5 9.8
Depreciation and amortization 57.9 63.3
Consolidated EBITDA(1)
$ 140.2 $ 127.7
Special charges, net of recoveries(2)
27.8 (1.6)
Adjusted consolidated EBITDA(1)(2)
$ 168.0 $ 126.1
Adjusted consolidated EBITDA margin(1)(2)
22.9 % 18.0 %
Three Months Ended March 31, 2026
Amount Per Share
Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)
Net income as reported (GAAP) $ 42.5
Less: Net income allocated to participating securities (0.6)
Net income attributable to common stock (GAAP) $ 41.9 $ 2.30
Plus: Net income allocated to participating securities 0.6 0.03
Plus: Special charges, net of recoveries(2)
27.8 1.52
Minus: Income tax effect of adjustments above (0.6) (0.03)
Adjusted net income(1)
$ 69.6
Less: Adjusted consolidated net income allocated to participating securities (1.0) (0.05)
Adjusted net income attributable to common stock(1)
$ 68.7 $ 3.77
Shares used for diluted computation (GAAP) (thousands) 18,219
Shares used for diluted computation (adjusted) (thousands) 18,219
Three Months Ended March 31, 2025
Airline-only Amount Per Share
Reconciliation of adjusted airline-only earnings per share and adjusted airline-only net income (millions except share and per share amounts)
Net income as reported (GAAP) $ 32.1
Less: Net income allocated to participating securities (0.8)
Net income attributable to common stock (GAAP) $ 31.3 $ 1.73
Plus: Net income allocated to participating securities 0.8 0.05
Plus: Sunseeker loss before income taxes 7.7 0.43
Plus: Special charges, net of recoveries(2)
1.4 0.08
Minus: Income tax effect of adjustments above (2.2) (0.12)
Adjusted airline-only net income(1)
$ 39.0
Less: Adjusted airline-only net income allocated to participating securities (1.0) (0.06)
Adjusted airline-only net income attributable to common stock(1)
$ 38.0 $ 2.11
Shares used for diluted computation (GAAP) (thousands) 18,022
Shares used for diluted computation (adjusted) (thousands) 18,022
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Three Months Ended March 31,
2026 2025
Reconciliation of adjusted airline-only operating CASM excluding fuel and special charges (millions)
Consolidated operating expenses (GAAP) $ 651.3 $ 634.1
Minus: Sunseeker operating expenses — 26.5
Airline-only operating expenses 651.3 607.6
Minus: airline special charges(2)
27.8 1.4
Minus: fuel expenses 180.2 166.3
Adjusted airline-only operating expenses, excluding fuel and special charges(1)(2)
$ 443.3 $ 439.9
System available seat miles (millions) 5,130.5 5,451.6
Airline-only cost per available seat mile (cents) 12.70 11.14
Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents)(2)
8.64 8.07
(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 identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table above. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)In first quarter 2025, the Company incurred a $3.4M non-operating loss on debt extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.
* Note that amounts may not recalculate due to rounding
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a1q26-ecpresentationvfin
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D April 30, 2026 1Q26 Earnings Presentation
#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 presentation that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding the announced merger with Sun Country Airlines, future airline operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, estimated tax rate, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate", “project”, “hope” or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed in connection with our fleet and network, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts, the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Allegiant or Sun Country to terminate the definitive merger agreement for the Sun Country acquisition; the risk that potential legal proceedings may be instituted against Allegiant or Sun Country and result in significant costs of defense, indemnification or liability; the possibility that the Sun Country acquisition does not close when expected or at all because required stockholder approvals, or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected; disruption to the parties' businesses as a result of the announcement and pendency of the Sun Country acquisition; the costs associated with the anticipated length of time of the pendency of the Sun Country acquisition, including the restrictions contained in the definitive merger agreement on the ability of each of Sun Country and Allegiant to operate their respective businesses outside the ordinary course consistent with past practice during the pendency of the Sun Country acquisition; the diversion of Allegiant's and Sun Country's respective management teams' attention and time from ongoing business operations and opportunities on acquisition-related matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into its businesses; the possibility that the Sun Country acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the Sun Country acquisition; and the dilution caused by Allegiant's issuance of additional shares of its common stock in connection with the consummation of the Sun Country acquisition. Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. 2
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 3 Greg Anderson Chief Executive Officer
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 4 Strong Start to the Year Driven by Execution and Disciplined Strategy • Highest first quarter margin since pre-COVID; expected to be industry-leading for a second consecutive quarter On a GAAP basis, 1Q26 operating margin of 11.1% Adjusted, 1Q26 operating margin of 14.9%1 • Operational performance remained strong despite higher mix of peak-day flying 99.9% controllable completion factor • Strong peak-period demand driving revenue performance 16.4% TRASM growth with ASMs down 5.9% YoY • Cost structure remains among the best in the industry CASM ex +7.1% YoY • Strong financial position, expected to strengthen further with Sun Country transaction $1.2B total liquidity at quarter-end (1) All adjusted numbers are non-GAAP. Please see the appendix for a reconciliation of each non- GAAP number to the most comparable GAAP measure. Please see the earnings release for discussion as to why management believes presentation of these non-GAAP figures to be useful to investors
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 5 High-Margin Commercial Initiatives Driving Revenue Growth •>600K co-brand credit card holders; >5% of revenue Card remuneration is a significant profit contributor •+9% YoY increase in bank compensation in 1Q26 Reflects continued opportunity to drive customer adoption •Allegiant Extra contributing to TRASM growth Premium seating product continues to outperform expectations • Increasing repeat purchase behavior for Allegiant Extra Driving higher customer loyalty Platform investments positioning us to accelerate commercial strategy
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 6 Managing Fuel Volatility with Disciplined Capacity Actions • Double-digit YoY growth in cash sales with multiple record days Leisure demand remains strong across peak periods • Crack spreads peaked near $1.70/gal, now ~$1.20 vs ~$0.60 pre-conflict Jet fuel remains the primary source of margin pressure • >20% fuel burn improvement from 737-MAX aircraft Ongoing fleet transition supports structural efficiency gains • Estimated ~6.5% YoY reduction in 2Q ASMs Down from our initial plan • YoY TRASM improvement expected to increase sequentially in 2Q Driven by strong demand and higher mix of peak flying • Targeted reductions in off-peak and longer stage length flying Adjusting network where fuel impact on margins is most acute 3.04 2.61 2.42 2.56 2.61 4.35 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A 2Q26E Fuel Cost per Gallon ($/gal) 1Q25A – 2Q26E Current guide
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Positioned to Widen the Gap with Sun Country Combination • Positioned on the right side of widening industry gap Efficient operators gaining advantage over weaker operators • Sun Country transaction expected to close in the coming weeks Reflects strong execution and accelerated timeline • Integration planning reinforces confidence in the combination Supports expected value from bringing the two companies together • Charter and cargo businesses include contractual fuel pass-throughs Provide incremental resilience in a volatile fuel environment • Both airlines own their aircraft Ownership structure enhances flexibility in managing capacity • Complementary fleet strategies across both airlines Supports combined operational flexibility
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 8 Drew Wells Executive Vice President, Chief Commercial Officer
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 9 Record 1Q Revenue and TRASM on Reduced Capacity 668 732 1Q25A 1Q26A Airline Total Revenue ($mm) 1Q26 vs 1Q25 • $732.4M total revenue, +9.6% YoY on 5.9% lower capacity Demonstrates strength of demand and revenue management • First quarter record and highest quarterly performance in company history 14.31¢ TRASM, +16.4% YoY • Total revenue ~7% higher than any prior quarter Strongest quarterly revenue result on record • $18.1M fixed fee revenue, +11.5% YoY Contributed meaningfully to overall performance • Load factor +4 points and yields +21% YoY Performance rivaled only by early 2023 demand surge • ~20% YoY increase in third-party revenue per passenger Driven by strong co-brand performance • Double-digit YoY growth in card acquisitions in 7 of last 8 months New accounts and spend both exceeded 15% YoY each month of the quarter 12.29¢ 14.31¢ 1Q25A 1Q26A TRASM (Cents) 1Q26 vs 1Q25 +9.6% y/y +16.4% y/y
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 10 Capacity Adjusted for Fuel Environment • ~6.5% YoY reduction in 2Q ASMs, slightly lower vs prior plan Capacity adjusted following fuel-driven changes in the environment • Double-digit growth in cash sales through April Booking trends remain healthy despite lower capacity • 2Q TRASM growth expected to exceed 1Q (+16.4% YoY) Continued strength in unit revenue performance • 3Q capacity now expected to be flat to slightly down YoY Reductions focused on off-peak and shoulder periods • Peak day capacity continues to be prioritized Maintaining focus on highest demand flying • Flexibility to adjust capacity as conditions evolve Ability to add capacity back if the environment warrants
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 11 Robert Neal President and Chief Financial Officer
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 22.9% 23.4% 15.3% 18.1% 1Q23A 1Q24A 1Q25A 1Q26A 12 Strong Execution Drives Margin Expansion • GAAP consolidated net income of $42.5 million in 1Q26 Resulting in diluted earnings per share (EPS) of $2.30 • Adjusted consolidated net income of $69.6 million1 in 1Q26 Resulting in diluted adjusted earnings per share (EPS) of $3.771 • Adjusted consolidated EBITDA of $168.0 million1 in 1Q26 Resulting in adjusted EBITDA margin of 22.9% for the quarter • Strong earnings performance above expectations Adjusted EPS of $3.771 exceeded updated March guidance, reflecting solid demand and execution Consolidated Adjusted EBITDA Margin1 1Q23 – 1Q26 Prior-years reference airline-only results (1) All adjusted numbers are non-GAAP. Please see the appendix for a reconciliation of each non-GAAP number to the most comparable GAAP measure. Please see the earnings release for discussion as to why management believes presentation of these non-GAAP figures to be useful to investors 168 152 97 121 1Q23A 1Q24A 1Q25A 1Q26A Consolidated Adjusted EBITDA1 ($mm) 1Q23 – 1Q26 Prior-years reference airline-only results +38% - y/y +4.8pts - y/y
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 7.1% (5.9%) 13 Fuel Drove 1Q OpEx; Underlying Cost Performance Remains Stable • 1Q26 fuel cost averaged $3.04 per gallon Above our initial guide of $2.60 • Adjusted non-fuel unit costs (CASMex) were 8.64 cents in 1Q26 Up 7.1% year-over-year, on a 5.9% capacity reduction • Fuel efficiency continues to improve ASMs per gallon +1.2% YoY to 86.7, marking fifth consecutive quarter of quarter over prior year quarter gains • Fleet transition driving structural benefits 737-MAX integration contributing to efficiency with further gains expected 1Q26 YoY - CASMex Fuel and Specials1 & ASM 1Q25 - 1Q26 (1) All adjusted numbers are non-GAAP. Please see the appendix for a reconciliation of each non-GAAP number to the most comparable GAAP measure. Please see the earnings release for discussion as to why management believes presentation of these non-GAAP figures to be useful to investors 84.2 85.7 84.7 83.7 86.4 86.7 0.0% 0.9% 1.6% 2.6% 2.6% 1.2% 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A ASM per Gallon 4Q24 - 1Q26 ASM/gal ASM/gal - TTM YoY ASM CASMex
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 14 Robust Balance Sheet with Meaningful Liquidity and Optionality • $1.2B total liquidity, $933M cash and investments and $250M revolver Cash and investments represented 36% of trailing-twelve-month revenue • $1.3B of unencumbered fleet assets with ~50% of fleet unencumbered Represents meaningful additional liquidity and financing optionality • $858M net debt, down >$100M QoQ; 1.8x net leverage Reflects strong cash generation and continued balance sheet deleveraging • $176M in CapEx, including $155M aircraft-related Investment aligned with fleet strategy and long-term efficiency initiatives • $403M of 2027 notes expected to be refinanced in the coming months Subject to constructive market conditions 4.1x 3.2x 2.6x 2.6x 2.6x 2.3x 1.8x 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Net Leverage (Net Debt / Adj. EBITDA) 3Q24 - 1Q26 33% 34% 37% 34% 40% 32% 36% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Cash & Equivalents as % of TTM Airline Revenue 3Q24 - 1Q26
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 15 Fleet Flexibility and Near-Term Transaction Enhance Positioning 78 28 17 0 20 40 60 80 100 120 140 160 180 200 1Q26A 77 28 20 47 20 2Q26E Combined Fleet Plan Outlook1 1Q26 - 2Q26E A320 A319 B737-8200 Sun Country’s Passenger Fleet Sun Country’s Cargo Fleet 123 192 • 123 aircraft in operation at quarter-end One 737-MAX delivered and one A320 retired during the quarter • 3 additional 737-MAX deliveries expected in 2Q; 1 A320 retirement Delivery schedule for the remainder of the year unchanged • 163 of 172 aircraft expected to be owned post Sun Country close Enhances financial and operating flexibility • Fleet flexibility supports response to high fuel environment Ability to accelerate retirements of older aircraft if elevated fuel persists • Sun Country transaction expected to close as early as May 13th DOT approval received; shareholder votes scheduled for May 8 (1) Excludes 3 Sun Country’s aircraft out on lease
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 16 Outlook summary 2Q26 System ASMs – y/y change (~6.5%) Scheduled service ASMs – y/y change (~6.5%) Fuel cost per gallon $4.35 Adjusted operating margin(1) 0.0% to 2.0% Adjusted earnings per share(1) ($1.00) to ($0.00) Second Quarter Guidance FY 2026 Aircraft-related capital expenditures (2) (millions) $570 to $590 Capitalized deferred heavy maintenance (millions) $80 to $90 Other airline capital expenditures (millions) $80 to $90 Recurring principal payments (millions) (3) $135 to $145 Full-Year CapEx (1) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described in earnings release. (2) Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft. (3) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 17
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 18 Appendix
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 19 Non-GAAP Financial Measures Reconciliation 1. Denotes non-GAAP figure 2. In 2026 we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in the earnings release. The adjusted numbers in this document exclude the effect of these special charges. * Note that amounts may not recalculate due to rounding Three Months Ended March 31, 2026 GAAP Adjustments(2) Adjusted (Non-GAAP)(1) Total operating revenues $ 732.4 $ — $ 732.4 Total operating expenses 651.3 (27.8) 623.5 Operating income $ 81.1 $ 27.8 $ 108.9 Operating margin (percent) 11.1 14.9 INCOME BEFORE INCOME TAXES $ 66.0 $ 27.8 $ 93.8 Adjusted income before income taxes margin (percent) 9.0 12.8 Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, and adjusted income before income taxes (millions)
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 20 Non-GAAP Financial Measures Reconciliation Three Months Ended March 31 Consolidated EBITDA and adjusted consolidated EBITDA (millions) 2026 2025 2024 2023 Net income (loss) as reported (GAAP) $ 42.5 $ 32.1 $ (0.9) $ 56.1 Interest expense, net 16.2 22.4 16.7 20.4 Income tax expense (benefit) 23.5 9.8 (0.4) 18.3 Depreciation and amortization 57.9 63.3 63.8 54.7 Consolidated EBITDA(1) $ 140.2 $ 127.7 $ 79.2 $ 149.5 Special charges, net of recoveries(2) 27.8 (1.6) 13.1 (1.6) Adjusted consolidated EBITDA(1)(2) $ 168.0 $ 126.1 $ 92.3 $ 147.9 Less: Sunseeker operating income (loss) (GAAP) - 4.2 (8.8) (2.7) Less: Sunseeker special charges, net of recoveries(2) - (2.9) (1.8) (1.6) Less: Sunseeker depreciation and amortization - 3.6 6.0 - Adjusted airline-only EBITDA(1)(2) 168.0 121.3 97.0 152.2 Adjusted consolidated EBITDA margin(1)(2) 22.9% 18.0% 14.1% 22.8% Adjusted airline-only EBITDA margin(1)(2) 22.9% 18.1% 15.3% 23.4% 1. Denotes non-GAAP figure 2. In 2026, 2025, 2024, and 2023 we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in the earnings release. The adjusted numbers in this document exclude the effect of these special charges. * Note that amounts may not recalculate due to rounding
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 21 Non-GAAP Financial Measures Reconciliation Three Months Ended March 31 Adjusted airline-only operating CASM excluding fuel and special charges (mm) 2026 2025 Consolidated operating expenses (GAAP) $ 651.3 $ 634.1 Minus: Sunseeker operating expenses — 26.5 Airline-only operating expenses 651.3 607.6 Minus: airline special charges(2) 27.8 1.4 Minus: fuel expenses 180.2 166.3 Adjusted airline-only operating expenses, excluding fuel and special charges(1)(2) $ 443.3 $ 439.9 System available seat miles (millions) 5,130.5 5,451.6 Airline-only cost per available seat mile (cents) 12.70 11.14 Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents)(2) 8.64 8.07 1. Denotes non-GAAP figure 2. In 2026 we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in the earnings release. The adjusted numbers in this document exclude the effect of these special charges. * Note that amounts may not recalculate due to rounding
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 22 Non-GAAP Financial Measures Reconciliation Three Months Ended March 31, 2026 Amount Per Share Net income as reported (GAAP) $ 42.5 Less: Net income allocated to participating securities (0.6) Net income attributable to common stock (GAAP) $ 41.9 $ 2.30 Plus: Net income allocated to participating securities 0.6 0.03 Plus: Special charges, net of recoveries(2) 27.8 1.52 Plus: Income tax effect of adjustments above (0.6) (0.03) Adjusted net income(1) $ 69.6 Less: Adjusted consolidated net income allocated to participating securities (1.0) (0.05) Adjusted net income attributable to common stock(1) $ 68.7 $ 3.77 Shares used for diluted computation (GAAP) (thousands) 18,219 Shares used for diluted computation (adjusted) (thousands) 18,219 Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts) 1. Denotes non-GAAP figure 2. In 2026 we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in the earnings release. The adjusted numbers in this document exclude the effect of these special charges. * Note that amounts may not recalculate due to rounding
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