ALLEGIANT TRAVEL COMPANY FIRST QUARTER 2026 FINANCIAL RESULTS

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 /PRNewswire/ -- 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."

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

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

Aircraft Fleet Plan by End of Period

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.

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 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: