Flynas (4264) Q2 2026 earnings summary

Executive summary

• Revenue grew 3% year-over-year to 2,213 million in 2Q 2026 and 6% to 4,218 million in 1H 2026, driven by higher unit revenues despite a 15% reduction in capacity due to regional conflict disruptions.

• Net loss of 241 million in 2Q 2026 and 123 million in 1H 2026, as higher fuel costs and reduced capacity outweighed revenue gains.

• Proactive capacity management and disciplined pricing helped offset the impact of higher fuel prices and network suspensions.

• Strong liquidity maintained with 3.7 billion in cash and net debt-to-adjusted EBITDA at 1.7x.

Financial highlights

• RASK increased 22% year-over-year in 2Q 2026, reflecting firm pricing and reduced industry capacity.

• Adjusted EBITDA declined 73% year-over-year to 205 million in 2Q 2026 (margin 9.2%), and 45% to 761 million in 1H 2026 (margin 18.0%).

• Adjusted net loss of 241 million in 2Q 2026 versus a profit of 220 million in 2Q 2025.

• Gross profit margin fell to 1.2% in 2Q 2026 from 21.1% a year earlier.

• Adjusted CASK rose 48% year-over-year in 2Q 2026 due to higher fuel costs and lower capacity.

Outlook and guidance

• Capacity restoration began in July 2026, with network recovery ongoing and unit revenues improving.

• Full-year 2026 guidance remains suspended due to regional volatility; directional indicators for 3Q 2026 suggest low- to high-single-digit revenue growth and EBITDA margin in the mid-teens to mid-20s.

• Six new aircraft deliveries expected in 2H 2026, supporting future growth.