ALLEGIANT TRAVEL COMPANY FIRST QUARTER 2025 FINANCIAL RESULTS

First quarter 2025 GAAP diluted earnings per share of $1.73 First quarter 2025 adjusted airline-only diluted earnings per share of $2.11(1)(2) First quarter 2025 adjusted diluted earnings per share of $1.81(1)(2)(3) LAS VEGAS, May 6, 2025 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for first quarter 2025, as well as comparisons to the prior year: "Team Allegiant executed a successful first quarter, delivering an airline-only operating margin of 9.3 percent, a three-point improvement from last year and among the best in the industry," stated Gregory Anderson, president and CEO of Allegiant Travel Company. "These financial results were underscored by our excellent operations, as the team achieved a 99.9 percent controllable completion during the quarter on 14.2 percent capacity growth. "A few months ago, there was optimism throughout the airline industry heading into 2025 due to a strong economy and solid demand trends. Unfortunately, headlines beginning in February drove broad economic uncertainty and decreased consumer confidence, which led to an industry reduction in near-term revenues, particularly during shoulder and off-peak periods. Despite these challenges, I am proud to report that the team delivered a first-quarter earnings result that was well within our initial guidance range. "However, heightened volatility is impacting domestic demand. Consequently, it is challenging to predict near-term demand, and we are therefore withdrawing our full-year 2025 guidance. Despite the macroeconomic uncertainty, we anticipate maintaining solid profitability by leveraging our flexible model to adjust capacity as needed. To date, we have removed more than 7.5 points of capacity growth from May through August, primarily coming from off-peak periods. Booking trends over the past few weeks suggest a stabilizing demand environment, with indications of improvement observed over the past several days. Regardless, we will continue to adjust capacity aggressively during the remainder of the year while ensuring that we appropriately address the items within our control. "Allegiant has performed well during past downturns, thanks to our unique model that positions us for long-term success and stability. We expect to perform no differently during this period of uncertainty and remain confident in our ability to maintain profitability. "I extend my sincerest appreciation to Team Allegiant for all your efforts. You truly are the best in the business." Summary Results Consolidated Three Months Ended March 31, Percent Change (unaudited) (in millions, except per share amounts) 2025 2024 YoY Total operating revenue $ 699.1 $ 656.4 6.5 % Total operating expense 634.1 641.0 (1.1) % Operating income 65.0 15.4 322.1 % Income (loss) before income taxes 41.9 (1.3) NM Net income (loss) 32.1 (0.9) NM Diluted earnings (loss) per share 1.73 (0.07) NM Sunseeker special charge recoveries, net(2) (2.9) (1.8) (61.1) % Airline special charges(2) 1.4 14.9 (90.6) % Adjusted income before income taxes(1)(2)(3) 43.8 11.8 271.2 % Adjusted net income(1)(2)(3) 33.4 10.4 221.2 % Adjusted diluted earnings per share(1)(2)(3) 1.81 0.57 217.5 % Airline only Three Months Ended March 31, Percent Change(4) (unaudited) (in millions, except per share amounts) 2025 2024 YoY Airline operating revenue $ 668.4 $ 632.5 5.7 % Airline operating expense 607.5 608.3 (0.1) % Airline operating income 60.9 24.2 151.7 % Airline income before income taxes 49.6 12.5 296.8 % Airline special charges(2) 1.4 14.9 (90.6) % Adjusted airline-only net income(1)(2) 39.0 19.8 97.0 % Adjusted airline-only operating margin(1)(2) 9.3 % 6.2 % 3.1 Adjusted airline-only diluted earnings per share(1)(2) 2.11 1.08 95.4 % (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 Q1 2025 and Q1 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). We sometimes refer to all special charges as "specials" in 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 the 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. NM Not meaningful * Note that amounts may not recalculate due to rounding First Quarter 2025 Results and Highlights Balance Sheet, Cash and Liquidity Airline Capital Expenditures Sunseeker Resort Charlotte Harbor (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 Q1 2025 and Q1 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). 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 the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results. 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 airline-only earnings per share,adjusted consolidated earnings per share, and adjusted Sunseeker EBITDA. 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. Second quarter 2025 airline-only guidance System ASMs - year over year change ~15.0% Scheduled service ASMs - year over year change ~15.5% Fuel cost per gallon $ 2.40 Operating margin 6.0% to 8.0% Adjusted airline-only earnings per share(1) $0.50 to $1.50 Second quarter 2025 consolidated guidance Adjusted consolidated earnings per share(1) $0.00 to $1.00 Full-year 2025 airline-only guidance Interest expense(2) (millions) $150 to $160 Capitalized interest(3) (millions) ($15) to ($25) Interest income (millions) $30 to $40 Airline full-year CAPEX Aircraft-related capital expenditures(4) (millions) $260 to $280 Capitalized deferred heavy maintenance (millions) $50 to $70 Other airline capital expenditures (millions) $95 to $115 Recurring principal payments(5) (millions) (full year) $165 to $175 Second Quarter 2025 Sunseeker guidance Adjusted EBITDA(1) (millions) ~($1) Depreciation expense (millions) ~$3 Occupancy rate ~55% Average daily rate(6) ~$225 (1) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above. (2) Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker Resort segment (3) Includes capitalized interest related to pre-delivery deposits on new aircraft. (4) 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. (5) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft (6) Average daily rate does not include a nightly resort fee of $30 Aircraft Fleet Plan by End of Period Aircraft - (seats per AC) 1Q25 2Q25 3Q25 YE25 Boeing 737-8200 (190 seats) 8 9 11 16 Airbus A320 (180 seats) 60 69 75 72 Airbus A320 (186 seats) 15 6 — — Airbus A320 (177 seats) 10 10 8 7 Airbus A319 (156 seats) 34 32 29 27 Total 127 126 123 122 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 storage. Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Tuesday, May 6, 2025 to discuss its first quarter 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: [email protected] Investor Inquiries: [email protected] 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 future airline and Sunseeker Resort 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, Sunseeker average daily rate and occupancy, 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 , 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 implement the announced alliance with Viva Aerobus and to otherwise 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, the ability to successfully operate Sunseeker Resort or to dispose of an interest in it on acceptable terms, 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. 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: Allegiant Travel Company Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited) Three Months Ended March 31, Percent Change 2025 2024 YoY OPERATING REVENUES: Passenger $ 616,750 $ 579,936 6.3 % Third party products 35,203 33,399 5.4 Fixed fee contracts 16,252 18,861 (13.8) Resort and other 30,869 24,210 27.5 Total operating revenues 699,074 656,406 6.5 OPERATING EXPENSES: Salaries and benefits 231,439 213,327 8.5 Aircraft fuel 166,333 170,087 (2.2) Station operations 73,505 66,468 10.6 Depreciation and amortization 63,312 63,844 (0.8) Maintenance and repairs 34,854 30,278 15.1 Sales and marketing 25,096 30,419 (17.5) Aircraft lease rentals 5,920 5,985 (1.1) Other 35,168 47,451 (25.9) Special charges, net of recoveries (1,555) 13,099 NM Total operating expenses 634,072 640,958 (1.1) OPERATING INCOME 65,002 15,448 320.8 OTHER (INCOME) EXPENSES: Interest income (11,935) (12,241) (2.5) Interest expense 40,783 40,160 1.6 Capitalized interest (6,488) (11,185) (42.0) Other, net 702 51 NM Total other expenses 23,062 16,785 37.4 INCOME (LOSS) BEFORE INCOME TAXES 41,940 (1,337) NM INCOME TAX PROVISION (BENEFIT) 9,838 (418) NM NET INCOME (LOSS) $ 32,102 $ (919) NM Earnings (Loss) per share to common shareholders: Basic $1.74 ($0.07) NM Diluted $1.73 ($0.07) NM Shares used for computation(1): Basic 17,984 17,664 1.8 Diluted 18,022 17,664 2.0 (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 Allegiant Travel Company Segment Profit or Loss (in thousands) (Unaudited) Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Airline Sunseeker Consolidated Airline Sunseeker Consolidated REVENUES FROM EXTERNAL CUSTOMERS 668,386 30,688 699,074 632,519 23,887 656,406 OPERATING EXPENSES: Salaries and benefits 220,374 11,065 231,439 199,508 13,819 213,327 Aircraft fuel 166,333 — 166,333 170,087 — 170,087 Station operations 73,505 — 73,505 66,468 — 66,468 Depreciation and amortization 59,711 3,601 63,312 57,868 5,976 63,844 Maintenance and repairs 34,854 — 34,854 30,278 — 30,278 Sales and marketing 23,370 1,726 25,096 28,878 1,541 30,419 Aircraft lease rentals 5,920 — 5,920 5,985 — 5,985 Other operating expenses 22,075 13,093 35,168 34,315 13,136 47,451 Special charges, net of recoveries 1,392 (2,947) (1,555) 14,915 (1,816) 13,099 Total operating expenses 607,534 26,538 634,072 608,302 32,656 640,958 OPERATING INCOME (LOSS) 60,852 4,150 65,002 24,217 (8,769) 15,448 OTHER (INCOME) EXPENSES: Interest income (11,935) — (11,935) (12,241) — (12,241) Interest expense 28,949 11,834 40,783 34,737 5,423 40,160 Capitalized interest (6,488) — (6,488) (10,859) (326) (11,185) Other non-operating expenses 702 — 702 51 — 51 Total other expenses 11,228 11,834 23,062 11,688 5,097 16,785 INCOME (LOSS) BEFORE INCOME TAXES 49,624 (7,684) 41,940 12,529 (13,866) (1,337) Allegiant Travel Company Airline Operating Statistics (Unaudited) Three Months Ended March 31, PercentChange(1) 2025 2024 YoY AIRLINE OPERATING STATISTICS Total system statistics: Passengers 4,451,306 4,104,860 8.4 % Available seat miles (ASMs) (thousands) 5,451,584 4,771,971 14.2 Airline operating expense per ASM (CASM) (cents) 11.14 ¢ 12.75 ¢ (12.6) Fuel expense per ASM (cents) 3.05 ¢ 3.56 ¢ (14.3) Airline special charges per ASM (cents) 0.02 ¢ 0.31 ¢ (93.5) Airline operating CASM, excluding fuel and special charges (cents) 8.07 ¢ 8.87 ¢ (9.0) Departures 33,235 29,225 13.7 Block hours 83,871 72,632 15.5 Average stage length (miles) 935 919 1.7 Average number of operating aircraft during period 125.1 125.8 (0.6) Average block hours per aircraft per day 7.5 6.3 19.0 Full-time equivalent employees at end of period 6,057 5,951 1.8 Fuel gallons consumed (thousands) 63,636 56,224 13.2 ASMs per gallon of fuel 85.7 84.9 0.9 Average fuel cost per gallon $ 2.61 $ 3.03 (13.9) Scheduled service statistics: Passengers 4,420,811 4,069,519 8.6 Revenue passenger miles (RPMs) (thousands) 4,271,328 3,883,810 10.0 Available seat miles (ASMs) (thousands) 5,305,191 4,636,922 14.4 Load factor 80.5 % 83.8 % (3.3) Departures 32,133 28,177 14.0 Block hours 81,414 70,365 15.7 Average seats per departure 175.0 177.5 (1.4) Yield (cents)(2) 7.06 ¢ 7.86 ¢ (10.2) Total passenger revenue per ASM (TRASM) (cents)(3) 12.29 ¢ 13.23 ¢ (7.1) Average fare - scheduled service(4) $ 68.19 $ 74.98 (9.1) Average fare - air-related charges(4) $ 71.32 $ 67.52 5.6 Average fare - third party products $ 7.96 $ 8.21 (3.0) Average fare - total $ 147.47 $ 150.71 (2.1) Average stage length (miles) 941 926 1.6 Fuel gallons consumed (thousands) 61,826 54,566 13.3 Average fuel cost per gallon $ 2.63 $ 3.01 (12.6) Percent of sales through website during period 92.5 % 96.5 % (4.0) Other data: Rental car days sold 360,890 357,944 0.8 Hotel room nights sold 39,940 61,294 (34.8) (1) Except load factor and percent of sales through website, 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. Summary Balance Sheet (in millions) March 31, 2025 (unaudited) December 31, 2024 Percent Change Unrestricted cash and investments Cash and cash equivalents $ 283.8 $ 285.9 (0.7) % Short-term investments 594.8 495.2 20.1 Long-term investments 27.7 51.7 (46.4) Total unrestricted cash and investments 906.3 832.8 8.8 Debt Current maturities of long-term debt and finance lease obligations, net of related costs 266.6 454.8 (41.4) Long-term debt and finance lease obligations, net of current maturities and related costs 1,747.3 1,611.7 8.4 Total debt 2,013.9 2,066.5 (2.5) Debt, net of unrestricted cash and investments 1,107.6 1,233.7 (10.2) Total Allegiant Travel Company shareholders' equity 1,112.7 1,089.4 2.1 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, 2025 2024 Basic: Net income (loss) $ 32,102 $ (919) Less income allocated to participating securities (842) (354) Net income (loss) attributable to common stock $ 31,260 $ (1,273) Earnings (loss) per share, basic $ 1.74 $ (0.07) Weighted-average shares outstanding 17,984 17,664 Diluted: Net income (loss) $ 32,102 $ (919) Less income allocated to participating securities (840) (354) Net income (loss) attributable to common stock $ 31,262 $ (1,273) Earnings (loss) per share, diluted $ 1.73 $ (0.07) Weighted-average shares outstanding(1) 17,984 17,664 Dilutive effect of restricted stock 157 — Adjusted weighted-average shares outstanding under treasury stock method 18,141 17,664 Participating securities excluded under two-class method (119) — Adjusted weighted-average shares outstanding under two-class method 18,022 17,664 Appendix ANon-GAAP PresentationThree Months Ended March 31, 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 and (ii) accelerated depreciation on airframes identified for early retirement. 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 a one-time loss on extinguishment of debt. We present adjusted airline-only operating expense and adjusted airline-only operating income, which exclude special charges related to aircraft accelerated depreciation on early retirement of certain airframes. We also present adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share, which exclude special charges. 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, estimated adjusted airline-only and adjusted consolidated earnings per share, and Sunseeker adjusted EBITDA, 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 a one-time loss 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: Presented below is a quantitative reconciliation of these adjusted numbers 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 (loss), and earnings (loss) 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 (loss), earnings (loss) 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. Reconciliation of Non-GAAP Financial Measures Three Months Ended March 31, 2025 2024 Special Charges (millions) Sunseeker insurance recoveries, net(2) (2.9) (1.8) Accelerated depreciation on airframes identified for early retirement(2) $ 1.4 $ 14.9 Consolidated special charges, net of (recoveries)(2) (1.6) 13.1 Three Months Ended March 31, 2025 Consolidated Airline Sunseeker Reconciliation of adjusted operating income, adjusted operating margin, adjusted interest expense, and adjusted income 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 BEFORE INCOME TAXES $ 41.9 $ 1.9 $ 43.8 $ 49.6 $ 1.4 $ 51.0 $ (7.7) $ 0.5 $ (7.2) Three Months Ended March 31, 2024 Consolidated Airline Sunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted income before income taxes (millions) GAAP Adjustments(2) Adjusted(Non-GAAP)(1) GAAP Adjustments(2) Adjusted(Non-GAAP)(1) GAAP Adjustments(2) Adjusted(Non-GAAP)(1) Total operating revenues $ 656.4 $ — $ 656.4 $ 632.5 $ — $ 632.5 $ 23.9 $ — $ 23.9 Total operating expenses 641.0 (13.1) 627.9 608.3 (14.9) 593.4 32.7 1.8 34.5 Operating income (loss) $ 15.4 $ 13.1 $ 28.5 $ 24.2 $ 14.9 $ 39.1 $ (8.8) $ (1.8) $ (10.6) Operating margin (percent) 2.4 4.3 3.8 6.2 (36.7) (44.3) INCOME BEFORE INCOME TAXES $ (1.3) $ 13.1 $ 11.8 $ 12.5 $ 14.9 $ 27.4 $ (13.9) $ (1.8) $ (15.7) Three Months Ended March 31, 2025 2024 Consolidated EBITDA and adjusted consolidated EBITDA (millions) Net income (loss) as reported (GAAP) $ 32.1 $ (0.9) Interest expense, net 22.4 16.7 Income tax expense (benefit) 9.8 (0.4) Depreciation and amortization 63.3 63.8 Consolidated EBITDA(1) $ 127.6 $ 79.2 Special charges(2) (1.6) 13.1 Adjusted consolidated EBITDA(1)(2) $ 126.1 $ 92.3 Adjusted airline-only EBITDA (millions) Airline income before income taxes as reported (GAAP) $ 49.6 $ 12.5 Airline special charges(2) 1.4 14.9 Airline interest expense, net 10.5 11.6 Airline depreciation and amortization 59.7 57.9 Adjusted airline-only EBITDA(1)(2) $ 121.3 $ 97.0 Adjusted Sunseeker EBITDA (millions) Sunseeker loss before income taxes as reported (GAAP) $ (7.7) $ (13.9) Sunseeker special charge recoveries, net(2) (2.9) (1.8) Sunseeker interest expense, net 11.8 5.1 Sunseeker depreciation and amortization 3.6 6.0 Adjusted Sunseeker EBITDA(1)(2) $ 4.8 $ (4.6) Three Months EndedMarch 31, 2025 Three Months EndedMarch 31, 2024 Amount Per Share Amount Per Share Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts) Net income (loss) as reported (GAAP) $ 32.1 $ (0.9) Less: Net income allocated to participating securities (0.8) (0.4) Net income attributable to common stock (GAAP) $ 31.3 $ 1.73 $ (1.3) $ (0.07) Plus: Net income allocated to participating securities 0.8 0.05 0.4 0.02 Plus: Loss on extinguishment of debt(3) 3.4 0.20 — — Plus (minus): Special charges, net of (recoveries)(2) (1.6) (0.09) 13.1 0.74 Minus: Income tax effect of adjustments above (0.5) (0.03) (1.8) (0.10) Adjusted net income(1) $ 33.4 $ 10.4 Less: Adjusted consolidated net income allocated to participating securities (0.9) (0.05) (0.4) (0.02) Adjusted net income attributable to common stock(1) $ 32.5 $ 1.81 $ 10.0 $ 0.57 Shares used for diluted computation (thousands) 18,022 17,669 Three Months EndedMarch 31, 2025 Three Months EndedMarch 31, 2024 Amount Per Share 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 (loss) as reported (GAAP) $ 32.1 $ (0.9) Less: Net income allocated to participating securities (0.8) (0.4) Net income attributable to common stock (GAAP) $ 31.3 $ 1.73 $ (1.3) $ (0.07) Plus: Net income allocated to participating securities 0.8 0.05 0.4 0.02 Plus: Sunseeker loss before income taxes 7.7 0.43 13.9 0.78 Plus: Special charges, net of recoveries(2) 1.4 0.08 14.9 0.85 Minus: Income tax effect of adjustments above (2.2) (0.12) (8.1) (0.46) Adjusted airline-only net income(1) $ 39.0 $ 19.8 Less: Adjusted airline-only net income allocated to participating securities (1.0) (0.06) (0.7) (0.04) Adjusted airline-only net income attributable to common stock(1) $ 38.0 $ 2.11 $ 19.1 $ 1.08 Shares used for diluted computation (thousands) 18,022 17,669 Three Months Ended March 31, 2025 2024 Reconciliation of adjusted airline-only operating CASM excluding fuel (millions) Consolidated operating expenses (GAAP) $ 634.1 $ 641.0 Minus: Sunseeker operating expenses 26.5 32.7 Minus: airline special charges(2) 1.4 14.9 Adjusted airline-only operating expenses(1)(2) $ 606.2 $ 593.4 Minus: fuel expenses 166.3 170.1 Adjusted airline-only operating expenses, excluding fuel(1)(2) $ 439.9 $ 423.3 System available seat miles (millions) 5,451.6 4,772.0 Airline-only cost per available seat mile (cents) 11.14 12.75 Adjusted airline-only cost per available seat mile excluding fuel (cents)(2) 8.07 8.87 (1) Denotes non-GAAP figure. (2) In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). 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 the 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 SOURCE Allegiant Travel Company

ALLEGIANT TRAVEL COMPANY FIRST QUARTER 2025 FINANCIAL RESULTS

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