ALLEGIANT TRAVEL COMPANY SECOND QUARTER 2025 FINANCIAL RESULTS

Second quarter2025 GAAP diluted loss per share of$(3.62)

Second quarter2025 adjusted airline-only diluted earnings per share of $1.86(1)(2)

Second quarter2025 adjusted diluted earnings per share of $1.23(1)(2)

Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for second quarter 2025, as well as comparisons to the prior year.

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“During the quarter, we operated 37,000 flights – the highest quarterly total in company history,” stated Gregory Anderson, chief executive officer of Allegiant Travel Company. “Equally important, we achieved a remarkable 99.9% controllable completion factor, which we believe is among the top in the industry. I'm incredibly proud of Team Allegiant for delivering such strong operational results. Due to their efforts, our airline has earned a second consecutive SkyTrax Award for best low-cost carrier in North America.

“One of the hallmarks for Allegiant is our ability to deliver great service at an affordable price. We achieved an adjusted airline-only operating margin of 8.6% in the second quarter, surpassing our initial projections. Despite a challenging demand environment, our first-half operating margin improved over 2024. This improved performance is the result of higher productivity of our existing assets with aircraft utilization up nearly 17 percent year over year combined with strong cost controls. Impressively, we drove an industry leading reduction in unit costs, excluding fuel and special charges, of nearly eight percent year over year.

“Our commercial initiatives are gaining traction and yielding measurable outcomes. With the revenue headwinds associated with Navitaire behind us now, we are starting to take advantage of its ability to accelerate enhancements. These new pricing tools, in addition to product evolutions and Allegiant Extra expansion, have helped to increase ancillary revenue, as evidenced by our $3 per passenger improvement during the first half of 2025. Further improvements are anticipated as we move ahead with our focused digital transformation within our core business.

“We are encouraged by improving consumer confidence and are cautiously optimistic as recent bookings suggest strengthening of domestic demand in the second half of the year, as compared to previous levels. Keep in mind, however, that third quarter remains our seasonally weakest quarter of the year given the last few weeks of August and most of September represent the lowest period for leisure travel during the year.

“Our team is simplifying the business and focusing on our core strengths, as evidenced by the pending sale of our Sunseeker Resort, which is expected to close shortly. We will continue to take actions to structurally lower our airline costs. Importantly, cost improvements made this year have allowed us to rebalance our infrastructure, particularly considering the significant MAX aircraft delivery delays in prior years.

“As we look to 2026, we are currently forecasting full-year capacity to be roughly flat on a year-over-year basis, with MAX deliveries slated as replacement aircraft as we maintain our goal of 'peaking the peaks'. We expect TRASM to improve as new markets and routes mature, off-peak becomes a smaller mix of our ASMs, and new commercial initiatives continue to gain traction, including increased Allegiant Extra availability, refining dynamic pricing for ancillary products, and the continued strengthening of our co-brand and loyalty program. We will continue to meet the evolving needs of our customers and adjust our schedules to the demand environment, as we target expanding our earnings and delivering long-term value for our stakeholders.”

Summary ResultsConsolidated Three Months Ended June 30, Percent Change(unaudited) (in millions, except per share amounts) 2025 2024 YoYTotal operating revenue $ 689.4 $ 666.3 3.5%Total operating expense 756.9 631.4 19.9%Operating income (loss) (67.5) 34.9 NMIncome (loss) before income taxes (88.6) 18.0 NMNet income (loss) (65.2) 13.7 NMDiluted earnings (loss) per share (3.62) 0.75 NMSunseeker special charges, net(2) 103.3 (2.0) NMAirline special charges(2) 14.6 20.1 (27.4)%Adjusted income before income taxes(1)(2) 29.4 36.1 (18.6)%Adjusted net income(1)(2) 22.7 32.5 (30.2)%Adjusted diluted earnings per share(1)(2) 1.23 1.77 (30.5)%Airline only Three Months Ended June 30, Percent Change(4)(unaudited) (in millions, except per share amounts) 2025 2024 YoYAirline operating revenue $ 668.8 $ 649.5 3.0%Airline operating expense 625.6 602.5 3.8%Airline operating income 43.2 47.0 (8.1)%Airline income before income taxes 29.7 35.5 (16.3)%Airline special charges(2) 14.6 20.1 (27.4)%Adjusted airline-only net income(1)(2) 34.3 41.0 (16.3)%Adjusted airline-only operating margin(1)(2) 8.6% 10.3% (1.7)Adjusted airline-only diluted earnings per share(1)(2) 1.86 2.24 (17.0)%Consolidated Six Months Ended June 30, Percent Change(unaudited) (in millions, except per share amounts) 2025 2024 YoYTotal operating revenue $ 1,388.5 $ 1,322.7 5.0%Total operating expense 1,390.9 1,272.3 9.3%Operating income (loss) (2.5) 50.3 NMIncome (loss) before income taxes (46.6) 16.7 NMNet income (loss) (33.1) 12.8 NMDiluted earnings (loss) per share (1.84) 0.68 NMSunseeker special charges, net(2) 100.4 (3.8) NMAirline special charges(2) 16.0 35.0 (54.3)%Adjusted income before income taxes(1)(2)(3) 73.2 47.9 52.8%Adjusted net income(1)(2)(3) 56.2 42.9 31.0%Adjusted diluted earnings per share(1)(2)(3) 3.03 2.34 29.5%Airline only Six Months Ended June 30, Percent Change(4)(unaudited) (in millions, except per share amounts) 2025 2024 YoYAirline operating revenue $ 1,337.1 $ 1,282.0 4.3%Airline operating expense 1,233.1 1,210.8 1.8%Airline operating income 104.0 71.2 46.1%Airline income before income taxes 79.3 48.0 65.2%Airline special charges(2) 16.0 35.0 (54.3)%Adjusted airline-only net income(1)(2) 73.3 60.8 20.6%Adjusted airline-only operating margin(1)(2) 9.0% 8.3% 0.7Adjusted airline-only diluted earnings per share(1)(2) 3.96 3.31 19.6%

(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 2025 and 2024, we recognized certain expenses as special charges related to Airline activities, the pending sale of Sunseeker Resort and Aileron Golf Course, 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. 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

Second Quarter 2025 Results and Highlights

— Total consolidated operating revenue of $689.4M, up 3.5 percent over the prior year, on capacity growth of 15.7 percent year-over-year

— Adjusted consolidated operating income,(1)(2) of $50.4M, yielding an adjusted operating margin of 7.3 percent

— Adjusted airline-only operating income,(1)(2) of $57.8M, yielding an adjusted airline-only operating margin of 8.6 percent

— Adjusted consolidated income before income tax,(1)(2) of $29.4M, yielding an adjusted pre-tax margin of 4.3 percent

— Adjusted airline-only income before income tax,(1)(2) of $44.3M, yielding an adjusted airline-only pre-tax margin of 6.6 percent

— Adjusted consolidated EBITDA,(1)(2) of $118.7M, yielding an adjusted EBITDA margin of 17.2 percent

— Adjusted airline-only EBITDA,(1)(2) of $122.5M, yielding an adjusted airline-only EBITDA margin of 18.3 percent

— Adjusted airline-only operating CASM, excluding fuel(2) of 7.68 ¢, down 6.7 percent year-over-year

— $33.3M in total cobrand credit card remuneration received from Bank of America

— Ended the quarter with 20M total active Allways Rewards members

— During the second quarter, expanded the network by announcing five new nonstop routes

— In July announcedseven new nonstop routes connecting 12 cities across the country

Balance Sheet, Cash and Liquidity

— Total available liquidity at June 30, 2025 was $1.1B, which included $852.7M in cash and investments, and $275.0M in undrawn revolving credit facilities

— $92.2M in cash from operations during second quarter 2025

— Total debt at June 30, 2025 was $2.0B

— Net debt at June 30, 2025 was $1.1B

— Debt principal payments of $152.0M during the quarter, including $59.1M in voluntary prepayments

— Debt proceeds of $97.9M during the quarter, net of issuance costs

— Air traffic liability at June 30, 2025 was $363.5M

Airline Capital Expenditures

— Second quarter capital expenditures of $137.7M, which included $108.3M for aircraft-related capital expenditures and $29.4M in other airline capital expenditures

— Second quarter deferred heavy maintenance expenditures were $10.0M

Sunseeker Resort Charlotte Harbor

— Second quarter occupancy was 51 percent with an average daily rate (excluding resort fee) of $225 per night

— During the third quarter, announced a contract for the sale of Sunseeker Resort for $200 million (subject to certain adjustments), with the transaction expected to close during the third quarter

— Recorded special charges of $102.2M during the second quarter related to the pending sale ofSunseeker Resort and Aileron Golf Course, reflecting a write-down to fair value less estimated costs to sell and other related expenses

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 and adjusted consolidated earnings per share. 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.

Third quarter 2025 airline-only guidanceSystem ASMs – year over year change 9.0%Scheduled service ASMs – year over year change 10.0%Fuel cost per gallon $ 2.55Adjusted airline-only operating margin (1) (3.0%) to (6.0%)Adjusted airline-only earnings per share(1) ($1.25) to ($2.25)Adjusted consolidated earnings per share(1) ($1.75) to ($2.75)Full-year 2025 guidanceSystem ASMs – year over year change 12.0%Scheduled service ASMs – year over year change 13.0%Fuel cost per gallon 2.53Adjusted airline-only earnings per share(1) > $3.25Adjusted consolidated earnings per share(1) > $2.25Interest expense(2)(millions) $140 to $150Capitalized interest(3) (millions) ($15) to ($25)Interest income (millions) $30 to $40Airline full-year CAPEXAircraft-related capital expenditures(4) (millions) $260 to $280Capitalized deferred heavy maintenance (millions) $50 to $70Other airline capital expenditures (millions) $95 to $115Recurring principal payments(5)(millions) (full year) $160 to $170

(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

Aircraft Fleet Plan by End of Period

Aircraft – (seats per AC) 2Q25 3Q25 YE25Boeing 737-8200 (190 seats) 9 10 16Airbus A320 (180 seats) 67 74 71Airbus A320 (186 seats) 8 – -Airbus A320 (177 seats) 10 8 7Airbus A319 (156 seats) 32 30 28Total 126 122 122

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 temporary storage.

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Monday, August 4, 2025 to discuss its second 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: 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 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 , 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 close the sale of Sunseeker Resort on the terms agreed, 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 CompanyConsolidated Statements of Income(in thousands, except per share amounts)(Unaudited) Three Months Ended June 30, Percent Change 2025 2024 YoYOPERATING REVENUES:Passenger $ 617,908 $ 594,499 3.9%Third party products 33,649 37,102 (9.3)Fixed fee contracts 17,019 17,699 (3.8)Resort and other 20,808 16,983 22.5Total operating revenues 689,384 666,283 3.5OPERATING EXPENSES:Salaries and benefits 214,102 209,942 2.0Aircraft fuel 165,752 170,060 (2.5)Station operations 75,248 69,798 7.8Depreciation and amortization 68,519 65,361 4.8Maintenance and repairs 36,379 30,730 18.4Sales and marketing 26,837 27,498 (2.4)Aircraft lease rentals 11,023 5,749 91.7Other 41,089 34,134 20.4Special charges, net of recoveries 117,924 18,114 NMTotal operating expenses 756,873 631,386 19.9OPERATING INCOME (LOSS) (67,489) 34,897 NMOTHER (INCOME) EXPENSES:Interest income (10,359) (11,130) (6.9)Interest expense 35,756 39,544 (9.6)Capitalized interest (4,562) (11,609) (60.7)Other, net 240 67 NMTotal other expenses 21,075 16,872 24.9INCOME (LOSS) BEFORE INCOME TAXES (88,564) 18,025 NMINCOME TAX PROVISION (BENEFIT) (23,398) 4,326 NMNET INCOME (LOSS) $ (65,166) $ 13,699 NMEarnings (loss) per share to common shareholders:Basic ($3.62) $0.75 NMDiluted ($3.62) $0.75 NMShares used for computation(1):Basic 17,995 17,828 0.9Diluted 17,995 17,869 0.7

(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 CompanySegment Profit or Loss(in thousands)(Unaudited) Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Airline Sunseeker Consolidated Airline Sunseeker ConsolidatedREVENUES FROM EXTERNAL CUSTOMERS $ 668,750 $ 20,634 $ 689,384 $ 649,472 $ 16,811 $ 666,283OPERATING EXPENSES:Salaries and benefits 203,485 10,617 214,102 197,417 12,525 209,942Aircraft fuel 165,752 – 165,752 170,060 – 170,060Station operations 75,248 – 75,248 69,798 – 69,798Depreciation and amortization 64,961 3,558 68,519 59,345 6,016 65,361Maintenance and repairs 36,379 – 36,379 30,730 – 30,730Sales and marketing 25,119 1,718 26,837 25,918 1,580 27,498Aircraft lease rentals 11,023 – 11,023 5,749 – 5,749Other operating expenses 29,031 12,058 41,089 23,426 10,708 34,134Special charges, net of recoveries 14,595 103,329 117,924 20,073 (1,959) 18,114Total operating expenses 625,593 131,280 756,873 602,516 28,870 631,386OPERATING INCOME (LOSS) 43,157 (110,646) (67,489) 46,956 (12,059) 34,897OTHER (INCOME) EXPENSES:Interest income (10,359) – (10,359) (11,130) – (11,130)Interest expense 28,121 7,635 35,756 34,121 5,423 39,544Capitalized interest (4,562) – (4,562) (11,609) – (11,609)Other non-operating expenses 240 – 240 67 – 67Total other expenses 13,440 7,635 21,075 11,449 5,423 16,872INCOME (LOSS) BEFORE INCOME TAXES $ 29,717 $ (118,281) $ (88,564) $ 35,507 $ (17,482) $ 18,025

Allegiant Travel CompanyAirline Operating Statistics(Unaudited) Three Months Ended June 30, Percent Change(1) 2025 2024 YoYAIRLINE OPERATING STATISTICSTotal system statistics:Passengers 5,127,025 4,621,848 10.9%Available seat miles (ASMs) (thousands) 5,799,409 5,013,209 15.7Airline operating expense per ASM (CASM) (cents) 10.79 ¢ 12.02 ¢ (10.2)Fuel expense per ASM (cents) 2.86 ¢ 3.39 ¢ (15.6)Airline special charges per ASM (cents) 0.25 ¢ 0.40 ¢ (37.5)Airline operating CASM, excluding fuel and special charges (cents) 7.68 ¢ 8.23 ¢ (6.7)Departures 37,314 32,252 15.7Block hours 88,749 75,759 17.1Average stage length (miles) 886 883 0.3Average number of operating aircraft during period 126.6 125.3 1.0Average block hours per aircraft per day 7.7 6.6 16.7Full-time equivalent employees at end of period 5,980 5,993 (0.2)Fuel gallons consumed (thousands) 68,452 60,142 13.8ASMs per gallon of fuel 84.7 83.4 1.6Average fuel cost per gallon $ 2.42 $ 2.83 (14.5)Scheduled service statistics:Passengers 5,077,788 4,572,769 11.0Revenue passenger miles (RPMs) (thousands) 4,610,321 4,108,288 12.2Available seat miles (ASMs) (thousands) 5,629,040 4,848,017 16.1Load factor 81.9% 84.7% (2.8)Departures 36,056 31,128 15.8Block hours 85,980 73,198 17.5Average seats per departure 175.1 176.1 (0.6)Yield (cents)(2) 5.75 ¢ 6.99 ¢ (17.7)Total passenger revenue per ASM (TRASM) (cents)(3) 11.57 ¢ 13.03 ¢ (11.2)Average fare – scheduled service(4) $ 52.20 $ 62.79 (16.9)Average fare – air-related charges(4) $ 69.49 $ 67.22 3.4Average fare – third party products $ 6.63 $ 8.11 (18.2)Average fare – total $ 128.32 $ 138.12 (7.1)Average stage length (miles) 891 885 0.7Fuel gallons consumed (thousands) 66,419 58,169 14.2Average fuel cost per gallon $ 2.43 $ 2.83 (14.1)Percent of sales through website during period 92.4% 93.1% (0.7)Other data:Rental car days sold 380,176 371,405 2.4Hotel room nights sold 37,538 61,837 (39.3)

(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.

Allegiant Travel CompanyConsolidated Statements of Income(in thousands, except per share amounts)(Unaudited) Six Months Ended June 30, Percent Change 2025 2024 YoYOPERATING REVENUES:Passenger $ 1,234,658 $ 1,174,434 5.1%Third party products 68,852 70,501 (2.3)Fixed fee contracts 33,271 36,560 (9.0)Resort and other 51,677 41,193 25.5Total operating revenues 1,388,458 1,322,688 5.0OPERATING EXPENSES:Salaries and benefits 445,541 423,269 5.3Aircraft fuel 332,085 340,147 (2.4)Station operations 148,753 136,266 9.2Depreciation and amortization 131,830 129,205 2.0Maintenance and repairs 71,233 61,008 16.8Sales and marketing 51,933 58,398 (11.1)Aircraft lease rentals 16,942 11,734 44.4Other 76,259 81,105 (6.0)Special charges, net of recoveries 116,369 31,212 NMTotal operating expenses 1,390,945 1,272,344 9.3OPERATING INCOME (LOSS) (2,487) 50,344 NMOTHER (INCOME) EXPENSES:Interest income (22,294) (23,371) (4.6)Interest expense 76,540 79,704 (4.0)Capitalized interest (11,050) (22,794) (51.5)Other, net 941 117 NMTotal other expenses 44,137 33,656 31.1INCOME (LOSS) BEFORE INCOME TAXES (46,624) 16,688 NMINCOME TAX PROVISION (BENEFIT) (13,560) 3,908 NMNET INCOME (LOSS) $ (33,064) $ 12,780 NMEarnings (loss) per share to common shareholders:Basic ($1.84) $0.69 NMDiluted ($1.84) $0.68 NMShares used for computation(1):Basic 17,989 17,746 1.4Diluted 17,989 17,836 0.9

Allegiant Travel CompanySegment Profit or Loss(in thousands)(Unaudited) Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Airline Sunseeker Consolidated Airline Sunseeker ConsolidatedREVENUE FROM EXTERNAL CUSTOMERS $ 1,337,136 $ 51,322 $ 1,388,458 $ 1,281,990 $ 40,698 $ 1,322,688OPERATING EXPENSES:Salaries and benefits 423,859 21,682 445,541 396,926 26,343 423,269Aircraft fuel 332,085 – 332,085 340,147 – 340,147Station operations 148,753 – 148,753 136,266 – 136,266Depreciation and amortization 124,672 7,158 131,830 117,212 11,993 129,205Maintenance and repairs 71,233 – 71,233 61,008 – 61,008Sales and marketing 48,489 3,444 51,933 54,796 3,602 58,398Aircraft lease rentals 16,942 – 16,942 11,734 – 11,734Other operating expenses 51,107 25,152 76,259 57,742 23,363 81,105Special charges, net of recoveries 15,987 100,382 116,369 34,987 (3,775) 31,212Total operating expenses 1,233,127 157,818 1,390,945 1,210,818 61,526 1,272,344OPERATING INCOME (LOSS) 104,009 (106,496) (2,487) 71,172 (20,828) 50,344OTHER (INCOME) EXPENSES:Interest income (22,294) – (22,294) (23,371) – (23,371)Interest expense 57,070 19,470 76,540 68,858 10,846 79,704Capitalized interest (11,050) – (11,050) (22,468) (326) (22,794)Other non-operating expenses 941 – 941 117 – 117Total other expenses 24,667 19,470 44,137 23,136 10,520 33,656INCOME (LOSS) BEFORE INCOME TAXES $ 79,342 $ (125,966) $ (46,624) $ 48,036 $ (31,348) $ 16,688

Allegiant Travel CompanyAirline Operating Statistics(Unaudited) Six Months Ended June 30, Percent Change(1) 2025 2024 YoYAIRLINE OPERATING STATISTICSTotal system statistics:Passengers 9,578,331 8,726,708 9.8%Available seat miles (ASMs) (thousands) 11,250,993 9,785,180 15.0Airline operating expense per ASM (CASM) (cents) 10.96 ¢ 12.38 ¢ (11.5)Fuel expense per ASM (cents) 2.95 ¢ 3.48 ¢ (15.2)Airline special charges per ASM (cents) 0.14 ¢ 0.36 ¢ (61.1)Airline operating CASM, excluding fuel and special charges (cents) 7.87 ¢ 8.54 ¢ (7.8)Departures 70,549 61,477 14.8Block hours 172,620 148,391 16.3Average stage length (miles) 909 900 1.0Average number of operating aircraft during period 125.8 125.6 0.2Average block hours per aircraft per day 7.6 6.5 16.9Full-time equivalent employees at end of period 5,980 5,993 (0.2)Fuel gallons consumed (thousands) 132,089 116,366 13.5ASMs per gallon of fuel 85.2 84.1 1.3Average fuel cost per gallon $ 2.51 $ 2.92 (14.0)Scheduled service statistics:Passengers 9,498,599 8,642,288 9.9Revenue passenger miles (RPMs) (thousands) 8,881,650 7,992,097 11.1Available seat miles (ASMs) (thousands) 10,934,232 9,484,939 15.3Load factor 81.2% 84.3% (3.1)Departures 68,189 59,305 15.0Block hours 167,394 143,563 16.6Average seats per departure 175.0 176.7 (1.0)Yield (cents)(2) 6.38 ¢ 7.41 ¢ (13.9)Total passenger revenue per ASM (TRASM) (cents)(3) 11.92 ¢ 13.13 ¢ (9.2)Average fare – scheduled service(4) $ 59.64 $ 68.53 (13.0)Average fare – air-related charges(4) $ 70.34 $ 67.36 4.4Average fare – third party products $ 7.25 $ 8.16 (11.2)Average fare – total $ 137.23 $ 144.05 (4.7)Average stage length (miles) 914 905 1.0Fuel gallons consumed (thousands) 128,245 112,735 13.8Average fuel cost per gallon $ 2.52 $ 2.92 (13.7)Percent of sales through website during period 92.4% 94.8% (2.4)Other data:Rental car days sold 741,066 729,349 1.6Hotel room nights sold 77,478 123,131 (37.1)

Summary Balance Sheet(in millions) June 30, 2025 December 31, 2024 Percent Change (unaudited)Unrestricted cash and investmentsCash and cash equivalents $ 209.9 $ 285.9 (26.6)%Short-term investments 632.9 495.2 27.8Long-term investments 9.9 51.7 (80.9)Total unrestricted cash and investments 852.7 832.8 2.4DebtCurrent maturities of long-term debt and finance lease obligations, net of related costs 183.1 454.8 (59.7)Long-term debt and finance lease obligations, net of current maturities and related costs 1,778.9 1,611.7 10.4Total debt 1,962.0 2,066.5 (5.1)Debt, net of unrestricted cash and investments 1,109.3 1,233.7 (10.1)Total Allegiant Travel Company shareholders' equity 1,055.9 1,089.4 (3.1)

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 June 30, Six Months Ended June 30, 2025 2024 2025 2024Basic:Net income (loss) $ (65,166) $ 13,699 $ (33,064) $ 12,780Less income allocated to participating securities – (333) – (618)Net income (loss) attributable to common stock $ (65,166) $ 13,366 $ (33,064) $ 12,162Earnings (loss) per share, basic $ (3.62) $ 0.75 $ (1.84) $ 0.69Weighted-average shares outstanding 17,995 17,828 17,989 17,746Diluted:Net income (loss) $ (65,166) $ 13,699 $ (33,064) $ 12,780Less income allocated to participating securities – (333) – (618)Net income (loss) attributable to common stock $ (65,166) $ 13,366 $ (33,064) $ 12,162Earnings (loss) per share, diluted $ (3.62) $ 0.75 $ (1.84) $ 0.68Weighted-average shares outstanding(1) 17,995 17,828 17,989 17,746Dilutive effect of restricted stock – 78 – 195Adjusted weighted-average shares outstanding under treasury stock method 17,995 17,906 17,989 17,941Participating securities excluded under two-class method – (37) – (105)Adjusted weighted-average shares outstanding under two-class method 17,995 17,869 17,989 17,836

(1) Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.

Appendix A Non-GAAP Presentation Three and Six Months Ended June 30, 2025 and 2024 (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, (ii) a writedown loss related to the pending 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 a one-time loss 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 related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) corporate restructuring costs and (iii) the flight attendant ratification bonus.

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, 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:

— 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 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 (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 June 30, Six Months Ended June 30, 2025 2024 2025 2024Special Charges (millions)Accelerated depreciation on airframes identified for early retirement $ 2.5 $ 9.3 $ 3.9 $ 24.2Flight attendant ratification bonus – 10.8 – 10.8Organizational restructuring 12.1 – 12.1 -Airline special charges(2) 14.6 20.1 16.0 35.0Sunseeker special charges, net of recoveries(2) 103.3 (2.0) 100.4 (3.8)Consolidated special charges, net of recoveries(2) $ 117.9 $ 18.1 $ 116.4 $ 31.2

Three Months Ended June 30, 2025 Consolidated Airline SunseekerReconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions) GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted (Non- (Non- (Non- GAAP)(1) GAAP)(1) GAAP)(1)Total operating revenues $ 689.4 $ – $ 689.4 $ 668.8 $ – $ 668.8 $ 20.6 $ – $ 20.6Total operating expenses 756.9 (117.9) 638.9 625.6 (14.6) 611.0 131.3 (103.3) 28.0Operating income (loss) $ (67.5) $ 117.9 $ 50.4 $ 43.2 $ 14.6 $ 57.8 $ (110.6) $ 103.3 $ (7.3)Operating margin (percent) (9.8) 7.3 6.5 8.6 NM (35.5)INCOME (LOSS) BEFORE INCOME TAXES $ (88.6) $ 117.9 $ 29.4 $ 29.7 $ 14.6 $ 44.3 $ (118.3) $ 103.3 $ (15.0) Three Months Ended June 30, 2024 Consolidated Airline SunseekerReconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions) GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted (Non- (Non- (Non- GAAP)(1) GAAP)(1) GAAP)(1)Total operating revenues $ 666.3 $ – $ 666.3 $ 649.5 $ – $ 649.5 $ 16.8 $ – $ 16.8Total operating expenses 631.4 (18.1) 613.3 602.5 (20.1) 582.4 28.9 2.0 30.8Operating income (loss) $ 34.9 $ 18.1 $ 53.0 $ 47.0 $ 20.1 $ 67.0 $ (12.1) $ (2.0) $ (14.0)Operating margin (percent) 5.2 8.0 7.2 10.3 (71.7) (83.4)INCOME (LOSS) BEFORE INCOME TAXES $ 18.0 $ 18.1 $ 36.1 $ 35.5 $ 20.1 $ 55.6 $ (17.5) $ (2.0) $ (19.4) Six Months Ended June 30, 2025 Consolidated Airline SunseekerReconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, adjusted interest expense, and adjusted income (loss) before income taxes (millions) GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2) Adjusted GAAP Adjustments(2)(3) Adjusted (Non- (Non- (Non- GAAP)(1) GAAP)(1) GAAP)(1)Total operating revenues $ 1,388.5 $ – $ 1,388.5 $ 1,337.1 $ – $ 1,337.1 $ 51.3 $ – $ 51.3Total operating expenses 1,390.9 (116.4) 1,274.6 1,233.1 (16.0) 1,217.1 157.8 (100.4) 57.4Operating income (loss) $ (2.5) $ 116.4 $ 113.9 $ 104.0 $ 16.0 $ 120.0 $ (106.5) $ 100.4 $ (6.1)Operating margin (percent) (0.2) 8.2 7.8 9.0 NM (11.9)Interest expense $ 76.5 $ (3.4) $ 73.1 $ 57.1 $ – $ 57.1 $ 19.5 $ (3.4) $ 16.1INCOME (LOSS) BEFORE INCOME TAXES $ (46.6) $ 119.8 $ 73.2 $ 79.3 $ 16.0 $ 95.3 $ (126.0) $ 103.8 $ (22.2) Six Months Ended June 30, 2024 Consolidated Airline SunseekerReconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions) GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted (Non- (Non- (Non- GAAP)(1) GAAP)(1) GAAP)(1)Total operating revenues $ 1,322.7 $ – $ 1,322.7 $ 1,282.0 $ – $ 1,282.0 $ 40.7 $ – $ 40.7Total operating expenses 1,272.3 (31.2) 1,241.1 1,210.8 (35.0) 1,175.8 61.5 3.8 65.3Operating income (loss) $ 50.3 $ 31.2 $ 81.6 $ 71.2 $ 35.0 $ 106.2 $ (20.8) $ (3.8) $ (24.6)Operating margin (percent) 3.8 6.2 5.6 8.3 (51.2) (60.5)Interest expense $ 79.7 $ – $ 79.7 $ 68.9 $ – $ 68.9 $ 10.8 $ – $ 10.8INCOME (LOSS) BEFORE INCOME TAXES $ 16.7 $ 31.2 $ 47.9 $ 48.0 $ 35.0 $ 83.0 $ (31.3) $ (3.8) $ (35.1)

Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Consolidated EBITDA and adjusted consolidated EBITDA (millions)Net income (loss) as reported (GAAP) $ (65.2) $ 13.7 $ (33.1) $ 12.8Interest expense, net 20.8 16.8 43.2 33.5Income tax expense (benefit) (23.4) 4.3 (13.6) 3.9Depreciation and amortization 68.5 65.4 131.8 129.2Consolidated EBITDA(1) $ 0.8 $ 100.2 $ 128.4 $ 179.4Special charges(2) 117.9 18.1 116.4 31.2Adjusted consolidated EBITDA(1)(2) $ 118.7 $ 118.3 $ 244.8 $ 210.6Adjusted airline-only EBITDA (millions)Airline income before income taxes as reported (GAAP) $ 29.7 $ 35.5 $ 79.3 $ 48.0Airline special charges(2) 14.6 20.1 16.0 35.0Airline interest expense, net 13.2 11.4 23.7 23.0Airline depreciation and amortization 65.0 59.3 124.7 117.2Adjusted airline-only EBITDA(1)(2) $ 122.5 $ 126.3 $ 243.7 $ 223.3

Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Amount Per Share Amount Per ShareReconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)Net income (loss) as reported (GAAP) $ (65.2) $ 13.7Less: Net income allocated to participating securities – (0.3)Net income attributable to common stock (GAAP) $ (65.2) $ (3.62) $ 13.4 $ 0.75Plus: Net income allocated to participating securities – – 0.3 0.02Plus: Special charges, net of recoveries(2) 117.9 6.55 18.1 1.01Plus (Minus): Income tax effect of adjustments above (30.0) (1.67) 0.7 0.04Adjusted net income(1) $ 22.7 $ 32.5Less: Adjusted consolidated net income allocated to participating securities (0.5) (0.03) (0.8) (0.05)Effect of dilutive securities – -Adjusted net income attributable to common stock(1) $ 22.2 $ 1.23 $ 31.7 $ 1.77Shares used for diluted computation (GAAP) (thousands) 17,995 17,869Shares used for diluted computation (adjusted) (thousands) 18,027 17,869 Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Amount Per Share Amount Per ShareReconciliation 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) $ (65.2) $ 13.7Less: Net income allocated to participating securities – (0.3)Net income (loss) attributable to common stock (GAAP) $ (65.2) $ (3.62) $ 13.4 $ 0.75Plus: Net income allocated to participating securities – – 0.3 0.02Plus: Sunseeker loss before income taxes 118.3 6.57 17.5 0.98Plus: Special charges, net of recoveries(2) 14.6 0.81 20.1 1.12Minus: Income tax effect of adjustments above (33.4) (1.86) (10.3) (0.57)Adjusted airline-only net income(1) $ 34.3 $ 41.0Less: Adjusted airline-only net income allocated to participating securities (0.8) (0.04) (1.0) (0.06)Effect of dilutive securities – -Adjusted airline-only net income attributable to common stock(1) $ 33.5 $ 1.86 $ 40.0 $ 2.24Shares used for diluted computation (GAAP) (thousands) 17,995 17,869Shares used for diluted computation (adjusted) (thousands) 18,027 17,869

Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Amount Per Share Amount Per ShareReconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)Net income (loss) as reported (GAAP) $ (33.1) $ 12.8Less: Net income allocated to participating securities – (0.6)Net income (loss) attributable to common stock (GAAP) $ (33.1) $ (1.84) $ 12.2 $ 0.68Plus: Net income allocated to participating securities – – 0.6 0.04Plus: Loss on extinguishment of debt(3) 3.4 0.19 – -Plus: Special charges, net of recoveries(2) 116.4 6.47 31.2 1.75Minus: Income tax effect of adjustments above (30.5) (1.70) (1.1) (0.06)Adjusted net income(1) $ 56.2 $ 42.9Less: Adjusted consolidated net income allocated to participating securities (1.4) (0.08) (1.2) (0.07)Effect of dilutive securities (0.01) -Adjusted net income attributable to common stock(1) $ 54.8 $ 3.03 $ 41.7 $ 2.34Shares used for diluted computation (GAAP) (thousands) 17,989 17,836Shares used for diluted computation (adjusted) (thousands) 18,076 17,836 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Amount Per Share Amount Per ShareReconciliation 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) $ (33.1) $ 12.8Less: Net income allocated to participating securities – (0.6)Net income (loss) attributable to common stock (GAAP) $ (33.1) $ (1.84) $ 12.2 $ 0.68Plus: Net income allocated to participating securities – – 0.6 0.04Plus: Sunseeker loss before income taxes 126.0 7.00 31.3 1.76Plus: Special charges, net of recoveries(2) 16.0 0.89 35.0 1.96Minus: Income tax effect of adjustments above (35.6) (1.98) (18.3) (1.03)Adjusted airline-only net income(1) $ 73.3 $ 60.8Less: Adjusted airline-only net income allocated to participating securities (1.8) (0.10) (1.8) (0.10)Effect of dilutive securities (0.01) -Adjusted airline-only net income attributable to common stock(1) $ 71.5 $ 3.96 $ 59.0 $ 3.31Shares used for diluted computation (GAAP) (thousands) 17,989 17,836Shares used for diluted computation (adjusted) (thousands) 18,076 17,836

Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Reconciliation of adjusted airline-only operating CASM excluding fuel and special charges (millions)Consolidated operating expenses (GAAP) $ 756.9 $ 631.4 $ 1,390.9 $ 1,272.3Minus: Sunseeker operating expenses 131.3 28.9 157.8 61.5Airline-only operating expenses 625.6 602.5 1,233.1 1,210.8Minus: airline special charges(2) 14.6 20.1 16.0 35.0Minus: fuel expenses 165.8 170.1 332.1 340.1Adjusted airline-only operating expenses, excluding fuel and special charges(1) $ 445.2 $ 412.3 $ 885.0 $ 835.7System available seat miles (millions) 5,799.4 5,013.2 11,251.0 9,785.2Airline-only cost per available seat mile (cents) 10.79 12.02 10.96 12.38Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents) 7.68 8.23 7.87 8.54

(1) Denotes non-GAAP figure.(2) In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (including accelerated depreciation on airframes identified for early retirement, ratification bonuses, and corporate restructuring cost), the pending sale of Sunseeker Resort and Aileron Golf Course, and weather-related damages at Sunseeker Resort (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

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