ALLEGIANT TRAVEL COMPANY THIRD QUARTER 2025 FINANCIAL RESULTS

Third quarter2025 GAAP diluted loss per share of$(2.41) Third quarter2025 adjusted airline-only loss per share of $(1.64)(1)(2) Third quarter2025 adjusted loss per share of $(2.09)(1)(2)

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

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“The airline has always been Allegiant's central focus, and I'm proud of how Team Allegiant continues to execute at a high level,” stated Gregory Anderson, chief executive officer of Allegiant Travel Company. “At an airline, everything begins and ends with running a safe and reliable operation. Impressively, we maintained our industry-leading controllable completion factor of 99.9 percent during the quarter while flying nearly 33,000 departures and transporting 4.6 million passengers – both marking third-quarter records.

“Our outstanding operational performance is reinforced by our customers, as our net promoter scores are near all-time highs, reaffirming the loyalty and strength of our brand. This is further evidenced by our recognition – for the seventh consecutive year – in USA Today's Readers' Choice Awards for Best Airline Credit Card, and for the second consecutive year as Best Frequent Flyer Program.

“During the third quarter, which is our seasonally weakest quarter of the year, steady booking improvements led to a moderate operating loss, but at the favorable end of our guided range. Our focus on cost discipline was highlighted again this quarter, with CASM excluding fuel down 4.7 percent over the prior year. Year-to-date, the team has achieved an adjusted CASM, excluding fuel decrease of nearly seven percent.

“Turning toward the fourth quarter, leisure booking momentum has continued, with holiday demand shaping up nicely. We now expect a double-digit fourth-quarter operating margin, yielding a full-year airline-only operating margin of around seven percent. As a result, we're raising our airline-only full-year EPS guidance to more than $4.35 per share.

“Throughout 2025, the team has executed very well on our key initiatives, which include restoring peak utilization, expanding the rollout of our Allegiant Extra premium product, further integrating our MAX aircraft – ending the year with 16 in service – and realizing benefits from our Navitaire enhancements. Combined with disciplined cost control, these factors position us well for margin expansion and long-term value creation.

“I want to thank our entire team for their hard work and dedication, which have meaningfully strengthened our foundation as the leading leisure carrier in the U.S. Developing top talent is key to sustained value creation, and I am therefore pleased to announce the promotion of Robert “BJ” Neal to president, where he will continue to serve as chief financial officer. Over his 18 years at Allegiant, serving in various roles, BJ's leadership has been instrumental in our success. His strategic and operational expertise will be vital as we continue strengthening and growing our core airline business.”

Summary ResultsConsolidated Three Months Ended September 30, Percent Change(unaudited) (in millions, except per share amounts) 2025 2024 YoYTotal operating revenue $ 561.9 $ 562.2 (0.1)%Total operating expense 589.1 588.5 0.1%Operating loss (27.2) (26.3) (3.4)%Loss before income taxes (52.2) (43.4) (20.3)%Net loss (43.6) (36.8) (18.5)%Diluted loss per share (2.41) (2.05) (17.6)%Sunseeker special charges, net(2) 0.6 1.1 (45.5)%Airline special charges(2) 2.9 7.7 (62.3)%Adjusted loss before income taxes(1)(2)(3) (47.6) (34.7) (37.2)%Adjusted net loss(1)(2)(3) (37.7) (36.1) (4.4)%Adjusted diluted loss per share(1)(2)(3) (2.09) (2.02) (3.5)%Airline only Three Months Ended September 30, Percent Change(4)(unaudited) (in millions, except per share amounts) 2025 2024 YoYAirline operating revenue $ 552.6 $ 549.1 0.6%Airline operating expense 572.8 556.2 3.0%Airline operating loss (20.2) (7.0) NMAirline loss before income taxes (41.2) (18.6) NMAirline special charges(2) 2.9 7.7 (62.3)%Adjusted airline-only net loss(1)(2)(3) (29.5) (8.8) NMAdjusted airline-only operating margin(1)(2) (3.1)% 0.1% (3.2)Adjusted airline-only diluted loss per share(1)(2)(3) (1.64) (0.49) NMConsolidated Nine Months Ended September 30, Percent Change(unaudited) (in millions, except per share amounts) 2025 2024 YoYTotal operating revenue $ 1,950.4 $ 1,884.9 3.5%Total operating expense 1,980.1 1,860.9 6.4%Operating income (loss) (29.7) 24.0 NMLoss before income taxes (98.8) (26.8) NMNet loss (76.6) (24.0) NMDiluted loss per share (4.26) (1.38) NMSunseeker special charges, net(2) 100.9 (2.6) NMAirline special charges(2) 18.9 42.6 (55.6)%Adjusted income before income taxes(1)(2)(3) 25.6 13.2 93.9%Adjusted net income(1)(2)(3) 18.4 6.8 NMAdjusted diluted earnings per share(1)(2)(3) 1.00 0.35 NMAirline only Nine Months Ended September 30, Percent Change(4)(unaudited) (in millions, except per share amounts) 2025 2024 YoYAirline operating revenue $ 1,889.7 $ 1,831.1 3.2%Airline operating expense 1,805.9 1,767.0 2.2%Airline operating income 83.8 64.1 30.7%Airline income before income taxes 38.2 29.4 29.9%Airline special charges(2) 18.9 42.6 (55.6)%Adjusted airline-only net income(1)(2)(3) 43.7 51.9 (15.8)%Adjusted airline-only operating margin(1)(2) 5.4% 5.8% (0.4)Adjusted airline-only diluted earnings per share(1)(2)(3) 2.37 2.83 (16.3)%

(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 (including accelerated depreciation on airframes identified for early retirement, ratification bonuses, and corporate restructuring costs), the 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. The adjusted numbers in this earnings release exclude the effect of these special charges.(3) In 2025, the Company incurred losses on debt extinguishment related to prepayment of debt facilities. These are added back in the adjusted results where applicable.(4) Except adjusted airline-only operating margin which is percentage point change.NM Not meaningful* Note that amounts may not recalculate due to rounding

Third Quarter 2025 Results and Highlights

— Total consolidated operating revenue of $561.9M, flat over the prior year

— Adjusted consolidated operating loss,(1)(2) of $23.7M, yielding an adjusted operating margin of (4.2) percent

— Adjusted airline-only operating loss,(1)(2) of $17.3M, yielding an adjusted airline-only operating margin of (3.1) percent

— Adjusted consolidated loss before income tax,(1)(2)(3) of $47.6M, yielding an adjusted pre-tax margin of (8.5) percent

— Adjusted airline-only loss before income tax,(1)(2)(3) of $37.1M, yielding an adjusted airline-only pre-tax margin of (6.7) percent

— Adjusted consolidated EBITDA,(1)(2) of $35.1M, yielding an adjusted EBITDA margin of 6.2 percent

— Adjusted airline-only EBITDA,(1)(2) of $41.5M, yielding an adjusted airline-only EBITDA margin of 7.5 percent

— Adjusted airline-only operating CASM, excluding fuel(2) of 8.47 ¢, down 4.7 percent year-over-year

— $34.0M in total cobrand credit card remuneration received from Bank of America, bringing year-to-date remuneration to $103.4M

— Ended the quarter with 21M total active Allways Rewards members

— Named Best Airline Credit Card by USA TODAY's Readers' Choice Awards for the seventh consecutive year and Best Frequent Flyer Program by USA TODAY's Readers' Choice Awards for the second consecutive year

— During the third quarter, expanded the network by announcing 12 new nonstop routes and two new cities, Atlantic City and Burbank

Balance Sheet, Cash and Liquidity

— Total available liquidity at September 30, 2025 was $1.2B, which included $991.2M in cash and investments, and $175.0M in undrawn revolving credit facilities

— $4.8M cash used in operations during third quarter 2025, with year-to-date cash from operations of $277.6M

— Total debt at September 30, 2025 was $2.1B

— Net debt at September 30, 2025 was $1.1B

— Debt principal payments of $214.6M during the quarter, including $181.3M in voluntary prepayments

— During October, repaid $120.0 million of senior secured notes due August 2027 under a call feature exercised on September 15, 2025

— Debt proceeds of $307.0M during the quarter, net of issuance costs

— Air traffic liability at September 30, 2025 was $388.3M

Airline Capital Expenditures

— Third quarter capital expenditures of $129.3M, which included $107.4M for aircraft-related capital expenditures and $21.9M in other airline capital expenditures

— Third quarter deferred heavy maintenance expenditures were $10.6M

Sunseeker Resort Charlotte Harbor

— Closed on the sale of Sunseeker Resort on September 4, 2025 at a $200 million sale price (subject to certain adjustments)

(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 (including accelerated depreciation on airframes identified for early retirement, ratification bonuses, and corporate restructuring costs), the 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. The adjusted numbers in this earnings release exclude the effect of these special charges.(3) In 2025, the Company incurred losses on debt extinguishment related to prepayments made on several debt facilities. These are added back in the adjusted results where applicable.

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 airline-only operating margin. 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.

Fourth quarter 2025 guidance (1)System ASMs – year over year change 9.5%Scheduled service ASMs – year over year change 10.0%Fuel cost per gallon $ 2.55Adjusted operating margin (1) (2) 10.0% to 12.0%Adjusted earnings per share (1) (2) $1.50 to $2.50Full-year 2025 guidanceSystem ASMs – year over year change 12.5%Scheduled service ASMs – year over year change 13.0%Fuel cost per gallon $2.55Adjusted airline-only earnings per share(2) > $4.35Adjusted consolidated earnings per share(2) > $3.00Interest expense(3)(millions) $135 to $145Capitalized interest(4) (millions) ($15) to ($25)Interest income (millions) $35 to $45Airline full-year CAPEXAircraft-related capital expenditures(5) (millions) $260 to $280Capitalized deferred heavy maintenance (millions) $50 to $70Other airline capital expenditures (millions) $95 to $115Recurring principal payments(6)(millions) (full year) $140 to $150

(1) Fourth quarter 2025 guidance metrics reflect airline-only results. Given the sale of Sunseeker during the third quarter, these figures are equivalent to consolidated results for the period. When comparing to prior quarters, the most meaningful comparison is to airline-only metrics.(2) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.(3) Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker Resort segment(4) Includes capitalized interest related to pre-delivery deposits on new aircraft.(5) 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.(6) 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) 3Q25 YE25Boeing 737-8200 (190 seats) 10 16Airbus A320 (180 seats) 73 71Airbus A320 (186 seats) 1 -Airbus A320 (177 seats) 8 8Airbus A319 (156 seats) 29 28Total 121 123

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 Tuesday, November 4, 2025 to discuss its third 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, 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 September 30, Percent Change 2025 2024 YoYOPERATING REVENUES:Passenger $ 494,144 $ 488,989 1.1%Third party products 39,397 39,423 (0.1)Fixed fee contracts 18,852 20,559 (8.3)Resort and other 9,539 13,225 (27.9)Total operating revenues 561,932 562,196 -OPERATING EXPENSES:Salaries and benefits 196,394 195,326 0.5Aircraft fuel 151,254 148,241 2.0Station operations 71,390 70,632 1.1Depreciation and amortization 58,952 63,918 (7.8)Maintenance and repairs 39,908 30,278 31.8Sales and marketing 23,040 24,869 (7.4)Aircraft lease rentals 11,096 5,920 87.4Other 33,615 40,563 (17.1)Special charges, net of recoveries 3,473 8,790 (60.5)Total operating expenses 589,122 588,537 0.1OPERATING LOSS (27,190) (26,341) (3.2)OTHER (INCOME) EXPENSES:Interest income (10,108) (10,071) 0.4Interest expense 38,116 39,065 (2.4)Capitalized interest (3,166) (11,923) (73.4)Other, net 122 30 NMTotal other expenses 24,964 17,101 46.0LOSS BEFORE INCOME TAXES (52,154) (43,442) (20.1)INCOME TAX BENEFIT (8,580) (6,653) (29.0)NET LOSS $ (43,574) $ (36,789) (18.4)Loss per share to common shareholders:Basic ($2.41) ($2.05) (17.6)Diluted ($2.41) ($2.05) (17.6)Shares used for computation(1):Basic 18,050 17,913 0.8Diluted 18,050 17,913 0.8

(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 September 30, 2025 Three Months Ended September 30, 2024 Airline Sunseeker Consolidated Airline Sunseeker ConsolidatedREVENUES FROM EXTERNAL CUSTOMERS $ 552,574 $ 9,358 $ 561,932 $ 549,127 $ 13,069 $ 562,196OPERATING EXPENSES:Salaries and benefits 190,491 5,903 196,394 183,849 11,477 195,326Aircraft fuel 151,254 – 151,254 148,241 – 148,241Station operations 71,390 – 71,390 70,632 – 70,632Depreciation and amortization 58,952 – 58,952 56,025 7,893 63,918Maintenance and repairs 39,908 – 39,908 30,278 – 30,278Sales and marketing 22,093 947 23,040 23,370 1,499 24,869Aircraft lease rentals 11,096 – 11,096 5,920 – 5,920Other operating expenses 24,684 8,931 33,615 30,187 10,376 40,563Special charges, net of recoveries 2,907 566 3,473 7,651 1,139 8,790Total operating expenses 572,775 16,347 589,122 556,153 32,384 588,537OPERATING LOSS (20,201) (6,989) (27,190) (7,026) (19,315) (26,341)OTHER (INCOME) EXPENSES:Interest income (10,108) – (10,108) (10,071) – (10,071)Interest expense 34,120 3,996 38,116 33,582 5,483 39,065Capitalized interest (3,166) – (3,166) (11,923) – (11,923)Other non-operating expenses 122 – 122 30 – 30Total other expenses 20,968 3,996 24,964 11,618 5,483 17,101LOSS BEFORE INCOME TAXES $ (41,169) $ (10,985) $ (52,154) $ (18,644) $ (24,798) $ (43,442)

Allegiant Travel CompanyAirline Operating Statistics(Unaudited) Three Months Ended September 30, Percent Change(1) 2025 2024 YoYAIRLINE OPERATING STATISTICSTotal system statistics:Passengers 4,629,834 4,256,249 8.8%Available seat miles (ASMs) (thousands) 4,939,441 4,501,532 9.7Airline operating expense per ASM (CASM) (cents) 11.59 ¢ 12.35 ¢ (6.2)Fuel expense per ASM (cents) 3.06 ¢ 3.29 ¢ (7.0)Airline special charges per ASM (cents) 0.06 ¢ 0.17 ¢ (64.7)Airline operating CASM, excluding fuel and special charges (cents) 8.47 ¢ 8.89 ¢ (4.7)Departures 32,991 29,884 10.4Block hours 75,466 68,453 10.2Average stage length (miles) 850 856 (0.7)Average number of operating aircraft during period 123.7 124.1 (0.3)Average block hours per aircraft per day 6.6 6.0 10.0Full-time equivalent employees at end of period 5,871 5,827 0.8Fuel gallons consumed (thousands) 59,015 55,190 6.9ASMs per gallon of fuel 83.7 81.6 2.6Average fuel cost per gallon $ 2.56 $ 2.69 (4.8)Scheduled service statistics:Passengers 4,572,081 4,195,572 9.0Revenue passenger miles (RPMs) (thousands) 4,022,761 3,701,747 8.7Available seat miles (ASMs) (thousands) 4,769,245 4,326,870 10.2Load factor 84.3% 85.6% (1.3)Departures 31,656 28,519 11.0Block hours 72,726 65,656 10.8Average seats per departure 175.6 175.9 (0.2)Yield (cents)(2) 4.94 ¢ 5.88 ¢ (16.0)Total passenger revenue per ASM (TRASM) (cents)(3) 11.19 ¢ 12.21 ¢ (8.4)Average fare – scheduled service(4) $ 43.44 $ 51.92 (16.3)Average fare – air-related charges(4) $ 64.64 $ 64.63 -Average fare – third party products $ 8.62 $ 9.40 (8.3)Average fare – total $ 116.70 $ 125.95 (7.3)Average stage length (miles) 856 863 (0.8)Fuel gallons consumed (thousands) 56,952 52,993 7.5Average fuel cost per gallon $ 2.55 $ 2.68 (4.9)Percent of sales via website and mobile app during period 92.2% 92.4% (0.2)Other data:Rental car days sold 318,678 322,076 (1.1)Hotel room nights sold 25,796 45,620 (43.5)

(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) Nine Months Ended September 30, Percent Change 2025 2024 YoYOPERATING REVENUES:Passenger $ 1,728,802 $ 1,663,423 3.9%Third party products 108,249 109,924 (1.5)Fixed fee contracts 52,123 57,119 (8.7)Resort and other 61,216 54,418 12.5Total operating revenues 1,950,390 1,884,884 3.5OPERATING EXPENSES:Salaries and benefits 641,935 618,595 3.8Aircraft fuel 483,339 488,388 (1.0)Station operations 220,143 206,898 6.4Depreciation and amortization 190,782 193,122 (1.2)Maintenance and repairs 111,141 91,286 21.8Sales and marketing 74,973 83,266 (10.0)Aircraft lease rentals 28,038 17,653 58.8Other 109,873 121,671 (9.7)Special charges, net of recoveries 119,842 40,002 NMTotal operating expenses 1,980,066 1,860,881 6.4OPERATING INCOME (LOSS) (29,676) 24,003 NMOTHER (INCOME) EXPENSES:Interest income (32,402) (33,441) (3.1)Interest expense 114,656 118,769 (3.5)Capitalized interest (14,216) (34,718) (59.1)Other, net 1,064 146 NMTotal other expenses 69,102 50,756 36.1LOSS BEFORE INCOME TAXES (98,778) (26,753) NMINCOME TAX BENEFIT (22,140) (2,745) NMNET LOSS $ (76,638) $ (24,008) NMLoss per share to common shareholders:Basic ($4.26) ($1.38) NMDiluted ($4.26) ($1.38) NMShares used for computation(1):Basic 18,010 17,802 1.2Diluted 18,010 17,802 1.2

Allegiant Travel CompanySegment Profit or Loss(in thousands)(Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Airline Sunseeker Consolidated Airline Sunseeker ConsolidatedREVENUE FROM EXTERNAL CUSTOMERS $ 1,889,710 $ 60,680 $ 1,950,390 $ 1,831,116 $ 53,768 $ 1,884,884OPERATING EXPENSES:Salaries and benefits 614,350 27,585 641,935 580,775 37,820 618,595Aircraft fuel 483,339 – 483,339 488,388 – 488,388Station operations 220,143 – 220,143 206,898 – 206,898Depreciation and amortization 183,623 7,159 190,782 173,237 19,885 193,122Maintenance and repairs 111,141 – 111,141 91,286 – 91,286Sales and marketing 70,583 4,390 74,973 78,166 5,100 83,266Aircraft lease rentals 28,038 – 28,038 17,653 – 17,653Other operating expenses 75,790 34,083 109,873 87,930 33,741 121,671Special charges, net of recoveries 18,894 100,948 119,842 42,639 (2,637) 40,002Total operating expenses 1,805,901 174,165 1,980,066 1,766,972 93,909 1,860,881OPERATING INCOME (LOSS) 83,809 (113,485) (29,676) 64,144 (40,141) 24,003OTHER (INCOME) EXPENSES:Interest income (32,402) – (32,402) (33,441) – (33,441)Interest expense 91,190 23,466 114,656 102,441 16,328 118,769Capitalized interest (14,216) – (14,216) (34,392) (326) (34,718)Other non-operating expenses 1,064 – 1,064 146 – 146Total other expenses 45,636 23,466 69,102 34,754 16,002 50,756INCOME (LOSS) BEFORE INCOME TAXES $ 38,173 $ (136,951) $ (98,778) $ 29,390 $ (56,143) $ (26,753)

Allegiant Travel CompanyAirline Operating Statistics(Unaudited) Nine Months Ended September 30, Percent Change(1) 2025 2024 YoYAIRLINE OPERATING STATISTICSTotal system statistics:Passengers 14,208,165 12,982,957 9.4%Available seat miles (ASMs) (thousands) 16,190,434 14,286,712 13.3Airline operating expense per ASM (CASM) (cents) 11.16 ¢ 12.37 ¢ (9.8)Fuel expense per ASM (cents) 2.99 ¢ 3.42 ¢ (12.6)Airline special charges per ASM (cents) 0.12 ¢ 0.30 ¢ (60.0)Airline operating CASM, excluding fuel and special charges (cents) 8.05 ¢ 8.65 ¢ (6.9)Departures 103,540 91,361 13.3Block hours 248,086 216,844 14.4Average stage length (miles) 891 886 0.6Average number of operating aircraft during period 125.1 125.1 -Average block hours per aircraft per day 7.3 6.3 15.9Full-time equivalent employees at end of period 5,871 5,827 0.8Fuel gallons consumed (thousands) 191,103 171,556 11.4ASMs per gallon of fuel 84.7 83.3 1.7Average fuel cost per gallon $ 2.53 $ 2.85 (11.2)Scheduled service statistics:Passengers 14,070,680 12,837,860 9.6Revenue passenger miles (RPMs) (thousands) 12,904,411 11,693,844 10.4Available seat miles (ASMs) (thousands) 15,703,477 13,811,809 13.7Load factor 82.2% 84.7% (2.5)Departures 99,845 87,824 13.7Block hours 240,120 209,219 14.8Average seats per departure 175.2 176.4 (0.7)Yield (cents)(2) 5.93 ¢ 6.93 ¢ (14.4)Total passenger revenue per ASM (TRASM) (cents)(3) 11.70 ¢ 12.84 ¢ (8.9)Average fare – scheduled service(4) $ 54.38 $ 63.10 (13.8)Average fare – air-related charges(4) $ 68.49 $ 66.47 3.0Average fare – third party products $ 7.69 $ 8.56 (10.2)Average fare – total $ 130.56 $ 138.13 (5.5)Average stage length (miles) 896 891 0.6Fuel gallons consumed (thousands) 185,197 165,728 11.7Average fuel cost per gallon $ 2.53 $ 2.85 (11.2)Percent of sales via website and mobile app during period 92.4% 94.0% (1.6)Other data:Rental car days sold 1,059,744 1,051,425 0.8Hotel room nights sold 103,274 168,751 (38.8)

Summary Balance Sheet

(in millions) September 30, 2025 December 31, 2024 Percent Change (unaudited)Unrestricted cash and investmentsCash and cash equivalents $ 316.2 $ 285.9 10.6%Short-term investments 640.5 495.2 29.3Long-term investments 34.5 51.7 (33.3)Total unrestricted cash and investments 991.2 832.8 19.0DebtCurrent maturities of long-term debt and finance lease obligations, net of related costs(1) 270.6 454.8 (40.5)Long-term debt and finance lease obligations, net of current maturities and related costs 1,785.8 1,611.7 10.8Total debt 2,056.4 2,066.5 (0.5)Debt, net of unrestricted cash and investments 1,065.2 1,233.7 (13.7)Total Allegiant Travel Company shareholders' equity 1,015.4 1,089.4 (6.8)

(1) At September 30, 2025, includes $120.0 million of Senior Secured Notes due 2027 reclassified as current maturities of long-term debt as the result of a voluntary bond redemption which was completed on October 15, 2025.

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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024Basic:Net loss $ (43,574) $ (36,789) $ (76,638) $ (24,008)Less income allocated to participating securities – – – (618)Net loss attributable to common stock $ (43,574) $ (36,789) $ (76,638) $ (24,626)Loss per share, basic $ (2.41) $ (2.05) $ (4.26) $ (1.38)Weighted-average shares outstanding 18,050 17,913 18,010 17,802Diluted:Net loss $ (43,574) $ (36,789) $ (76,638) $ (24,008)Less income allocated to participating securities – – – (618)Net loss attributable to common stock $ (43,574) $ (36,789) $ (76,638) $ (24,626)Loss per share, diluted $ (2.41) $ (2.05) $ (4.26) $ (1.38)Weighted-average shares outstanding(1) 18,050 17,913 18,010 17,802Dilutive effect of restricted stock – – – -Adjusted weighted-average shares outstanding under treasury stock method 18,050 17,913 18,010 17,802Participating securities excluded under two-class method – – – -Adjusted weighted-average shares outstanding under two-class method 18,050 17,913 18,010 17,802

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

Appendix A Non-GAAP Presentation Three and Nine Months Ended September 30, 2025and 2024 (Unaudited)

We present adjusted consolidated operating expense and adjusted consolidated operating income (loss), 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 and other charges related to the sale of Sunseeker, and (iii) the airline special charges listed in the table below. We also present adjusted consolidated interest expense, adjusted consolidated income (loss) before income taxes, adjusted consolidated net income (loss), and adjusted consolidated diluted earnings (loss) per share, which exclude the special charges described above and losses on extinguishment of debt.

We present adjusted airline-only operating expense, adjusted airline-only operating income (loss), adjusted airline-only income (loss) before income taxes, adjusted airline-only net income (loss), and adjusted airline-only diluted earnings (loss) 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, and losses on extinguishment of debt.

All of the measures described above are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airline and to compare our results to other airlines. Management believes the exclusion of these items enhances comparability of financial information between periods.

We also present adjusted airline-only CASM, which excludes aircraft fuel expense and special charges. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance.

Consolidated and airline-only earnings (loss) 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 losses on the extinguishment of debt. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.

We use EBITDA and adjusted EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:

— EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;

— EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;

— although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and

— other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Presented below is a quantitative reconciliation of these adjusted numbers (other than the estimated earnings per share 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024Special Charges (millions)Accelerated depreciation on airframes identified for early retirement $ 2.9 $ 4.2 $ 6.8 $ 28.4Flight attendant ratification bonus – – – 10.8Organizational restructuring – 3.4 12.1 3.4Airline special charges(2) 2.9 7.7 18.9 42.6Sunseeker special charges, net of recoveries(2) 0.6 1.1 100.9 (2.6)Consolidated special charges, net of recoveries(2) $ 3.5 $ 8.8 $ 119.8 $ 40.0

Three Months Ended September 30, 2025 Consolidated Airline SunseekerReconciliation of adjusted operating expenses, adjusted operating loss, adjusted operating margin, adjusted interest expense, and adjusted loss before income taxes (millions) GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2) Adjusted (Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)Total operating revenues $ 561.9 $ – $ 561.9 $ 552.6 $ – $ 552.6 $ 9.4 $ – $ 9.4Total operating expenses 589.1 (3.5) 585.6 572.8 (2.9) 569.9 16.3 (0.6) 15.8Operating loss $ (27.2) $ 3.5 $ (23.7) $ (20.2) $ 2.9 $ (17.3) $ (7.0) $ 0.6 $ (6.4)Operating margin (percent) (4.8) (4.2) (3.7) (3.1) (74.7) (68.6)Interest expense $ 38.1 $ (1.1) $ 37.0 $ 34.1 $ (1.1) $ 33.0 $ 4.0 $ – $ 4.0LOSS BEFORE INCOME TAXES $ (52.2) $ 4.6 $ (47.6) $ (41.2) $ 4.0 $ (37.1) $ (11.0) $ 0.6 $ (10.4) Three Months Ended September 30, 2024 Consolidated Airline SunseekerReconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted loss before income taxes (millions) GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted GAAP Adjustments(2) Adjusted (Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)Total operating revenues $ 562.2 $ – $ 562.2 $ 549.1 $ – $ 549.1 $ 13.1 $ – $ 13.1Total operating expenses 588.5 (8.8) 579.7 556.2 (7.7) 548.5 32.4 (1.1) 31.2Operating income (loss) $ (26.3) $ 8.8 $ (17.6) $ (7.0) $ 7.7 $ 0.6 $ (19.3) $ 1.1 $ (18.2)Operating margin (percent) (4.7) (3.1) (1.3) 0.1 NM NMInterest expense $ 39.1 $ – $ 39.1 $ 33.6 $ – $ 33.6 $ 5.5 $ – $ 5.5LOSS BEFORE INCOME TAXES $ (43.4) $ 8.8 $ (34.7) $ (18.6) $ 7.7 $ (11.0) $ (24.8) $ 1.1 $ (23.7) Nine Months Ended September 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)(3) Adjusted GAAP Adjustments(2)(3) Adjusted (Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)Total operating revenues $ 1,950.4 $ – $ 1,950.4 $ 1,889.7 $ – $ 1,889.7 $ 60.7 $ – $ 60.7Total operating expenses 1,980.1 (119.8) 1,860.2 1,805.9 (18.9) 1,787.0 174.2 (100.9) 73.2Operating income (loss) $ (29.7) $ 119.8 $ 90.2 $ 83.8 $ 18.9 $ 102.7 $ (113.5) $ 100.9 $ (12.5)Operating margin (percent) (1.5) 4.6 4.4 5.4 NM (20.7)Interest expense $ 114.7 $ (4.5) $ 110.1 $ 91.2 $ (1.1) $ 90.1 $ 23.5 $ (3.4) $ 20.1INCOME (LOSS) BEFORE INCOME TAXES $ (98.8) $ 124.4 $ 25.6 $ 38.2 $ 20.0 $ 58.2 $ (137.0) $ 104.4 $ (32.6) Nine Months Ended September 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-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)Total operating revenues $ 1,884.9 $ – $ 1,884.9 $ 1,831.1 $ – $ 1,831.1 $ 53.8 $ – $ 53.8Total operating expenses 1,860.9 (40.0) 1,820.9 1,767.0 (42.6) 1,724.3 93.9 2.6 96.5Operating income (loss) $ 24.0 $ 40.0 $ 64.0 $ 64.1 $ 42.6 $ 106.8 $ (40.1) $ (2.6) $ (42.8)Operating margin (percent) 1.3 3.4 3.5 5.8 (74.7) (79.6)Interest expense $ 118.8 $ – $ 118.8 $ 102.4 $ – $ 102.4 $ 16.3 $ – $ 16.3INCOME (LOSS) BEFORE INCOME TAXES $ (26.8) $ 40.0 $ 13.2 $ 29.4 $ 42.6 $ 72.0 $ (56.1) $ (2.6) $ (58.8)

Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Consolidated EBITDA and adjusted consolidated EBITDA (millions)Net loss as reported (GAAP) $ (43.6) $ (36.8) $ (76.6) $ (24.0)Interest expense, net 24.8 17.1 68.0 50.6Income tax benefit (8.6) (6.7) (22.1) (2.7)Depreciation and amortization 59.0 63.9 190.8 193.1Consolidated EBITDA(1) $ 31.6 $ 37.5 $ 160.0 $ 217.0Special charges(2) 3.5 8.8 119.8 40.0Adjusted consolidated EBITDA(1)(2) $ 35.1 $ 46.3 $ 279.9 $ 257.0Adjusted airline-only EBITDA (millions)Airline income (loss) before income taxes as reported (GAAP) $ (41.2) $ (18.6) $ 38.2 $ 29.4Airline special charges(2) 2.9 7.7 18.9 42.6Airline interest expense, net 20.8 11.6 44.6 34.6Airline depreciation and amortization 59.0 56.0 183.6 173.2Adjusted airline-only EBITDA(1)(2) $ 41.5 $ 56.6 $ 285.3 $ 279.9 Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Amount Per Share Amount Per ShareReconciliation of adjusted consolidated loss per share and adjusted consolidated net loss (millions except share and per share amounts)Net loss as reported (GAAP) $ (43.6) $ (36.8)Less: Net income allocated to participating securities – -Net loss attributable to common stock (GAAP) $ (43.6) $ (2.41) $ (36.8) $ (2.05)Plus: Loss on extinguishment of debt(3) 1.1 0.06 – -Plus: Special charges, net of recoveries(2) 3.5 0.19 8.8 0.49Plus (Minus): Income tax effect of adjustments above 1.2 0.07 (8.1) (0.45)Adjusted net loss(1) $ (37.7) $ (36.1)Less: Adjusted consolidated net income allocated to participating securities – – – -Effect of dilutive securities – -Adjusted net loss attributable to common stock(1) $ (37.7) $ (2.09) $ (36.1) $ (2.02)Shares used for diluted computation (GAAP) (thousands) 18,050 17,913Shares used for diluted computation (adjusted) (thousands) 18,050 17,913 Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Amount Per Share Amount Per ShareReconciliation of adjusted airline-only loss per share and adjusted airline-only net loss (millions except share and per share amounts)Net loss as reported (GAAP) $ (43.6) $ (36.8)Less: Net income allocated to participating securities – -Net loss attributable to common stock (GAAP) $ (43.6) $ (2.41) $ (36.8) $ (2.05)Plus: Loss on extinguishment of debt(3) 1.1 0.06 – -Plus: Sunseeker loss before income taxes 11.0 0.61 24.8 1.38Plus: Special charges, net of recoveries(2) 2.9 0.16 7.7 0.43Minus: Income tax effect of adjustments above (1.0) (0.05) (4.5) (0.25)Adjusted airline-only net loss(1) $ (29.5) $ (8.8)Less: Adjusted airline-only net income allocated to participating securities – – – -Effect of dilutive securities – -Adjusted airline-only net loss attributable to common stock(1) $ (29.5) $ (1.64) $ (8.8) $ (0.49)Shares used for diluted computation (GAAP) (thousands) 18,050 17,913Shares used for diluted computation (adjusted) (thousands) 18,050 17,913 Nine Months Ended Nine Months Ended September 30, 2025 September 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 loss as reported (GAAP) $ (76.6) $ (24.0)Less: Net income allocated to participating securities – (0.6)Net loss attributable to common stock (GAAP) $ (76.6) $ (4.26) $ (24.6) $ (1.38)Plus: Net income allocated to participating securities – – 0.6 0.03Plus: Loss on extinguishment of debt(3) 4.5 0.25 – -Plus: Special charges, net of recoveries(2) 119.8 6.65 40.0 2.25Minus: Income tax effect of adjustments above (29.3) (1.63) (9.2) (0.52)Adjusted net income(1) $ 18.4 $ 6.8Less: Adjusted consolidated net income allocated to participating securities (0.4) (0.02) (0.6) (0.03)Effect of dilutive securities – -Adjusted net income attributable to common stock(1) $ 18.0 $ 1.00 $ 6.2 $ 0.35Shares used for diluted computation (GAAP) (thousands) 18,010 17,802Shares used for diluted computation (adjusted) (thousands) 18,061 17,852 Nine Months Ended Nine Months Ended September 30, 2025 September 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 loss as reported (GAAP) $ (76.6) $ (24.0)Less: Net income allocated to participating securities – (0.6)Net loss attributable to common stock (GAAP) $ (76.6) $ (4.26) $ (24.6) $ (1.38)Plus: Net income allocated to participating securities – – 0.6 0.03Plus: Loss on extinguishment of debt(3) 1.1 0.06 – -Plus: Sunseeker loss before income taxes 137.0 7.60 56.1 3.15Plus: Special charges, net of recoveries(2) 18.9 1.05 42.6 2.40Minus: Income tax effect of adjustments above (36.6) (2.03) (22.8) (1.28)Adjusted airline-only net income(1) $ 43.7 $ 51.9Less: Adjusted airline-only net income allocated to participating securities (1.0) (0.06) (1.4) (0.08)Effect of dilutive securities (0.01) (0.01)Adjusted airline-only net income attributable to common stock(1) $ 42.7 $ 2.37 $ 50.5 $ 2.83Shares used for diluted computation (GAAP) (thousands) 18,010 17,802Shares used for diluted computation (adjusted) (thousands) 18,061 17,852 Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Reconciliation of adjusted airline-only operating CASM excluding fuel and special charges (millions)Consolidated operating expenses (GAAP) $ 589.1 $ 588.5 $ 1,980.1 $ 1,860.9Minus: Sunseeker operating expenses 16.3 32.4 174.2 93.9Airline-only operating expenses 572.8 556.2 1,805.9 1,767.0Minus: airline special charges(2) 2.9 7.7 18.9 42.6Minus: fuel expenses 151.3 148.2 483.3 488.4Adjusted airline-only operating expenses, excluding fuel and special charges(1) $ 418.6 $ 400.3 $ 1,303.7 $ 1,235.9System available seat miles (millions) 4,939.4 4,501.5 16,190.4 14,286.7Airline-only cost per available seat mile (cents) 11.59 12.35 11.16 12.37Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents) 8.47 8.89 8.05 8.65

(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 costs), the 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 2025, the Company incurred losses on debt extinguishment related to prepayment of debt facilities. These are added back in the adjusted results where applicable.* Note that amounts may not recalculate due to rounding

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