A E R O F L O T G R O U PQ1 2021 IFRS RESULTS

1 June 2021

Speakers:

Andrey Chikhanchin – Deputy CEO for Commerce and Finance

Andrey Panov – Deputy CEO for Strategy, Service and Marketing

Ivan Batanov – Head of Revenue Management

2

This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the

presentation slides, you agree to the following.

This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to

purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form

the basis of, or be relied on in connection with, any contract or investment decision.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness.

No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or

agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its

contents.

This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements

regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial

condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve

risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you

that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and

liquidity and the development of the market in which the Company operates may differ materially from those made in or suggested by the forward-

looking statements contained in this document. The Company does not undertake any obligation to review or confirm expectations or estimates or to

update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.

Disclaimer

3

Aeroflot Group Q1 2021 Highlights

Note: immaterial deviations throughout the presentation are explained by rounding.1 Excluding Aurora Airlines traffic in Q1 2020 2 Total scheduled yield of the Group, management accounting.3 Net cash flows from operating activities.4 Cash and Short-term Investments.

Strong domestic traffic1 Yield growth2 Improving CFO3 Cash reserves4

Million PAX RUB/RPK Billion RUB

In Q1 2021 the Group continued to further recover operations and normalize yields dynamicsdespite the headwinds of the low season.

Q1 2020 Q1 2021

6.5 mln

6.5 mln

(0.1)% +7.5%

3.72

3.99

Q1 2020 Q1 2021

Billion RUB

78.2

93.8

31-Dec-20 31-Mar-21

+16.0%

13.8

16.0

Q1 2020 Q1 2021

4

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

5

14.8 14.6 15.0

13.3 11.5 2.7

28.1 26.1

17.7

Q1 2019 Q1 2020 Q1 2021

International Routes Domestic Routes

7.4

3.6

1.4 1.2 0.7

3.5

AeroflotGroup

S7 Group Ural Airlines UTair Group ForeignCarriers

Others

In Q1 2021 demand on domestic market significantly recovered moving closer to pre-pandemic levels, international traffic

continues to be impacted by national COVID-related restrictions.

Overview of the Russian Market

Passenger Traffic: Market vs Aeroflot Group

Russian Air Transportation Market (million PAX)incl. PAX of Russian and Foreign Carriers and intl. transit PAX

Aeroflot Group (million PAX) 1

Key Market Players, Q1 2021

Market Shares

Foreign Carriers Others

Q1 20201 Q1 2021

Source: TCH, Aeroflot Group. Figures include foreign carriers’ traffic. Note 1: all numbers for Aeroflot Group for 2019 and 2020 exclude Aurora Airlines for proper comparison.

6.8 6.5 6.5

5.6 4.40.9

12.410.9

7.4

Q1 2019 Q1 2020 Q1 2021

(32,5)%

(40,7)%

(32,3)%

(37,1)%

Million PAX

6

(87)%(84)%

(59)%

(16)%

6% 7%

(7)%

(23)%

(15)% (0)%(2)%

5%

12%

(99)%(99)%(99)%(99)%

(88)%

(78)%(77)%

(85)%(85)%(84)%

(81)%

(74)%

(73)%

(92)%(91)%

(77)%

(52)%

(35)%(32)%

(39)%

(48)%

(43)%

(34)%

(33)%

(27)%

(23)%

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

Domestic International Total

Source: TCH, Federal Air Transport Agency, Aeroflot Group calculationsSource: TCH, Federal Air Transport Agency, Aeroflot Group calculations

Further Market Recovery in 2021

Total Russian Civil Aviation Passenger Traffic Total Russian Civil Aviation Passenger Traffic Dynamics

Million PAX

Domestic segment, which historically contributed around half of the total Russian market, posted rapid recovery both in 2020

after easing of domestic travel restrictions and in 2021 following the fade of COVID-19 second wave.

% change vs. 2019

2020 2021 2020 2021

8.6

7.5

5.6

4.14.6 5.0

4.4

5.66.2

0.8

1.3

1.2

0.50.5

0.60.6

0.9

1.0

0.7 1.0

2.8

6.8

9.3

8.8

6.8

4.75.1

5.55.0

6.5

7.2

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

Domestic International

7

Aeroflot Group Performance Across Different Brands

44.4%• Flagship carrier

• Premium product (4 Stars)

• High income and middle class

• Hub and spoke model

• Scheduled network under SU

(Aeroflot) code from

• Moscow (SVO)

• St. Petersburg (LED)

• Charter operations

Premium6.9

3.33.3

(52.8)%

1.51.3

2.5 2.8

(9.8)%

10.5%

Q1 2020 Q1 2021

18.3%

37.4%

1.3

2.8

• Low cost

• High level of utilization

• Point-to-point carriage

• Connectivity on selected

routes in SVO

Source: Aeroflot Group1 PAX contribution as of Q1 2021. Absolute number of passengers in million in green circle.

Brand and Business Model Q1 2021 PAX Contribution1 and Dynamics April 2021 PAX

Regional &

Mid-price

Low Cost

+9.3x

vs Apr’20

(55.1)%

vs Apr’19

Q1 2021 Aeroflot Group results showed recovery in the LCC segment while network carriers were still under pressure from

international segment’s slow reopening.

Q1 2020 Q1 2021

Q1 2020 Q1 2021

+10.3x

vs Apr’20

(20.4)%

vs Apr’19

n/a

vs Apr’20

33.1%

vs Apr’19

8

PLF

2.02.5

2.8

Q1 2019 Q1 2020 Q1 2021

Pobeda Airlines: A New Chapter

Growing Q1 2021 PAX numbersvs. Q1 2020 and Q1 2019

Total PAX and PLF dynamicsOverview

34 B737NG aircraftas of March 2021 with single class cabin (189 seats)

2.8 mm PAXtransported in Q1 2021 (+10.5% y-o-y)

92.2% PLFLF remains high despite ongoing pressure

Source: Aeroflot Group

22.2%

45.5%

mn PAX, change y-o-y; PLF, %

Pobeda continues to lead the industry recovery leveraging its value proposition appealing to cost conscious passengers.

10.5%

91.2%92.5% 92.2%

Nalchik

PermCheboksary

Moscow – SVO

Vladikavkaz

Barnaul

Min.Vody

Petrozavodsk

Sochi

Sheremetyevo base roll-out in 2021

Ufa

10 B737NG aircraft to be based in SVOby the end of summer season 2021

14 domestic routes to be launched from SVO in 2021

Routes operated together with Aeroflotcode-share in place for efficient intergroup cooperation and servicing transfer PAX

Makhachkala

Ekaterinburg

St. Petersburg

Gorno-Altaysk

Ulyanovsk

launched in May to be launched in June to be launched in July

9

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

10

Aeroflot routesRossiya routes

Source: Aeroflot Group

Note: 1 All flights of Aeroflot Group in Q1 2021 vs. Q1 2020 (excluding Pobeda LCC)

Los Angeles

MOSCOW

Malaga

Alicante

Amsterdam

Brussels

Stockholm

AthensAntalya

Barcelona

Belgrade

Bologna

BudapestParis

Copenhagen

DresdenDusseldorf

Rome

Frankfurt

Geneva

Hannover

Hamburg

Helsinki

Heraklion

Istanbul

Larnaca

London

Lyon

Madrid

Munich

MilanNice

Oslo

Bucharest

Prague

Riga

Thessaloniki

SofiaSplit

Stuttgart

Berlin

Tenerife

Tivat

Tallinn

Venice

Vienna

Valencia

Vilno

Warsaw

Zagreb

Zurich

Lisbon

Havana

Washington

New York

Miami

Male

Phuket

Ho Chi Minh City

MOSCOW

Anapa

Abakan

Adler

Arkhangelsk

Astrakhan

Barnaul

Chelyabinsk

Belgorod

Magadan

Gelenzhdik

Khanty Mansiysk

Irkutsk

Kemerovo

Kaliningrad

Khabarovsk

Krasnoyarsk

Krasnodar

SamaraKazan

Saint Petersburg

Murmansk

Magnitogorsk

Mineral Waters

NizhnekamskNizhny Novgorod

Nizhnevartovsk

Novokuznetsk

New Urengoy

Novosibirsk

Perm

P. Kamchatsky

Orenburg

Rostov

Saratov

SyktyvkarSurgut

Simferopol Stavropol

EkaterinburgTyumen

TomskUfa

Yu. Sakhalinsk

Volgograd

Voronezh

Vladivostok

Yakutsk

Aktobe

Almaty

Shymkent

Yerevan

Bishkek

Atyrau

Baku

KaragandaChisinau

KostanayMinsk

Aktau

SamarkandTashkent

Astana

Beirut

Dubai

Teheran

Tel Aviv

Bangkok

HanoiHong Kong

Guangzhou

Delhi Shanghai

Tokyo

Beijing

Seoul

Ulan Bator

Sochi

Frankfurt

Dalian

Harbin

Busan

Antalya

BarcelonaBurgas

Paris

Dusseldorf

Rome

Hamburg

Varna

Larnaca

Munich

MilanNice

Prague

Rimini

Berlin

TivatIstanbul

Vienna

Makhachkala

Omsk

Minsk

Chisinau

Aeroflot Group Network: Q1 2021 Update

Domestic Scheduled Network (flights per day, average)# of Flights Evolution by Region, Q1 2021 y-o-y1

Beginning of 2020 route network

409

Q1 20 Q2 20 Q3 20

199

157

327

93

132

40

Despite recovery of domestic segment international flights are under continued pressure.

13030

Q4 20

170

95

274

Q1 21

165

126

245

(51.3)%

(55.3)%

(70.4)%

(74.4)%

(90.6)%

(93.2)%

(27.1)%

Total

Middle East & Africa

CIS

North & Central America

Asia-Pacific

Europe

Russia

Seychelles

Dublin

Cairo

Colombo

Osh

11

Note: both 2020 and 2021 metrics are benchmarked against 2019 numbers

Capacity and PLF: 2021 vs 2019

ASKvs

2019

PLFvs

2019

TotalDomestic International

78% 71% 74% 77% 80% 83% 78%

(5) p.p. (7) p.p. (2) p.p.

1 p.p. 2 p.p. 3 p.p.

(3) p.p.

Oct Nov Dec Jan Feb Mar Apr

PLF y-o-y change

77%61% 65% 65% 69% 73% 73%

(4) p.p.

(14) p.p.

(10) p.p.

(11) p.p.

(8) p.p. (6) p.p.

(7) p.p.

Oct Nov Dec Jan Feb Mar Apr

PLF y-o-y change

78% 73% 77% 81% 83% 86% 80%

(7) p.p. (8) p.p.(2) p.p.

4 p.p. 5 p.p. 4 p.p.

(2) p.p.

Oct Nov Dec Jan Feb Mar Apr

PLF y-o-y change

Gradual recovery of capacity post low Winter 2020/2021 season while positive PLF dynamics .

2020 2021 2020 2021 2020 2021

2020 2021 2020 2021 2020 2021

12

Source: Aeroflot.

Aeroflot Summer Regional Program

Regional flight program Key highlights of regional program

New domestic services and increased frequencies in Summer schedule 2021 leverages domestic demand while international flights remains largely suspended.

Perm Ekaterinburg

Moscow

Ufa

Arkhangelsk

Chelyabinsk

Samara

Kazan

Murmansk

NovosibirskTuymen

Orenburg

SurgutSyktyvkar

Direct flights from 13 regional cities to domestic

Black Sea resorts

starting from May 24, 2021

39 city-pairs with varied frequencies

from several flights per week to daily

0.9 million seats (to Black Sea resorts)

throughout summer season of 2021

Leverage domestic market opportunities

amid reduced international flights

Launching Krasnoyarsk hub

5 leisure destinations starting from June 2021

New services from Moscow and St. Petersburg

to improve leisure options for summer season of 2021

Increasing frequency of service to points in Urals,

Siberia, Far East and Volga River basin

in line with seasonal schedule with extra flights

Additionally: around 1.1 mn seats vs 2019 on domestic routes

Black Sea Resorts

13

Source: Aeroflot Group, data presented based on management accounts

Aeroflot International Network Adjustments

DestinationAug

20vs

Dec

20vs

Apr

21vs

Mar

20

Cairo - 3 5 7

Dubai - 7 7 21

Istanbul 19-28 28 2-35 32-35

Antalya 16-21 4-8 0-14 12-13

London 8-14 9-12 7-8 32

Belgrade - 2 2 21

Geneva 1 3 3 14

Male - 7 7 7

Nur-Sultan - 1 3 12

Newly reopened flights from 2021 (selected)

Erevan - - 4 42

Baku - - 2 14

Seychelles - - 2 0

Gradual reopening of international network… …Supports passenger traffic recovery since August

Aeroflot Airlines, number of one-way weekly flights (selected)

More passenger-cargo flights to multiple destinations

in CIS, EU, Asia, USA.+

2021 highlights

Gradual reopening of international network indicates existing and delayed demand for international travel (based on load factors and yields performance).

Aeroflot Airline, thousand PAX

Scheduled service to Seychelles

opened in April 2021

Flights to Helsinki, Baku, Yerevan, Almaty

relaunched with limited frequency

Air travel with Turkey suspended

in April 2021 following worsening pandemic situation

6.4 12.4 22.6 26.2

125.8

196.3211.3

142.0

188.7192.7199.8

284.3320.1

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

2020 2021

14

Segment

Source: Aeroflot GroupNote: Data presented based on management accounts, scheduled flights revenue is used for calculations

Aeroflot Group Revenue Units vs Q1’20 and Q1’19

Yields and RASK demonstrated solid improving performance both vs. 2020 and 2019 numbers.

Total

Domestic

International

Q1 Scheduled Yield, RUB Q1 Scheduled RASK, RUB

(3.9%)

7.5%10.9%

76.4%87.3%

22.3%15.0%

12.2%

74.6%68.9%

(3.8%)

Q1’21/Q1’19 change

Q1’21/Q1’20change

1.9%

15

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

16

Aeroflot Group continues to control capacity expansion to the possible extent.

Type of

aircraft

Fleet as at

31.12.2020

3M 2021 Fleet as at

31.03.2021Delivery Phase out

Wide-body (long-haul) 56 1 (2) 55

A-33017 - (2) 15

A-3501 - - 1

B-77729 1 - 30

B-7479 - - 9

Narrow-body (medium-haul) 225 - (5) 220

A-31920 - - 20

A-32079 - (5) 74

A-32133 - - 33

B-73793 - - 93

Narrow-body (regional) 61 - - 61

SSJ-100 61 - - 61

TOTAL Aeroflot Group 342 1 (7) 336

Fleet Update

Actual and expected additions Fleet Plans

Q2-Q4 2021

Delivery Phase out

9 (3)

- (3)

7 -

2 -

- -

9 (13)

- (2)

6 (11)

3 -

- -

15 -

15 -

33 (16)

17

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

18

Q4 2020 Change y-o-y Million RUB (where applicable) Q1 2020 Q1 2021 Change

7,100 (49.2)% Passenger Traffic (mln PAX) 11,196 7,371 (34.2%)

67,969 (55.8)% Revenue 123,894 75,498 (39.1)%

50,133 (62.2)% PAX Traffic Revenue 106,608 60,307 (43.4)%

103,367 (33.3)% Operating Costs 137,050 96,170 (29.8)%

(35,398) 34.3x (Operating Loss) (13,156) (20,672) 57.1%

(4,191) n/a EBITDA 13,054 7,708 (41.0)%

n/a n/a EBITDA Margin 10.5% 10.2% (0.3) p.p.

(43,802) 6.4x (Net Loss) (22,484) (25,143) 11.8%

Financial Highlights: Q1 2021 vs Q4 2020

Financial results of Q1 2021 are mainly impacted by limited international operations due to COVID-19 related restrictions.

19

123,894 (43,178)

(3,123) 3,155 (5,250)75,498

Q1 2020 ScheduledPassenger

Flights

CharterPassenger

Flights

Cargo OtherRevenue

Q1 2021

Revenue Dynamics Decomposition

Revenue by Key Factors Revenue by Business Segments

Million RUB Million RUB

Though revenue remains under pressure from the pandemic, Aeroflot Group delivered a number of quarter-over-quarter improvements on the back of improved yields, load factor and continued strong cargo segment performance.

123,894 (48,925)

5,103 1,760 (6,334)

75,498

Q1 2020 Volume Currency Pricing Other Q1 2021

1 Other revenue dynamics includes the effect of Aurora’s Q1 2020 own flights and other

revenue deconsolidation.

1

20

Operating Costs

Q4 2020Change

y-o-y

Operating Expense

(RUB mln)Q1 2020 Q1 2021

Change

y-o-y

Change

ex. FX

% of OpEx

(Q1 2021)

15,451 (65.9)% Fuel 38,604 16,816 (56.4)% (57.9)% 17.5%

87,916 (19.8)% Opex (ex. Fuel) 98,446 79,354 (19.4)% (23.5)% 82.5%

14,783 (51.3)% Aircraft & passenger servicing 27,444 15,566 (43.3)% (46.3)% 16.2%

31,207 10.3% D&A and customs duties 26,210 28,380 8.3% (1.9)% 29.5%

15,091 (40.9)% Staff 21,124 14,761 (30.1)% (30.6)% 15.3%

5,423 (39.2)% SG&A1 6,188 4,208 (32.0)% (33.8)% 4.4%

8,809 33.0% Maintenance 9,225 5,455 (40.9)% (41.0)% 5.7%

2,619 (48.3)% Communication Expenses 3,776 3,244 (14.1)% (20.0)% 3.4%

9,984 2.1x Other expenses2 4,479 7,740 72.8% 71.6% 8.0%

103,367 (33.3)% Total Opex 137,050 96,170 (29.8)% (33.2)% 100.0%

1 Includes sales and marketing expenses and administration and general expenses.2 Other expenses include short-term and immaterial lease, reserves accrual and reversal, catering, other income. Expenses related to Aurora code-sharing are included as a

single sum in Other expenses line and are excluded from other operating expenses lines.

Operating Expenses Breakdown

In Q1 2021 operating costs decrease continued to slow down amid the Group restoring operationswhile keeping key cost lines under control.

21

Cost per ASK increased by 51% from RUB 3.35 on the back of capacity decrease resulting in fixed costs allocation over reduced ASKs.

Group Unit Costs

43.5%(4.7)%50.6%

Capacity: ASK adjustmentUnit Costs Dynamics

Operating Expense per ASK (CASK), RUB Q1 2020 Q1 2021 Change

Fuel 0.94 0.88 (6.5)%

CASK (ex. Fuel): 2.41 4.17 73.0%

Aircraft and Passenger Servicing 0.67 0.82 21.7%

D&A and Customs Duties 0.64 1.49 2.3x

Staff 0.52 0.78 50.0%

SG&A 0.15 0.22 46.0%

Maintenance 0.23 0.29 26.9%

Communication expenses 0.09 0.17 84.4%

Other Expenses 0.11 0.41 3.7x

Total CASK 3.35 5.05 50.6%

CASK Bridge

(53.3)%

Billion ASK

RUB / ASK

40.8

19.0

Q1 2020 Q1 2021

3.35

(0.06) 0.15

0.85 0.26 0.07 0.06 0.08

0.30

5.05

(0.24)

4.81

3.35

CASK Q1 2020 Fuel Aircraft andPassengerServicing

D&A and CD* Staff SG&A Maintenance CommunicationExpenses

Other Expenses CASK Q1 2021 FX CASK Q1 2021ex. FX

CASK Q1 2020

22

35.9

41.4

43.8

30

40

50

45

35

20

25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3M(WA)

2021 2020 2019

Jet fuel price continues to grow and presents the key headwind for the industry on top of the pandemic restrictions.

Fuel Efficiency: Mix Effect

(gramme / ASK)Thousand RUB per tonne of jet fuel

1

Source: Aeroflot Group1 Weighted average price for 3M (2019-2021).

9.0%

Fuel Cost Management

Average fuel price per tonne

Aeroflot Airline:

• Q4 2020: 31.5 thd RUB (-28.1% yoy).

• Q1 2021: 35.9 thd RUB (-13.2% yoy).

• Apr 2021: 39.7 thd RUB (+5.9% mom).

Aeroflot Airline Jet Fuel Price

22.124.1

Q1 2020 Q1 2021

23

Pobeda Financial Results

PAX Traffic and Other Operating Metrics

RASK1

CASK

Pobeda Statement of Profit and Loss (IFRS)

Million RUB Q1 2020 Q1 2021 Change

Revenue 11,114 11,227 1.0%

Operating Expenses 10,450 10,428 (0.2)%

Operating Income 664 799 20.3%

Operating margin 6.0% 7.1% 1.1 p.p.

Adjusted Net Income2 492 755 53.5%

EBITDA 2,744 3,037 10.7%

EBITDA margin 24.7% 27.1% 2.4 p.p.

2.26 2.26

Q1 2020 Q1 2021

2.5 2.8

Q1 2020 Q1 2021

2.13 2.09

Q1 2020 Q1 2021

Million PAX, dynamics y-o-y

RUB / ASK, dynamics y-o-y

RUB / ASK, dynamics y-o-y

Pobeda managed to improve operational and financial efficiency amid further expansion of operations in Q1 2021.

Stable RASK

PAX +11%

RPK +2%

ASK +1%

PLF +1.0 p.p.

CASK -1%

Note: based on managerial accounts, extract from Group consolidated financial statements under IFRS. Includes amortization and maintenance expenses for 12 aircraft subleased from Aeroflot; 4 aircraft transferred to Pobeda from another company of the Group in Q3 2020 are temporarily accounted as short-term operating lease.

1 Calculation based on Total Revenue of the Company2 Excluding net FX loss from lease liabilities revaluation in the amount of 1.4 bn RUB in Q1 2021

(13.2 bn RUB net FX loss in Q1 2020) and the associated deferred tax in line with accounting treatment in consolidated financial statements; FX gain/loss eliminated in consolidated financials due to hedging of FX-denominated liabilities with FX-denominated revenues (non-cash income).

24

Liquidity

Leverage and Liquidity

Million RUB 31-Dec-2020 31-Mar-2021 Change

Borrowings 88,635 88,690 0.1%

Lease Liabilities 662,507 664,239 0.3%

Pension Liabilities 792 749 (5.4)%

Total Debt 751,934 753,678 0.2%

Cash and Short-Term

Investments93,775 78,247 (16.6)%

Net Debt 658,159 675,431 2.6%

1 31-Dec-2020 exchange rate – 73.88 RUB per USD, 31-Mar-2021 exchange rate – 75.70 RUB per USD.

Debt Profile1

Billion RUB

Cash position of RUB 78 billion and undrawn credit lines of RUB 143 billion.

Net Debt / EBITDA

2020 and 2021 Net Debt / EBITDAratio mostly affected by lower EBITDAy-o-y amid pressure on financials

5.8

12.6

24.4

31.2

30-Jun-2020 30-Sep-2020 31-Dec-2020 31-Mar-2021

48.7 43.1

93.8 78.2

108.4148.0

142.8143.2

157.1

191.1

236.5221.4

30-Jun-2020 30-Sep-2020 31-Dec-2020 31-Mar-2021

Cash and ST investments Available credit lines

25

Improved Bookings Generate More Cash

Recovery of Number of Weekly Bookings (SU code)

Increasing number of bookings translates into improving cash flows.

Unearned traffic revenue (bn RUB)

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

200 thd

400 thd

600 thd

1,000 thd

800 thd

Unearned traffic revenue includes proceeds from ticketsales, that will be recognized as revenue once flight serviceis delivered.

16.9RUB bn

31 Dec2018

31 Mar2019

31 Dec2019

31 Mar2020

31 Dec2020

31 Mar2021

49.9

75.6

53.4

46.844.6

61.5(6.6)

RUB bn

25.7RUB bn

26

1.9

8.7

(4.1)

(10.4)

9.3

11.9

(3.5)

18.3

0.1

6.7

Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Working Capital changes and other

CFO before changes in working capital

Operating Cash Flows and Lease Payments

Reduced monthly costs Operating Cash Flow

Billion RUB

49.0

34.4

Monthly costs inQ1'20

Monthly costs inQ1'21

Billion RUB, monthly average, includes

OPEX and net finance costs

Cash flows improved both year-on-year and quarter-on quarter, however industry environment remains challenging.

13.8 bn RUB 16.0 bn RUB(30)%

27

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

28

Operating Data – Q1 2021

Indicators Pobeda RossiyaAeroflot

Q1 2021 Y-o-Y Q1 2021 Y-o-Y Q1 2021 Y-o-Y Q1 2021 Y-o-Y

Passenger Traffic th PAX 3,270 (52.8%) 2,755 10.5% 1,345 (9.8%) 7,371 (32.5%)

International Routes th PAX 677 (80.3%) 161 (64.1%) 68 (87.9%) 905 (79.6%)

Domestic Routes th PAX 2,593 (25.7%) 2,594 26.9% 1,278 37.2% 6,466 (0.1%)

Passenger Turnover mn pkm 7,626 (60.1%) 4,582 2.2% 3,035 (39.8%) 15,243 (46.8%)

International Routes mn pkm 2,471 (80.5%) 395 (60.4%) 206 (92.7%) 3,072 (81.4%)

Domestic Routes mn pkm 5,155 (20.1%) 4,187 20.1% 2,829 26.6% 12,171 0.0%

Passenger Capacity mn ASK 10,337 (64.0%) 4,970 1.1% 3,728 (42.4%) 19,035 (52.5%)

International Routes mn ASK 3,725 (80.1%) 467 (59.1%) 236 (92.8%) 4,428 (80.9%)

Domestic Routes mn ASK 6,612 (33.4%) 4,502 19.2% 3,492 9.7% 14,607 (13.5%)

Passenger Load Factor % 73.8% 7.1 p.p. 92.2% 1.0 p.p. 81.4% 3.5 p.p. 80.1% 8.6 p.p.

International Routes % 66.3% (1.2 p.p.) 84.6% (2.9 p.p.) 87.2% 1.8 p.p. 69.4% (1.7 p.p.)

Domestic Routes % 78.0% 13.0 p.p. 93.0% 0.7 p.p. 81.0% 10.8 p.p. 83.3% 11.2 p.p.

Flight Hours hours 73,156 (61.2%) 35,780 2.0% 29,089 (17.1%) 138,025 (46.7%)

Aeroflot Group

Note: Comparison of 2021 Aeroflot Group figures vs. corresponding period of previous year is based on pro forma results, which exclude the results of Aurora Airlines in 2020.

29

Source: Data presented based on management accounts for scheduled flights of Aeroflot Group (excluding charter flights)

Q1 2021 Operating Data by Region (Scheduled Routes)

Americas Russia CIS

Europe Middle East Asia

Group operations in all regions of the world experienced significant pressure from COVID-related decline in demand.

(72.1)% (72.0)% (67.8)%

(9.4) p.p.

Passengerscarried

RPK ASK PLF

(3.5)% (2.6)%

(16.6)%

11.9 p.p.

Passengerscarried

RPK ASK PLF

(57.0)%(51.0)% (48.4)%

(3.4) p.p.

Passengerscarried

RPK ASK PLF

(93.1)% (93.0)% (92.3)%

(6.2) p.p.

Passengerscarried

RPK ASK PLF

(11.4)%(18.8)%

(33.7)%

14.3 p.p.

Passengerscarried

RPK ASK PLF

(91.0)% (91.0)% (90.3)%

(5.1) p.p.

Passengerscarried

RPK ASK PLF

30

Well-balanced fleet structure in line with Group’s strategy

Aircraft TypeOperated by Total as of Total as of Change vs.

Aeroflot Subsidiaries 31-Mar-21 31-Dec-20 31-Dec-20

Wide-body 36 19 55 56 (1)

Airbus A330 15 - 15 17 (2)

Airbus A350 1 - 1 1 -

Boeing 777 20 10 30 29 1

Boeing 747 - 9 9 9 -

Narrow-body (medium-haul) 148 72 220 225 (5)

Airbus A319 - 20 20 20 -

Airbus A320 68 6 74 79 (5)

Airbus A321 33 - 33 33 -

Boeing 737 47 46 93 93 -

Narrow-body (regional) 37 24 61 61 -

SSJ 100 37 24 61 61 -

TOTAL Aeroflot Group 221 115 336 342 (6)

Aeroflot Group Fleet Breakdown

Aeroflot Group Fleet Overview Breakdown by Aircraft

Breakdown by Company

Narrow-body

(medium-haul)66%

Narrow-body

(regional) 18%

Wide-body16%

Aeroflot66%

Rossiya24%

Pobeda10%

31

In Q1 2021 revenue from scheduled passengers decreased by 42% on the back of softer demand in virtually all regions of operations due to COVID-19.

Traffic Revenue Analysis – Q1 2021

Region Q1 2020 Q1 2021 Y-o-YQ1 2021

% of sch. revenue

Russia 41,438 38,783 (6.4)% 65.8%

Europe 25,208 3,065 (87.8)% 5.2%

Asia 20,287 5,170 (74.5)% 8.8%

CIS 4,259 4,727 11.0% 8.0%

North and Central America 5,083 1,828 (64.0)% 3.1%

Middle East and Africa 5,864 5,388 (8.1)% 9.1%

Total 102,139 58,961 (42.3)% 100.0%

1 Data presented based on management accounts2 Data presented based on management accounts for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot

Segment Q1 2020 Q1 2021 Y-o-YQ1 2021

% of revenue

Domestic 42,489 39,555 (6.9)% 65.6%

International 64,118 20,752 (67.6)% 34.4%

Total 106,608 60,307 (43.4)% 100.0%

Traffic Revenue Breakdown by Type

Scheduled Traffic Revenue by POS2

Revenue from Scheduled Passengers (RUB mln)1

Total Passenger Revenue (Scheduled + Charter, RUB mln)

Sheduled Passenger Flights

86.3%

Charter Passenger Flights 2.0%

Cargo 11.7%

Sales abroad7.3%

Online40.4%

Call center and own branches

6.0%

Sales in Russia46.3%

32

3.41

3.873.67

3.25

6.76

3.96

Domestic International Total

RUB RUB0.7% 1.1%Q1 Yield (Scheduled + Charter PAX Revenue / RPK) Q1 RASK (Scheduled + Charter PAX Revenue / ASK)

% Y-o-Y increase 2020 2021 % Y-o-Y increase 2020 2021

RUB / RPK RUB / ASK

Source: Aeroflot GroupNote: Data presented based on management accounts, scheduled and charted passenger flights revenue is used for calculations

Aeroflot Group Blended Flights Revenue Units

Yields and RASK demonstrated solid improving performance year-on-year.

(4.8)%

74.9%

7.8%

2.44

2.732.61

2.71

4.69

3.17

Domestic International Total

10.9%

71.5%

21.4%

33

13,054

(48,925)

1,760 (6,334) 5,103 (1,887)

22,358

6,459

12,697 755

3,785 2,091 (3,207)

7,708

EBITDA Q12020

Volume Pricing Other FX benefit onrevenue

FX drag oncosts

Fuel* Staff* Aircraft andPAX*

Comm.Expenses*

Maintenance* Admin & Sales& Marketing*

Other OPEX* EBITDA Q12021

Key driver of EBITDA adjustment was a decrease in size and scale of operations on the back of COVID-related pressure on demand.

EBITDA Evolution

* Excluding currency impact

Total effect on revenue

∑=(48,396) RUB mlnTotal effect on costs

∑=43,050 RUB mln

Net volume and price effect

∑=(53,499) RUB mln

Net FX effect

∑=3,216 RUB mlnNet volume and price effect

∑=44,937 RUB mln

34

Operating and Free Cash Flow improved in Q1 2021 y-o-y despite continuous demand pressure and adjustment of operating program.

Operating and Free Cash Flows

12,489 10,197

(30,442)

28,275

9,722 (362)2,414 (2,892)

6,715

9,309

16,024

(3,572)

(4,769)2,523

2,283

Loss BeforeIncome Tax

D&A InterestExpense

Unrealized NetFX Gain

Effect fromrevenuehedging

(finance leasehedge

accounting)

Other Adj.Before

WorkingCapital

Changes

Cash FlowsFrom

OperatingActivitiesBefore

WorkingCapital

Changes

WorkingCapital

Changes andIncome Tax

Net CashFlows FromOperatingActivities

Purchase ofPPE &

CapitalizedExpenses

DepositPlacementand Return

Net Pre-delivery

Payments forAircraft

Net LeaseDeposits for

a/c and Other

Free CashFlow Q1 2021

Free CashFlow Q1 2020

Personnel and Remuneration

Committee

(3 members)

Audit Committee

(3 members)

Strategy Committee

(8 members)

NameAudit

Committee

Personnel and

Remuneration

Committee

Strategy

Committee

Vitaly Saveliev Chairman

Mikhail Poluboyarinov

Maksut Shadayev

Igor Kamenskoy Member Chairman Chairman

Yaroslav Kuzminov Member Member

Maksim Liksutov

Roman Pakhomov Chairman Member Member

Dmitry Peskov Member

Evgeny Ditrich

Yuri Slyusar Member

Sergey Chemezov

Independent director according to the Russian Corporate Governance Code 35

Board of Directors

Corporate Governance Board of Directors

Executive Board

General Meeting of Shareholders

Board of Directors

Incorporated in Russia, PJSC Aeroflot is subject to

Russian corporate governance regulations and

follows Russian Corporate Governance Code

The Board of Directors is currently composed

of 11 members. The Board’s composition is well

balanced from the members’ background perspective.

PJSC Aeroflot

JSC Rossiya Airlines 75%-1 sh.

LLC Pobeda Airlines 100%

JSC Aeromar

On-board sales/catering51%

LLC Aeroflot-Finance

Financial services100%

JSC Sherotel

Hotel services100%

Aeroflot Aviation School

Education services100%

Note: The Group structure as at 31 March 2021; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries.

PJSC Aeroflot also owns 45.0% of JSC AeroMASh-AB (Aviation security), 2.43% of JSC Sheremetyevo International Airport (base airport), 3.85% of PJSC Transport Clearing House (mutual settlements between agencies and airlines).

LLC A-Technics

Maintenance 100%

36

Aeroflot Group Structure

Airlines Ancillary Companies

PJSC Aeroflot owns stakes in two key aviation subsidiaries and a number of companies providing services in aviation supply chain from maintenance and catering to education.

Address: 119019, Russia, Moscow, Arbat St. 1

E-mail: ir@aeroflot.ru

Website: www.aeroflot.ru

Investor Relations Contacts