American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — Q1 2025 Earnings Presentation
19 slides from American Airlines's earnings presentation, Apr 24, 2025
Slide 1: First-Quarter 2025 Financial Results
April 24, 2025 FIRST- QUARTER 2025 FINANCIAL RESULTS American Airlines Group Inc. Exhibit 99.2
Slide 2: Forward-looking statements
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements
Slide 3: First-quarter results
First-quarter results • First-quarter revenue of $12.6 billion1. • First-quarter GAAP net loss per diluted share of ($0.72). • Excluding net special items2, first-quarter net loss per diluted share of ($0.59). • Generated $2.5 billion in first-quarter operating cash flow and first-quarter free cash
Slide 4: First-quarter financial results
First-quarter financial results Note: May not recalculate due to rounding. 1. See GAAP to non-GAAP reconciliation at the end of this presentation. Source: Airline financials. GAAP Non-GAAP1 (in millions, except share and per share amounts) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Operating income (loss) ($27
Slide 5: Moderate capex enables strong free cash flow generation
$1.9 ~$2–$2.5 ~$3.5 2024 2025E Avg. 2025E-2029E • Young fleet enables moderate capex profile. • Generated $1.7B of free cash flow1 in Q1 2025. Moderate capex enables strong free cash flow generation Total Aircraft Capex ($ in billions) 5 1. Free cash flow is a non-GAAP measure. The company defines f
Slide 6: Committed to reducing total debt below $35 billion by year-end 2027
$38.6 $37.4 < $35.0 2024 Q1 2025 2027E Committed to reducing total debt1 to below $35 billion by year-end 2027 Note: Numbers may not recalculate due to rounding. 1. Total debt includes debt, finance and operating lease liabilities and pension obligations. Source: Airline financials. Total Debt1 ($ i
Slide 7: Commercial update
Commercial update
Slide 8: Sales and distribution progress
(11%) (10%) (9%) (7%) ~(5%) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025E Sales and distribution progress Indirect Channel Flown Revenue Performance1 8 • Revenue share in indirect channels showed continued improvement in Q1 2025. • Remain on track to regain historical share of indirect revenue by year-en
Slide 9: Renewed focus on the customer experience
Renewed focus on the customer experience 9 • Redesigned mobile app focuses on making the journey as enjoyable as the destination. • Ninth premium lounge to open in Philadelphia in summer 2025. • Connecting the world by providing complimentary inflight Wi-Fi for AAdvantage® members, sponsored by AT&T
Slide 10: Co-branded credit card agreement
Co-branded credit card agreement • Citi to become the exclusive U.S. issuer of AAdvantage® co-branded credit cards in 2026. • 10-year agreement expected to expand loyalty and rewards offering for AAdvantage® members and Citi- branded cardmembers. • ~10% annual growth expected in cash remuneration fr
Slide 11: Second-quarter outlook
Second-quarter outlook 1. Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. CASM-ex is cost per available seat mile (CASM) excluding fuel and net special items and is a non-GAAP measure. All adjusted operating margin and adjusted earnings per dilut
Slide 12: Thank you, #AATeam!
Thank you, #AATeam!
Slide 13: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation Reconciliation of GAAP Financial Information to Non-GAAP Financial Information American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance w
Slide 14: GAAP to non-GAAP reconciliation: Operating income (loss)
GAAP to non-GAAP reconciliation Reconciliation of Operating Income (Loss) Excluding Net Special Items 3 Months Ended March 31, Percent Increase 2025 2024 (Decrease) (in millions) Operating income (loss) as reported $ (270) $ 7 Operating net special items: Mainline operating special items, net (1) 70
Slide 15: GAAP to non-GAAP reconciliation: Net loss
GAAP to non-GAAP reconciliation 3 Months Ended March 31, Percent Increase Reconciliation of Net Loss Excluding Net Special Items 2025 2024 (Decrease) (in millions, except share and per share amounts) Net loss as reported $ (473) $ (312) Net special items: Total pre-tax net special items (1), (2) 118
Slide 16: Free cash flow reconciliation
Free cash flow reconciliation The Company's free cash flow summary is presented in the table below, which is a non-GAAP measure that management believes is useful information to investors and others in evaluating the Company's ability to generate cash from its core operating performance that is avai
Slide 17: Adjusted EBITDAR margin reconciliation
Adjusted EBITDAR margin reconciliation The Company's adjusted EBITDAR and adjusted EBITDAR margin are presented below, which are non-GAAP measures that management uses to evaluate the Company's current operating performance. These non-GAAP measures may not be comparable to similarly titled non-GAAP
Slide 18: Net debt reconciliation
Net debt reconciliation The Company's total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company's debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations, and net debt is
Slide 19: American Airlines
American®. Airlines
American Airlines Group — Q1 2025 Earnings Presentation on 6ix