American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — IPO Roadshow (October 2025)
34 slides from American Airlines's IPO roadshow presentation, Oct 27, 2025
Slide 1: 2025-1 EETC Investor Presentation
October 27, 2025 2025-1 EETC Investor Presentation American Airlines, Inc. CONFIDENTIAL
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation (this “Presentation”) contains selected basic information about American Airlines Group, Inc. (“AAG” or the “Company”), American Airlines, Inc. (“American”), and the potential offering of Certificates to be issued by a pass-through trust established
Slide 3: 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 4: Agenda & Presenters
Agenda & Presenters Agenda Presenters EETC Overview1Company Update2Collateral Overview3 Devon May Chief Financial Officer & Executive Vice President Clemens Metz Treasurer & Vice President Treasurer & Vice President Devon May Chief Financial Officer & Executive Vice President Agenda & Presenters 4
Slide 5: EETC Overview
1. EETC Overview 5
Slide 6: Transaction Overview
Transaction Overview American Airlines, Inc. (“American”) intends to raise up to $1,104,534,000 through the offering of Series 2025-1 Pass Through Certificates (the “Certificates”) The equipment notes underlying the Certificates will have the benefit of a security interest in a high quality collater
Slide 7: 2025-1 EETC Structural Summary
2025-1 EETC Structural Summary 1 LTVs as of first regular distribution date; 2 Each series of equipment notes will mature on the Final Expected Distribution Date for the related class of certificates; 3 The Final Legal Distribution Date for each of the Certificates is the date that is 18 months afte
Slide 8: Key Structural Elements
Key Structural Elements Cross-Collateralization and Cross-Default The equipment notes will be cross-collateralized by all aircraft All indentures will include cross-default provisions Buyout Rights After a certificate buyout event, subordinate Certificate holders have the right to purchase all (but
Slide 9: Company Update
2. Company Update 9
Slide 10: AAG at a Glance
AAG at a Glance American’s Hubs Key Stats$10.3BTotal AvailableLiquidity1$36.8BTotal Debt2Q3 2025; >50% of the way to achieving YE 2027 debt target14.2 Years3AverageActive Mainline Fleet Age: Youngest U.S. Network Carrier Fleet>226MPassengers4(FY2024)Offers thousands of daily flights to more than 350
Slide 11: Third Quarter 2025 Highlights
Record third-quarter revenue of $13.7 billion. On a GAAP basis, third-quarter net loss per diluted share of ($0.17). Excluding net special items1, third-quarter net loss per diluted share of ($0.17). Expect full-year free cash flow2 of over $1 billion. Reduced total debt3 by $1.2 billion in the quar
Slide 12: Co-Branded Credit Card Agreement
Co-Branded Credit Card Agreement •Citi to become the exclusive issuer of A Advantage co-branded credit cards beginning in 2026 •10-year agreement expected to expand loyalty and rewards offering for A Advantage members and Citi-branded card members •Combined Citi/A Advantage card portfolio projected
Slide 13: Growing Our Industry-Leading Brand Loyalty Program
Growing Our Industry-Leading Brand Loyalty Program •Continued growth in active A Advantage® accounts, driving additional demand for premium products. 1.Year-to-date2025versus the same period in 2024.Source: Internal data.+7% YTD% contribution topremiumrevenue~76%1~74%Active A Advantage® Accounts~75%
Slide 14: Renewed Focus on the Customer Experience
New elevated, premium experience of our Flagship Suite® led American’s wide body aircraft in customer satisfaction. Product to be expanded to Airbus A321 XLRs, Boeing 777-300 ER and Boeing 777-200 ER. Offer more premium lounges than any other U.S. carrier. The company plans to open two new Flagship®
Slide 15: Key Credit Highlights
15 15Key Credit Highlights Strengthening Balance Sheet and Financial Performance Strengthening Balance Sheet and Financial Performance Proven track record of deleveraging, with young fleet profile that enables moderate capex vs.net workpeers In December 2024, achieved $15B total debt1reduction goal
Slide 16: American Has the Youngest Fleet Among Network Carriers
American Has the Youngest Fleet Among Network Carriers Note: Numbers may not recalculate due to rounding 1. Data based on mainline aircraft as of Q3 2025. 2. Data based on Cirium fleet analyzer as of Q3 2025; includes active and stored mainline aircraft. • Youngest fleet of the U.S. network carriers
Slide 17: Continued Progress Toward Deleveraging Goals
$38.6 $36.8 < $35 YE 2024 Q3 2025 YE 2027E Ongoing commitment to take total debt1 below $35 billion by YE 2027. Now hold ~$14 billion in unencumbered assets and have over $11 billion of additional first-lien borrowings allowable under existing financing arrangements. Total Debt1 ($ in billions) Note
Slide 18: Moderate Capex Enables Strong Free Cash Flow Generation
$2.7 ~ $3.8 ~ $4—$4.5 2024 2025E 2026E Youngest fleet of the U.S. network carriers enables moderate capex profile. Expect to generate over $1 billion of free cash flow1 for the year. Total Capex ($ in billions) 1. Free cash flow is a non-GAAP measure. The company defines free cash flow as net cash p
Slide 19: Collateral Overview
3. Collateral Overview 19
Slide 20: Collateral Breakdown
Collateral Breakdown Aircraft Type1 Narrowbody / Widebody / Regional Jet1 New Deliveries / In – Service Aircraft Airbus A321 XLR 10% Boeing 737 MAX 8 44% Boeing 787-9 30% Embraer ERJ 175 LR 16% Narrowbody Widebody 54% 30% Regional Jet 16% New 100% 20 • Brand new 2x Airbus A321 XLR, 12x Boeing 737 MA
Slide 21: Aircraft Collateral Significance to American's Fleet
Aircraft Collateral Significance to American’s Fleet The Airbus A320 aircraft family1 comprises the largest portion (more than 30%) of American’s fleet Notably, Airbus A321s, both ceo and neo, comprise ~19% of American’s fleet The Embraer E175 aircraft underpins an important part of American’s netwo
Slide 22: Aircraft Appraisals – Appraisal Values
Aircraft Appraisals – Appraisal ValuesAircraft Number Aircraft Type Registration Number MSN Narrow / Wide / Regional Delivery Date Base Value1 AISI BK mba LMM ($mm) 1 Airbus A321 XLR N303NY 12409 Narrowbody Oct-25 $76,450,000 $71,790,323 $74,220,000 $74,153,441 2 Airbus A321 XLR N305NY 12490 Narrowb
Slide 23: Airbus A321 XLR
Airbus A321 XLR • American has 84x A321neo aircraft in service (including 2x in temporary storage), and an additional 152x A321neo aircraft on order • The A321 XLR is part of the A320 family aircraft, the most successful single aisle aircraft in history with 12,000+ aircraft built so far and an orde
Slide 24: Boeing MAX
Boeing 737 MAX 8 • American has 79x Boeing 737 MAX 8 aircraft in service and an additional 24x on order • The 737 MAX 8 is part of the Boeing 737 family, the second most successful single aisle aircraft in history with ~12,000x aircraft built so far and an order backlog of ~7,000x aircraft. It is on
Slide 25: Boeing 787-9
Boeing 787-9 • American has 30x Boeing 787-9 aircraft in service and an additional 22x on order • The 787-9 accounts for more than half of all 787 family unfilled orders and deliveries • Robust orderbook for the 787-9 aircraft with ~2,200 firm orders, 1,000+ backlog, and 1,000+ delivered to 90 airli
Slide 26: Embraer E175
Embraer E175 American has 226x E175 aircraft in service1 and an additional 86x on order Only scope-compliant 76-seater in production The E175 is a key aircraft type at the major U.S. airlines for their regional networks and has a larger cabin than the rival CRJ900 Some E175s in less than 76-seat lay
Slide 27: Capitalize on Enhanced Premium Offering
Capitalize on Enhanced Premium Offering Targeted lie flat and premium economy seating growth of approximately 50% by 2029Elevating the Inflight Customer Experience Source: Ciriumas ofQ3 20251.A320family includes A319, A320, A321, A321neo, and A321XLR. 2. Includes two temporarily parked A321XLRs.B737
Slide 28: American Regional Strategy
American Regional Strategy American has the largest regional fleet of any U.S. carrier. In 2024, 54 million passengers boarded our regional flights, approximately 45% of whom connected to or from our mainline flights American has invested in high-speed gate-to-gate satellite Wi-Fi on nearly 300 regi
Slide 29: Reconciliation of GAAP Financial Information to Non-GAAP
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 with GAAP to understand and evalu
Slide 30: Reconciliation of Net Income Excluding Net Special Items
3 Months Ended September 30, PercentIncrease 9 Months Ended September 30, PercentIncrease Reconciliation of Net Income (Loss) Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions, except share and per share amounts) (in millions, except share and per share amounts) Net
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ended September 30, Percent Increase 9 Months Ended September 30, Percent Increase Reconciliation of Net Income (Loss) Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions, except share and per share amounts) (in millions, except
Slide 32: Free Cash Flow Summary
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 available for use to reinvest in t
Slide 33: Total Debt and Net Debt
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 defined as total debt,
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