American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — IPO Roadshow (July 2026)
38 slides from American Airlines's IPO roadshow presentation, Jul 27, 2026
Slide 1: American Airlines, Inc. 2026-2 EETC Investor Presentation
Issuer Free Writing Prospectus dated July 27, 2026 Filed pursuant to Rule 433 Relating to the Preliminary Prospectus dated July 27, 2026 Registration File No. 333-293649-01 American Airlines, Inc. 2026-2 EETC Investor Presentation July 2026 CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer This Presentation (this “Presentation”) contains selected basic information about American Airlines Group Inc. (“AAG” or the “Company”) and the potential offering of Certificates to be issued by a pass- through trust established by American Airlines, Inc. ( American ). This Presentation h
Slide 3: Forward-Looking Statements
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
Slide 4: Table of Contents
Table of Contents I. Transaction Overview II. Corporate Update III. Collateral Overview IV. American Airlines 2026-2 Certificate Structure V. GAAP to non-GAAP Reconciliation 4
Slide 5: Transaction Overview
Transaction Overview
Slide 6: Transaction Overview
Transaction Overview • American intends to raise up to $1,325,382,000 through the offering of Series 2026-2 Pass Through Certificates (the “Certificates”) ‒ Class A face amount of $1,051,470,000 ‒ Class B face amount of $273,912,000 1 • The Equipment Notes underlying the Certificates will have the b
Slide 7: AAL 2026-2 EETC Structural Summary
AAL 2026-2 EETC Structural Summary Class A Class B Issuance Amount $1,051,470,000 $273,912,000 Expected Ratings (S&P / Fitch) A / A- BBB / BBB- 1 Initial LTV 59.7% 75.2% 1 Max LTV 59.7% 75.2% Tenor (Years) 12.5 9.0 Weighted Average Life (Years) 7.4 5.6 Regular Distribution Dates August 20, February
Slide 8: Key Structural Elements
Key Structural Elements • The equipment notes will be cross-collateralized by all aircraft Cross-Collateralization and Cross-Default • All indentures will include cross-default provisions • After a Certificate Buyout Event, subordinate Certificate holders have the right to purchase all (but not less
Slide 9: Corporate Update
Corporate Update
Slide 10: AAG at a Glance
AAG at a Glance Key Stats American’s Hubs $11.3B $3.5B 2Q26 Fully Available 1 2 Ending Liquidity Undrawn Revolver Capacity Chicago, IL New York, NY Philadelphia, PA Washington, D.C. 13.4% >30% Los Angeles, CA Premium passenger unit revenue AAdvantage program enrollment Dallas / Fort Worth, TX Charlo
Slide 11: Second-Quarter 2026 Results
Second-Quarter 2026 Results • Record quarterly revenue of $16.7 billion, up 16.3% year over year. • On a GAAP basis, second-quarter net earnings per diluted share of $0.11. 1 • Excluding net special items , second-quarter net earnings per diluted share of $0.15. 1. See GAAP to non-GAAP reconciliatio
Slide 12: Four Pillars Driving American's Revenue Upside
Four Pillars Driving American’s Revenue Upside Elevate the Grow the Drive Lead in Customer Global Premium Loyalty Experience Network Revenue 12
Slide 13: Elevate the Customer Experience
Elevate the Customer Experience Expand premium offerings Strengthen reliability • Continued rollout of new premium Flagship Suite® seats • Improvement of 7% in American Customer Satisfaction on the Boeing 787-9s and Airbus A321XLRs, with plans to Index survey, one of the strongest industry extend ac
Slide 14: Grow the Global Network
Grow the Global Network Expanded international destinations Enhanced connectivity • Reinforced DFW and PHL as leading trans-Atlantic • Rebanking DFW reduced system customer misconnections gateways with new nonstop routes to Budapest and in the second quarter by nearly 25% year over year and Prague a
Slide 15: Drive Premium Revenue
Drive Premium Revenue • Managed corporate revenue increased 26% year over year. • Premium unit revenue outperformed Main Cabin by more than 4 points in the second quarter. • Continued to increase upsell through changes to product attributes. 15 Source: Internal data.
Slide 16: Lead in Loyalty
Lead in Loyalty Industry-leading loyalty program continues to evolve and offers exclusive benefits Expanding loyalty ecosystem Loyalty driving value creation • Second-quarter AAdvantage® enrollments increased over • Second-quarter card spend increased 8% year over year, 30% year over year, exceeding
Slide 17: American Has the Youngest Mainline Fleet Among Network Carriers
American Has the Youngest Mainline Fleet Among Network Carriers • American has the youngest mainline fleet of the U.S. network carriers, indicating future fleet replacement needs are lower than peers Average Mainline Fleet Age Mainline Fleet Breakdown by Age 44% 42% 15.6 39% 38% 37% 15.2 30% 29% 18%
Slide 18: Collateral Overview
Collateral Overview
Slide 19: AAL 2026-2 Collateral Overview
AAL 2026-2 Collateral Overview 37x aircraft | $1,767mm Appraised Value 2 Collateral Pool Highlights AAL 2026-2 Aircraft Types A321neo 8% 77% Narrowbody $1,767mm 37x aircraft 15% Regional Appraised Value A321XLR 8% Widebody 15% 35% A321-200 77% Airbus 3.6-yrs average age 8% Boeing 71% new deliveries
Slide 20: Collateral Breakdown
Collateral Breakdown 1 1,2 Aircraft By Type Aircraft By Age A321neo A321XLR A321-200 A321neo A321XLR A321-200 Boeing 777-300ER E175 Boeing 777-300ER E175 Narrowbody Widebody Regional 71% 8% 15% 8% 15% 15% 35% 35% 28% 8% 20% 21% 21% 20% 77% New 12 years+ Age (Years) Note: Statistics are weighted by t
Slide 21: AAL 2026-2 Collateral Significance in American's Fleet
AAL 2026-2 Collateral Significance in American’s Fleet • American is deliberate in its strategic initiatives to operate a fleet that is young, simple and optimized for efficiency ‒ American is flying fewer aircraft types to maintain fleet flexibility and reduce scheduling friction ‒ The Company has
Slide 22: Airbus A321neo and A321XLR Aircraft
Airbus A321neo and A321XLR Aircraft The Airbus A321neo family is the most successful Airbus narrowbody platform, with strong demand supported by fleet growth and constrained production capacity • The A321neo and A321XLR are part of the A321neo family of aircraft, with ~1,800 aircraft in service and
Slide 23: Airbus A321-200 Aircraft
Airbus A321-200 Aircraft The Airbus A321 is one of the highest in-demand narrowbodies, supported by constrained supply and stable values • A321 fleet remains highly liquid, with ~1,500 aircraft in service across 100+ operators globally and strong demand in the ACMI / wet-lease market • Shortage of s
Slide 24: Boeing 777-300ER Aircraft
Boeing 777-300ER Aircraft Strong demand, limited availability and delayed 777X deliveries continue to support the Boeing 777-300ER's value proposition • The Boeing 777-300ER remains the most successful Boeing widebody variant, with ~780 aircraft delivered and over 720 aircraft currently in service a
Slide 25: Long Term Strategic Importance of the Boeing 777-300ER and A321-200
Long Term Strategic Importance of the Boeing 777-300ER and A321-200 • American began taking delivery of the Boeing 777-300ER and A321-200 in 2012 and 2001, respectively. Both aircraft remain core to American’s network today • Recent investments in both the Boeing 777-300ER and A321-200 underscore th
Slide 26: Embraer E175 Aircraft
Embraer E175 Aircraft The E175 is part of the Embraer E-Jet Family, the dominant U.S. regional jet platform • The E175 is the leading 76-seat regional jet serving major U.S. carriers and remains the only scope-compliant aircraft in production within its category • The E175-E2 remains effectively on
Slide 27: American's Regional Strategy
American’s Regional Strategy • In 2025, 57 million passengers boarded American regional flights, approximately 42% of whom connected to or from American mainline flights • To serve these highly profitable markets, American operates under the American Eagle brand through three wholly owned regional c
Slide 28: Aircraft Collateral Summary (1/2)
Aircraft Collateral Summary (1/2) • American has obtained appraisals for the aircraft from AISI, BK, and mba as of July 2026. Appraised Value is approximately $1,767mm 1 • Appraisals indicate a minimum collateral cushion of 40.3% and 24.8% on the Class A and Class B Certificates, respectively, which
Slide 29: Aircraft Collateral Summary (2/2)
Aircraft Collateral Summary (2/2) Appraised Value ($mm) Aircraft Manufacturer Aircraft Engine MTOW Month of Age LMM Base Number Serial Number Body Type Type Type (lbs) Delivery (years) AISI BK MBA Value ($mm) 21 N111ZM Narrowbody Airbus A321-200 V2533-A5 206,100 Feb-14 12.4 31.9 31.0 28.9 30.6 22 N1
Slide 30: American Airlines 2026-2 Certificate Structure
American Airlines 2026-2 Certificate Structure
Slide 31: AAL 2026-2 Detailed Structural Overview
AAL 2026-2 Detailed Structural Overview Each Equipment Note is structured with respect to the asset’s age profile, with younger aircraft amortizing over a longer tenor and older aircraft amortizing faster over a shorter tenor Class A Class B Age 12.5+ Age 12.5+ New delivery New delivery & recently A
Slide 32: Aircraft LTV and Debt Balance Profiles
Aircraft LTV and Debt Balance Profiles Staggered tenors 9.0-yr 12.5-yr $1,200,000,000 80% 8.0-yr 70% $1,000,000,000 7.5-yr 60% $800,000,000 50% $600,000,000 40% 30% $400,000,000 20% $200,000,000 10% $0 0% Class A Debt Balance (LHS) Class B Debt Balance (LHS) Class A LTV (RHS) Class B LTV (RHS) 32 De
Slide 33: Class A and Class B Certificates LTV Comparison
Class A and Class B Certificates LTV Comparison The 2026-2 EETC has a faster deleveraging profile compared to recent EETC transactions Class A Class B 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 Years Years AAL 2026-
Slide 34: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation
Slide 35: 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 36: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation 3 Months Ended 6 Months Ended June 30, Percent June 30, Percent Reconciliation of Operating Income Excluding Net Special Items 2026 2025 Decrease 2026 2025 Decrease (in millions) (in millions) Operating income as reported $ 446 $ 1,135 $ 405 $ 864 Operating net specia
Slide 37: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation 3 Months Ended 6 Months Ended June 30, Percent June 30, Percent Reconciliation of Net Income (Loss) Excluding Net Special Items 2026 2025 Decrease 2026 2025 Decrease (in millions, except share and per share amounts) (in millions, except share and per share amounts) Ne
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