Alaska Air Group, Inc. · NYSE:ALK
Alaska Air — Investor Day (September 2026)
95 slides from Alaska Air's investor day presentation, Sep 29, 2026
Slide 1: 2026 Investor Day | September 29, 2026
2026 Investor Day | September 29, 2026
Slide 2: Table of Contents
Table of Contents Welcome Ryan St. John · VP Finance, Planning & IR Alaska Accelerate Ben Minicucci · CEO A Structurally Resilient Business Shane Tackett · President & CFO West Coast Scale & Relevance Andrew Harrison · Chief Commercial Officer Hawai‘i’s #1 Trusted Airline Diana Birkett Rakow · CEO H
Slide 3: Welcome
Ryan St. John VP Finance, Planning & Investor Relations Welcome 3
Slide 4: Safe Harbor
Safe Harbor This presentation may contain forward -looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933 , Section 21E of the Securities Exchange Act of 1934 , and the Private Securities Litigation Reform Act of 1995 . These statements relate
Slide 5: Alaska Accelerate
Ben Minicucci Chief Executive Officer Alaska Accelerate 5
Slide 6: A proven foundation, strengthened by scale, relevance and loyalty
A proven foundation, strengthened by scale, relevance and loyalty Safety & Remarkable care Cost advantage Balance - sheet Commercial operational & service strength performance excellence Scale Relevance Loyalty A resilient model — now strengthened with a fifth pillar 6
Slide 7: Air Group's path to a stronger commercial platform was accelerated by Hawaiian Airlines
Air Group’s path to a stronger commercial platform was accelerated by Hawaiian Airlines West Coast Global Premium Deep Scale Reach Expansion Loyalty Larger, more diverse network SEA Global Gateway Four-cabin offering Dual brand strategy #1 West Coast position one world ® Aurora & Leihōkū Suites Trus
Slide 8: Connect our guests to the world
1 CONNECT OUR 2 BE HAWAI‘I’S 3 DELIVER A 4 DIVERSIFY GUESTS TO THE TRUSTED AIRLINE REMARKABLE OUR FUTURE WORLD TRAVEL EXPERIENCE Unlock power of new network Be #1 choice for Hawai‘i residents Expand premium footprint Maximize cargo opportunity Create international hub in SEA Grow Hawaiian brand to,
Slide 9: We're executing a complex integration without compromising what matters most
We’re executing a complex integration without compromising what matters most Proven Execution Single Single Single Joint Loyalty Operating Reservation Collective Certificate System Agreements Atmos Rewards launches, Two airlines become one One PSS; Hawaiian Airlines Bringing workgroups into unifying
Slide 10: The foundational work is behind us, the value creation is in front of us
The foundational work is behind us, the value creation is in front of us BUILD THE FOUNDATION ACTIVATE SCALE + HARVEST 2024 2025 2026 2027 2028 2029 2030 Integration & Technology Close AI/Automation Single Employee SOC JCBAs Acquisition E-comm PSS Integration Combine & NRT FCO LHR ATH CDG Network &
Slide 11: We're transforming Air Group into a company with more ways to win
We’re transforming Air Group into a company with more ways to win and greater earnings power Global Premium Loyalty Cargo Network Experience Ecosystem Expansion Aurora Suites Leihōkū Suites Premium Reserve 15 Long -Hauls from Seattle SEA International Lounge 15% of ASMs by 2030 HNL Lounge Innovative
Slide 12: A Structurally Resilient Business
Shane Tackett President and Chief Financial Officer A Structurally Resilient Business 12
Slide 13: The winning airline model has changed, and we are evolving with it
The winning airline model has changed, and we are evolving with it 2000 – 2019 Today Win on costs, at all costs Win on commercial leadership A simple formula rewarded scale and simplicity The model shifted toward differentiated, durable revenue HIGH LOW LOW SCALE RELEVANCE LOYALTY GROWTH COST FARES
Slide 14: Increasing revenue diversity drives margin expansion
Increasing revenue diversity drives margin expansion Transformational Investments Drive % Diversified Revenue Revenue Expansion by 2030 ~60% 53% 47% 38% >40% ~$4 Billion $750 Million Premium Loyalty Cash Cargo Revenues Generation Revenue 2019 2024 2026 2030 Premium Loyalty Cargo/Other Main Cabin A g
Slide 15: Fleet plan supports ~4% annual capacity growth
Fleet plan supports ~4% annual capacity growth Aircraft Deliveries and Retirements Capital Expenditure 31 $1.9B ~$1.7B ~20 -25 annually annually $1.6B 13 11 19 2026 2027 2028 - 30 2026 2027 2028 - 30 Retirements 15 Source: AAG 10 -K Filings / Annual Reports
Slide 16: On track to deliver the full $1 billion of Accelerate initiatives by 2027
On track to deliver the full $1 billion of Accelerate initiatives by 2027, driving $3 - 4 of earnings growth >$10 Fuel at $2.50/gal ~$200M Original fuel assumption for $10 target - Stronger fare environment persists - Elevated interest $1B expense from higher $5 to $6 Fuel at $3.25/gal debt FCF posi
Slide 17: Restoring balance sheet strength is our top priority as earnings recover
Restoring balance sheet strength is our top priority as earnings recover Adjusted Net Debt/EBITDAR Share Repurchases 4.5x ~4.7x Debt -to-Capitalization ~70% Fuel at $4/gal 3.0 x 2.4x $570 ~1.6x $312 Fuel at $250 58% 59% 67% ~58% $2.50/gal $180 2024 2025 2026 2027 2024 2025 2026 2027 Remaining author
Slide 18: We remain committed to long-term financial targets
We remain committed to long -term financial targets 11-13% pre-tax margin and 1.5x Double - digit FCF positive growing as capex moderates return on invest capital >$10 net leverage & earnings normalize earnings per share 2027 Free Cash @ $5.50 EPS $7.50 EPS $10 EPS Flow Conversion ~5% ~40% >60% ~ $2
Slide 19: West Coast Scale and Relevance
Andrew Harrison Chief Commercial Officer West Coast Scale and Relevance 19
Slide 20: Scale, relevance and loyalty create more resilient revenue
Scale, relevance and loyalty create more resilient revenue Scale Relevance Loyalty Leading positions in large Segmented products Award -winning globally connected markets with a premium experience rewards platform with powerful card economics Diversified Revenue and Earnings Stability 20
Slide 21: West Coast Scale
West Coast Scale 21
Slide 22: West Coast leadership creates a powerful platform for growth
West Coast leadership creates a powerful platform for growth Alaska Airlines West Coast guest share 1 AK, CA, HI, ID, MT, OR, WA 21% 17% 13% #4 #3 #1 2014 2019 2025 2030 #1 position in over 311 k O&D guests gives Alaska the scale to expand reach, deepen loyalty and diversify revenue 22 DB1B demand Y
Slide 23: Our leading West Coast position extends well beyond guest share
Our leading West Coast position extends well beyond guest share West Coast position vs #2 WN % Guest share 21% #1 +1pt vs #2 Airports served 60+ #1 UA +21 vs #2 Daily seats 31% #1 WN +8pts vs #2 Premium seats >17K #1 UA +4k vs #2 23 Note: West Coast = AK, CA, HI, ID, MT, OR, WA; Published schedules
Slide 24: Pacific Northwest
Pacific Northwest 24
Slide 25: Air Group's Pacific Northwest scale is unmatched
Air Group’s Pacific Northwest scale is unmatched SEATTLE PORTLAND ALASKA #1 Guest share 53% AAG share; +30pts vs #2 #1 Guest share 47% AAG share; +32pts vs #2 #1 Guest share 66% AAG share; +54pts vs #2 #1 Daily seats 2x vs #2 #1 Daily seats 4x vs #2 #1 Daily seats 10x vs #2 #1 Destinations 110 vs 64
Slide 26: Seattle
Seattle 26
Slide 27: Seattle anchors our Pacific Northwest advantage
Seattle anchors our Pacific Northwest advantage Leading network depth Seattle scale drives relevance & loyalty Leading network reach 110 Destinations, nearly double the #2 competitor #1 UA seats Best utility for guests DL 17pts more utility than competition Deep & engaged loyalty base SEA SFO LAX 46
Slide 28: Five growth levers will expand our Seattle leadership
Five growth levers will expand our Seattle leadership At least 8 points of incremental Seattle metro area local share by 2030 Increase Gauge Add Frequency Scale Paine Field Optimize Hub Flows Grow Long - Haul 50%+ more seats on Room to grow SEA Additional gates Shift flows to PDX to Directly serve ~
Slide 29: Seattle Long-Haul
Seattle Long -Haul 29
Slide 30: Long-haul unlocks larger, higher-value revenue pools in SEA
Long -haul unlocks larger, higher -value revenue pools in SEA SEA Intercontinental is 30% of all Seattle revenue PREMIUM DEMAND CORPORATE DEMAND LOYALTY DEMAND +10pt 38% 65% Premium revenue mix of corporate spend is of guests intend versus domestic on long - haul itineraries to travel globally More
Slide 31: Our global long-haul franchise will match the scale of our Seattle hub
Our global long -haul franchise will match the scale of our Seattle hub Number of Global Long - Haul Routes Nonstop long - haul network utility Percent of Seattle global long -haul demand that could be served nonstop by Alaska #1 7 10 15 25% 30 % Today By 2028 By 2030 15% 0% 2024 2025 2026 2027 2030
Slide 32: Rapidly growing long-haul franchise drives higher-quality revenue mix
Rapidly growing long -haul franchise drives higher -quality revenue mix AAG long - haul ASMs 2030 long - haul network mix % of total ASMs % of total ASMs +7pts Initial growth in SEA, vs 2026 optimization of HNL Atlantic 15% Pacific 8% 7% 2024 2026 2030 +9pts global long haul unit revenue growth vers
Slide 33: Long-haul flying is attracting new guests and deepening loyalty
Long - haul flying is attracting new guests and deepening loyalty Greater corporate relevance New customers & deeper loyalty We’re winning more long - haul …and bringing in both new travelers and corporate traffic than our fair share… those with deep brand loyalty to Alaska ~30% of guests are new to
Slide 34: Four initiatives help drive long-haul franchise to system-level margins by 2030
Four initiatives help drive long - haul franchise to system - level margins by 2030 Product Global Joint Network Revenue Crew Basing Investments Businesses Management Optimization Premium Economy launch Deeper integration with True Origin & Destination SEA long -haul B787 and B787 -10 arrival plus e
Slide 35: We're elevating the onboard experience to capture premium demand
We’re elevating the onboard experience to capture premium demand AURORA CHECK - IN AURORA LOUNGE AURORA SUITES Airport signage Dedicated check - in Premium lounge Lie - flat seats Meals Onboard product LEIHŌKŪ CHECK - IN HONOLULU LOUNGE LEIHŌKŪ SUITES 35
Slide 36: Introducing Premium Reserve
INTRODUCING Premium Reserve 36
Slide 37: Premium Reserve on the Alaska Airlines 787
Premium Reserve Alaska Airlines on the 787 37
Slide 38: Premium Reserve on the Hawaiian Airlines A330
Premium Reserve Hawaiian Airlines on the A330 38
Slide 39: Premium Reserve completes our international product portfolio
Premium Reserve completes our international product portfolio International widebody Alaska 787 -9/10 | Hawaiian A330 NEW Aurora and Premium Premium Class Main Cabin Leihōkū Suites Reserve 39
Slide 40: Our premium experience extends across the entire guest journey
Our premium experience extends across the entire guest journey Aurora Lounge Aurora Suites Aurora Check - In Premium Reserve Seatac Airport 40
Slide 41: We plan to join the Atlantic and Pacific Joint Businesses
We plan to join the Atlantic and Pacific Joint Businesses to strengthen our international guest proposition of U.S. carriers’ global long - haul >85% capacity operates within immunized joint businesses Atlantic Joint Business Key advantages from joint businesses: More useful network Joint planning o
Slide 42: Revenue management systems and crew efficiencies improve long-haul economics
Revenue management systems and crew efficiencies improve long -haul economics New revenue management tools on track The cost to ramp international to deliver run -rate value by end of 2027 flying moderates by 2028 Start - up cost drag from training and qualifications will decrease as fleet grows Cre
Slide 43: Portland
Portland 43
Slide 44: Portland is a large local market with attractive growth opportunities
Portland is a large local market with attractive growth opportunities Annual revenue by top Western -U.S. cities Portland’s size matters HNL #6 and Alaska is already winning nearly 50% of O&D passengers Portland is SLC #7 among the top -10 Top -25 U.S. metro economy largest markets ~$220B GDP (2023)
Slide 45: Focused growth is strengthening Portland and the broader network
Focused growth is strengthening Portland and the broader network Portland growth – 1H26 vs. 1H23 1.3x 5x growth in seats growth in flow traffic These guests were previously flowing over SEA PDX banking took … increasing PDX … strengthening PDX … and maintaining pressure off loyalty penetration local
Slide 46: Portland's state-of-the-art facilities support future growth
Portland’s state -of-the-art facilities support future growth Alaska Lounge Portland Terminal Alaska Lounge Alaska Lounge Portland Lobby 46
Slide 47: Together, Seattle and Portland create a powerful platform for Pacific Northwest growth
Together, Seattle and Portland create a powerful platform for Pacific Northwest growth + >8pts share Path to 2030 growth by 2030 + >8pts share by 2030 Expand our Pacific Northwest franchise + >8 pts share Further build Seattle, grow Portland by 2030 and maximize network connectivity Build Seattle’s
Slide 48: West Coast Relevance
West Coast Relevance
Slide 49: The West Coast is built for premium
The West Coast is built for premium WEST COAST ECONOMY HOUSEHOLD INCOME PREMIUM PREFERENCE $5.9T $200K+ 2.9x Would rank 3rd largest Earned by 1 in 5 households More likely to pay in the world by GDP for an upgraded seat Our c ore markets position us to capture premium revenue growth 49 Source: Inter
Slide 50: Our network is uniquely positioned to benefit from premium demand
Our network is uniquely positioned to benefit from premium demand Our North American stage length Premium demand increases with 25% of our flights are over 4 hours — is ~35% longer than the Big 4 average stage length more than 2x the Big 4 average Increase in unit revenue over Main Cabin 70% of Alas
Slide 51: Premium Domestic Transcon
PREMIUM DOMESTIC TRANSCON on the 737 -10 MAX 51
Slide 52: Aurora Suites
AURORA SUITES PREMIUM TRANSCON on the 737 -10 MAX 52
Slide 53: Premium Reserve
Premium Reserve PREMIUM TRANSCON on the 737 -10 MAX 53
Slide 54: Main Cabin
Main Cabin PREMIUM TRANSCON on the 737 -10 MAX 54
Slide 55: Product investments will increase our premium revenues to over 40% by 2030
Key to our margin expansion, product investments will increase our premium revenues to over 40% by 2030 Aurora & Leihōkū Suites Low - Cost Expansion of Premium Focus Segmented Refreshed widebody lie -flat Suites, Product Products industry -leading business class on 787s and A330s 40%+ 38% 36% Aurora
Slide 56: We are building a product for everyone, across all customer segments
We are building a product for everyone, across all customer segments — including narrowbodies Aurora Suite Widebody Aurora Suite Narrowbody Premium Reserve Premium Class Main + Saver Narrowbody Leihōkū Suite Widebody Narrowbody Narrowbody 56
Slide 57: California
California
Slide 58: Alaska is relevant in key California markets with room to grow
Alaska is relevant in key California markets with room to grow NORTHERN CALIFORNIA L.A. BASIN SAN DIEGO #1 PNW Guest Share 46% AAG share; +19pts vs #2 #1 PNW Guest Share 61% AAG share; +44pts vs #2 #1 PNW Guest Share 70% AAG share; +52pts vs #2 #1 Hawai‘i Guest Share 51% AAG share; +20pts vs #2 #1 H
Slide 59: San Diego is a premium market where Alaska can win
San Diego is a premium market where Alaska can win Top -20 U.S. metro economy ~$330B GDP (2023); +35% vs 2019 ~$110K median household income ~34% above the U.S. average (2024) Growing corporate base Qualcomm, Sempra, Petco AS Brand preference Doubled since 2019 59 Source: Diio schedules YE 2026 ; Ho
Slide 60: San Diego growth playbook is delivering strong results
San Diego growth playbook is delivering strong results Utility is driving growth in New markets Corporate, Atmos engagement maturing as expected (Y/Y TRASM, representative new market) +28% +5% +45% +15% +27% 2024 2026 2024 2026 2024 2026 Q1 Q2 Active Members Card Growth Corp Market Share San Diego w
Slide 61: Our investments span the entire San Diego journey
Our investments span the entire San Diego journey Alaska Lounge SAN Lobby First Class 50 nonstops from SAN 61
Slide 62: We have a clear path to strengthen our San Diego position by 2030
We have a clear path to strengthen our San Diego position by 2030 Path to 2030 growth + >5pts share by 2030 Scale efficiently through gauge Continue to move frequency to mainline Extend our reach through one world Leverage partnerships to serve more of the market Strengthen our premium brand Complet
Slide 63: Hawai'i's #1 Trusted Airline
Diana Birkett Rakow CEO, Hawaiian Airlines Hawai‘i’s #1 Trusted Airline 63
Slide 64: Hawai'i
Hawai‘i
Slide 65: We have the most scale and relevance in the most premium market from the West Coast
We have the most scale and relevance in the most premium market from the West Coast CONTINENTAL U.S. NEIGHBOR ISLAND INTERCONTINENTAL #1 Guest Share 41% AAG, +19pts vs #2 #1 Guest Share 70% AAG, +44pts vs #2 #2 Guest Share 21% AAG, #1 with one world #1 Nonstop Routes 18 routes, +8 vs #2 #1 Nonstop R
Slide 66: The combination of Alaska and Hawaiian is delivering meaningful value across our Hawai'i franchise
The combination of Alaska and Hawaiian is delivering meaningful value across our Hawai ‘i franchise More schedule choice for consumers Better utilization of aircraft +18pts +28pts +30pts +19pts +26% +14% +11% 93% 94% 94% 90% 14.1 14.4 10.6 11.8 12.4 11.4 HNL OGG KOA LIH A321 A330 787 2026 AAG one -
Slide 67: Hawai'i's diversity drives repeat visitation and resilient demand
Hawai‘i’s diversity drives repeat visitation and resilient demand Kaua‘i LIH Hawai‘i Island KOA O‘ahu HNL Maui OGG Hawai‘i Island ITO 67
Slide 68: As the most preferred brand flying to and within Hawai'i, we are uniquely positioned
As the most preferred brand flying to and within Hawai‘i, we are uniquely positioned to serve this market 9.6M West Coast — Hawai‘i is the largest market Annual Visitors 75% 25% 1.4M West Coast origin Hawai‘i origin Hawai‘i Residents It’s not only visitors we fly — we are Hawai‘i’s most trusted airl
Slide 69: Hawai'i is one of the most valuable premium leisure markets
Hawai‘i is one of the most valuable premium leisure markets The average West Coast guest who flies to Hawai‘i… If a status holder, Has an income Spends travels and spends 40% more 50% more 4x more than our average guest with us with us 69 Source: Internal AAG customer data, loyalty data and external
Slide 70: We are positioned to win the West Coast visitor
We are positioned to win the West Coast visitor with the most fights, top brand and unparalleled experience We lead the #1 preferred brand for We’re building the Primed for West coast to Hawai‘i travel to Hawai‘i #1 premium product international recovery #1 share in 12 of top 13 markets Authentic Ha
Slide 71: Our premium Hawai'i experience extends across the entire guest journey
Our premium Hawai‘i experience extends across the entire guest journey Elevated Honolulu Lobby Chef Sheldon Refreshed Main Cabin Design Hawaiian Airlines Featured Chef Elevated Main Cabin Menu 71
Slide 72: The only four class cabin offering at scale between North America and Hawai'i
The only four class cabin offering at scale between North America and Hawai‘i with ~40% premium mix creates a meaningful advantage Leihōkū Suites Premium Reserve Leihōkū Check - In & Priority Security New HNL Lounge Premium experience also positions us to capitalize as the preferred brand for HNL in
Slide 73: We can now serve the breadth of 1.4 million local travelers' needs
We can now serve the breadth of 1.4 million local travelers’ needs Hawai‘i residents fly 30% more than the U.S. average Scale Relevance Loyalty • 4x nonstop or one -stop destinations • #1 trusted airline brand in Hawai‘i • 70% of residents are Atmos members from Hawai‘i vs. pre -combination • Busine
Slide 74: Air Group is positioned to grow Hawai'i market share
Air Group is positioned to grow Hawai‘i market share through deeper scale, relevance and loyalty Path to 2030 growth + >10pts share Optimize combined network & fleet by 2030 Continue to broaden network utility and upgauge Neighbor Island flying Grow cargo opportunity Extend proven cargo model to mee
Slide 75: Generating ~$4 Billion in Cash Remuneration by 2030
Brett Catlin SVP, Network, Partnerships and Loyalty Generating ~$4 Billion in Cash Remuneration by 2030 75
Slide 76: Loyalty
Loyalty 76
Slide 77: Launched in 2025, Atmos Rewards is our award-winning global loyalty platform
Launched in 2025, Atmos Rewards is our award -winning global loyalty platform Best Innovation in Airline Loyalty Best New Personal Credit Card Best Airline Rewards Program Best Overall Elite Program Best Ultra -Tier Elite Status 77
Slide 78: With Atmos, we're building a global rewards program for all types of travelers
With Atmos, we’re building a global rewards program for all types of travelers INDUSTRY FIRST INDUSTRY FIRST Choice Accrual Communities Unlocked Experiences All members can choose to All members can choose to join one All members have access to earn points by fare paid, distance flown of six geograp
Slide 79: Atmos launch engaged new cohorts of guests, driving a step-change in growth
Atmos launch engaged new cohorts of guests, driving a step -change in growth Active Member Growth New Member Dynamics 13% CAGR Younger Two years younger on average 3% CAGR More geographically diverse Majority from outside our core markets More globally oriented 7% more taking long -hauls 2019 2024 2
Slide 80: The launch of Atmos also accelerated card portfolio growth across every metric
The launch of Atmos also accelerated card portfolio growth across every metric 2024 TO 2026 CARD GROWTH +1M +13% New co -brand Card cardholders spend +$4B to +23% Annual cash $16B remuneration Program valuation Co -brand cardholders and card spend metrics include all Alaska and Hawaiian co -brand ca
Slide 81: Loyalty cash generation is outperforming our original Alaska Accelerate target
Loyalty cash generation is outperforming our original Alaska Accelerate target Program Cash Growth How we’re achieving 12% CAGR 2027 growth $3.1B Core Growth & $2.8B 2024 IR day target ($2.9B) Synergies $320M Card Product 9% CAGR Expansion $510M $2.2B & Bank Economics $1.5B Program Refresh $70M Tota
Slide 82: Our Atmos co-brand portfolio is one of the largest in the United States
Our Atmos co -brand portfolio is one of the largest in the United States National Survey of Top Co - Brand Cards (2025) Purchase Volume Atmos Rewards delivers 1.5x the co - brand purchase volume of the four largest U.S. carriers when adjusting for airline size Costco Large U.S. Amazon Marriott Hilto
Slide 83: New products and features launching in 2027 will drive further growth
New products and features launching in 2027 will drive further growth Deeper Global Bank Expanded & Enhanced Integrations Debit & Credit Card Portfolio Unique and expanded co -brand relationship with Bank of America creates meaningful future growth potential ~75% ~25% of U.S. Cards of U.S. Cards Add
Slide 84: Debit card launches early next year, with many first-to-market features
Debit card launches early next year, with many first -to-market features Atmos Rewards Debit Card Market opportunity: • >40% of all U.S. card spend is on debit products • Popular with next gen and new -to- country guests Unique, high -value, product proposition: • Choose a card design • Earn points
Slide 85: New initiatives deliver an incremental $400M+ in program cash by 2030
New initiatives deliver an incremental $400M+ in program cash by 2030 +$210M $435M Expanded & Total Incremental Enhanced Debit & Program Cash Credit Card Portfolio +$225M Deeper Global Bank Integrations 85
Slide 86: Atmos is positioned to deliver double-digit growth and ~$4 billion of program cash by 2030
Atmos is positioned to deliver double -digit growth and ~$4 billion of program cash by 2030 13% CAGR 10% CAGR 25M $3.9B 2024 IR day target ($2.9B) 17M $3.1B 12M $2.2B 2024 2027 2030 2024 2027 2030 Active Member Growth Program Cash Growth Active members as of December 31, 2025 defined as those with e
Slide 87: Growing Cargo to a $750M Business
Ian Morgan VP Cargo Growing Cargo to a $750M Business 87
Slide 88: Cargo
~ — Se - - > a at > —— =
Slide 89: Market-leading franchise in state of Alaska provides strong foundation for cargo growth
Market -leading franchise in state of Alaska provides strong foundation for cargo growth Historically a ~$130M business with 37% market share in state of Alaska 5 dedicated 737 freighters Service to 17 small communities provides final mile services to individual shippers and large entities Primary l
Slide 90: Cargo growth is outpacing the industry and increasing its contribution to our business
Cargo growth is outpacing the industry and increasing its contribution to our business Cargo revenue as a % of total Cumulative growth since ‘24 60% Cumulative cargo revenue growth since 2024 2x 60% The growth of the 2.6% next-fastest large carrier 1.8% Large U.S. Alaska 19% Large U.S. 3x The large
Slide 91: Increasingly diversified cargo business is expected to grow toward ~$750M in revenue
Increasingly diversified cargo business is expected to grow toward ~$750M in revenue and contribute 1 point of margin by 2030 NEW NEW NEW NEW STATE OF ALASKA STATE OF HAWAI‘I LOWER 48 INTERNATIONAL ACMI ANCILLARY/OTHER • Dedicated freighter + • Dedicated freighter + • Belly capacity • Long -haul fly
Slide 92: We have a unique opportunity to deepen our leadership in Alaska and build in Hawai'i
We have a unique opportunity to deepen our leadership in Alaska and build a similar position in Hawai‘i ALASKA HAWAI‘I TOTAL ADDRESSABLE MARKET 37% share of statewide air cargo 50% 6% 50% share of inter - island air cargo ~$500M Core regions remain • Largest in -state freighter network • New dedicat
Slide 93: Closing
Shane Tackett President & Chief Financial Officer Closing 93
Slide 94: By 2030, our commercial engine will be fully harvesting and drive 2-3 pts of additional margin
By 2030, our commercial engine will be fully harvesting and drive 2 -3 pts of additional margin expansion > 40% ~$4 Billion ~$750 Million ~60% Premium Loyalty Cash Cargo Revenue Diversified Revenues Generation Cargo will generate ~$750 Revenue Over 40% of revenue will Atmos Rewards and our million o
Slide 95: 2026 Investor Day | September 29, 2026
2026 Investor Day | September 29, 2026