American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — IPO Roadshow (April 2026)
39 slides from American Airlines's IPO roadshow presentation, Apr 27, 2026
Slide 1: American Airlines, Inc. 2026-1 EETC Investor Presentation
American Airlines, Inc. 2026-1 EETC Investor Presentation April 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 ha
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: Agenda & Presenters
Agenda & Presenters Agenda Presenters 1 Transaction Overview Devon May Chief Financial Officer & 2 Corporate Update Executive Vice President 3 Collateral Overview Clemens Metz Treasurer & Vice President 4 Appendix
Slide 5: Transaction Overview
Transaction Overview
Slide 6: Transaction Overview
Transaction Overview • American Airlines, Inc. (“American”) intends to raise up to $1,140,803,000 through the offering of Series 2026-1 Pass Through Certificates (the “Certificates”) – Class A face amount of $905,038,000 – Class B face amount of $235,765,000 • The Equipment Notes underlying the Cert
Slide 7: 2026-1 EETC Structural Summary
2026-1 EETC Structural Summary Class A Class B Issuance Amount $905,038,000 $235,765,000 Expected Ratings (S&P / Fitch) A / A- BBB / BBB- Initial LTV / Maximum LTV1 59.5% / 59.5% 75.0% / 75.0% Expected Tenor 12.5 years 9.0 years Weighted Average Life 7.7 years 5.5 years Regular Distribution Dates Ma
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 • 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: First-Quarter 2026 Results
First-Quarter 2026 Results • Record first-quarter revenue of $13.9 billion. • On a GAAP basis, first-quarter net loss per diluted share of ($0.58). • Excluding net special items1, first-quarter net loss per diluted share of ($0.40). • Ended the quarter with total debt2 of $34.7 billion, first time u
Slide 11: Position American to Win and Deliver on its Revenue Upside
Position American to Win and Deliver on its Revenue Upside Elevate the Grow the Drive Lead in Customer Global Premium Loyalty Experience Network Revenue
Slide 12: Elevate the Customer Experience
Elevate the Customer Experience Expand premium offerings - Continued rollout of new premium Flagship Suite® on the Boeing 787-9s and Airbus A321XLRs, with plans to extend across the Boeing 777 fleet.—Announced plans to expand Admirals Club® lounges at Austin and Nashville and open new premium Flagsh
Slide 13: Capitalize on Enhanced Premium Offering
Capitalize on Enhanced Premium Offering • Targeted lie flat and premium economy seating growth of approximately 50% by the end of the decade Elevating the Inflight Customer Experience Mainline Fleet In Fleet / Aircraft Families On Order B777 67 / 0 B787 70 / +19 A320 487 / +161 Family1,2 • Boeing 77
Slide 14: Grow the Global Network
Grow the Global Network • Focusing growth at key hubs such as MIA, ORD, PHL and PHX, with improved schedules and product enhancements to win local traffic. • Growing the international-capable fleet to 200 aircraft and increasing lie-flat seats by over 50% by the end of the decade. Maximize value of
Slide 15: Drive Premium Revenue
Drive Premium Revenue - Managed corporate revenue increased 13% year over year.—Premium unit revenue outperformed Main Cabin by 7 points in the first quarter.—Increased upsell through changes to product attributes. Source: Internal data.
Slide 16: Lead in Loyalty
Lead in Loyalty • Industry-leading loyalty program continues to evolve and offers exclusive benefits. Increase AAdvantage® engagement Grow co-branded credit card program - 2026 enrollments on track to exceed 2025’s record levels. - New, expanded agreement with Citi began Jan 1, 2026.—Best airline lo
Slide 17: American Has the Youngest Fleet Among Network Carriers
American Has the Youngest 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 15.3 46% 41% 40% 15.1 39% 38% 31% 28% 19% 14.3 7%
Slide 18: Strong Financial Foundation
Strong Financial Foundation • Ended the quarter with total debt1 of $34.7 billion, first time under $35 billion since mid-2015. • Generated $3.4 billion of free cash flow2 in the first quarter. • Ended the first quarter with $10.8 billion in liquidity and holds more than $27 billion of unencumbered
Slide 19: Collateral Overview
Collateral Overview
Slide 20: 2026-1 EETC Collateral Overview
2026-1 EETC Collateral Overview 32x aircraft | $1,521mm Appraised Value (LMM Base Value) Young and diversified portfolio anchored by new technology, narrowbody aircraft that are mission-critical to American Portfolio Highlights 2026-1 EETC Aircraft Types $1.5bn 90% Narrowbody 10% 32x aircraft Apprai
Slide 21: 2026-1 EETC Collateral Significance in American's Fleet
2026-1 EETC Collateral Significance in American’s Fleet • In the last few years, American has been deliberate in its strategic initiative to operate a fleet that is young, simplified and optimized for efficiency – American is flying fewer aircraft types to maintain fleet flexibility and reduce sched
Slide 22: Long Term Strategic Importance of B777-300ER and A321-200 to American
Long Term Strategic Importance of B777-300ER and A321-200 to American • American began taking delivery of the B777-300ER and A321-200 in 2012 and 2001, respectively. Both aircraft remain core to American’s network today • Recent investments in both the B777-300ER and A321-200 underscore their long-t
Slide 23: Boeing MAX Aircraft
Boeing 737 MAX 8 Aircraft The Boeing 737 MAX 8 offers the greatest versatility and efficiency for core markets • Large, liquid fleet with almost 1,500 in service with over 100 operators, evenly distributed fleet worldwide • As the most popular variant, the B737 MAX 8 serves as the successor to the B
Slide 24: Airbus A321XLR Aircraft
Airbus A321XLR Aircraft The Airbus A321XLR is part of the A320 family and provides a high degree of commonality with other aircraft in the family • The A321XLR is part of the A320 family aircraft, the most successful single aisle aircraft in history with 12,000+ aircraft built and an order backlog o
Slide 25: Airbus A321-200 Aircraft
Airbus A321-200 Aircraft The Airbus A321 is one of the highest in-demand narrowbodies, with demonstrated depreciation resistance • The A321 maintains a large and liquid market, with almost 1,500 in service with 100+ airlines across the globe. It also has great popularity in the ACMI market • Drivers
Slide 26: Boeing 777-300ER Aircraft
Boeing 777-300ER Aircraft Demand is strong for the Boeing 777-300ER given its unique mission capabilities, supply chain challenges, and delays in successor aircraft certification (B777-9) • The B777-300ER was produced for almost two decades and over 800 aircraft were delivered, making it the most su
Slide 27: Aircraft Collateral Summary (1/2)
Aircraft Collateral Summary (1/2) • American has obtained appraisal values for the aircraft from AISI, BK, and mba as of April 2026. Aggregate current aircraft appraised value is approximately $1,521mm • Appraisals indicate a minimum collateral cushion of 40.5% and 25.0% on the Class A and Class B C
Slide 28: Aircraft Collateral Summary (2/2)
Aircraft Collateral Summary (2/2) Aircraft Manufacturer Aircraft Engine MTOW Month of Age Appraisal Value (mm) LMM Base Body Type Number Serial Number Type Type (lbs) Delivery (years) AISI BK mba Value (mm) 21 5980 Narrowbody Airbus A321-200 V2533-A5 205,000 Feb-14 12.2 20.8 23.0 18.4 20.7 22 6027 N
Slide 29: Aircraft LTV and Debt Balance Profile
Aircraft LTV and Debt Balance Profile Structure LTV & Paydown Profile New delivery 9-yr 12.5-yr & recently Age 10 – 11 Age 11 – 12.5 Age 12.5+2,3 Blended delivered $1,000 80% 8-yr Class A $900 70% Size ($mm) $633 $57 $98 $117 $905 $800 7-yr WAL (years) 8.4 – 8.71 6.3 5.9 5.1 – 5.4 7.7 60% $700 Tenor
Slide 30: Class A and Class B Certificates LTV Comparison
Class A and Class B Certificates LTV Comparison The 2026-1 EETC has similar Class A and Class B LTV profiles to AAL 2025-1, despite differences in starting LTV and Weighted Average Age Class A Class B 70% 80% 70% 60% 50% 60% (%) (%) 50% LTV 40% LTV 40% 30% 30% 20% 20% 10% 10% 0% 0% 0 1 2 3 4 5 6 7 8
Slide 31: Appendix
Appendix
Slide 32: Aircraft Supply Shortage Exemplifies Fleet Criticality
Aircraft Supply Shortage Exemplifies Fleet Criticality Used aircraft remain meaningfully relevant to the global fleet given delivery delays, which has also supported robust market values Narrowbody Production Shortfall Widebody Production Shortfall Since 2019, structural supply-chain has driven a su
Slide 33: 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 34: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation 3 Months Ended Percent March 31, Reconciliation of Operating Loss Excluding Net Special Items 2026 2025 Decrease (in millions) Operating loss as reported $ (41) $ (270) Operating net special items: (1) Mainline operating special items, net 14 70 Operating loss excludi
Slide 35: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation 3 Months Ended Percent March 31, Reconciliation of Net Loss Excluding Net Special Items 2026 2025 Decrease (in millions, except share and per share amounts) Net loss as reported $ (382) $ (473) Net special items: Total pre-tax net special items (1), (2) 149 118 Net ta
Slide 36: 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 37: 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 38: Total Debt and Net Debt Reconciliation
Total Debt and 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,
Slide 39: Slide 39