Financial Data and Key Metrics Changes - The company ended the quarter with an operating margin 3 points better than the July guidance ranges, supported by a more reliable operation and effective cost control [24] - Unit revenues for the third quarter were down 2.7% year over year, just above the midpoint of the revised guidance range [19] - Fuel price for the third quarter was $2.49, with fourth quarter expectations between $2.33 and $2.48 [25] Business Line Data and Key Metrics Changes - Premium products continued to outperform core offerings, with premium rising growth up six points relative to core [20] - The TrueBlue loyalty program saw a 12% revenue increase, indicating improved customer satisfaction and network recalibration [20] - The company plans to launch 17 new routes and increase frequency on 12 high-demand markets, representing a 35% year-over-year increase for the IATA winter season [13] Market Data and Key Metrics Changes - The demand environment showed signs of recovery, characterized by strong closing bookings and healthy demand for peak travel [19] - The company is seeing robust demand for premium products, with expectations for continued strength in peak periods [21] - The impact of Hurricane Melissa on operations in Jamaica is still being assessed, with Jamaica representing about 2.6% of the company's capacity in the fourth quarter [23] Company Strategy and Development Direction - The company is focused on enhancing its presence in Fort Lauderdale, aiming to strengthen its position in this key market [10] - Jet Forward plan is on track to generate a cumulative $290 million of incremental EBIT this year, with a focus on operational reliability and customer satisfaction [12][27] - The company is implementing Blue Sky collaboration with United Airlines, expected to enhance customer loyalty and generate significant earnings momentum [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter, citing strong demand for peak period travel and resilience in the premium leisure segment [11] - The company is confident in its ability to restore profitability and is focused on executing its Jet Forward initiatives [12][28] - Management acknowledged the challenges posed by external factors but emphasized the positive trajectory of customer satisfaction and operational improvements [6][12] Other Important Information - The company retired its remaining Embraer E190 aircraft, completing the transition to an all-Airbus fleet [9] - The first airport lounge at JFK is set to open by the end of this year, with a Boston lounge planned for 2026 [18] - The company is on track to launch domestic first class in 2026, with 25% of the retrofit expected to be complete by the end of that year [18] Q&A Session Summary Question: Impact of competitor's Chapter 11 filing on Fort Lauderdale operations - Management noted that the competitor's pull-downs in Fort Lauderdale have created opportunities for JetBlue to increase flights and improve connections [31][33] Question: Government shutdown's impact on revenue - Management indicated that the government shutdown has not had a material impact on operations or demand [45] Question: Incremental contribution from Jet Forward in 2026 - Management stated that Jet Forward is expected to contribute significantly to earnings, with a focus on premium initiatives and operational improvements [40][41] Question: Liquidity and financing needs over the next 12 to 18 months - Management confirmed a modest capital raise is anticipated to support new aircraft deliveries and a convertible debt maturity [42] Question: Reliability and time on wing for A220 fleet - Management acknowledged reliability challenges with the A220 but noted improvements are expected as aircraft return from AOG [77]

Financial Performance & Outlook - 3Q25 performance met or exceeded guidance midpoints[7] - CASM ex-fuel up 3.7% year-over-year[9] - Adjusted operating margin three points better than implied by July guidance ranges[9] - The company expects capital expenditures to trend at or below $1 billion annually beginning in 2026[35] - Interest expense is estimated at approximately $590 million for the full year 2025, reduced by about $10 million[36] Revenue & Demand - 3Q2025 ASMs increased by 0.9% compared to 3Q2024, while guidance was between 0.0% and 1.0%[19] - 3Q unit revenues exceeded midpoint of revised guidance[22] - TrueBlue revenue was up 12% year-over-year[25] Strategic Initiatives - The company plans to launch 17 new routes and increase frequency on 12 high-demand markets from Fort Lauderdale in 2025[12] - Implementation of Blue Sky with United Airlines is on track, with reciprocal loyalty point accrual & redemption launched[9] - A220s represent approximately 25% unit cost improvement versus E190s[33]

Morgan Stanley Laguna Conference September 11, 2025 1 1 Safe Harbor This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historica ...

Financial Performance & Outlook - JetBlue delivered a positive operating margin in 2Q25, meeting or exceeding guidance ranges[6] - JetForward program is increasing its target by $50 million, aiming for $850-950 million in EBIT by 2027[9, 11] - Capital expenditures are expected to trend below $1 billion annually from 2026 through the end of the decade[24] Revenue & Demand - Year-over-year RASM decreased by 1.5% in 2Q25, but exceeded the guidance range[8, 15] - Revenue generated within 14 days of travel increased by 7% year-over-year[20] - 3Q25 RASM is guided to be between -6.0% and -2.0% year-over-year[16] Cost Management & Fleet - CASM ex-Fuel increased by 6.0% year-over-year in 2Q25, outperforming the better end of the guidance range[8] - The company expects AOGs (Aircraft On Ground) to average below 10 for 2025, compared to mid-to-high teens previously[26] - JetBlue is pausing four of 10 planned A320 restyles and selling two XLRs to avoid an orphan fleet[25] Strategic Initiatives - Blue Sky collaboration with United Airlines is expected to add $50 million in incremental EBIT to JetForward[8, 13] - The company realized a total of $90 million incremental EBIT in 1H25 on top of the $90 million EBIT captured in 2024[11]