ALASKA AIR GROUP Q2 2025 Earnings | July 23, 2025 Safe Harbor 2 Earnings Update 3 □ Reported Q2 2025 financials reflect consolidated results, while comparable prior year periods exclude Hawaiian results. Commentary on Q2 performance and forward-looking guidance is compared to pro forma periods as if the acquisition had occurred January 1, 2023. We believe this basis of comparison is relevant for understanding our expected results. □ Air Group's adjusted earnings per share of $1.78 exceeded the high end of o ...