Financial Data and Key Metrics Changes - The company ended the quarter with an operating margin 3 points better than July guidance, supported by a more reliable operation and effective cost control [22][24] - Unit revenues ended the quarter down 2.7% year over year, just above the midpoint of revised guidance [18] - Fuel price came in at $2.49, in the lower half of the revised guidance range, with fourth quarter fuel expected to be between $2.33 and $2.48 [23] Business Line Data and Key Metrics Changes - Premium products continued to outperform core offerings, with premium rising growth up six points relative to core [19] - The TrueBlue loyalty program saw a 12% revenue increase, indicating improved customer satisfaction and network recalibration [19] - The company retired its remaining Embraer E190 aircraft, completing the transition to an all-Airbus fleet [10] Market Data and Key Metrics Changes - The demand environment showed signs of recovery, characterized by strong closing bookings and healthy demand for peak travel [18] - The company is seeing robust demand for premium products, with expectations for continued strength in peak periods [20] - The company anticipates a healthy booking curve normalization into the fourth quarter [20] Company Strategy and Development Direction - The company is focused on expanding its presence in Fort Lauderdale, launching 17 new routes and increasing frequency on 12 high-demand markets [13] - Jet Forward initiatives are expected to generate a cumulative $290 million of incremental EBIT this year, with a commitment to reach $850 to $950 million by 2027 [26] - The company plans to enhance its premium offerings, including the launch of domestic first class and airport lounges [17][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall health of bookings and the resilience of the premium leisure segment [11] - The company has not seen any material impact from the government shutdown, indicating a stable operational environment [9][49] - Management is confident in the trajectory towards profitability, emphasizing the importance of macroeconomic improvements alongside Jet Forward initiatives [36][70] Other Important Information - The company ended the quarter with $2.9 billion in cash and marketable investments, representing 32% of trailing 12 months' revenue [24][25] - The company is on track to open its first airport lounge at JFK by the end of the year, with a Boston lounge set to open in 2026 [17] 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 service [30][32] Question: Government shutdown's impact on revenue - Management clarified that the government shutdown has not had a meaningful impact on operations or revenue [49] Question: Incremental contribution from Jet Forward in 2026 and 2027 - Management indicated that Jet Forward initiatives are expected to contribute significantly to earnings, with a focus on premium products and operational improvements [41][43] Question: Liquidity and financing needs over the next 12 to 18 months - Management stated that a modest amount of capital will be needed for new aircraft deliveries and to address convertible debt maturity, with a focus on cost-effective financing options [44][45] Question: Update on grounded aircraft and forecast for next year - Management reported improvements in GTF challenges, with fewer aircraft expected to be grounded in 2026, allowing for growth [63] Question: Timing for domestic first class implementation - Management confirmed that by the end of 2026, approximately 25% of the non-Mint fleet will be retrofitted for domestic first class [65] Question: Profit decline ex Jet Forward and future improvements - Management acknowledged the challenges but expressed confidence in the momentum from Jet Forward initiatives and operational improvements [68][70]

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]

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 ...