Alaska Air Group Says Two-Thirds of $1B Profit Goal Captured

Premium Reserve is scheduled to debut in 2028; new Alaska and Hawaiian lounges are planned for late 2027 and 2028.

Rhea-AI Filing Summary

Alaska Air Group outlined the next phase of Alaska Accelerate, targeting $1 billion in incremental profit by 2027; the company said roughly two-thirds has been captured. The target includes $500 million of merger synergies from combining Alaska and Hawaiian. Three of four integration milestones are complete, with joint collective bargaining under way.

By 2030, Alaska Air Group expects premium revenue to exceed 40% of total revenue, versus 35% today, and diversified revenue to approach 60%, versus 53% today. It expects nearly $4 billion in annual Atmos Rewards cash flow and a cargo business generating $750 million in revenue; it plans to expand Seattle service to at least 15 intercontinental destinations.

Premium Reserve, a new premium economy cabin, is planned to roll out in 2028 on Alaska and Hawaiian aircraft. New lounges in Seattle, Honolulu and San Diego are planned to open from late 2027 through 2028. Atmos Rewards members can choose flight-earning methods starting October 1, 2026, for flights departing January 1, 2027, or later.

Filing Explained

At $2.50 per gallon fuel, 2027 EPS is projected above ten dollars, versus five to six dollars at $3.25 per gallon.

This Form 8-K furnishes the company’s Investor Day materials and related releases; those materials project $1.6 billion of 2026 capital spending and adjusted net debt/EBITDAR of about 4.7x in 2027.

For 2027, the presentation shows potential EPS above $10 with fuel at $2.50 per gallon, versus $5 to $6 at $3.25 per gallon; it identifies fuel as the largest near-term earnings headwind.

The presentation says the remaining share-repurchase authorization is expected to fully offset dilution in 2027.

The company says the Item 7.01 information is furnished under Regulation FD and is not deemed filed for Section 18 purposes or incorporated by reference elsewhere unless specifically referenced.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Incremental profit target: $1 billion Integration milestones: 3 of 4 completed Premium revenue: More than 40% +4 more

7 metrics

Incremental profit target $1 billion Alaska Accelerate target by 2027; roughly two-thirds captured; includes $500 million of merger synergies

Integration milestones 3 of 4 completed Major integration milestones

Premium revenue More than 40% Expected share of total revenue by 2030, versus 35% today

Diversified revenue Approach 60% Expected share of total revenue by 2030, versus 53% today

Atmos Rewards cash flow Nearly $4 billion annually Company expectation for 2030

Cargo revenue $750 million Company target for 2030

Seattle intercontinental destinations At least 15 destinations Company expectation by 2030

Key Terms

Single Operating Certificate, Adjusted Net Debt/EBITDAR, Program cash, immunized joint businesses

4 terms

Single Operating Certificate technical

"a Single Operating Certificate"

An authorization from aviation regulators that allows an airline (or merged airlines) to operate all flights under one Air Operator Certificate; a "single operating certificate" means pilots, crews, aircraft and procedures are governed by the same regulatory approval. It matters to investors because obtaining one certificate signals completion of operational integration after a merger or restructuring, affecting cost structures, scheduling flexibility and regulatory risk in a tangible way.

Adjusted Net Debt/EBITDAR financial

"Adjusted Net Debt/EBITDAR"

Program cash financial

"Program cash includes co-brand cash from issuer and network partners"

immunized joint businesses regulatory

"operates within immunized joint businesses"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much of ALK's $1 billion profit target has Alaska Air Group captured?

Alaska Air Group said it has captured roughly two-thirds of its $1 billion incremental profit target and remains on track to achieve the full amount by 2027. The target includes $500 million of merger synergies from combining Alaska and Hawaiian.

When can ALK Atmos Rewards members choose how to earn flight points?

Members can begin choosing on October 1, 2026, for flights departing January 1, 2027, or later. The options are earning based on distance traveled, price paid or segments flown. Current members who do not choose continue earning based on distance; members who join on or after January 1, 2027, default to price paid.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/29/2026 - 08:11 AM Accepted by SEC EDGAR 09/29/2026 - 08:10 AM Learn about SEC filing dates

0000766421false00007664212026-09-292026-09-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

September 29, 2026

(Date of earliest event reported)

ALASKA AIR GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-8957						91-1292054
(Commission File Number)						(IRS Employer Identification No.)

19300 International Boulevard

Seattle

Washington

98188

(Address of Principal Executive Offices)

(Zip Code)

(206) 392-5040

(Registrant's Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Ticker Symbol			Name of each exchange on which registered
Common stock, $0.01 par value			ALK			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

This document is also available on our website at http://investor.alaskaair.com.

ITEM 7.01. Regulation FD Disclosure

On September 29, 2026, the Company hosted its Investor Day in Seattle and live via webcast. In conjunction with Investor Day, the Company issued certain press releases, which are furnished as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 to this Form 8-K. Materials used in the Investor Day presentation are furnished as Exhibit 99.4 to this Form 8-K.

Pursuant to 17 CFR Part 243 (Regulation FD), Air Group is submitting these press releases and supplemental materials. In accordance with General Instruction B.2 of Form 8-K, the information under this item, including all Exhibits, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

These releases 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 to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a discussion of risks and uncertainties that may cause our forward-looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate operations following the acquisition of Hawaiian Holdings, Inc. and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.

ITEM 9.01.  Financial Statements and Exhibits

Exhibit Number Exhibit Description

99.1						Alaska Accelerate Press Release
99.2						Aurora and Leihōkū Press Release
99.3						Atmos Rewards Press Release
99.4						Investor Day Presentation
104						Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALASKA AIR GROUP, INC.                                                                           

Registrant

Date: September 29, 2026

/s/ EMILY HALVERSON

Emily Halverson

Vice President Finance, Controller, and Treasurer

Sept. 29, 2026

Contact: 

Media Relations                          

newsroom@alaskaair.com

Alaska Air Group enters activation phase of Alaska Accelerate,

building a more global, premium and diversified airline

•Alaska Accelerate is moving from foundation-building to activation, with completed integration milestones, new growth engines and roughly two-thirds of the $1 billion incremental profit plan already captured

•The company is investing in the areas driving airline value today: premium experiences, global connectivity, network breadth, loyalty and cargo

•The plan includes new flagship premium experiences for Alaska Airlines and Hawaiian Airlines, a new Premium Reserve cabin, new lounges, expanded Atmos™ Rewards financial products, at least 15 long-haul intercontinental destinations by 2030, a larger cargo platform and continued investment in the company’s Kahuʻewai Hawaiʻi Investment Plan

SEATTLE – Alaska Air Group announced the next phase of its Alaska Accelerate strategic plan during its 2026 Investor Day in Seattle, outlining how the combined airline is moving from integration to activation as it builds a more global, premium and diversified airline with stronger earnings power.

The strategy reflects a deliberate choice to evolve Alaska’s model for an industry increasingly defined by scale, relevance and loyalty – connecting guests to more places, delivering products and experiences that matter, and turning loyalty into a greater competitive advantage – while retaining Alaska’s historic strengths in safety, operational performance, care and financial discipline.

"Alaska Accelerate is about shaping our future and doing it in a way that builds on Alaska and Hawaiian’s 90+ year legacies while setting a new standard for what air travel should be," said Ben Minicucci, CEO of Alaska Air Group. "The acquisition of Hawaiian Airlines did not create a new strategy – it accelerated one we had already built. The heavy lifting is behind us, the value

creation is in front of us, and we are entering the phase where the investments we have made in premium products, global connectivity, loyalty, cargo and Hawaiʻi increasingly show up in our results."

What we’ve delivered

When Alaska Air Group launched Alaska Accelerate in December 2024, the company set out to restore earnings power, strengthen its competitive position and deliver $1 billion in incremental profit by building a broader network, a stronger commercial platform, deeper customer engagement and a more diversified earnings base.

Since then, Alaska has:

•Captured roughly two-thirds of the $1 billion incremental profit target and remains on track to achieve the full amount by 2027. The $1 billion of incremental profit is inclusive of $500 million of merger synergies from the combination of Alaska and Hawaiian.

•Completed three of four major integration milestones, including a single loyalty program, a Single Operating Certificate and a single passenger service system. Joint collective bargaining with represented workgroups is under way.

•Optimized the combined network and launched long-haul international service from Seattle: Started nonstop flights to London, Rome, Reykjavik, Tokyo and Seoul. Announced Paris and Athens starting in spring 2027 and expanding to at least 15 intercontinental destinations from Seattle by 2030.

•Introduced Atmos Rewards, bringing the loyalty programs of Alaska Airlines and Hawaiian Airlines together in one award-winning platform. Since launch, active membership has accelerated from about 3% annual growth from 2019 to 2024 to roughly 13% by 2027, more than four times the prior pace. We expect the program to generate nearly $4 billion in cash flow annually by 2030.

•Introduced and expanded Huaka‘i by Hawaiian, a benefits program designed exclusively for Hawai‘i residents that further deepens loyalty engagement.

•Placed the largest fleet order in its history, growing from 400+ aircraft to 550 by 2035. Alaska has the youngest and most fuel-efficient fleet among the major carriers.

•Expanded Alaska Airlines’ premium cabins, with nearly one-third of seats across the West Coast now in premium cabins.

•Continued investing in the guest experience, including airport improvements, new lounges and free Starlink Wi-Fi sponsored by T-Mobile.

•Increased revenue outside the main cabin by five points in two years, with a goal to grow that mix from 53% today to 60% over time through premium products, international growth, Atmos Rewards and cargo.

"We know what a winning airline looks like, and we’ve been building towards it proactively," said Shane Tackett, President and Chief Financial Officer at Alaska Airlines. "We have captured roughly two-thirds of our $1 billion earnings target, and the next phase is about activating the investments that make our business more durable."

Alaska Accelerate covers four areas:

Deliver a remarkable travel experience

Alaska Air Group is investing across the travel journey, from booking and the airport experience to lounges, cabins and loyalty, with a focus on the longer-haul markets where guests place the greatest value on comfort, privacy, space and service. By 2030, we expect premium revenues to exceed 40% of total revenue, up from 35% today.

Today, the company announced investments in the Alaska and Hawaiian guest experiences with the unveiling of Aurora and Leihōkū, the introduction of Premium Reserve, new Lounges and fleetwide upgrades, and the enhancement of Atmos Rewards.

“We already have the scale and customer base – now we are making sure we have the right product for every trip our guests take,” said Andrew Harrison, Chief Commercial Officer at Alaska Airlines. “Aurora, Leihōkū and Premium Reserve close important product gaps across international, Hawaiʻi and premium transcontinental flying, giving us more ways to compete for high-value demand while preserving the distinct identity of the Alaska Airlines and Hawaiian Airlines brands.”

Connect guests to the world

Alaska Air Group is using the strength of its number one West Coast franchise, including the Pacific Northwest, California and Hawaiʻi, to build Seattle into a true global gateway and create a more relevant network for guests, corporate customers and Atmos Rewards members.

•Alaska serves 110 destinations from Seattle, nearly twice as many as the next-largest competitor.

•The company serves seven intercontinental destinations today and expects to grow to 15 by 2030.

•Long-haul flying across our network is expected to grow from about 8% of capacity today to approximately 15% by 2030.

Be Hawaiʻi's trusted airline

•The Hawaiian Airlines brand is the number one preferred brand to Hawaiʻi and the number one trusted airline brand in Hawaiʻi, while 70% of Hawaiʻi residents are now Huakaʻi by Hawaiian members.

•Hawaiian Airlines joined the oneworld alliance, giving guests access to a global network of leading airline partners and strengthening Honolulu as an international hub.

•We announced the fleet transition for Neighbor Island service, ensuring greater long-term reliability, more value for residents and a significantly improved customer experience while preserving local service.

Alaska Air Group is continuing its investment in Hawaiian Airlines and the communities it serves, with new milestones achieved in the Kahuʻewai Hawaiʻi Investment Plan. Hawaiʻi represents both a major visitor opportunity and an essential resident market: 9.6 million visitors travel to Hawaiʻi each year, 1.4 million residents depend on air travel for everyday life, and Hawaiʻi residents travel approximately 30% more than the U.S. average.

Diversify our future

Alaska Air Group is focused on increasing the share of revenue that comes from outside the main cabin; including more revenue from premium, international, loyalty and cargo. These are higher margin revenue streams that are less dependent on domestic fare levels, and more resilient through cycles. By 2030, the company expects diversified revenue to approach 60% of total revenues, up from our current mark of 53% as we continue to invest in the following areas:

•We are bringing international premium economy cabins to our widebodies and we will take delivery of a new premium oriented 737-MAX narrowbody for transcontinental and other markets where there is strong demand fit.

•We will continue to drive double digit annual growth in remuneration from Atmos Rewards.

•We will more than double the size of our cargo business. Cargo revenue has grown approximately 60% since 2024, and the company sees a clear path to $750 million in

cargo revenue by 2030, including opportunities in Hawaiʻi freighter flying, mail, international belly capacity and broader network connectivity.

Together, these investments advance Alaska Air Group’s plan to build a company with more ways to win: a more global network, a more complete premium proposition, deeper customer engagement, a stronger Hawaiʻi franchise, a larger cargo business and a more diversified revenue base designed to support durable earnings growth through the cycle.

Learn more about Alaska Accelerate, follow product and network updates, and explore Atmos™ Rewards and oneworld benefits at alaskaair.com and news.alaskaair.com.

About Alaska, Hawaiian and Horizon

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. Members of our Atmos Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,100 worldwide destinations. Learn more about what’s happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as “ALK.” 

Sept. 29, 2026 

Contact: 

Media Relations                           

newsroom@alaskaair.com 

Alaska Airlines and Hawaiian Airlines unveil Aurora and Leihōkū –

elevating the premium travel experience from curb to cabin

The introduction of Premium Reserve, new Lounges and fleetwide upgrades will also bring guests more comfort, choice and distinctly Alaska and Hawaiian experiences

Aurora will elevate the lie-flat suite experience on Alaska’s 787 fleet and, for the first time, on select transcontinental routes on new Boeing 737-10 MAX aircraft, with dedicated check-in, an exclusive Seattle lounge and chef-led dining

The Leihōkū experience will be anchored by Hawaiian's enhanced Airbus A330 with redesigned lie-flat suites, dedicated check-in and Island-inspired cuisine; additional enhancements to the core guest experience include all-new A330 interiors from first row to last, and a new 13,000-square-foot lounge in Honolulu

Premium Reserve adds a new premium economy option across the 787 and A330 fleets and select 737-10 MAX aircraft, with more space, comfort and amenities on longer flights

SEATTLE – Alaska Air Group today unveiled its most significant investment in premium travel, introducing two distinct flagship experiences that reflect the identities of Alaska Airlines and Hawaiian Airlines. Aurora, inspired by roots across Alaska and the Pacific Northwest and a spirit of innovation, and Leihōkū, meaning "lei of stars" and inspired by early Polynesian navigation and wayfinding, will shape premium journeys from the airport to the aircraft.

As part of its broader core guest experience investments, the company is also introducing Premium Reserve – a new premium economy cabin that debuts in 2028 on Alaska's 787-9, 787-10 and select 737-10 MAX aircraft, and on Hawaiian’s A330 fleet, providing guests with more room, comfort and choice on longer flights.

“We believe premium is more than a seat. It’s how guests feel from the moment they book their trip to the moment they arrive at the airport to when they're in the air with us,” said Ben Minicucci, CEO of Alaska Air Group. “Aurora for Alaska and Leihōkū for Hawaiian bring that vision to life in ways that feel true to the Alaska and Hawaiian brands our guests love, while raising the standard for comfort, service, dining and care throughout the journey.”

Aurora Suites: The next evolution of international business class and select transcontinental first class flights on Alaska

As guests increasingly seek elevated experiences across every type of trip, Alaska is bringing 34 lie-flat Aurora Suites to all widebody 787 Dreamliner flights, and – for the first time in the carrier’s history – to select transcontinental flying in first class on the 737 in 2028. Overall, the updated 787-9 will feature about 46 percent premium seating, up from 38 percent today.

There will be 12 Aurora Suites on at least 25 737-10 MAX aircraft. These aircraft will also be painted in the same Aurora livery design as the current 787 Dreamliners. Inspired by the northern lights, the Aurora livery creates a visual symbol of Alaska's next chapter as a global airline while remaining rooted in the natural beauty that inspired the airline's name.

The new Aurora Suites will be Alaska’s most elevated onboard product. Here’s what guests can expect:

•An exclusive Aurora Suites check-in and concierge service at Alaska’s Seattle global gateway

•Access to the new Aurora Lounge in Seattle, designed to give Aurora Suites guests a more elevated and seamless preflight experience

•Some of the industry’s most spacious suites, with a fully lie-flat bed, privacy doors on the 787s, direct aisle access and convenient storage

•Each suite includes a 19-inch 4K entertainment screen, Bluetooth connectivity, wireless and USB-C charging and AC power

•New premium materials, including softer, more breathable Ultraleather upholstery

•Restaurant-quality dining and amenities that extend the Aurora experience onboard through a curated chef program and on-demand dining

•Lightning-fast Starlink Wi-Fi for Atmos™ Rewards members, complimentary thanks to T-Mobile

Leihōkū Suites: An expanded and enhanced experience on Hawaiian’s A330 fleet

Hawaiian’s fleet of 24 A330 widebody aircraft, which serves destinations in Asia, Oceania and select North America routes, will receive brand-new interiors from the first row to the last beginning in 2028, including 22 enhanced Leihōkū Suites for guests on international business class and domestic First Class flights. Overall, the full cabin will feature about 40 percent premium seating, up from 30 percent today.

Hawaiian’s new premium front-cabin experience will offer Leihōkū Suites guests:

•Access to an exclusive check-in and concierge service in Honolulu and Seattle for a more seamless airport experience

•Direct aisle access, lie-flat seating and privacy doors

•A 19-inch 4K entertainment screen, Bluetooth connectivity, wireless and USB-C charging and AC power

•Curated dining by local chefs with wine pairings designed to support both domestic premium travel and multi-course, premium dining experiences on international routes.

•Hotel-quality bedding and enhanced onboard amenities

•Lightning-fast Starlink Wi-Fi for Atmos™ Rewards members, complimentary thanks to T-Mobile

As part of its broader core guest experience investments, the company is also introducing all-new interiors for the full A330 cabin, including an upgraded inflight entertainment system with 4K screens and Bluetooth connectivity.

"Hawai‘i is our home and a place that leaves a lasting impression on visitors from around the world. We take deep pride in welcoming our guests with genuine hospitality and an authentically Hawaiian experience, making us preferred over any other airline brand for travel to, from and within the islands,” said Hawaiian Airlines CEO Diana Birkett Rakow. “These investments, part of our Kahu‘ewai Hawai‘i Investment Plan, help us take that to the next level to deliver a unique, elevated experience today's travelers seek while continuing to connect our guests with aloha."

Premium Reserve: Expanding premium choice

Designed for guests seeking more room and comfort on longer flights, Premium Reserve seats will be available for purchase next summer and begin rolling out in 2028 on both Alaska and Hawaiian fleets. The new addition completes a four-cabin configuration that offers guests superior choice and value with Aurora Suites or Leihōkū Suites, Premium Reserve, Premium Class and Main Cabin.

What to expect in Premium Reserve:

•There will be 35 Premium Reserve seats on the 787-9 and 787-10 aircraft; 28 Premium Reserve seats on the A330; and 12 on the 737-10 MAX

•A generous 38 inches of pitch and a wider seat than traditional economy

•Enhanced recline and a leg and calf rest for added comfort

•Large tray tables and convenient storage pockets

•A 16-inch 4K OLED entertainment screen with Bluetooth connectivity

•Multiple charging options, including AC power and USB-C charging at every seat

•Premium finishes and materials that create a more elevated onboard environment

•An upgraded dining experience and amenities

Premium Dining: West Coast flavors on Alaska and Island-inspired meals on Hawaiian

Dining is one of the clearest expressions of Aurora’s Seattle roots and Pacific Northwest identity. Alaska has partnered with celebrated Seattle chefs Renee Erickson and Brady Ishiwata Williams to bring local flavors to guests traveling between Seattle and the world.

Chef Erickson will create menus for Alaska's European routes, including London, Rome and, beginning in spring 2027, Athens and Paris. James Beard Award-winning chef Williams will

expand his culinary program with Alaska to routes across Asia from Seattle. All international guests will enjoy a sophisticated welcome service featuring a cheese and charcuterie board, a refined interpretation of Alaska's iconic Signature Fruit & Cheese Platter. Alaska will also introduce a new international wine program.

Food and beverage remain central to Hawaiian’s Mea Ho‘okipa (“I am host”) inflight service and the Leihōkū experience, bringing the flavors and stories of Hawaiʻi into every journey. Hawaiian Airlines Executive Chef Dell Valdez will continue to shape menus for Hawaiian’s Leihōkū Suites and First Class cabins with dishes inspired by local ingredients and culinary traditions, complemented by thoughtfully selected wine pairings.

This summer, Hawaiian extended that approach with the launch of a chef-driven Main Cabin pre-order dining program on most flights between Hawai‘i and the U.S. continent, developed with Maui-based chef and James Beard Award finalist Sheldon Simeon. The program gives guests more choice while bringing more of Hawaiʻi’s local flavors, ingredients and food traditions onboard, in addition to a full suite of locally-sourced products featured onboard.

A world-class Seattle lounge for Alaska’s global future

At Alaska’s hometown hub and global gateway in Seattle, Aurora comes to life as soon as guests arrive at the airport, where they will have exclusive access to a dedicated Suites check-in service. Designed to reflect Alaska’s hospitality and a Pacific Northwest vibe, the new Alaska Lounge and Aurora Lounge will feature two connected spaces for domestic and international travelers, creating moments of calm, discovery and care with world-class hospitality.

Located at the newly expanded C Concourse, the nearly 41,000-square-foot space will become Seattle’s largest lounge and one of the largest in the country when it opens in late 2027. It will feature:

•A 500-seat Alaska Lounge on the main level welcoming travelers who can currently access the Lounge under existing policies

•A 200-seat Aurora Lounge for Aurora Suites guests traveling on intercontinental flights

•Outdoor patio with a fireplace

•Private work pods

•Locally sourced food and beverage offerings, including seasonal menus, a pizza oven, coffee lab and fresh pastries

•Three premium bar areas across two floors, offering craft cocktails, curated wines and beers from select local breweries

•Exclusive to the Aurora Lounge: Private shower suites; wellness spaces; and chef-prepared, made-to-order cuisine, à la carte dining and tableside service

A new Hawaiian Airlines Lounge in Honolulu

Hawaiian will open a nearly 13,000-square-foot Lounge at the entrance of the Mauka Concourse in Terminal 1 in Honolulu in early 2028. The premium lounge will seat approximately 200 guests

who will enjoy a more elevated preflight experience and Hawaiian’s warm hospitality on the ground. The Hawaiian Lounge will feature: 

•Access similar to The Plumeria Lounge, including guests traveling in the Leihōkū Suites

•Locally-inspired food and beverages

•A signature local coffee experience 

•A full-service bar with specially crafted cocktails 

•Private workspaces  

•Artwork and installations by local artists 

In addition to a growing Lounge portfolio in Seattle and Honolulu, a new 14,000-square-foot Alaska Lounge will open in San Diego in 2028 – further strengthening the company’s presence in key West Coast markets.

Together, these investments across Alaska Airlines and Hawaiian Airlines advance Alaska Accelerate by strengthening the airline’s global platform through expanded premium offerings, a more valuable Atmos™ Rewards program and a broader network of destinations and partners.

Learn more about these milestone moments and stay on top of updates at alaskaair.com, hawaiianairlines.com and news.alaskaair.com.

About Alaska, Hawaiian and Horizon

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. Members of our Atmos Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,100 worldwide destinations. Learn more about what’s happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as “ALK.”

Sept. 29, 2026

Contact:
Media Relations
newsroom@alaskaair.com

Atmos™ Rewards expands with customized ways to earn, more benefits,

new partners, broader access to premium experiences and a new debit card offering

New offerings make Atmos Rewards more valuable

for all types of travelers before, during and between trips

Atmos Rewards is introducing industry-first innovations that give members customizable ways to earn points, status points and extra perks based on their unique travel styles

New Atmos Rewards card and bank products will create more ways to earn and engage, including a feature-packed debit card that extends the program into everyday banking

New lifestyle partners will give Atmos Rewards members access to aspirational experiences and offers while supporting Alaska Air Group’s global expansion strategy and premium product offering

SEATTLE – Alaska Air Group is unveiling the next phase of Atmos™ Rewards, the award-winning loyalty program for Alaska Airlines and Hawaiian Airlines, with more ways for members to earn, engage and access value.

What’s new at a glance

•New ways for Atmos Rewards members to earn points and status points

•Members can choose how they earn starting Oct. 1, 2026 – distance traveled, price paid or segments flown

•Unique perks through six different Atmos Communities

•Expanding lineup of card products, including an Atmos Rewards debit card planned for early 2027

•More ways to unlock value through Atmos Members Day and new lifestyle partnerships, including Alterra Mountain Company, Nordstrom and Pebble Beach Resorts

"With Atmos Rewards, we're building a program for all types of travelers. While many loyalty programs focus their richest rewards on a small group of travelers, we're expanding choice, flexibility and value for members across a wide range of travel styles," said Brett Catlin, Senior Vice President of Network, Loyalty and Partnerships at Alaska Airlines. "By bringing together Alaska's deep West Coast customer base and Hawaiian's trusted presence in Hawaiʻi and across the Pacific, we're giving guests more choice in how they earn and redeem, richer

benefits and more reasons to engage across a broader network through unique lifestyle partnerships while building a more durable earnings platform for Alaska Air Group."

As Alaska grows, Atmos Rewards connects members to a broader travel platform spanning Alaska, Hawaiian, oneworld and more than 30 global airline partners serving more than 1,100 destinations. The program is designed to make that expanding network more useful to different types of travelers through new ways to earn, discover offers and access benefits across the travel journey.

Since launching, Atmos Rewards has accelerated loyalty growth and attracted new member cohorts. Active membership is growing at roughly four times the prior pace, while the average member age now sits below 40. More than half of new status members are Gen Z, underscoring the program’s appeal with the next generation of travelers.

Adding more ways to earn every day

Atmos Rewards members can already earn points and status points through everyday spend with our suite of Atmos Rewards Visa credit cards, issued by Bank of America*, and access travel benefits like free checked bags, preferred boarding, and companion benefits. Introduced last summer, the Atmos Rewards Summit card also gives members one of the fastest ways to earn enhanced status, with status points earned through everyday card spend and unique accelerated earn for international purchases.

With debit representing a meaningful share of U.S. payments and strong appeal among younger and new-to-country guests, the new Atmos Rewards debit card expands the program’s reach beyond traditional credit products.

Planned for early 2027, with pre-registration open today at atmosrewards.com/debit, the new Atmos Rewards debit card is designed as a feature-rich product for today’s travelers. Offering another way to earn Atmos Rewards points and status points, the debit card includes unique, high-value benefits, including a choice of card designs, flight and onboard purchase discounts, free points sharing, no foreign transaction fees and the ability to pay certain account fees with points.

In 2027, Alaska also plans to deepen its Bank of America relationship by enabling customers with eligible Bank of America card products to transfer points into Atmos Rewards. The new capability will give Bank of America cardholders another path into Atmos Rewards while creating an additional revenue opportunity for Alaska through the sale of points. Over time, Atmos Rewards also plans to add points-transfer opportunities with other select global financial institutions, creating incremental revenue while building the program’s global relevance.

The company also plans to refresh its Atmos Rewards Visa Business Card, issued by Bank of America, in late 2026, with benefits including 10x points on eligible purchases through Atmos

Rewards for Business, lounge passes, free same-day confirmed flight changes and more. Complete details on the refreshed card will be available later this fall.

Giving members an industry-first choice in how they earn

Atmos Rewards will become the only airline loyalty program to let members choose how they earn points for flights, allowing travelers to select the earning model that best matches how they travel. By adding more flexibility, Atmos Rewards can better meet the needs of premium global travelers while appealing to younger members who increasingly expect loyalty programs to reward their spend.

Beginning Oct. 1, 2026, Atmos Rewards members can choose how they will earn points and status points on flights departing on or after Jan. 1, 2027 – by distance traveled, price paid or segments flown.

Choosing is optional: Current members who do not select will continue earning based on distance traveled, while new members who join on or after Jan. 1, 2027, will default to earning based on price paid. All members can change their earning choice once per calendar year for future travel, giving them flexibility to adapt how they earn if their travel evolves.

Connecting members to more relevant rewards through Atmos Communities

Atmos Communities is exclusive to Atmos Rewards – a way to make loyalty more customizable, connecting travelers to curated offers, inspiration and benefits based on how they travel, where they live and what they love to do. Beginning Oct. 1, 2026, Atmos Rewards will expand from two resident-focused Communities – Club 49 and Huakaʻi by Hawaiian – to six total Communities, adding new options tied to international travel, family travel, outdoor adventure and culinary experiences while enhancing benefits for existing resident members.

Together, the six Communities – Global Locals, Families on the Go, Culinary Journeys, Active Escapes, Club 49 and Huakaʻi by Hawaiian – connect members to relevant offers and benefits based on how they travel, where they live and what they enjoy. Benefits range from free bags, exclusive flight deals, bonus-point challenges, partner offers and 20% off select Atmos Rewards Unlocked experiences to tailored perks such as award-flight discounts for children, bonus status points for international travel and expanded resident benefits for Club 49 and Huakaʻi by Hawaiian.

Creating a monthly moment for member value

Atmos Members Day gives Atmos Rewards a regular cadence for delivering new value to members throughout the year. Held on the first Wednesday of each month, Members Day is where Atmos Rewards shares new content directly with members, including exclusive travel

offers, premium partner benefits, program updates, new Atmos Unlocked experiences and Global Getaways.

Atmos Rewards is building a network of lifestyle partners that extend the value of membership beyond the flight, connecting members to the destinations, interests and experiences they care about most.

Upcoming collaborations with Alterra Mountain Company, Nordstrom and Pebble Beach Resorts extend Atmos Rewards to mountain travel, destination resorts, food and wine, retail and lifestyle, with Atmos Unlocked serving as one way members can access select experiences, packages and offers through points and membership.

Expanding benefits throughout the travel journey

Atmos Rewards is continuing to build on its award-winning loyalty platform by investing even more in the experience for its most engaged members. Recently recognized by NerdWallet and The Points Guy as one of the best airline loyalty programs, Atmos Rewards has continued adding benefits for its most engaged members, including a dedicated Titanium check-in facility in Seattle and a Titanium-exclusive offer of global upgrades to Alaska’s premium cabins.

Beginning Nov. 2, Platinum and Titanium members will receive even more value, with the ability to bring eligible children and one companion into Premium Class on a complimentary basis when space is available. Later this year, Atmos Rewards will also continue investing in the digital experience with a modernized activity page designed to make it easier for members to see how they are earning points, track progress and manage benefits.

Members can learn more about Atmos Rewards at atmosrewards.com. Additional Alaska Accelerate, product and network updates are available at alaskaair.com and news.alaskaair.com.

About Alaska, Hawaiian and Horizon

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. Members of our Atmos Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,100 worldwide destinations. Learn more about what’s happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as “ALK.”

*These credit card programs are issued and administered by Bank of America, N.A. Visa, Visa Signature and Visa Infinite are registered trademarks of Visa International Service Association and are used by the issuer pursuant to license from Visa U.S.A. Inc.

2026 Investor Day | September 29, 2026

2 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 Hawaiian Airlines Generating ~$4B in Loyalty Cash Remuneration Brett Catlin · SVP Network, Partnerships & Loyalty Growing Cargo to a $750M Business Ian Morgan · VP Cargo Table of Contents

3 Ryan St. John VP Finance, Planning & Investor Relations Welcome

4 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 to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward - looking statements, assumptions or beliefs . For a discussion of risks and uncertainties that may cause our forward - looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 . Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate operations following the acquisition of Hawaiian Holdings, Inc . and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business . All of the forward -looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings . We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward - looking statements . We expressly disclaim any obligation to publicly update or revise any forward - looking statements made today to conform them to actual results . Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward - looking statements, assumptions or beliefs and such differences might be significant and materially adverse .

5 Ben Minicucci Chief Executive Officer Alaska Accelerate

6 A proven foundation, strengthened by scale, relevance and loyalty Safety & operational excellence Remarkable care & service Cost advantage Balance -sheet strength Commercial performance LoyaltyRelevanceScale A resilient model — now strengthened with a fifth pillar

7 Air Group’s path to a stronger commercial platform was accelerated by Hawaiian Airlines The acquisition unlocked capabilities and growth opportunities that would have taken years to build organically West Coast Scale Deep Loyalty Premium Expansion Global Reach Scale Relevance Loyalty Dual brand strategy Trusted and preferred brands Larger, unified loyalty platform Four-cabin offering Aurora & Leihōkū Suites Premium Reserve Premium Transcon Elevated lounge experience SEA Global Gateway one world ® West Coast International Alliance HNL Pacific Gateway Pacific and Atlantic Joint Business Larger, more diverse network #1 West Coast position #1 Hawai‘i position Expanded cargo operation

CONNECT OUR GUESTS TO THE WORLD BE HAWAI‘I’S TRUSTED AIRLINE DELIVER A REMARKABLE TRAVEL EXPERIENCE DIVERSIFY OUR FUTURE Unlock power of new network Create international hub in SEA Grow PDX & SAN Be #1 choice for Hawai‘i residents Grow Hawaiian brand to, from and within the islands Expand premium footprint Unveil new loyalty platform Launch premium credit card Deliver a seamless guest experience Maximize cargo opportunity Leverage AI/Automation Invest through Alaska Star Ventures 41 2 3

9 Source : (1) Air Group internal reporting; (2) Bain Prism, Bain & Company. R4Q (3Q25 – 2Q26) N=300 -3,600 all airlines ; (3) On -time performance DOT reporting YTD as of Q2 2026; We’re executing a complex integration without compromising what matters most Single Loyalty Atmos Rewards launches, unifying the program Single Operating Certificate Two airlines become one to the FAA Single Reservation System One PSS; Hawaiian Airlines one world entry Joint Collective Agreements Bringing workgroups into joint contracts 3 of 4 milestones complete , including the most complex operational integration work. Proven Execution Earnings Progress 1 ~2/3 of the $1B incremental profit target achieved Delivered Without Tradeoffs #1 NET PROMOTER SCORE 2 Highest in the industry through the merger #1 ON - TIME PERFORMANCE 3 Industry - leading year -to-date performance BEST EMPLOYEE ENGAGEMENT All -time high in company history2027 TARGET $1B

Integration & Technology Network & International Premium Guest Experience Airport & Facility Investments Loyalty & Products Cargo Expansion Fleet productivity 20252024 2026 2027 2028 2029 2030 717 Retirements 737 -700 Retirements Utilization Increase Post Retrofits Debit Card Luxury Brand PartnershipsPremium Summit Card Atmos Rewards Launched Renewed BofA Bank Deal Points Transfer SEA Flagship Lounge PDX Hangar SEA Concourse C PDX Terminal PDX Lounge SAN Lounge Global Training Center SEA Catering Facility SEA Intl Lounge Hawai‘i Airport Investments HNL Lounge 737 FC & PC Retrofits Starlink A330 Leihōkū Suites & Prem. Reserve 737 Aurora & Premium Reserve 787 Aurora Suites 787 Premium Reserve JV Opportunities Combine & Optimize networks SEA Intl Launched NRT ICN FCO KEF LHR ATH CDG JCBAs Employee Integration SOC Close Acquisition Single PSS AI/Automation E-comm ~$750M Business +4 Dedicated Freighters International Growth Revised Amazon Contract Intl Cargo New SEA Cargo facility ACTIVATEBUILD THE FOUNDATION SCALE + HARVEST The foundational work is behind us, the value creation is in front of us SEA Widebody Hangar SEA Cargo Facility

11 We’re transforming Air Group into a company with more ways to win and greater earnings power 15 Long -Hauls from Seattle 15% of ASMs by 2030 #1 Seattle Intl Carrier by 2030 Pacific & Atlantic Joint Business Global Network Innovative Program Features Extended Bank of America Deal Expanded Suite of Card Products Loyalty Ecosystem Pathway to $750M platform Cargo Expansion Aurora Suites Leihōkū Suites Premium Reserve SEA International Lounge HNL Lounge SAN Lounge Suites Check - in Premium Experience

12 Shane Tackett President and Chief Financial Officer A Structurally Resilient Business

13 The winning airline model has changed, and we are evolving with it MAINTAIN Relative cost advantage + GROW RASM faster than CASMx = EXPAND RASM – CASMx spread Win on costs, at all costs A simple formula rewarded scale and simplicity Cost leadership was the differentiator 2000 – 2019 HIGH GROWTH LOW COST LOW FARES Win on commercial leadership The model shifted toward differentiated, durable revenue Revenue diversity is the margin driver, relative cost advantage is the foundation Today SCALE LOYALTYRELEVANCE

14 A greater portion of diversified, stable revenue coupled with continued cost discipline creates a more structurally resilient business model set to drive earnings expansion with RASM > CASMx Transformational Investments Drive Revenue Expansion by 2030 % Diversified Revenue Main CabinCargo/OtherPremium Loyalty 2019 38% 2030 ~60% 2026 53% 2024 47% Increasing revenue diversity drives margin expansion Premium Revenues >40% Loyalty Cash Generation ~$4 Billion Cargo Revenue $750 Million Source: Air Group internal reporting, 2026 diversified revenue as of Q2 2026 result

15 Source: AAG 10 -K Filings / Annual Reports Fleet plan supports ~4% annual capacity growth Aircraft Deliveries and Retirements Retirements 2026 13 2028 -30 ~20 -25 annually 19 2027 31 11 Capital Expenditure $1.6B 2026 ~$1.7B annually 2028 -30 $1.9B 2027

16 On track to deliver the full $1 billion of Accelerate initiatives by 2027, driving $3 -4 of earnings growth 2024 PF Pretax Margin Accelerate Initiatives Net Business Impacts 2027 EPS Potential Fuel at $2.50/gal Original fuel assumption for $10 target $1B ~$200M 3.8% >$10 Fuel at $3.25/gal - Stronger fare environment persists - Elevated interest expense from higher debt - Pressured unit costs from lower than planned growth $5 to $6 Fuel > $4/gal Fuel remains the largest near -term headwind to earnings → Multi -year fuel strategy underway to reduce West Coast fuel disadvantage represents up to 1 point of long -term margin opportunity FCF positive below $3.25/gal Source: AAG 8 -K Filing dated January 22, 2025

17 Restoring balance sheet strength is our top priority as earnings recover Share Repurchases Remaining authorization expected to fully offset dilution in 2027 2024 $312 2025 $570 2026 $250 2027 $180 Fuel normalization unlocks rapid deleveraging Adjusted Net Debt/EBITDAR 2024 2.4x 2025 3.0 x 2026 4.5x 2027 ~4.7x ~1.6x Fuel at $4/gal Fuel at $2.50/gal Debt -to-Capitalization 58% 59% 67% ~58% ~70% Net Leverage refers to Adjusted net debt to EBITDAR

18 11-13% pre-tax margin and >$10 earnings per share 1.5x net leverage Double -digit return on invest capital FCF positive growing as capex moderates & earnings normalize 2027 Free Cash Flow Conversion @ $5.50 EPS ~5% $7.50 EPS ~40% $10 EPS >60% ~ $20B in unencumbered assets including loyalty program valued at $16B We remain committed to long -term financial targets Free cash flow conversion estimates based on 2027 capex projection of $1.9 billion at various earnings per share results

19 Andrew Harrison Chief Commercial Officer West Coast Scale and Relevance

20 Scale, relevance and loyalty create more resilient revenue Diversified Revenue and Earnings Stability Scale Leading positions in large globally connected markets Relevance Segmented products with a premium experience Loyalty Award -winning rewards platform with powerful card economics

21 West Coast Scale

22 DB1B demand YE 2025 for reporting carriers only, 2025 includes HA, West Coast = AK, CA, HI, ID, MT, OR, WA West Coast leadership creates a powerful platform for growth #1 position in over 311 k O&D guests gives Alaska the scale to expand reach, deepen loyalty and diversify revenue 2024 2.3x 2025 2.9x 2026 4.5x 2027E <2x ~4.5x Alaska Airlines West Coast guest share 1 AK, CA, HI, ID, MT, OR, WA 2014 2019 2025 2030 13% 17% 21% #4 #3 #1

23 Note: West Coast = AK, CA, HI, ID, MT, OR, WA; Published schedules for FY26 as of 9/1/26; Domestic O&D share only Our leading West Coast position extends well beyond guest share vs #2 Guest share 21% #1 +1pt vs #2 Airports served 60+ #1 +21 vs #2 Daily seats 31% #1 +8pts vs #2 Premium seats >17K #1 +4k vs #2 % West Coast position UA UA WN WN

24 Pacific Northwest

25 Guest share 47% AAG share; +32pts vs #2#1 Daily seats 4x vs #2#1 Destinations 67 vs 14 for #2#1 PORTLAND DB1B demand YE 2025 for reporting carriers only North America guest share (YE1H26 for PDX), Cirium published schedules YE26, Sta te of AK schedules amongst part 121 carriers only Air Group’s Pacific Northwest scale is unmatched Guest share 66% AAG share; +54pts vs #2#1 Daily seats 10x vs #2#1 Destinations 38 vs 6 for #2#1 ALASKA Guest share 53% AAG share; +30pts vs #2#1 Daily seats 2x vs #2#1 Destinations 110 vs 64 for #2#1 SEATTLE

26 Seattle

27 Source: North America seats and routes by carrier as of 09/09/26 ( Diio ) for YE December 2026 (destinations over 1000 scheduled seats in that period); SEA utility based on North America YE2025 DB1 B m arket size and Diio seats as of 9/09/2026 Best utility for guests 17pts more utility than competition Leading network reach 110 Destinations, nearly double the #2 competitor Deep & engaged loyalty base 46% of population is part of Atmos North America seats by West Coast hub SEA SFO LAX #1 seats Seattle scale drives relevance & loyaltyLeading network depth Seattle anchors our Pacific Northwest advantage UA DL

28 Source: YE1Q26 Consolidated DDS demands, SEA International = SEA <> North America Five growth levers will expand our Seattle leadership At least 8 points of incremental Seattle metro area local share by 2030 Increase Gauge 50%+ more seats on MAX 10s than 700s they replace Shift flows to PDX to preserve SEA capacity for high - value local demand Optimize Hub Flows Additional gates support continued growth Scale Paine Field Room to grow SEA seasonally and during shoulder periods Add Frequency Directly serve ~30% of SEA market revenue that is intercontinental Grow Long -Haul

29 Seattle Long -Haul

30 SEA Intercontinental is 30% of all Seattle revenue Long -haul unlocks larger, higher -value revenue pools in SEA PREMIUM DEMAND CORPORATE DEMAND LOYALTY DEMAND +10pt 38% 65% Premium revenue mix versus domestic of corporate spend is on long -haul itineraries of guests intend to travel globally More value stays within Alaska ecosystem as we capture more of our guests’ journeys SEA Intercontinental revenue percentage based on YE1Q26 DDS coupon revenue , Cirium published schedules YE26,. SEA Internatio nal = SEA <> North America

31 Note: Utility based on 1H26 intercontinental demand from SEA (internal consolidated demand data) – rounded Our global long -haul franchise will match the scale of our Seattle hub 15 By 2030 7 Today 10 By 2028 Number of Global Long -Haul Routes Alaska utility gap to #1 in SEA Nonstop long - haul network utility Percent of Seattle global long -haul demand that could be served nonstop by Alaska 0% 2024 (35pts) 15% 2025 (20pts) 25% 2026 (10pts) 30 % 2027 (5pts) #1 2030 #1

32 2024 2025 2026 2027 2030 2024 – 2026 Long -haul % of total ASMs based on existing international LH region definitions, Long -haul 2030 = 3,000mi+, unit rev enue from DB1B/Cirium AAG long - haul ASMs % of total ASMs Initial growth in SEA, optimization of HNL Atlantic Pacific +7pts vs 2026 2030 long - haul network mix % of total ASMs +9pts global long haul unit revenue growth versus domestic since 2019 across major US carriers 2024 2026 2030 7% 8% 15% Rapidly growing long -haul franchise drives higher -quality revenue mix

33 Long -haul flying is attracting new guests and deepening loyalty Source: Corporate FMS is weighted average across 15 corporates listed; Loyalty stats are Summer travelers New customers & deeper loyalty …and bringing in both new travelers and those with deep brand loyalty to Alaska ~30% of guests are new to the Alaska brand of guests are enrolled in Atmos~50% of guests have an Atmos co -brand card~25% Greater corporate relevance We’re winning more long -haul corporate traffic than our fair share… +2pts outperformance vs. fair market share (FMS) across long -hauls Alaska’s global perception in SEA is up 5 pts year -over-year and growing

34 Four initiatives help drive long -haul franchise to system - level margins by 2030 Network Revenue Management True Origin & Destination revenue management controls Crew Basing Optimization SEA long -haul B787 base fully established Product Investments Premium Economy launch and B787 -10 arrival plus end - to-end premium experience Global Joint Businesses Deeper integration with global partners

35 Airport signage Dedicated check - in Premium lounge Lie - flat seats Meals Onboard product AURORA LOUNGEAURORA CHECK - IN AURORA SUITES We’re elevating the onboard experience to capture premium demand HONOLULU LOUNGELEIHŌKŪ CHECK - IN LEIHŌKŪ SUITES

36 Premium Reserve INTRODUCING

37 Alaska Airlines on the 787 Premium Reserve

38 Hawaiian Airlines on the A330 Premium Reserve

39 Premium Reserve completes our international product portfolio International widebody Alaska 787 -9/10 | Hawaiian A330 Aurora and Leihōkū Suites Premium Class Main Cabin Premium Reserve NEW

40 Our premium experience extends across the entire guest journey Aurora Check - In Aurora Lounge Premium Reserve Aurora Suites Seatac Airport

41 We plan to join the Atlantic and Pacific Joint Businesses to strengthen our international guest proposition Atlantic Joint Business Pacific Joint Business >85% of U.S. carriers’ global long -haul capacity operates within immunized joint businesses More useful network Joint planning of r outes , capacity and schedules Greater commercial relevance Aligned p ricing, inventory & corporates sales Broader demand access Expanded partner corporate reach and point-of-sale strength Key advantages from joint businesses: Submitted DOT filings for: Pacific Joint Business Source: 2026 published schedules

42 New revenue management tools on track to deliver run -rate value by end of 2027 The cost to ramp international flying moderates by 2028 O&D Revenue Management Dynamic Pricing Crew cost per departure will fall by 25% Start -up cost drag from training and qualifications will decrease as fleet grows Crew utilization expected to increase 45% Station opening and government approval costs incurred only once per location Revenue management systems and crew efficiencies improve long -haul economics

43 Portland

44 Portland’s size matters and Alaska is already winning nearly 50% of O&D passengers Top -25 U.S. metro economy ~$220B GDP (2023); +27% vs 2019 Globally relevant corporates Nike, Intel, Columbia, Adidas Substantial loyalty base 36% of population is part of Atmos Source: DB1B O&D North America Passenger share YE June 2026 (AS+HA); Total Real GDP FRED; Population penetration based off es timated census resident population in Portland -Vancouver -Hillsboro metro area; Western US = WA, OR, CA, AZ, ID, MT, UT, AK, HI Annual revenue by top Western -U.S. cities Portland is among the top -10 largest markets in the Western United States SNA #10 SMF #9 SLC #7 HNL #6 PDX #8 47% O&D share Portland is a large local market with attractive growth opportunities

45 Source: Internal traffic and flow data (1H23 vs 1H26); Diio Schedules 1H23 vs 1H26; O&D share (YE1Q26 vs YE1Q24), margin eff 1H26 Focused growth is strengthening Portland and the broader network These guests were previously flowing over SEA Portland growth – 1H26 vs. 1H23 1.3x growth in seats 5x growth in flow traffic PDX banking took pressure off Seattle while … … increasing PDX loyalty penetration +12% increase in active members compared to 2024 … strengthening PDX local share +5pts of Portland local O&D share 3x relative share vs. nearest competitor … and maintaining profitability +1 pt of margin vs. system compared to 2024

46 Alaska Lounge Portland LobbyAlaska Lounge Alaska Lounge Portland’s state -of-the-art facilities support future growth Portland Terminal

47 Path to 2030 growth + >8 pts share by 2030 Pacific NorthwestSeattle Portland Together, Seattle and Portland create a powerful platform for Pacific Northwest growth Expand our Pacific Northwest franchise Further build Seattle, grow Portland and maximize network connectivity Build Seattle’s global gateway Expand long -haul flying and deepen international partnerships Enhance our premium proposition Invest in products and experiences Deepen loyalty and engagement Grow Atmos participation and customer spend + >8pts share by 2030 + >8pts share by 2030 Source: DB1B O&D passenger share YE 2025

West Coast Relevance

49 The West Coast is built for premium WEST COAST ECONOMY HOUSEHOLD INCOME PREMIUM PREFERENCE $5.9T $200K+ 2.9x Would rank 3rd largest in the world by GDP Earned by 1 in 5 households More likely to pay for an upgraded seat Our c ore markets position us to capture premium revenue growth Source: Internal AAG customer data and external market intelligence sources; U.S. Census Bureau ACS 2024 and U.S. Bureau of E con omic Analysis 2025 current -dollar GDP (AK/CA/HI/ID/MT/OR/WA)

50 Our network is uniquely positioned to benefit from premium demand Air Group flies the longest stage lengths in North America 25% of our flights are over 4 hours — more than 2x the Big 4 average Alaska/ Hawaiian 25% United 14% Delta 11% American 9% Southwest 6% Big 4 avg 10% Share of departures with block time over 4 hours. Excludes Neighbor Island flying. Our North American stage length is ~35% longer than the Big 4 average Alaska/ Hawaiian 1,078 mi United 823 mi Southwest 785 mi Delta 776 mi American 747 mi Big 4 avg 780 mi Premium demand increases with stage length Stage length (miles). Paid premium load factor rises with distance vs. flights < 750mi. Increase in unit revenue over Main Cabin Premium Class First Class 53% 146% <750 68% 251% <751-1,500 +8 pts paid LF 42% 355% 1,501+ +12 pts paid LF 70% of AS/HA ASMs Source: Cirium 2026 schedule departures within Noth America, excludes Neighbor Island service

51 PREMIUM DOMESTIC TRANSCON on the 737 -10 MAX

52 PREMIUM TRANSCON on the 737 -10 MAX AURORA SUITES

53 PREMIUM TRANSCON on the 737 -10 MAX Premium Reserve

54 PREMIUM TRANSCON on the 737 -10 MAX Main Cabin

55 Key to our margin expansion, product investments will increase our premium revenues to over 40% by 2030 Low -Cost Product Expansion of Segmented Products 40%+ 38% 36% 29% 14% 30% Premium Focus 2010 2014 2019 2024 2026 2028 2030 Premium Seat Mix % of Total Revenue from Premium 32% 1 2 Note: (1) AAG 10 -K Filings / Annual Reports; (2) December Full Whitebook 2010 - 2018/ December Revenue Review 2019 – 2023/ Sep & Q3 Revenue Review 2024; (3) December Revenue Review 2019, December Revenue Review 2023; 2026+ Internal Projections Includes Hawaiian data for 2024 and beyond Aurora & Leihōkū Suites Refreshed widebody lie -flat Suites, industry - leading business class on 787s and A330s Aurora on Domestic Transcon New 4 -cabin 737 -10 MAX ft. domestic lie -flat Suites plus Premium Reserve Premium Reserve New premium economy cabin on widebodies fills the gap between Suites and Premium Class Narrowbody Premium Retrofits 737 First & Premium Class retrofits complete, adding 1.3M premium seats a year

56 We are building a product for everyone, across all customer segments — including narrowbodies Main + Saver Narrowbody Premium Reserve Narrowbody Aurora Suite Narrowbody Aurora Suite Widebody Leihōkū Suite Widebody Premium Class Narrowbody

California

58 DB1B demand YE 2025 for reporting carriers only, Cirium published schedules YE25 North America Destinations NORTHERN CALIFORNIA PNW Guest Share 46% AAG share; +19pts vs #2#1 Hawai‘i Guest Share 51% AAG share; +20pts vs #2#1 Destinations 27 markets#3 L.A. BASIN PNW Guest Share 61% AAG share; +44pts vs #2#1 Hawai‘i Guest Share 43% AAG share; +12pts vs #2#1 Destinations 34 markets; #1 with one world#5 SAN DIEGO PNW Guest Share 70% AAG share; +52pts vs #2#1 Hawai‘i Guest Share 74% AAG share; +53pts vs #2#1 Destinations 50 markets vs 45 #2#1 Alaska is relevant in key California markets with room to grow

59 Source: Diio schedules YE 2026 ; Household Income in States and Metropolitan Areas: 2024 AAG Brand Health Tracker, Kantar Research 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

60 San Diego growth playbook is delivering strong results New markets maturing as expected (Y/Y TRASM, representative new market) San Diego will be less exposed to new -market ASMs in 2027 +27% Q1 +45% Q2 Utility is driving growth in Corporate, Atmos engagement Corp Market Share +5% 20262024 Card Growth +15% 20262024 Active Members +28% 20262024

61 SAN Lobby First Class 50 nonstops from SAN Alaska Lounge Our investments span the entire San Diego journey

62 Path to 2030 growth Alaska’s San Diego Share Scale efficiently through gauge Continue to move frequency to mainline Strengthen our premium brand Complete investments across the guest experience Deepen loyalty and local relevance Expand Atmos loyalty base and brand awareness Extend our reach through one world Leverage partnerships to serve more of the market Source: DB1B O&D passenger share YE 2025 We have a clear path to strengthen our San Diego position by 2030 + >5pts share by 2030

63 Diana Birkett Rakow CEO, Hawaiian Airlines Hawai‘i’s #1 Trusted Airline

Hawai‘i

65 DB1B demand YE2025 for reporting carriers only (international uses consolidated demands enriched with DDS for 2025), Cirium p ublished schedules YE25 (intercontinental route count includes American Samoa) We have the most scale and relevance in the most premium market from the West Coast Guest Share 41% AAG, +19pts vs #2#1 Nonstop Routes 18 routes, +8 vs #2#1 Premium Seats#1 CONTINENTAL U.S. Guest Share 21% AAG, #1 with one world#2 Nonstop Routes 6 routes#1 Premium Seats #1 with one world#3 INTERCONTINENTALNEIGHBOR ISLAND Guest Share 70% AAG, +44pts vs #2#1 Nonstop Routes 8 routes#1 Premium Seats#1

66 2026 AAG one -stop utility Improvement vs. pre -merger More schedule choice for consumers 93% HNL +18pts 94% OGG +28pts 94% KOA +30pts 90% LIH +19pts Better utilization of aircraft 2024 2026 A321 10.6 11.8 +11% A330 12.4 14.1 +14% 787 11.4 14.4 +26% The combination of Alaska and Hawaiian is delivering meaningful value across our Hawai ‘i franchise Round -trip one -stop utility calculated on DB1B demand share based on representative peak day schedule (July 20, 2026), Cirium pu blished schedules YE26. Utilization calculated as scheduled block hours per day per in -schedule aircraft in representative periods.

67 Hawai‘i’s diversity drives repeat visitation and resilient demand Hawai‘i Island KOA Maui OGG O‘ahu HNL Hawai‘i Island ITO Kaua‘i LIH

68 Source: AAG Brand Health Tracker, Kantar Research, DB1B demand YE 1Q26 for reporting carriers only, DBEDT Economic Data Warehouse As the most preferred brand flying to and within Hawai‘i, we are uniquely positioned to serve this market West Coast — Hawai‘i is the largest market 75% West Coast origin 25% Hawai‘i origin It’s not only visitors we fly — we are Hawai‘i’s most trusted airline 9.6M Annual Visitors 1.4M Hawai‘i Residents

69 Source: Internal AAG customer data, loyalty data and external market intelligence sources, W. Coast includes (WA, OR & CA) Hawai‘i is one of the most valuable premium leisure markets The average West Coast guest who flies to Hawai‘i… Has an income 40% more than our average guest Spends 50% more with us If a status holder, travels and spends 4x more with us

70 We are positioned to win the West Coast visitor with the most fights, top brand and unparalleled experience We lead the West coast to Hawai‘i #1 share in 12 of top 13 markets Most routes and gateways; nearly 2x any competitor Increased connections through our West coast hubs #1 preferred brand for travel to Hawai‘i Authentic Hawaiian hospitality Hawaiian Airlines most preferred to Hawai‘i by at least 2x We’re building the #1 premium product Elevated airport spaces Priority check - in & security New HNL Lounge Onboard service Premium Reserve Leihōkū Suites Source: AAG Brand Health Tracker, Kantar Research, Diio schedules YE2026 Primed for international recovery #1 HNL long -haul seat share with one world Strong presence in S. Pacific, Japan, Australia Joint business opportunity

71 Elevated Honolulu Lobby Chef Sheldon Hawaiian Airlines Featured Chef Refreshed Main Cabin Design Our premium Hawai‘i experience extends across the entire guest journey Elevated Main Cabin Menu

72 Leihōkū Check - In & Priority Security New HNL LoungePremium ReserveLeihōkū Suites The only four class cabin offering at scale between North America and Hawai‘i with ~40% premium mix creates a meaningful advantage Premium experience also positions us to capitalize as the preferred brand for HNL international long -haul

73 We can now serve the breadth of 1.4 million local travelers’ needs Source: pre -combination destination count based on HA -metal -only destinations; HI destination count vs. competitors excludes int erisland destinations; Internal AAG loyalty & network data, AAG Brand Health Tracker, Kantar Research, Future Partners - State of the American Traveler Survey Hawai‘i residents fly 30% more than the U.S. average • #1 trusted airline brand in Hawai‘i • Business & leisure utility • Premium products & experiences • Essential cargo service Relevance • 70% of residents are Atmos members • 25% growth in loyalty enrollment • Huaka‘i by Hawaiian provides special benefits for kama‘āina • Credit card portfolio strength Loyalty • 4x nonstop or one -stop destinations from Hawai‘i vs. pre -combination • 2x destinations from Hawai‘i vs. any competitor • 10% share growth in Neighbor Island, a market larger than BOS -NY -DC Scale

74 Path to 2030 growth Neighbor Island West Coast International Air Group is positioned to grow Hawai‘i market share through deeper scale, relevance and loyalty Source: DB1B O&D passenger share YE 2025 Optimize combined network & fleet Extend proven cargo model to meet end -to-end local market needs Expand global connectivity Lead in premium guest experience Deliver unmatched 4 -cabin product offering and authentic Hawaiian experience Deepen guest loyalty Build on brand strength through Atmos & Huaka‘I by Hawaiian Leverage one world and potential joint business opportunity Grow cargo opportunity Continue to broaden network utility and upgauge Neighbor Island flying + >10pts share by 2030 + >5pts share by 2030 + >5pts share by 2030

75 Brett Catlin SVP, Network, Partnerships and Loyalty Generating ~$4 Billion in Cash Remuneration by 2030

76 Loyalty

77 Launched in 2025, Atmos Rewards is our award -winning global loyalty platform Best Airline Rewards Program Best Overall Elite Program Best Ultra -Tier Elite Status Best Innovation in Airline Loyalty Best New Personal Credit Card

78 Choice Accrual All members can choose to earn points by fare paid, distance flown or flights taken Communities All members can choose to join one of six geography or lifestyle communities for added perks INDUSTRY FIRST Unlocked Experiences All members have access to unique offers and experiences, available only with Atmos points INDUSTRY FIRST With Atmos, we’re building a global rewards program for all types of travelers ATMOS REWARDS EXCLUSIVES

79 2019 2024 2026 2027 3% CAGR 13% CAGR Active Member Growth Core markets include AK, WA, OR, CA, and HI. Age includes all legacy members in base, median age used pre and post launch pe riod defined by the 12 months prior to and the 12 months after Atmos launch in August 2025. Atmos launch engaged new cohorts of guests, driving a step -change in growth Active Member Growth 2019 2024 2026 2027 3% CAGR 13% CAGR New Member Dynamics Younger Two years younger on average More geographically diverse Majority from outside our core markets More globally oriented 7% more taking long -hauls

80 The launch of Atmos also accelerated card portfolio growth across every metric 2024 TO 2026 CARD GROWTH New co -brand cardholders +1M Annual cash remuneration +23% Card spend +13% Program valuation +$4B to $16B Co -brand cardholders and card spend metrics include all Alaska and Hawaiian co -brand cards issued by Bank of America and Barclay s. Cash remuneration includes program cash from Alaska and Hawaiian co -brand issuer and network partners, and other non -airline pro gram partners.

81 2019 2024 2026 2027 9% CAGR 12% CAGR Program cash includes co -brand cash from issuer and network partners, and other non -airline program partners, and excludes selec t Hawaiian transfer partnerships which terminated shortly after close. 2024 IR day target ($2.9B) How we’re achieving 2027 growth Program Cash Growth $1.5B $2.2B $3.1B $2.8B Loyalty cash generation is outperforming our original Alaska Accelerate target Core Growth & Synergies $320M Card Product Expansion & Bank Economics $510M Program Refresh $70M Total $900M

82 Chart source: Industry consultants proprietary research. 2025 purchase volume. ASMs Source: 2025 company filings Costco Large US Carrier Range Amazon Marriot Hilton Our Atmos co -brand portfolio is one of the largest in the United States National Survey of Top Co -Brand Cards (2025) Purchase Volume Large U.S. Carrier Range Amazon MarriottCostco Hilton Atmos Rewards delivers 1.5x the co -brand purchase volume of the four largest U.S. carriers when adjusting for airline size

83 New products and features launching in 2027 will drive further growth Unique and expanded co -brand relationship with Bank of America creates meaningful future growth potential Addition of points transfer to Atmos from proprietary global bank cards, including Bank of America in the U.S Deeper Global Bank Integrations Expanded & Enhanced Debit & Credit Card Portfolio ~75% of U.S. Cards New market opportunity Debit Card Launching early 2027 Under development No Annual Fee $0 ~25% of U.S. Cards Existing m arket penetration opportunity for the West Coast’s #1 airline co - brand portfolio Ascent $95 fee Business $95 fee Summit $395 fee

84 Coming early 2027 Pre-register interest now for an exclusive offer at atmosrewards.com /debit 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 and status points • Receive flight and onboard purchase discounts • Access free points sharing • No foreign transaction fees • Pay for account fees with points Debit card launches early next year, with many first -to-market features

85 New initiatives deliver an incremental $400M+ in program cash by 2030 +$225M Deeper Global Bank Integrations +$210M Expanded & Enhanced Debit & Credit Card Portfolio Total Incremental Program Cash $435M

86 Active members as of December 31, 2025 defined as those with earn or redemption activity in the prior 24 months; 2024 includ es both Mileage Plan and HawaiianMiles. Program cash includes co -brand cash from issuer and network partners, and non -airline program partners, excluding select Hawaiia n transfer partnerships which concluded following close. Active Member Growth 12M 2024 17M 2027 25M 2030 13% CAGR Program Cash Growth $2.2B 2024 $3.1B 2027 $3.9B 2030 10% CAGR 2024 IR day target ($2.9B) Atmos is positioned to deliver double -digit growth and ~$4 billion of program cash by 2030

87 Ian Morgan VP Cargo Growing Cargo to a $750M Business

Cargo

89 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 lines of business in state of Alaska: • Business consolidators • eCommerce • USPS • Seafood

90 DOT Bureau of Transportation Statistics Form 41, Schedule P -1.2, total system; cargo is freight, mail and property charter reven ue, twelve months ended March 31, 2026. Alaska reflects Alaska and Hawaiian combined. Cargo growth is outpacing the industry and increasing its contribution to our business Cumulative cargo revenue growth since 2024 60% The growth of the next-fastest large carrier 2x The large U.S. carrier average growth rate in 2026 3x Cargo revenue as a % of total 1.8% Large U.S. Carriers 2.6% Alaska 19% Large U.S. Carriers 60% Alaska Cumulative growth since ‘24

91 Increasingly diversified cargo business is expected to grow toward ~$750M in revenue and contribute 1 point of margin by 2030 Cargo margins are ~ 2x target system margins ANCILLARY/OTHER NEW • Cross -selling opportunities • Charter opportunities for entire fleet ACMI NEW • Amazon A330F flying – 11 aircraft • Opportunity to partner more closely in Alaska and Hawai ‘ i • Option to grow both A330F and 737F fleet INTERNATIONAL NEW • Long -haul flying into Asia and Europe • As much as 20% of flight revenues on routes to Asia • Margins 3 -4x rest of cargo business LOWER 48 • Belly capacity • Consolidators, USPS, eComm , Seafood, Medical Supplies • Primarily served by 737 aircraft STATE OF HAWAI‘I NEW • Dedicated freighter + belly capacity in HI and South Pacific • Consolidators, USPS, eComm , Seafood • Path to leading interisland share STATE OF ALASKA • Dedicated freighter + belly capacity • Consolidators, USPS, eComm , Seafood • Largest in -state freighter network

92 We have a unique opportunity to deepen our leadership in Alaska and build a similar position in Hawai‘i share of statewide air cargo 37% 50% • Largest in -state freighter network and growing ALASKA share of inter - island air cargo • New dedicated freighter + belly capacity across the islands 6% 50% HAWAI‘I ~$500M Core regions remain underpenetrated and we can leverage our current network to carry more TOTAL ADDRESSABLE MARKET Current AK/HI market share : June 2026 vs June 2025 | U.S. DOT T -100, all reporting carriers | cargo = freight + mail, in pounds | stated like-for- like: 29 small Alaska commuter carriers excluded from market sizing Total addressable market uses current yields by region applied to total market size from T -100 data above 34% increase in Alaska and Hawai ‘ i capacity with 4 more 737 -800F’s entering service in 2027

93 Shane Tackett President & Chief Financial Officer Closing

94 > 40% Premium Revenues Over 40% of revenue will come from premium cabins, leveraging our growing international network and industry - leading stage length ~$4 Billion Loyalty Cash Generation Atmos Rewards and our leading card programs will generate nearly $4 billion of cash remuneration Cargo Revenue Cargo will generate ~$750 million of revenue across six distinct franchises, doubling in size, and contribute 1 -2 pts of pretax margin to the overall business ~$750 Million By 2030, our commercial engine will be fully harvesting and drive 2 -3 pts of additional margin expansion ~60% Diversified Revenue Over 60% of our revenue will come from non -Main Cabin sources, leading to a higher earnings floor and more resilient earnings

2026 Investor Day | September 29, 2026

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