REGULATION FD DISCLOSURE.

On March 17, 2026, American Airlines Group Inc. (the "Company") is presenting information relating to its financial and operational outlook at the 2026 J.P. Morgan Industrials Conference. As previously announced, this presentation will be webcast with a link available on the Company's website at www.aa.com under "Investor Relations." The presentation slides will also be posted to this website.

Also on March 17, 2026, the Company provided investors with updated financial and operational guidance relating to the first quarter of 2026. With stronger than expected demand, driven by effective execution of the Company's commercial initiatives and a solid demand backdrop, the Company now anticipates first-quarter total revenue to be up over 10%, representing the highest year-over-year quarterly revenue growth in Company history1. Fuel prices have increased meaningfully since the Company's initial first-quarter guidance, and the Company now assumes a fuel price of approximately $2.75 per gallon of jet fuel in the first quarter. With the rapid increase in jet fuel prices, the Company now expects its adjusted loss per diluted share2 to be towards the lower end of its initial first-quarter guidance range.

            
 Estimated Q1 20263
 Current Guidance Previous Guidance
Available seat miles (vs. Q1 2025)~ +3.0% to +4.0% ~ +3.0% to +5.0%
Total revenue (vs. Q1 2025)> +10.0% ~ +7.0% to +10.0%
CASM-ex4 (vs. Q1 2025)~ +4.0% to +5.0% ~ +3.0% to +5.0%
Adjusted loss per diluted share2 ($/share)Lower end of guidance ~ ($0.10) to ($0.50)
   
 

1Excludes the pandemic recovery period.

2Adjusted loss per diluted share excludes net special items and is a non-GAAP measure. Adjusted loss per diluted share calculation assumes a diluted share count of ~661.2 million for Q1 2026. Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity. The number of shares in actual calculations of loss per diluted share will likely differ from those set forth above. The guidance for adjusted loss per diluted share reflects an absolute number and is not a year-over-year comparison.

3Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. The Company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time. Numbers may not recalculate due to rounding.

4CASM-ex is cost per available seat mile (CASM) excluding fuel, profit sharing and net special items and is a non-GAAP measure.