Atlas Air Worldwide : First-Quarter 2021 Results View Conference Call / Webcast View Slides

Quarterly Review	JOHN W. DIETRICH
1Q 2021	President & CEO
	SPENCER SCHWARTZ
May 5, 2021	Executive Vice President & CFO

Safe Harbor Statement

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Atlas Air Worldwide Holdings Inc.'s ("AAWW") current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries that may cause actual results to be materially different from any future results, express or implied, in such forward-looking statements.

For additional information, we refer you to the risk factors set forth in the documents filed by AAWW with the Securities and Exchange Commission. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those discussed.

Such forward-looking statements speak only as of the date of this presentation. AAWW assumes no obligation to update the statements in this presentation to reflect actual results, changes in assumptions, or changes in other factors affecting such estimates, other than as required by law and expressly disclaims any obligation to revise or update publically any forward-looking statement to reflect future events or circumstances.

This presentation also includes some non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with accounting principles generally accepted in the United States and our reconciliations in our earnings release dated May 5, 2021, which is posted at www.atlasairworldwide.com.

2

Key Takeaways

SAFETY IS OUR TOP PRIORITY

• Taking every precaution to protect our employees and operations
• Delivering safe and high-quality service for our customers

ATLAS PROVIDES ESSENTIAL SERVICES

• Transporting vaccines, PPE and medical supplies
• Carrying express, e-commerce, manufacturing and other necessities
• Bringing goods to market with unmatched speed and reliability

DELIVERING RESULTS IN A CHALLENGING ENVIRONMENT

• Leveraging global operating capabilities and flexible business model
• Capitalizing on business model growth and diversification

EXECUTING OUR STRATEGIC PLAN

• Dedicated and experienced team
• Entering and extending numerous long-term charter agreements
• Unmatched fleet of aircraft and global network

3

1Q21 Highlights

OFF TO A VERY GOOD START IN 2021

• Strong demand for our aircraft and services
• Yields above typical seasonal levels
• Increased aircraft utilization
• Significant reduction of international widebody belly capacity
• Benefited from flying five aircraft reactivated in 2020

RESULTS ALSO REFLECTED

• Ongoing operational complexities
• Higher pilot costs
• Higher heavy maintenance expense

CLOSER TO COMPLETING NEW PILOT CONTRACT

• Scheduled arbitration hearings concluded April 1
• Union provided integrated seniority list
• Atlas and union now preparing post-hearing briefs
• Arbitrator will consider all information and render decision

4

Outlook

2Q21 OUTLOOK

Block Hours

~90,000

Revenue

~$950 million

Adj. EBITDA

~$210 million

Adj. Net Income

To grow ~30% compared with 1Q21 adj. net income of $72.2 million

Maintenance Expense

~$130 million

2021 COMMENTARY

Strong momentum continuing in 2Q21

Anticipate capacity on long-haul trade lanes to remain tight

Monitoring the market and leveraging the diversity of our business model

Expect additional expenses driven by COVID-19

2021 KEY ITEMS

Maintenance Expense

Expected to be lower than 2020

Depreciation/Amortization

~$270 million

Core Capex

~$110 to $120 million

5