Atlas Air Worldwide Holdings Third-Quarter 2021 Results View Conference Call / Webcast View Slides

Quarterly Review	JOHN W. DIETRICH
3Q 2021	President & CEO
	SPENCER SCHWARTZ
November 3, 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 November 3, 2021, which is posted at www.atlasairworldwide.com.

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Key Takeaways

SAFETY IS OUR TOP PRIORITY

• Taking extensive precautions to protect our employees and operations
• Safely supporting our customers and transporting essential goods

PROUD TO SUPPORT AFGHANISTAN EVACUATION EFFORTS

• U.S. government activated the Civil Reserve Air Fleet
• Operated over 30 missions, transporting ~10,000 U.S. personnel and refugees

NEW JCBA PROVIDES MORE OPPORTUNITIES FOR PILOTS

• Five-yearjoint collective bargaining agreement covers all of our pilots
• Pilots receiving higher pay, quality of life improvements and enhanced benefits
• Paves the way to complete Atlas Air's merger with Southern Air

A LEADER IN THE STRONG FUTURE OF AIRFREIGHT

• Focused on express, e-commerce and fast-growing markets
• Entering and extending long-term agreements with strategic customers
• Industry leading fleet, premier customers and unrivaled global capabilities
• Atlas team is the best in the business

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3Q21 Highlights

RECORD REVENUE AND ADJUSTED EARNINGS

• Strong demand for our aircraft and services
• Ongoing reduction of international belly cargo capacity
• Continued disruption of global supply chains

BENEFITED FROM

• Higher yields and increased aircraft utilization
• New and extended long-term ACMI and Charter agreements
• Operating one 747-400F reactivated in 4Q20
• Lower heavy maintenance expense

RESULTS REFLECTED

• Higher pilots costs driven by new JCBA
• New competitive pay rates effective September 1, 2021
• Improved AMC passenger flying due to support we provided for Afghanistan evacuation efforts

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Outlook

4Q21 OUTLOOK

Record Revenue

Nearly $1.1 billion

Record Adj. EBITDA

~$325 million

Record Adj. Net Income To grow >20% compared with adj. net income of $143.2 million in 4Q20

Block Hours

>90,000

Maintenance Expense

~$90 million

2021 COMMENTARY

Very strong airfreight environment

Expect industry conditions and demand to remain favorable for foreseeable future

Anticipate capacity on long- haul trade lanes to remain tight

Supply chain bottlenecks are driving more airfreight demand

Monitoring developments related to COVID-19 and expect continued expenses

2021 KEY ITEMS

Maintenance Expense

~$450 million

Depreciation/Amortization

~$280 million

Core Capex

~$90 to $100 million

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