Delta Air Lines : J.P. Morgan Industrials Conference(opens in new window)

DELTA AIR LINES

J . P . M O R G A N I N D U S T R I A L S C O N F E R E N C E

M A R C H 1 5 , 2 0 2 2

Safe Harbor

Statements made in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered "forward-looking statements" under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the material adverse effect that the COVID-19 pandemic is having on our business; the impact of incurring significant debt in response to the pandemic; failure to comply with the financial and other covenants in our financing agreements; the possible effects of accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems on which we rely and of the data stored within them, as well as compliance with ever-evolving global privacy and security regulatory obligations; disruptions in our information technology infrastructure; our dependence on technology in our operations; our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to realize the full value of intangible or long-lived assets; labor issues; the effects of weather, natural disasters and seasonality on our business; changes in the cost of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe; failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; failure to comply with existing and future environmental regulations to which Monroe's refinery operations are subject, including costs related to compliance with renewable fuel standard regulations; our ability to retain senior management and other key employees, and to maintain our company culture; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports at which we operate or significant problems associated with types of aircraft or engines we operate; the effects of extensive government regulation we are subject to; the impact of environmental regulation, including but not limited to increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this presentation, and which we undertake no obligation to update except to the extent required by law.

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Current State Of The Business - Demand Momentum Building

Total Adj. Revenue Recovery Versus 2019

• Raising March quarter revenue outlook to ~78% recovered versus 2019

Updated 1Q guidance: ~78%

• • Expect to achieve flat TRASM in March month versus March 2019
• System cash sales1 are above 2019 levels
• Maintaining flexibility and nimble approach to capacity in high fuel price environment

				~83%
			80%
	74%
		70%
	4Q21	Jan 22	Feb 22	Mar 22E
Capacity	71%	83%	84%	~83%
vs. 2019

Delta Is Well Positioned To Recapture Higher Fuel Prices Given

Disciplined Approach To Capacity, Strong Brand Preference And Premium Product Focus

Note: Adjusted for special items; non-GAAP financial measures reconciled	in Appendix	3
1 Cash sales are defined as average daily tickets purchased over the last 7	days as of March 11, 2022

Operational Excellence And Customer Focus Drive NPS Gains

On Time Arrival By Airline1		Delta Domestic Net Promoter Score
YTD as of March 10, 2022		YTD as of Feb 28, 2022

84.3%
82.2%
80.1%	79.7%

S y s t e m

C o m p l e t i o n 97.0%

94.7%

95.4%

94.7%

F a c t o r

54

48

2019

2022 YTD

Delta Ranked No.1 Among Peers On Key Operating Metrics In 2021 And 2022 YTD

1 Preliminary. Mainline Domestic arrival within 14 minutes per U.S. DOT reporting requirements

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Updated March Quarter Outlook

• Expect positive Free Cash Flow in the March quarter on strong spring and summer travel demand
• • March quarter Air Traffic Liability expected to grow by more than $2 billion from the December quarter 2021
• Expected March quarter pre-tax loss consistent with initial expectations
• • Expect a solid pre-tax profit in the month of March as higher fuel cost is offset by stronger revenue
  • No change to March quarter non-fuel CASM outlook of up 15% versus March quarter 2019

March Quarter Guidance

		Updated		Initial
Capacity vs. 2019	~83%		83 - 85%
Total Revenue	~78%		72 - 76%
Adj. vs. 20191
Adj. Fuel Price	~$2.80		$2.35 - $2.50
	($/gal)
	~$21 Billion
Adj. Net Debt		~$22 Billion

1 Adj. Total Revenue is a non-GAAP financial measure and excludes Third Party Refinery sales which are expected to be ~$1.3 Billion in the March quarter

Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix

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