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SKYWEST INVESTOR UPDATE INCORPORATED Q3 2026 UNITED ▲ DELTA → American Airlines Alaska
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In addition to historical information, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “forecasts,” “expects,” “intends,” “believes,” “anticipates,” “estimates,” “should,” “likely” and similar expressions identify forward-looking statements. Such statements include, but are not limited to, statements about the continued demand for our product, the effect of economic conditions on SkyWest’s business, fi nancial condition and results of operations, SkyWest’s plans with respect to share repurchases, the timing of scheduled aircraft deliveries, including with respect to aircraft for which SkyWest holds fi rm delivery positions or purchase rights, the transition of the new E175 aircraft to replace existing aircraft in SkyWest’s fl eet and the timing thereof, transition of SkyWest’s CRJ200 fl eet to the CRJ450 confi guration, fl eet expansion and anticipated fl eet size for SkyWest in upcoming periods, expected production levels in future periods, SkyWest’s coordination with major airline partners regarding the delivery of aircraft under previously announced agreements and timing of placing new aircraft deliveries into service, increasing the utilization and effi ciency of all fl eet types as well as SkyWest’s future fi nancial and operating results, plans, objectives, expectations, estimates, intentions and outlook, including the ability to generate long-term value and cash fl ow that benefi ts SkyWest and its customers, people and shareholders, and other statements that are not historical facts. All forward-looking statements included in this presentation are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statements unless required by law. Readers should note that many factors could affect the future operating and fi nancial results of SkyWest and could cause actual results to vary materially from those expressed in forward-looking statements set forth in this presentation. These factors include, but are not limited to: the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fl uctuations in the economy and the demand for air travel, including related to infl ationary pressures, and related decreases in customer demand and spending; uncertainty regarding potential future outbreaks of infectious diseases or other health concerns, and the consequences of such outbreaks to the travel industry, including travel demand and travel behavior, and our major airline partners in general and the fi nancial condition and operating results of SkyWest in particular; the prospects of entering into agreements with existing or other carriers to fl y new aircraft; uncertainty regarding timing and performance of key third-party service providers; ongoing negotiations between SkyWest and its major airline partners regarding their contractual obligations; uncertainties regarding operation of new aircraft; the ability to attract and retain qualifi ed pilots, mechanics and other personnel in operations; the impact of regulatory issues such as pilot rest rules and qualifi cation requirements; the ability to obtain aircraft fi nancing; the fi nancial stability of SkyWest’s major airline partners and any potential impact of their fi nancial condition on the operations of SkyWest; fl uctuations in fl ight schedules, which are determined by the major airline partners for whom SkyWest conducts fl ight operations; variations in market and economic conditions; signifi cant aircraft debt commitments; estimated useful life of long-lived assets, residual aircraft values and related asset impairments; labor relations and costs; the impact of global instability; rapidly fl uctuating fuel costs and potential fuel shortages; the impact of weather-related, natural disasters and other air safety incidents on air travel and airline costs; aircraft deliveries; uncertainty regarding ongoing international hostilities, including those between Russia and Ukraine, Israel and Hamas, and Israel, the United States and Iran, and the related impacts on macroeconomic conditions and on the international operations of any of our major airline partners as a result of such confl icts; the availability of parts used in connection with maintenance and repairs of the aircraft; the availability of suitable replacement aircraft for aging aircraft; the impact of enacted and proposed U.S. tariffs on global economic conditions and the fi nancial markets, passenger demand, the cost of aircraft parts and supplies sourced internationally and the cost of service providers located outside of the United States; the impact of potential future U.S. government shutdowns on air traffi c controller staffi ng, fl ight cancellations and federal Essential Air Service subsidies; the possibility that the stock repurchase program may be suspended or discontinued at any time; and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause SkyWest’s actual results to differ materially from management’s current expectations are contained in SkyWest’s fi lings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. ABSOLUTEL Y NO PART OF THIS PRESENTATION OR ANY OF ITS CONTENTS MAY BE REPRODUCED, COPIED, MODIFIED OR ADAPTED, WITHOUT PERMISSION IN WRITING FROM SKYWEST , INC. 3Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Forward Looking Statements
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$122mscheduled debt payments Pre-tax Income$139m Net Income$101m EPS $2.54 Financial Results Business Updates $24mdebt issued for aircraft Q2-26 Cash Activity Included: Q2-26 Profi tability: Ended Q2-26 with $601m in Cash $1.1b Total Revenue $75mstock repurchases Block hours up 5%from Q2-25 $68mfrom Q2-25 Adding 11 new E175s to contract Deliveries in 2026 and 2027 Strong demand for our dual-class aircraft Projecting 5% more block hours for FY 2026 from FY 2025 Our fl eet mix provides our partners valuable fl exibility to optimize their network revenue strategies Growth from returning to underserved communities 10 aircraft added to prorate agreements in Q2 33% increase in our prorate fl eet since Q2 2025 38% increase in prorate revenue year-over-year $150m in share repurchases in fi rst half 2026 $250mnew authorization increases availability to ~$313m Repurchased 27% of our shares since the beginning of 2023 Growth fromE175order book +13 in 2026 +17 in 2027 300 total E175s in service expected by end of 2027 4Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Quarter Snapshot Developments
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E175 Delivery Schedule 5Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION E175 Growth Opportunity 1H 2026 2H 2026 2027 2028 2029-2031 TOTAL 1 - - - - 1 1 7 - - - 8 - 4 7 - - 11 - - 10 6 - 16 Unassigned - - - 4 29 33 2 11 17 10 29 69
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Available Aircraft: Other Anticipated CRJ900 Changes: 6 Available for future opportunities, includes 5 recent lease returns 6 15 Expirations expected 2027-2028, align with 16 DL E175 deliveries. Optimistic we can redeploy or lease these 900s to a third party. 19 owned CRJ900 expecting to return to DL by 2028. Low margin contract, as aircraft are owned by DL 6Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION CRJ900 Growth Opportunity
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Available Aircraft: Additional Fleet Changes: 6 Scheduled for 550 conversion for contract 6 Operational spares available for future opportunities 12 6 700s operating for , converting to 550s in 2026 1 Expiration expected 2027-2028, align with 16 DL E175 deliveries. Optimistic we can place this 1 aircraft back into service following removal. 11 700s operating for American will be replaced by 11 new E175s. Optimistic we can redeploy or lease these 700s to a third party. 7Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION CRJ700/550 Growth Opportunity Expect to have ~ 50 United 550s in service by end of 2026 A CRJ550 is a CRJ700 in a 50-seat, dual-class confi guration
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Available Aircraft: 4 Undergoing 450 conversion, will be added to contract 18 Using as spare aircraft, may available for incremental opportunities 22 In storage, available for growth opportunities 36 8Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION CRJ200/450 Growth Opportunity A CRJ450 is a CRJ200 in a 41-seat, dual-class confi guration We expect to operate all dual-class aircraft under contract and prorate following the CRJ450 conversions
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CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE E175 • Own (10), debt (211) and partner fi nanced (51) • Average age 8 years 272 122 - 87 - 20 - 43 - CRJ900 • Own (24) and partner fi nanced (19) • Average age 17 years 43 - - 34 - 5 4 - - CRJ700/E170 • Own (77) • Average age 21 years 77 8 - 2 - 63 4 - - CRJ550 • Own (52) • Average age 21 years 52 36 - - 16 - - - - CRJ200 • Own (73) • Average age 23 years 73 36 37 - - - - - - Under Flying Agreements 517 202 37 123 16 88 8 43 - Leased to 3rd Parties CRJ700 1 CRJ550 41 42 Operational Spares CRJ900 6 CRJ700 12 CRJ200 22 40 In Storage CRJ200 36 36 TOTAL FLEET 642 + + + = CRJ200 7 7 9Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Aircraft Under Agreement As of June 30, 2026
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Salt Lake City Phoenix Chicago Minneapolis Los Angeles Houston Washington, DC Detroit Dallas Denver MAP KEY Prorate represented 11% of our total departures in Q2 2026 Added 15 aircraft to prorate routes since Q2-25, up 33% 10Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Prorate Markets As of June 30, 2026
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11Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION $627 $248 $(27) $(139) $(25) $24 $(122) $9 $(75) $81 $601 $- $200 $400 $600 $800 $1,000 $1,200 Q1-26 Cash EBITDA Deferred Revenue Cap-Ex New Debt Debt Paydown Interest Expense Interest Income Stock Repurchase Other Q2-26 Cash Q1-26 Cash EBITDA Deferred Revenue Cap-Ex1 New Debt Debt Paydown Interest Expense Interest Income Stock Repurchase Other2 Q2-26 Cash (1) Includes the purchase of 1 new E175 and 2 used E170s (2) Working capital timing (YTD change was fl at) Q1-26 TO Q2-26 Decrease in Debt Net Interest ExpenseFree Cash Flow Net Decrease in Cash $82 $81$(75)$(98) $(16) $(26) $ in Millions + Infl ow- Outfl ow Cash Waterfall Q2-26
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$0.2bspare engine fi nancing $0.2bdebt from Treasury PSP loans $1.9bin aircraft fi nancing Have over $1.5b in unpledged assets TOTAL DEBT: $2.3b Debt Overview E175 Cash Flow Characteristics Scheduled to pay down over $400m per year in debt Our fi rst20 E175sdelivered in 2014 are scheduled for debt payoff in 2026 Over 100 debt-fi nanced E175s delivered from 2014 to 2017 have debt maturities from 2026 to 2029 E175initial contract term with partner largely aligns with our 12-yeardebt amortization We are optimistic demand for the E175swill drive contract extensions well beyond initial contract term 12Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Q2-26 Debt Summary
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13Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION E175 Debt Maturity Cash Accretion Annual Principal Payment Savings From E175 Debt Maturities E175 Aircraft 2026 2027 2028 2029 2030 Payoff Stack Payoff Year 36 2030 $24m 21 2029 $51m$19m 41 2028 $99m $99m$19m 25 2027 $61m $61m $61m$30m 20 2026 $49m $49m $49m $49m$13m Cash Savings by Year $13m $79m $129m $228m $248m 2026 2027 2028 2029 2030 Partial Year Savings - Payoffs during year 20 25 41 21 36 Full Year Savings - Payoffs in previous year 0 20 45 86 107 E175s Paid Off at Each Year-end 20 45 86 107 143 143 E175s This table refl ects debt principal payment savings from our E175 debt maturities over the next fi ve years The savings are benchmarked from our 2025 debt principal payments on these aircraft We have 211 total debt fi nanced E175s with additional maturities continuing after 2030
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we operate has no fi nancing obligations 59% of the fl eet SkyWest has no leased aircraft in scheduled service as of June 30, 2026 % of FLEET E175s CRJ 900/700/550/200 and E170 TOTAL Debt fi nanced 41% 211 - 211 Owned, No Debt 46% 10 226 236 Partner Provided 13% 51 19 70 Q2 2026 Aircraft in Scheduled Service 272 245 517 E175 debt terms largely aligns with E175 fl ying contracts We have no debt on the CRJ and E170 fl eet we operate 14Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Q2-26 Aircraft Summary by Financing
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15Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION $163 $20 $(3) $56 $(37) $(9) $4 $(4) $(33) $(8) $(10) $139 $- $40 $80 $120 $160 $200 $240 $280 Q2-25 Pretax Income E175s CRJs (Contract) Prorate & SWC Leasing & Other Deferred Revenue Labor Costs Maintenance Fuel Expense Other Operating Expenses Interest Expense and Other, Net Q2-26 Pretax Income Q2-25 TO Q2-26$ in Millions + Favorable - Unfavorable Q2-25 Pre-tax Income E175s 4% CRJs (Contract) 1% Prorate & SWC 38% Leasing & Other 20% Deferred Revenue Labor Costs 9% Maintenance 2% Fuel Expense 121% Other Operating Expenses 4% Interest Expense and Other, Net 142% Q2-26 Pre-tax Income $68 7% $(24) $(92) 11% Revenue Up Operating & Other Expense Up Block hours were up 5.4% from Q2 2025 Income Waterfall Q2-25 to Q2-26
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16Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Accolades
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CRJ550
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CRJ450
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19Q3 2026INVESTOR UPDATE PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Notes
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INC.SKYWEST.COM INVESTOR UPDATE Q3 2026