Alaska Air expects Q1 adjusted loss of ($2.00)-($1.50) per share; fuel headwind at least $0.70

ALASKA AIR GROUP, INC.

Q1 2026 adjusted loss per share expected ($2.00)-($1.50); would have exceeded original guidance midpoint absent fuel, Mexico, and Hawaii issues.
Fuel cost headwind driven by surging Singapore refining margins (~400% since early Feb); economic fuel price now $2.90-$3.00/gal.
Mexico unrest (Puerto Vallarta) and historic flooding in Hawaii disrupt ~30% of capacity; impact seen in March and April.
Managed corporate demand strong: forward bookings next 90 days up >25% YoY; Q2 yields and load factors up YoY.
55% of Q2 revenue still to come; company positioned for peak travel periods.

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