2 Safe Harbor Statement Certain of the statements contained in this presentation should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the Company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations), and other risks and uncertainties listed from time to time in the Company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement. Non-GAAP Financial Information and Financial Guidance The Company sometimes uses financial measures that are derived from the condensed consolidated financial statements or otherwise provided in the form of guidance but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. Management uses these non-GAAP financial measures to evaluate the Company's current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to- period in nature and amount, the adjustment to exclude net special items allows management an additional tool to understand the Company’s core operating performance. The Company does not provide a reconciliation of forward-looking measures where the Company is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

3 Creating shareholder value ROBERT ISOM CHIEF EXECUTIVE OFFICER

4 The time is now Constructive environment • Demand has returned • Favorable backdrop for American American is a changed airline • Delivering on commitments • Driving value through execution and performance Opportunities ahead • Value-creating drivers • Margin expansion and free cash flow growth

5 Demand for air travel has returned.

6 2014 2019 2023 Demand for travel has accelerated Note: U.S carriers industry revenue. Compound annual growth rate (CAGR). Source: Airline financials. Total airline industry revenue $B $161 $187 $227 3% CAGR 5% CAGR

7 Consumer spending continues to shift to experiences Growth in spending on goods and experiences1 % 1. Nominal spending YoY growth. Source: Bureau of Economic Analysis, Mastercard Economics Institute. 3.2% 6.1%5.3% 15.2% Avg. 2014–2019 Avg. 2022–2023 Goods Experiences

8 0.88% 0.78% 0.83% Historical average2 0.88% Every basis point of recovery is worth ~$2.5 billion in industry revenue. 1. U.S. carriers industry revenue. 2. Historical average 2010-2019. Source: Philadelphia Federal Reserve and FRED database (GDP), Airline financials (Industry revenue). Revenue opportunity remains Airline industry revenue Percentage of GDP1 2022 2023Historical average

9 Industry constraints persist Engine issues OEM delivery delays Supply chain constraints Air Traffic Control challenges

10 We are a changed airline.

11 People, plan, process Rebuilt senior leadership team Industry experience External expertise

12 Delivered a reliable operation Completion factor % 97.4% 97.6% 98.9% 2018 2019 2023 Source: Internal data.

13 Returned American to profitability Adj. pre-tax income (loss)1 $B $2.9 ($12.2) ($6.9) $0.5 $2.5 2019 2020 2021 2022 2023 1. Adjusted pre-tax income (loss) excludes the impact of pre-tax net special items and is a non-GAAP measure. See GAAP to non-GAAP reconciliation in Appendix. Source: Airline financials.

14 $54 $46 $43 2Q 2021 YE 2022 YE 2023 Strengthened our balance sheet Total debt1,2 $B 1. As of respective period end. 2. Total debt includes debt, finance and operating lease liabilities and pension obligations. Source: Airline financials. $11.4B Peak

15 Awards and accolades Achieved rating upgrades from all three major credit rating agencies Won Best U.S. Airline Loyalty Program at the 2023 TPG Awards Best Elite Program for the 11th consecutive year at the 2023 Freddie Awards Named to the Dow Jones Sustainability North America Index for the third consecutive year and to the World Index for the first time

16 Opportunities ahead drive value.

17 Compelling value-creating drivers Reengineering the business Asset utilization, productivity, procurement Operational excellence Strong, reliable operation Rewards Leading travel rewards program & co-branded credit card opportunity Network Strongest domestic & short-haul international network Fleet Young & simplified Margin expansion Long-term free cash flow generation

18 2024E 2025E 2026E+ Adj. EBITDAR margin1 ~ 14% ~ 14%–16% ~ 15%–18% Free cash flow2 ~ $2B > $2B > $3B Key target metrics Note: The Company is unable to fully reconcile certain forward-looking guidance to the corresponding GAAP measure because the full nature and amount of net special items cannot be determined at this time. 1. Adjusted EBITDAR margin is a non-GAAP measure. Adjusted EBITDAR is defined as earnings excluding the impact of net special items before net interest and other nonoperating expenses, taxes, depreciation, amortization and aircraft rent. 2. Adjusted free cash flow is a non-GAAP measure. Adjusted free cash flow is defined as net cash provided by operating activities less net cash used in investing activities, adjusted for (1) net sales of short-term investments and (2) change in restricted cash.

19 Agenda Commercial execution Vasu Raja, Chief Commercial Officer Operational excellence David Seymour, Chief Operating Officer Reengineering with technology Ganesh Jayaram, Chief Digital & Information Officer Leading performance and accountability Cole Brown, Chief People Officer Maximizing value creation Devon May, Chief Financial Officer

20 Commercial opportunities Fleet Network Rewards Focused execution Operational excellence Reengineering the business Margin expansion Long-term free cash flow generation American is well-positioned to create value

21 Commercial execution VASU RAJA CHIEF COMMERCIAL OFFICER

22 Airline revenues trend with GDP 104% 107% 111% 117% 122% 121% 134% 146% 155% 100% 99% 104% 111% 116% 44% 76% 125% 141% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Gross domestic product (GDP) Airline industry revenue Source: Philadelphia Federal Reserve (GDP), Airline financials (Industry revenue). Indexed to 2014

23 Some sources of revenue have exhibited faster and more consistent growth 1. Total frequent flyer program (FFP) related revenue, including passenger and non-passenger components. Source: Company reports, internal analysis. 2.1% 2.9% 4.3% Long-haul passenger Short-haul passenger FFP Revenue annualized growth 2019–2023 1

24 We are uniquely positioned to produce durable earnings Our short-haul network is the foundation of value for customers and investors AAdvantage® — our travel rewards program — is our source of value growth for customers and investors

25 Grow value for customers and investors Building the best network Building the best travel rewards program Conclusion

26 Building the best travel rewards program Conclusion Building the best network Grow value for customers and investors