Delta Air Lines : Investor Presentation – Q3 2022(opens in new window)

DELTA AIR LINES

I n v e s t o r O v e r v i e w

Q 3 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 has had 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 Energy, LLC ("Monroe"), a wholly-owned subsidiary of Delta; 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 and our quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of July 13, 2022, and which we undertake no obligation to update except to the extent required by law.

2

Strong Competitive Advantages And Brand Preference

People and	Global	Financial
Culture	Network	Foundation
The core of Delta -	Best connecting hub	Solid foundation with
passionate and	complex - including the	more cash flow flexibility
determined	world's most efficient	and access to higher
professionals caring	hub in Atlanta -	quality credit markets
for our customers	enhanced by investments
	in NYC, LA, and Seattle
Operational Reliability		Customer Loyalty
America's best-run airline, consistently		Delta's trusted consumer brand and
delivering industry-leading operational		American Express partnership combine
results and reliability		to produce high-value loyalty program

Widely Recognized As The Airline Of Choice

3

Strategic Priorities Support Long-Term Value Creation

Strengthening Our Trusted		Restoring Our Financial		Building A Better Future
Consumer Brand		Performance		For Our People And Planet

• Continue to prioritize the health and safety of our customers
• Invest in the customer experience across the travel ribbon
• Deliver best-in-class operational reliability and service

• Rebuild scale and drive efficiency
• Deliver mid-teens adjusted operating margins and over $7 of adjusted earnings per share by 2024
• Generate strong cash flow, reduce debt and return to investment grade metrics

• Invest in our workforce, including in their health and wellness and continue to support diversity and inclusion
• Harness new technologies and data to innovate and deliver for the customer
• Continue Delta's Flight to Net ZeroSM sustainability commitment

Our Ambition Is To Transcend The Industry

And Deliver Financial Outcomes That Create Significant Long-Term Value

4

Delta Platform Supports Revenue Diversification

Adjusted

Total ~$40B

Revenue

56%

24%

20%

2014

Main Cabin

>$50B

~$47B

39%

47%

36%

32%

21%25%

20192024E

Premium Products Other1

Growth Opportunities

Loyalty: Investing in product, marketing and capabilities accelerates loyalty revenue growth

Cargo: Leverage growing widebody capacity while increasing share of premium product

MRO: Increasing engine volume with expansion of component line of business under long-term contracts

Other Travel Revenue: Growing other revenue through expanded Delta Vacations packages, gift cards, car rentals, hotels and trip insurance

1 Includes loyalty program, MRO, cargo, travel-related services, and other ancillary revenues	5
Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix