Delta Air Lines, Inc.

- No explicit mention of new fundraising through debt or equity in the provided transcript. - The company highlights a strong balance sheet with adjusted net debt of $13.5 billion, down 20% from last year. - Gross leverage stands at 2.4x, with investment-grade ratings from all three credit rating agencies. - The maturity profile is well laddered, supported by unencumbered assets and secured borrowing capacity. - The focus is on reducing adjusted net debt below 2019 levels, indicating a preference for deleveraging rather than new debt issuance. - No announcements or indications about raising equity capital were made during the call. - Overall, the company appears well-positioned financially and does not signal the need for immediate new fundraising through debt or equity.

- Delta placed firm orders for 95 additional aircraft this quarter, accelerating fleet renewal and supporting international growth in coming years (Page 4). - Expanded lounge network by opening a new Sky Club in Denver and renovating 3 clubs in Atlanta (Page 4). - Invested in digital travel experience, including fast free Wi-Fi on 1,200 aircraft and partnership with Amazon Leo for next-gen satellite connectivity, enhancing in-flight digital engagement through Delta Sync platform (Page 4). - Continued upgrades of fleet interiors with enhanced premium seating, moving towards close to 50% premium cabin configuration on new aircraft, supporting segmentation strategy (Page 6). - Ongoing investments in Maintenance, Repair, and Overhaul (MRO), with 2026 revenue target of $1.2 billion, a 50% improvement over last year, supporting growth with expanding margins (Page 4 and Page 9). - Continuous focus on improving operational resilience and recovery capabilities, including collaboration with pilots and union leadership on contractual changes (Page 14).

- Strong demand momentum continues into June quarter with cash sales up double digits across booking curves, geographies, and products. - June quarter total revenue expected to grow low teens on flat capacity, reflecting double-digit passenger unit revenue growth, a meaningful acceleration from mid-single-digit growth in Q1. - Corporate sales set quarterly records with double-digit growth; premium and loyalty revenues growing mid-teens. - MRO business expected to grow to $1.2 billion in revenue for the year, nearly 50% improvement over last year. - Continued investments in premium seating and fleet renewal supporting margin improvement and capacity for international growth. - Capacity reductions planned in the short term due to high fuel prices, with adjustments dependent on economic and demand conditions. - Long-term outlook remains confident with structural advantages, expecting to achieve long-term financial targets and enhanced earnings power by 2026.

- Delta expects continued long-term growth in earnings power, with 2026 seen as an opportunity to demonstrate structural improvement and reduced earnings volatility. - June quarter outlook anticipates 6% to 8% operating margin with EPS between $1.00 to $1.50, despite high fuel costs (~$4.30/gal). - Revenue is expected to grow in the low teens for Q2 on flat capacity, recapturing 40-50% of the $2 billion+ fuel headwind. - Strong demand, particularly in premium and corporate segments, supports growth momentum. - Structural advantages including a strong brand, diversified revenue base, and fuel refinery ownership underpin financial durability. - Management highlights potential for industry consolidation driven by sustained high fuel prices, benefiting Delta’s market position. - MRO business revenue expected around $1.2 billion for the year, nearly 50% growth over prior year. - Capacity decisions for the rest of 2026 will depend on fuel price stability and demand elasticity.

- In the quarter, Delta placed firm orders for 95 additional aircraft. - These orders accelerate fleet renewal and support anticipated international growth in coming years. - No specific total orderbook value or number of pending orders disclosed beyond the 95 aircraft ordered. - Fleet renewal focuses on improving premium seating share, fuel efficiency, and unit cost reduction. - The company is investing in more modern aircraft to support both domestic and international network expansion.