JBLU JPM Industrials 2026

All right. Folks, we're a couple of minutes behind schedule. So let's kick things off with Jet Blue. For those of you in the room, I'm joined here by Marty St.

George as President of the company; Ursula Hurley, no stranger to this audience, Jet Blue's CFO; and of course, Joanna Geraghty there at the end, oh, up at the podium, even better. Good to see you, and thank you very much. Let's kick things off.

Great. Thank you. Great seeing everybody. First, Mark, Jamie, thanks for having us back.

We really appreciate being here. There's obviously a lot going on. We are very pleased with how Jet Blue is executing under our Jet Forward program, but eyes are on the macro context and what that's going to look like. I first wanted to talk a little bit about our first quarter.

We updated guidance this morning, reflecting accelerating demand, strength into Q1 and pleased with sort of that environment, also progress on CASM. There was some CASM impact due to the storms, Hernando and Fern, which drove some reductions. Net of the storms, however, our underlying RASM improved by 2 points and our CASM ex improved by 1 point, which I view as strong execution on the part of the team.

Obviously, oil is extremely volatile right now. We don't know how long it's going to last. So the team and I are focused on controlling what we can, which seems to be the theme for the last several months, if not slightly longer. On Slide 3, we talk a bit about the initiatives.

So Jet Forward is absolutely working. In 2025, we delivered $305 million of incremental EBIT and really pleased with some of the underlying performance of the initiatives that we've laid out. We saw positive RASM in 2025. A number of major initiatives are planned for this year.

And ultimately, we believe our overall customer offering will be among the most competitive, the most attractive and rewarding it's ever been with the goal of driving sustained RASM growth over the long term. This, coupled with our cost performance, and God willing an improving macro environment should get us towards our goal of operating profitability. Jet Forward is working. We have laid out here all the initiatives and the sort of the status of where we are on delivery.

With our first pillar, reliable and caring service, we've seen an 8-point improvement year-over- year in Net Promoter Score and a 17-point improvement year over 2. We are now back at the top of