ULCC JPM Industrials 2026

Happy St. Patrick's Day. Yes. All right, folks, moving right along with Frontier Airlines, Jimmy Dempsey.

Actually, I was going to f you as the most newly appointed airline executive this year, and there always seems to be some change right before our conference. And then after you assume the role, Delta reconstituted their bench. So there's been a lot of managerial change, but this is the first time I've welcomed you up here as a CEO. Also joined by David Urban, who runs Investor Relations in the front row.

You don't have any prepared boiler plate remarks that you need to be. Okay. All right. I'll admit I'm a little nervous because the last time I saw Jimmy just last week, he was being firesided by Steve Hazy, and I know Steve Hazy.

So I'll do my best.

Well, best of luck. I wish you well.. Inc,dvs,2fd.A.s RH'DYm D',,Yc'mf'U

Thank you very much. So I want to call on your Ryanair background for a moment because I'd be interested in hearing what you think helps explain the incredible structural profitability of that franchise and to a lesser extent, that business model in Europe and sort of compare and contrast that with some of the challenges that the ultra-low-cost carrier model in the United States have had? Because if I better understand your perception of those differences, it helps me frame some of the questions that are admittedly will be more unique to Frontier.

Yes. Look, thank you guys for hosting us here today. Look, Ryanair is a phenomenal business. I was in Ryanair for nearly 11 years.

It is a machine that not only has grown quite meaningfully across Europe, it's done at a very successful profitable way. There's one key difference between the United States and Europe. There is obviously country borders and language barriers across Europe that don't exist in here in the States, and you have a very different legacy airline structure than you have in Europe.

But the one big difference is you do not have credit card loyalty programs in Europe like you have here. And I think that, that has changed the dynamic quite considerably in terms of how ULCCs in the U.S. compete against legacy airlines. And you've certainly seen that post COVID, where a lot of the legacy airlines have performed very, very well. Their loyalty programs or credit card programs have been phenomenally successful over the last number of years.

That also gives