23••••••

1/ See GAAP to non-GAAP reconciliation at the end of this presentation•••••••••••

•

5

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•

6
1/ Source- company monthly domestic coupon revenue results

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•
•
7

8

Note: May not recalculate due to rounding.
See GAAP to non-GAAP reconciliation at the end of this presentation

9

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10
1/ Total available liquidity is defined as unrestricted cash and marketable securities plus available undrawn revolver capacity and other undrawn facilities.

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•
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1/ Total debt includes debt, finance leases, operating lease liability and pension obligations.

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Last Induction in 1Q

12

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Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements butthat are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-periodcomparisons. 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. The Company is providing areconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:- Pre-Tax Loss (GAAP measure) to Pre-Tax Loss Excluding Net Special Items (non-GAAP measure)- Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure)- Net Loss (GAAP measure) to Net Loss Excluding Net Special Items (non-GAAP measure)- Basic and Diluted Loss Per Share (GAAP measure) to Basic and Diluted Loss Per Share Excluding Net Special Items (non-GAAP measure)- Operating Loss (GAAP measure) to Operating Loss Excluding Net Special Items (non-GAAP measure)Management uses these non-GAAP financial measures to evaluate the Company's current operating performance and to allow for period-to-periodcomparisons. 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.
Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items andfuel (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding net special items and fuel. Management uses total operating
costs excluding net special items and fuel and CASM excluding net special items and fuel to evaluate the Company's current operating performance and forperiod-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance.
The adjustment to exclude fuel and net special items allows management an additional tool to understand and analyze the Company’s non-fuel costs andcore operating performance.

Reconciliation of Pre-Tax Loss Excluding Net Special Items

Pre-tax loss as reported$3 Months Ended
March 31,Percent
Increase2022
2021(in millions, except share and pershare amounts)(Decrease)(2,086)$(1,573)

Pre-tax net special items:
Mainline operating special items, net (1)157

Regional operating special items, net (2)Nonoperating special items, net (3)Total pre-tax net special items
Pre-tax loss excluding net special items(1,708)3(215)(23)160(1,946)$(1,926)$(3,519)

Pre-tax loss as reported$(2,086)$(1,573)

Total operating revenues as reported$8,899$(45.3%)Calculation of Pre-Tax Margin

Pre-tax margin(23.4%)

4,008(39.3%)

Calculation of Pre-Tax Margin Excluding Net Special Items
Pre-tax loss excluding net special items$(1,926)$

Total operating revenues as reported$8,899$Pre-tax margin excluding net special items(21.6%)(3,519)4,008(87.8%)

Reconciliation of Net Loss Excluding Net Special Items
Net loss as reported$

Net special items:
Total pre-tax net special items (1), (2), (3)Net loss excluding net special items(1,635)$160

Net tax effect of net special items(1,250)(1,946)(35)453$(1,510)$(2,743)$(1,510)$(2,743)(45.0%)

Reconciliation of Basic and Diluted Loss Per Share Excluding Net Special Items
Net loss excluding net special items
Shares used for computation (in thousands):
Basic and diluted

649,503634,609

Loss per share excluding net special items:
Basic and diluted$(2.32)$(4.32)15

3 Months Ended
March 31,2022

Reconciliation of Operating Loss Excluding Net Special Items

2021(in millions)Operating loss as reported$

Operating net special items:
Mainline operating special items, net (1)$157-Regional operating special items, net (2)Operating loss excluding net special items(1,723)(1,315)(1,708)(215)$(1,566)$(3,238)$

10,622$

5,323

Reconciliation of Total Operating Cost per ASM Excluding Net Special Items and Fuel
Total operating expenses as reported
Operating net special items:
Mainline operating special items, net (1)(157)-Regional operating special items, net (2)

1,708
215

Total operating expenses, excluding net special items

10,465

7,246

Aircraft fuel and related taxes(2,502)(1,034)

Total operating expenses, excluding net special items and fuel$7,963

$

6,212

(in cents)
Total operating expenses per ASM as reported

17.84

14.09

Operating net special items per ASM:
Mainline operating special items, net (1)Regional operating special items, net (2)(0.26)-4.52
0.57

Total operating expenses per ASM, excluding net special items

17.58

19.19

Aircraft fuel and related taxes per ASM(4.20)(2.74)

Total operating expenses per ASM, excluding net special items and fuel

13.38

16.45

Note: Amounts may not recalculate due to rounding.
FOOTNOTES:(1)

The 2022 first quarter mainline operating special items, net principally included a non-cash impairment charge to write down the carrying value of theCompany's retired Airbus A330 fleet to the estimated fair value due to current market conditions for certain used aircraft. The Company retired its Airbus
A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.
The 2021 first quarter mainline operating special items, net principally included $1.9 billion of Payroll Support Program (PSP) financial assistance, offsetin part by $168 million of salary and medical costs associated with certain team members who opted into voluntary early retirement programs offered asa result of reductions to the Company's operation due to the COVID-19 pandemic.
Cash payments for salary and medical costs associated with the Company's voluntary early retirement programs were approximately $90 million and$170 million for the 2022 first quarter and 2021 first quarter, respectively.

(2)

The 2021 first quarter regional operating special items, net principally included $244 million of PSP financial assistance, offset in part by a $27 million
non-cash impairment charge to write down regional aircraft resulting from the retirement of the remaining Embraer 140 fleet earlier than planned.

(3)

Principally included mark-to-market net unrealized gains and losses associated with certain equity and other investments as well as non-cash charges
associated with debt refinancings and extinguishments.

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