# EDGAR Filing Document

**Accession Number:** 0000004515
**File Stem:** 0001193125-25-250779
**Filing Date:** 2025-10
**Character Count:** 51167
**Document Hash:** 9f26b241d24055d4dc2edd3b0aa82f90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-250779.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-250779

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN AIRLINES, INC.
- **CENTRAL INDEX KEY:** 0000004515
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 131502798
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-269990-01
- **FILM NUMBER:** 251417584

**BUSINESS ADDRESS:**
- **STREET 1:** 1 SKYVIEW DRIVE
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76155
- **BUSINESS PHONE:** 6822789000

**MAIL ADDRESS:**
- **STREET 1:** 1 SKYVIEW DRIVE
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76155

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AIRLINES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AIRWAYS INC
- **DATE OF NAME CHANGE:** 19670629
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN AIRLINES, INC.
- **CENTRAL INDEX KEY:** 0000004515
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 131502798
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1 SKYVIEW DRIVE
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76155
- **BUSINESS PHONE:** 6822789000

**MAIL ADDRESS:**
- **STREET 1:** 1 SKYVIEW DRIVE
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76155

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AIRLINES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AIRWAYS INC
- **DATE OF NAME CHANGE:** 19670629

**Issuer Free Writing Prospectus** 

**Filed pursuant to Rule 433(d)** 

**Registration No. 333-269990-01** 

**October 27, 2025**![LOGO](g35870dsp035.jpg)

October 27, 2025 2025-1 EETC Investor Presentation American Airlines, Inc. CONFIDENTIAL

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Important Notice and Disclaimer This presentation (this "Presentation") contains selected basic information about American Airlines Group, Inc. ("AAG" or the "Company"), American Airlines, Inc. ("American"), and the potential offering of Certificates to be issued by a pass-through trust established by American. This Presentation has been prepared and is being furnished solely for informational purposes and solely for use by you in preliminary discussions in connection with your consideration of a potential transaction. This Presentation is not, and is not intended to be, an offer to sell, or a solicitation of an offer to purchase, any securities or any other interest. Any such offering and sale would be made only on the basis of certain transaction documents and, as the case may be, a registration statement, prospectus and other related documents (together, "Transaction Documents") pertaining to such offering and sale and is qualified in all respects and in its entirety by any such final Transaction Documents. Any terms set forth herein are intended for discussion purposes only and are subject to the final terms of any potential transaction as set forth in such final Transaction Documents. This presentation contains preliminary information only, is subject to change at any time and is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an investment decision or other determination. It is expected that investors interested in participating in any transaction will conduct their own independent investigation of the Company and the terms of any transaction, including the merits and risks involved. This presentation speaks only as of the date it is given. The Company assumes no obligation to update or otherwise revise any projections, forecasts or estimates contained in this Presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date of this Presentation or to reflect the occurrence of unanticipated events. Neither the Underwriters (as defined below) nor the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as such a promise or representation, whether as to the past or the future The content of this Presentation are not to be construed as legal, regulatory, business, accounting or tax advise. You should consult your own attorney, business advisor, accountant and tax advisor as to legal, regulatory, business, accounting and tax advice. This Presentation has been prepared exclusively for the internal confidential use of the recipient only. This Presentation is confidential. Any reproduction or distribution of this Presentation, in whole or in part, or the disclosure of the contents hereof, without the prior written consent of American, is prohibited. The company has filed an automatic shelf registration statement (File No. 333-269990) with the SEC pertaining to the offering to which this communication relates. Investors should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. Investors may receive these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, American, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC ("J.P. Morgan") collect at (212) 834-4533, Deutsche Bank Securities Inc. ("Deutsche Bank") toll free at (855) 287-1922, or BNP Paribas Securities Corp. ("BNP Paribas") toll free at (800) 854-5674. The distribution of this Presentation in certain jurisdictions may be restricted by law. In connection with any potential transaction, each of J.P. Morgan, Deutsche Bank, and BNP Paribas (the "Underwriters") will be acting as Underwriters. The Underwriters have not independently verified the information contained herein or any other information that has or will be provided to you. 2

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Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, downturns in economic conditions; our inability to obtain sufficient financing or other capital to operate successfully; our high level of debt and other obligations; our significant pension and other postretirement benefit funding obligations; any deterioration of our financial condition; any loss of key personnel, or our inability to attract, develop and retain additional qualified personnel; changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including the recently announced tariffs and other global events that affect travel behavior; changes in current legislation, regulations and economic conditions regarding federal governmental tariffs, the implementation of federal government budget cuts, a prolonged government shutdown and the potential that any of the foregoing affects the demand for, or restricts the use of, travel by government employees and their families or private sector enterprises that contract or otherwise interface with the federal government; the intensely competitive and dynamic nature of the airline industry; union disputes, employee strikes and other labor-related disruptions; problems with any of our third-party regional operators or third-party service providers; any damage to our reputation or brand image; losses and adverse publicity stemming from any public incidents involving our company, our people or our brand; changes to our business model that may not be successful and may cause operational difficulties or decreased demand; our inability to protect our intellectual property rights, particularly our branding rights; litigation in the normal course of business or otherwise; our inability to use net operating losses and other carryforwards; any new U.S. and international tax legislation; any impairment of goodwill and intangible assets or long-lived assets; any inability of our commercial relationships with other companies to produce the returns or results we expect; our dependence on price and availability of aircraft fuel; extensive government regulation and compliance risks; economic and political instability outside of the U.S. where we have significant operations; ongoing security concerns due to conflicts, terrorist attacks or other acts of violence, domestically or abroad; climate change; environmental and social matters, and compliance risks with environmental, health and noise regulations; a shortage of pilots; our dependence on a limited number of suppliers for aircraft, aircraft engines and parts; any failure of technology and automated systems, including artificial intelligence, that we rely on to operate our business; evolving data privacy requirements, risks from cyberattacks and data privacy incidents, and compliance risks with regulations related therewith; any inability to effectively manage the costs, rights and functionality of third-party distribution channels; any inability to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots; interruptions or disruptions in service at one or more of our key facilities; increases in insurance costs or reductions in insurance coverage; heavy taxation in the airline industry; risks related to ownership of American Airlines Group Inc. common stock; and other risks set forth herein as well as in the company's latest annual report on Form 10-K for the year ended December 31, 2024 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations) and subsequent quarterly reports on Form 10-Q (especially in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company's other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement. Forward-Looking Statements 3

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Agenda & Presenters Agenda Presenters EETC Overview1Company Update2Collateral Overview3 Devon May Chief Financial Officer & Executive Vice President Clemens Metz Treasurer & Vice President Treasurer & Vice President Devon May Chief Financial Officer & Executive Vice President Agenda & Presenters 4

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1. EETC Overview 5

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Transaction Overview American Airlines, Inc. ("American") intends to raise up to $1,104,534,000 through the offering of Series 2025-1 Pass Through Certificates (the "Certificates") The equipment notes underlying the Certificates will have the benefit of a security interest in a high quality collateral pool comprised of 25 aircraft2x Airbus A321 XLR aircraft scheduled for delivery between October 2025 and December 2025 12x Boeing 737 MAX 8 aircraft scheduled for delivery between October 2025 and January 2026 3x Boeing 787-9 aircraft scheduled for delivery between October 2025 and December 2025 8x Embraer E175 scheduled for delivery between October 2025 and March 2026 The Certificates offered in the transaction will consist of two tranches of amortizing debt: Class A senior tranche amortizing over 12.5 years with a 58.0% / 58.0% initial / max Loan-to-Value ratio ("LTV") and 8.7 years weighted average life Class B subordinated tranche amortizing over 9.0 years with a 72.5% / 72.5% initial / max LTV and 6.0 years weighted average life American retains the right to issue Class B concurrently with Class A or in the future American will retain the option to issue additional subordinated classes of Certificates at any time in the future J.P. Morgan and Deutsche Bank will act as Joint Structuring Agents and J.P. Morgan, Deutsche Bank, and BNP Paribas will act as Lead Bookrunners SMBC will act as Depositary through its New York branch Natixis will act as Liquidity Facility Provider 6

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2025-1 EETC Structural Summary 1 LTVs as of first regular distribution date; 2 Each series of equipment notes will mature on the Final Expected Distribution Date for the related class of certificates; 3 The Final Legal Distribution Date for each of the Certificates is the date that is 18 months after the Final Expected Distribution Date for such Certificates, which represents the period corresponding to the applicable Liquidity Facility coverage of three successive semiannual interest payments. Initial Face Amount $883,625,000 $220,909,000 Ratings (S&P / Fitch) A+ / A- BBB / BBB- Initial LTV / Maximum LTV1 58.0% / 58.0% 72.5% / 72.5% Expected Tenor 12.5 years 9.0 years Weighted Average Life 8.7 years 6.0 years Regular Distribution Dates May 11 and November 11 May 11 and November 11 Final Expected Distribution Dates2 May 11, 2038 November 11, 2034 Final Legal Distribution Dates3 November 11, 2039 May 11, 2036 Section 1110 Protected Yes Liquidity Facility Three Semi-Annual Interest Payments Depositary Proceeds from the issuance will be held in escrow with the Depositary and withdrawn to purchase equipment notes as the aircraft are financed

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Key Structural Elements Cross-Collateralization and Cross-Default The equipment notes will be cross-collateralized by all aircraft All indentures will include cross-default provisions Buyout Rights After a certificate buyout event, subordinate Certificate holders have the right to purchase all (but not less than all) of the senior Certificates at par plus accrued and unpaid interest No buyout right during the 60-day Section 1110 period No equipment note buyout rights Waterfall Interest on eligible pool balance of the Class B Certificates is paid ahead of principal on the Class A Certificates Same waterfall before and after an Event of Default Requirements for Exercise of Remedies Controlling party must meet commercial reasonableness standards when disposing of any collateral post-default Threshold Rating Criteria for Liquidity Provider Downgrade drawing mechanics consistent with recent EETCs Threshold Rating Criteria for Depositary Replacement mechanics consistent with recent EETCs Additional Certificates American has the right to issue additional subordinated classes of Certificates at a date following the issuance of the Class A Certificates and Class B Certificates Pre-Delivery Substitution Rights American may substitute any aircraft with one or more aircraft of the same or a different model and/or manufacturer, subject to the following conditions: In the case of a substitute aircraft that is of the same model as the aircraft being replaced, American will be obligated to obtain a Rating Agency Confirmation ("RAC") In the case of substitute aircraft that consist of one or more aircraft of a different model and/or manufacturer from the aircraft being replaced: Such substitute aircraft shall have a date of manufacture no earlier than one year prior to the date of manufacture of the aircraft being replaced; American will be obligated to obtain a RAC; and The substitute aircraft shall have an appraised value no less than the values of the aircraft being replaced Post-Delivery Substitution Rights Following the financing of the aircraft pursuant to the offering, American may substitute airframes and engines from time to time, subject to the following conditions in the case of an airframe substitution: each substitute airframe has a manufacture date that is no more than one year prior to the manufacture date of the airframe being replaced, the appraised maintenance-adjusted current market value of the substitute airframe (or substitute airframes collectively) is not less than that of the airframe (or airframes collectively) being replaced pursuant to such substitution, and except in the case of a substitution for an airframe of the same or improved model, a RAC is obtained. Engines may be replaced with engines of the same or improved model, suitable for use on the applicable airframe and having a value and utility (without regard to hours and cycles) equivalent to the engine being replaced

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2. Company Update 9

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AAG at a Glance American's Hubs Key Stats$10.3BTotal AvailableLiquidity1$36.8BTotal Debt2Q3 2025; >50% of the way to achieving YE 2027 debt target14.2 Years3AverageActive Mainline Fleet Age: Youngest U.S. Network Carrier Fleet>226MPassengers4(FY2024)Offers thousands of daily flights to more than 350 destinations in more than 60 countries$13.7B RevenueinQ3 2025<$35BTarget Total Debt2by YE 20271.Totalavailableliquidityasof September 30, 2025.2.Totaldebt includes debt, finance and operating lease liabilities and pension obligations. 3.Data based on mainlineaircraft asofQ3 2025.4.Source:Company FY 202410K.Los Angeles, CA Phoenix, AZ Dallas / Fort Worth, TX Miami, FL Chicago, IL Charlotte, NC Washington, D.C. New York,NYPhiladelphia,PA10 Charlotte, NC Washington, D.C. New York, NY Philadelphia, PA American's Hubs Key Stats AAG at a Glance 10

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Record third-quarter revenue of $13.7 billion. On a GAAP basis, third-quarter net loss per diluted share of ($0.17). Excluding net special items1, third-quarter net loss per diluted share of ($0.17). Expect full-year free cash flow2 of over $1 billion. Reduced total debt3 by $1.2 billion in the quarter. 1. See GAAP to non-GAAP reconciliation at the end of this presentation. 2. Free cash flow is defined as net cash provided by operating activities less net cash used in investing activities, adjusted for (1) net purchases or sales of short-term investments and (2) change in restricted cash. See free cash flow reconciliation at the end of this presentation. The company is unable to reconcile forward-looking free cash flow to GAAP as the nature or amount of items that impact net cash provided by operating activities cannot be determined at this time. 3. Total debt includes debt, finance and operating lease liabilities and pension obligations. AAG's Third Quarter 2025 Results 11

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Co-Branded Credit Card Agreement •Citi to become the exclusive issuer of A Advantage co-branded credit cards beginning in 2026 •10-year agreement expected to expand loyalty and rewards offering for A Advantage members and Citi-branded card members •Combined Citi/A Advantage card portfolio projected to drive incremental value for both companies ~$6.4 billion1 ~10% annual growth ~$1.5 billion LTM Q3 2025 cash remuneration from expected in cash remuneration from projected annual pre-tax income benefit co-branded credit card and other co-branded credit card and compared to 2024, as cash remuneration partners other partners from co-branded credit card and other partners approaches $10 billion per year Note: Statements relating to growth in cash remuneration and annual pre-tax income benefit are targets only. Actual results may vary from the target due to risks, uncertainties and other factors, including those described in "Risks Related to our Business and Industry" in our most recent Annual Report on Form 10-K. Seethe "Forward-Looking Statements" at the beginning of the presentation. Source: Internal data. 1. LTMQ3 2025cash remuneration from co-branded credit card and other partners includes a one-time cash payment received related to the entry into our new co-branded credit card agreement announced in December 2024. 12

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Growing Our Industry-Leading Brand Loyalty Program •Continued growth in active A Advantage® accounts, driving additional demand for premium products. 1.Year-to-date2025versus the same period in 2024.Source: Internal data.+7% YTD% contribution topremiumrevenue~76%1~74%Active A Advantage® Accounts~75%+17% YTD202320242025YTD Q3 +17% YTD 2023 2024 2025 YTD Q3 Growing Our Industry—Leading Brand Loyalty Program 13

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New elevated, premium experience of our Flagship Suite® led American's wide body aircraft in customer satisfaction. Product to be expanded to Airbus A321 XLRs, Boeing 777-300 ER and Boeing 777-200 ER. Offer more premium lounges than any other U.S. carrier. The company plans to open two new Flagship® lounges in Miami and Charlotte in addition to expanding Admirals Club® footprints. Enhanced amenity kits, first-of-its-kind champagne partnership, established a new coffee partnership and upgraded food and beverage offering further elevating the customer experience. On-board regional transformation to provide a consistent premium experience across the fleet. Expanded Connect Assist tool to CLT, DFW, MIA, ORD, PHL and PHX to assist with seamless customer connections. Renewed Focus on the Customer Experience 14

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15 15Key Credit Highlights Strengthening Balance Sheet and Financial Performance Strengthening Balance Sheet and Financial Performance Proven track record of deleveraging, with young fleet profile that enables moderate capex vs.net workpeers In December 2024, achieved $15B total debt1reduction goal from peak levels in Q2 2021,a full year ahead of schedule Introduced incremental deleveraging goal to further reduce total debt1to less than $35B by YE20272. As of September 2025,more than 50% of the way to achieving incremental deleveraging target Significant, high-quality first lien capacity >$11B and unencum beredasset base~$14B✓Record Q3 2025 revenue of $13.7B✓Efficienciesdriventhrough reengineering the business efforts have resulted in cumulative savings of $750 million since 2023✓Labor cost certainty through 2027 provides the ability to focus on our long-term efforts while deliveringa top-tier travel experience Strong hubs strategically positioned, with 8 of our hubs locatedin the 10 largest metro areasin the U.S. Innovative codeshare agreements, alliances and joint businesses in U.S. and internationally Enhanced premium offering through fleetretrofitting and new deliveries to elevate customer experience Announced plans to open two new Flagship® lounges in Miami and Charlotte in addition to expanding Admirals Club® footprints in both locations High-speed, gate-to-gate, satellite Wi-Fi on more aircraft than any other domestic carrier, keeping our customers connected while traveling Operational Excellence Unique Network and Fleet Strength Unique Network and Fleet Strength Operational Excellence1.Totaldebt includes debt, finance and operating lease liabilities and pension obligations. As of Q3 2025.2.Totaldebt reduction target is net of new financings. 1. Total debt includes debt, finance and operating lease liabilities and pension obligations. As of Q3 2025. 2. Total debt reduction target is net of new financings.

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American Has the Youngest Fleet Among Network Carriers Note: Numbers may not recalculate due to rounding 1. Data based on mainline aircraft as of Q3 2025. 2. Data based on Cirium fleet analyzer as of Q3 2025; includes active and stored mainline aircraft. • Youngest fleet of the U.S. network carriers enables moderate capex profile 32.1%1 39.6%1 28.3%1 45.6%2 9.9%2 44.5%2 36.2%2 18.8%2 45.1%2 0-10 Years 10-20 Years 20 Years + 16 Average Fleet Age Mainline Fleet Breakdown by Age 14.21 15.12 15.72 Average Age (years)

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$38.6 $36.8 < $35 YE 2024 Q3 2025 YE 2027E Ongoing commitment to take total debt1 below $35 billion by YE 2027. Now hold ~$14 billion in unencumbered assets and have over $11 billion of additional first-lien borrowings allowable under existing financing arrangements. Total Debt1 ($ in billions) Note: Numbers may not recalculate due to rounding. Unencumbered assets and first-lien borrowing capacity pro forma for the October 2025 transactions as detailed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. See total debt reconciliation at the end of the presentation. 1. Total debt includes debt, finance and operating lease liabilities and pension obligations. Source: Airline financials. Continued Progress Toward Deleveraging Goals 17

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$2.7 ~ $3.8 ~ $4—$4.5 2024 2025E 2026E Youngest fleet of the U.S. network carriers enables moderate capex profile. Expect to generate over $1 billion of free cash flow1 for the year. Total Capex ($ in billions) 1. Free cash flow is a non-GAAP measure. The company defines free cash flow as net cash provided by operating activities less net cash used in investing activities, adjusted for (1) net purchases or sales of short-term investments and (2) change in restricted cash. See free cash flow reconciliation at the end of the presentation. The company is unable to reconcile forward-looking free cash flow to GAAP as the nature or amount of items that impact net cash provided by operating activities cannot be determined at this time. Source: Airline financials. ~$2.8 aircraft capex ~$3 – $3.5 aircraft capex ~$1.8 aircraft capex Moderate Capex Enables Strong Free Cash Flow Generation 18

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3. Collateral Overview 19

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Collateral Breakdown Aircraft Type1 Narrowbody / Widebody / Regional Jet1 New Deliveries / In – Service Aircraft Airbus A321 XLR 10% Boeing 737 MAX 8 44% Boeing 787-9 30% Embraer ERJ 175 LR 16% Narrowbody Widebody 54% 30% Regional Jet 16% New 100% 20 • Brand new 2x Airbus A321 XLR, 12x Boeing 737 MAX 8, 3x Boeing 787-9, and 8x Embraer E175 • Represents some of the most successful and widely operated aircraft in their respective segments • Well diversified, with the mix covering long-haul, transcontinental, domestic, and regional routes • Current-generation model aircraft with strong orderbooks and healthy backlogs • All new aircraft, maintaining American's status of historically having the youngest fleet across the US majors Collateral pool comprised of systemically important aircraft 1. Percentages based off maintenance adjusted base values of the aircraft as appraised by AISI, BK and mba as of October 2025.

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Aircraft Collateral Significance to American's Fleet The Airbus A320 aircraft family1 comprises the largest portion (more than 30%) of American's fleet Notably, Airbus A321s, both ceo and neo, comprise ~19% of American's fleet The Embraer E175 aircraft underpins an important part of American's network strategy, with a share of more than 14% of American's fleet The brand-new collateral speaks to the essentiality of the equipment to American's overall route network, including ongoing strategic capacity growth Historically, American has maintained the youngest fleet among the US majors. American's business plan contemplates continued investments in improving the customer experience. The Airbus A321 XLR and Embraer E175 are among the aircraft that will enable American to execute on this strategy Average Mainline Fleet Age 3

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Aircraft Appraisals – Appraisal ValuesAircraft Number Aircraft Type Registration Number MSN Narrow / Wide / Regional Delivery Date Base Value1 AISI BK mba LMM ($mm) 1 Airbus A321 XLR N303NY 12409 Narrowbody Oct-25 $76,450,000 $71,790,323 $74,220,000 $74,153,441 2 Airbus A321 XLR N305NY 12490 Narrowbody Dec-25 76,740,000 72,068,846 74,400,000 74,400,000 3 Boeing 737 MAX 8 N313UR 68228 Narrowbody Oct-25 55,990,000 58,225,546 54,940,000 55,990,000 4 Boeing 737 MAX 8 N812UP 68205 Narrowbody Oct-25 55,990,000 58,225,546 54,940,000 55,990,000 5 Boeing 737 MAX 8 N302US 68229 Narrowbody Nov-25 56,070,000 58,330,291 55,000,000 56,070,000 6 Boeing 737 MAX 8 N314UT 68361 Narrowbody Nov-25 56,070,000 58,330,291 55,000,000 56,070,000 7 Boeing 737 MAX 8 N315UU 68362 Narrowbody Nov-25 56,070,000 58,330,291 55,000,000 56,070,000 8 Boeing 737 MAX 8 N316UV 68108 Narrowbody Dec-25 56,200,000 58,435,035 55,070,000 56,200,000 9 Boeing 737 MAX 8 N317UW 68456 Narrowbody Dec-25 56,200,000 58,435,035 55,070,000 56,200,000 10 Boeing 737 MAX 8 N318UX 68109 Narrowbody Dec-25 56,200,000 58,435,035 55,070,000 56,200,000 11 Boeing 737 MAX 8 N319UY 68110 Narrowbody Dec-25 56,200,000 58,435,035 55,070,000 56,200,000 12 Boeing 737 MAX 8 N313VA 68111 Narrowbody Jan-26 56,340,000 58,502,072 55,140,000 56,340,000 13 Boeing 737 MAX 8 N314VB 68112 Narrowbody Jan-26 56,340,000 58,502,072 55,140,000 56,340,000 14 Boeing 737 MAX 8 N315VC 69214 Narrowbody Jan-26 56,340,000 58,502,072 55,140,000 56,340,000 15 Boeing 787-9 N850AN 66019 Widebody Oct-25 157,530,000 160,753,397 151,200,000 156,494,466 16 Boeing 787-9 N851MK 66020 Widebody Nov-25 157,750,000 160,926,871 151,320,000 156,665,624 17 Boeing 787-9 N852ML 66021 Widebody Dec-25 158,130,000 161,100,345 151,450,000 156,893,448 18 Embraer E175 N336TS 17001010 Regional Oct-25 30,270,000 38,464,921 31,580,000 31,580,000 19 Embraer E175 N337MR 17001013 Regional Nov-25 30,310,000 38,545,335 31,610,000 31,610,000 20 Embraer E175 N320BK 17001014 Regional Dec-25 30,390,000 38,625,750 31,630,000 31,630,000 21 Embraer E175 N346BB 17001016 Regional Dec-25 30,390,000 38,625,750 31,630,000 31,630,000 22 Embraer E175 N338AS 17001017 Regional Dec-25 30,390,000 38,625,750 31,630,000 31,630,000 23 Embraer E175 N339HG 17001019 Regional Dec-25 30,390,000 38,625,750 31,630,000 31,630,000 24 Embraer E175 N340TC 17001021 Regional Feb-26 30,540,000 38,801,053 31,690,000 31,690,000 25 Embraer E175 N341MB 17001024 Regional Mar-26 30,610,000 38,881,468 31,710,000 31,710,000 Total $1,543,900,000 $1,636,523,874 $1,516,280,000 $1,545,726,978

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Airbus A321 XLR • American has 84x A321neo aircraft in service (including 2x in temporary storage), and an additional 152x A321neo aircraft on order • The A321 XLR is part of the A320 family aircraft, the most successful single aisle aircraft in history with 12,000+ aircraft built so far and an order backlog of more than 7,000 aircraft. It is one of the most marketable aircraft with compelling economics at the top of the single-aisle market • The A321neo variant offers 15-20% fuel savings over the A321ceo variant due to the next generation engine technology • The A321 XLR has a range of up to 4,700 nautical miles, opening up a world of new opportunities for American and its network • American will operate its inaugural flight with the premium Flagship Suite® experience on the A321 XLR from New York to Los Angeles on Dec. 18, and commence trans-Atlantic flying thereafter • The A321 XLR is a new entrant into the long haul narrowbody segment, replacing the highly popular, long-lived Boeing 757s • The A321 XLR has a strong known orderbook with a diverse geographic mixture, with net 500+ commercial orders, 485+ backlog, and 15 delivered The Airbus A321 XLR provides minimum-change continuity with the A320 family Largest Order Books – A321 XLR1 Order Book and Fleet by Region – A321 XLR1 North America 25% Lessor / N/A 18% Asia 17% Europe 13% Oceania 11% Middle East 9% Latin America & Caribbean 7% 23 Source: American, AISI appraisal report, mba appraisal report, OEM reports 1. As of October 2025. Diverse demand, with more than 225x A321 XLRs in the top 5 order book

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Boeing 737 MAX 8 • American has 79x Boeing 737 MAX 8 aircraft in service and an additional 24x on order • The 737 MAX 8 is part of the Boeing 737 family, the second most successful single aisle aircraft in history with ~12,000x aircraft built so far and an order backlog of ~7,000x aircraft. It is one of the most marketable aircraft with compelling economics • Expected to contribute up to 15% better fuel efficiency compared to the current generation competition • MAX 8 is the most prevalent variant of delivered MAX aircraft with 1,638 units in service vs. 268 units in service for the MAX 9 • Order book is based on a large, geographically diverse operator base • Longer airframe maintenance intervals decrease operator costs over the life of the aircraft • Sole-source engines can help ease remarketing to secondary operators The Boeing 737 MAX 8 provides continuity to best-selling 737 800 64 79 123 194 281 Fly Dubai American Airlines United Airlines Ryanair Southwest 5 Largest 737 MAX 8 Operators1 Current Worldwide Fleet by Region – Boeing 737 MAX 81 North America 38% Europe 25% Asia 19% Latin America & Caribbean 9% Middle East 6% Africa 2% Oceania 1% No. of aircraft 24 Source: American, AISI appraisal report, mba appraisal report, OEM reports 1. As of October 2025.

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Boeing 787-9 • American has 30x Boeing 787-9 aircraft in service and an additional 22x on order • The 787-9 accounts for more than half of all 787 family unfilled orders and deliveries • Robust orderbook for the 787-9 aircraft with ~2,200 firm orders, 1,000+ backlog, and 1,000+ delivered to 90 airlines and lessors • Its large operator base is geographically diverse, a positive indicator for secondary market placements • The 787-9 is a new technology aircraft, not likely to see a replacement soon • The composite fuselage is expected to decrease maintenance costs and corrosion issues over the aircraft's lifespan • Range and performance capabilities provide operators with additional route and aircraft replacement opportunities • Market values and lease rates remain stable The Boeing 787-9 is by far the most popular variant of the 787 family 30 32 36 44 46 American Airlines Air Canada Etihad ANA United Airlines Current Worldwide Fleet by Region – Boeing 787-91 Asia 33% Europe 20% North America 17% Middle East 16% Latin America & Caribbean 6% Oceania 5% Africa 4% 5 Largest 787-9 Operators1 No. of aircraft 25 Source: American, AISI appraisal report, mba appraisal report, OEM reports 1. As of October 2025.

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Embraer E175 American has 226x E175 aircraft in service1 and an additional 86x on order Only scope-compliant 76-seater in production The E175 is a key aircraft type at the major U.S. airlines for their regional networks and has a larger cabin than the rival CRJ900 Some E175s in less than 76-seat layouts are being used to replace smaller CRJ700s at other airlines Strong orderbook for the E175 aircraft with a diverse operator base with 1,000 firm orders, 207 backlog, 793 delivered and 21 operators Sole-source engines can help ease remarketing to secondary operators The E175 continues to receive new orders and has a healthy backlog of over 200 aircraft Fleet concentration in large domestic U.S. markets has kept the active-to-stored aircraft ratio low compared to competitor aircraft Current Worldwide Fleet by Region – E1752 5 Largest E175 Operators2 No. of aircraft Source: American, AISI appraisal report, mba appraisal report; OEM reports Includes aircraft operated by affiliates. As of October 2025. 47 60 130 184 265 Horizon Air Mesa Airlines Envoy Republic Airways SkyWest North America 91% Europe 5% Asia 2% Africa 1% Latin America & Caribbean 1% Middle East 0.4% 26

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Capitalize on Enhanced Premium Offering Targeted lie flat and premium economy seating growth of approximately 50% by 2029Elevating the Inflight Customer Experience Source: Ciriumas ofQ3 20251.A320family includes A319, A320, A321, A321neo, and A321XLR. 2. Includes two temporarily parked A321XLRs.B737B787A320family1B777MainlineFleetAircraft FamiliesIn Fleet / On Order382/ +13967/ +22484/ +15267/ 0 Mainline FleetTotal2: 1000 / +313 •Boeing 777-200ER andBoeing 777-300ER: retrofitting with new premium interior on long-haul internationalroutes,increasing busines sclassseats from 52 to 70 (35%increase) on 777-300ER •Airbus A321 XLR andBoeing 787-9:The Boeing 787-9 featuring Flagship Suite seats with privacydoors isnowin service. We anticipate the Airbus A321 XLR to enter service in the coming monthsand will compliment American's premiumization strategy •A319andA320: retrofitting interior with largeroverhead bins, newpowered seats and updated trim and more premium domestic first-classseats (12 and 16, respectively) 67 / 0 Mainline Fleet Total 2 : 1000 / +313 Targeted lie flat and premium economy seating growth of approximately 50% by 2029 27

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American Regional Strategy American has the largest regional fleet of any U.S. carrier. In 2024, 54 million passengers boarded our regional flights, approximately 45% of whom connected to or from our mainline flights American has invested in high-speed gate-to-gate satellite Wi-Fi on nearly 300 regional aircraft, which will expand to the full dual-class regional fleet by early 2026, more than any other airline. In January 2026, this amenity will be complimentary for AAdvantage® members American plans to roll out new regional interiors by retrofitting all the CRJ700, CRJ900, E170 and E175 aircraft operated by its regional carriers. Retrofits are expected to be completed over the coming years American's large orderbook is expected to deliver regional growth American's pilot scope enables the size of the regional fleet to scale as our mainline flying grows, whereas our peers have more restrictive pilot scopes that cap their regional flying 2014 Fleet Breakdown September 2025 Fleet Breakdown1 1. Four aircraft are temporarily parked; Includes aircraft operated by affiliates of the Company.328 71 238 486 0 100 200 300 400 500 600 2014 Sep-25 Single Class RJ Dual Class RJ 28

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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 but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. 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 a reconciliation 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:—Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure)—Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure)—Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (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 Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure)—Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share 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-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with 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 and fuel (non-GAAP measure) and total operating costs per available seat mile (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 for period-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 provides management with an additional tool to understand and analyze the Company's non-fuel costs and core operating performance.

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3 Months Ended September 30, PercentIncrease 9 Months Ended September 30, PercentIncrease Reconciliation of Net Income (Loss) Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions, except share and per share amounts) (in millions, except share and per share amounts) Net income (loss) as reported $(114) $(149) $12 $256 Net special items: Total pre-tax net special items (1), (2) 3 527 153 655 Net tax effect of net special items—(173) (34) (158) Net income (loss) excluding net special items $(111) $205 nm $131 $753 (82.6%) Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items Net income (loss) excluding net special items $(111) $205 $131 $753 Shares used for computation (in thousands): Basic 660,358 657,424 659,788 656,745 Diluted 660,358 720,086 660,784 720,503 Earnings (loss) per share excluding net special items: Basic $(0.17) $0.31 $0.20 $1.15 Diluted $(0.17) $0.30 $0.20 $1.10 Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel Total operating expenses as reported $13,540 $13,558 $39,619 $39,071 Operating net special items: Mainline operating special items, net (1) (7) (554) (125) (625) Total operating expenses excluding net special items 13,533 13,004 39,494 38,446 Aircraft fuel and related taxes (2,767) (2,874) (8,017) (8,916) Total operating expenses excluding net special items and fuel $10,766 $10,130 $31,477 $29,530 (in cents) (in cents) Total operating expenses per ASM as reported 17.49 17.92 17.61 17.64 Operating net special items per ASM: Mainline operating special items, net (1) (0.01) (0.73) (0.06) (0.28) Total operating expenses per ASM excluding net special items 17.48 17.19 17.56 17.36 Aircraft fuel and related taxes per ASM (3.58) (3.80) (3.56) (4.03) Total operating expenses per ASM excluding net special items and fuel 13.91 13.39 13.99 13.34 Note: Amounts may not recalculate due to rounding. FOOTNOTES: (1) The 2025 nine month period mainline operating special items, net principally included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members and adjustments to litigation reserves. The 2024 third quarter mainline operating special items, net principally included $516 million of one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants. The 2024 nine month period mainline operating special items, net included $573 million of one-time charges resulting from the ratification of new collective bargaining agreements with our mainline flight attendants and mainline passenger service team members. (2) Principally included charges associated with debt refinancings and extinguishments as well as mark-to-market net unrealized gains and losses associated with certain equity investments.

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GAAP to Non-GAAP Reconciliation 3 Months Ended September 30, Percent Increase 9 Months Ended September 30, Percent Increase Reconciliation of Net Income (Loss) Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions, except share and per share amounts) (in millions, except share and per share amounts) Net income (loss) as reported $(114) $(149) $12 $256 Net special items: Total pre-tax net special items (1), (2) 3 527 153 655 Net tax effect of net special items - (173) (34) (158) Net income (loss) excluding net special items $(111) $205 nm $131 $753 (82.6%) Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items Net income (loss) excluding net special items $(111) $205 $131 $753 Shares used for computation (in thousands): Basic 660,358 657,424 659,788 656,745 Diluted 660,358 720,086 660,784 720,503 Earnings (loss) per share excluding net special items: Basic $(0.17) $0.31 $0.20 $1.15 Diluted $(0.17) $0.30 $0.20 $1.10 Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel Total operating expenses as reported $13,540 $13,558 $39,619 $39,071 Operating net special items: Mainline operating special items, net (1) (7) (554) (125) (625) Total operating expenses excluding net special items 13,533 13,004 39,494 38,446 Aircraft fuel and related taxes (2,767) (2,874) (8,017) (8,916) Total operating expenses excluding net special items and fuel $10,766 $10,130 $31,477 $29,530 (in cents) (in cents) Total operating expenses per ASM as reported 17.49 17.92 17.61 17.64 Operating net special items per ASM: Mainline operating special items, net (1) (0.01) (0.73) (0.06) (0.28) Total operating expenses per ASM excluding net special items 17.48 17.19 17.56 17.36 Aircraft fuel and related taxes per ASM (3.58) (3.80) (3.56) (4.03) Total operating expenses per ASM excluding net special items and fuel 13.91 13.39 13.99 13.34 Note: Amounts may not recalculate due to rounding. FOOTNOTES: (1) The 2025 nine month period mainline operating special items, net principally included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members and adjustments to litigation reserves. The 2024 third quarter mainline operating special items, net principally included $516 million of one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants. The 2024 nine month period mainline operating special items, net included $573 million of one-time charges resulting from the ratification of new collective bargaining agreements with our mainline flight attendants and mainline passenger service team members. (2) Principally included charges associated with debt refinancings and extinguishments as well as mark-to-market net unrealized gains and losses associated with certain equity investments. 31

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The Company's free cash flow summary is presented in the table below, which is a non-GAAP measure that management believes is useful information to investors and others in evaluating the Company's ability to generate cash from its core operating performance that is available for use to reinvest in the business or to reduce debt. The Company defines free cash flows as net cash provided by operating activities less net cash used in investing activities, adjusted for (1) net sales of short-term investments and (2) change in restricted cash. We believe that calculating free cash flow as adjusted for these items is more useful for investors because short-term investment activity and restricted cash are not representative of activity core to our operations. This non-GAAP measure 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. Our calculation of free cash flow is not intended, and should not be used, to measure the residual cash flow available for discretionary expenditures because, among other things, it excludes mandatory debt service requirements and certain other non-discretionary expenditures. 9 Months EndedSeptember 30, 2025 (in millions) Net cash provided by operating activities $3,373 Adjusted net cash used in investing activities (1) (1,652) Free cash flow $1,721 (1) The following table provides a reconciliation of adjusted net cash used in investing activities for the nine months ended September 30, 2025 (in millions): Net cash used in investing activities $(1,504) Adjustments: Net sales of short-term investments (143) Increase in restricted cash (5) Adjusted net cash used in investing activities $(1,652)

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The Company's total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company's debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations, and net debt is defined as total debt, net of unrestricted cash and short-term investments. Total Debt and Net Debt (at end of period) September 30, 2025 (in millions) Debt and finance leases $28,717 Operating lease liabilities 7,347 Pension obligations 721 Total debt 36,785 Less: cash and short-term investments 6,858 Net debt $29,927

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