Record total revenue driven by strong demand and continued execution of commercial strategy Increased RASM 30 percent and total revenue over 50 percent year-over-year DENVER , Oct. 28, 2026 /PRNewswire/ -- Frontier Group Holdings, Inc. (Nasdaq: ULCC ), parent company of Frontier Airlines, Inc., today reported financial results for the third quarter of 2026 and issued guidance for the fourth quarter of 2026. Third Quarter and Year-to-Date Select Financial Highlights The following tables summarize select financial results for the three and nine months ended September 30, 2026 and 2025, including both GAAP and adjusted (non-GAAP) metrics. Refer to "Reconciliations of Non-GAAP Financial Information" in the appendix of this release. (unaudited, in millions, except for percentages and per share data) Three Months Ended September 30, 2026 2025 As Reported (GAAP) Adjusted (Non-GAAP) As Reported (GAAP) Adjusted (Non-GAAP) Total operating revenues $ 1,355 $ 1,355 $ 886 $ 886 Revenue per available seat mile ("RASM") (¢) 11.87 11.87 9.14 9.14 Total operating expenses $ 1,463 $ 1,321 $ 963 $ 963 Income (loss) before income taxes $ (104) $ 39 $ (76) $ (76) Income (loss) before income taxes margin (7.7) % 2.9 % (8.6) % (8.6) % Net income (loss) $ (104) $ 40 $ (77) $ (77) Earnings (loss) per share, diluted $ (0.45) $ 0.18 $ (0.34) $ (0.34) (unaudited, in millions, except for percentages and per share data) Nine Months Ended September 30, 2026 2025 As Reported (GAAP) Adjusted (Non-GAAP) As Reported (GAAP) Adjusted (Non-GAAP) Total operating revenues $ 3,626 $ 3,699 $ 2,727 $ 2,727 Revenue per available seat mile (¢) 11.22 11.44 9.10 9.10 Total operating expenses $ 4,114 $ 3,763 $ 2,925 $ 2,925 Income (loss) before income taxes $ (479) $ (54) $ (186) $ (186) Income (loss) before income taxes margin (13.2) % (1.5) % (6.8) % (6.8) % Net income (loss) $ (466) $ (50) $ (190) $ (190) Earnings (loss) per share, diluted $ (2.03) $ (0.22) $ (0.84) $ (0.84) Highlights : Delivered record revenue of approximately $1.4 billion, up 53 percent versus the corresponding 2025 quarter, driven by strong demand and continued execution of the Company's commercial strategy Increased RASM 30 percent to 11.87 cents, significantly above guidance, on 18 percent higher capacity Maintained cost discipline, with total adjusted (non-GAAP) operating expenses of approximately $1.3 billion, or 11.56 cents per ASM, including fuel expense at an average cost of $3.96 per gallon, and adjusted (non-GAAP) CASM - excluding fuel of 7.40 cents, stage-adjusted to 1,000 miles Reported adjusted (non-GAAP) net income of $40 million, or $0.18 per diluted share, significantly exceeding guidance despite an average fuel price that was $0.26 per gallon higher than assumed when guidance was issued Ended the third quarter 2026 with $1.18 billion of total liquidity, up slightly from the prior quarter Executed agreements in the third quarter to early return 13 A320neo leases in the second half of 2026 and cost efficiently replace that capacity with the direct lease of 10 A321neo aircraft scheduled to be delivered by the first quarter of 2027 Generated 107 available seat miles ("ASMs") per gallon in the third quarter of 2026, a fuel efficiency advantage of over 40 percent compared to the major U.S. carriers 1 "Frontier's revenue execution in a higher than expected fuel environment resulted in an adjusted profit, meaningfully above the Company's guidance and Wall Street estimates," said Jimmy Dempsey, President and Chief Executive Officer. "The Company delivered record revenue of $1.4 billion, up 53 percent versus the prior year, due to strong travel demand and the continued progression of the Company's revenue management initiatives, while maintaining cost discipline. These results reflect the successful progression of the Company's strategic initiatives set out earlier this year, and it gives us confidence in our ability to translate our momentum into sustainable profitability." Revenue and Cost Performance Revenue was approximately $1.4 billion in the third quarter of 2026, a Company record, driven by strong travel demand and the continued progression of the Company's revenue management initiatives. RASM increased 30 percent over the corresponding 2025 quarter to 11.87 cents, significantly above the guidance range, on ASMs that were 11.4 billion, 18 percent higher compared to the corresponding 2025 quarter on an average stage length of 891 miles and a flown load factor of 79 percent. Total adjusted (non-GAAP) operating expenses were approximately $1.3 billion in the third quarter of 2026, or 11.56 cents per ASM. This includes $425 million of fuel expense at an average cost of $3.96 per gallon. The average cost per gallon reflects an increase of 56 percent versus the corresponding 2025 quarter, or approximately $150 million of incremental expense on current quarter fuel consumption. Total adjusted (non-GAAP) operating expenses excluding fuel in the third quarter of 2026 were $89
