What's Up at the Terminal: JBLU RASM Raise; ALK PDX Lounge; DAL Adds Card Perks

Research evidence excerpt

What's Up at the Terminal: JBLU RASM Raise; ALK PDX Lounge; DAL Adds Card Perks

PDX as of Q1:26. By fall 2026, Alaska will offer 50% more seats in Portland vs

2024 reflecting continued growth and investment in the market. Alaska also announced it plans to

open a 41k sq ft lounge in Seattle in 2027. Within the US industry, it has become an arms-race to win

premium customers w/ investments targeted in growing premium seats, lounges and enhancing the

onboard experience through WiFi/other benefits.

DAL/AXP Introduce New SkyMiles Benefits. This week, DAL/AXP introduced new travel benefits

for SkyMiles card members, which included an update that multiple card tiers will now receive a

complimentary second checked bag on domestic flights. DAL survey data points to checked bag

flexibility as an important factor when planning travel. The new perk serves as another incentive for

customers to sign-up for a DAL co-brand card w/ the company's ultimate goal to attract incremental

Sheila Kahyaoglu * | Equity Analystbrand-loyal customers.

+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com

Global June ASMs -0.4% Y-o-Y vs. March Schedules +6.1%. The US jet fuel index averaged $3.81/ Greg Konrad, CFA * | Equity Analyst

gal in the month of May, reflecting an 11% decline from the April average of $4.29/gal. Jet fuel +1 (212) 284-2391 | gkonrad@jefferies.com

continues trend lower off the April peak w/ the latest print on 6/3 at $3.51/gal, Airlines have been Jack Ewell * | Equity Analyst

front-footed in trimming Q2/Q3 capacity as jet fuel at current levels resulted in unprofitable flying +1 (646) 352-5648 | jewell@jefferies.com

across portions of the network. Global ASMs are scheduled -0.4% in June and +2.3% in July, Kyle Wenclawiak * | Equity Associate