Takes from Wings Club w/ Jude Bricker, Former CEO of Sun Country Airlines

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Takes from Wings Club w/ Jude Bricker, Former CEO of Sun Country Airlines

USA | Airlines EquityJuneResearch18, 2026

Takes from Wings Club w/ Jude Bricker, Former

CEO of Sun Country Airlines

We attended the Wings Club Luncheon with Jude Bricker, Former President &

CEO of Sun Country Airlines and current Strategic Advisor and Board Member

of ALGT. Key takes: 1) ALGT acquisition of SNCY completed in May w/ the

deal to be EPS accretive within one-year post close; 2) SNCY secret sauce

is low-utilization model focused on flexing up capacity to meet demand in

peak periods; and 3) legacy carriers competitive positioning improved post-

pandemic.

Sun Country Overview: SNCY is an ultra-low cost carrier operating across three segments:

scheduled service, charter and cargo. The company is based in Minneapolis and holds the second-

largest market share at MSP behind Delta w/ the scheduled business focused on leisure travelers.

SNCY ranked 11th in US domestic share in 2025 at 0.5%. The carrier dynamically deploys shared

resources across passenger and cargo service, allowing it to generate consistent returns and

margins while mitigating seasonality. SNCY is unique in the way that it flexes capacity by day of

the week, time of year, and line of business to capture the most profitable, peak demand. Agility is

supported by lower ownership costs (fully owned fleet sourced in the secondary market), low-cost

structure, and cross-utilization of people and assets.

Allegiant Acquisition Completed in May. In May, ALGT completed its acquisition of SNCY.

Combined, ALGT and SNCY would have accounted for 2.7% of 2025 domestic capacity (9th ranked

carrier). Following the acquisition, combined co will operate a fleet of ~175 aircraft w/ 650+ routes.