#11Q22 EARNINGS PRESENTATION APRIL 26, 2022 ljetBlue H4 +H N2043J AIRBUS A321/0 00 jetblue.com jetBlue. jetBlue#2SAFE HARBOR This Presentation (or otherwise made by JetBlue or on JetBlue's behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management's beliefs and assumptions concerning future events. These statements are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. When used in this document and in documents incorporated herein by reference, the words "expects," "plans," "anticipates,” “indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the coronavirus ("COVID-19") pandemic including existing and new variants, and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act, and the American Rescue Plan Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; the outcome of the lawsuit filed by the Department of Justice and certain state Attorneys General against us related to our Northeast Alliance entered into with American Airlines, our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; adverse weather conditions or natural disasters; and external geopolitical events and conditions; the outcome of any discussions between JetBlue and Spirit Airlines, Inc. (“Spirit”) with respect to a possible transac on, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein or previously announced; the conditions to the completion of the possible transaction, including the receipt of any required stockholder and regulatory approvals, and, in particular, our expectation as to the likelihood of receipt of antitrust approvals; JetBlue's ability to finance the possible transaction and the indebtedness JetBlue expects to incur in connection with the possible transaction; the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit's operations with those of JetBlue; and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the possible transaction. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Any outlook or forecasts in this document have been prepared without taking into account or consideration a possible transaction with Spirit. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Presentation, could cause our results to differ materially from those expressed in the forward-looking statements. In light of these risks and uncertainties, the forward-looking events discussed in this Presentation might not occur. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This Presentation also includes certain "non-GAAP financial measures" as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within this Presentation.#3IMPORTANT INFORMATION FOR INVESTORS Additional Information and Where to Find It JetBlue has made a proposal for a business combination transaction with Spirit. In furtherance of this proposal and subject to future developments, JetBlue (and, if a negotiated transaction is agreed to, Spirit) may file one or more proxy statements or other documents with the Securities and Exchange Commission, or SEC. This communication is not a substitute for any proxy statement or other document JetBlue and/or Spirit may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF JETBLUE AND SPIRIT ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE POSSIBLE TRANSACTION. Any definitive proxy statement (if and when available) will be mailed to stockholders of Spirit. Investors and security holders of Spirit and JetBlue will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by JetBlue and Spirit through the web site maintained by the SEC at http://www.sec.gov. Participants in the Solicitation This presentation is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, JetBlue and certain of its directors and executive officers may be deemed to be participants in any solicitation with respect to the proposed transaction under the rules of the SEC. Information regarding the interests of these participants in any such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in any proxy statement and other relevant materials to be filed with the SEC if and when they become available. These documents can be obtained free of charge as described in the preceding paragraph. No Offer Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.#41Q 2022 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER#5PLANNING MORE CONSERVATIVELY AND INVESTING IN THE OPERATION ● jetBlue TEMPORARY APRIL DISRUPTION Started moderating capacity plan in March in light of rising fuel environment and to build more operational resilience Began to see elevated pilot attrition, training pressures, and challenges from cumulative impact of YTD irregular operations (IROPS) In April, irregular operations related to unprecedented weather and ATC disruption compounded crew shortfalls, leading to ~90% completion factor in first three weeks of April versus -99% historically ● ● ● ACTION PLAN Investing significantly to restore operational reliability and deliver the JetBlue Experience Creating operational resiliency including a reduced capacity outlook and more conservative crew planning assumptions Maintaining Summer hiring plans even in light of lower capacity, and investing in infrastructure and equipment. Improved operational performance core to driving unit revenue and margins Mitigating CASM pressure through maintenance, rents & landing fees, and discretionary spend reductions Continuing to execute on our longer-term strategic initiatives Despite impact to second quarter outlook, underlying business momentum is very strong 5#6RESETTING 2022 PLAN TO BUILD BACK MARGINS GAAP loss per share of ($0.79); non-GAAP loss per share of ($0.80) (1) Adjusted Pre-Tax Loss of ($400M) (1) • Revenue down (7.2%) Yo3Y; CASM up 17.5% Yo3Y (GAAP); CASM ex-Fuel up 13.9% Yo3Y (non-GAAP) (1) ● 1Q 2022 EARNINGS ● 1Q 2022 BALANCE SHEET In 1Q22, paid down approximately $83M of debt $2.9B of liquidity (2) (3), equal to 36% of 2019 revenue Adjusted Debt to Cap ratio at 54% (1) (3) ● ● ● ● ● ● 2Q 2022 OUTLOOK Capacity between 0% -3% vs 2Q 2019 Revenue up between 11% -16% vs 2Q 2019 CASM ex-Fuel up between 15% -17% vs 2Q 2019 (1) FY 2022 OUTLOOK Capacity up between 0% - 5% vs 2019 CASM ex-Fuel up between 10% - 15% vs 2019 Return to profitability in 2H 2022 (1) Refer to reconciliations of non-GAAP financial measures in Appendices A & B jetBlue (2) Liquidity defined as unrestricted cash, cash equivalents, short-term investments and long-term marketable securities (3) As of March 31, 2022 6#7POSITIONING FOR LONG-TERM EARNINGS GROWTH jetBlue COMMERCIAL COSTS CAPITAL ALLOCATION ● ● ● ● ● ● ● ● Operating more service than ever in NYC through Northeast Alliance Providing customers with value and choice through ancillary strategy Driving value and rewarding loyal customers with TrueBlue JTP business scaling nicely and contributing meaningfully to bottom-line Progress in underlying cost structure masked by Spring operational challenges and Summer investments. Accelerating fleet modernization efforts for margin-accretive growth New multi-year structural cost program to be unveiled at Investor Day Maintaining balanced approach to capital allocation to maximize value Investing in the business for future value creation Restore earnings and expand margins beyond 2019 levels longer-term 7#8ENSURING OUR LONG-TERM SUSTAINABILITY jetBlue FOCUS AREAS Sustainability Diversity, Equity & Inclusion ● Signed new deal with Aemetis for Sustainable Aviation Fuel supply • JetBlue Technology Ventures announced investments in Electric Power Systems and Air Company; became a Limited Partner in TPG Rise Climate fund. HIGHLIGHTS / KEY DEVELOPMENTS ● Expanded Gateway pilot program offering to families of crew members to grow and protect talent pipeline • JetBlue Foundation awarded grants to 10 charitable organizations around our network. to increase advocacy for inclusion, gender and racial parity within STEM and aviation. 8#9COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER#10RESETTING 2022 CAPACITY PLAN FOR SUMMER OPERABILITY AND HIGHER FUEL jetBlue (0.3%) 1Q22 ASM GROWTH VERSUS 2019 Flown 0% -3% 2Q22* *Denotes guidance Estimate 0% - 5% FY22* 11% -15% [ Prior FY22 ● Revised growth outlook expected to improve operational performance - - Facing elevated pilot attrition, training pressures, and cumulative impact of YTD IROPS Planning more conservatively for weather related disruption and ATC challenges Investing in infrastructure, equipment, and staffing Remaining nimble in current environment Strengthening network and relevance and gaining corporate share Continuing to build out focus city depth and breadth Leveraging NEA to grow leisure and business customer base, with enhanced network and schedules 10#11ACCELERATING REVENUE MOMENTUM jetBlue 1 REVENUE GROWTH VERSUS 2019 (7.6%) Actual 4.5% (20.3%) Jan '22 Feb '22 Mar '22 *Denotes guidance Estimate (9.7%) 11% -16% (7.2%) 4Q21 1Q22 2Q22* ● V-shaped recovery from Omicron wave in 1Q22 First quarter revenue came in over 6 points higher than originally forecast due to strong demand - Load factors improved meaningfully from an average of 62% in January to 80% in March; April loads tracking in the mid-80s Continued strong underlying momentum into 2Q22 Record demand for travel on JetBlue across the network Seeing acceleration across all customer segments Up to 4 point revenue impact from operational disruption Recapturing nearly all of the fuel price increase Growth enabled by the Northeast Alliance driving. competition and generating broader economic benefits. 11#12FINANCIAL UPDATE & OUTLOOK URSULA HURLEY CHIEF FINANCIAL OFFICER#13SUMMARY FINANCIALS 1Q 2022 jetBlue US$ Millions Revenue Operating Expenses Adjusted Operating Expenses (1) Adjusted Pre-Tax Income (Loss) (1) Earnings / (Loss) per Diluted Share Adjusted Earnings / (Loss) per Share (1) (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 1Q 2022 1,736 2,103 2,103 (400) (0.79) (0.80) 1Q 2019 1,871 1,795 1,783 70 0.14 0.16 Change vs $19 (7%) 17% 18% NM NM NM 13#14DRIVING A MORE EFFICIENT UNDERLYING COST STRUCTURE (0.3%) CASM EX-FUEL VERSUS 2019 0% -3% I ASM Actual 1Q22 15% -17% 13.9% CASM ex- Fuel (¹) Estimate 2Q 22* -10% 17.5% Underlying CASM CASM ex- Fuel ● Significantly resetting operational plan to support return to profitability - Adjusting schedules to improve Summer operability Excluding the operational impact and investments, underlying CASM ex-Fuel would be up ~10% Yo3Y in 2Q22 Expect sequential CASM ex-Fuel progress in 2H22 as JetBlue optimizes staffing levels, drives productivity, and restores aircraft utilization April disruption worth ~6% points to 2Q22 pre- tax margin; June expected to be profitable Expect to drive productivity again after the Summer as we optimize towards a more normal staffing level jetBlue *Denotes guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 14#15UPDATED FY2022 CASM EX-FUEL OUTLOOK Expected 2022 CASM ex-Fuel versus 2019 1% - 5% 2022 CASM Ex-F (January Earnings Call) ~6Pts -3Pts Q2-Q4 Capacity Reductions Spring Operational Challenges & Summer Investments jetBlue Driven by inflationary pressures from Pilots and Business Partners ~1Pt All Other¹ 10% - 15% 2022 CASM Ex-F Despite temporary operational headwinds, our underlying CASM Ex-F forecast still includes cost actions in engine maintenance optimization, rents & landing fees, discretionary spend and productivity 15#16REMAINING BALANCED IN CAPITAL ALLOCATION ● ● ● jetBlue 53% Dec 31 2021 LEVERAGE Adjusted Debt to Cap (1) 54% Mar 31 2022 Net loss driving modest sequential increase in Adj. Debt to Cap Maintaining relative balance sheet strength Investing in the business with recently revised aircraft orderbook (1) Refer to reconciliations of non-GAAP financial measures in Appendix B ● SCHEDULED PRINCIPAL PAYMENTS $83 1Q22 $106 2Q22 $357 FY22 Making progress in paying down debt Continuing to manage debt towers and lower our cost of debt 16#17SUMMARY OF CURRENT GUIDANCE FOR 2Q 2022 jetBlue METRIC Available Seat Miles (ASM) Revenue CASM ex-Fuel Operating Expenses Related to Other Non-Airline Businesses Estimated Fuel Price per Gallon Tax Rate Capital Expenditures Note: Fuel price based on forward curve as of April 19, 2022. Guidance 0% -3% Yo3 11% 16% Yo3 15% 17% Yo3 ~$14 million - $3.79 -28% -$300 million 17#18jetBlue QUESTIONS? WELCOME ABOARD DIRECTV MOVIES MY TRIP SHOWS THE JETBLUE EXPERIENCE#191Q 2022 FINANCIAL RESULTS jetBlue * Refer to reconciliations of non-GAAP financial measures in this Appendix A US$ Millions Total operating revenues Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs Other operating expenses Special items Operating Income/(Loss) Other Income/(Expense) Income/(Loss) before income taxes Income tax expense/(benefit) NET INCOME/(LOSS) Pre-Tax Margin Earnings/(Loss) per Diluted Share (GAAP) Adj. Pre-Tax Margin* Adj. Earnings/(Loss) per Diluted Share (Non-GAAP)* 1Q 2022 1,736 571 688 132 143 26 57 152 334 (367) (31) (398) (143) (255) (22.9%) ($0.79) (23.0%) ($0.80) 1Q 2019 1,871 437 575 115 124 25 66 155 286 12 76 (18) 58 16 42 3.1% $0.14 3.7% $0.16 Change vs '19 (7.2) 30.5 19.6 14.4 15.6 2.4 (13.6) (2.1) 16.9 NM NM 71.5 NM NM NM (26.0) pts (26.7) pts 19#20APPENDIX A Non-GAAP Financial Measures JetBlue uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information in Appendices A and B provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. jetBlue 20#21Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items ("CASM Ex-Fuel") Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non- airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. There were no special items in the first quarter of 2022. Special items in the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition, as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. With respect to JetBlue's CASM ex-fuel guidance, JetBlue is unable to provide a reconciliation of the non-GAAP financial measure to GAAP because the excluded items have not yet occurred and cannot be reasonably predicted. The reconciling information that is unavailable would include a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors. Accordingly, a reconciliation to CASM is not available without unreasonable effort. jetBlue Total operating expenses Less: NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Aircraft fuel and related taxes Other non-airline expenses Special items Operating expenses, excluding fuel $ $ 2,103 571 14 1,518 2022 Three Months Ended March 31, per ASM 13.67 3.71 0.09 9.87 $ $ 1,795 437 9 12 1,337 2019 $ per ASM 11.63 2.83 0.06 0.08 8.66 Percent change $ 17.1 30.5 50.2 NM 13.5 per ASM 17.5 31.0 50.7 NM 13.9 21#22Operating expense, (loss) income before taxes, net (loss) income and (loss) earnings per share, excluding special items and net gain on investments Our GAAP results in the applicable periods were impacted by charges that are deemed special items. Special items in the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition, as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. There were no special items in the first quarter of 2022. Mark-to-market and certain gains and losses on our investments were also excluded from our first quarter 2022 GAAP results. We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non- GAAP amounts excluding the impact of these items. jetBlue NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, (LOSS) INCOME BEFORE TAXES, NET (LOSS) INCOME AND (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS AND NET GAIN ON INVESTMENTS (in millions, except per share amounts) (unaudited) Total operating revenues Total operating expenses Less: Special items Total operating expenses excluding special items Operating (loss) income Add back: Special items Operating (loss) income excluding special item s Operating margin excluding special items (Loss) income before income taxes Add back: Special items. Less: Net gain on investments (Loss) income before income taxes excluding special items and net gain on investments Pre-tax margin excluding special items and net gain on investments Net (loss) income Add back: Special items Less: Income tax (expense) benefit related to special items Less: Net gain on investments Less: Income tax (expense) related to net gain on investments Net (loss) income excluding special items and net gain on investments (Loss) earnings per common share: Basic Add back: Special items, net of tax Less: Net gain on investments, net of tax Basic excluding special items and net gain on investments Diluted Add back: Special items, net of tax Less: Net gain on investments, net of tax Diluted excluding special items and net gain on investments $ $ $ $ $ $ $ $ $ $ $ $ $ Three Months Ended March 31, 2022 1,736 2,103 2,103 (367) (367) -21.1% (398) 2 (400) -23.0% (255) 2 (1) (256) (0.79) 0.01 (0.80) (0.79) 0.01 (0.80) $ $ $ $ $ $ $ $ $ $ $ $ $ 2019 1,871 1,795 12 1,783 76 12 88 4.7% 58 12 70 3.7% 42 ONN 12 3 51 0.14 0.02 0.16 0.14 0.02 0.16 22#23APPENDIX B: CALCULATION OF LEVERAGE RATIOS Adjusted debt to capitalization ratio Adjusted debt to capitalization ratio is a non-GAAP financial measure which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. jetBlue NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities aircraft Adjusted debt Long-term debt and finance leases. Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Stockholders' equity Adjusted capitalization Adjusted debt to capitalization ratio $ March 31, 2022 3,545 381 246 4,172 3,545 381 246 3,598 7,770 54% December 31, 2021 3,651 355 256 4,262 $ 3,651 355 256 3,849 8,111 53% 23#24APPENDIX C: CONTRACTUAL ORDER BOOK jetBlue Deliveries 2022 2023 Returns 2023 A220 10 21 A220 A321NEO 6 A321NEO A321NEO LR 3 Note: Delivery and return schedules as of April 26, 2022 5 A321NEO LR A320 A320 (4) E190 E190 (6) Total 13 32 Total (10) 24#25APPENDIX D: RELEVANT JETBLUE MATERIALS jetBlue * www.investor.jetblue.com/investor-relations DOCUMENT Investor Presentations Earnings Releases Annual Reports SEC Filings Proxy Statements Investor Updates ESG Reports* LOCATION http://blueir.investproductions.com/investor-relations/events-and-presentations/presentations http://blueir.investproductions.com/investor-relations/financial-information/quarterly-results http://blueir.investproductions.com/investor-relations/financial-information/reports/annual-reports http://blueir.investproductions.com/investor-relations/financial-information/sec-filings http://blueir.investproductions.com/investor-relations/financial-information/reports/proxy-statements http://blueir.investproductions.com/investor-relations/financial-information/investor-updates http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports Environmental, Social, and Governance Reports 25