Spirit Airlines : Investor Update dated May 6, 2024

Investor Update as of May 6, 2024

The second quarter and full year 2024 estimates provided below are based on the current estimates of Spirit Airlines, Inc. ("Spirit" or the "Company") and are not a guarantee of future performance. There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission. Spirit undertakes no duty to update any forward-looking statements or estimates.

The Company estimates its total revenue for the second quarter will be between $1,320 million and $1,340 million.

While the domestic environment is improving, to date it has improved at a slower rate than the Company had anticipated. The Company anticipates continued improvement through the summer with the peaks still performing well. The off-peak periods will need to see more improvement for this forecast to materialize, but that is anticipated to be the case. In the meantime, the Company is making material modifications starting in June that will have a positive impact to the brand, the guest experience, and ultimately to unit revenues.

Based on the estimated number of cumulative days aircraft will be unavailable for operational service due to PW100G-JM geared turbo fan engine availability issues ("AOG") during the second quarter 2024, the Company estimates it will earn credits of approximately $42 million and recognize approximately $7 million in its consolidated statement of operations for the second quarter 2024. Second quarter Adjusted Operating margin is estimated to range between negative

11.0 percent and negative 9.0 percent,or between negative 8.5 percent to negative 6.5 percent when adjusted for the difference between AOG credits estimated to be earned and the estimated AOG credit to be recognized through earnings.

Footnotes

1. Excludes special items, which may include loss on disposal of assets, special charges and credits and other items which are not estimable at this time.
2. Excludes special items and adjusts for the difference between the AOG credits estimated to be received related to the AOG aircraft in the second quarter 2024 and the AOG credits estimated to be recognized in the Company's operating statement for the second quarter 2024.
3. Includes fuel taxes and into-plane fuel cost.
4. Includes interest expense, capitalized interest, interest income and other income and expense.
5. Based on the Company's statutory tax rate.
6. Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions.

Forward Looking Statements

Forward-Looking Statements in this investor update and certain oral statements made from time to time by representatives of the Company contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to the "safe harbor" created by those sections. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential," and similar expressions intended to identify forward-looking statements. Forward-looking statements include, without limitation, guidance for 2024 and statements regarding the Company's intentions and expectations regarding revenues, cash levels, capacity and passenger demand, additional financing, capital spending, operating costs and expenses, pre-tax income, pre-tax margin, taxes, hiring and furloughs, aircraft deliveries and stakeholders, negotiations and settlement with Pratt & Whitney regarding neo engine availability issues, resolving outstanding indebtedness, vendors and government support. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, results of operations and financial condition, the competitive environment in our industry, our ability to keep costs low and the impact of worldwide economic conditions, including the impact of economic cycles or downturns on customer travel behavior and other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as supplemented in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024. Furthermore, such forward-looking statements speak only as of the date of this investor update. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Non-GAAP Financial Measures

The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating income (loss) and Adjusted operating margin. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this investor update that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods.

Adjusted operating expenses and adjusted operating margin are non-GAAP financial measures, which are provided on a forward-looking basis. The Company does not provide a reconciliation of non-GAAP measures on a forward-looking basis where the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in/excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward- looking non-GAAP measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Investors are encouraged to read this investor update in conjunction with the Company's Earnings Release which provides additional information about the Company's non- GAAP financial measures and is included along with this investor update in the Current Report on Form 8-K furnished to the U.S. Securities and Exchange Commission. The Earnings Release is also available at https://ir.spirit.com.