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Alaska Air Group (NYSE:ALK) reported a third-quarter GAAP net loss of $147 million, or $1.32 per share, as elevated fuel costs weighed on profitability despite higher revenue and improving unit-revenue trends.

Excluding special items and the impact of a revised tax rate, the company reported adjusted net income of $40 million, or $0.36 per share. Total revenue rose 14% year over year to $4.3 billion, while capacity increased 2.4%. Unit revenue increased nearly 12%, supported by a 13.4% increase in yield.

President and CEO Ben Minicucci said the company’s third-quarter performance supported its strategy to build a larger and more diversified business, even as fuel prices added substantial pressure. He said fuel costs are expected to add $1.8 billion in expense for the full year. “Demand remains healthy,” Minicucci said, adding that revenue performed in line with company expectations. Alaska generated a seven-point spread between revenue per available seat mile, or RASM, and nonfuel unit costs during the quarter, up from two points in the second quarter.

Premium, Loyalty and International Growth Management highlighted progress in its Premium, Loyalty, Cargo and International growth initiatives. Diversified revenues accounted for 54% of total revenue mix, up four percentage points from a year earlier and one point sequentially.

Premium revenue rose about 24.5% year over year and represented more than 36% of total revenue, an increase of three percentage points from the prior year. Alaska said its completed narrowbody premium-cabin retrofits are expected to provide a full-year benefit in 2027, while further premium offerings are planned for its widebody fleet.

Managed corporate revenue increased 30% in the third quarter, while future corporate bookings were also about 30% above year-earlier levels. In London Heathrow, the company said business-class cabin performance exceeded its fair market share by three points during the quarter.

Loyalty program cash remuneration increased 21% to $721 million, driven by card spending and customer engagement. Andrew Harrison, executive vice president and chief commercial officer, said the company’s Summit premium card has attracted a meaningful number of new customers, with roughly half of cardholders new to Alaska’s portfolio and 40% coming from outside its core geographies.

Alaska also announced plans to launch year-round Seattle service to Osaka, Japan, and Papeete, Tahiti, next spring. The additions will bring its Seattle international nonstop route total to nine as the company works toward a goal of 15 routes and becoming Seattle’s leading long-haul international carrier by 2030.

The company expects to file with the U.S. Department of Transportation in the fourth quarter to join Atlantic and Pacific joint international businesses. Harrison said joint businesses could strengthen Alaska’s international economics through partner distribution, capacity coordination and pricing capabilities.

Fuel Costs Drive Revised Outlook Chief Financial Officer Shane Tackett said the company’s average fuel price was $3.94 per gallon during the third quarter, above its July expectation of $3.75 per gallon. Fuel prices ranged from about $3.10 per gallon in early July to nearly $5 per gallon by the end of the quarter.

For the fourth quarter, Alaska expects economic fuel costs of $4.65 to $4.85 per gallon, compared with its original 2026 planning assumption of $2.50 per gallon. Tackett said the additional fuel expense of more than $2 per gallon is expected to add $650 million in costs in the fourth quarter alone.

The company forecast a fourth-quarter adjusted loss of between $2.50 and $2.00 per share and a full-year adjusted loss of between $5.50 and $5.00 per share. Tackett said the forecast includes a fuel headwind of more than $4 per share compared with the company’s original assumption.

Despite the near-term fuel pressure, management said it expects at least $3 to $4 of core earnings improvement next year, excluding the impact of fuel. Tackett said the company believes premium products, loyalty, cargo, international service and network investments will support stronger earnings over time.

Capacity, Costs and Balance Sheet Alaska expects fourth-quarter capacity growth of approximately 1% to 1.5% year over year, with most of the increase coming from international flying. The company expects fourth-quarter unit revenue to rise by low double digits, broadly consistent with third-quarter performance.

Nonfuel unit costs rose 4.4% in the third quarter, an improvement from a 6.5% increase in the second quarter. The company expects nonfuel unit costs to increase at a mid-single-digit rate in the fourth quarter, citing inflation, airport and real-estate costs, and engine maintenance expenses.

Management said several network investments have temporarily pressured unit revenue, including rapid growth in strategic markets such as Portland, San Diego, Los Angeles and select California-Hawaii routes. Harrison said those markets represent about 13% of capacity and have been growing more than 20%, but the company expects improvement as the routes mature.

Hawaii also remained a headwind, accounting for roughly two points of system unit-revenue pressure, according to Harrison. He said the outlook for 2027 is more constructive as industry capacity growth moderates, prior growth investments annualize and the company benefits from a single passenger service system and Hawaiian Airlines’ oneworld membership.

Alaska ended the quarter with approximately $3.3 billion in liquidity, $20 billion in unencumbered assets and a debt-to-capitalization ratio of 66%. Tackett said restoring balance-sheet strength will be the company’s top financial priority as earnings and free cash flow improve.

The company also plans to take delivery of 22 Boeing 737-10 aircraft beginning late in the first quarter of next year. Minicucci said the aircraft will initially enter service in Alaska’s standard domestic configuration, while a later tranche planned for 2028 will feature the company’s Aurora configuration with lie-flat seats.

About Alaska Air Group (NYSE:ALK) Alaska Air Group, Inc is an airline holding company headquartered in Seattle, Washington. Its principal subsidiaries include Alaska Airlines and Hawaiian Airlines, which operate under separate brands while serving passengers throughout North America, the Pacific and other international markets.

Alaska Airlines provides scheduled passenger and air cargo services across the United States, Canada, Mexico, Costa Rica and the Bahamas, with a strong presence on the U.S. West Coast and in Alaska.

Alaska Air Group, Inc. (ALK) Q3 2026 Earnings Call October 21, 2026 11:30 AM EDT

Company Participants

Ryan St. John - Vice President of Finance, Planning & Investor Relations
Benito Minicucci - President, CEO & Director and CEO of Alaska Airlines
Andrew Harrison - Executive VP & Chief Commercial Officer of Alaska Airlines Inc
Shane Tackett - CFO & President of Alaska Airlines
Jason Berry - Executive VP & COO

Conference Call Participants

Michael Linenberg - Deutsche Bank AG, Research Division
Ravi Shanker - Morgan Stanley, Research Division
Jamie Baker - JPMorgan Chase & Co, Research Division
John Godyn - Citigroup Inc., Research Division
Savanthi Syth - Raymond James Ltd., Research Division
Atul Maheswari - UBS Investment Bank, Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Conor Cunningham - Melius Research LLC
Catherine O'Brien - Goldman Sachs Group, Inc., Research Division
Thomas Fitzgerald - TD Cowen, Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 Third Quarter Earnings Call. [Operator Instructions] Today's call is being recorded and will be accessible for future playback at alaskaair.com. [Operator Instructions] I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations, Ryan St. John.

Ryan St. John
Vice President of Finance, Planning & Investor Relations

Thank you, operator, and good morning. Thanks for joining us today to discuss our third quarter 2026 earnings results. Yesterday, we issued our earnings release detailing our results, which are available at investor.alaskaair.com. Today, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

Air Group reported a third quarter GAAP net loss of $147 million or a $1.32 loss per share. Excluding special

Alaska Air beats Q3 earnings estimates on strong yields and revenue growth, but surging fuel costs squeeze profits and weigh on its Q4 outlook.

Reported loss per share of ($1.32), and adjusted earnings per share, excluding certain tax impacts, of $0.36

Announced intent to join the Atlantic and Pacific Joint International Businesses with oneworld and global partners

New service to Osaka and Papeete expands Seattle's nonstop international network to 9 of 15 planned routes by 2030

, /PRNewswire/ -- Alaska Air Group (NYSE: ALK) today reported financial results for the third quarter ending September 30, 2026.

"At Investor Day, we laid out a clear strategy for building a stronger, more diversified business, and we're executing it: growing premium, international, cargo and Atmos Rewards, and investing in the guest experience," said Alaska Air Group CEO Ben Minicucci. "Those are the things that earn guest loyalty, diversify our revenue and ultimately drive stronger earnings. While we're not satisfied with this quarter's result or the $1.8 billion fuel headwind this year, we are confident in our ability to execute on the things we can control, including increasing the spread between unit revenue and unit costs excluding fuel."

Quarter in Review:

Air Group reported third quarter Generally Accepted Accounting Principles (GAAP) pretax margin of 0.4% and GAAP net loss of ($147) million, or ($1.32) per share. Air Group's third quarter adjusted pretax margin was 1.1% and adjusted net loss was ($35) million, or ($0.31) per share. Excluding certain tax impacts, Air Group's third quarter adjusted net income was $49 million, or $0.36 per share.

Q3 2026 Results

Prior Expectation

Actual Results

Capacity (ASMs) % change versus 2025

Up 2% to 3%

Up 2.4%

RASM % change versus 2025

Up low double digits

Up 11.7%

CASMex % change versus 2025

Up low to mid single digits

Up 4.4%

Economic fuel cost per gallon

$3.75

$3.94

Adjusted earnings per share, excluding certain tax impacts(a)

$0.00 to $1.00

$0.36

(a) These results reflect a Q3 adjusted effective tax rate of 18.4%, or adjusted tax expense of $9 million, versus our original guidance assumption of approximately 35% due to the AETR revision discussed below.

Third quarter results were driven by strong underlying commercial momentum despite a significant fuel headwind. Revenue increased 14% year-over-year to $4.3 billion on 2.4% capacity growth, resulting in unit revenue growth of nearly 12%, despite  Hawaiʻi headwinds, pressure from strategic growth markets investments, and rapid international expansion. Yield improved through the quarter, with September yield increasing approximately 17% year-over-year.

Air Group's diversified revenue, which represents operating revenue outside the main cabin, has grown to 54% of total revenue, reflecting progress against our strategic initiatives as we shift towards a more structurally resilient business. Premium revenue grew approximately 25% and represented more than 36% of total revenue, loyalty program cash remuneration grew 21% to $721 million, and managed corporate revenue increased 30%. Air Group continued to expand its international network, with the additions of Paris, Athens, Osaka, and Papeete, bringing our Seattle international network to nine routes.

During the third quarter, the Company reduced its estimated annual effective tax rate (AETR) following a change in its full-year outlook from pretax income to a pretax loss, driven primarily by elevated fuel prices. As a result, the Company recorded a cumulative catch-up adjustment related to tax benefits recognized on first-half losses, which reduced third quarter adjusted earnings per share by ($0.67). Excluding this adjustment, third quarter adjusted earnings per share were $0.36.

Fourth Quarter Forecast Information:

Looking ahead, demand remains healthy, with commercial momentum continuing into the fourth quarter. Air Group expects capacity to grow approximately 1% to 1.5% year-over-year, with the increase concentrated in international flying. Unit revenue is expected to increase in the low double digits year-over-year and improve sequentially on a gross basis, supported by continued yield strength. Non-fuel unit costs are expected to increase in the mid-single digits, reflecting lower capacity growth.

Elevated fuel costs are expected to remain a significant headwind to near-term profitability, with our guidance assuming a fourth quarter economic fuel cost of $4.65 to $4.85 per gallon, or $650 million higher than our initial plan. For the full year, we now expect an adjusted loss per share between ($5.50) and ($5.00), inclusive of $1.8 billion in fuel expense above our plan.

Q4 2026 Expectation

Capacity (ASMs) % change versus 2025

Up 1% to 1.5%

RASM % change versus 2025

Up low double-digits

CASMex % change versus 2025

Up mid single-digits

Economic fuel cost per gallon

$4.65 to $4.85

Adjusted loss per share(a)

($2.50) to ($2.00)

(a) Q4 loss per share guidance assumes non-operating expense of approximately $70 million, a tax rate of approximately 20%, and shares outstanding of approximately 112.5 million.

Commercial Updates:

Announced intent to join the Atlantic and Pacific Joint International Businesses with oneworld and global partners, broadening international connectivity for guests and increasing access to premium worldwide travel opportunities.
Unveiled Aurora and Leihōkū by Alaska and Hawaiian, new premium guest experiences designed to elevate travel, featuring spacious lie flat suites, access to exclusive check-in and concierge services, and elevated dining options. Aurora will be featured on Alaska's Boeing 787 fleet and select transcontinental routes operated by new 737-10 MAX aircraft, while Leihōkū will be featured on Hawaiian's A330 fleet.
Introduced Premium Reserve, a new premium economy product set to debut in 2028 on Alaska's 787-9, 787-10 and select 737-10 MAX aircraft and on Hawaiian's A330 fleet, offering guests enhanced comfort, space, and choice on longer flights.

Loyalty Updates:

Loyalty program cash remuneration grew 21% to $721 million in the third quarter.
Beginning in October, Atmos Rewards members can choose how they earn points and status points - by distance traveled, price paid, or segments flown - on flights departing on or after January 1, 2027.
Announced enhancements to Atmos Rewards, including expanded card offerings with the launch of an Atmos debit card in early 2027, four new Atmos communities, and additional program partnerships.
Launched new and improved benefits for Huakaʻi by Hawaiian members, including two free checked bags for Neighbor Island travel and additional ways to earn Atmos Rewards points.

Network Updates:

Announced new nonstop service from Seattle to Athens, Paris, Osaka, and Papeete beginning in spring 2027, further strengthening our position as Seattle's largest international carrier.
Announced domestic route expansions, including new routes from Portland to Steamboat Springs, San Diego to Loreto, Mexico and Paine Field to San Jose, alongside increased service from Paine Field to Portland, San Diego and Los Angeles.

Liquidity Updates:

Generated $755 million of operating cash flow during the first nine months of 2026.
Held $3.3 billion in available liquidity, including unrestricted cash, marketable securities, and undrawn credit facilities.
Had approximately $20 billion of unencumbered assets at September 30, 2026, including 134 aircraft and the unencumbered portion of our loyalty program assets.

Other Highlights:

Amaresh Siva named Alaska's Chief Information Technology Officer, joining the company from CVS Health. Siva will serve on the company's Executive Committee.
Alaska Airlines and Hawaiian Airlines were recognized with the 2026 APEX Five Star Major Airline Award.
Alaska Airlines recognized by the Skytrax World Airline Awards as the #1 Cleanest Airline in North America and the #2 Best Regional Airline in North America.
SVP of Merchandising and Innovation Charu Jain was recognized as one of Time's 2026 Tech and Data Executives of the Year.

A conference call regarding the third quarter results will be streamed online at 11:30 a.m. EDT/ 8:30 a.m. PDT on October 21, 2026. It can be accessed at www.alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this update to "Air Group," "Company," "we," "us," and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified.

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a discussion of risks and uncertainties that may cause our forward-looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate operations following the acquisition of Hawaiian Holdings, Inc. and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. Members of our Atmos Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,100 worldwide destinations. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Alaska Air Group, Inc.

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except per share amounts)

2026

2025

Change

2026

2025

Change

Operating Revenue

Passenger revenue

$    3,885

$     3,424

13 %

$   10,449

$     9,587

9 %

Loyalty program other revenue

263

200

32 %

748

617

21 %

Cargo and other revenue

160

142

13 %

476

403

18 %

Total Operating Revenue

4,308

3,766

14 %

11,673

10,607

10 %

Operating Expenses

Wages and benefits

1,287

1,226

5 %

3,768

3,518

7 %

Variable incentive pay

68

71

(4 %)

163

194

(16 %)

Aircraft fuel

1,214

761

60 %

3,315

2,142

55 %

Aircraft maintenance

257

238

8 %

729

698

4 %

Aircraft rent

66

64

3 %

191

190

1 %

Landing fees and other rentals

333

305

9 %

929

825

13 %

Contracted services

163

151

8 %

472

442

7 %

Selling expenses

118

107

10 %

332

312

6 %

Depreciation and amortization

216

203

6 %

627

596

5 %

Food and beverage service

110

100

10 %

312

282

11 %

Third-party regional carrier expense

71

72

(1 %)

195

205

(5 %)

Other

298

256

16 %

903

764

18 %

Special items - operating

25

64

(61 %)

102

211

(52 %)

Total Operating Expenses

4,226

3,618

17 %

12,038

10,379

16 %

Operating Income (Loss)

82

148

(45 %)

(365)

228

NM

Non-operating Income (Expense)

Interest income

22

23

(4 %)

62

71

(13 %)

Interest expense

(97)

(70)

39 %

(259)

(202)

28 %

Interest capitalized

14

8

75 %

37

29

28 %

Other - net

(3)

2

NM

12

(10)

NM

Total Non-operating Expense

(64)

(37)

73 %

(148)

(112)

32 %

Income (Loss) Before Income Tax

18

111

(513)

116

Income tax expense (benefit)

165

38

(97)

37

Net Income (Loss)

$     (147)

$        73

$     (416)

$        79

Basic Earnings (Loss) Per Share

$     (1.32)

$      0.63

$     (3.70)

$      0.66

Diluted Earnings (Loss) Per Share

$     (1.32)

$      0.62

$     (3.70)

$      0.65

Weighted Average Shares Outstanding used for
computation:

Basic

111.611

115.287

112.334

119.061

Diluted

111.611

117.500

112.334

121.193

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
Alaska Air Group, Inc.

(in millions, except share amounts)

September
30, 2026

December
31, 2025

ASSETS

Cash and cash equivalents

$       835

$       627

Restricted cash

34

28

Marketable securities

1,396

1,496

Receivables - net

656

565

Inventories and supplies - net

249

203

Prepaid expenses

234

278

Other current assets

37

69

Total Current Assets

3,441

3,266

Property and equipment - net of accumulated depreciation and amortization of $5,377 and $4,945

12,280

11,857

Operating lease assets

1,325

1,268

Goodwill

2,723

2,723

Intangible assets - net of accumulated amortization of $116 and $74

773

815

Other noncurrent assets

487

432

Total Noncurrent Assets

17,588

17,095

Total Assets

$    21,029

$    20,361

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable

$       443

$       324

Accrued wages, vacation and payroll taxes

853

881

Air traffic liability

2,129

1,689

Other accrued liabilities

1,154

1,055

Deferred revenue

1,854

1,722

Current portion of long-term debt and finance leases

890

721

Current portion of operating lease liabilities

222

197

Total Current Liabilities

7,545

6,589

Long-term debt and finance leases, net of current portion

5,269

4,834

Operating lease liabilities, net of current portion

1,138

1,141

Deferred income taxes

909

1,004

Deferred revenue

1,690

1,711

Obligation for pension and post-retirement medical benefits

324

369

Other liabilities

624

595

Total Noncurrent Liabilities

9,954

9,654

Shareholders' Equity

Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding

—

—

Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2026 - 147,152,378
shares; 2025 - 145,115,659 shares, Outstanding: 2026 - 111,631,476 shares; 2025 - 115,530,889
shares

1

1

Capital in excess of par value

1,053

961

Treasury stock (common), at cost: 2026 - 35,520,902 shares; 2025 - 29,584,770 shares

(1,951)

(1,701)

Accumulated other comprehensive loss

(187)

(173)

Retained earnings

4,614

5,030

Total Shareholders' Equity

3,530

4,118

Total Liabilities and Shareholders' Equity

$    21,029

$    20,361

SUMMARY CASH FLOW (unaudited)

Alaska Air Group, Inc.

(in millions)

Nine Months
Ended September
30, 2026

Six Months Ended
June 30, 2026(a)

Three Months
Ended September
30, 2026(b)

Cash Flows from Operating Activities:

Net Loss

$               (416)

$               (269)

$               (147)

Adjustments to reconcile net loss to net cash provided by
operating activities

691

453

238

Changes in working capital

480

422

58

Net cash provided by operating activities

755

606

149

Cash Flows from Investing Activities:

Property and equipment additions

(965)

(523)

(442)

Other investing activities

73

(112)

185

Net cash used in investing activities

(892)

(635)

(257)

Cash Flows from Financing Activities:

367

472

(105)

Net increase (decrease) in cash and cash equivalents

230

443

(213)

Cash, cash equivalents, and restricted cash at beginning of
period

684

684

1,127

Cash, cash equivalents, and restricted cash at end of the
period

$                914

$              1,127

$                914

Reconciliation of cash, cash equivalents, and restricted
cash:

Cash and cash equivalents

$                835

$              1,064

Restricted cash

34

33

Restricted cash included in Other noncurrent assets

45

30

Total cash, cash equivalents, and restricted cash at end of
the period

$                914

$              1,127

(a) As reported in Form 10-Q for the second quarter of 2026.

(b) Cash flows for the three months ended September 30, 2026 can be calculated by subtracting cash flows from the six months ended June 30, 2026 from the nine months ended September 30, 2026.

OPERATING STATISTICS (unaudited)

A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the
table below.

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

Change

2026

2025

Change

Consolidated Operating Statistics:(a)

Revenue passengers (000)

15,706

15,879

(1.1) %

44,095

44,272

(0.4) %

RPMs (000,000) "traffic"

20,733

20,739

— %

58,045

58,174

(0.2) %

ASMs (000,000) "capacity"

25,031

24,447

2.4 %

70,907

69,724

1.7 %

Load factor

82.8 %

84.8 %

(2.0) pts

81.9 %

83.4 %

(1.5) pts

Yield

18.73¢

16.51¢

13.4 %

18.00¢

16.48¢

9.2 %

PRASM

15.52¢

14.00¢

10.9 %

14.74¢

13.75¢

7.2 %

RASM

17.21¢

15.41¢

11.7 %

16.46¢

15.21¢

8.2 %

CASMex(b)

11.46¢

10.98¢

4.4 %

11.71¢

11.08¢

5.7 %

Fuel cost per gallon(c)

$3.94

$2.51

57.0 %

$3.81

$2.50

52.4 %

Fuel gallons (000,000)(c)

308

303

1.7 %

870

859

1.3 %

ASMs per gallon

81.3

80.6

0.9 %

81.5

81.1

0.5 %

Departures (000)

146.0

144.0

1.4 %

410.6

407.4

0.8 %

Average full-time equivalent employees
(FTEs)

32,171

32,590

(1.3) %

31,787

31,221

1.8 %

Operating fleet(d)

424

406

18 a/c

424

406

18 a/c

(a) Except for FTEs, data includes activity under a capacity purchase agreement with a third-party regional carrier.

(b) See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages.

(c) Excludes operations under the Air Transportation Services Agreement (ATSA) with Amazon.

(d) Includes owned and leased aircraft as well as aircraft operated under a capacity purchase agreement with a third-party regional carrier.

GAAP TO NON-GAAP RECONCILIATIONS (unaudited)
Alaska Air Group, Inc.

We are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. Amounts in the tables below are rounded to the nearest million. As a result, a manual recalculation of certain figures using these rounded amounts may not agree directly to the amounts presented. These reconciliations include adjustments intended to improve comparability and provide a clearer view of the Company's core operating performance.

Losses (gains) on foreign debt and other primarily reflect unrealized and realized gains or losses resulting from changes in foreign currency exchange rates on certain debt. In 2025, these expenses also included mark-to-market fuel hedge adjustments.

Special items - operating primarily relate to costs associated with the integration of Hawaiian Airlines, including employee-related costs, technology costs, and other merger-related expenses. It also includes certain litigation costs. In 2025, these expenses also included costs related to changes in Alaska flight attendants' sick leave benefits pursuant to a collective bargaining agreement ratified in the first quarter of 2025.

During the third quarter of 2026, the Company revised its full-year outlook from a pretax income to a pretax loss primarily due to elevated fuel prices. This reduced the Company's estimated AETR. Because the Company incurred pretax losses in the first half of 2026, the lower tax rate reduced the expected tax benefit associated with those losses by $75 million. As required under the AETR methodology, this adjustment was recorded in the third quarter and is included in adjusted income tax expense of $84 million. Excluding this adjustment, adjusted income tax expense would have been $9 million and adjusted earnings per share would have been $0.36 for the quarter ended September 30, 2026.

The $75 million adjustment remains reflected in year-to-date adjusted earnings and will be included in the Company's full-year 2026 adjusted earnings results. Because the adjustment relates entirely to the remeasurement of tax benefits associated with first-half losses, management believes excluding it from third-quarter adjusted earnings improves comparability of current-quarter operating performance.

Pretax Income (Loss), Net Income (Loss), and Earnings (Loss) per Share,
adjusted

Three Months Ended September 30,

2026

2025

(in millions, except per share amounts)

Income
Before
Income
Tax

Income
Tax

Net
Income
(Loss)

Per
Share

Income
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$   18

$    165

$  (147)

$  (1.32)

$ 111

$     38

$     73

$   0.62

Adjusted for:

Losses (gains) on foreign debt and
other

6

(2)

Special items - operating

25

64

Total adjustments

31

(81)

112

1.01

62

12

50

0.43

Adjusted

$   49

$     84

$    (35)

$  (0.31)

$ 173

$     50

$    123

$   1.05

Impact of cumulative catch-up
adjustment related to tax benefits
recognized on first-half losses

—

75

(75)

(0.67)

Adjusted, excluding certain tax impacts

$   49

$      9

$     40

$   0.36

GAAP pretax margin

0.4 %

2.9 %

Adjusted pretax margin

1.1 %

4.6 %

Nine Months Ended September 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (513)

$    (97)

$  (416)

$  (3.70)

$ 116

$     37

$     79

$   0.65

Adjusted for:

Losses (gains) on foreign debt and
other

(1)

1

Special items - operating

102

211

Total adjustments

101

14

87

0.77

212

48

164

1.36

Adjusted

$         (412)

$    (83)

$  (329)

$  (2.93)

$ 328

$     85

$    243

$   2.01

GAAP pretax margin

(4.4) %

1.1 %

Adjusted pretax margin

(3.5) %

3.1 %

CASMex Reconciliation

Three Months Ended
September 30,

Nine Months Ended September
30,

(in millions, except unit metrics)

2026

2025

2026

2025

Total operating expenses

$        4,226

$        3,618

$       12,038

$       10,379

Less the following components:

Aircraft fuel

1,214

761

3,315

2,142

Freighter costs

53

47

157

136

Performance-based pay

66

62

158

163

Special items - operating

25

64

102

211

Adjusted operating expenses

$        2,868

$        2,684

$        8,306

$        7,727

ASMs

25,031

24,447

70,907

69,724

CASMex

          11.46¢ 

          10.98¢ 

          11.71¢ 

          11.08¢ 

Adjusted Capital Expenditures Reconciliation

Nine Months Ended September 30,

(in millions)

2026

2025

Aircraft, aircraft purchase deposits, and other flight equipment

$              790

$              744

Other property and equipment

175

219

Capital expenditures

965

963

Adjusted for:

Property and equipment acquired through the issuance of debt

72

69

Proceeds from sales of aircraft and other equipment

(10)

(162)

Adjusted capital expenditures

$            1,027

$              870

Debt-to-capitalization, including leases

(in millions)

September 30, 2026

December 31, 2025

Long-term debt and finance leases, net of current portion

$                 5,269

$                 4,834

Operating lease liabilities, net of current portion

1,138

1,141

Short-term EETC debt maturing in 2027

512

—

Adjusted debt, net of current portion(a)

6,919

5,975

Shareholders' equity

3,530

4,118

Total Invested Capital

$               10,449

$                10,093

Debt-to-capitalization ratio, including leases

66 %

59 %

(a) For September 30, 2026, the Company is presenting its short-term EETC debt, maturing in the third quarter of 2027, within its debt-to-capitalization ratio. At December 31, 2025, this debt was included within Long-term debt and finance leases, net of current portion.

Adjusted net debt to earnings before interest, taxes, depreciation, amortization, fixed portion of operating lease expense,
and special items

(in millions)

September 30, 2026

December 31, 2025

Long-term debt and finance leases

$                    6,159

$                    5,555

Operating lease liabilities

1,360

1,338

Adjusted debt

7,519

6,893

Less: Total unrestricted cash and marketable securities

2,231

2,123

Adjusted net debt

$                    5,288

$                    4,770

(in millions)

Twelve Months Ended
September 30, 2026

Twelve Months Ended
December 31, 2025

Operating Income (Loss)(a)

$                     (290)

$                      303

Adjusted for:

Special items - operating

141

250

Gains on foreign debt and other

(5)

(3)

Depreciation and amortization

826

795

Fixed portion of operating lease expense

283

279

EBITDAR

$                      955

$                    1,624

Adjusted net debt to EBITDAR

5.5x

2.9x

(a) Operating income (loss) can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC.

Note A: Pursuant to Regulation G, we provide reconciliations of reported non-GAAP financial measures to the most directly comparable GAAP financial measures. We believe these non-GAAP measures provide meaningful supplemental information to investors for the following reasons:

Pretax income (loss), net income (loss), and earnings (loss) per share are presented on an adjusted basis. Adjustments are made for special charges that are unusual or nonrecurring in nature, as well as for gains and losses on foreign debt, as these adjustments enhance comparability of our core operations to prior periods and to the rest of the airline industry.
CASMex is a key measure used by management and the Air Group Board of Directors to evaluate cost performance. It is also commonly used by industry analysts to compare airlines. Because U.S. carriers are generally similarly affected by changes in jet fuel prices over the long run, aircraft fuel costs are excluded to focus on more controllable, company-specific cost drivers. Costs related to freighter aircraft operations, including those incurred under the ATSA with Amazon, are excluded to enhance comparability with carriers that do not operate freighter aircraft. Performance‑Based Pay (PBP) expense is excluded as it is dependent on the Company's achievement of annually established financial and operational goals. Certain special charges are excluded as they are unusual or nonrecurring in nature.
Adjusted capital expenditures includes certain amounts that are not classified as investing cash outflows within our consolidated statements of cash flows, but are viewed by management and other stakeholders as significant long-term investments in the business. Management believes these adjustments provide a more complete view of capital expenditures during the year.
Liquidity and leverage measures, including debt-to-capitalization and adjusted net debt to EBITDAR, are presented to provide insight into the Company's financial position and flexibility. In 2026, we made adjustments to the calculation of these metrics to enhance comparability with our peers. The debt-to-capitalization ratio now excludes the current portion of operating and finance lease liabilities, with prior periods recast for consistency. Additionally, EBITDAR was adjusted to reflect the fixed portion of operating leases rather than total aircraft rent to better reflect performance, with prior periods recast accordingly.

GLOSSARY OF TERMS

Adjusted debt - long-term debt, plus operating and finance lease liabilities

Adjusted net debt - long-term debt, plus operating and finance lease liabilities, less unrestricted cash and marketable securities

Adjusted net debt to EBITDAR - represents adjusted net debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, fixed portion of operating leases, and special items)

ASMs - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown

CASMex - operating costs excluding fuel, freighter costs, Performance-Based Pay (PBP), and special items per ASM, or "unit cost"

Debt-to-capitalization ratio - represents adjusted debt, net of current portion, divided by total equity plus adjusted debt, net of current portion

Diluted Earnings per Share - represents earnings per share (EPS) using fully diluted shares outstanding

Diluted Shares - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised

Freighter Costs - operating expenses directly attributable to the operation of B737 freighter aircraft and A330-300 freighter aircraft exclusively performing cargo missions

Load Factor - RPMs as a percentage of ASMs; represents the number of available seats that were filled with revenue passengers

PRASM - passenger revenue per ASM, or "passenger unit revenue"

RASM - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, loyalty program revenue, and other ancillary revenue; represents the average total revenue for flying one seat one mile

RPMs - revenue passenger miles, or "traffic"; represents the number of seats that were filled with revenue passengers; one passenger traveling one mile is one RPM

Yield - passenger revenue per RPM; represents the average passenger revenue for flying one passenger one mile

SOURCE Alaska Air Group

Alaska Air Group (ALK - Free Report) reported $4.31 billion in revenue for the quarter ended September 2026, representing a year-over-year increase of 14.4%. EPS of $0.36 for the same period compares to $1.05 a year ago.

The reported revenue represents a surprise of -0.08% over the Zacks Consensus Estimate of $4.31 billion. With the consensus EPS estimate being $0.35, the EPS surprise was +2.86%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Alaska Air performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Load factor: 82.8% compared to the 84.5% average estimate based on five analysts.RASM (Total revenue per ASM): 17.21 cents versus 17.22 cents estimated by four analysts on average.ASMs (Available seat miles): 25.03 billion versus the four-analyst average estimate of 25.03 billion.RPMs (Revenue passenger miles): 20.73 billion compared to the 21.1 billion average estimate based on four analysts.Fuel cost per gallon: $3.94 versus $3.84 estimated by four analysts on average.Fuel gallons: 308.00 Mgal compared to the 306.58 Mgal average estimate based on three analysts.Yield: 18.73 cents versus 18.47 cents estimated by three analysts on average.CASMex (Operating expenses per ASM, excluding fuel and special items): 11.46 cents compared to the 11.39 cents average estimate based on three analysts.ASMs per gallon: 81.30 Gal versus the three-analyst average estimate of 81.58 Gal.Operating Revenue- Passenger revenue: $3.89 billion versus the five-analyst average estimate of $3.9 billion. The reported number represents a year-over-year change of +13.5%.Cargo and other revenue- Loyalty program other revenue: $263 million versus $234.52 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +31.5% change.Operating Revenue- Cargo and other revenue: $160 million compared to the $160.91 million average estimate based on three analysts. The reported number represents a change of +12.7% year over year.View all Key Company Metrics for Alaska Air here>>>

Shares of Alaska Air have returned -18.9% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

The airline reported a third-quarter loss of $147 million, as higher-than-expected fuel headwinds more than offset double-digit revenue growth.

PERTH, Western Australia, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) (‘Alkane’) is pleased to announce the initial exploration results from an earn-in period in which Alkane has agreed to initially spend a total of $12.5M on exploration and evaluation activities to earn a 60% interest in the Nagambie property over three years, with the right to move to 80% with further expenditure.1

Program Summary

Drilling commenced at Nagambie in June 2026 targeting the north-south trending “C” vein orientation, which is interpreted to contain gold-antimony mineralisation. 3 holes (1,868m) have been drilled, logged and sampled at the time of this announcement.Initial assays received to date for the first of three new Alkane holes, confirm the highly mineralised nature and continuity of the epizonal Au-Sb system.Standout grades have been encountered in the C3 and C2 veins that support previous drilling results that informed the initial Mineral Resource2 estimated by Nagambie Resources in 2024. Additionally, the C2 zone has been intercepted a further 115m below the previously known extent, highlighting the open nature of the resource.Further to the concentrated high-grade mineralisation intercepted (Costerfield analogue), the drilling has also intercepted wide mineralised zones of up to 32m in estimated true width (ETW), containing significant amounts of both gold and antimony. Assay Highlights

From C3 Zone 3.3g/t gold and 0.7% antimony over 10.6m (ETW 10.4m) in ADD001 from 156.3m Including 17.0g/t gold and 5.9% antimony over 1.3m (ETW 1.2m) From C2W Zone 1.2g/t gold and 2.5% antimony over 9.7m (ETW 4.9m) in ADD001 from 306.3m Including 4.6g/t gold and 20.6% antimony over 0.4m (ETW 0.2m)Including 3.6g/t gold and 9% antimony over 1.7m (ETW 0.8m) 2.1g/t gold and 0.5% antimony over 10m (ETW 6.4m) in ADD006 from 221.7m Including 3.7g/t gold and 0.8% antimony over 1m (ETW 0.6m)Including 12.6g/t gold and 0.1% antimony over 0.4m (ETW 0.2m)Including 2.8g/t gold and 2.0% antimony over 2.3m (ETW 1.5m) 0.6g/t gold and 0.8% antimony over 22.6m (ETW 20.7m) in ADD013 from 592.59m Including 2.1g/t gold and 17.3% antimony over 0.4m (ETW 0.3m)Including 1.4g/t gold and 7.3% antimony over 0.8m (ETW 0.7m) Alkane Managing Director & CEO, Nic Earner, said:

“Nagambie is shaping up as analogous to the gold-antimony system at Costerfield. We are encouraged by the initial results, which form part of our broader strategy to expand the potential ore sources and extend the mine life at our 100% owned Costerfield project. There is still further work to do within this 12-month option period of the earn-in agreement with Nagambie Resources; however, there is extensive exploration potential at Nagambie. We look forward to progressing this asset and strengthening critical mineral development within Victoria.”

Nagambie Earn-In Transaction Summary 

Alkane has the right to sole-fund exploration, evaluation activities and related studies of Nagambie’s Mining Licence MIN 5412 and Exploration Licence EL5511, with the right to earn a 60% interest within three years of the commencement date by funding a minimum of $12.5m in expenditure.Alkane has a 12-month option period until April 2027, during which it can elect to withdraw from the earn-in at any time, with ownership reverting to Nagambie.After earning 60%, Alkane can elect to sole fund a further $15m in expenditure to increase its participating interest to 80%.An unincorporated joint venture will be formed following the earn-in period, with Alkane as operator. Nagambie Gold-Antimony Deposit

Nagambie Resources Ltd 100%, Alkane Resources Earn-In.

The Nagambie Gold-Antimony deposit was discovered during systematic exploration for bulk-tonnage, low-grade gold mineralisation in the mid-1980s by East Union Pty Ltd (later renamed Perseverance Mining Pty Ltd). Subsequent geological prospecting and rock-chip sampling identified anomalous gold associated with intense silicification and quartz veining at Hill 158 in 1984, where a resistant outcrop marked the position of the mineralised structure.

Figure 1: Regional plan showing the location of the Nagambie property, in relation to the extent of Alkane’s Costerfield properties and other regional fields and deposits.

Follow-up Reverse Circulation (RC) percussion drilling delineated a large, low-grade gold deposit hosted by folded Silurian-Devonian sedimentary rocks. Perseverance Mining Pty Ltd commenced open-pit mining in 1989, developing the East and West pits to exploit the oxide gold mineralisation. Mining continued until 1994, with a total of 123,000 ounces of gold produced from the operation.3

Exploration for primary sulphide mineralisation began in 2006, when Panaegis Gold Mines Ltd (later renamed Nagambie Resources Ltd) drilled beneath historic pits. The programme intersected gold-antimony mineralisation, including high-grade stibnite-bearing veins beneath the West Pit in an RC hole. However, the geometry of the mineralised structures was not well-established, and so follow-up drilling did not test this intercept.

In 2018 Nagambie Resources Ltd renewed investigations, including diamond drilling and induced polarisation geophysics. Re-interpretation of the earlier drilling in 2022 suggested that the high-grade gold-antimony veins could have a north-northwest orientation, and in April 2022, the company targeted diamond drilling beneath the West Pit to test for Costerfield-style gold-antimony veins (C-suite).

The program identified the C1 lode system in 2022, followed by C2 and C3 in 2023. Drilling also discovered the N1 lode, which strikes east-west. These discoveries established multiple gold-antimony lode systems beneath the historic oxide workings.

The discoveries supported a maiden JORC Inferred Mineral Resource announced by Nagambie Minerals Ltd on 20 May 2024 titled ‘Maiden JORC Resource at the Nagambie Mine’. Nagambie Minerals Ltd released an announcement on 15 November 2024 titled ‘Replacement Announcement of Gold-Antimony Resource Drilling’ advising a resource update to 539,000 tonnes at 3.3 g/t gold and 3.9% antimony, containing approximately 58,000 ounces of gold and 20,800 tonnes of antimony. The estimate relates to mineralisation beneath the West Pit and remains open to the east, west and at depth.

In April 2026, Nagambie Resources entered into an earn-in agreement with Alkane Resources Limited, through its wholly owned subsidiary Mandalay Resources Costerfield Operations Pty Ltd, covering the Nagambie Mine and surrounding exploration license. The agreement provides for Alkane to sole-fund exploration and evaluation activities, with the potential to earn a 60% or 80% interest in the tenements. Alkane commenced diamond drilling at the Nagambie Mine in June 2026, targeting extensions to the C1, C2, C3 and N1 lodes.

Deposit Geology

The Nagambie Gold-Antimony Deposit is hosted by folded Silurian-Lower Devonian marine sedimentary rocks within the Melbourne Structural Zone of central Victoria, approximately 7 km east of Nagambie. Gold-antimony mineralisation is hosted by folded Silurian-Lower Devonian marine sedimentary rocks comprising sandstone, siltstone and shale. Younger cover obscures parts of the underlying bedrock geology.

The deposit is associated with a broadly east-west -trending, doubly plunging anticlinal structure. Principal east-west structural features include the Nagambie Mine Thrust (NMT), the Central Anticline, and the 303 Zone. The north-dipping NMT is associated with the historically mined oxide gold mineralisation, while the underlying antimony-sulphide system comprises several interpreted lode systems with distinct orientations and spatial distributions (Figure 5).

The distribution of veining and sulphide mineralisation appears to be influenced by lithological and rheological contrasts within the sedimentary sequence. Sandstone-rich intervals are commonly silicified, fractured and host extensive veining, whereas finer-grained shale and siltstone units locally host bedding-parallel laminated quartz structures and associated sericite alteration. Marker shale units identified in the detailed stratigraphic log provide constraints for interpreting the folded sequence and its relationship to mineralised structures. These observations suggest that host-rock competency, stratigraphic position and structural architecture collectively influence the distribution and style of mineralisation.

Lodes are numbered from east to west as C1, C2 and C3 (north-south striking) and N1 (east-west striking). C1 (green) strikes north-south, and its southern extent remains unconfirmed by the drilling shown in Figure 3. C2 (orange) also strikes north-south and is supported by confirmed drilling intersections in ADD001, ADD006 and ADD013. C3 (red) comprises steeply west-dipping, north-south-striking mineralisation and includes the high-grade intercept in ADD001 illustrated in Figure 7. N1 (blue) is an east-west-striking lode that dips south.

Gold-antimony mineralisation occurs in a range of quartz, quartz-carbonate and stibnite-bearing breccias and stockwork networks. Observed vein and mineralisation styles include:

Quartz-matrix-supported breccias: Brecciated host rock within a quartz matrix, locally containing contrasting grey and translucent quartz. These breccias transition into crackle breccias at their margins, where closely spaced fractures are infilled by translucent quartz (Figure 8).West-dipping, south-plunging faults: Composite quartz-filled structures displaying laminated, brecciated and puggy textures and associated stockwork veining, stibnite and locally strong arsenopyrite and pyrite. Figure 7 illustrates a high-grade intercept of this style.Bedding-parallel laminated quartz faults: Quartz-filled structures parallel to bedding, locally associated with moderate to intense sericite alteration.Stibnite-bearing tension and shear veins: Steeply-dipping veins associated with shearing or extension, with stibnite forming a prominent component of the vein fill.Stibnite-carbonate tension veins: Veins containing stibnite and carbonate, locally with stibnite concentrated along the vein center.Vuggy, open space veins: Veins preserving open-space textures and late mineral growth, including quartz crystals, acicular stibnite and calcite. Stibnite is the principal antimony-bearing mineral, with disseminated pyrite and arsenopyrite occurring in association with mineralised structures. Pyrite exhibits a range of textures, including coarse-grained cubic and dodecahedral crystals, fine-grained aggregates, nodular or framboidal forms and vein-hosted occurrences. Quartz and carbonate assemblages vary between veins, with multiple carbonate generations recognised in core and sphalerite observed locally.

The diversity of vein textures, sulphide assemblages and carbonate generations indicates a complex mineralisation history consistent with episodic fracture opening and fluid flow. The relative timing and genetic relationships of the different vein styles remain under investigation.

Figure 2: Plan view of the Nagambie mine and associated mining licence showing historic and modern drillhole collars and traces. Alkane’s current drilling campaign is focused below the western pit of the open cut mine.

Drilling Results

Assay results for three holes have been received to date. ADD001, ADD006, and ADD013 total 1,868m of drilled diamond drill core. This drilling resulted in ten significant intercepts of mineralisation graded over 10 AuEq gram metres4:

From C3 Zone 3.3g/t gold and 0.7% antimony over 10.6m (ETW 10.4m) in ADD001 from 156.3m Including 17.0g/t gold and 5.9% antimony over 1.3m (ETW 1.2m) From C2W Zone 1.2g/t gold and 2.5% antimony over 9.7m (ETW 4.9m) in ADD001 from 306.3m Including 4.6g/t gold and 20.6% antimony over 0.4m (ETW 0.2m)Including 3.6g/t gold and 9.0% antimony over 1.7m (ETW 0.8m) 2.1g/t gold and 0.5% antimony over 10m (ETW 6.4m) in ADD006 from 221.7m Including 3.7g/t gold and 0.8% antimony over 1m (ETW 0.6m)Including 12.6g/t gold and 0.1% antimony over 0.4m (ETW 0.2m)Including 2.8g/t gold and 2.0% antimony over 2.3m (ETW 1.5m) 0.6g/t gold and 0.8% antimony over 22.6m (ETW 20.7m) in ADD013 from 592.59m Including 2.1g/t gold and 17.3% antimony over 0.4m (ETW 0.3m)Including 1.4g/t gold and 7.3% antimony over 0.8m (ETW 0.7m) From C2E Zone: 1.1g/t gold and 0% antimony over 13.7m (ETW 9.5m) in ADD001 from 335.7m From C1 Zone 2.2g/t gold and 0% antimony over 24.1m (ETW 15.5m) in ADD006 from 400.52m Including 5.5g/t gold and 0.1% antimony over 5m (ETW 3.2m) From N1 Zone 2.9g/t gold and 0% antimony over 7.2m (ETW 4.2m) in ADD001 from 391.88m Including 11.4g/t gold and 0% antimony over 1.4m (ETW 0.8m) From new domains: 1.1g/t gold and 0.1% antimony over 30.8m (ETW 17.6m) in ADD001 from 180.4m1.8g/t gold and 0.2% antimony over 42m (ETW 32.2m) in ADD001 from 214.88m Including 6.3g/t gold and 0% antimony over 3.4m (ETW 2.6m)Including 0.5g/t gold and 18.7% antimony over 0.5m (ETW 0.3m) 1.2g/t gold and 0.1% antimony over 22.5m (ETW 16.2m) in ADD006 from 196.33m Including 7.3g/t gold and 0% antimony over 0.7m (ETW 0.5m) An additional six intercepts graded over 3.5 AuEq gram metres.

Given the nature of the mineralisation and the existence of established gold and antimony concentrate markets, the Competent Person considers there is potential for the project to produce saleable concentrate products. This view has not yet been substantiated by metallurgical test work and remains subject to future metallurgical and market studies.

Figure 3: Plan view of the West Pit showing recent drilling completed by Alkane Resources (blue traces) and historic drilling (grey traces), relative to the position of the existing 2024 Inferred Mineral Resource lodes at depth below the pit. Significant intercepts (> 10 gram-metres) shown in callout boxes. Intercepts in historic holes shown as smaller diameter barrels relative to Alkane intercepts. Historic intercepts and drill traces have been excluded within 100m of the surface for clarity of the deeper antimony-gold intercepts.

Figure 4: Cross section through West Pit (looking north) showing recent drill results relative to the existing Inferred Mineral Resource lode areas. Red barrels and callouts indicate the narrow, high-grade intercept population, yellow barrels/callouts delineate the lower grade halo mineralisation. Bolded callouts indicate grades greater than 10 gram-meters for both the high-grade intervals and halo mineralisation.

Figure 5: Tray photograph of the best intercept to date from Alkane’s current drilling campaign, showing the Au-Sb overprinting mineralisation system. Drillhole ADD001 intercepted 3.3g/t gold and 0.7% antimony over 10.6m (ETW 10.4m) from 156.3 m, including a higher-grade zone of 17g/t gold and 5.9% antimony over 1.3m (ETW 1.2m). This mineralisation zone is correlated to the C3, outside of the current inferred resource defined by Nagambie Resources in 2024.

Figure 6: Tray photograph of gold-only dark quartz breccia intercept from drillhole ADD001. This breccia zone of 6.3g/t gold and 0% antimony over 3.4m (ETW 2.6m) is included in a wide zone of 1.8g/t gold and 0.2% antimony over 42m (ETW 32.2m) in ADD001 from 214.88m. This mineralisation lies outside of the known lodes and inferred mineral resource defined by Nagambie Resources in 2024.

Figure 7: Tray photograph of stibnite-rich shear vein from ADD013 correlated with the C2W Zone, intercepting significant mineralisation 115m down-dip of previous drilling and supporting a >250m vertical lode extent. Drillhole ADD013 intercepted 0.6g/t gold and 0.8% antimony over 22.6m (ETW 20.7m), including 2.1g/t gold and 17.3% antimony over 0.4m (ETW 0.3m), and including the zone pictured at 1.4g/t gold and 7.3% antimony over 0.8m (ETW 0.7m). This mineralisation zone lies, outside of the current inferred resource defined by Nagambie Resources in 2024.

Future Plans

Two diamond drill rigs continue to explore the West Pit and surrounding areas to understand the geological framework and potential extensions to the Nagambie epizonal Au-Sb system (Figure 8). Considerable scope remains for further growth within the C-series domains, with an emerging story of further N-S fault zones and major, wider gold zones. Alkane will continue to advance to the initial 12 month earn-in decision point.

Figure 8: West-East cross section of the stibnite-rich mineralisation system, showing modern drilling in context with the existing 2024 Resource and historic drilling. Historic drillhole assays are represented to illustrate the extent of gold anomalism across the system. n.b. this orientation is effectively showing the open-cut mined gold system in long-section as it is oriented close to east-west, whereas the individual host structures of the stibnite-gold system below targeted by Alkane predominantly trend north-south.

Competent Persons Statement

Certain information in this announcement relating to Exploration Results has been previously released to the ASX. Alkane confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates and Exploration Results in those announcements continue to apply and have not materially changed.

The information in this report fairly represents, information compiled and verified by Mr Chris Davis. Mr Davis is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG).

Mr Davis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves” (JORC Code).

For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this announcement has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a “qualified person” as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101.

Mr Davis consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.

ABOUT ALKANE ‐ alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKRY
Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.

Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.

Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.

Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.

Cautionary Note Regarding Forward-Looking Information and Statements
This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-Looking Information"). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of the Company to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information. Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price. Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.

Disclaimer
Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.

APPENDIX 1 – Tabulated Drilling Results
Significant intercepts from the Nagambie drilling program

Hole IDFrom (m)To (m)Interval
(m)Estimated
True
Width (m)Au (g/t)Sb (%)Gold-equiv.
grade x
Interval (gm)Interpreted
VeinADD001156.3166.8510.5510.393.30.749.0C3Inc.156.53157.781.251.2317.05.935.7 ADD001180.4211.1530.7517.641.10.121.6NewADD001214.88256.8942.0132.181.80.273.2NewInc.240.12243.53.382.596.30.016.4 Inc.253.65254.10.450.340.518.713.3 ADD001273.15277.44.252.441.60.03.9NewADD001306.3316.019.714.851.22.530.5C2WInc.306.7307.10.400.204.620.69.4 Inc.314.16315.851.690.843.69.018.6 ADD001335.7349.413.709.521.10.010.8C2EADD001391.88399.127.244.152.90.012.2N1Inc.393.25394.631.380.7911.40.09.1 ADD001478.64480.061.421.323.10.04.1NewADD00697.8999.351.461.153.20.03.7NewADD006137.1142.225.124.432.00.19.5NewADD006155.98159.613.632.381.20.34.2NewADD006180.96187.286.324.471.30.06.0NewADD006196.33218.8222.4916.181.20.123.2NewInc.208.02208.690.670.487.30.03.5 ADD006221.7231.7210.026.442.10.520.6C2WInc.222.61223.580.970.623.70.83.3 Inc.224.54224.90.360.2312.60.12.9 Inc.229.4231.722.321.492.82.010.2 ADD006400.52424.6224.1015.492.20.033.9C1WInc.408.77413.764.993.215.50.118.0 ADD013592.59615.2322.6420.680.60.845.7C2WInc.592.94593.330.390.312.117.311.7 Inc.604.79605.540.750.691.47.311.1 
Notes

The AuEq (gold equivalent) grade is calculated using the following formula:

Prices and recoveries used: Au $/oz = US$4,000 (Au US$/gram = 128.6); Sb $/t = US$26,400 (Sb US$/10kg = 264); Au Recovery = 90% and; Sb Recovery = 89%. The Au recovery assumption and Sb recovery assumption is based on established processing and sales in respect of Costerfield. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

Results were composited at a 1g/t AuEq compositing cutoff with maximum 5m of internal dilution. A 5g/t AuEq compositing cutoff with a maximum of 2m of internal dilution was applied to define “including” intervals.Composites that were not either interpreted to be connected to a major vein or were below 3.5 g/t AuEq x ETW were not considered significant and are not recorded here. Drill hole collar details from the Alkane drilling at Nagambie covered in this release:

Hole IDEastingNorthingElevationDepthAzimuthDipDate
CompletedADD0013409255925962129.3526.853.2-39.21/07/2026ADD0063410105926012129.8554.349.2-45.623/07/2026ADD0133414825926098129.2787.6278.4-43.59/08/2026 Note

Coordinate System: GDA94 Z55 Appendix 2 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

CriteriaJORC Code explanationCommentarySampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Sampling of Au and Sb mineralisation is from diamond drill core (HQ2 and NQ2).Due to the discrete mineralisation of the deposit, not all diamond drill core was required to be sampled. Sample intervals were determined and marked on the core by Alkane geologists using the following general rules:

All stibnite-bearing veins are sampled.Intersections of polyphase breccias, stockwork veins, laminated quartz veins or massive quartz veins were routinely sampled.A waste sample is taken either side of the mineralized vein (30–100 cm).Siltstone is sampled where disseminated arsenopyrite is prevalent.Fault gouge zones were sampled at the discretion of the geologist. Diamond core sampling intervals were standardised wherever possible and ranged from 10 cm to 1 m in length. Diamond drill core samples have been cut in half using the orientation line or cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling.
The methodology was validated by the Costerfield QA/QC protocols. No sampling instruments required calibration. Assays were completed by On Site Laboratory Services in Bendigo, which is independent of Alkane and holds current ISO/IEC 17025 accreditation. The general methods were as follows:

Gold grades were determined by fire assay (25 g charge) with an AAS finishAntimony concentrations were determined using an aqua regia based acid digest with an ICO-OES (<0.6%) or AAS finish.Analysis has been completed on a limited suite of additional elements including Arsenic using ICP-OES. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Diamond drilling for all holes completed by Alkane Resources have been completed by two contracting companies, Deepcore Drilling and Starwest drilling. All diamond drilling was completed from surface using LM90 drill rigs utilising HQ2 and NQ2 diameters. Core orientation is performed each run, typically using an AXIS Champ Ori kit.Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Diamond drilling was routinely checked for core loss during both drilling and sampling. Core loss blocks were added by drillers and then checked by geologists or field technicians when the core was measured, and depth marks made. If problems were encountered with recovery and core block depths, the drill shift supervisor was advised and depth marking stopped until the issue was rectified.No relationship between grade and sample recovery has been established. Ore zones with poor recovery are redrilled until a representative sample is achieved.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged. All drill core was geologically logged as full core for the relevant rock quality designation, lithology, structural data, and sample intervals.
Data capture was digital into the AcQuire software using validated codes.
All drill core was photographed wet with high resolution photographs stored on the site’s server, which is routinely backed-up.Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc., and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. Diamond core sampling intervals were standardised wherever possible and ranged from 10 cm to 1 m in length. Diamond drill core samples have been halved for sampling (whole core sampled if representative halving was not possible) guided by the orientation line or a cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling.The following sample preparation activities were undertaken by Alkane staff for diamond drill core:

Sample information and characteristics were measured, logged, recorded in the acQuire database and assigned a unique sample ID.Sample material was placed into a calico bag previously marked with the unique sample ID.Calico bags were loaded into plastic bags such that the plastic bags weighed less than 10 kg.An assay submission sheet was generated and placed into the plastic bag.Plastic bags containing samples were sealed with a metal or plastic tie and transported to On Site in Bendigo via On Site or Alkane staff. The following sample preparation activities were undertaken by On Site staff:
Samples were received and checked for labelling, missing samples, etc. against the submission sheet.If the sample batch matched the submission sheet, sample metadata were entered into On Site’s LIMS. In the event that discrepancies were noted, Alkane Resources was contacted by On Site to resolve the discrepancy prior to further work commencing. Records of all discrepancies and corrective actions taken are recorded by the Alkane Resources database administrator.A job number was assigned, and worksheets and sample bags were prepared.Samples were placed in an oven and dried overnight at 106°C.Samples were weighed and recorded.The entire dried sample was crushed using a Rocklabs Smart BOYD Crusher RSD Combo with a jaw closed side setting of 2 mm.If the dried sample weight was less than 3 kg, the entire sample was retained for pulverisation. If the dried sample weight was greater than 3 kg, the sample was spilt to 3 kg using the rotary splitter that is incorporated in the BOYD crusher.Rejects from splits greater than 3 kg were retained as coarse rejects in labelled calico bags and returned to Alkane Resources.The 3 kg sample was then pulverised in an Essa LM5 Pulverising Mill to 90% passing 75 µm. For fire assay and base metal samples:The 3 kg pulverised samples were then subsampled to take a master ~200 g pulp split for assay by a manual scooping procedure across the full width and depth of the mill bowl and loaded sequentially into labelled pulp packets. For all methods:
For every 21 primary samples, a sample was randomly selected by LIMS and a duplicate 200 g split for fire assay was submitted for analysis using the same analytical procedure as the primary sample.The remaining pulp was returned to its sample bag and then returned to Alkane Resources for retention following the completion of assay. A quarterly check-assay program is in place to monitor the representative nature of the On Site sampling and assay methodology.Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. The assaying protocols used at Nagambie are based on those established at Alkane Resources, Costerfield Mine have and been developed to ensure expected levels of accuracy and precision are met for the style of mineralisation tested and utilised in the Costerfield Mine MRE.Samples were assayed for gold, antimony, arsenic, and iron using representative partial digest methodologies:

Gold grades were determined either by a 25g charge with lead flux fire assay and an AAS finish.Antimony, iron and arsenic concentrations were determined using an aqua regia based acid digest with an ICP-OES or overrange AAS finish.  The quality control procedures utilised at Costerfield used CRMs prepared by commercial laboratories Geostats and OREAS.CRMs were either prepared using Costerfield material or were otherwise matrix matched to ensure a representative nature.

At least one CRM was submitted with every batch of diamond core samples and typically at a rate of 1 standard per 25 samples. Up to six CRMs covering the expected ranges of gold and antimony mineralisation were in rotation during routine sampling.

An assay result for a CRM was considered acceptable when the returned assay fell within three standard deviations of the CRM certification grade. Outside this range, the CRM assay was considered to have failed and all significant mineralised samples within the batch were re-assayed, where significant grades were defined as mineralised samples that may have a material-impact in future resource estimates. All actions or outcomes were recorded as comments in the QA/QC register.

Alkane submitted uncrushed samples of basalt as blank material sourced from Geostats into assay sample lots, at a rate of 1 in every 30 samples, to test for contamination during sample preparation.

The failure threshold for gold is 0.10 g/t, which was chosen since it represents ten times the detection limit of 0.01 g/t for AAS. The failure threshold for antimony is 0.05%, which was chosen for being five times the detection limit of 0.01% for AAS.

Pulp duplicates were collected routinely at a rate of 1:22 by On Site and submitted with the primary sample for analysis. Precision was in line for the expected a variance in both gold and antimony.

A check-assay program to three additional commercial assay laboratories are completed each year cover all techniques used at the property.

Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data. Sampling intervals and numbering were validated by geologists prior to cutting, with pre-numbered sampling bags systematically used by the field technicians to ensure the correct sample was submitted under each ID.Internal validation and peer review of significant intercepts was completed by senior geologists. Photographs, logging, sample weights and assay results were checked to ensure manual errors were eliminated.

Key intercepts at Nagambie were also validated by the Competent Person during interpretation.

Assay and sampling data was automatically uploaded into the Acquire database system and QA/QC validated at the point of upload. Any issues were entered into a QA/QC register and resolved before data acceptance.

Alkane staff conduct periodic visits to the On Site Laboratory in Bendigo and meet regularly with the Lab managers. In early 2023 a review was conducted by a third party (RSC Consulting Pty Ltd) to ensure the practices are appropriate. Nothing of major concern was found.

Whilst no twinned holes have been drilled by Alkane Resources at Nagambie, two wedges have been completed through visually mineralised zones. Twinned intercepts provide consistent correlation of structure and mineralisation character however due to the short range grade variability common structurally controlled gold systems, may not have the same mineralisation tenor.

No adjustment has been made to the assay data.

Location of data points Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. Drill hole collar locations have been determined by differential GPS or theodolite surveying methods by external surveyors, Adrian Cummins and Associates. A digital report is created and entered into the acQuire Database. Data entry accuracy is validated against a LiDAR topographic map and high-resolution satellite imagery.
Downhole surveys are conducted using a north-seeking Axis Champ Gyro:Drill holes with dips between +30° and -30° were surveyed using the Axis Champ Gyro in continuous-reference mode. Survey measurements were collected at 15 m, 30 m and every 30 m thereafter, with 3 m-spaced multishot measurements collected at the end of the hole.Drill holes outside the +30° to -30° dip range were surveyed using a gyro in north-seeking mode, with measurements collected every 12 m to the end of the hole. All downhole survey data is digitally uploaded to AXIS Connect and automatically imported into the acQuire database.Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied. The data spacing at Nagambie is variable. Initial drilling on any particular lode is sporadic but generally approximates 50 × 50 m spacing. This spacing is described in the Nagambie Resources Nov 2024 Mineral Resource Report and is considered appropriate for establishing a geological and grade continuity acceptable for an Inferred Mineral Resource. Drilling completed by Alkane Resources has been a combination of “infill” style drilling and “extensional” drilling. Infill drilling has aimed to validate previously estimated geological domains and reduce data spacing to 30m x 30m, whilst extensional drilling has stepped away from previous intercepts by up to 150m to test exploration potential.Where veins or mineralisation zones were sub-sampled, a full-length composite of variable thickness was used in the MRE.

Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Drill holes at Nagambie are designed to ensure an Alpha angle greater than 30°, indicating that the orientation of the drill holes (and therefore samples) is appropriate for the structure.The drilling orientation compared to that of key mineralised structures is not considered to have introduced any sampling bias as the structures are currently interpreted.

Sample security The measures taken to ensure sample security. All drill core was delivered to a core processing facility on private property at Nagambie.Drill core logging and sampling was completed in this facility.

Sample bags containing sample material are placed in heavy duty plastic bags in which the sample submission sheet is also included. The plastic bags are sealed with a metal twisting wire or heavy-duty plastic cable ties.

The bags are transported by Alkane Personnel to a storage area at the Costerfield Mine site that is under constant surveillance, alternately they are delivered directly to Onsite Laboratory services in Bendigo directly by Alkane Personnel.

A private courier collects samples from the Costerfield Mine site daily and transports them directly to On Site in Bendigo, where they are accepted by laboratory personnel.

Sample pulps from On Site are returned to Alkane for storage. The pulps are stored undercover, wrapped in plastic.

Audits or reviews The results of any audits or reviews of sampling techniques and data. RSC Consulting Pty Ltd reviewed the sampling and QA/QC procedures and practices at Costerfield, upon which the current protocol is based, in early 2023. There were no major outcomes related to sampling techniques and data. Section 2 Reporting of Exploration Results
Criteria listed in the Section 1 also apply to this section.

CriteriaJORC Code explanationCommentaryMineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The Results reported in this announcement relate to Licences EL5511 and MIN5412 Located East of Nagambie in Victoria, Australia. These Licences are 100% held by Nagambie Resources Ltd.EL5511 and MIN5412 are subject to an “earn in” agreement between Nagambie Resources Ltd and Mandalay Resources Costerfield Operations a 100% subsidiary of Alkane Resources Ltd (see Alkane Resources Ltd (ASX: ALK), Proposed Investment and Earn-In with Nagambie Resources, 30 January 2026).

Under the terms of the earn in agreement, Alkane may earn a 60% interest in the licences if it sole funds expenditure to a total of A$12.5M within 3 years, and earn up to an 80% interest with an additional expenditure of A$15M (for a total aggregate expenditure of A$27.5M).

Alkane Resources may withdraw from the agreement at any time within the first 12 months of the agreement (option period).

Upon Alkane earning either: an 80% interest in the Tenements; or a 60% interest and electing not to continue sole-funding expenditure, the Alkane and Nagambie Resources will form an unincorporated joint venture. Alkane will act as manager of the joint venture, with each party contributing to joint venture costs in proportion to its participating interest.

EL5511 is currently pending renewal by the department of Earth Resources. MIN5412 is current and expires in January 2031.

Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. The Nagambie Gold-Antimony deposit was initially discovered and explored by East Hill Union Pty Ltd (later Perseverance Mining Pty Ltd) in 1985. The company initially conducted soil and rock chip sampling of outcropping silicified sediments before commencing a campaign of 22,482m of RC and 3,143m of diamond drilling completed to delineate an oxide gold Resource, hosted within a large East-West trending anticline which was mined between 1988 and 1997.In 2007 Panaegis Resources complete 27 diamond drillholes for a total of 5,414m drilled testing for extensions of mineralisation beneath the existing pits. The drill program confirmed that gold mineralisation continued beneath the historically mined open pits, the highlight was NRP002 which intersected high grade gold and antimony beneath the Nagambie west pit.

In 2018 Nagambie Resources re-commenced diamond drilling focused on testing the potential of the high grade gold and antimony mineralisation identified in NRP002. A total of 62 holes and one wedge were completed for 22,531m drilled. This program identified a series of north south trending, high grade gold antimony loads which were reported as an Inferred Mineral Resource in May 2024 (Nagambie Resources Limited (ASX:NAG), "Maiden JORC Resource at the Nagambie Mine", ASX Announcement, 20 May 2024)

Geology Deposit type, geological setting and style of mineralisation. The Nagambie Gold-Antimony Deposit is a structurally controlled gold-antimony system hosted by folded Silurian-Lower Devonian marine sedimentary rocks within the Melbourne Structural Zone of central Victoria. Mineralisation occurs in quartz, quartz-carbonate and stibnite-bearing veins, breccias and stockwork networks, with stibnite the principal antimony-bearing mineral and pyrite and arsenopyrite also present as a halo of disseminated grains.Mineralisation is associated with an east-west -trending, doubly plunging anticlinal structure and a network of east-west and north-south structures. The north-dipping Nagambie Mine Thrust is associated with the historically mined oxide gold mineralisation, while the underlying sulphide system comprises north-south -striking, steeply west-dipping C-system lodes and the east-west -striking, south-dipping N1 lode.

The distribution and style of veining appear to be influenced by structural architecture and rheological contrasts within the sedimentary sequence. Sandstone-rich intervals are commonly silicified, fractured and extensively veined, while finer-grained shale and siltstone units locally host bedding-parallel quartz structures and sericite alteration. Brecciation, stockwork veining and open-space vein textures are consistent with episodic fracture development and fluid flow. The relative timing and genetic relationships of the different mineralisation styles remain under investigation.

Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collardip and azimuth of the holedownhole length and interception depthhole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Refer to Appendix 1 for the summary of drill holes related to this release.Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated. Exploration Results have been reported to represent the discrete structural shear or vein zones as determined by the Alkane geologists and Competent Person. There is no cut-off grade for the inclusion of drill intercept if it is on a modelled or named structure.
Aggregates are length-weighted average grades for the full-width of target structures/lodes or mineralised zones. No truncation of minimum and/or maximum grade has been applied.
Aggregates were calculated at a 1g/t AuEq cutoff with a maximum of 5m of internal dilution. A 5g/t AuEq cutoff with maximum 2m of internal dilution was applied to define “including” intervals.
Aggregates that were not interpreted to be connected to a modelled major vein or were below 3.5 g/t AuEq x ETW (gram metres) were not considered significant and are not recorded here. The AuEq (gold equivalent) grade is calculated using the following formula:

Prices and recoveries used: Au $/oz = 4,000 (Au US$/gram = 128.6); Sb $/t = 26,400 (Sb US$/10kg = 264); Au Recovery = 90% and; Sb Recovery = 89%. The Au recovery assumption and Sb recovery assumption is based on established processing and sales in respect of Costerfield. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.
Refer to sources in SRK Consulting (Australasia) Pty Ltd, 2026, Costerfield Operation, Victoria, Australia, NI 43-101 Technical Report, effective 30 June 2026, prepared for Alkane Resources Limited.Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results.If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width not known’). Exploration Results have been reported as drill widths and estimated true width (ETW) based on thickness calculations from representative measurements of alpha on logged drill core.
 Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Cross sections, plan sections and long sections are included in the body of the report.Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. For veins that are interpreted though multiple drill holes, all intercepts are tabulated in Appendix 1 and illustrated in the images within the body of the report. Any intercepts that are either not interpreted on continuous veining or part of a wider zone, or below 3.5 AuEq gram metres composited, are considered non-significant.Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Arsenic is present in the Nagambie Project in form of arsenopyrite and arsenian pyrite and is likely to have a close relationship to a portion of the gold mineralisation. Gold deportment is currently being studied. In the absence of this data the mineralisation of Costerfield is considered a close analogue and so recovery information stated within this document is based on the performance of Costerfield ore.Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. The Exploration Results reported in this document refer to areas of the Nagambie Property already in an inferred Mineral Resource, as well as potential future extension areas.
Two diamond drill rigs continue to explore the West Pit and surrounding areas to understand the geological framework and potential extensions to the Nagambie epizonal Au-Sb system. Considerable scope remains for further growth within the C-series domains, with an emerging story of further N-S fault zones and major, wider gold zones. Alkane will continue to advance to the initial 12 month earn-in decision point. 1 Alkane Resources Ltd (ASX: ALK), Proposed Investment and Earn-In with Nagambie Resources, 30 January 2026
2 Nagambie Resources Limited (ASX:NAG) Replacement Announcement: Gold-Antimony JORC Resource Updated 322,000 Oz Gold Equivalent (AuEq) at 18.6 g/t AuEq. ASX Release Date: 15 November 2024
3 Cairns, C.P. Boger, S.D., Waugh, S.A.F., Pintér, Z., Farmer N., Travers S.J., Andrews T.M. & Cayley, R.A. 2026. Mineralisation, textures and timing of select gold-antimony occurrences from the Melbourne Zone. Victoria’s Critical Minerals and Strategic Materials Report 9. Geological Survey of Victoria. Department of Environment, Energy and Climate Action, Melbourne. 100 pp.
4 Gram metres = AuEq g/t x Estimated True Width (ETW)

CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
INVESTORS & MEDIA: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f55b471e-fd5e-492e-bdef-8beace81f89e
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New menus by Chefs Brady Ishiwata Williams and Dell Valdez showcase destination-inspired cuisine with regional influences
Updated premium wine selections are thoughtfully paired to complement each menu
Hawai'i Chef Keaka Lee to design select Hawaiian Airlines domestic First Class flights menus
, /PRNewswire/ -- Alaska Airlines and Hawaiian Airlines this month unveiled refreshed international Suites menus on flights to Asia, Europe and Oceania, featuring regionally inspired dishes that immerse guests in the flavors of their destination before arrival.

As part of the updated Suites dining experience, the airlines are building on their collaborations with award-winning chefs Brady Ishiwata Williams and Dell Valdez, whose restaurant-quality menus showcase premium, locally sourced ingredients.

As part of the updated international Suites dining experience, Alaska Airlines and Hawaiian Airlines are building on their collaborations with award-winning chefs Brady Ishiwata Williams and Dell Valdez, whose restaurant-quality menus showcase premium, locally sourced ingredients.

Guests will enjoy a multi-course dining experience from the moment they board. The seasonal menu update also introduces enhanced wine selections, thoughtfully chosen to complement the unique flavors and ingredients featured across each menu.

Starting next week, Hawaiian Airlines guests in international Business Class will enjoy the same expanded pre-select meal options that Alaska guests have come to expect. Suites guests will be able to pre-order from up to five entrée options on eligible domestic and international flights, giving them even more choice before they fly.

"Exceptional dining is an essential part of the premium travel experience and our fall menu brings together the talent and distinct culinary perspectives of chefs in Seattle and Honolulu, with thoughtfully crafted dishes that celebrate the flavors of our home communities while bringing a fresh perspective to dining at 35,000 feet," said Mark Krolick, Managing Director of Inflight Product and Experience at Alaska Airlines.

A world-class wine program to complement every meal

Whether dining on Hawaiian or Alaska, guests will enjoy a refreshed selection of premium wines this fall. Thoughtfully curated to complement the flavors and ingredients featured across both menus, the international Business Class wine program showcases acclaimed producers from around the world, including Paul Hobbs West Sonoma Coast Pinot Noir and Viña Cobos Cocodrilo Corte Red Blend from Argentina.

Local chefs help bring the flavors of Hawaiʻi onboard

Chef Dell Valdez, the Hawaiʻi-born culinary leader behind Vein in Kakaʻako, as well as Dell's Kitchen & Bakery and Mio PASTALOGY, is introducing a refreshed international Suites menu starting Oct. 21 with dishes inspired by Hawaiʻi and global flavors, including Ahi au Poivre with celery root purée, Huli Huli BBQ Chicken with kimchee fried rice, Grilled Pork Medallions with a soy-balsamic honey glaze, and Blackened Tofu with Brussels sprouts and orzo.

Valdez is also continuing to enhance Hawaiian's First Class dining experience closer to home. For guests traveling from the U.S. continent to Hawaiʻi, his thoughtfully crafted meals offer a first taste of the islands, featuring locally inspired dishes that celebrate Hawaiʻi's rich culinary heritage. Starting Oct. 21 on flights departing Hawaiʻi, longtime Hawaiian chef collaborator Chef Keaka Lee of Honolulu's Kapa Hale brings his signature island-inspired cuisine onboard, with standout offerings including a Loco Moco for breakfast, and Braised Beef with Roasted ʻUlu (breadfruit) for dinner. Together, the chefs create a seamless dining journey that reflects the diverse flavors, culture and hospitality of Hawaiʻi from departure to arrival.

Through its chef collaborations, Hawaiian brings a genuine taste of the islands onboard, using food as a way to deliver the warm hospitality that defines the Hawaiian experience. This commitment extends across every cabin and stage of the guest journey, with Valdez creating elevated First and Suites menus on inbound domestic and international routes; Chef Keaka Lee of Honolulu's Kapa Hale bringing beloved local dishes and island ingredients to First Class guests departing Hawaiʻi; and Chef Sheldon Simeon crafting exclusive pre-order meals for Main Cabin guests. Together, these new offerings allow Hawaiian to celebrate local ingredients, culinary talent and the diverse flavors of the islands, ensuring guests can experience an authentic taste of Hawaiʻi no matter where they are seated.

Award-winning chef elevates Alaska's international dining experience

Alaska is excited to expand its relationship with James Beard Award-winning Chef Brady Ishiwata Williams. The Seattle-based, self-taught chef, known for creating innovative dishes inspired by his Japanese American heritage, has elevated Alaska's inflight dining experience since 2025.

Today, Williams' signature beef entrée is a guest favorite on flights from Seattle to Tokyo, Seoul and London. Building on that success, the chef is introducing new dishes for international Suites guests, including Miso Glazed Black Cod with kimchi fried rice and traditional banchan on flights to Tokyo-Narita, and Galbi-Glazed Chicken with fried rice and banchan on flights to Seoul-Incheon. Williams' new menu is available now for pre-order.

Coming soon, one of Seattle's most acclaimed chefs, Renee Erickson, will bring her signature Pacific Northwest culinary style onboard Alaska Airlines. The airline is thrilled to be working with Chef Erickson to create seasonal menus for guests traveling in the Suites experience on flights between Seattle and London, as well as Athens and Paris when service launches in May 2027.

Chef Erickson, a James Beard Award winner who co-owns some of Seattle's most celebrated restaurants, will pair Pacific Northwest ingredients and techniques with flavors inspired by Alaska's European destinations, further elevating Alaska's end-to-end premium experience unveiled in September.

More choices, same signature hospitality

These new menus are just one way Alaska Airlines and Hawaiian Airlines bring their signature hospitality to the skies. Through the airline's convenient pre-order feature, guests can select their preferred meal from two weeks up to 20 hours before departure using the Alaska and Hawaiian mobile app. No matter where guests sit, Alaska and Hawaiian offer elevated food and beverage options designed to make every journey more special.

FAQs

What meals are available in Alaska Airlines and Hawaiian Airlines international Business Class?
Alaska Airlines and Hawaiian Airlines offer chef-curated, multi-course meals for guests traveling in international Suites. Current menu selections include dishes from James Beard Award-winning Chef Brady Ishiwata Williams and Hawaiʻi Chef Dell Valdez, with regionally inspired entrées such as Miso Glazed Black Cod, Galbi-Glazed Chicken, Ahi au Poivre and Huli Huli BBQ Chicken. Menu selections vary by route and are seasonally refreshed.

Can Alaska Airlines and Hawaiian Airlines guests pre-order their inflight meals?
Yes. Eligible Alaska Airlines and Hawaiian Airlines guests can pre-order their preferred meal beginning two weeks before departure and up to 20 hours before their flight using the Alaska and Hawaiian mobile app. Suites guests can choose from up to five entrée options on eligible domestic and international flights.

Which chefs create meals for Alaska Airlines and Hawaiian Airlines?
Alaska Airlines and Hawaiian Airlines partner with chefs from Seattle and Hawaiʻi to create inflight menus across their cabins. Current culinary partners include James Beard Award-winning chefs Brady Ishiwata Williams and Renee Erickson, and Hawaiʻi chefs Dell Valdez, Keaka Lee of Kapa Hale and Sheldon Simeon. Their menus draw inspiration from Pacific Northwest, Hawaiʻi and international flavors.

What wines are served in Alaska Airlines and Hawaiian Airlines international Business Class?
Alaska Airlines and Hawaiian Airlines offer a rotating selection of premium wines in international Business Class, curated to complement the flavors and ingredients of their seasonal menus. Current selections include Paul Hobbs West Sonoma Coast Pinot Noir and Viña Cobos Cocodrilo Corte Red Blend from Argentina.

About Alaska, Hawaiian and Horizon

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianair.com. Alaska and Hawaiian are members of the oneworld© alliance. Members of our Atmos™ Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,100 worldwide destinations. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

SOURCE Alaska Airlines

In its upcoming report, Alaska Air Group (ALK - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.35 per share, reflecting a decline of 66.7% compared to the same period last year. Revenues are forecasted to be $4.31 billion, representing a year-over-year increase of 14.5%.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 388.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

That said, let's delve into the average estimates of some Alaska Air metrics that Wall Street analysts commonly model and monitor.

Based on the collective assessment of analysts, 'Total Passenger Revenue' should arrive at $3.90 billion. The estimate indicates a change of +13.8% from the prior-year quarter.

The combined assessment of analysts suggests that 'Revenue- Loyalty program other revenue' will likely reach $234.52 million. The estimate suggests a change of +17.3% year over year.

Analysts' assessment points toward 'Revenue- Cargo and other' reaching $160.91 million. The estimate indicates a year-over-year change of +13.3%.

Analysts forecast 'Passenger Load Factor' to reach 84.5%. Compared to the present estimate, the company reported 84.8% in the same quarter last year.

Analysts expect 'Total revenue per ASM (RASM)' to come in at N/A. The estimate compares to the year-ago value of N/A.

The collective assessment of analysts points to an estimated 'Available seat miles (ASM)' of 25.03 billion. Compared to the current estimate, the company reported 24.45 billion in the same quarter of the previous year.

The consensus estimate for 'Revenue passenger miles (RPM)' stands at 21.10 billion. Compared to the current estimate, the company reported 20.74 billion in the same quarter of the previous year.

The consensus among analysts is that 'Fuel Expenses' will reach $1.19 billion. Compared to the current estimate, the company reported $761.00 million in the same quarter of the previous year.

Analysts predict that the 'Passenger Yield' will reach N/A. Compared to the current estimate, the company reported N/A in the same quarter of the previous year.

The average prediction of analysts places 'Fuel gallons' at 307 millions of gallons. The estimate compares to the year-ago value of 303 millions of gallons.

It is projected by analysts that the 'Operating expenses per ASM, excluding fuel and special items' will reach N/A. Compared to the current estimate, the company reported N/A in the same quarter of the previous year.

According to the collective judgment of analysts, 'ASMs per fuel gallon' should come in at $81.6 gallons. Compared to the current estimate, the company reported $80.6 gallons in the same quarter of the previous year.

View all Key Company Metrics for Alaska Air here>>>

Alaska Air shares have witnessed a change of -10% in the past month, in contrast to the Zacks S&P 500 composite's +1.4% move. With a Zacks Rank #4 (Sell), ALK is expected underperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Key Takeaways Alaska Air is set to report Q3 earnings on Oct. 20, with revenues projected to rise 14.5% year over year.ALK's Q3 EPS estimate fell 51.4% to 35 cents, implying a 66.7% year-over-year decline in earnings.Passenger revenues are expected to rise 10.2%, but high fuel costs and inflation could hurt profitability.
Alaska Air Group (ALK - Free Report) is scheduled to report third-quarter 2026 results on Oct. 20, after market close.

The Zacks Consensus Estimate for ALK’s third-quarter 2026 earnings per share has been revised downward by 51.4% in the past 60 days to 35 cents. The consensus mark implies a 66.7% decline from the year-ago actuals. The Zacks Consensus Estimate for ALK’s third-quarter 2026 revenues is pegged at $4.31 billion, indicating 14.5% growth year over year.

ALK has a mixed earnings surprise history, having outperformed the Zacks Consensus Estimate in two of the preceding four quarters and missing twice in the remaining two, delivering an average beat of 71.6%

Factors Likely to Have Influenced ALK’s Q3 PerformanceWe expect ALK's performance in the to-be-reported quarter to have been boosted by an uptick in total revenues, driven by high passenger revenues, as domestic air-travel demand stabilizes.

Strong passenger traffic despite high fuel costs is likely to have supported top-line growth in the to-be-reported quarter. Our model projects passenger revenues to increase 10.2% year over year in the third quarter of 2026. Additionally, we estimate cargo and other revenues at $284.13 million, representing a 100.2% increase from the prior-year period.

On the contrary, geopolitical uncertainty, tariff-related pressures and persistent inflation are likely to have weighed on ALK’s operations. These headwinds might have caused volatility in passenger traffic and, in turn, limited the airline’s ability to maintain strong yields and consistent revenue growth.

What Our Model Says About ALKOur proven model does not conclusively predict an earnings beat for ALK this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that’s not the case here.

ALK has an Earnings ESP of +4.35% and a Zacks Rank #4 (Sell) at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Highlights of ALK’s Q2 EarningsAlaska Air Group reported a second-quarter 2026 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of a 97-cent loss, with an average surprise of 5.2%. The company had posted adjusted earnings of $1.78 per share a year earlier.

Operating revenues increased 9.7% year over year to $4.07 billion but missed the consensus mark of $4.10 billion. Revenue per available seat mile rose 8.6%, while an 85% increase in economic fuel cost weighed heavily on profitability.

Passenger revenues increased 9% year over year to $3.64 billion. Loyalty program other revenues climbed 23% to $258 million, while cargo and other revenues advanced 17% to $163 million, reflecting strength across the company’s diversified revenue streams.

Stocks to ConsiderHere are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Old Dominion Freight Line (ODFL - Free Report) has an Earnings ESP of +0.46% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

ODFL is scheduled to report third-quarter 2026 earnings on Oct. 28. The Zacks Consensus Estimate for third-quarter 2026 earnings has been revised upward by 0.63% over the past 60 days. ODFL’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, with the average beat being 6.71%.

C.H. Robinson Worldwide (CHRW - Free Report) has an Earnings ESP of +0.12% and a Zacks Rank #2 at present. CHRW is scheduled to report third-quarter 2026 earnings on Oct. 28.

The Zacks Consensus Estimate for third-quarter 2026 earnings has been revised upward by 3.6% to $1.71 per share over the past 60 days. CHRW’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters and met the mark on the other occasion. The average beat is 8.11%.  

On October 12, 2026, Alaska Air Group Inc (ALK) shares fell 3.3% to $38.06, reflecting a broader trend with a 52-week trading range of $33.03 to $60.63. The sto

Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.

The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.

Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.

The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.

With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.

When we join a positive earnings ESP with a Zacks Rank #3 (Hold) or stronger, stocks posted a positive bottom-line surprise 70% of the time. Plus, this system saw investors produce roughly 28% annual returns on average, according to our 10 year backtest.

Most stocks, about 60%, fall into the #3 (Hold) category, and they are expected to perform in-line with the broader market. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank.

Should You Consider Union Pacific?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Union Pacific (UNP - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $3.45 a share, just 14 days from its upcoming earnings release on October 22, 2026.

Union Pacific's Earnings ESP sits at +0.29%, which, as explained above, is calculated by taking the percentage difference between the $3.45 Most Accurate Estimate and the Zacks Consensus Estimate of $3.44. UNP is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

UNP is just one of a large group of Transportation stocks with a positive ESP figure. Alaska Air Group (ALK - Free Report) is another qualifying stock you may want to consider.

Alaska Air Group, which is readying to report earnings on October 20, 2026, sits at a Zacks Rank #3 (Hold) right now. Its Most Accurate Estimate is currently $0.39 a share, and ALK is 12 days out from its next earnings report.

Alaska Air Group's Earnings ESP figure currently stands at +5.59% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.37.

UNP and ALK's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

Alaska Air Group (ALK - Free Report) ended the recent trading session at $39.89, demonstrating a +1.79% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.58%. Meanwhile, the Dow gained 0.49%, and the Nasdaq, a tech-heavy index, added 0.45%.

Shares of the airline have depreciated by 6.78% over the course of the past month, underperforming the Transportation sector's loss of 4.02%, and the S&P 500's gain of 0.84%.

The upcoming earnings release of Alaska Air Group will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.44, reflecting a 58.1% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $4.31 billion, up 14.46% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$2.05 per share and revenue of $15.81 billion, indicating changes of -184.02% and +11.03%, respectively, compared to the previous year.

Any recent changes to analyst estimates for Alaska Air Group should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 17.42% decrease. As of now, Alaska Air Group holds a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. Currently, this industry holds a Zacks Industry Rank of 233, positioning it in the bottom 6% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Alaska Air Group (ALK - Free Report) closed at $38.70 in the latest trading session, marking a -3.08% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.25%. Meanwhile, the Dow lost 0.86%, and the Nasdaq, a tech-heavy index, added 0.24%.

Shares of the airline witnessed a loss of 1.87% over the previous month, beating the performance of the Transportation sector with its loss of 6.09%, and underperforming the S&P 500's loss of 0.42%.

The investment community will be paying close attention to the earnings performance of Alaska Air Group in its upcoming release. The company is predicted to post an EPS of $0.46, indicating a 56.19% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $4.31 billion, reflecting a 14.53% rise from the equivalent quarter last year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.88 per share and revenue of $15.83 billion, indicating changes of -177.05% and +11.2%, respectively, compared to the previous year.

Any recent changes to analyst estimates for Alaska Air Group should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 6.45% decrease. Currently, Alaska Air Group is carrying a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. This industry, currently bearing a Zacks Industry Rank of 233, finds itself in the bottom 6% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Key Takeaways Alaska Air Group is introducing Aurora and Leihoku flagship premium travel experiences. ALK plans Premium Reserve for 2028 with wider seats, 38-inch pitch and enhanced recline. Alaska Air Group plans new Seattle and Honolulu lounges centered on local hospitality and culture. Alaska Air Group (ALK - Free Report) , operating as Alaska Airlines and Hawaiian Airlines, is making a significant investment in premium travel with the introduction of Aurora and Leihoku, two new flagship experiences designed to bring greater comfort, service and brand identity to the journey from airport to aircraft.

The Aurora Suites will elevate Alaska Airlines’ international business-class experience on its 787 fleet and introduce lie-flat suites on select transcontinental routes using the new 737-10 MAX. Meanwhile, Hawaiian Airlines’ Leihoku Suites will enhance its A330 fleet with redesigned suites, dedicated airport services, upgraded interiors and cuisine inspired by Hawaii.

Another notable addition is Premium Reserve, a new premium-economy cabin planned for 2028. With 38 inches of pitch, wider seats, enhanced recline, leg and calf rests, 4K entertainment screens and additional charging options, it gives passengers another choice between traditional economy and premium suites.

The investment also extends beyond the aircraft. ALK plans a nearly 41,000-square-foot lounge at Seattle-Tacoma International Airport, including a dedicated Aurora Lounge, while Hawaiian plans to open a new approximately 13,000-square-foot lounge in Honolulu. Both spaces are designed around local hospitality, food, beverages and cultural identity.

Overall, the announcement reflects Alaska Airlines’ broader strategy to strengthen its premium offering while maintaining distinct identities for Alaska and Hawaiian. The combination of upgraded aircraft interiors, premium cabins, lounges, dining and onboard connectivity represents a substantial effort to make the entire travel experience more comfortable and differentiated.

Alaska Air Group’s Share Price PerformanceALK’s shares have gained 8.6% over the past six months compared with the Transportation - Airline industry’s 7.5% growth.

Image Source: Zacks Investment Research

ALK’s Zacks RankALK currently carries a Zacks Rank #3 (Hold).

Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider better-ranked stocks like  Expeditors International of Washington, Inc. (EXPD - Free Report) and Herc Holdings (HRI - Free Report) .

Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EXPD has an expected earnings growth rate of 28.6% for 2026.  The company has an encouraging earnings surprise history. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Herc Holdings currently sports a Zacks Rank #1.

HRI has a negative expected earnings growth rate of more than 8.4% for the current year. However, the company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 60.64%.

Inside Information

Agreement provides long-term expanded access to Catalent's fast-dissolving (Zydis®) tablet formulation technology.Supply robustness secured with prioritised manufacturing capacity increase of ~40% to 1.1 billion tablets annually from early 2030s.Over three years, ALK to invest DKK 500 million in capacity at Catalent. ALK (ALKB:DC / Nasdaq Copenhagen: ALK B) today announced that it has expanded its long-standing contract manufacturing partnership with Catalent, Inc. ("Catalent"), a leader in enabling the development and supply of better treatments for patients worldwide. Establishing long-term supply robustness is a strategic priority for ALK, and the expanded agreement secures ALK long-term access to Catalent's Zydis® technology for all its allergen products, including potential future tablets for peanut and tree nut allergies.

The agreement also secures additional production capacity to sustain the expected future demand for ALK’s SLIT (sublingual immunotherapy) tablet portfolio. Based on production sites in the UK and Canada, ALK expects to increase its annual tablet capacity by an additional 300 million to 1.1 billion tablets from early 2030s and beyond.

Peter Halling, President & CEO, said: “We are very pleased to reinforce our long-standing collaboration with Catalent, which plays an important role in producing ALK's SLIT tablets. This partnership, already in place for more than two decades, has the potential to become one of the longest lasting in pharma. The expanded partnership underscores the unique durability of our core business model – with no patent cliff to manage – while the strengthened supply chain and added capacity secure our ability to serve many more people with allergy for years to come.”

Terms and financials
Under the terms of the agreement, ALK will commit total payments to Catalent of approximately DKK 500 million to secure the capacity expansion. These payments will be capitalised over three years on the balance sheet under ‘prepayments’ and amortised over the duration of the contract. The development in future manufacturing costs is expected to offset these initial payments over time.

The agreement does not affect ALK's financial guidance for 2026 or ALK's long-term financial targets.

ALK-Abelló A/S

For further information please contact:

Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525

Media: Maiken Riise Andersen, tel. +45 5054 1434

This announcement contains inside information. This is information that ALK-Abelló A/S is obliged to make public pursuant to the EU Market Abuse Regulation.

About ALK
ALK is a global specialty pharmaceutical company focused on allergy. ALK's activities cover the entire value chain of developing, sourcing, producing, and marketing a diversified portfolio of products for diagnosing and treating respiratory allergies and severe allergic reactions (anaphylaxis) in both children and adults. Headquartered in Denmark, ALK employs around 2,800 people worldwide and is listed on Nasdaq Copenhagen (Nasdaq: ALK B). Visit us at www.alk.net.

About Catalent
Catalent, Inc. is a leading global contract development and manufacturing organisation (CDMO) delivering tailored, end-to-end solutions across all phases of development and manufacturing for pharma, biotech and consumer health customers, and supplying billions of doses annually from nearly 40 global sites.
Among its proprietary technologies is Zydis®, a freeze-dried orally disintegrating tablet formulation that disperses almost instantly in the mouth, offering a fast, convenient and palatable dosage form – particularly suited to patients, such as children, who may struggle with conventional tablets.

Company release_15_26UK_300926_Expansion Catalent contract

4 Buy-and-Hold-Forever Stocks Available at a BargainAlaska Air Group NYSE: ALK used its 2026 Investor Day to outline the next phase of its Alaska Accelerate strategy, emphasizing premium travel, international expansion, loyalty, cargo and its combined Alaska-Hawaiian network as drivers of more durable earnings growth.

President and CEO Ben Minicucci said the company is moving from a foundation-building phase into an “activation phase,” following the integration of Hawaiian Airlines, the unification of its loyalty platform and the launch of international service from Seattle. He said the company has captured roughly two-thirds of the $1 billion in incremental profit targeted under its 2024 Alaska Accelerate plan and expects to realize the remainder in 2027.

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Boeing Gets $50B in March Orders—Is BA Stock a Buy Now?Management maintained long-term financial objectives of 11% to 13% pretax margins over the cycle, earnings above $10 per share, net leverage of about 1.5 times, double-digit returns on invested capital and positive, growing free cash flow. Minicucci said the company’s results have not yet fully reflected its strategic progress because of domestic-demand weakness in 2025 and higher fuel costs.

Revenue Diversification and Premium Investment Shane Tackett, president and CFO of Alaska Airlines, said the company expects diversified revenue streams—including premium cabins, international service, loyalty and cargo—to approach 60% of total revenue by 2030, compared with 53% currently. He said those initiatives are expected to add two to three points of margin beyond the original $1 billion Alaska Accelerate earnings unlock.

Despite Bad Headlines, Boeing Still Wins Billion Dollar ContractsThe airline plans to introduce premium economy on its wide-body aircraft, deploy a premium-oriented Boeing 737 MAX 10 configuration on transcontinental and other high-demand routes, expand its Seattle international hub, grow Atmos Rewards remuneration at a double-digit annual rate and more than double its cargo business.

Alaska expects capital expenditures to average $1.75 billion annually through 2030 and anticipates approximately 4% annual growth, with aircraft upgauging and international expansion serving as major contributors. Tackett said the company expects ex-fuel earnings to rise by $3 to $4 per share next year as it completes the remaining Alaska Accelerate initiatives. He said that, under a $2.50 fuel-price assumption used at the company’s 2024 Investor Day, the business would have a path to $10 per share in earnings.

Seattle Global Gateway and Product Expansion Chief Commercial Officer Andrew Harrison said Alaska intends to expand Seattle’s international network from seven destinations currently to 10 by 2028 and 15 by 2030. The company expects long-haul capacity to increase to 15% of total capacity by 2030 from 8% today, and said it aims to become Seattle’s largest international carrier by that year.

Alaska plans to seek entry into Oneworld’s transatlantic joint venture and Pacific joint businesses. Minicucci said the international strategy works on a standalone basis but would be strengthened by joint-venture participation. Harrison added that restrictions related to Alaska’s 2016 Virgin America acquisition, including limits involving American Airlines in certain markets, are expected to expire in summer 2027.

The company also announced new premium products across its fleets. Aurora and Leihōkū Suites will provide lie-flat business-class seating on Alaska’s Boeing 787s and Hawaiian’s Airbus A330s, while Premium Reserve will become the company’s long-haul premium-economy offering. A dedicated four-cabin MAX 10 configuration will include at least 45% premium seating and 12 lie-flat suites, initially across at least 25 aircraft.

Alaska said it plans to expand premium facilities in Seattle, including a new 41,000-square-foot lounge with 14,000 square feet for international travelers. Total Seattle lounge space is projected to exceed 73,000 square feet across five lounges by 2030.

Hawaii, Loyalty and Cargo Opportunities Hawaiian Airlines CEO Diana Rakow said the combined company is now the largest carrier serving Hawaii from the U.S. continent and in neighbor-island service, while ranking third internationally. She said the company has increased its share between Hawaii and the western U.S. by three points and has improved one-stop utility across its hubs to a range of 90% to 94%.

Rakow described Hawaii as an $8 billion market with roughly 10 million annual visitors and 1.4 million residents. She said storms associated with a strong El Niño created headwinds this year, but management remains confident in the market’s long-term fundamentals. The company plans to refurbish all A330 interiors, introduce Premium Reserve and open a 13,000-square-foot Honolulu lounge in early 2028.

Brett Catlin, senior vice president of network, partnerships and loyalty, said Atmos Rewards active membership has compounded at 13% since its August 2025 launch, compared with approximately 3% annual growth from 2019 through 2024. Alaska is targeting 25 million active members by 2030, more than double its 2024 member count.

The company raised its 2027 loyalty cash-remuneration target to $3.1 billion from $2.9 billion and expects loyalty remuneration to approach $4 billion by 2030. Planned additions include Bank of America points transfers, a no-annual-fee credit card and a debit card expected to launch in early 2027.

Meanwhile, cargo revenue has grown 60% since 2024, according to Ian Morgan, vice president of cargo. Alaska targets $750 million in cargo revenue by 2030, supported by dedicated freighters, international belly capacity and ACMI operations. Morgan said cargo can account for as much as 20% of revenue on transpacific flights and that the company sees a path toward 50% inter-island cargo share in Hawaii from roughly 6% currently.

About Alaska Air Group (NYSE:ALK)Alaska Air Group, Inc is an airline holding company whose principal subsidiaries include Alaska Airlines, Hawaiian Airlines and regional carrier Horizon Air. The company provides scheduled passenger and air cargo transportation, along with related services such as aircraft maintenance and ground handling through affiliated businesses.

Alaska Airlines serves destinations throughout the United States, Canada, Mexico, Costa Rica and other parts of North America, while Hawaiian Airlines connects the Hawaiian Islands with the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Alaska Air Group Right Now?Before you consider Alaska Air Group, you'll want to hear this.

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CNBC's Phil Le Beau and Ben Minicucci, Alaska Airlines CEO, join 'Squawk on the Street' to discuss Investor Day, the new business-class product known as its 'Aurora Suites', jet fuel prices, and more.

The airline's moves to boost its international business class and premium economy seating are designed to challenge larger rivals.

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Aurora Suites on 737 Max 10. Alaska Air Group Alaska Air Group is the latest US air carrier to shore up its premium seating offerings — part of an industry-wide boom to cater to passengers who will pay more for premium perks.

On Tuesday, Alaska Air Group, which operates Alaska Airlines and Hawaiian Airlines, unveiled a new premium economy cabin called "Premium Reserve" and upgraded business-class suites. These will fly on mostly long-haul flights to Europe and Asia, and on select domestic routes.

Since acquiring Hawaiian for nearly $2 billion in 2024, Alaska has been pursuing its "Alaska Accelerate" plan to expand its premium offerings and international presence from its Seattle hub. The latest cabins are part of that strategy, making Alaska increasingly look like a major global carrier rather than the largely domestic airline it was once known as.

"We believe premium is more than a seat," Ben Minicucci, CEO of Alaska Air Group, said in a statement. "It's how guests feel from the moment they book their trip to the moment they arrive at the airport, to when they're in the air with us."

A new premium cabin and lie-flat seats on 737 Max 10sAvailable to book on both airlines starting next summer, Alaska and Hawaiian's new premium economy will feature wide reclining seats with leg and calf rests and a pitch — or the distance from one seat to the seat in front of it — of 38 inches,

It will also include a 16-inch, Bluetooth-capable screen, outlets and USB-C charging ports, and upgraded in-flight dining menus.

A rendering of Alaska Airlines' Premium Reserve seating on a Boeing 737-10 Max.  Alaska Air Group Alaska already offers a premium-economy-like cabin called Premium Class, but the cabin type will be a first for Hawaiian.

Premium Reserve will be available on Alaska's 787 and select 737 Max 10 aircraft, as well as Hawaiian's A330 fleet, with flights beginning in 2028. Alaska doesn't yet have the Max 10, which was nearing the finish line for certification after years of delays tied to safety and quality concerns. But CNBC reported on Monday that regulators have again delayed certification due to a newly discovered software issue.

Beyond premium economy, lie-flat business class — called "Aurora Suites" on Alaska and "Leihōkū Suites" on Hawaiian to retain each airline's distinct branding — has gotten a refresh.

A rendering of Hawaiian Airlines' refreshed business class.  Alaska Air Group Hawaiian's Leihōkū Suite, its 787 business-class product, serves select routes to Asia, Oceania, and North America. It will be added to the A330 and feature "hotel-quality bedding and enhanced onboard amenities." Alaska's Aurora Suites will be deployed on all 787 Dreamliners and include upgraded upholstery and materials. Both suites will have sliding doors, Bluetooth, big inflight screens, and access to airport lounges.

Aurora will also be installed on 737 Max 10 planes flying select transcontinental routes, joining the increasing number of airline narrowbody planes with lie-flat premium seats.

A rendering of the new Alaska business-class coming to its 737 Max fleet.  Alaska Air Group These premium cabins won't be cheap. A round-trip business-class flight from Seattle to Tokyo in mid-March is about $6,500 on Alaska; the same seat to London is about $5,300. Basic economy is about one-fifth of each of those business-class fares.

Alaska is also facing fierce competition. It's up against legacy US carriers with already massive widebody fleets, extensive international networks, and well-established premium products.

Alaska knows it's playing catch-up.

"I think where you're seeing strength with the legacy carriers is in the premium space and in the international space," Minicucci said in an April 2026 earnings call. "And if you look at our strategy under Alaska Accelerate, that's exactly where we're leaning into."

Courting passengers who pay a premiumIn post-COVID air travel, US airlines are moving away from packing as many people as possible into economy to increase revenue. Instead, they are pivoting toward customers who will spend more on premium travel experiences, such as airline lounges and higher-tier in-flight amenities.

A McKinsey analysis published in June found that on transatlantic wide-body flights, business-class cabins are earning almost as much as economy cabins, even though they carry far fewer passengers.

That premium demand has remained despite rising oil prices and soaring airfares amid the war in Iran, partly buoyed by continued spending from more affluent travelers.

"The folks who are more oriented towards purchasing into our premium cabins have been super resilient," Minicucci said in a 2025 earnings call.

A rendering of Hawaiian Airlines' Premium Reserve seating on an Airbus A330.  Alaska Air Group United Airlines' director of onboard products and partnerships, Peter Wolkowski, told Business Insider during the UK's Farnborough Airshow in July that premium economy is its fastest-growing cabin on the company's 787 fleet.

In 2025, Delta's premium revenue increased 7% year-over-year, while its main cabin revenue decreased. On an earnings call in October 2025, then-Delta president Glen Hauenstein predicted that premium revenue was expected to exceed Main Cabin revenue by 2027.

"When you think about what's different and what's changed over the last 10 or 15 years, the premium products used to be loss leaders, and now they're the highest-margin products," he said.

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Airlines Flying

Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.

The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.

Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.

The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.

With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.

Bringing together a positive earnings ESP alongside a Zacks Rank #3 (Hold) or better has helped stocks report a positive earnings surprise 70% of the time. Furthermore, by using these parameters, investors have seen 28.3% annual returns on average, according to our 10 year backtest.

Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.

Should You Consider Alaska Air Group?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Alaska Air Group (ALK - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $0.60 a share, just 24 days from its upcoming earnings release on October 22, 2026.

ALK has an Earnings ESP figure of +24.35%, which, as explained above, is calculated by taking the percentage difference between the $0.60 Most Accurate Estimate and the Zacks Consensus Estimate of $0.48. Alaska Air Group is one of a large database of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

ALK is one of just a large database of Transportation stocks with positive ESPs. Another solid-looking stock is International Seaways (INSW - Free Report) .

International Seaways, which is readying to report earnings on November 5, 2026, sits at a Zacks Rank #3 (Hold) right now. Its Most Accurate Estimate is currently $4.09 a share, and INSW is 38 days out from its next earnings report.

The Zacks Consensus Estimate for International Seaways is $3.09, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +32.61%.

ALK and INSW's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

Alaska Air Group (ALK - Free Report) closed at $39.70 in the latest trading session, marking a -5.27% move from the prior day. This move lagged the S&P 500's daily loss of 0.76%. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 1.13%.

Coming into today, shares of the airline had lost 3.28% in the past month. In that same time, the Transportation sector lost 6.27%, while the S&P 500 gained 1.26%.

The investment community will be paying close attention to the earnings performance of Alaska Air Group in its upcoming release. The company's upcoming EPS is projected at $0.48, signifying a 54.29% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $4.32 billion, reflecting a 14.65% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$1.74 per share and a revenue of $15.85 billion, representing changes of -171.31% and +11.28%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Alaska Air Group. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 42.48% lower. Right now, Alaska Air Group possesses a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. With its current Zacks Industry Rank of 226, this industry ranks in the bottom 9% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Key Takeaways Alaska Airlines will add three daily Honolulu-Kahului round trips with 737-800s from Oct. 3, 2026. The 737-800s add capacity plus premium seats, in-seat power, USB charging and Starlink Wi-Fi. Hawaiian plans to retire its 717 fleet in 2028 and shift Neighbor Island flying to 737 aircraft. Alaska Air Group, operating as Alaska Airlines (ALK - Free Report) , is expanding its presence in Hawaii by introducing daily Boeing 737-800 service on select Honolulu-Kahului flights beginning Oct. 3, 2026. The supplemental service will include three Honolulu-Kahului round trips, adding passenger and cargo capacity while helping maintain the frequency and connectivity of Neighbor Island operations. The move is expected to support demand across Hawaii and strengthen the company’s position in the inter-island travel market.

The deployment of 737-800 aircraft also provides ALK with an opportunity to enhance the passenger experience. The aircraft will feature reclining leather seats, in-seat power, USB charging and additional premium seating options, along with upgrade opportunities for Atmos Rewards and Huakai by Hawaiian members. Complimentary beverage and snack service in First Class, along with Starlink Wi-Fi on equipped aircraft, further enhances the offering and could support customer retention and demand for premium travel options.

Alaska Airlines is also moving toward a more modern and standardized fleet for Neighbor Island operations. Hawaiian Airlines plans to retire its 717 fleet in 2028 and transition to Hawaiian-branded 737 aircraft with premium interiors and fast, free Starlink Wi-Fi. The transition could improve operational efficiency and provide a more consistent customer experience over the longer term while allowing the company to accommodate evolving travel demand across the Islands.

Meanwhile, the companies are implementing operational changes to support the expanded service. Beginning Oct. 3, Neighbor Island travelers will need to check in and drop checked bags at least 50 minutes before departure, up from the current 30 minutes. While the revised cutoff could require passengers to allow more time at the airport, the company expects the earlier check-in window to improve baggage handling and support on-time departures. Overall, increased capacity, fleet modernization and enhanced onboard amenities provide multiple avenues for ALK to strengthen its Hawaii network and support its long-term growth strategy.

ALK’s Share Price PerformanceALK’s shares have gained 4.9% over the past year against the Transportation - Airline industry’s 0.2% fall.

Image Source: Zacks Investment Research

ALK’s Zacks RankALK currently carries a Zacks Rank #3 (Hold).

Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. (EXPD - Free Report) and Seanergy Maritime Holdings (SHIP - Free Report) . 

EXPD currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Expeditors has an expected earnings growth rate of 28.6% for 2026.  The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Seanergy Maritime Holdings currently sports a Zacks Rank #1.

SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.

-- Topline Phase 1 data shows generally favorable safety and tolerability profile of AGMB-447 --

-- Pharmacokinetic profile confirms efficient lung restriction with low systemic exposure and high exposure of AGMB-447 in the lung, in line with prior results observed in healthy participants --

-- Robust target engagement of ALK5 observed with AGMB-447 in IPF patients --

-- Clinical Trial Application (CTA) for INSPIRIA Phase 2 study in IPF patients submitted; Company intends to initiate study before year-end --

Antwerp, Belgium, September 14, 2026 – Agomab Therapeutics NV (‘Agomab’), a clinical-stage biopharmaceutical company focused on fibro-inflammation, today announced positive results of the Phase 1 study of AGMB-447 in IPF patients. AGMB-447 is an investigational inhaled lung-restricted small molecule inhibitor of ALK5 (or TGFβR1) intended for the treatment of Idiopathic Pulmonary Fibrosis (IPF).1

The Phase 1 study of AGMB-447 is a three-part, double-blind, randomized, placebo-controlled single ascending dose (SAD; Part A; dose range: 1 mg QD (once daily) to 20 mg QD) and multiple ascending dose (MAD; Part B; dose range: 1 mg QD to 6 mg BID (twice daily)) study in healthy participants and multiple dose study in IPF patients (Part C; dose range: 4.5 mg BID to 6 mg BID). AGMB-447 was administered via nebulization, as a single dose in the SAD, over seven days in Part B and over 14 days in Part C.

A total of 10 IPF patients were included in Part C. In line with the data in healthy participants reported previously, AGMB-447 was observed to have a generally favorable safety and tolerability profile in IPF patients at 4.5 mg BID. While a higher incidence of adverse events was reported at 6 mg BID, no new specific safety signals were identified, and no systemic safety signals were detected at any dose. The most frequently reported adverse events were cough and bronchospasm. Cough episodes were short and mostly limited to the inhalation period. Furthermore, no increase in the severity of disease-related cough was reported at any dose over the 14-day dosing period.

Low systemic but high pulmonary exposure of AGMB-447 was also measured in IPF patients, supporting its lung-restricted pharmacokinetic (PK) profile. In IPF patients, daily doses of 4.5 mg BID achieved average bronchoalveolar lavage (BAL) fluid levels above IC90 for at least 6 hours post-inhalation, and above IC50 for 24 hours, in line with the PK profile observed in healthy participants.

In IPF patients, pSMAD3 reduction in BAL cells of >50% was achieved at the 4.5 mg BID dose, indicating robust target engagement in line with the results observed previously in healthy participants and supporting further clinical development of AGMB-447 for the treatment of IPF.

“We are very pleased with the Phase 1 results of AGMB-447 in patients with IPF announced today. In line with the positive interim data in healthy participants announced earlier this year, the data indicated a generally favorable safety, tolerability and PK profile of AGMB-447 and provided proof-of-mechanism of TGFβ/ALK5 inhibition in the lungs of IPF patients,” said Philippe Wiesel, Chief Medical Officer at Agomab. “We believe that by blocking the TGFβ/ALK5 pathway locally in the lung, AGMB-447 has the potential to offer a potent anti-fibrotic therapy to IPF patients. The extensive data collected in our broad Phase 1 program supports the initiation of our Phase 2 INSPIRIA study later this year.”

The company also announced the design of INSPIRIA, its planned Phase 2 study with AGMB-447 in IPF. INSPIRIA is a 24-week Phase 2, randomized, double-blind, placebo-controlled study in approximately 120 patients with confirmed IPF. Patients will be randomized 2:1 to receive AGMB-447 4 mg twice daily or placebo, administered by inhalation on top of standard of care. The study is designed to evaluate the safety, pharmacokinetics and efficacy of AGMB-447 in IPF patients. The primary endpoint will be the change from baseline in forced vital capacity at Week 24. The CTA for INSPIRIA has been submitted, and the study is anticipated to begin in the second half of 2026 across a large European site network.

“We have long known that the TGFβ pathway is a central driver of fibrosis in IPF. Targeting this key pathway through ALK5 inhibition with AGMB-447 is a promising approach. With a convenient twice-daily dosing schedule, AGMB-447 could represent an attractive option for monotherapy or combination therapy with systemic standard of care therapies. The INSPIRIA study is designed to further explore the therapeutic potential of this novel inhaled approach in people living with IPF,” said Toby Maher, M.D., PhD, Professor of Clinical Medicine at Keck School of Medicine of USC.

Agomab intends to present detailed Phase 1 results at a future scientific conference.

AGMB-447 is an investigational drug and not approved by any regulatory authority. Its efficacy and safety have not been established. 

About IPF
Idiopathic Pulmonary Fibrosis (IPF) is a devastating disease affecting approximately 255,000 patients in the U.S., Japan, and the largest European markets (EU4+UK). IPF is characterized by unregulated production of fibrotic, scar-like tissue that builds up in the scaffolding of the lungs. As a result, the fibrotic lung becomes stiff, hampers the patient’s ability to breathe and reduces the absorption of inhaled oxygen in the blood. Despite the commercial availability of three approved therapies, without a lung transplant, the median survival following diagnosis is only 3-5 years. Moreover, these therapies do not halt but only slow down disease progression and have side effects that reduce tolerability and lead to treatment discontinuations.

About AGMB-447
AGMB-447 is an inhaled lung-restricted small molecule inhibitor of ALK5 (or TGFβR1) intended for the treatment of Idiopathic Pulmonary Fibrosis (IPF). TGFβ is the master regulator of fibrosis, which is the key mechanism driving IPF disease progression. AGMB-447 is specifically designed to inhibit ALK5 in the lung while avoiding clinically relevant systemic exposure through local administration via inhalation and rapid hydrolyzation in plasma into one main metabolite inactive in cells. Through AGMB-447, Agomab aims to offer a potentially safe and effective novel anti-fibrotic therapeutic option to IPF patients.

About Agomab
Agomab is a clinical-stage biopharmaceutical company focused on developing novel disease-modifying therapies for fibro-inflammatory diseases with high unmet medical need. Agomab’s product candidates are designed to target established, potent pathways and utilize organ-restricted approaches, with the aim of increasing efficacy while minimizing safety liabilities. Fostering a culture of excellence, Agomab’s mission is to pioneer therapeutics that aim to resolve fibro-inflammation and restore organ function to enable people with these disorders to live fuller and healthier lives.

Cautionary Note regarding Forward-Looking Statements
This press release includes certain disclosures that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by terms such as "continue," "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. “Forward-looking statements” include, without limitation, statements regarding the potential of AGMB-447 for the treatment of IPF, the design of the planned Phase 2 clinical trial with AGMB-447 for IPF, our expectation to initiate our Phase 2 clinical trial of AGMB-447 in IPF in the second half of 2026, and our interactions with regulatory authorities. Forward-looking statements are based on Agomab’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the results of our clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements for product candidates; the impact of governmental laws and regulations on our business; and disruptions caused by our reliance on third party suppliers and service providers. These and other risks and uncertainties are described more fully in our filings and reports with the SEC, including in our most recent annual report on Form 20‐F filed with the SEC and our subsequent filings and reports filed with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Agomab undertakes no duty to update such information except as required under applicable law. Readers should not rely upon the information in this announcement as current or accurate after its publication date.

1 Study Details | Phase I Study to Assess Safety, Tolerability, PK and PD of AGMB-447 in Healthy Participants and Participants With IPF | ClinicalTrials.gov