United Airlines Holdings, Inc. (UAL) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

United Airlines Holdings, Inc. ( UAL ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 11:30 AM EDT Company Participants Michael Leskinen - Executive VP & CFO Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker Morgan Stanley, Research Division Okay. Let's keep flying high. Sorry, I'm going to work all the airline analogies in with United Airlines next, and very happy to welcome back to Laguna, CFO, Mike Leskinen. Mike, welcome back to Laguna. Michael Leskinen Executive VP & CFO Thank you, Ravi, and good morning. It's a great time in the airline industry. This industry is continuing to decommoditize. You're seeing the winners in this industry really create a value proposition for the consumer that's differentiated, and that's creating, I think, healthy financials through cycle. We're starting to see that in the valuations for our stocks, and I'm thrilled to talk a little bit more about it today. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division That's awesome. We will get to the long-term value prop in a second, but if you can just start with maybe a lay of the land as you see it. Obviously, a lot going on in the space. The airlines had a very strong summer, obviously, transitioning from summer to the fall, kind of how do you see the world today? Michael Leskinen Executive VP & CFO Let me start with demand because demand is incredibly resilient. This is an industry that historically has kind of priced to the lowest common denominator. But the American consumer is becoming a lot more sophisticated, and they care about the quality of the product, the resiliency through irregular operations, whether you have Starlink or not, et cetera. And the consumer has disposable income and wants to spend on experiences. And so the industry, to maintain profitability, has had to push through some