Here are 1-2 brief analogies for Frontier (ULCC):

• It's like Spirit Airlines, known for its ultra-low fares and unbundled services.

• The Ryanair or easyJet of the United States, offering very low base fares.

• Air Transportation Services: Frontier provides low-fare air travel for passengers to various domestic and international destinations.

Major Customers of Frontier (ULCC)

Frontier, as a low-fare airline, primarily serves individual passengers rather than other businesses. Its major customer categories include:

• Leisure Travelers: Individuals and families seeking affordable air travel for vacations, holidays, and personal trips. Given Frontier's low-cost model, this segment represents a significant portion of its customer base.
• Price-Sensitive Travelers: This category encompasses passengers who prioritize the lowest possible fare when booking flights. This can include students, retirees, budget-conscious families, or anyone for whom cost is the primary determinant in their travel choices.
• Visiting Friends and Relatives (VFR) Travelers: Passengers traveling specifically to visit family members or friends. This segment often seeks economical travel options, making Frontier a suitable choice for their needs.

• Airbus (EADSY)
• Pratt & Whitney (RTX)

James G. Dempsey, President and Chief Executive Officer
James G. Dempsey was appointed President and Chief Executive Officer of Frontier Group Holdings, Inc. in January 2026. He previously served as President since October 2023, with direct responsibility for Commercial, Customer Care, and Operations Research, Design, and Planning functions. Mr. Dempsey was also the Executive Vice President and Chief Financial Officer from December 2019, and Chief Financial Officer from May 2014. Before joining Frontier, he held senior management roles at Ryanair Holdings PLC, including Treasurer from July 2006 to April 2014 and Head of Investor Relations from 2003 to 2006. He also served in various management roles with PricewaterhouseCoopers from 2000 to 2003. Frontier's controlling shareholder, Indigo Partners, is a private equity fund, indicating Mr. Dempsey's extensive experience managing a private equity-backed company.

Mark C. Mitchell, Senior Vice President and Chief Financial Officer
Mark C. Mitchell has served as Senior Vice President and Chief Financial Officer of Frontier Group Holdings, Inc. since October 2023. Prior to this role, he was the Vice President, Finance and Investor Relations since February 2022 and Chief Accounting Officer since September 2015. Before joining Frontier in 2015, Mr. Mitchell held various leadership positions at Starwood Hotels and Resorts Worldwide, Inc. from February 2007 to September 2015, including Vice President, Accounting from 2013 to 2015, and Corporate Controller for Starwood Vacation Ownership, Inc. from 2007 to 2015.

Howard M. Diamond, Executive Vice President, Legal and Corporate Affairs
Howard M. Diamond has served as Executive Vice President, Legal and Corporate Affairs since February 2024. He previously held the position of Senior Vice President, General Counsel and Corporate Secretary since July 2014. Before joining Frontier, Mr. Diamond served as Vice President, General Counsel and Corporate Secretary of Thales USA, Inc. from January 2008 to July 2014. From 2003 to 2008, he was Chief Counsel at BAE Systems Land and Armaments. Mr. Diamond began his legal career as an officer in the U.S. Army JAG Corps from 1994 to 1997.

Alex Clerc, Senior Vice President, Customers
Alex Clerc became Frontier's Senior Vice President, Customers in January 2024. He previously worked as a Senior Expert with McKinsey & Company in their Transport and Travel Practice. Mr. Clerc's extensive experience in the aviation industry includes serving as Chief Operating Officer for Interjet Airlines in Mexico, Head of Operations Planning for Spirit Airlines, Chief Operating & Cost Officer for Volotea Airlines in Spain, and various senior roles in Tech Ops and Strategic Planning for Southwest Airlines.

Trevor J. Stedke, Senior Vice President, Operations
Trevor J. Stedke serves as Frontier Airlines' Senior Vice President of Operations. He previously held the position of Vice President of Technical Operations at Frontier. Before joining Frontier, he gained experience in leadership roles in airline operations and technical services.

Here are the key risks to Frontier Group Holdings, Inc. (ULCC):

1. Fuel Price Volatility

   As an airline, Frontier is highly susceptible to fluctuations in jet fuel prices, which directly impact its operating costs and can erode its thin margins, a particular challenge for ultra-low-cost carriers. Recent increases in jet fuel prices have already led to revised financial outlooks and increased expenses for the company. Despite Frontier's fuel-efficient fleet, significant and sudden price spikes remain a substantial threat to its profitability.

2. Intense Competition and Pricing Pressure

   Frontier operates in a highly competitive ultra-low-cost carrier (ULCC) market, facing pressure from rivals like Spirit Airlines and Allegiant Air, as well as larger carriers. This intense competition often leads to fare softness, aggressive pricing, and capacity surges in key leisure markets, which can negatively impact Frontier's yields and load factors. The industry's oversupply has reportedly contributed to pricing wars, further compressing margins for ULCCs.

3. Persistent Profitability Issues and Rising Non-Fuel Operating Expenses

   Frontier has faced ongoing challenges in achieving and sustaining profitability, experiencing net losses in recent periods. A significant contributor to this is the struggle to control non-fuel operating expenses, measured by Cost per Available Seat Mile excluding fuel (CASM ex-fuel), which has seen increases. These rising costs, coupled with the inherent operational risks of the airline industry such as labor disputes, air traffic control inefficiencies, and the need to maintain high aircraft utilization, further pressure the company's financial performance and its ability to maintain its low-cost advantage.

Frontier Group Holdings, Inc. (ULCC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Network and Capacity Expansion: Frontier is actively expanding its route network and increasing capacity. The airline has announced numerous new routes and increased departures from existing airports, including a 40% increase in departures from Hartsfield-Jackson Atlanta International Airport (ATL) this year versus 2024. In 2025, Frontier plans to launch 16 new routes across 21 airports in the U.S. and Caribbean. This expansion is also strategically positioned to capitalize on opportunities in the ultra-low-cost segment, potentially filling gaps left by competitors. For example, new routes will overlap with major markets previously served by Spirit Airlines.
2. Enhanced Product Offerings and Ancillary Revenue Growth: Frontier is focused on boosting ancillary revenue through new product introductions and loyalty program enhancements. The airline recently launched "UpFront Plus," an upgraded seating option with extra legroom and a guaranteed empty middle seat in the first two rows. Furthermore, Frontier plans to introduce First Class seating on every flight by late 2025. Improvements to the "FRONTIER Miles" loyalty program, set to begin in 2025, will offer additional benefits such as free seat upgrades and the ability to redeem miles for baggage and seating bundles.
3. Fleet Modernization and Fuel Efficiency: The continuous modernization of Frontier's fleet with more fuel-efficient Airbus A320neo family aircraft is a driver of both capacity growth and cost savings, indirectly supporting revenue growth through competitive pricing. The company has over 200 new Airbus planes on order, ensuring continued fleet expansion and efficiency improvements. As of December 31, 2023, 79% of its fleet comprised the more fuel-efficient A320neo family aircraft, the highest among major U.S. carriers.
4. Strong Travel Demand and Revenue Management Initiatives: Frontier anticipates higher unit revenues driven by robust travel demand, moderating competitive capacity, and ongoing revenue management initiatives. The company has reported strong demand and fare trends extending into the spring booking period, which supports anticipated year-over-year revenue growth. Analysts also forecast an 18% revenue growth for fiscal 2026, supported by these factors.

Share Repurchases

No information available regarding share repurchases made or authorized by Frontier Group Holdings (ULCC) within the last 3-5 years.

Share Issuance

• Frontier Group Holdings (ULCC) completed its Initial Public Offering (IPO) on April 1, 2021.
• The company priced its IPO at $19 per share, issuing 30 million shares.
• This IPO raised $570 million for the company.

Inbound Investments

• Frontier Group Holdings was acquired in December 2013 by an investment fund managed by Indigo Denver Management Company, LLC, an affiliate of Indigo Partners, LLC.
• Indigo Partners LLC remains a significant institutional shareholder as of September 30, 2025.

Outbound Investments

No information available regarding outbound investments made by Frontier Group Holdings (ULCC) within the last 3-5 years. A merger agreement with Spirit Airlines was terminated.

Capital Expenditures

• Frontier's capital expenditures increased significantly to $63 million in 2021 and peaked at $152 million in December 2022.
• Capital expenditures subsequently decreased to $87 million in 2023 and $76 million in 2024, with $75 million in 2025.
• The primary focus of capital expenditures is fleet expansion and modernization, with over 220 new Airbus planes on order to enhance fuel efficiency and support growth. The company also entered agreements to terminate 24 aircraft leases and defer deliveries of 69 A320neo jets previously expected between 2027 and 2030, a move aimed at trimming capacity and preserving cash.