Delta and Korean Air to Acquire 25% Stake in WestJet, Deepening Strategic Alliances

Delta Air Lines and Korean Air have announced a combined investment of $550 million to acquire a 25% equity stake in Canadian airline WestJet from Onex Partners and its affiliates. Delta will invest $330 million for a 15% stake, while Korean Air will acquire a 10% stake for $220 million. Delta also intends to transfer a 2.3% stake to Air France-KLM for $50 million, pending approval.

This investment aims to enhance airline collaboration and customer benefits, expanding connectivity between Canada, the U.S., Europe, and Asia. WestJet will remain under Onex Group control.
Delta and WestJet have been partners since 2011, while Korean Air and WestJet have worked together since 2012. These new equity ties are expected to deliver a more seamless global travel experience. The transaction is subject to regulatory approvals.

Delta Air Lines, Inc. - Amendment to Previous Reports

Board Appointments: Christophe Beck and Judith McKenna were elected to Delta's Board of Directors, as previously reported in December 2024 and January 2025.

Committee Assignments: As of April 23, 2025, both Mr. Beck and Ms. McKenna have been appointed to the following Board committees:

Audit Committee

Safety & Security Committee

This amendment provides the committee assignments for the new directors.

Delta Air Lines (NYSE: DAL) will hold a live conference call and webcast to discuss its March quarter 2025 financial results at 10 a.m. ET, Wednesday, April 9, 2025.

Delta Air Lines Updates Q1 2025 Guidance Amid Economic Uncertainty
Atlanta, GA – March 10, 2025 – Delta Air Lines, Inc. (NYSE: DAL) has revised its first-quarter 2025 financial outlook, citing a softening in domestic demand due to macroeconomic uncertainty. The company will present further details at the J.P. Morgan Industrials Conference on March 11, 2025, at 7:30 a.m. ET.

Updated Q1 2025 Financial Guidance:
Metric Revised Forecast Previous Guidance (Jan. 10, 2025)
Total Revenue Growth YoY 3% - 4% 7% - 9%
Operating Margin 4% - 5% 6% - 8%
Earnings Per Share (EPS) $0.30 - $0.50 $0.70 - $1.00
Despite weaker domestic demand, premium, international, and loyalty revenue trends remain stable, reflecting the resilience of Delta’s diversified revenue base.

Key Drivers Behind the Revision:
Macroeconomic Uncertainty: A decline in consumer and corporate confidence has led to softened domestic demand.
Strong Performance in Premium and International Segments: Premium and international markets continue to meet expectations.
Loyalty Revenue Growth: Delta's SkyMiles program and credit card partnerships remain key revenue drivers.
Financial Adjustments & Non-GAAP Measures
Delta has provided reconciliations for non-GAAP financial measures, adjusting for third-party refinery sales and mark-to-market (MTM) investment adjustments.

Metric Projected Q1 2025 (GAAP) Adjusted (Non-GAAP)
Total Revenue (in billions) $13.9 - $14.1 $12.9 - $13.1 (Excluding third-party refinery sales)
Operating Margin 3% - 4% 4% - 5% (Excluding refinery impact)
Earnings Per Share (EPS) $0.40 - $0.60 $0.30 - $0.50 (Excluding MTM investment adjustments)
Upcoming Presentation & Additional Information
Delta executives will discuss these updates at the J.P. Morgan Industrials Conference on March 11, 2025, and will provide further details on strategic initiatives and market trends.

Delta Air Lines, Inc. filed an SEC Form 8-K on January 15, 2025, announcing the election of Judith McKenna to its Board of Directors, effective February 7, 2025. Ms. McKenna will receive compensation for her role on the same terms as other non-employee directors, as outlined in Delta’s proxy statement for its 2024 Annual Meeting of Shareholders. Her committee assignments will be determined at a later date.