Major Estimate Revision • May 11
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.30 to US$1.04 per share. Revenue forecast steady at US$1.24b. Net income forecast to grow 72% next year vs 5.5% growth forecast for Airlines industry in the US. Consensus price target of US$19.57 unchanged from last update. Share price rose 11% to US$17.02 over the past week. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 28%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$1.23b to US$1.25b. EPS estimate fell from US$1.80 to US$1.30 per share. Net income forecast to grow 33% next year vs 5.2% growth forecast for Airlines industry in the US. Consensus price target of US$20.29 unchanged from last update. Share price was steady at US$16.54 over the past week. Price Target Changed • Mar 21
Price target increased by 8.3% to US$20.57 Up from US$19.00, the current price target is an average from 7 analysts. New target price is 29% above last closing price of US$15.95. The company is forecast to post earnings per share of US$1.80 for next year compared to US$0.99 last year. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$16.83, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Airlines industry in the US. Total loss to shareholders of 23% over the past three years. Major Estimate Revision • Feb 12
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from US$1.63 to US$1.80. Revenue forecast steady at US$1.22b. Net income forecast to grow 85% next year vs 33% growth forecast for Airlines industry in the US. Consensus price target up from US$19.00 to US$20.29. Share price rose 7.4% to US$20.84 over the past week. Reported Earnings • Feb 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$0.99 (down from US$1.00 in FY 2024). Revenue: US$1.13b (up 4.7% from FY 2024). Net income: US$52.8m (flat on FY 2024). Profit margin: 4.7% (down from 4.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Airlines industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Director Wendy Schoppert was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$17.44, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Airlines industry in the US. Total loss to shareholders of 7.0% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$13.21, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Airlines industry in the US. Total loss to shareholders of 35% over the past three years. Announcement • Nov 19
Sun Country Airlines Holdings, Inc. Announces Executive Changes, Effective November 16, 2025 Effective as of November 16, 2025, the Board of Directors (the “Board ”) of Sun Country Airlines Holdings, Inc. (the “Company”) has appointed Christopher Mangione as Vice President and Chief Accounting Officer. Mr. D. Torque Zubeck, the Company’s Chief Financial Officer, who was fulfilling the role of Chief Accounting Officer on an interim basis, will no longer perform the chief accounting officer function effective as of November 16, 2025. Mr. Mangione, age 35, most recently served as Senior Director of External Reporting and Technical Accounting of the Company, where he led the Company’s external financial reporting, technical accounting, and regulatory compliance efforts. Before joining the Company in March of 2022, Mr. Mangione, served as Assistant Controller at Calyxt from March, 2021 to March, 2022 and before that, he spent close to a decade at UnitedHealth Group, assuming various roles including Associate Director of Financial Reporting & Corporate Accounting, Senior Consultant of Accounting Policy and Manager of SEC Reporting. Mr. Mangione obtained his bachelor’s degree in accounting from Minnesota State University, Mankato. Announcement • Nov 06
Sun Country Airlines Holdings, Inc. Announces Executive Changes On October 30, 2025, John Gyurci, Sun Country Airlines Holdings, Inc.’s Chief Accounting Officer, informed the Company that he would be resigning from his position, effective as of November 14, 2025. Mr. Gyurci’s departure was not a result of any disagreement with the Company. For an interim period, D. Torque Zubeck, the Company’s Chief Financial Officer, will fulfill the role of Chief Accounting Officer. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: US$0.029 (down from US$0.044 in 3Q 2024). Revenue: US$255.5m (up 2.4% from 3Q 2024). Net income: US$1.55m (down 34% from 3Q 2024). Profit margin: 0.6% (down from 0.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Oct 30
Sun Country Airlines Holdings, Inc. Provides Earnings Guidance for the Fourth Quarter of 2025 Sun Country Airlines Holdings, Inc. provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects total revenue in the range of $270 million to $280 million. Operating income margin in the range of 5% to 8%. Announcement • Oct 28
Sun Country Airlines Extends Booking Schedule Through Summer 2026 Sun Country Airlines announced the extension of its selling schedule through September 8, 2026. With this extension customers can book nonstop, affordable travel to over 100 destinations through summer of 2026. In addition to the ever- popular summer destinations of Anchorage, Boston, New York, Los Angeles, and Seattle, customers can find convenient and affordable flights to more unique destinations like Traverse City, Michigan and Kalispell and Missoula, Montana. Sun Country is also proud to provide summer service to a number of mountain destinations including Bozeman, Montana; Denver; Salt Lake City; Boise, Idaho; and Asheville, North Carolina. Canadian destinations include Toronto and Vancouver. Popular coastal destinations - including Charleston, South Carolina and San Diego - will have increased frequencies, providing even more options for customers looking for a seaside escape. New for 2026, the airline will provide service between Minneapolis-St. Paul and Tulsa, Oklahoma and Tulsa and Cancun beginning May 21, 2026. Through summer 2026, Sun Country Airlines will operate 115 routes serving 100 airports across the United States, Mexico, Central America, Canada, and the Caribbean, providing safe, reliable, hassle-free flights at affordable prices. Sun Country's onboard experience includes seats, full-size tray tables, comfortable recline, and in-seat power in most seats. Sun Country also provides free in-flight entertainment to guests' devices and complimentary beverages including water, coffee, juices, and soda. Additional beverage options and snacks are available for purchase, and the company is proud to partner with many Minnesota and Midwest-based companies to highlight their local products on menu. Announcement • Oct 25
Sun Country Airlines Holdings, Inc. Announces Stepping Down of Grant Whitney as the Company’s Senior Vice President & Chief Revenue Officer, Effective October 20, 2025 On October 24, 2025, Sun Country Airlines Holdings, Inc. (the “Company”), announced that Grant Whitney, the Company’s Senior Vice President & Chief Revenue Officer, would be stepping down from his position and separating employment with the Company, effective as of October 20, 2025. Announcement • Sep 23
Sun Country Airlines Holdings, Inc. Appoints Wendy Schoppert to Board of Directors, Effective October 1, 2025 Sun Country Airlines announced the appointment of Twin Cities businessperson Wendy Schoppert to its Board of Directors, effective October 1, 2025. Schoppert brings a wealth of experience as a corporate board director for public and private companies across the retail, consumer products, financial services, and health care industries. She currently serves as Chair of the Board of The ODP Corporation/Office Depot as well as a member of the Davita, Inc. and Fossil Inc. Board of Directors. Previously, Schoppert served on the boards of The Hershey Company, Bremer Financial Group, and Big Lots, Inc. Her executive career includes nine years at Sleep Number Corporation, where she held senior leadership roles including EVP/Chief Financial Officer, SVP/Chief Information Officer, Head of International, and interim Chief Marketing Officer. Earlier in her career, Schoppert held senior roles at U.S. Bank and began her career in the airline industry with positions at American Airlines, Northwest Airlines, and America West Airlines. Wendy brings an exceptional combination of financial and governance expertise to Board, said Jennifer Vogel, Sun Country Board Chair. Her broad industry experience particularly in finance and shareholder engagement - and proven success guiding high profile companies through growth will be invaluable to Sun Country as continue to build for the future. Schoppert received her bachelors degree in mathematics and operations research and her MBA from Cornell University. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$12.09, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Airlines industry in the US. Total loss to shareholders of 41% over the past three years. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$1.33 to US$1.10 per share. Revenue forecast steady at US$1.12b. Net income forecast to grow 45% next year vs 8.0% growth forecast for Airlines industry in the US. Consensus price target down from US$17.00 to US$16.56. Share price rose 4.0% to US$10.72 over the past week. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.12 (up from US$0.034 in 2Q 2024). Revenue: US$263.6m (up 3.6% from 2Q 2024). Net income: US$6.58m (up 263% from 2Q 2024). Profit margin: 2.5% (up from 0.7% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Aug 01
Sun Country Airlines Holdings, Inc. Provides Earnings Guidance for the Third Quarter 2025 Sun Country Airlines Holdings, Inc. provided earnings guidance for the third quarter 2025. For the quarter, the company expects total revenue in the range of $250 million to $260 million. Operating income margin in the range of 3% to 6%. Major Estimate Revision • May 09
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$1.57 to US$1.41 per share. Revenue forecast steady at US$1.12b. Net income forecast to grow 61% next year vs 10% growth forecast for Airlines industry in the US. Consensus price target up from US$16.56 to US$17.11. Share price rose 8.1% to US$11.85 over the past week. Reported Earnings • May 02
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: US$0.69 (up from US$0.67 in 1Q 2024). Revenue: US$326.6m (up 4.9% from 1Q 2024). Net income: US$36.5m (up 3.5% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Airlines industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Sun Country Airlines Holdings, Inc., Annual General Meeting, Jun 11, 2025 Sun Country Airlines Holdings, Inc., Annual General Meeting, Jun 11, 2025. New Risk • Apr 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Significant insider selling over the past 3 months (US$78k sold). Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$8.21, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Airlines industry in the US. Total loss to shareholders of 70% over the past three years. Major Estimate Revision • Apr 08
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$1.16b to US$1.13b. EPS estimate also fell from US$1.83 per share to US$1.57 per share. Net income forecast to grow 65% next year vs 38% growth forecast for Airlines industry in the US. Consensus price target down from US$20.89 to US$16.56. Share price fell 17% to US$9.58 over the past week. Price Target Changed • Apr 07
Price target decreased by 8.2% to US$18.67 Down from US$20.33, the current price target is an average from 9 analysts. New target price is 81% above last closing price of US$10.33. Stock is down 30% over the past year. The company is forecast to post earnings per share of US$1.73 for next year compared to US$1.00 last year. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$10.90, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Airlines industry in the US. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$12.82, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Airlines industry in the US. Total loss to shareholders of 47% over the past three years.