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Southwest Airlines (SA) reported Q1’26 results with solid operating performance, supported by pricing-led revenue growth and meaningful margin expansion. However, we remain watchful of rising fuel costs and the sustainability of the company’s customer buy-up strategy. A detailed commentary will follow post additional filings and earnings call. Key Highlights: Record Q1’26 growth but missed analyst estimates Guided Q2’26 below street estimates leading to stock fall of ~3.84% G

Investment Snapshot FY’25 production growth supported by acquisitions and increased working interest FY’26 guidance implies continued scale-up in oil and gas volumes Adjusted Opex declined excluding impairment-related items Capital expenditure lower vs FY’24 reflecting disciplined allocation Key focus remains balancing growth with leverage and funding strategy FY’25 Results Overview Total revenue increased by 11.2% YoY to $2.5B, driven by higher revenue from Natural Gas and N