INVESTOR UPDATE Q2 2021

Forward Looking Statements

In addition to historical information, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the expected timing of PSP3 funding, the ability to draw down loan amounts under its facility pursuant to the CARES Act and its line of credit, the impact of the COVID-19 outbreak on SkyWest’s business, financial condition and results of operations, the scheduled aircraft deliveries for SkyWest Airlines in upcoming years, and related removal from service and/or placement into service of certain aircraft, SkyWest’s coordination with major airline partners to optimize the delivery of aircraft under previously announced deals, the expected terms, timing and benefits related to SkyWest’s leasing and joint venture transactions, as well as SkyWest’s future financial and operating results, plans, objectives, expectations, estimates, intentions and outlook, and other statements that are not historical facts. All forward-looking statements included in this presentation are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statements unless required by law. Readers should note that many factors could affect the future operating and financial results of SkyWest and could cause actual results to vary materially from those expressed in forward-looking statements set forth in this presentation. These factors include, but are not limited to, uncertainties regarding the impact of the PSP2 funding, PSP3 funding and CARES Act funding and loans on SkyWest’s business and operations, the uncertainty of the duration, scope and impact of COVID-19, a further spread or worsening of COVID-19, the consequences of the COVID-19 outbreak to economic conditions, the travel industry and our major partners in general and the financial condition and operating results of SkyWest in particular, the prospects of entering into agreements with existing or other carriers to fly new aircraft, ongoing negotiations between SkyWest and its major partners regarding their contractual obligations, uncertainties regarding operation of new aircraft, the ability to attract and retain qualified pilots, the impact of regulatory issues such as pilot rest rules and qualification requirements, and the ability to obtain aircraft financing.

Actual operational and financial results of SkyWest will likely also vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of other reasons, including, in addition to those identified above: the existing global COVID-19 pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or travel behavior; the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fluctuations in the economy and the demand for air travel, including related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; the financial stability of SkyWest’s major partners and any potential impact of their financial condition on the operations of SkyWest; fluctuations in flight schedules, which are determined by the major partners for whom SkyWest conducts flight operations; variations in market and economic conditions; significant aircraft lease and debt commitments; estimated useful life of long-lived assets, residual aircraft values and related impairment charges; labor relations and costs; the impact of global instability; rapidly fluctuating fuel costs, and potential fuel shortages; the impact of weather-related or other natural disasters on air travel and airline costs; aircraft deliveries; and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause SkyWest’s actual results to differ materially from management’s current expectations are contained in SkyWest’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports that the Company files with the Securities and Exchange Commission may be further amplified by the global impact of the COVID-19 pandemic. ABSOLUTELY NO PART OF THIS PRESENTATION OR ANY OF ITS CONTENTS MAY BE REPRODUCED, COPIED, MODIFIED OR ADAPTED, WITHOUT PERMISSION IN WRITING FROM SKYWEST, INC.

INVESTOR UPDATE Q2 2021 3

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Strategic Plan

POSITIONING FOR RECOVERY

Long-Game Strategy Liquidity Update

Provide value to our partners: $836m cash at end of Q1 2021 Flexibility • Stability • Performance

U.S. Treasury funding in Q2: $250m in PSP3 Continue to execute our maintenance programs $35m in PSP2 top-up

Repaid $60m borrowed under CARES Act secured loan facility Positioned to respond to the demand recovery freeing up $1.5b in collateral

INVESTOR UPDATE Q2 2021 4

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Strategic Plan

FLEET TRANSITION CONTINUES

Recap of Q1 2021 Activity Upcoming Activity

1 New CRJ900 Added 20 New E175s Contract with: Contract with: Financed by: Delta Delivery timing: 2021-2022 In-service timing: 2022 Aircraft provided by: SkyWest 9 Used CRJ700s Added Contract with: Financed by: SkyWest 8 New E175s

Contract with: Timing: 2022 Aircraft provided by: SkyWest 7 Used CRJ200s Added Prorate with: Delta (3) Owned by: SkyWest 16 Used CRJ700s

Prorate with: Contract with: United (4) Timing: 2021 Owned by: SkyWest Aircraft provided by: SkyWest

INVESTOR UPDATE Q2 2021 5

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Aircraft in Service March 31, 2021

CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE E175 • Debt (162) and partner financed (31) 193 90 - 71 - - - 32 - • Average age 4 years

CRJ900 • Own (6), debt (9), lease (1) and partner financed (24) 40 - - 40 - - - - - • Average age 10 years CRJ700 • Own (49), debt (22), lease (25) and partner financed (2) 98 19 - 5 - 74 - - - • Average age 16 years CRJ200 • Own (128), lease (8) and partner financed (1) 137 70 38 - 29 - - - - • Average age 19 years 468 179 38 116 29 74 - 32 -

INVESTOR UPDATE Q2 2021 6

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Deliveries for Dual-Class Aircraft

E175s (new) CRJ900s (new) E175s (used) CRJ700s (used)

2019 2020 2021 & 2022

10 7 2 6 31 4 28 1 25

19 41 54

Delivered during the year

INVESTOR UPDATE Q2 2021 7

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Fleet Transition = Qty. of 10

2017 2018 2019 2020 Q1 2021 UPCOMING

28 E175s Deliveries 2021-2022 E175 In-service 2022 107 146 156 193 193

16 CRJ700s 2021

CRJ700/900 120 140 137 129 138 CRJ200

195 184 190 130 137

TOTAL TOTAL TOTAL TOTAL TOTAL 422 470 483 452 468

INVESTOR UPDATE Q2 2021 8

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Regional Market Share Q1-21

14% ~600 REGIONAL AIRCRAFT ~600 REGIONAL AIRCRAFT Envoy SkyWest - 217 Aircraft PSA Mesa Piedmont Republic Republic SkyWest - 74 Aircraft GoJet Mesa 54% CommutAir 25% 61% 46%

16% ~350 REGIONAL AIRCRAFT 32% ~94 REGIONAL AIRCRAFT Endeavor Horizon SkyWest - 145 Aircraft SkyWest - 32 Aircraft Republic 44% 68% 40%

Pie charts reflect allocation of scheduled flights during Q1-21 WHOLLY-OWNED OTHER REGIONAL

INVESTOR UPDATE Q2 2021 9

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Road to Recovery

AVERAGE DAILY BLOCK HOURS

Q4 2021 Block Hours may reach Q4 2019 levels, pending recovery curve

4,000 3,900

2,900 3,100 2,400

1,400

2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021

Q4 Q1 YEAR OVER Total Block Hours 27% 23% YEAR CHANGE E175 Block Hours 7% 3%

INVESTOR UPDATE Q2 2021 10

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Headwinds & Tailwinds

HEADWINDS TAILWINDS

Prorate business still unprofitable in Q1 Production trending higher Block hour production may reach 31% 2019 levels in Q4 $31m from Q1 2021

Maintenance run rate expected to continue New PSP 3 program and PSP2 top-up payroll grants, 9% combined $230m $16m Benefit expected Q2 & Q3, before temporary from Q4 2020 partner rate concessions

Deferred revenue in Q1 Deferred revenue may begin to reverse later in 2021 $21m in Q1 Cumulatively deferred $132m at Q1 seasonally weak quarter that will reverse over contract terms

INVESTOR UPDATE Q2 2021 11

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Income Waterfall Q1-20 to Q1-21

$ in Millions Q1-20 to Q1-21

$100$125 $6 $75 $100 $50 $(44) $22 $75 $25 $(33) $39 $50

$-$50 $(36) $(126) -$25 $193 $25 -$50 $- -$75 $(94) Contract$(126) -$100-$25

-$125 -$50 $(32) $29 -$150 Prorate -$75 -$175

-$200-$100 Q 1-20Q1-20 A ctual E175sE 175s CRJCRJ700/900s 700/900s CRJ200sCRJ200s LaLabor bor CostsCosts PayrollPayroll Support ProrateProrate FuelFuel MaintenaMaintenance nce OOther th er Q 1-21Q1-21 A ctual (preActual -ta x) 12% 20% 47% 12% SupportGra nt 24% (CRJ(CRJ700 700 14% (preActual -ta x) (Pre-tax) Grant engines)engines) (Pre-tax) 100% 27%

Revenue Down Operating & Other Expense Down

$(195) $206 27% 30%

$11

INVESTOR UPDATE Q2 2021 12

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Cash Waterfall for Q1-21

$ in Millions Q4-20 TO Q1-21

$1,000$1,100 $1,000 $40 $900 $(56) $(31) $190 $900 $(135) $800 $ - $2 $800 $700 $700 $600 $600 $500 $500

$400 $836 $400 $826 $300 $300 $200 $200

$100

$-$- Q4-20Q 4-20 C Cash ash EBITDAEBITDA 1 Cap-ExCa p-Ex Net Net Interest Interest NewNew Debt Debt2 DebtDe bt StockStock Repurchase & Other O th er Q 1-21 C ash Expense Payd o wn Dividends Q1-21 Cash Expense Paydown Repurchases & Dividends

Free Cash Flow Net Reduction in Debt $134 $(31) $(95) $0 $2

(1) EBITDA: $193 million from PSP grant Net Increase in Cash (2) New Debt: $40 million – PSP II loan $10

INVESTOR UPDATE Q2 2021 13

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Capital Expenditures and Debt

$ in Thousands

Q1 2021 2020 2019 2018 Capital Expenditures by Type

New E175 Aircraft $ - $ (131,000) $ (215,000) $ (880,000) Used Aircraft (17,000) (147,000) (188,000) (74,000) Rotable Spares, Spare Engines, Other (39,000) (160,000) (233,000) (143,000) Total Capital Expenditures $ (56,000) $ (438,000) $ (636,000) $ (1,097,000)

Debt Issued Towards Capex (Aircraft Only) $ - $ 241,000 $ 200,000 $ 844,000

Cash Outlay for Capex $ (56,000) $ (197,000) $ (436,000) $ (253,000)

Debt and Cash Q1 2021 2020 2019 2018 Outstanding debt (end of period) $ 3,106,000 $ 3,204,000 $ 2,993,000 $ 3,160,000 Cash (end of period) $ 836,000 $ 826,000 $ 520,000 $ 689,000 Debt, net of cash $ 2,270,000 $ 2,378,000 $ 2,473,000 $ 2,471,000

INVESTOR UPDATE Q2 2021 14

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Q1-21 Aircraft Summary by Financing

$ in Billions

Debt aircraft 162 E175s $2.6 debt balance (total 193) 31 CRJs $0.2 debt balance

Leased aircraft 34 CRJs $0.2 future lease obligations

Owned aircraft 183 CRJs No debt outstanding 39% of fleet Over 50% of fleet we operate has 31 E175s no financing Partner provided aircraft No financing obligation 27 CRJs

468 March 31, 2021 Fleet in scheduled service

$145 million in debt from PSP $129 million debt E175 debt term Have $1.5 billion in programs. Paid off $60 million on CRJ700s leased largely aligns with 1 unpledged assets 2 3 4 CARES Act secured loan in May to a third party flight contract

INVESTOR UPDATE Q2 2021 15

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION SkyWest Airlines Contract & Prorate As of March 31, 2021

Seattle

Portland Minneapolis

Detroit Chicago New York Washington, DC

14% Atlanta Phoenix Dallas

86% Houston CONTRACT 1,580 PRORATE 250 Total Flights Per Day 1,830

INVESTOR UPDATE Q2 2021 16

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Awards

TOP 50 WINNER

INVESTOR UPDATE Q2 2021 17

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Notes

INVESTOR UPDATE Q2 2021 18

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION Notes

INVESTOR UPDATE Q2 2021 19

PROPRIETARY – MAY NOT BE SHARED WITHOUT PERMISSION INC.SKYWEST.COM