英文MDW周末更新：运输安全管理局（TSA）日均旅客吞吐量同比增长1-，比2019年高出12-

USA | AirlinesEquity ResearchMay 27, 2025 Sheila Kahyaoglu *  | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.comGreg Konrad, CFA *  | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comKyle Wenclawiak *  | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.comConor Walters *  | Equity Associate+1 (212) 323-3395 | cwalters@jefferies.comMDW Weekend Update: Avg Daily TSA PaxThroughput +1% Y-o-Y to 12% Above 2019Following Memorial Day Weekend, one of the busiest travel weekends of theyear in the US, we see TSA throughput +1% y-o-y for the period (Thurs-Sun),now 12% above 2019 levels. This compares to scheduled US-origin capacity+3% y-o-y, +16% vs 2019. QTD, TSA vols are flattish y-o-y, but 7% ahead of 2019vs scheduled ASMs for Q2 +3% y-o-y and +16% vs 2019. From Sat-Mon, 23%of flights were delayed, 1% canceled, mainly tied to weather vs expected ATCconstraints.Memorial Day Traffic (Thurs-Sun) +1% Y-o-Y to 12% Above 2019 Levels. Over the Memorial DayWeekend period