Grupo Aeromexico (AERO) investor relations material

Executive summary

• Achieved record second-quarter revenue of $1.5 billion (MXN 1.5 billion), up 12.6%–30% year-over-year, driven by resilient demand, premium revenue mix at 43%, and disciplined capacity management despite volatile jet fuel prices and World Cup-related demand shifts.

• Customer engagement through Aeroméxico Rewards hit a record 39% participation rate.

• Maintained profitability within guidance, with EBIT margin at 5% (4.6%), despite fuel costs exceeding forecasts by MXN 30 million.

• Ended the quarter with strong liquidity ($1.2 billion) and no additional financial debt.

Financial highlights

• Total revenue reached $1.5 billion (MXN 1.5 billion), up 12.6%–30% year-over-year; TRASM and PRASM increased 10.5% and 10%, respectively.

• Adjusted EBITDAR was $264 million (MXN 260 million, 17.9%–18% margin); operating income was $68 million (5%/4.6% margin).

• Operating costs rose 30% year-over-year, mainly due to elevated fuel prices, with a fuel price headwind of MXN 220 million and $494 million in fuel expense, up 79.9%.

• Operating cash flow was $362 million (MXN 362 million); financial debt reduced by MXN 70 million and $17.1 million repaid.

• Net loss was $58 million, compared to net income of $68 million in 2Q25.

Outlook and guidance

• Third quarter revenue expected between $1.59–$1.62 billion (up 12–14%); fourth quarter revenue $1.64–$1.68 billion (up 14.5–16.5%).

• Adjusted EBITDAR margin expected at 14–17% in 3Q26 and 15.5–18.5% in 4Q26; operating margin guidance for 4Q26 and FY26 at 11–13%.

• Full-year 2026 guidance: ASM growth of 2%–3%, revenue growth of 13%–14%, adjusted EBITDA margin of 20.5%–26.5%, and operating margin of 11%–13%.

• Margin expansion expected in 4Q26, supported by increased aircraft utilization and favorable fuel costs.