Grupo Aeromexico (AERO) investor relations material

Executive summary

• Record 3Q26 revenue of $1.619bn, up 13.6% YoY; operating margin was 11.7% as resilient demand and disciplined capacity helped absorb higher costs.

• Adjusted EBITDAR was $389.2m, with a 24.0% margin versus 31.0% in 3Q25, reflecting sharply higher fuel and other costs.

Financial highlights

• Revenue rose to $1.619bn from $1.425bn; operating income was $189.6m and net income was $40.6m versus $97m in 3Q25.

• Adjusted EBITDAR was $389.2m, down 11.9% YoY, with a 24.0% margin versus 31.0%; operating margin was 11.7% versus 17.7%.

• Fuel expense rose 57.6% to $469m, up $171.5m YoY; total operating expenses increased 21.9% to $1.429bn.

• Incremental revenue of $194m offset 113% of the $171m increase in fuel expense.

Outlook and guidance

• 4Q26 capacity growth is guided at 7.0%–8.0% YoY, with revenue growth of 14.0%–16.0%; management separately cited ~15% growth expectations.

• FY26 capacity growth is guided at 2.0%–3.0%, with revenue growth of 13.5%–14.5%.

• Adjusted EBITDAR margin guidance is 19.5%–21.5% for 4Q26 and 21.5%–22.5% for FY26; operating margin guidance is 7.5%–9.5% and 8.5%–9.5%, respectively.

• Guidance assumes 4Q all-in fuel of $4.50/gal and MXN 18.0/USD; higher fleet utilization is expected to support unit-cost trends and broadly stable CASM-ex.

• Management cited 4Q revenue growth of 16%–18% at July exchange rates, with potential to approach 20% if fuel recapture initiatives deliver upside not fully reflected in guidance.