Grupo Aeromexico (AERO) investor relations material

Executive summary

• Achieved strong third quarter results, marking the second-best Q3 in company history and the first as a public company following a successful IPO and dual listing on NYSE and Mexican Stock Exchange.

• Maintained robust operational reliability, industry-leading punctuality, and received a five-star global airline award for the seventh consecutive year.

• Expanded fleet with four new Boeing 737 MAX aircraft, bringing the total to 162 with an average age of 8.5 years.

Financial highlights

• Total Q3 revenue reached $1.4 billion, with an adjusted EBITDAR margin of 31% and operating margin of 18%.

• Adjusted EBITDA/EBITDAR totaled $442 million, the second-highest Q3 on record; net income was €97 million ($96.9 million), representing a 7% net margin.

• Excluding extraordinary non-recurring items from 2024, adjusted EBITDA/EBITDAR increased 1.4% year-over-year.

• Cash on hand at quarter-end was €934 million ($934.1 million), with total liquidity of €1.1 billion (21% of LTM revenue).

• Reduced financial debt by €93 million in the first nine months, with a leverage ratio of 1.9x adjusted net debt to adjusted EBITDA/EBITDAR.

Outlook and guidance

• Q4 passenger revenue expected to increase 3–5% year-over-year on modest capacity reduction; 4Q25 capacity (ASMs) expected to decline 3.0% to 1.5% year-over-year.

• Full-year capacity projected to grow up to 0.5%, with adjusted EBITDAR margin of 29–30% and operating income margin of 15–16%.

• 4Q25 total revenue guidance: -5.5% to -4.5% year-over-year; full-year 2025: -3.0% to -2.0%.

• 2026 strategy focuses on margin protection, cost optimization, and financial flexibility.