Grupo Aeromexico (AERO) investor relations material

Executive summary

• Record 3Q26 revenue of $1.619bn, up 13.6% YoY; operating margin was 11.7% despite sharply higher fuel costs.

• Strong international demand, premium revenue and loyalty momentum, alongside disciplined capacity deployment, supported results.

Financial highlights

• Operating income was $189.6m, down 25.0% YoY; 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% in 3Q25.

• Fuel expense rose 57.6% to $469m, up $171.5m YoY; incremental revenue of $194m offset 113% of the increase.

• Total operating expenses increased 21.9% to $1.429bn; excluding fuel, expenses rose 10%.

Outlook and guidance

• 4Q26 capacity growth is guided at 7.0%–8.0% YoY; FY26 capacity growth is guided at 2.0%–3.0%.

• Revenue growth guidance is 14.0%–16.0% for 4Q26 and 13.5%–14.5% for FY26; separate commentary anticipates ~15% 4Q growth.

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

• Guidance assumes $4.50/gal average all-in 4Q fuel and MXN 18.0/USD; higher aircraft utilization is expected to support unit-cost improvement.