Volaris (VOLARA) Corporate Presentation summary

Market position and network

• Largest ULCC in Latin America, operating 224 routes across 74 airports, with 30.7 million annual passengers as of 3Q'25.

• Holds leadership at more than half of served airports and leads at 23 of 59 domestic stations in Mexico.

• International network accounts for ~40% of ASMs in 2024, with significant presence in the U.S. and Central America.

• Operates with three Air Operator Certificates in Mexico, Costa Rica, and El Salvador, enabling direct U.S. service.

• Network diversification and low overlap with competitors provide competitive advantages and nearshoring opportunities.

Financial performance and growth

• Revenues grew from $1,016M in 2013 to $3,142M in 2024, with EBITDAR rising 5.2x to $1,141M.

• Free cash flow increased to $669M, and liquidity reached $954M by 2024.

• Net debt/EBITDAR improved from 4.8x to 2.6x, and liquidity as a percentage of revenues rose to 30%.

• FY2025 guidance projects ~7% ASM growth, 32–33% EBITDAR margin, and ~$250M capex.

• Robust cash position with $794M and 79% of total debt as lease liabilities; 6.6% dollar-equivalent cost of debt in 3Q'25.

Cost structure and operational efficiency

• Maintains one of the lowest CASM ex-fuel globally at 4.3 cents in FY2024, supported by a young, efficient Airbus fleet.

• Over 70% of costs are variable or semi-fixed, providing flexibility to adjust capacity.

• High asset utilization with 12.9 average daily block hours per aircraft in 3Q'25.

• Favorable aircraft pricing and a growing NEO fleet (66% in 2024, targeting 97% by 2030) enhance fuel efficiency and cost leadership.

• Direct sales channels account for ~85% of bookings, reducing distribution costs.