Grupo Aeromexico, S.A.B. de C.V 6-K, filed Feb 17, 2026
Grupo Aeromexico, S.A.B. de C.V. (AERO)
About this 6-K
Grupo Aeromexico, S.A.B. de C.V filed this 6-K on February 17, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the month of February 2026
Commission File Number: 001-42931
Grupo Aeroméxico, S.A.B. de C.V.
(Name of registrant)
Aeromexico Group
(Translation of registrant’s name into English)
Avenida Paseo de la Reforma 243, 25th Floor
Col. Renacimiento, Cuauhtémoc 06500
Mexico City
United Mexican States
+52 (55) 9132 4000
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On February 16, 2026, Grupo Aeroméxico, S.A.B. de C.V. (the “Company”) issued a press release titled “Aeroméxico Reports Unaudited Fourth Quarter & Full Year 2025 Results.” This press release includes the Company’s November 2025, December 2025 and January 2026 traffic reports. A copy of this press release is furnished with this Form 6-K as Exhibit 99.1.
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release dated February 16, 2026, titled “Aeroméxico Reports Unaudited Fourth Quarter & Full Year Results.” | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Grupo Aeroméxico, S.A.B. de C.V. | ||||||
| Date: February 17, 2026 | By: | /s/ Ernesto Gómez Pombo | ||||
| Name: | Ernesto Gómez Pombo | |||||
| Title: | General Counsel | |||||
Exhibit 99.1
| CONTACT: | Investor Relations | aminvestorrelations@aeromexico.com | ||
| Corporate Communications | amcomunicacioncorporativa@aeromexico.com |
Aeroméxico Reports Unaudited Fourth Quarter & Full Year 2025 Results
| • | Total Revenue of $1.4 billion in 4Q25 and $5.4 billion in FY25 |
| • | Adjusted EBITDAR Margin of 35% in 4Q25 and 31% in FY25, highest on record |
| • | Operating Margin of 21% in 4Q25 and 17% in FY25 |
| • | Premium revenue at 42% in 4Q25 and FY25 |
Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO, “Aeroméxico” or the “Company”) today reported unaudited consolidated financial results for the three months ended December 31, 2025 (“4Q25”) and twelve months ended December 31, 2025 (“FY25”) and as of December 31, 2025. The unaudited consolidated financial results set forth below are subject to revision based upon the completion of our annual financial closing process, and other developments arising between now and the time this financial closing process is finalized. These results are based on information available to us as of the date of this earnings release and are not a comprehensive statement of our financial results for the period presented. The Company has used the U.S. dollar, its functional currency, as the presentation currency for its consolidated financial statements. All figures are expressed in millions of U.S. dollars unless otherwise indicated.
Andrés Conesa, Chief Executive Officer stated: “Aeroméxico closed the year with strong momentum firmly confirming the recovery trend that gained pace in the second half of the year. We once again demonstrated industry-leading operational reliability, being recognized by CIRIUM as the world’s most on-time airline for the second consecutive year. Our commitment to service excellence was also reaffirmed as Aeroméxico was awarded the APEX North America’s Best Global Airline recognition. We delivered industry-leading financial performance, and this quarter achieved record results, including the highest Adjusted EBITDAR in the Company’s history. These achievements reflect disciplined execution across the business and the unwavering commitment, professionalism, and teamwork of our people, who continue to drive Aeroméxico’s performance and leadership”.
OPERATING & FINANCIAL HIGHLIGHTS FOURTH QUARTER 2025
| • | Aeroméxico’s capacity, measured in available seat miles (ASMs), decreased by 1.8% year-over-year in 4Q25. |
| • | Aeroméxico’s 4Q25 total revenue reached $1.4 billion, a 0.2% increase as compared to the same period of 2024. When excluding 2024 extraordinary, non-recurrent items(1), total revenue grew 3.4% year-over-year (1). |
| • | Share of gain on equity accounted investees recorded a benefit of $71.1 million derived from the extraordinary income generated from the sale of the Group’s 50% equity interest in MRO (TechOps transaction), a joint venture owned in equal parts by Aeroméxico and Delta, dedicated to providing aircraft maintenance and repair services. |
1
| 4Q25 & FY25 RESULTS |
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| • | Adjusted EBITDAR(3) totaled $501.6 million, with a 34.9% margin, representing the highest EBITDAR and EBITDAR margin on record in the Company’s history. Excluding the TechOps transaction and non-capitalized administrative expenses related to our Initial Public Offering (IPO)(2), Adjusted EBITDAR(3) amounted to $434.9 million with a 30.2% margin. |
| • | Fourth quarter 2025 Operating Income totaled $303.1 million, with a margin of 21.1%, marking the best operating income performance for a fourth quarter on record. Excluding the TechOps transaction and non-capitalized administrative expenses related to our Initial Public Offering (IPO)(2), Operating Income totaled $236.4 million with a 16.4% margin. |
| • | Cost per ASM excluding fuel (CASM-Ex), was 10.4¢, marking a 5.9% increase with respect to the same quarter of 2024. |
OPERATING & FINANCIAL HIGHLIGHTS FULL YEAR 2025
| • | Aeroméxico’s capacity, measured in available seat miles (ASMs), increased by 0.5% year-over-year. |
| • | Aeroméxico’s FY25 total revenue reached $5.4 billion, a 4.6% decrease as compared to 2024. When excluding 2024 extraordinary, non-recurrent items(1), total revenue decreased 1.9% year-over-year. |
| • | Adjusted EBITDAR(3) totaled $1.7 billion, with a 31.2% margin. This margin represents the highest record in the Company’s history. Excluding the TechOps transaction and IPO-related expenses(2), Adjusted EBITDAR(3) amounted to $1.6 billion with a 30.0% margin. |
| • | Full year 2025 Operating Income totaled $928.1 million, with a margin of 17.3%, marking the second-best yearly operating income performance record. Excluding the TechOps transaction and the IPO-related expenses (2), Operating Income totaled $861.4 million with a 16.1% margin. |
| • | Cost per ASM excluding fuel (CASM-Ex), was 9.3¢, a 1.7% increase compared to last year. |
| • | Total adjusted net debt to EBITDAR(3) ended the year at 1.8x. |
1Q26 & FULL YEAR 2026 OUTLOOK
| Indicator |
1Q26 Guidance |
FY2026 Guidance | ||
| Total Capacity (ASMs) | ~ -1.7% to -1.2% | ~ 3.0% to 5.0% | ||
| Total Revenue | ~ 1.30 bn to 1.33 bn | ~ 5.77 bn to 5.88 bn | ||
| Total Revenue YoY | ~ 10.0% to 12.0% | ~ 7.5% to 9.5% | ||
| Adjusted EBITDAR Margin | ~ 26.0% to 28.0% | ~ 28.5% to 30.5% | ||
| Operating Income Margin | ~ 11.0% to 13.0% | ~ 15.0% to 17.0% | ||
| Adjusted Net Leverage | — | ~ 1.6x |
2
| 4Q25 & FY25 RESULTS |
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KEY FINANCIAL AND OPERATING HIGHLIGHTS FOR THE FOURTH QUARTER 2025
| Key Financial KPIs |
Three Months Ended December 31 | |||||||||||||||||||
| 4Q25 | 4Q25 (Normalized) (4) |
4Q24 | 4Q24 (Normalized) (4) |
Var. % (5) | ||||||||||||||||
| Total revenue (USD millions) |
1,438 | 1,438 | 1,435 | 1,391 | 3.4 | % | ||||||||||||||
| Adjusted EBITDAR(3) (USD millions) |
502 | 435 | 446 | 402 | 8.3 | % | ||||||||||||||
| Adjusted EBITDAR margin(3) (% of Revenue) |
35 | % | 30 | % | 31 | % | 29 | % | 1.4 p.p. | |||||||||||
| Total operating income (loss) (USD millions) |
303 | 236 | 257 | 212 | 11.6 | % | ||||||||||||||
| Operating Margin (% of Revenue) |
21 | % | 16 | % | 18 | % | 15 | % | 1.2 p.p. | |||||||||||
| Key Operating Indicators |
4Q25 | 4Q25 (Normalized) (4) |
4Q24 | 4Q24 (Normalized) (4) |
Var. % (5) | |||||||||||||||
| Total ASMs (millions) |
8,751 | — | 8,911 | — | — | |||||||||||||||
| Passengers (‘000) |
6,168 | — | 6,247 | — | — | |||||||||||||||
| Total revenue / ASM (USD cents) |
16.4 | 16.4 | 16.1 | 15.6 | 5.3 | % | ||||||||||||||
| Total cost / ASM (USD cents) |
13.6 | 13.6 | 13.0 | 13.0 | 4.9 | % | ||||||||||||||
| Total cost excluding fuel / ASM (USD cents) |
10.4 | 10.4 | 9.9 | 9.9 | 5.4 | % | ||||||||||||||
| Foreign Exchange* |
4Q25 | 4Q25 (Normalized) (4) |
4Q24 | 4Q24 (Normalized) (4) |
Var. % | |||||||||||||||
| Average |
18.33 | — | 20.03 | — | -8.5 | % | ||||||||||||||
| Twelve Months Ended December 31 | ||||||||||||||||||||
| Key Financial KPIs |
2025 | 2025 (Normalized) (4) |
2024 | 2024 (Normalized) (4) |
Var. % (5) | |||||||||||||||
| Total revenue (USD millions) |
5,361 | 5,361 | 5,620 | 5,467 | -1.9 | % | ||||||||||||||
| Adjusted EBITDAR(3) (USD millions) |
1,672 | 1,606 | 1,738 | 1,578 | 1.8 | % | ||||||||||||||
| Adjusted EBITDAR margin(3) (% of Revenue) |
31 | % | 30 | % | 31 | % | 29 | % | 1.1 p.p. | |||||||||||
| Total operating income (loss) (USD millions) |
928 | 861 | 1,067 | 901 | -4.4 | % | ||||||||||||||
| Operating Margin (% of Revenue) |
17 | % | 16 | % | 19 | % | 16 | % | -0.4 p.p. | |||||||||||
| Key Operating Indicators |
2025 | 2025 (Normalized) (4) |
2024 | 2024 (Normalized) (4) |
Var. % (5) | |||||||||||||||
| Total ASMs (millions) |
35,804 | — | 35,642 | — | — | |||||||||||||||
| Passengers (‘000) |
24,587 | — | 25,338 | — | — | |||||||||||||||
| Total revenue / ASM (USD cents) |
15.0 | 15.0 | 15.8 | 15.3 | -2.4 | % | ||||||||||||||
| Total cost / ASM (USD cents) |
12.5 | 12.5 | 12.7 | 12.7 | -1.2 | % | ||||||||||||||
| Total cost excluding fuel / ASM (USD cents) |
9.3 | 9.3 | 9.2 | 9.2 | 1.5 | % | ||||||||||||||
| Foreign Exchange* |
2025 | 2025 (Normalized) (4) |
2024 | 2024 (Normalized) (4) |
Var. % | |||||||||||||||
| Average |
19.26 | — | 18.27 | — | 5.5 | % | ||||||||||||||
Figures may not sum to total due to rounding.
| * | Source: Company with information from Banxico. |
3
| 4Q25 & FY25 RESULTS |
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INCOME STATEMENT DISCUSSION
4Q 2025 Revenue
Total revenue for the fourth quarter of 2025 was $1.4 billion, representing a 0.2% year-over-year increase. When excluding 2024 extraordinary, non-recurrent items(1), total revenue grew 3.4% year-over-year. The recovery trend in demand that accelerated during the second half of 2025 fully materialized during the quarter, supported by strong load factors and sustained operational discipline. 2024 extraordinary, non-recurring items included one-time benefits from compensation received from Boeing related to the 737 MAX grounding, as well as estimated revenue from expired tickets following the extension of ticket validity policies implemented under prior commercial flexibility initiatives.
Total revenue per Available Seat Mile (“TRASM”) was 16.4¢, representing a 2.0% increase compared to 4Q24. Excluding 2024 extraordinary, non-recurrent items(1), TRASM increased by 5.3% year-over-year, reflecting enhanced performance across various demand segments and the appreciation of the Mexican peso. The positive trajectory in TRASM also reflects the improvement in our premium revenue(6) mix, which reached 41.9% of passenger-related revenue compared to 40.4% in 4Q24.
Full Year 2025 Revenue
Total revenue for the full year 2025 was $5.4 billion, representing a 4.6% year-over-year decrease. The decline primarily reflects the observed 2025 first half softer passenger demand in certain U.S. and Mexican border markets; the depreciation of the Mexican peso, and 2024 extraordinary, non-recurring items(1). Excluding 2024 extraordinary, non-recurrent items(1), total revenue decreased by 1.9% year-over-year. The impact of economic and political uncertainty on domestic border routes and the Mexico–U.S. transborder Visiting Friends and Relatives (VFR) segment during the first half of the year were partially offset by a recovery trend in certain U.S. and Mexican markets that began in the third quarter and materialized during the fourth quarter.
TRASM was 15.0¢, representing a 5.0% decrease compared to 2024. Excluding 2024 extraordinary, non-recurrent items(1), RASM decreased by 2.4% year-over-year.
| Passenger Revenue (USD million) |
Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||||||
| 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | |||||||||||||||||||
| Domestic |
478 | 459 | 4.0 | % | 1,664 | 1,893 | (12.1 | )% | ||||||||||||||||
| International |
713 | 683 | 4.4 | % | 2,641 | 2,612 | 1.1 | % | ||||||||||||||||
| Ancillaries |
112 | 168 | (33.0 | )% | 555 | 646 | (14.0 | )% | ||||||||||||||||
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| Total Passenger Revenue |
1,303 | 1,310 | (0.5 | )% | 4,860 | 5,151 | (5.6 | )% | ||||||||||||||||
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Figures may not sum to total due to rounding.
4
| 4Q25 & FY25 RESULTS |
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4Q 2025 Operating Expenses
In 4Q25, total operating expenses -including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, depreciation and amortization- reached $1.1 billion, reflecting a 3.7% decrease compared to the same period in 2024. Excluding the TechOps transaction and the IPO-related expenses(2), operating expenses were 1.9% higher compared to 4Q24. This increase was primarily driven by the impact of the Mexican peso’s appreciation on peso-denominated expenses, higher expenses on wages, salaries, and benefits following the renegotiation of all Collective Bargaining Agreements (“CBAs”) in 2024, increased depreciation and amortization costs due to fleet expansion, and IPO-related expenses. These cost pressures were partially offset by reduced selling and administrative expenses.
Fuel cost per liter increased 4.0% compared to 4Q24, averaging 66¢ per liter in 4Q25 as compared to 63¢ per liter in 4Q24. Fuel consumption decreased by 2.7% year-over-year, while fuel burn per ASM decreased by 0.9%, mainly due to a more efficient fleet mix.
Cost per ASM excluding fuel (CASM-Ex) was 10.4¢ in 4Q25, up 5.9% from 4Q24. Excluding extraordinary, non-recurring items(1,2), CASM-Ex increased 5.4% compared to 4Q24.
Share of gain on equity accounted increased by $73.4 million in 4Q25 as compared to 4Q24. This increase primarily reflects the $71.1 million of extraordinary income generated from the sale of TechOps.
Full Year 2025 Operating Expenses
In 2025, total operating expenses—including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, and depreciation and amortization—totaled $4.4 billion, representing a 2.7% decrease compared to 2024. Excluding the TechOps transaction and the IPO-related expenses(2), operating expenses were 1.5% lower compared to 2024. The reduction was primarily driven by lower fuel expenses, ongoing cost-efficiency initiatives, and operational efficiencies associated with the introduction of additional Boeing 737 MAX aircraft. Operating expenses were also favorably impacted by the depreciation of the Mexican peso during the first half of the year, which reduced peso-denominated costs. These benefits were partially offset by higher depreciation and amortization resulting from fleet growth, increased direct operating expenses—particularly wages, salaries, and benefits—following the renegotiation of all CBAs in 2024, IPO-related expenses, and the appreciation of the Mexican peso during the second half of the year, which increased peso-denominated expenses.
Fuel cost per liter decreased by 7.6% compared to 2024, averaging 65¢ per liter in 2025 as compared to 71¢ per liter in 2024. Fuel consumption decreased by 0.4% year-over-year, while fuel burn per ASM decreased by 0.9%, mainly due to a more efficient fleet mix.
CASM-Ex was 9.3¢ in 2025, up 1.7% from 2024. Excluding extraordinary, non-recurring items(1,2),CASM-Ex increased 1.5% year-over-year.
4Q 2025 Adjusted EBITDAR(3) and Operating Income
Adjusted EBITDAR(3) for the fourth quarter amounted to $501.6 million with a 34.9% margin, representing the highest EBITDAR and EBITDAR margin on record in the Company’s history. Excluding 2025 extraordinary, non-recurrent items(2), Adjusted EBITDAR(3) in 4Q25 was $434.9 million. This represents a $33.4 million year-over-year increase compared to the 4Q24 Adjusted EBITDAR(3) (excluding 2024 extraordinary, non-recurrent items(1) of $401.5 million.
5
| 4Q25 & FY25 RESULTS |
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Operating income for the fourth quarter totaled $303.1 million, with a margin of 21.1%, marking the best operating income performance for a fourth quarter on record. Excluding 2025 extraordinary, non-recurrent items(2), Operating Income in 4Q25 stood at $236.4 million. This compares to Operating Income, excluding 2024 extraordinary, non-recurring items(1), of $211.7 million in 4Q24, reflecting a year-over-year increase of $24.7 million.
Full Year 2025 Adjusted EBITDAR(3) and Operating Income
Adjusted EBITDAR(3) for the full year amounted to $1.7 billion with a 31.2% margin. This represents the highest record in the Company’s history. Excluding 2025 extraordinary, non-recurrent items(2), Adjusted EBITDAR(3) in 2025 totaled $1.61 billion, a $28.0 million year-over-year increase when compared to FY2024 Adjusted EBITDAR(3) (excluding 2024 extraordinary, non-recurrent items(1)) of $1.58 billion.
Operating income for the full year totaled $928.1 million, with a margin of 17.3%. This represents the second highest record for the Company. Excluding 2025 extraordinary, non-recurrent items(2), Operating Income in 2025 reached $861.4 million, which compared to a $900.7 million 2024 Operating Income, excluding 2024 extraordinary, non-recurrent items(1), represents a $39.3 million decrease year-over-year.
4Q 2025 Net Financing Cost
Net financing costs decreased by $56.4 million compared to the same period of 2024, driven primarily by net foreign exchange. A $46.0 million loss in 4Q24 was reversed to a $0.6 million net FX gain in 4Q25, accounting for a $46.6 million tailwind. In addition to the net FX gain, lower interest expenses on financial liabilities contributed to the net financing costs reduction.
Full Year 2025 Net Financing Cost
Net financing costs increased by $144.6 million compared to 2024, driven primarily by foreign exchange. A $45.8 million FX gain in 2024 was reversed to a $22.4 million loss this quarter, accounting for a $68.2 million headwind. Additional factors contributing to the increase in finance costs over 2024 include the lease interest related to our fleet expansion, higher finance costs associated with the Senior Secured Notes due 2029 and 2031 issued in 2024, and reduced interest income following shareholder cash distributions.
4Q 2025 Net Income
Net income in 4Q25 totaled $165.0 million with an 11.5% margin.
Full Year 2025 Net Income
Net income in 2025 totaled $351.9 million with a 6.6% margin.
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| 4Q25 & FY25 RESULTS |
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BALANCE SHEET AND CASH FLOW
As of December 31, 2025, Aeroméxico reported cash and cash equivalents amounting to $1.0 billion. Including the $200.0 million revolving credit facility secured in 3Q24, total liquidity reached $1.2 billion. This represents a liquidity to last twelve-month revenues ratio of 22.8%.
Over 2025, Aeroméxico generated $913.1 million in net cash from operating activities, which allowed the Company to continue with its investment and deleveraging programs.
During the fourth quarter, the Company amortized $63.5 million of financial debt, bringing total debt amortization to $156.2 million for the full year 2025.
On October 9, 2025, the Shareholders of the Company approved to carry out a capital reimbursement, without canceling shares, equivalent to an amount of $0.15 per share for a total distribution of $203.9 million. By December 2025, the Company had completed capital reimbursements amounting to $1.3 billion since December 2023.
FLEET
During 4Q25, Grupo Aeroméxico received one Boeing 737 MAX-8 and two Boeing 737 MAX-9 aircraft.
Aeroméxico’s operating fleet was comprised of 165 aircraft as of December 31, 2025, with an average age of 8.6 years.
OPERATING FLEET
| Fleet |
1Q25 | 2Q25 | 3Q25 | 4Q25 | ||||||||||||
|
B-737-800 |
34 | 34 | 34 | 34 | ||||||||||||
| B-737 MAX 8 |
42 | 42 | 44 | 45 | ||||||||||||
| B-737 MAX 9 |
24 | 26 | 28 | 30 | ||||||||||||
| B-787 |
22 | 22 | 22 | 22 | ||||||||||||
| Aeroméxico |
122 | 124 | 128 | 131 | ||||||||||||
| E-190 |
34 | 34 | 34 | 34 | ||||||||||||
| Aeroméxico Connect |
34 | 34 | 34 | 34 | ||||||||||||
| Grupo Aeroméxico |
156 | 158 | 162 | 165 | ||||||||||||
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| 4Q25 & FY25 RESULTS |
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Footnotes
| (1) | For the three months ended December 31, 2024, we recognized $45.2 million of extraordinary favorable effects within operating income and $44.5 million within Adjusted EBITDAR, comprising (i) compensation from Boeing for financial damages related to the Boeing 737 MAX grounding, and (ii) estimated breakage from unused tickets resulting from the extension of ticket usage rules introduced under prior years’ commercial flexibility initiatives recorded in 2024. For the full year 2024, we recognized $165.8 million of extraordinary favorable effects within operating income and $160.3 million within Adjusted EBITDAR, comprising (i) compensation from Boeing for financial damages related to the Boeing 737 MAX grounding, and (ii) estimated breakage from unused tickets resulting from the extension of ticket usage rules introduced under prior years’ commercial flexibility. |
| (2) | For the three months and full year ended December 31, 2025, we recognized extraordinary income of $71.1 million from the sale of the Group’s 50% equity interest in MRO (TechOps), a joint venture owned in equal parts by Aeroméxico and Delta, dedicated to providing aircraft maintenance and repair services and non-capitalized administrative expenses of $4.3 million related to our Initial Public Offering (IPO). |
| (3) | Adjusted EBITDAR, Adjusted Net Debt to EBITDAR, and Adjusted EBITDAR Margin are non-IFRS measures and have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. See Annex A for the definition of Aeroméxico’s non-IFRS measures and a reconciliation to the nearest IFRS measure. |
| (4) | “Normalized” metrics presented in this column exclude 2024 and 2025 extraordinary, non-recurrent items (see footnotes 1 and 2). |
| (5) | Variations are computed by comparing Normalized 4Q24 results with Normalized 4Q25 results, and twelve months 2024 results with twelve months 2025 results, as applicable. |
| (6) | Premium revenue mix consist of revenue from premium products and services above Básica / Clásica coach cabin products. Ratio is calculated based on total passenger revenue. |
4Q25 & FY25 EARNINGS CALL INFORMATION
| Date | Tuesday, February 17, 2026 | |
| Time | 08:00 a.m. ET (NY) / 07:00 a.m. CT (CDMX) | |
| Webcast Link | https://edge.media-server.com/mmc/p/38azfj59 | |
| Participant Listening* | https://register-conf.media-server.com/register/BI7b40694b1501455cbefc19bf4dbe2770 | |
| * | Participants can complete the online registration form and upon registering will receive the dial-in info and a unique PIN to join the call. |
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| 4Q25 & FY25 RESULTS |
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About Grupo Aeroméxico
Grupo Aeroméxico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeroméxico, Mexico’s global airline, has its main operations center in Terminal 2 of the Mexico City International Airport. Its destination network has reach in Mexico, the United States, Canada, Central America, South America, Asia and Europe. The Group’s current operating fleet includes Boeing 787 and 737 aircraft, as well as the latest generation Embraer 190. Aeroméxico is a founding partner of SkyTeam, an alliance that celebrates 20 years and offers connectivity in more than 170 countries, through the 19 partner airlines. Aeroméxico created and implemented a Health and Hygiene Management System (SGSH) to protect its clients and collaborators at all stages of its operation.
www.aeromexico.com
www.skyteam.com
Forward Looking Statements
This press release contains certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act, that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,”, “intend,” “target,” “estimate,” “project,” “predict,” “guidance,” “forecast,” “guideline,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Important factors that could cause such differences include, but are not limited to: external risks, including health threats, accidents, global instability, security breaches, terrorism and natural disasters; Mexican and international economic conditions, as well as seasonality, on customer travel behavior; the current U.S.’s administration tariffs on the Company’s costs and the actions of other governmental authorities in Mexico, the U.S. and other countries; fuel market volatility; the Company’s capacity to fulfill the Company’s fixed obligations, obtain financing and/or maintain liquidity; the Company’s capacity to retain and attract key personnel and other professionals, and the Company’s labor relations with employees; the Company’s reliance on few aircraft manufacturers and other third-party providers; the Company’s aircraft utilization rate and aircraft maintenance costs; changes in landing charges, airport access fees and inadequate airport infrastructure; consumer protection restrictions; dependence on the Company’s main hub, MEX; air traffic congestion; the competitive environment in the aviation industry, including those arising from non-air travel substitutes; sanctions and compliance with anti-corruption, anti-money laundering, anti-drug trafficking and other ethical rules and standards; reliance on partnerships and alliances and challenges in entering into new ones; and other factors described in “Risk Factors” of the Company’s final prospectus dated as of November 5, 2025 relating to its initial public offering and other documents filed with or furnished to the SEC from time to time. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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| 4Q25 & FY25 RESULTS |
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Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Profit or Loss and other Comprehensive Income (Unaudited)
| Three Months Ended December 31 |
Twelve months Ended December 31 |
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| 2025 | 2024 | Var. % | 2025 | 2024 | Var. % | |||||||||||||||||||
| Revenues: |
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| Passenger |
1,303 | 1,310 | -0.5 | % | 4,860 | 5,151 | -5.6 | % | ||||||||||||||||
| Air Cargo |
82 | 82 | 0.1 | % | 312 | 296 | 5.5 | % | ||||||||||||||||
| Other |
52 | 43 | 22.0 | % | 188 | 173 | 8.6 | % | ||||||||||||||||
| Total Revenue |
1,438 | 1,435 | 0.2 | % | 5,361 | 5,620 | -4.6 | % | ||||||||||||||||
| Operating Expenses: |
||||||||||||||||||||||||
| Jet-fuel |
280 | 276 | 1.2 | % | 1,138 | 1,237 | -8.0 | % | ||||||||||||||||
| Wages, salaries and benefits |
319 | 286 | 11.9 | % | 1,148 | 1,084 | 5.9 | % | ||||||||||||||||
| Maintenance |
64 | 73 | -12.2 | % | 231 | 258 | -10.3 | % | ||||||||||||||||
| Aircraft, communications and traffic services |
164 | 152 | 7.8 | % | 615 | 591 | 3.9 | % | ||||||||||||||||
| Passenger services |
39 | 35 | 11.8 | % | 151 | 141 | 7.0 | % | ||||||||||||||||
| Travel agent commissions |
27 | 32 | -13.7 | % | 97 | 122 | -20.6 | % | ||||||||||||||||
| Selling and administrative |
101 | 112 | -9.7 | % | 359 | 406 | -11.6 | % | ||||||||||||||||
| Aircraft leasing |
5 | 5 | 5.7 | % | 18 | 16 | 9.1 | % | ||||||||||||||||
| Depreciation and amortization |
193 | 184 | 4.9 | % | 730 | 655 | 11.5 | % | ||||||||||||||||
| Impairment (reversal) |
— | — | NA | (4 | ) | — | NA | |||||||||||||||||
| Other (income) loss, net |
14 | 22 | -37.0 | % | 27 | 49 | -45.2 | % | ||||||||||||||||
| Share of gain on equity accounted investees, net of tax |
(72 | ) | 1 | NA | (77 | ) | (6 | ) | NA | |||||||||||||||
| Total Operating Expenses |
1,135 | 1,178 | -3.7 | % | 4,432 | 4,553 | -2.7 | % | ||||||||||||||||
| Total operating income |
303 | 257 | 18.0 | % | 928 | 1,067 | -13.0 | % | ||||||||||||||||
| Finance income (cost): |
||||||||||||||||||||||||
| Net finance cost |
123 | 179 | -31.5 | % | 514 | 370 | 39.1 | % | ||||||||||||||||
| Income before income tax |
180 | 78 | 131.8 | % | 414 | 697 | -40.6 | % | ||||||||||||||||
| Income tax |
15 | 2 | 517.5 | % | 62 | 80 | -22.1 | % | ||||||||||||||||
| Net income for the period |
165 | 75 | 119.0 | % | 352 | 617 | -43.0 | % | ||||||||||||||||
The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency.
10
| 4Q25 & FY25 RESULTS |
|
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Financial Position (Unaudited)
| (USD Millions) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
1,024 | 842 | ||||||
| Trade and other receivables |
700 | 591 | ||||||
| Due from related parties |
3 | 3 | ||||||
| Prepayments and deposits |
78 | 70 | ||||||
| Inventories |
174 | 140 | ||||||
| Total current assets |
1,980 | 1,647 | ||||||
| Non-current assets: |
||||||||
| Property and equipment, including right-of-use |
3,674 | 3,207 | ||||||
| Other non–current assets |
1,539 | 1,530 | ||||||
| Total non-current assets |
5,213 | 4,737 | ||||||
| Total assets |
7,193 | 6,384 | ||||||
| Liabilities |
||||||||
| Current liabilities: |
||||||||
| Loans and borrowings, including leases |
451 | 448 | ||||||
| Others |
2,645 | 2,745 | ||||||
| Total current liabilities |
3,096 | 3,193 | ||||||
| Non-current liabilities: |
||||||||
| Loans and borrowings, including leases |
3,604 | 3,253 | ||||||
| Others |
1,085 | 838 | ||||||
| Total non-current liabilities |
4,689 | 4,090 | ||||||
| Total liabilities |
7,785 | 7,283 | ||||||
| Total equity (deficit) |
(592 | ) | (900 | ) | ||||
| Total equity and liabilities |
7,193 | 6,384 | ||||||
The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency.
11
| 4Q25 & FY25 RESULTS |
|
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
| Twelve Months Ended December 31, | ||||||||||||
| (USD Millions) | ||||||||||||
| 2025 | 2024 | Var $ | ||||||||||
| Operating cash |
1,470 | 1,878 | (408 | ) | ||||||||
| Operational assets and liabilities |
(154 | ) | (194 | ) | 40 | |||||||
| Cash generated from (required by) operating activities |
1,316 | 1,684 | (368 | ) | ||||||||
| Income tax paid |
(74 | ) | (37 | ) | (38 | ) | ||||||
| Interest paid |
(328 | ) | (280 | ) | (48 | ) | ||||||
| Net cash from (used in) operating activities |
913 | 1,368 | (454 | ) | ||||||||
| Net cash used in investing activities |
(270 | ) | (489 | ) | 219 | |||||||
| Net cash from (used in) financing activities |
(496 | ) | (920 | ) | 424 | |||||||
| Effect of exchange rate fluctuations on cash held |
36 | (54 | ) | 90 | ||||||||
| Net increase (decrease) in cash and cash equivalents |
182 | (96 | ) | 278 | ||||||||
| Cash and cash equivalents: |
||||||||||||
| At beginning of the period |
842 | 938 | (96 | ) | ||||||||
| At end of the period |
1,024 | 842 | 182 | |||||||||
The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency.
12
| 4Q25 & FY25 RESULTS |
|
FINANCIAL AND OPERATIONAL INDICATORS
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
| Financial KPIs |
4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | ||||||||||||||||||
| Total revenue |
1,438 | 1,435 | 0.2 | % | 5,361 | 5,620 | (4.6 | )% | ||||||||||||||||
| Passenger revenue |
1,303 | 1,310 | (0.5 | )% | 4,860 | 5,151 | (5.6 | )% | ||||||||||||||||
| Adjusted EBITDAR(1) |
502 | 446 | 12.5 | % | 1,672 | 1,738 | (3.8 | )% | ||||||||||||||||
| Adjusted EBITDAR margin(1) (% of Revenue) |
35 | % | 31 | % | 3.8 p.p. | 31 | % | 31 | % | 0.3 p.p. | ||||||||||||||
| Total operating income (loss) |
303 | 257 | 18.0 | % | 928 | 1,067 | (13.0 | )% | ||||||||||||||||
| Operating Margin (% of Revenue) |
21 | % | 18 | % | 3.2 p.p. | 17 | % | 19 | % | (1.7 | ) p.p. | |||||||||||||
| Net Income (loss) |
165 | 75 | 119.0 | % | 352 | 617 | (43.0 | )% | ||||||||||||||||
| Net Income (loss) Margin (% of Revenue) |
11 | % | 5 | % | 6.2 p.p. | 7 | % | 11 | % | (4.4 | ) p.p. | |||||||||||||
| Operating Indicators |
4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | ||||||||||||||||||
| Total ASMs (millions) |
8,751 | 8,911 | (1.8 | )% | 35,804 | 35,642 | 0.5 | % | ||||||||||||||||
| Total RPMs (millions) |
7,632 | 7,617 | 0.2 | % | 30,751 | 30,853 | (0.3 | )% | ||||||||||||||||
| Load factor on scheduled flights (%) |
87.2 | % | 85.5 | % | 1.7 p.p | 85.9 | % | 86.6 | % | (0.7 | ) p.p | |||||||||||||
| Passengers (‘000) |
6,168 | 6,247 | (1.3 | )% | 24,587 | 25,338 | (3.0 | )% | ||||||||||||||||
| On-Time departure performance within 15 minutes (%) |
93.0 | % | 89.4 | % | 3.6 p.p | 92.0 | % | 88.1 | % | 4.0 p.p | ||||||||||||||
| Total liters of fuel (‘000) |
424,151 | 435,977 | (2.7 | )% | 1,743,449 | 1,750,940 | (0.4 | )% | ||||||||||||||||
| Yield (USD cents) (2) |
9.7 | 9.3 | 4.0 | % | 8.7 | 9.1 | (4.1 | )% | ||||||||||||||||
| Total revenue / ASM (USD cents) |
16.4 | 16.1 | 2.0 | % | 15.0 | 15.8 | (5.0 | )% | ||||||||||||||||
| Passenger revenue / ASM (USD cents)(2) |
13.6 | 12.8 | 6.2 | % | 12.0 | 12.6 | (4.9 | )% | ||||||||||||||||
| Total cost / ASM (USD cents) |
13.6 | 13.0 | 5.2 | % | 12.5 | 12.7 | (1.1 | )% | ||||||||||||||||
| Total cost excluding fuel / ASM (USD cents) |
10.4 | 9.9 | 5.9 | % | 9.3 | 9.2 | 1.7 | % | ||||||||||||||||
| Other Indicators |
4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | ||||||||||||||||||
| Fuel cost per liter (USD cents) |
66 | 63 | 4.0 | % | 65 | 71 | (7.6 | )% | ||||||||||||||||
| FX close(3) |
17.97 | 20.27 | (11.4 | %) | 17.97 | 20.27 | (11.4 | %) | ||||||||||||||||
| FX average(3) |
18.33 | 20.03 | (8.5 | %) | 19.26 | 18.27 | 5.5 | % | ||||||||||||||||
Figures may not sum to total due to rounding.
| 1) | Adjusted EBITDAR and Adjusted EBITDAR margin are non-IFRS measures and have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. See Annex A for the definition of Aeroméxico’s non-IFRS measures and a reconciliation to the nearest IFRS measure. |
| 2) | Estimated as passenger revenues (excluding ancillaries) divided by total RPMs. |
| 3) | Source: Company with information from Banxico. |
13
| 4Q25 & FY25 RESULTS |
|
Annex A on Non-IFRS Financial Measures
In addition to disclosing financial results prepared in accordance with IFRS, the Company discloses information regarding Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Debt and Adjusted Net Debt to Adjusted EBITDAR Ratio, which are non-IFRS measures. The Company also has disclosed in this press release revenue, operating income, operating margin, Adjusted EBITDAR and Adjusted EBITDAR Margin as incrementally adjusted by certain extraordinary, non-recurrent items adjustments from 2024 and 2025, which are additional non-IFRS financial measures. The Company believes all of these financial reporting measures to be useful indicators of its operational performance. These known performance measurements in the aviation industry are frequently used by investors, stock analysts and others who are interested in comparing the operational performance of companies in its industry.
The Company defines Adjusted EBITDAR as profit or loss for the period before income tax expense (benefit), depreciation and amortization, net finance cost, and impairment (reversal), before aircraft leasing expense, in light of the non-recurring nature of this item. The Company considers Adjusted EBITDAR to be solely a valuation metric, not a performance metric. The Company defines Adjusted EBITDAR Margin as Adjusted EBITDAR divided by total revenue for the period. The Company defines Adjusted Net Debt as total loan and borrowings, including leases, minus cash and cash equivalents. The Company defines Adjusted Net Debt to Adjusted EBITDAR Ratio as Adjusted Net Debt Ratio divided by Adjusted EBITDAR for the period.
To obtain “Normalized” figures, the Company includes adjustments to reflect other extraordinary, non-recurrent items that have also impacted our results of operations during the periods under discussion. For the three months ended December 31, 2025, we recognized extraordinary income of $71.1 million from the sale of TechOps and non-capitalized administrative expenses of $4.3 million related to our Initial Public Offering (IPO) recorded in 2025 and in the three months ended December 31, 2024, we recognized $45.2 million of extraordinary favorable effects within operating income and $44.5 million within Adjusted EBITDAR, comprising (i) compensation from Boeing for financial damages related to the Boeing 737 MAX grounding, and (ii) estimated breakage from unused tickets resulting from the extension of ticket usage rules introduced under prior years’ commercial flexibility initiatives recorded in 2024. In 2025, we recognized $71.1 million of extraordinary income from the sale of TechOps and non-capitalized administrative expenses of $4.3 million related to our Initial Public Offering (IPO) and in 2024, we recognized $165.8 million of extraordinary favorable effects within operating income and $160.3 million within Adjusted EBITDAR, comprising (i) compensation from Boeing for financial damages related to the Boeing 737 MAX grounding, and (ii) estimated breakage from unused tickets resulting from the extension of ticket usage rules introduced under prior years’ commercial flexibility.
All of the above-mentioned non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. Some of these limitations are: (i) they do not reflect the Company’s cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) they do not reflect changes in, or cash requirements for, its working capital needs; (iii) they do not reflect the Company’s cash requirements necessary to service interest or principal payments on the Company’s debt; (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and they do not reflect any cash
14
| 4Q25 & FY25 RESULTS |
|
requirements for such replacements; (v) they do not adjust for all non-cash income or expense items that are reflected in the Company’s consolidated statements of profit or loss and other comprehensive income; (vi) they do not reflect the impact of all non-recurring items; and (vii) other companies in the Company’s industry may calculate these measures, or similarly titled measures, differently than the Company does, limiting their usefulness as comparative measures.
Reconciliations of each of these historical measures, and to the extent applicable, forward-looking measures to the most directly comparable IFRS measure are below. No reconciliation of the forecasted amounts of Adjusted EBITDAR, as incrementally adjusted, and Revenue, as incrementally adjusted, for fiscal 2025 is included in this release because we are unable to quantify certain amounts that would be required to be included in the corresponding IFRS measure without unreasonable efforts, due to high variability and complexity with respect to estimating certain forward-looking amounts, and we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors.
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
| Normalized Total Revenue Reconciliation |
4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | ||||||||||||||||||
| Total revenue |
1,438 | 1,435 | 0.2 | % | 5,361 | 5,620 | (4.6 | )% | ||||||||||||||||
| (-) Extraordinary, non-recurrent ítems(1) |
— | 44 | NA | 67 | 153 | NA | ||||||||||||||||||
| Normalized Total Revenue |
1,438 | 1,391 | 3.4 | % | 5,361 | 5,467 | (1.9 | )% | ||||||||||||||||
Figures may not sum to total due to rounding.
| 1) | 2024 extraordinary, non-recurrent items consist of favorable effects comprising (i) compensation from Boeing for financial damages related to the Boeing 737 MAX grounding, and (ii) estimated breakage from unused tickets resulting from the extension of ticket usage rules introduced under prior years’ commercial flexibility initiatives. |
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
| Adjusted EBITDAR Reconciliation |
4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | ||||||||||||||||||
| Profit (loss) for the period |
165 | 75 | 119.1 | % | 352 | 617 | (43.0 | )% | ||||||||||||||||
| (+) Income tax expense (benefit) |
15 | 2 | 517.5 | % | 62 | 80 | (22.1 | )% | ||||||||||||||||
| (+) Depreciation and amortization (1) |
193 | 184 | 4.9 | % | 730 | 655 | 11.5 | % | ||||||||||||||||
| (+) Net finance cost |
123 | 179 | -31.5 | % | 514 | 370 | 39.1 | % | ||||||||||||||||
| (+) Impairment (reversal) |
— | — | NA | -4 | 0 | NA | ||||||||||||||||||
| (+) Aircraft leasing (2) |
5 | 5 | 5.9 | % | 18 | 16 | 9.1 | % | ||||||||||||||||
| Adjusted EBITDAR (3) |
502 | 446 | 12.5 | % | 1,672 | 1,738 | (3.8 | )% | ||||||||||||||||
| (-) Extraordinary ítems (4) |
67 | 45 | NA | 67 | 166 | NA | ||||||||||||||||||
| Normalized Adjusted EBITDAR (3) |
435 | 402 | 8.3 | % | 1,606 | 1,578 | 1.8 | % | ||||||||||||||||
Figures may not sum to total due to rounding.
15
| 4Q25 & FY25 RESULTS |
|
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
| Adjusted Total Operating Income Reconciliation |
4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | ||||||||||||||||||
| Total operating income (USD millions) |
303 | 257 | 18.0 | % | 928 | 1,067 | (13.0 | )% | ||||||||||||||||
| (-) Extraordinary items (4) |
67 | 45 | NA | 67 | 166 | NA | ||||||||||||||||||
| Normalized Total operating income (USD millions) (3) |
236 | 212 | 11.6 | % | 861 | 901 | (4.4 | )% | ||||||||||||||||
Figures may not sum to total due to rounding.
| 1) | Depreciation and amortization expense as presented in our profit or loss. |
| 2) | Aircraft leasing is comprised of short-term rentals of flight equipment, including subject to PBH period. |
| 3) | Adjusted EBITDAR and Normalized Adjusted EBITDAR are non-IFRS measures and have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. |
| 4) | Extraordinary, non-recurrent items consist of adjustments related to extraordinary income from the sale of TechOps and non-capitalized administrative expenses related to our Initial Public Offering (IPO) recorded in 2025, and extraordinary favorable effects within operating income and Adjusted EBITDAR, comprising (i) compensation from Boeing for financial damages related to the Boeing 737 MAX grounding, and (ii) estimated breakage from unused tickets resulting from the extension of ticket usage rules introduced under prior years’ commercial flexibility initiatives recorded in 2024. |
| Adjusted Net Debt Reconciliation |
December 31, 2025 | December 31, 2024 | ||||||
| Total loans and borrowings, including leases |
4,055 | 3,701 | ||||||
| (-) Cash and cash equivalents |
1,024 | 842 | ||||||
| = Adjusted Net Debt (1) |
3,031 | 2,859 | ||||||
Figures may not sum to total due to rounding.
| 1) | Adjusted Net Debt is a non-IFRS measures and has limitations as analytical tools, and you should not consider it in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. |
| Net Leverage Ratio Reconciliation (Adjusted Net Debt / Last Twelve Months Adjusted EBITDAR) |
December 31, 2025 | December 31, 2024 | ||||||
| Adjusted Net Debt (1) |
3,031 | 2,859 | ||||||
| Last Twelve Months Adjusted EBITDAR (1) |
1,672 | 1,738 | ||||||
| = Net Leverage Ratio (1) |
1.8 | x | 1.6 | x | ||||
Figures may not sum to total due to rounding
| 1) | Adjusted Net Debt, Adjusted EBITDAR and Net Leverage Ratio are non-IFRS measures and have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. |
16
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Aeroméxico November 2025 Traffic Results
Mexico City, Mexico, December 8, 2025 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO) (“Aeroméxico”) reports its November 2025 operational results:
| • | Grupo Aeroméxico transported 1 million and 995 thousand passengers in November 2025, a 2.0% year-over-year decrease. International passengers decreased by 1.3%, while domestic passengers decreased by 2.3%. |
| • | Aeroméxico’s total capacity, measured in available seat miles (ASMs), decreased by 4.0% year-over-year. International ASMs decreased by 4.7%, while domestic capacity decreased by 2.3% year-over-year. |
| • | Demand, measured in passenger miles (RPMs), decreased by 1.5% year-over-year. International demand decreased by 0.8%, while domestic demand decreased by 3.0%, both figures compared to November 2024. |
| • | Aeroméxico’s November 2025 load factor was 87.5%, a 2.3 p.p. increase as compared to November 2024. International load factor increased by 3.6 p.p., and domestic load factor decreased by 0.6 p.p. |
Andrés Conesa, Chief Executive Officer stated: “Aeroméxico recorded continued sequential improvement in November, driven by robust demand and sustained operational discipline. Year-to-date, the airline remains recognized as the world’s most punctual carrier in 2025. Notably, second-half load factors have reversed the softness seen earlier in the year. This inflection reflects a strengthening across key markets, including the U.S. As year-end approaches, these trends reinforce a favorable setup for the fourth quarter.”
| November | Cumulative to November | |||||||||||||||||||||||
| 2025 | 2024 | Var vs 2024 |
2025 | 2024 | Var vs 2024 |
|||||||||||||||||||
| Passengers (itinerary + charter, thousands) |
||||||||||||||||||||||||
| Domestic |
1,346 | 1,378 | -2.3 | % | 14,820 | 15,757 | -5.9 | % | ||||||||||||||||
| International |
648 | 657 | -1.3 | % | 7,588 | 7,410 | 2.4 | % | ||||||||||||||||
| Total |
1,995 | 2,034 | -2.0 | % | 22,408 | 23,167 | -3.3 | % | ||||||||||||||||
| ASMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
871 | 892 | -2.3 | % | 9,791 | 10,444 | -6.3 | % | ||||||||||||||||
| International |
1,900 | 1,994 | -4.7 | % | 22,925 | 22,098 | 3.7 | % | ||||||||||||||||
| Total |
2,771 | 2,886 | -4.0 | % | 32,716 | 32,543 | 0.5 | % | ||||||||||||||||
| RPMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
750 | 773 | -3.0 | % | 8,347 | 8,960 | -6.8 | % | ||||||||||||||||
| International |
1,675 | 1,688 | -0.8 | % | 19,714 | 19,239 | 2.5 | % | ||||||||||||||||
| Total |
2,424 | 2,460 | -1.5 | % | 28,061 | 28,198 | -0.5 | % | ||||||||||||||||
| Load Factor (itinerary, %) |
p.p. | p.p. | ||||||||||||||||||||||
| Domestic |
86.1 | % | 86.7 | % | -0.6 | 85.3 | % | 85.8 | % | -0.5 | ||||||||||||||
| International |
88.2 | % | 84.6 | % | 3.6 | 86.0 | % | 87.1 | % | -1.0 | ||||||||||||||
| Total |
87.5 | % | 85.3 | % | 2.3 | 85.8 | % | 86.7 | % | -0.9 | ||||||||||||||
Figures may not sum to total due to rounding.
Starting November 2025, the indicators are presented in miles. This change ensures consistency and comparability across the industry. Our monthly and year-to-date figures for 2024 also reflect this change.
17
| NOVEMBER 2025 TRAFFIC RESULTS |
|
The information included within this report has not been audited and does not provide information on the Company’s future performance. Aeromexico’s future performance depends on many factors and it cannot be inferred that any period’s performance or its year-over-year comparison will be an indicator of similar future performance.
Glossary:
| • | “RPMs” Revenue Passenger Miles represent one revenue-passenger transported one mile. This includes itinerary and charter flights. The total RPMs equals the number of revenue-passengers transported multiplied by the total distance flown. |
| • | “ASMs” Available Seat Miles represent the number of available seats multiplied by the distance flown. This metric is an indicator of the airline’s capacity. It equals one seat offered for one mile, whether the seat is used. |
| • | “Load Factor” equals the number of passengers transported as a percentage of the number of seats offered. It is a measure of the airline’s capacity utilization. This metric considers the total passengers transported and total seats available in itinerary flights only. |
| • | “Passengers” refers to the total number of passengers transported by the airline. |
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,”, “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Grupo Aeroméxico
Grupo Aeroméxico, S.A.B. de C.V., is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and in the promotion of passenger loyalty programs. Aeroméxico, Mexico’s global airline, operates primarily out of Terminal 2 of the Mexico City International Airport. Its destination network extends across Mexico, the United States, Canada, Central America, South America, Asia, and Europe. Aeroméxico’s current operating fleet includes Boeing 787 and 737 aircraft, as well as Embraer 190. Aeroméxico is a founding member of SkyTeam, an alliance celebrating 25 years and offering connectivity across more than 145 countries through its 18 partner airlines.
www.aeromexico.com
www.skyteam.com
18
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Aeroméxico December 2025 Traffic Results
Mexico City, Mexico, January 6, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO) (“Aeroméxico”) reports its December 2025 operational results:
| • | Grupo Aeroméxico transported 2 million and 180 thousand passengers in December 2025, a 0.4% year-over-year increase. International passengers increased by 2.7%, while domestic passengers decreased by 0.9%. |
| • | Aeroméxico’s total capacity, measured in available seat miles (ASMs), decreased by 0.4% year-over-year. International ASMs increased by 0.1%, while domestic capacity decreased by 1.4% year-over-year. |
| • | Demand, measured in passenger miles (RPMs), increased by 1.3% year-over-year. International demand increased by 2.7%, while domestic demand decreased by 1.9%, both figures compared to December 2024. |
| • | Aeroméxico’s December 2025 load factor was 87.1%, a 1.4 p.p. increase as compared to December 2024. International load factor increased by 2.2 p.p., and domestic load factor decreased by 0.5 p.p. |
Andrés Conesa, Chief Executive Officer stated: “December traffic results confirmed the materialization of the recovery trend, supported by strong load factors driven by solid demand and sustained operational discipline. Market conditions improved progressively throughout the second half of the year, enabling us to close 2025 with strengthened momentum. In parallel, for the second consecutive year, Aeroméxico was recognized as the world’s most on-time airline in 2025. This performance underscores the consistency of our execution and reinforces our confidence heading into the year ahead.”
| December | Cumulative to December | |||||||||||||||||||||||
| 2025 | 2024 | Var vs 2024 |
2025 | 2024 | Var vs 2024 |
|||||||||||||||||||
| Passengers (itinerary + charter, thousands) |
||||||||||||||||||||||||
| Domestic |
1,391 | 1,403 | -0.9 | % | 16,210 | 17,160 | -5.5 | % | ||||||||||||||||
| International |
789 | 769 | 2.7 | % | 8,377 | 8,179 | 2.4 | % | ||||||||||||||||
| Total |
2,180 | 2,171 | 0.4 | % | 24,587 | 25,338 | -3.0 | % | ||||||||||||||||
| ASMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
897 | 910 | -1.4 | % | 10,688 | 11,354 | -5.9 | % | ||||||||||||||||
| International |
2,191 | 2,189 | 0.1 | % | 25,116 | 24,288 | 3.4 | % | ||||||||||||||||
| Total |
3,088 | 3,099 | -0.4 | % | 35,804 | 35,642 | 0.5 | % | ||||||||||||||||
| RPMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
795 | 811 | -1.9 | % | 9,142 | 9,770 | -6.4 | % | ||||||||||||||||
| International |
1,895 | 1,845 | 2.7 | % | 21,609 | 21,083 | 2.5 | % | ||||||||||||||||
| Total |
2,690 | 2,655 | 1.3 | % | 30,751 | 30,854 | -0.3 | % | ||||||||||||||||
| Load Factor (itinerary, %) |
p.p. | p.p. | ||||||||||||||||||||||
| Domestic |
88.6 | % | 89.1 | % | -0.5 | 85.5 | % | 86.0 | % | -0.5 | ||||||||||||||
| International |
86.5 | % | 84.3 | % | 2.2 | 86.1 | % | 86.8 | % | -0.7 | ||||||||||||||
| Total |
87.1 | % | 85.7 | % | 1.4 | 85.9 | % | 86.6 | % | -0.7 | ||||||||||||||
Figures may not sum to total due to rounding.
Starting November 2025, the indicators are presented in miles. This change ensures consistency and comparability across the industry. Our monthly and year-to-date figures for 2024 also reflect this change.
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| DECEMBER 2025 TRAFFIC RESULTS |
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The information included within this report has not been audited and does not provide information on the Company’s future performance. Aeromexico’s future performance depends on many factors and it cannot be inferred that any period’s performance or its year-over-year comparison will be an indicator of similar future performance.
Glossary:
| • | “RPMs” Revenue Passenger Miles represent one revenue-passenger transported one mile. This includes itinerary and charter flights. The total RPMs equals the number of revenue-passengers transported multiplied by the total distance flown. |
| • | “ASMs” Available Seat Miles represent the number of available seats multiplied by the distance flown. This metric is an indicator of the airline’s capacity. It equals one seat offered for one mile, whether the seat is used. |
| • | “Load Factor” equals the number of passengers transported as a percentage of the number of seats offered. It is a measure of the airline’s capacity utilization. This metric considers the total passengers transported and total seats available in itinerary flights only. |
| • | “Passengers” refers to the total number of passengers transported by the airline. |
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,”, “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Grupo Aeroméxico
Grupo Aeroméxico, S.A.B. de C.V., is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and in the promotion of passenger loyalty programs. Aeroméxico, Mexico’s global airline, operates primarily out of Terminal 2 of the Mexico City International Airport. Its destination network extends across Mexico, the United States, Canada, Central America, South America, Asia, and Europe. Aeroméxico’s current operating fleet includes Boeing 787 and 737 aircraft, as well as Embraer 190. Aeroméxico is a founding member of SkyTeam, an alliance celebrating 25 years and offering connectivity across more than 145 countries through its 18 partner airlines.
www.aeromexico.com
www.skyteam.com
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Aeroméxico January 2026 Traffic Results
Mexico City, Mexico, February 5, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO) (“Aeroméxico”) reports its January 2026 operational results:
| • | Grupo Aeroméxico transported 2 million and 53 thousand passengers in January 2026, a 1.8% year-over-year decrease. International passengers increased by 2.7%, while domestic passengers decreased by 4.2%. |
| • | Aeroméxico’s total capacity, measured in available seat miles (ASMs), decreased by 2.3% year-over-year. International ASMs decreased by 1.7%, while domestic capacity decreased by 3.6% year-over-year. |
| • | Demand, measured in passenger miles (RPMs), increased by 1.1% year-over-year. International demand increased by 3.8%, while domestic demand decreased by 5.0%, both figures compared to January 2025. |
| • | Aeroméxico’s January 2026 load factor was 87.0%, a 2.9 p.p. increase as compared to January 2025. International load factor increased by 4.7 p.p., and domestic load factor decreased by 1.2 p.p. |
Andrés Conesa, Chief Executive Officer stated: “January traffic results confirm the recovery momentum built in recent months. After external shocks impacted demand early in 2025, we responded decisively by realigning capacity from the second quarter onward. With strong load factors in January, we demonstrated disciplined and agile network management. Capacity is expected to resume its growth trajectory in the second quarter of 2026, reinforcing our confidence as we enter the year with a balanced strategy focused on sustainable growth and disciplined execution.”
| January | ||||||||||||
| 2026 | 2025 | Var vs 2025 |
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| Passengers (itinerary + charter, thousands) |
||||||||||||
| Domestic |
1,298 | 1,355 | -4.2 | % | ||||||||
| International |
755 | 735 | 2.7 | % | ||||||||
| Total |
2,053 | 2,090 | -1.8 | % | ||||||||
| ASMs (itinerary + charter, millions) |
||||||||||||
| Domestic |
892 | 925 | -3.6 | % | ||||||||
| International |
2,111 | 2,148 | -1.7 | % | ||||||||
| Total |
3,003 | 3,073 | -2.3 | % | ||||||||
| RPMs (itinerary + charter, millions) |
||||||||||||
| Domestic |
740 | 779 | -5.0 | % | ||||||||
| International |
1,874 | 1,805 | 3.8 | % | ||||||||
| Total |
2,614 | 2,584 | 1.1 | % | ||||||||
| Load Factor (itinerary, %) |
p.p. | |||||||||||
| Domestic |
83.0 | % | 84.2 | % | -1.2 | |||||||
| International |
88.8 | % | 84.0 | % | 4.7 | |||||||
| Total |
87.0 | % | 84.1 | % | 2.9 | |||||||
Figures may not sum to total due to rounding.
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| JANUARY 2026 TRAFFIC RESULTS |
|
The information included within this report has not been audited and does not provide information on the Company’s future performance. Aeromexico’s future performance depends on many factors and it cannot be inferred that any period’s performance or its year-over-year comparison will be an indicator of similar future performance.
Glossary:
| • | “RPMs” Revenue Passenger Miles represent one revenue-passenger transported one mile. This includes itinerary and charter flights. The total RPMs equals the number of revenue-passengers transported multiplied by the total distance flown. |
| • | “ASMs” Available Seat Miles represent the number of available seats multiplied by the distance flown. This metric is an indicator of the airline’s capacity. It equals one seat offered for one mile, whether the seat is used. |
| • | “Load Factor” equals the number of passengers transported as a percentage of the number of seats offered. It is a measure of the airline’s capacity utilization. This metric considers the total passengers transported and total seats available in itinerary flights only. |
| • | “Passengers” refers to the total number of passengers transported by the airline. |
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,”, “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Grupo Aeroméxico
Grupo Aeroméxico, S.A.B. de C.V., is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and in the promotion of passenger loyalty programs. Aeroméxico, Mexico’s global airline, operates primarily out of Terminal 2 of the Mexico City International Airport. Its destination network extends across Mexico, the United States, Canada, Central America, South America, Asia, and Europe. Aeroméxico’s current operating fleet includes Boeing 787 and 737 aircraft, as well as Embraer 190. Aeroméxico is a founding member of SkyTeam, an alliance celebrating 25 years and offering connectivity across more than 145 countries through its 18 partner airlines.
www.aeromexico.com
www.skyteam.com
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