Grupo Aeroméxico, S.A.B. de C.V.

Total revenue reached approximately $1.5 billion in 2Q, up 30% year over year; TRASM increased 10.5% and PRASM rose 10%. Adjusted EBITDA was $260 million with an 18% margin, and operating income was $68 million with a 5% margin. Total ASMs increased 1.9% year over year, and capacity was up 2% year over year in the quarter. Operating costs increased 30%, including a fuel price headwind of approximately $220 million versus 2025 and about $30 million of incremental cost pressure versus April guidance assumptions. Management said it recovered 70% of the incremental fuel cost through pricing and revenue management, and later described the recovery as 75% versus the original 50% target. For the third quarter, revenue guidance is $1.59 billion to $1.62 billion, with adjusted EBITDA margin in the mid to high 20s and operating margin in the mid teens. For the fourth quarter, revenue growth is expected at 14.5% to 16.5%, adjusted EBITDA margin at 28% to 31%, and operating margin at 15.5% to 18.5%. For full-year 2026, guidance is ASM growth of 2% to 3%, revenue growth of 13% to 14%, adjusted EBITDA margin of 20.5% to 26.5%, and operating margin of 11% to 13%.

The CEO emphasized that Aeromexico handled a difficult quarter well, pointing to disciplined capacity management, strong commercial execution, and record revenues even with volatile fuel prices and World Cup-related disruption. He highlighted premium revenue mix reaching 43%, record NPS, strong loyalty traction, and new long-haul routes to Barcelona and Paris as evidence that the brand and network strategy are working. His tone was confident but measured, repeatedly stressing flexibility, profitability discipline, and the ability to adjust quickly to market changes.

The CFO focused on how the quarter’s financials were protected through pricing, capacity discipline, and liquidity management. He cited total revenue of about $1.5 billion, adjusted EBITDA of $260 million, operating income of $68 million, more than $1 billion in cash, total liquidity above EUR 1.2 billion, and about $362 million of operating cash flow. He also said the company reduced financial debt by about $17 million, ended with adjusted net debt below last year’s level, and expects full-year net cash flow from operating activities between $800 million and $1 billion, with CapEx around $450 million.

Analysts focused on the World Cup impact, domestic versus international demand trends, slot growth at Mexico City, the higher ‘other revenue’ line, loyalty card transition, competitive capacity discipline, and fuel recapture. Management said June domestic revenue was hit by about $24 million from the World Cup, but traffic rebounded quickly in July with solid August and September demand. They also explained that higher ‘other revenue’ reflected Aeromexico Rewards penetration, VIP lounges reopening, World Cup charters, retailing initiatives, and the new credit card, while saying the Inbursa transition is covered in guidance and that the company expects to have a firm agreement with the flight attendants union before July 30.