Grupo Aeroméxico, S.A.B. de C.V.

Second-quarter total revenue was approximately $1.5 billion, up 30% year over year. TRASM increased 10.5% year over year and PRASM rose 10% year over year. Adjusted EBITDA was $260 million with an 18% margin, and operating income was $68 million with a 5% margin. Total operating costs increased 30%, including a fuel headwind of approximately $220 million versus 2025 and about $30 million of incremental pressure versus April guidance assumptions. Capacity rose 1.9% year over year, and the company said it recaptured 70% to 75% of the incremental fuel pressure through pricing and revenue management. For the third quarter, management guided revenue of $1.59 billion to $1.62 billion, adjusted EBITDA margin in the mid to high 20s, and operating margin in the mid teens. For the fourth quarter, it guided revenue growth of 14.5% to 16.5%, adjusted EBITDA margin of 28% to 31%, and operating margin of 15.5% to 18.5%. Full-year 2026 guidance calls for 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 the quarter played out largely as expected, with healthy demand in April and May, a temporary June slowdown tied to World Cup travel shifts, and a quick recovery afterward. He highlighted disciplined capacity management, strong premium demand, record premium revenue mix of 43%, and continued investment in the customer experience, including new lounges, check-in facilities, and the new Inbursa co-branded card. His tone was confident and resilient, stressing that Aeromexico can adapt quickly without compromising its long-term strategy.

The CFO focused on the financial bridge: revenue of about $1.5 billion, adjusted EBITDA of $260 million, operating income of $68 million, and liquidity above EUR 1.2 billion with more than $1 billion in cash. He said the quarter saw a $220 million fuel headwind versus 2025 and about $30 million of extra pressure versus the April assumptions, but the company exceeded its 50% recapture target and achieved 70% to 75% recapture. He also noted $362 million of operating cash flow, about $17 million of debt reduction, and said CapEx for 2026 should be around $450 million, implying free cash flow close to $100 million this year.

Analysts pressed on the World Cup’s impact, and management estimated June domestic revenue was hurt by about $24 million, though it said the effect was temporary and July through September booking trends were recovering strongly. Questions also focused on the higher-slot environment at Mexico City, fuel recapture, and the cost outlook; management explained that the airport’s hourly operations are rising from 44 to 46, supporting about 10 additional slot pairs for Aeromexico, and said greater aircraft utilization should improve unit costs in the second half. On loyalty and other revenue, management said the Inbursa card transition is proceeding to plan, with about half of new cardholders previously lacking a co-branded card, and that the company still expects to finalize a flight-attendant agreement before the July 30 deadline.