-- Total Revenue growth of 13% year-on-year -- Adjusted EBITDAR Margin of 25% -- Operating Margin of 11% -- Liquidity to LTM Revenue ratio at 23%
MEXICO CITY, April 21, 2026 (GLOBE NEWSWIRE) -- 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 March 31, 2026 ("1Q26"). 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 started 2026 on a solid footing, building on the momentum gained in the second half of 2025. Demand remained robust during the quarter, supporting strong revenue performance despite a dynamic environment and temporary disruptions in specific local markets. While higher fuel prices have put pressure on margins, our disciplined approach to capacity and network management, commitment to premium revenue strategies, pricing initiatives, and cost control, allowed us to sustain solid profitability. Operationally, we continued to demonstrate high levels of reliability, once again being recognized by Cirium as the world's most on-time airline for the first quarter of 2026. These results reflect the resilience of our business model and the exceptional commitment of our people, as we remain focused on safety, profitability, and delivering a superior customer experience--reinforcing our position as Mexico's flagship carrier."
OPERATING & FINANCIAL HIGHLIGHTS FIRST QUARTER 2026
-- Capacity, measured in available seat miles (ASMs), decreased by 1.2%
year-over-year in 1Q26.
-- Total revenue reached $1.3 billion, a 13.3% increase as compared to the
same period of 2025.
-- Adjusted EBITDAR(1) totaled $335.8 million, with a 25.0% margin, marking
a 5.0% increase over the same period last year.
-- Operating income totaled $141.8 million, with a 10.6% margin.
-- Cost per ASM excluding fuel (CASM-Ex), was 10.2c.
-- Total adjusted net debt to EBITDAR(1) ended the quarter at 1.7x, compared
to 1.8x in 4Q25.
-- Liquidity(2) reached $1.2 billion and represented 23.0% of total
revenues.
2Q26 OUTLOOK
Indicator 2Q26 Guidance
----------------------------- --------------------
Total Capacity (ASMs) 1.5% to 2.5%
----------------------------- --------------------
Total Revenue 1.47 bn to 1.52 bn
----------------------------- --------------------
Total Revenue YoY 12.5% to 15.5%
----------------------------- --------------------
Adjusted EBITDAR Margin 17.0% to 20.0%
----------------------------- --------------------
Operating Income Margin 4.0% to 7.0%
----------------------------- --------------------
KEY FINANCIAL AND OPERATING HIGHLIGHTS FOR THE FIRST QUARTER 2026
Key Financial KPIs Three Months Ended March 31
--------------------------------------------- -------------------------------
1Q26 1Q25 Var. %
--------------------------------------------- ------- ------- -------------
Total revenue (USD millions) 1,341 1,184 13.3%
---------------------------------------------
Adjusted EBITDAR((1) () (USD millions) 336 320 5.0%
--------------------------------------------- ------- ------- -------------
Adjusted EBITDAR margin((1) () (% of Revenue) 25% 27% (2.0 p.p.)
--------------------------------------------- ------- ------- -------------
Total operating income (loss) (USD millions) 142 142 (0.1%)
--------------------------------------------- ------- ------- -------------
Operating margin (% of Revenue) 11% 12% (1.4 p.p.)
--------------------------------------------- ------- ------- -------------
Key Operating Indicators 1Q26 1Q25 Var. %
--------------------------------------------- ------- ------- -------------
Total ASMs (millions) 8,596 8,697 (1.2%)
--------------------------------------------- ------- ------- -------------
Passengers ('000) 5,791 5,877 (1.5%)
--------------------------------------------- ------- ------- -------------
Total revenue / ASM (USD cents) 15.6 13.6 14.6%
--------------------------------------------- ------- ------- -------------
Total cost / ASM (USD cents) 13.8 11.9 16.0%
--------------------------------------------- ------- ------- -------------
Total cost excluding fuel / ASM (USD cents) 10.2 8.6 17.8%
--------------------------------------------- ------- ------- -------------
Foreign Exchange* 1Q26 1Q25 Var. %
--------------------------------------------- ------- ------- -------------
Average 17.58 20.43 (14.0%)
--------------------------------------------- ------- ------- -------------
Figures may not sum to total due to rounding.
*Source: Company with information from Banxico.
INCOME STATEMENT DISCUSSION
1Q 2026 Revenue
Total revenue for the first quarter of 2026 reached $1.3 billion, representing a 13.3% year-over-year increase. This growth was driven by our continuous focus on premium revenue(2) , the sustained recovery in demand that began in the latter half of 2025, and the strengthening of the Mexican peso, contributing to robust revenue performance during the quarter.
Our premium revenue((3) () mix climbed to 42% of passenger-related revenue, up from 41% in 1Q25, demonstrating strong demand for higher-yield services across our network. These overall results reflect demand resilience, notwithstanding localized disruptions in February that affected certain regions in Mexico and transborder markets originating in the United States.
Total revenue per Available Seat Mile ("TRASM") reached 15.6c, marking a 14.6% year-over-year increase. The upward trend in TRASM was largely attributed to a 2.2 percentage point improvement in load factor, an increase of over $100.0 million in both domestic and international passenger revenue, and the appreciation of the Mexican peso. ASM volume decreased by 1.2%, reflecting disciplined capacity management, with domestic capacity down 2.8% compared to the previous year.
The following table shows our total revenue breakdown during the indicated periods:
Total Revenue Three months ended
(USD million) March 31
----------------------
2026 2025 Var. %
Domestic 494 438 12.7%
International 847 746 13.6%
--------------- ------ ------ ------
Total revenue 1,341 1,184 13.3%
--------------- ------ ------ ------
Figures may not sum to total due to rounding.
1Q 2026 Operating Expenses
In 1Q26, total operating expenses --including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, depreciation and amortization-- reached $1.2 billion, a 15.1% increase compared to 1Q25. The increase was primarily driven by the impact of the Mexican peso's appreciation on peso-denominated expenses, inflation in wages, salaries, and benefits, increased depreciation and amortization associated with the fleet expansion in 2025, and elevated fuel prices triggered by global geopolitical events since late February.
Fuel cost per liter increased 13.1% compared to 1Q25, averaging 77c per liter in 1Q26 compared to 68c per liter in 1Q25. Fuel consumption decreased by 2.6% year-over-year, while fuel burn per ASM (liters of fuel consumed per ASM) decreased by 1.4%, mainly due to a more efficient fleet mix.
Cost per ASM excluding fuel (CASM-Ex) was 10.2c in 1Q26, representing an increase of 17.8% compared to the same period in 2025. This rise was primarily driven by a 14.0% appreciation of the Mexican peso, increased ownership costs attributable to additions to the aircraft fleet in 2025, higher labor expenses associated with inflation-related salary adjustments, and the expansion of international operations.
1Q 2026 Adjusted EBITDAR((1) () and Operating Income
Adjusted EBITDAR((1) () for the first quarter amounted to $335.8 million with a 25.0% margin. This result represents a 5.0% increase compared to 1Q25, notwithstanding higher fuel costs and localized demand disruptions affecting revenue in specific regions of Mexico.
Operating income for the first quarter reached $141.8 million, with a margin of 10.6%. This result corresponds with the lower end of the guidance range issued in the previous quarter.
1Q 2026 Net Financing Cost
Net financing costs increased by $14.6 million compared to the same period in 2025, primarily due to increased net foreign exchange losses. In 1Q26, foreign exchange loss grew by $6.8 million, while financial expenses increased by $7.8 million, largely reflecting higher interest expenses from lease obligations associated with fleet expansion.
1Q 2026 Net Income
Net income in 1Q26 totaled $10.7 million with a 0.8% margin.
BALANCE SHEET AND CASH FLOW
As of March 31, 2026, Aeroméxico reported cash and cash equivalents, and short-term investments totaling $1.0 billion. This is an increase of $178.0 million compared to the same quarter in the previous year and $21.0 million higher than at year-end 2025, despite the usual seasonal weakness of the quarter.
Including the $200.0 million revolving credit facility secured in 3Q24, total liquidity reached $1.2 billion. This represents a ratio of liquidity to last-twelve-month revenues of 22.6%.
In 1Q26, Aeroméxico generated $200.6 million in net cash from operating activities, which allowed the Company to continue with its investment and deleveraging programs.
During the first quarter, the Company repaid $9.3 million of financial debt.
OPERATING FLEET
During 1Q26, Grupo Aeroméxico received one Boeing 787-9 aircraft.
Aeroméxico's operating fleet was comprised of 166 aircraft as of March 31, 2026, with an average age of 8.8 years.
OPERATING FLEET
Fleet 2Q25 3Q25 4Q25 1Q26
------------------------ ---- ---- ---- ----
B-737-800 34 34 34 34
------------------------ ---- ---- ---- ----
B-737 MAX 8 42 44 45 45
------------------------ ---- ---- ---- ----
B-737 MAX 9 26 28 30 30
------------------------ ---- ---- ---- ----
B-787 22 22 22 23
------------------------ ---- ---- ---- ----
Aeroméxico 124 128 131 132
------------------------ ---- ---- ---- ----
E-190 34 34 34 34
----
Aeroméxico Connect 34 34 34 34
Grupo Aeroméxico 158 162 165 166
----
Footnotes
(1) 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.
(2) Liquidity is defined as cash and cash equivalents,
and short-term investments.
(3) Premium revenue mix consists of revenue from premium
products and services above Básica / Clásica
coach cabin products. Ratio is calculated based on
total passenger revenue.
1Q26 EARNINGS CALL INFORMATION
Date Wednesday, April 22, 2026
Time 12:30 p.m. ET (NY) / 10:30 a.m. CT (CDMX)
Webcast Link https://edge.media-server.com/mmc/p/ta78x
gyw
Participant Listening* https://register-conf.media-server.com/re
gister/BIe78975e545c8496bb1037d726d2c3cb3
----------------------------------------------------
*Participants can complete the online registration form and upon registering will receive the dial-in info and a unique PIN to join the call.
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; global geopolitical conflicts, particularly those that impact the price of jet fuel; 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.
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Profit or Loss and other
Comprehensive Income (Unaudited)
----------------------------------------------------------------------------
Three Months
Ended March 31
(USD millions)
2026 2025 Var. %
----- ----- ---------
Revenues:
Passenger 1,212 1,072 13.1%
Air cargo 76 71 7.9%
Other 53 41 29.0%
Total revenue 1,341 1,184 13.3%
Operating expenses:
Jet-fuel 315 286 10.2%
Wages, salaries and benefits 308 252 22.4%
Maintenance 68 53 28.6%
Aircraft, communications and traffic services 154 136 13.7%
Passenger services 39 33 20.6%
Travel agent commissions 22 21 8.5%
Selling and administrative 88 80 10.7%
Aircraft leasing 4 5 -11.6%
Depreciation and amortization 190 173 9.7%
Impairment (reversal) - - NA
Other (income) loss, net 10 6 64.5%
Share of gain on equity accounted investees, net
of tax - (1) NA
Total operating expenses 1,200 1,042 15.1%
Total operating income 142 142 -0.1%
Finance income (cost):
Net finance cost 129 115 12.7%
Income before income tax 13 27 -54.0%
Income tax 2 6 -65.9%
Net income for the period 11 22 -51.0%
The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency.
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Financial Position (Unaudited)
------------------------------------------------------------------------------
(USD Millions)
-------------------------------------
March 31, 2026 December 31, 2025
---------------- -------------------
Assets
Current assets:
Cash and cash equivalents 1,018 1,024
Short-term investments 27 -
Trade and other receivables 767 700
Due from related parties 4 3
Prepayments and deposits 82 78
Inventories 185 174
Total current assets 2,083 1,980
Non-current assets:
Property and equipment, including
right-of-use 3,614 3,674
Other non--current assets 1,540 1,539
Total non-current assets 5,154 5,213
Total assets 7,236 7,193
Liabilities
Current liabilities:
Loans and borrowings, including leases 456 451
Others 2,755 2,645
Total current liabilities 3,211 3,096
Non-current liabilities:
Loans and borrowings, including leases 3,528 3,604
Others 1,078 1,085
Total non-current liabilities 4,606 4,689
Total liabilities 7,817 7,785
Total equity (deficit) (581) (592)
Total equity and liabilities 7,236 7,193
The Company has used the US dollar as the presentation
currency for these consolidated financial statements,
which is also its functional currency.
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
--------------------------------------------------------------------------
Three Months Ended March 31,
----------------------------------
(USD Millions)
----------------------------------
2026 2025 Var $
---------- ---------- ----------
Operating cash 309 318 (9)
Operational assets and liabilities (29) (57) 27
Cash generated from (required by)
operating activities 279 261 18
Income tax paid (16) (28) 12
Interest paid (63) (52) (11)
Net cash from (used in) operating
activities 201 181 19
Acquisition of properties and
equipment and intangible assets (70) (74) 4
Others (26) (3) (23)
Net cash used in investing activities (96) (76) (20)
Net cash from (used in) financing
activities (108) (107) (2)
Effect of exchange rate fluctuations
on cash held (3) (1) (2)
Net increase (decrease) in cash and
cash equivalents (6) (2) (4)
Cash and cash equivalents:
At beginning of the period 1,024 842 182
At end of the period 1,018 840 178
The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency.
FINANCIAL AND OPERATIONAL INDICATORS
Three Months Ended
Financial KPIs March 31
------------------------------------------------ ----------------------------
1Q26 1Q25 Var. %
------------------------------------------------ ------- ------- ----------
Total revenue 1,341 1,184 13.3%
Passenger revenue 1,212 1,072 13.1%
------------------------------------------------ ------- ------- ----------
Adjusted EBITDAR(1) 336 320 5.0%
------------------------------------------------ ------- ------- ----------
Adjusted EBITDAR margin(1) (% of Revenue) 25% 27% 2.0 p.p.
------------------------------------------------ ------- ------- ----------
Total operating income (loss) 142 142 -0.1%
------------------------------------------------ ------- ------- ----------
Operating Margin (% of Revenue) 11% 12% -1.4 p.p.
------------------------------------------------ ------- ------- ----------
Net Income (loss) 11 22 -51.0%
------------------------------------------------ ------- ------- ----------
Net Income (loss) Margin (% of Revenue) 1% 2% -1.1 p.p.
------------------------------------------------ ------- ------- ----------
Operating Indicators 1Q26 1Q25 Var. %
------------------------------------------------ ------- ------- ----------
Total ASMs (millions) 8,596 8,697 (1.2)%
------------------------------------------------ ------- ------- ----------
Total RPMs (millions) 7,255 7,158 1.4%
------------------------------------------------ ------- ------- ----------
Load factor on scheduled flights (%) 84.4% 82.3% 2.1 p.p
------------------------------------------------ ------- ------- ----------
Passengers ('000) 5,791 5,877 (1.5)%
------------------------------------------------ ------- ------- ----------
On-Time departure performance within 15 minutes
(%) 91.7% 92.7% (1.0) p.p
------------------------------------------------ ------- ------- ----------
Total liters of fuel ('000) 410,974 421,858 (2.6)%
------------------------------------------------ ------- ------- ----------
Yield (USD cents) (2) 9.0 8.3 8.7%
------------------------------------------------ ------- ------- ----------
Total revenue / ASM (USD cents) 15.6 13.6 14.6%
------------------------------------------------ ------- ------- ----------
Passenger revenue / ASM (USD cents)(2) 12.2 11.0 11.4%
------------------------------------------------ ------- ------- ----------
Total cost / ASM (USD cents) 13.8 11.9 16.0%
------------------------------------------------ ------- ------- ----------
Total cost excluding fuel / ASM (USD cents) 10.2 8.6 17.8%
------------------------------------------------ ------- ------- ----------
Other Indicators 1Q26 1Q25 Var. %
------------------------------------------------ ------- ------- ----------
Fuel cost per liter (USD cents) 77 68 13.1%
------------------------------------------------ ------- ------- ----------
FX close(3) 18.07 20.32 (11.1%)
------------------------------------------------ ------- ------- ----------
FX average(3) 17.58 20.43 (14.0%)
------------------------------------------------ ------- ------- ----------
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.
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 Net Leverage Ratio, which are non-IFRS measures. The Company believes that these measures are 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.
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