Aeroméxico Reports Unaudited Fourth Quarter & Full Year 2025 Results
Rhea-AI Summary
Aeroméxico (NYSE:AERO) reported unaudited 4Q25 and FY25 results: 4Q25 revenue $1.44B, Adjusted EBITDAR $501.6M (34.9% margin), and FY25 revenue $5.36B with Adjusted EBITDAR $1.67B (31.2% margin). 4Q25 operating income was $303.1M; FY25 operating income was $928.1M. CASM-Ex was 10.4¢ in 4Q25 and 9.3¢ for FY25. Total adjusted net debt/EBITDAR ended at 1.8x. Company issued 1Q26 and FY26 guidance with FY26 revenue targeted at $5.77–5.88B and adjusted EBITDAR margin ~28.5%–30.5%.
Positive
- Adjusted EBITDAR of $1.67B for FY25, a record margin of 31.2%
- 4Q25 Adjusted EBITDAR of $501.6M with a 34.9% margin, highest quarterly record
- FY25 operating income of $928.1M, the second-best annual operating result
- Net leverage at 1.8x adjusted net debt/EBITDAR, signaling modest leverage
Negative
- FY25 total revenue declined to $5.36B, down 4.6% year-over-year
- Passengers decreased to 24,587k in 2025 from 25,338k in 2024
- CASM-Ex rose to 9.3¢ for FY25, a 1.7% increase year-over-year
Key Figures
Market Reality Check
Peers on Argus
No peer stocks in the provided universe showed momentum flags; the -2.7% move appears stock-specific rather than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 06 | Earnings webcast notice | Neutral | -0.1% | Announced timing and access details for 4Q25 and FY25 earnings webcast. |
Limited prior reaction to earnings-related communication, with a small move around the webcast reminder.
Recent history around earnings has been calm. A prior earnings-related webcast reminder on Feb 06, 2026 saw only a -0.05% move, suggesting muted positioning ahead of detailed financials. That event framed expectations for today’s full 4Q25 and FY25 release, which highlights record Adjusted EBITDAR margins and strong operating income despite year-over-year revenue pressure and earlier demand softness in key markets.
Historical Comparison
Past earnings-related communication led to a modest -0.05% move on average. Today’s -2.7% reaction to full 4Q25 and FY25 results is larger than that prior earnings-linked move.
Market Pulse Summary
This announcement details 4Q25 and FY25 performance, highlighting record Adjusted EBITDAR margins above 30%, FY25 net income of $351.9M, and adjusted net leverage of 1.8x. Revenue declined versus 2024 and CASM-Ex edged higher, reflecting cost and demand pressures earlier in the year. Investors may focus on liquidity of $1.2B, capacity plans, and execution versus the 2026 guidance ranges for revenue growth and margins.
Key Terms
adjusted ebitdar financial
available seat miles technical
rasm financial
revolving credit facility financial
senior secured notes financial
net leverage financial
AI-generated analysis. Not financial advice.
- Total Revenue of
$1.4 billion in 4Q25 and$5.4 billion in FY25 - Adjusted EBITDAR Margin of
35% in 4Q25 and31% in FY25, highest on record - Operating Margin of
21% in 4Q25 and17% in FY25 - Premium revenue at
42% in 4Q25 and FY25
MEXICO CITY, Feb. 16, 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 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 , a0.2% increase as compared to the same period of 2024. When excluding 2024 extraordinary, non-recurrent items(1), total revenue grew3.4% 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’s50% 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. - Adjusted EBITDAR(3) totaled
$501.6 million , with a34.9% 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 a30.2% margin. - Fourth quarter 2025 Operating Income totaled
$303.1 million , with a margin of21.1% , 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 a16.4% 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 , a4.6% decrease as compared to 2024. When excluding 2024 extraordinary, non-recurrent items(1), total revenue decreased1.9% year-over-year. - Adjusted EBITDAR(3) totaled
$1.7 billion , with a31.2% 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 a30.0% margin. - Full year 2025 Operating Income totaled
$928.1 million , with a margin of17.3% , 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 a16.1% 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) | ~ - | ~ |
| Total Revenue | ~ 1.30 bn to 1.33 bn | ~ 5.77 bn to 5.88 bn |
| Total Revenue YoY | ~ | ~ |
| Adjusted EBITDAR Margin | ~ | ~ |
| Operating Income Margin | ~ | ~ |
| Adjusted Net Leverage | - | ~ 1.6x |
| 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 | |
| Adjusted EBITDAR(3) (USD millions) | 502 | 435 | 446 | 402 | |
| Adjusted EBITDAR margin(3) (% of Revenue) | 1.4 p.p. | ||||
| Total operating income (loss) (USD millions) | 303 | 236 | 257 | 212 | |
| Operating Margin (% of Revenue) | 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 | |
| Total cost / ASM (USD cents) | 13.6 | 13.6 | 13.0 | 13.0 | |
| Total cost excluding fuel / ASM (USD cents) | 10.4 | 10.4 | 9.9 | 9.9 | |
| Foreign Exchange* | 4Q25 | 4Q25 (Normalized) (4) | 4Q24 | 4Q24 (Normalized) (4) | Var. % |
| Average | 18.33 | - | 20.03 | - | - |
| Key Financial KPIs | Twelve Months Ended December 31 | ||||
| 2025 | 2025 (Normalized) (4) | 2024 | 2024 (Normalized) (4) | Var. % (5) | |
| Total revenue (USD millions) | 5,361 | 5,361 | 5,620 | 5,467 | - |
| Adjusted EBITDAR(3) (USD millions) | 1,672 | 1,606 | 1,738 | 1,578 | |
| Adjusted EBITDAR margin(3) (% of Revenue) | 1.1 p.p. | ||||
| Total operating income (loss) (USD millions) | 928 | 861 | 1,067 | 901 | - |
| Operating Margin (% of Revenue) | -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 | - |
| Total cost / ASM (USD cents) | 12.5 | 12.5 | 12.7 | 12.7 | - |
| Total cost excluding fuel / ASM (USD cents) | 9.3 | 9.3 | 9.2 | 9.2 | |
| Foreign Exchange* | 2025 | 2025 (Normalized) (4) | 2024 | 2024 (Normalized) (4) | Var. % |
| Average | 19.26 | - | 18.27 | - | |
Figures may not sum to total due to rounding.
*Source: Company with information from Banxico.
INCOME STATEMENT DISCUSSION
4Q 2025 Revenue
Total revenue for the fourth quarter of 2025 was
Total revenue per Available Seat Mile (“TRASM”) was 16.4¢, representing a
Full Year 2025 Revenue
Total revenue for the full year 2025 was
TRASM was 15.0¢, representing a
| Passenger Revenue (USD million) | Three Months Ended December 31 | Twelve Months Ended December 31 | ||||
| 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | |
| Domestic | 478 | 459 | 1,664 | 1,893 | (12.1)% | |
| International | 713 | 683 | 2,641 | 2,612 | ||
| Ancillaries | 112 | 168 | (33.0)% | 555 | 646 | (14.0)% |
| Total Passenger Revenue | 1,303 | 1,310 | (0.5)% | 4,860 | 5,151 | (5.6)% |
Figures may not sum to total due to rounding.
4Q 2025 Operating Expenses
In 4Q25, total operating expenses -including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, depreciation and amortization- reached
Fuel cost per liter increased
Cost per ASM excluding fuel (CASM-Ex) was 10.4¢ in 4Q25, up
Share of gain on equity accounted increased by
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
Fuel cost per liter decreased by
CASM-Ex was 9.3¢ in 2025, up
4Q 2025 Adjusted EBITDAR(3) and Operating Income
Adjusted EBITDAR(3) for the fourth quarter amounted to
Operating income for the fourth quarter totaled
Full Year 2025 Adjusted EBITDAR(3) and Operating Income
Adjusted EBITDAR(3) for the full year amounted to
Operating income for the full year totaled
4Q 2025 Net Financing Cost
Net financing costs decreased by
Full Year 2025 Net Financing Cost
Net financing costs increased by
4Q 2025 Net Income
Net income in 4Q25 totaled
Full Year 2025 Net Income
Net income in 2025 totaled
BALANCE SHEET AND CASH FLOW
As of December 31, 2025, Aeroméxico reported cash and cash equivalents amounting to
Over 2025, Aeroméxico generated
During the fourth quarter, the Company amortized
On October 9, 2025, the Shareholders of the Company approved to carry out a capital reimbursement, without canceling shares, equivalent to an amount of
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 |
Footnotes
(1) For the three months ended December 31, 2024, we recognized
(2) For the three months and full year ended December 31, 2025, we recognized extraordinary income of
(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.
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.
| 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 | ||||||||||||
| 2025 | 2024 | Var. % | 2025 | 2024 | Var. % | ||||||||
| Revenues: | |||||||||||||
| 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. | |||||||||||||
| 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. | ||||
| 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. | |||||
FINANCIAL AND OPERATIONAL INDICATORS
| Financial KPIs | Three Months Ended December 31 | Twelve Months Ended December 31 | ||||
| 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | |
| Total revenue | 1,438 | 1,435 | 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 | 1,672 | 1,738 | (3.8)% | |
| Adjusted EBITDAR margin(1) (% of Revenue) | 3.8 p.p. | 0.3 p.p. | ||||
| Total operating income (loss) | 303 | 257 | 928 | 1,067 | (13.0)% | |
| Operating Margin (% of Revenue) | 3.2 p.p. | (1.7) p.p. | ||||
| Net Income (loss) | 165 | 75 | 352 | 617 | (43.0)% | |
| Net Income (loss) Margin (% of Revenue) | 6.2 p.p. | (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 | |
| Total RPMs (millions) | 7,632 | 7,617 | 30,751 | 30,853 | (0.3)% | |
| Load factor on scheduled flights (%) | 1.7 p.p | (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 (%) | 3.6 p.p | 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 | 8.7 | 9.1 | (4.1)% | |
| Total revenue / ASM (USD cents) | 16.4 | 16.1 | 15.0 | 15.8 | (5.0)% | |
| Passenger revenue / ASM (USD cents)(2) | 13.6 | 12.8 | 12.0 | 12.6 | (4.9)% | |
| Total cost / ASM (USD cents) | 13.6 | 13.0 | 12.5 | 12.7 | (1.1)% | |
| Total cost excluding fuel / ASM (USD cents) | 10.4 | 9.9 | 9.3 | 9.2 | ||
| Other Indicators | 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % |
| Fuel cost per liter (USD cents) | 66 | 63 | 65 | 71 | (7.6)% | |
| FX close(3) | 17.97 | 20.27 | ( | 17.97 | 20.27 | ( |
| FX average(3) | 18.33 | 20.03 | ( | 19.26 | 18.27 | |
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 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
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 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.
| Normalized Total Revenue Reconciliation | Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||
| 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | |||
| Total revenue | 1,438 | 1,435 | 5,361 | 5,620 | (4.6)% | |||
| (-) Extraordinary, non-recurrent ítems(1) | - | 44 | NA | 67 | 153 | NA | ||
| Normalized Total Revenue | 1,438 | 1,391 | 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.
| Adjusted EBITDAR Reconciliation | Three Months Ended December 31 | Twelve Months Ended December 31 | ||||
| 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | |
| Profit (loss) for the period | 165 | 75 | 352 | 617 | (43.0)% | |
| (+) Income tax expense (benefit) | 15 | 2 | 62 | 80 | (22.1)% | |
| (+) Depreciation and amortization (1) | 193 | 184 | 730 | 655 | ||
| (+) Net finance cost | 123 | 179 | - | 514 | 370 | |
| (+) Impairment (reversal) | - | - | NA | -4 | 0 | NA |
| (+) Aircraft leasing (2) | 5 | 5 | 18 | 16 | ||
| 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.
| Adjusted Total Operating Income Reconciliation | Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||
| 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) | 1.8x | 1.6x |
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.
| CONTACT: | Investor Relations | aminvestorrelations@aeromexico.com |
| Corporate Communications | amcomunicacioncorporativa@aeromexico.com | |
FAQ
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