Aeroméxico (NYSE: AERO) grows Q1 2026 revenue but net profit shrinks
Rhea-AI Filing Summary
Grupo Aeroméxico reported solid but mixed unaudited results for the first quarter of 2026. Total revenue reached $1,341 million, up 13.3% from 1Q25, helped by strong demand, a higher load factor and a stronger Mexican peso. Premium revenue made up 42% of passenger-related revenue, slightly above last year.
Profitability remained positive but under pressure from higher fuel and peso-denominated costs. Adjusted EBITDAR was $336 million with a 25% margin, while operating income was $142 million with an 11% margin. Net income fell to $11 million, about half of 1Q25, mainly due to higher net finance costs and foreign exchange losses.
Cash, cash equivalents and short-term investments totaled $1,045 million at March 31, 2026, and total liquidity including a revolving credit facility reached $1.2 billion. Adjusted net debt was $2,939 million, giving a net leverage ratio of 1.7x. The operating fleet grew to 166 aircraft, including more Boeing 787 and 737 MAX jets. For 2Q26, Aeroméxico guides to modest capacity growth, revenue around $1.47–$1.52 billion and an operating margin of 4–7%.
Positive
- None.
Negative
- None.
Insights
Revenue and traffic improved, but higher costs and finance charges compressed bottom-line profits.
Aeroméxico grew 1Q26 revenue to $1,341 million, up 13.3% year over year, with TRASM rising 14.6% to 15.6 cents and load factor improving to 84.4%. Premium revenue mix increased to 42%, showing strong demand for higher-yield products despite slightly lower capacity.
However, total cost per ASM climbed 16.0% and CASM-ex fuel rose 17.8%, driven by a 13.1% increase in fuel cost per liter and peso appreciation affecting local expenses. Net finance cost rose to $129 million, cutting net income to $11 million, roughly half of 1Q25, even though operating income stayed at $142 million.
On the balance sheet, adjusted net debt was $2,939 million and the net leverage ratio improved slightly to 1.7x, while total liquidity reached about $1.2 billion. 2Q26 guidance calls for revenue of $1.47–$1.52 billion and an operating margin of 4–7%, implying sequential margin softness from 1Q26 but continued profitability as capacity grows modestly.
Key Figures
Key Terms
Adjusted EBITDAR financial
Available Seat Mile financial
CASM-Ex financial
Net Leverage Ratio financial
TRASM financial
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 April 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 April 21, 2026, Grupo Aeroméxico, S.A.B. de C.V. (the “Company”) issued a press release titled “Aeroméxico Reports Unaudited First Quarter 2026 Results.” A copy of this press release is furnished with this Form 6-K as Exhibit 99.1.
The Company has previously issued press releases containing January 2026 traffic results, February 2026 traffic results and March 2026 traffic results. Copies of these press releases are furnished with this Form 6-K as exhibits 99.2, 99.3 and 99.4, respectively.
EXHIBIT INDEX
| Exhibit | Description | |
| 99.1 | Press Release dated April 21, 2026, titled “Aeroméxico Reports Unaudited First Quarter 2026 Results.” | |
| 99.2 | Press Release dated February 5, 2026, titled “Aeroméxico January 2026 Traffic Results.” | |
| 99.3 | Press Release dated March 5, 2026, titled “Aeroméxico February 2026 Traffic Results.” | |
| 99.4 | Press Release dated April 8, 2026, titled “Aeroméxico March 2026 Traffic 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: April 23, 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 First Quarter 2026 Results
| • | Total Revenue growth of 13% year-on-year |
| • | Adjusted EBITDAR Margin of 25% |
| • | Operating Margin of 11% |
| • | Liquidity to LTM Revenue ratio at 23% |
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 10.2¢. |
| • | 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. |
1
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. |
2
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 15.6¢, 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 (USD million) |
Three months ended 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 77¢ per liter in 1Q26 compared to 68¢ 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.
3
Cost per ASM excluding fuel (CASM-Ex) was 10.2¢ 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.
4
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 | ||||||||||||
5
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/ta78xgyw | |
| Participant Listening* | https://register-conf.media-server.com/register/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. |
6
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.
7
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.
8
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.
9
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.
10
FINANCIAL AND OPERATIONAL INDICATORS
| Financial KPIs |
Three Months Ended 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. |
11
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.
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 Net Leverage Ratio as Adjusted Net Debt Ratio divided by Adjusted EBITDAR for the period.
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 Margin, as incrementally adjusted, and revenue, as incrementally adjusted, for fiscal 2026 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.
12
| Adjusted EBITDAR Reconciliation |
Three Months Ended March 31 |
|||||||||||
| 1Q26 | 1Q25 | Var. % | ||||||||||
| Profit (loss) for the period |
11 | 22 | -51.0 | % | ||||||||
| (+) Income tax expense (benefit) |
2 | 6 | -65.9 | % | ||||||||
| (+) Depreciation and amortization (1) |
190 | 173 | 9.7 | % | ||||||||
| (+) Net finance cost |
129 | 115 | 12.7 | % | ||||||||
| (+) Impairment (reversal) |
— | — | NA | |||||||||
| (+) Aircraft leasing (2) |
4 | 5 | 11.6 | % | ||||||||
| Adjusted EBITDAR (3) |
336 | 320 | 5.0 | % | ||||||||
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 is a 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. |
| Adjusted Net Debt Reconciliation |
March 31, 2026 | December 31, 2025 | ||||||
| Total loans and borrowings, including leases |
3,984 | 4,055 | ||||||
| (-) Cash and cash equivalents |
1,018 | 1,024 | ||||||
| (-) Short-term investments |
27 | — | ||||||
| = Adjusted Net Debt (1) |
2,939 | 3,031 | ||||||
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 |
March 31, 2026 | December 31, 2025 | ||||||
| Adjusted Net Debt (1) |
2,939 | 3,031 | ||||||
| Last Twelve Months Adjusted EBITDAR (1) |
1,688 | 1,672 | ||||||
| = Net Leverage Ratio (1) |
1.7x | 1.8x | ||||||
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. |
13
Exhibit 99.2
.
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 |
||||||||||
| 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.
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
2
Exhibit 99.3
|
|
Aeroméxico February 2026 Traffic Results
Mexico City, Mexico, March 5, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO) (“Aeroméxico”) reports its February 2026 operational results:
| • | Grupo Aeroméxico transported 1 million and 744 thousand passengers in February 2026, a 1.2% year-over-year decrease. International passengers increased by 2.7%, while domestic passengers decreased by 3.0%. |
| • | Aeroméxico’s total capacity, measured in available seat miles (ASMs), decreased by 2.2% year-over-year. International ASMs decreased by 1.6%, while domestic capacity decreased by 3.6% year-over-year. |
| • | Demand, measured in passenger miles (RPMs), increased by 1.2% year-over-year. International demand increased by 3.0%, while domestic demand decreased by 2.6%, both figures compared to February 2025. |
| • | Aeroméxico’s February 2026 load factor was 82.7%, a 2.8 p.p. increase as compared to February 2025. International load factor increased by 3.7 p.p., and domestic load factor increased by 0.9 p.p. |
Andrés Conesa, Chief Executive Officer stated: “The continued recovery, particularly across international markets, is clearly reflected in our February traffic performance. Strong load factors validate the resilience and structural flexibility embedded in our operating model, enabling us to respond swiftly and effectively to demand volatility. While isolated events occurred toward the end of the month, their impact was limited and geographically concentrated in the Jalisco region, which represents a small portion of our overall operation.”
| February | Cumulative to February | |||||||||||||||||||||||
| 2026 | 2025 | Var vs 2025 |
2026 | 2025 | Var vs 2025 |
|||||||||||||||||||
| Passengers (itinerary + charter, thousands) |
||||||||||||||||||||||||
| Domestic |
1,159 | 1,195 | -3.0 | % | 2,458 | 2,551 | -3.6 | % | ||||||||||||||||
| International |
584 | 569 | 2.7 | % | 1,339 | 1,304 | 2.7 | % | ||||||||||||||||
| Total |
1,744 | 1,764 | -1.2 | % | 3,797 | 3,855 | -1.5 | % | ||||||||||||||||
| ASMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
800 | 830 | -3.6 | % | 1,692 | 1,755 | -3.6 | % | ||||||||||||||||
| International |
1,795 | 1,823 | -1.6 | % | 3,906 | 3,971 | -1.6 | % | ||||||||||||||||
| Total |
2,595 | 2,653 | -2.2 | % | 5,598 | 5,726 | -2.2 | % | ||||||||||||||||
| RPMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
652 | 669 | -2.6 | % | 1,392 | 1,448 | -3.9 | % | ||||||||||||||||
| International |
1,492 | 1,449 | 3.0 | % | 3,366 | 3,255 | 3.4 | % | ||||||||||||||||
| Total |
2,144 | 2,118 | 1.2 | % | 4,758 | 4,703 | 1.2 | % | ||||||||||||||||
| Load Factor (itinerary, %) |
p.p. | p.p. | ||||||||||||||||||||||
| Domestic |
81.5 | % | 80.6 | % | 0.9 | 82.3 | % | 82.5 | % | -0.2 | ||||||||||||||
| International |
83.2 | % | 79.5 | % | 3.7 | 86.2 | % | 81.9 | % | 4.3 | ||||||||||||||
| Total |
82.7 | % | 79.8 | % | 2.8 | 85.0 | % | 82.1 | % | 2.9 | ||||||||||||||
Figures may not sum to total due to rounding.
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
2
Exhibit 99.4
Aeroméxico March 2026 Traffic Results
Mexico City, Mexico, April 8, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO) (“Aeroméxico”) reports its March 2026 operational results:
| • | Grupo Aeroméxico transported 1 million and 994 thousand passengers in March 2026, a 1.4% year-over-year decrease. International passengers decreased by 0.5%, while domestic passengers decreased by 1.9%. |
| • | Aeroméxico’s total capacity, measured in available seat miles (ASMs), increased by 1.0% year-over-year. International ASMs increased by 1.9%, while domestic capacity decreased by 1.1% year-over-year. |
| • | Demand, measured in passenger miles (RPMs), increased by 1.7% year-over-year. International demand increased by 3.1%, while domestic demand decreased by 1.4%, both figures compared to March 2025. |
| • | Aeroméxico’s March 2026 load factor was 83.3%, a 0.6 p.p. increase as compared to March 2025. International load factor increased by 1.0 p.p., and domestic load factor decreased by 0.2 p.p. |
Andrés Conesa, Chief Executive Officer stated: “March traffic results reflect Aeroméxico’s business resilience following localized disruptions in February, which affected demand in some particular regions in Mexico, as well as in transborder markets from the United States. The year-over-year improvement in load factor underscores our swift response and disciplined capacity management, demonstrating the flexibility and adaptability of our operating model. In the current challenging environment, marked by heightened fuel price volatility driven by geopolitical developments, we remain focused on optimizing our network and revenue management strategies to protect profitability while maintaining strong operational efficiency”.
| March | Cumulative to March | |||||||||||||||||||||||
| 2026 | 2025 | Var vs 2025 |
2026 | 2025 | Var vs 2025 |
|||||||||||||||||||
| Passengers (itinerary + charter, thousands) |
||||||||||||||||||||||||
| Domestic |
1,334 | 1,359 | -1.9 | % | 3,792 | 3,910 | -3.0 | % | ||||||||||||||||
| International |
660 | 664 | -0.5 | % | 1,999 | 1,967 | 1.6 | % | ||||||||||||||||
| Total |
1,994 | 2,023 | -1.4 | % | 5,791 | 5,877 | -1.5 | % | ||||||||||||||||
| ASMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
904 | 914 | -1.1 | % | 2,596 | 2,670 | -2.8 | % | ||||||||||||||||
| International |
2,095 | 2,056 | 1.9 | % | 6,000 | 6,027 | -0.4 | % | ||||||||||||||||
| Total |
2,999 | 2,970 | 1.0 | % | 8,596 | 8,697 | -1.2 | % | ||||||||||||||||
| RPMs (itinerary + charter, millions) |
||||||||||||||||||||||||
| Domestic |
752 | 762 | -1.4 | % | 2,143 | 2,210 | -3.0 | % | ||||||||||||||||
| International |
1,746 | 1,694 | 3.1 | % | 5,112 | 4,948 | 3.3 | % | ||||||||||||||||
| Total |
2,497 | 2,456 | 1.7 | % | 7,255 | 7,158 | 1.4 | % | ||||||||||||||||
| Load Factor (itinerary, %) |
p.p. | p.p. | ||||||||||||||||||||||
| Domestic |
83.2 | % | 83.3 | % | -0.2 | 82.6 | % | 82.8 | % | -0.2 | ||||||||||||||
| International |
83.4 | % | 82.4 | % | 1.0 | 85.2 | % | 82.1 | % | 3.1 | ||||||||||||||
| Total |
83.3 | % | 82.7 | % | 0.6 | 84.4 | % | 82.3 | % | 2.1 | ||||||||||||||
Figures may not sum to total due to rounding.
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
2