STOCK TITAN

Grupo Aeroméxico Q3 2026 net income falls 58.1%

Rising fuel expense and lower quarterly earnings contrasted with revenue growth; fourth-quarter revenue guidance is approximately 14.0% to 16.0% higher year over year.

(Moderate)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
6-K

Rhea-AI Filing Summary

Grupo Aeroméxico, S.A.B. de C.V. reported unaudited third-quarter 2026 revenue of $1.619 billion, up 13.6% year over year and a quarterly record. Net income was $40.6 million, down 58.1% from $97 million; operating income declined 25.0% to $189.6 million. Adjusted EBITDAR, a non-IFRS measure, was $389.2 million with a 24.0% margin, compared with $442 million and 31.0% a year earlier.

Fuel expense rose 57.6% to $469.0 million; passenger volume decreased 3.2% to 6.161 million while capacity grew 1.3%. A loyalty-program breakage update recognized $48.7 million in revenue and adjusted the deferred liability. As of September 30, 2026, liquidity was $1.2 billion, including $965.1 million in cash and cash equivalents and a $250.0 million revolving credit facility. For 4Q26, guidance calls for revenue growth of approximately 14.0% to 16.0% year over year and an adjusted EBITDAR margin of approximately 19.5% to 21.5%.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 2 points

How the balance works

Positive

  • Moderate pointThird-quarter revenue rose 13.6% to $1.619 billion.

Negative

  • Moderate pointThird-quarter net income fell 58.1% to $40.6 million.
  • Moderate pointThird-quarter operating income fell 25.0% to $189.6 million.

Filing Explained

At September 30, 2026, Grupo Aeroméxico reported $3,098 million in adjusted net debt and net leverage of 2.1x, versus $3,031 million and 1.8x at December 31, 2025; the ratio divides adjusted net debt by trailing-12-month adjusted EBITDAR.

Third-quarter revenue $1.619 billion 3Q26; up 13.6% year over year
Third-quarter net income $40.6 million 3Q26; down 58.1% year over year
Third-quarter operating income $189.6 million 3Q26; down 25.0% year over year
Adjusted EBITDAR $389.2 million 3Q26; 24.0% margin
Fuel expense $469.0 million 3Q26; up 57.6% year over year
Liquidity $1.2 billion As of September 30, 2026; includes cash and cash equivalents and the revolving credit facility
4Q26 total revenue growth guidance Approximately 14.0% to 16.0% year over year Fourth-quarter 2026 guidance
Adjusted EBITDAR financial
"Adjusted EBITDAR amounted to $389.2 million"
Adjusted EBITDAR is a company’s reported profit measure that starts with operating earnings and then adds back interest, taxes, depreciation, amortization and rent, plus any one‑time items companies exclude. It aims to show how much cash a business generates from its core operations before the costs of financing, non‑cash accounting charges and property leases, like comparing two stores’ underlying sales by ignoring rent and loan payments. Investors use it to compare operating performance across firms and assess ability to cover fixed obligations, but companies may calculate it differently, so comparisons require caution.
CASM-Ex financial
"CASM-Ex was 10.1¢ in 3Q26"
Available Seat Miles (ASMs) technical
"Capacity, measured in available seat miles (ASMs)"
Available seat miles (ASMs) measure an airline’s passenger-carrying capacity by multiplying the number of seats available on each flight by the distance those seats are flown. Investors use ASMs to gauge how much travel capacity an airline is offering—similar to counting how many bus seats are available and how far each bus goes—to compare growth, efficiency and how well an airline fills that capacity when combined with passenger demand metrics.
Revenue Passenger Miles (RPMs) technical
"demand, measured in revenue passenger miles (RPMs)"
Revenue passenger miles (RPMs) measure the total distance traveled by paying airline passengers, calculated by multiplying each passenger by the miles they fly and adding them up. Think of it like tracking the total miles driven by all paying riders in a taxi fleet. Investors watch RPMs because they show actual travel demand and help estimate future ticket revenue, capacity use, and how well an airline fills its flights.
breakage financial
"updated its loyalty program breakage"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did AERO report in Q3 2026?

Grupo Aeroméxico reported $1.619 billion in third-quarter 2026 revenue, up 13.6% year over year and described as a quarterly record.

What was AERO's net income in Q3 2026?

Net income was $40.6 million in 3Q26, compared with $97 million in 3Q25, a 58.1% year-over-year decline.

What did AERO's loyalty-program update change in Q3 2026?

The company updated loyalty-program breakage in 3Q26, its first such alignment since 2018, recognizing $48.7 million in revenue alongside an adjustment to its deferred liability.

What fuel and exchange-rate assumptions underpin AERO's Q4 2026 guidance?

The guidance assumes an average all-in fuel price of approximately USD $4.5 per gallon and an exchange rate of $18.0 Mexican pesos per U.S. dollar for the fourth quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Available on EDGAR Accepted by SEC EDGAR Learn about SEC filing dates

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 October 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. Cuauhtémoc, Cuauhtémoc 06500
Mexico City, Mexico
(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 October 19, 2026, Grupo Aeroméxico, S.A.B. de C.V. (the “Company”) issued a press release titled “Aeroméxico Reports Unaudited Third 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 July 2026 traffic results, August 2026 traffic results and September 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
ExhibitDescription
99.1
Press Release dated October 19, 2026, titled “Aeroméxico Reports Unaudited Third Quarter 2026 Results”
99.2
Press Release dated August 3, 2026, titled “Aeroméxico July 2026 Traffic Results.”
99.3
Press Release dated September 3, 2026, titled “Aeroméxico August 2026 Traffic Results.”
99.4
Press Release dated October 6, 2026, titled “Aeroméxico September 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: October 19, 2026By:/s/ Ernesto Gómez Pombo
Name:Ernesto Gómez Pombo
Title:General Counsel


aerologoa.jpg
CONTACT: Investor Relations         aminvestorrelations@aeromexico.com
Corporate Communications amcomunicacioncorporativa@aeromexico.com

Aeroméxico Reports Unaudited
Third Quarter 2026 Results
•Record Quarterly Total Revenue of $1.6 billion
•Adjusted EBITDAR(1) Margin of 24%
•Operating Margin of 12%
•Liquidity(2) to LTM Revenue ratio at 21%


Mexico City, Mexico, October 19, 2026 - 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 September 30, 2026 (“3Q26”). 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 delivered another strong quarter, with record revenue and a double-digit operating margin of 12%. Demand remained healthy, driven primarily by strong international markets, premium revenue growth, and continued momentum in our loyalty program. Despite jet fuel prices reaching historic highs during the quarter, targeted revenue initiatives, disciplined cost management, and moderated capacity deployment enabled us to offset the impact of higher fuel costs. Looking ahead, demand trends remain constructive, and we expect fourth quarter revenue to grow by approximately 15% year over year. As we resume growth with discipline, we expect to unlock further operating leverage and continue enhancing profitability.”


OPERATING & FINANCIAL HIGHLIGHTS 3Q26
•Capacity, measured in available seat miles (ASMs), increased by 1.3% year-over-year.
•Total revenue reached $1.6 billion; a 13.6% increase compared to the same period of 2025.
•Total fuel expense amounted to $469.0 million, a 57.6% year-over-year increase, equivalent to an increase of $171.5 million.
•Adjusted EBITDAR(1) totaled $389.2 million, with a 24.0% margin.
•Operating income totaled $189.6 million, with an 11.7% margin.
•Total adjusted net debt to EBITDAR(1) ended the quarter at 2.1x.
•Liquidity(2) totaled $1.2 billion, equivalent to 20.7% of last-twelve-month revenues.




3Q26 RESULTS
image_1b.jpg

4Q26 & FULL YEAR OUTLOOK
Indicator4Q26 GuidanceFY26 Guidance
Total capacity (ASMs) YoY (%)~ +7.0% to +8.0%~ +2.0% to +3.0%
Total Revenue YoY (%)~ +14.0% to +16.0%~ +13.5% to +14.5%
Adjusted EBITDAR Margin(1)
~ 19.5% to 21.5%~ 21.5% to 22.5%
Operating Income Margin~ 7.5% to 9.5%~ 8.5% to 9.5%

The Company’s updated outlook for the remainder of the year reflects the October 16, 2026 fuel forward curve and continued cost pressures, while maintaining the assumption of a healthy demand environment. Revenue generation in the fourth quarter is expected to remain healthy, supported by sustained demand trends and disciplined commercial execution. Higher utilization of our existing fleet is expected to support planned capacity growth, strengthen operating leverage, and keep cost per ASM excluding fuel (CASM-Ex) broadly stable year-over-year in 4Q26.

The guidance reflects an average all-in fuel price of approximately USD $4.5 per gallon for the fourth quarter. It also assumes exchange rate of $18.0 Mexican pesos per U.S. dollar for the fourth quarter.

KEY FINANCIAL AND OPERATING HIGHLIGHTS FOR THE THIRD QUARTER
Three Months Ended September 30Nine Months Ended September 30
Key Financial KPIs20262025Var.20262025Var.
Total revenue (USD millions)1,6191,42513.6%4,4403,92313.2%
Adjusted EBITDAR(1) (USD millions)
389442(11.9)%9891,171(15.5)%
Adjusted EBITDAR margin(1) (% of revenue)
24.0%31.0%(7.0)p.p.22.3%29.9%(7.6)p.p.
Total operating income (loss) (USD millions)190253(25.0)%399625(36.1)%
Operating income margin (% of revenue)11.7%17.7%(6.0)p.p.9.0%15.9%(6.9)p.p.
Key Operating Indicators20262025Var.20262025Var.
Total ASMs (millions)9,3959,2771.3%27,24827,0540.7%
Passengers ('000)6,1616,362(3.2)%17,96618,419(2.5)%
Total revenue / ASM (USD cents)17.215.412.2%16.314.512.4%
Total cost / ASM (USD cents)15.112.719.4%14.812.221.4%
Total cost excluding fuel / ASM (USD cents)10.19.57.1%10.19.012.1%
Foreign Exchange*20262025Var.20262025Var.
Average17.2218.67(7.7)%17.4019.57(11.1)%
*Source: Company with information from Banxico. Figures may not sum to total due to rounding.



2


3Q26 RESULTS
image_1b.jpg
THIRD QUARTER 2026 RESULTS
Income Statement Discussion
Revenue

Total revenue for the third quarter of 2026 reached $1.6 billion, a 13.6% year-over-year increase, setting a quarterly record for the Company. Revenue growth was primarily driven by higher passenger revenue, particularly across international markets, as the Company implemented targeted pricing actions to mitigate the impact of higher fuel costs. This performance reflects the Company’s ability to pass-through the impact of elevated fuel prices, supported by disciplined network deployment, and complementary revenues, including loyalty and cargo.

During the third quarter of 2026, Aeroméxico updated its loyalty program breakage — the first such alignment since 2018— to better reflect current member activity and long-term program trends. This update resulted in the recognition of $48.7 million in revenue for the period alongside an adjustment to our deferred liability. More importantly, this updated approach establishes the baseline that will drive sustained, positive growth in our annual loyalty revenue moving forward.

Our premium revenue(3) mix reached 42% of passenger-related revenue, 1 p.p. above 3Q25, supported by continued upsell of higher-yield products and ancillary services. The Company’s fare segmentation and premium cabin cross-sell initiatives continue to broaden customer choice while enhancing the strength and resilience of our revenue base. Cargo revenues grew 15.8%, driven by the implementation of various commercial initiatives.

Capacity increased 1.3% year over year, in line with the Company's guidance. The Company continued to optimize its network through disciplined capacity deployment, selectively allocating capacity toward higher-yielding international markets and adjusting flight frequencies to align supply with demand.

Total revenue per Available Seat Mile (“TRASM”) reached 17.2¢, representing a 12.2% year-over-year increase. This growth was primarily driven by higher passenger revenue, particularly across international markets, as well as increases in cargo revenue, loyalty, and other commercial revenues.

Three Months Ended September 30Nine Months Ended September 30
Total revenue (USD million)20262025Var.20262025Var.
Domestic5415076.7%1,5561,4189.7%
International1,07891817.4%2,8842,50515.1%
Total revenue1,6191,42513.6%4,4403,92313.2%
Figures may not sum to total due to rounding.

Operating Expenses

In 3Q26, total operating expenses—including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, selling, general and administrative expenses, depreciation and amortization and other expenses—reached $1.4 billion, an increase of 21.9% compared to 3Q25. The increase was primarily driven by higher fuel costs, as prices remained elevated throughout the quarter, with benchmark prices peaking above $4.7 per gallon in September—the highest level since the Middle East conflict began in March. Fuel expense increased by approximately $171.5 million year-over-year, exceeding the level contemplated in the Company’s 3Q26 guidance by approximately $93.0 million.

3


3Q26 RESULTS
image_1b.jpg
Fuel cost per gallon(4) increased by 60.6% compared to 3Q25, averaging US$4.0 per gallon in 3Q26 compared to US$2.5 per gallon in 3Q25. Fuel consumption decreased by 1.8% year-over-year, while fuel burn per ASM (liters of fuel consumed per ASM) decreased by 3.1%, mainly due to a more efficient fleet mix.

Excluding fuel, operating expenses rose 9.8% year over year. This rise primarily reflected the continued strength of the Mexican peso, which increased the dollar-denominated cost of certain peso-based expenses, as well as inflationary pressures on wages, salaries, and benefits, higher distribution costs due to increased sales, and increased depreciation and amortization associated to fleet growth.
CASM-Ex was 10.1¢ in 3Q26, representing an increase of 7.1% compared with the same period in 2025. The increase primarily reflected the impact of the stronger Mexican peso and inflationary pressures, partially offset by continued cost discipline and operating efficiencies.

Adjusted EBITDAR(1) and Operating Income

Adjusted EBITDAR(1) amounted to $389.2 million, representing a strong 24.0% margin. These results reflect solid revenue performance and the Company's ability to offset the year-over-year increase in fuel costs in absolute terms.

Operating income for the third quarter was $189.6 million, representing a robust 11.7% operating margin. While profitability was pressured by a higher-than-expected fuel environment and the expected increase in non-fuel operating costs, this performance underscores the strength of the Company's business model and its ability to preserve healthy profitability despite these headwinds.

Net Financing Cost

Net financing costs increased by 7.7% compared to the same period in 2025, mainly driven by higher financial expenses arising from lease obligations associated with fleet expansion.

Net Income
Net income in 3Q26 totaled $40.6 million, with a 2.5% margin.


BALANCE SHEET AND CASH FLOW

As of September 30, 2026, Aeroméxico generated $541.7 million in net cash from operating activities, supporting both its planned investments and deleveraging program. Despite elevated fuel prices and related cost pressures, this strong operating cash generation enabled the Company to maintain its capital expenditure plan while continuing to reduce financial debt. During the third quarter, the Company repaid $7.2 million of financial debt, further reducing its outstanding obligations.

As of September 30, 2026, Aeroméxico reported cash and cash equivalents of $965.1 million, an increase of $31.0 million compared with the same period in the previous year. During the quarter, the Company renewed and upsized its revolving credit facility from $200.0 million to $250.0 million. Including the revolving credit facility, total liquidity reached $1.2 billion, representing 20.7% of last-twelve-month revenue.





4


3Q26 RESULTS
image_1b.jpg

OPERATING FLEET

During 3Q26, Grupo Aeroméxico received one Boeing 787-9 aircraft. Grupo Aeroméxico’s operating fleet was comprised of 170 aircraft as of September 30, 2026, with an average age of 9.1 years.

Operating Fleet4Q251Q262Q263Q26
B-737-80034343434
B-737 MAX 845454747
B-737 MAX 930303030
B-787-88888
B-787-914151617
Aeroméxico131132135136
E-19034343434
Aeroméxico Connect34343434
Grupo Aeroméxico165166169170



    
























5


3Q26 RESULTS
image_1b.jpg

Footnotes

(1)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 the revolving credit facility.

(3)Premium revenue mix consists of revenue from premium products and services above Basic / Classic coach cabin products. Ratio is calculated based on total passenger revenue.

(4)Equivalent to 1.05 USD per liter in 3Q26 and 66¢ per liter in 3Q25.





3Q26 EARNINGS CALL INFORMATION

Date
Tuesday, October 20, 2026
Time
10:00 a.m. ET (NY) / 8:00 a.m. CT (CDMX)
Webcast Link
https://edge.media-server.com/mmc/p/uh5yer4m/
Participant Listening*
https://register-conf.media-server.com/register/BIce2042e6b22d45d587f891c8178a6137

*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 26 years and offers connectivity in more than 170 countries, through the 18 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


6


3Q26 RESULTS
image_1b.jpg
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 annual report on Form 20-F filed with the SEC on April 30, 2026. 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


3Q26 RESULTS
image_1b.jpg
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Profit or Loss and other Comprehensive Income (Unaudited)
Three Months Ended September 30Nine Months Ended September 30
20262025Var. %20262025Var. %
Revenues:
Passenger1,4141,2998.8%3,9353,55710.6%
Air cargo907815.8%2522309.7%
Other11548NA25213586.4%
Total revenue1,6191,42513.6%4,4403,92313.2%
Operating expenses:
Jet-fuel46929757.6%1,27885848.9%
Wages, salaries and benefits3252998.6%94982914.5%
Maintenance66642.9%21216726.8%
Aircraft, communications and traffic services1821669.4%50845112.7%
Passenger services464111.0%12711213.5%
Travel agent commissions302615.0%807015.5%
Selling and administrative1049212.5%28425810.0%
Aircraft leasing35(27.1)%1113(9.4)%
Depreciation and amortization1961846.6%5795377.8%
Impairment (reversal)——NA—(4)NA
Other (income) loss, net8(2)NA1313(0.2)%
Share of gain on equity accounted investees, net of tax—(2)NA—(5)NA
Total operating expenses1,4291,17221.9%4,0403,29722.5%
Total operating income190253(25.0)%399625(36.1)%

Finance income (cost):
Net finance cost(142)(132)7.7%(407)(391)3.9%
Income before income tax48121(60.6)%(7)234NA
Income tax (benefit)724(70.4)%(1)47NA
Net income (loss) for the period4197(58.1)%(6)187NA
Figures may not sum to total due to rounding.


Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Earnings per Share (Unaudited)
Three Months Ended September 30Nine Months Ended September 30
(In thousands of U.S. dollars, except for income per share)2026202520262025
Income for the year4197(6)187
Earnings per share from continuing operations
Basic income per share (US dollars)0.030.070.000.14
Diluted income per share (US dollars)0.030.070.000.14
Basic income (loss) per ADS (US dollars)0.280.72(0.04)1.38
Diluted income (loss) per ADS (US dollars)0.280.71(0.04)1.37
Figures may not sum to total due to rounding.


8


3Q26 RESULTS
image_1b.jpg
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Financial Position (Unaudited)
(USD Millions)
September 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents
9651,024
Trade and other receivables
854700
Due from related parties
93
Prepayments and deposits
6578
Inventories
194174
Total current assets
2,0881,980
Non-current assets:
Property and equipment, including right-of-use
3,7243,674
Other non–current assets
1,5841,539
Total non-current assets
5,3085,213
Total assets
7,3967,193
Liabilities
Current liabilities:
Loans and borrowings, including leases
475451
Others
2,8652,645
Total current liabilities
3,3393,096
Non-current liabilities:
Loans and borrowings, including leases
3,5883,604
Others
1,0631,085
Total non-current liabilities
4,6514,689
Total liabilities
7,9917,785
Equity
Total equity (deficit)
(595)(592)
Total equity and liabilities7,3967,193
Figures may not sum to total due to rounding.













9


3Q26 RESULTS
image_1b.jpg
Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(USD Millions)
Nine Months Ended September 30
20262025Var. ($)
Cash flow from operating activities:
Income for the period(6)187(193)
Income tax expense(1)47(48)
Depreciation and amortization57953742
Other non-cash adjustments29828018
8691,051(182)
Changes in current assets & liabilities, net(328)(483)155
   Trade and other receivables(129)(1)(128)
   Trade and other payables(10)(197)188
   Air traffic liability95(36)131
   Others, net(41)(29)(12)
   Interest paid(243)(219)(24)
Net cash from operating activities542568(26)
Cash flow from investing activities:
Acquisition of properties and equipment (including major maintenance)(258)(213)(46)
Other investing activities, net(12)4(15)
Net cash used in investing activities(270)(209)(61)
Cash flow from financing activities:
Payments of lease liabilities(304)(269)(35)
Repayment of loans(24)(93)68
Other financing activities, net—65(65)
Net cash used in financing activities(328)(297)(31)
Effect of exchange rate fluctuations on cash held(3)30(33)
Net increase (decrease) in cash and cash equivalents(59)92(151)
Cash and cash equivalents:
     At beginning of the period1,024842182
     At end of the period96593431
Figures may not sum to total due to rounding.









10


3Q26 RESULTS
image_1b.jpg
FINANCIAL AND OPERATIONAL INDICATORS
Three Months Ended September 30Nine Months Ended September 30
Financial Indicators20262025Var.20262025Var.
Total revenue1,6191,42513.6%4,4403,92313.2%
Passenger revenue1,4141,2998.8%3,9353,55710.6%
Adjusted EBITDAR(1)
389442(11.9)%9891,171(15.5)%
Adjusted EBITDAR margin(1) (% revenue)
24.0%31.0%(7.0)p.p.22.3%29.9%(7.6)p.p.
Total operating income (loss)190253(25.0)%399625(36.1)%
Operating income margin (% of revenue)11.7%17.7%(6.0)p.p.9.0%15.9%(6.9)p.p.
Net income (loss)4197(58.1)%(6)187NA
Net income (loss) margin (% of revenue)2.5%6.8%(4.3)p.p.(0.1)%4.8%(4.9)p.p.
Operating Indicators20262025Var.20262025Var.
Total ASMs (millions)9,3959,2771.3%27,24827,0540.7%
Total RPMs (millions)8,2968,1841.4%23,40323,1191.2%
Load factor on scheduled flights (%)88.3%88.2%0.1p.p.85.9%85.5%0.4p.p.
Passengers ('000)6,1616,362(3.2)%17,96618,419(2.5)%
On-Time departure performance within 15 min.(%)90.9%91.5%(0.6)p.p.91.0%92.0%(1.0)p.p.
Total liters of fuel ('000)445,237453,547(1.8)%1,300,9041,319,298(1.4)%
Yield (USD cents) (2)
15.313.910.6%14.913.510.3%
Total revenue / ASM (USD cents)17.215.412.2%16.314.512.4%
Passenger revenue / ASM (USD cents) (2)
13.512.210.7%12.811.510.8%
Total cost / ASM (USD cents)15.112.719.4%14.812.221.4%
Total cost excluding fuel / ASM (USD cents)10.19.57.1%10.19.012.1%
Other Indicators20262025Var.20262025Var.
Fuel cost per gallon (USD cents)3.992.4860.6%3.712.4650.8%
FX close(3)
17.8418.38(2.9)%17.8418.38(2.9)%
FX average(3)
17.2218.67(7.7)%17.4019.57(11.1)%
Figures may not sum to total due to rounding.
1) 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


3Q26 RESULTS
image_1b.jpg


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 their 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, 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


3Q26 RESULTS
image_1b.jpg

Three Months Ended September 30Nine Months Ended September 30
Adjusted EBITDAR reconciliation20262025Var.20262025Var.
Profit (loss) for the period4197(58.1)%(6)187NA
   (+) Income tax expense (benefit)724(70.4)%(1)47NA
(+) Depreciation and amortization(1)
1961846.6%5795377.8%
(+) Net finance cost
1421327.7%4073913.9%
(+) Impairment (reversal)
——NA—(4)NA
(+) Aircraft leasing(2)
35(27.1)%1113(9.4)%
Adjusted EBITDAR(3)
389442(11.9)%9891,171(15.5)%
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 measure and has 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 reconciliationAs of September 30, 2026As of December 31, 2025
Total loans and borrowings, including leases4,0634,055
(-) Cash and cash equivalents
9651,024
Adjusted net debt(1)
3,0983,031
Figures may not sum to total due to rounding.
1) Adjusted Net Debt is a non-IFRS measure and has limitations as an analytical tool, 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)
As of September 30, 2026As of December 31, 2025
Adjusted net debt (1)
3,0983,031
Last twelve months adjusted EBITDAR (1)
1,4911,672
Net leverage ratio(1)
2.1x1.8x
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


    
logo.jpg
g112634g0713183655756.jpg
Aeroméxico July 2026 Traffic Results

Mexico City, Mexico, August 3, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO, “Aeroméxico”) reports its July 2026 operational results.
Grupo Aeroméxico’s total capacity, measured in available seat miles (ASMs), decreased 1.5% year-over-year, while demand, measured in revenue passenger miles (RPMs), declined 1.9%.
Aeroméxico’s July load factor was 88.0%, down 0.4 p.p. compared with July 2025. During the month, Aeroméxico transported 2 million and 157 thousand passengers.
Andrés Conesa, Chief Executive Officer stated: “Our July traffic results were in line with our expectations. International demand continued to demonstrate resilience, delivering solid performance across our network. In the domestic market, demand recovered strongly toward the end of the month following the temporary moderation associated with the World Cup. These results, together with encouraging booking trends, reinforce our confidence in the outlook for the remainder of the year and our ability to continue executing our strategy. We will continue to optimize our network and capacity deployment to capture demand opportunities while maintaining our focus on profitability.”
July
Cumulative to July
2026
2025
Var.
2026
2025
Var.
Passengers (itinerary + charter, thousands)
Domestic
1,331
1,437
(7.4%)
9,058
9,464
(4.3%)
International
826
860
(4.0%)
4,904
4,891
0.3%
Total
2,157
2,298
(6.1%)
13,962
14,355
(2.7%)
ASMs (itinerary + charter, millions)
Domestic
877
929
(5.6%)
6,116
6,331
(3.4%)
International
2,429
2,427
0.1%
15,042
14,802
1.6%
Total
3,306
3,356
(1.5%)
21,158
21,133
0.1%
RPMs (itinerary + charter, millions)
Domestic
764
824
(7.3%)
5,126
5,348
(4.1%)
International
2,146
2,142
0.2%
12,890
12,554
2.7%
Total
2,910
2,967
(1.9%)
18,016
17,902
0.6%
Load Factor (itinerary, %)
Domestic
87.1%
88.7%
(1.6 p.p.)
83.8%
84.5%
(0.6 p.p.)
International
88.4%
88.3%
0.0 p.p.
85.8%
84.8%
0.9 p.p.
Total
88.0%
88.5%
(0.4 p.p.)
85.2%
84.7%
0.5 p.p.
Figures may not sum total due to rounding.





image_1.jpg
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






    
logo.jpg
g112634g0713183655756.jpg
Aeroméxico August 2026 Traffic Results

Mexico City, Mexico, September 3, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO, “Aeroméxico”) reports its August 2026 operational results.
Grupo Aeroméxico’s total capacity, measured in available seat miles (ASMs), increased 2.3% year-over-year, while demand, measured in revenue passenger miles (RPMs), increased 2.9%.
Aeroméxico’s August load factor was 89.7%, an increase of 0.6 p.p. compared with August 2025. During the month, Aeroméxico transported 2 million and 151 thousand passengers.
Andrés Conesa, Chief Executive Officer stated: “Our August traffic results demonstrate the strength of demand across our network, as we concluded the peak summer travel season with strong domestic and international load factors despite a challenging comparison with August 2025. Forward bookings continue to reflect healthy demand trends as we move into the fall season, reinforcing our confidence in the demand outlook. As we continue to navigate an evolving operating environment with higher fuel cost than previously anticipated, we remain focused on the factors within our control: disciplined capacity deployment, network optimization, and fuel recapture initiatives, to capitalize on demand opportunities while supporting long-term profitability.”
August
Cumulative to August
2026
2025
Var.
2026
2025
Var.
Passengers (itinerary + charter, thousands)
Domestic
1,378
1,394
(1.2%)
10,436
10,858
(3.9%)
International
773
778
(0.7%)
5,677
5,669
0.1%
Total
2,151
2,172
(1.0%)
16,113
16,527
(2.5%)
ASMs (itinerary + charter, millions)
Domestic
879
879
(0.1%)
6,995
7,210
(3.0%)
International
2,317
2,246
3.2%
17,361
17,047
1.8%
Total
3,196
3,125
2.3%
24,356
24,258
0.4%
RPMs (itinerary + charter, millions)
Domestic
783
789
(0.7%)
5,910
6,136
(3.7%)
International
2,084
1,998
4.3%
14,975
14,552
2.9%
Total
2,867
2,787
2.9%
20,884
20,688
0.9%
Load Factor (itinerary, %)
Domestic
89.2%
89.7%
(0.5 p.p.)
84.5%
85.1%
(0.6) p.p.
International
89.9%
89.0%
1.0 p.p.
86.3%
85.4%
0.9 p.p.
Total
89.7%
89.2%
0.6 p.p.
85.8%
85.3%
0.5 p.p.
Figures may not sum to total due to rounding.



image_2.jpg

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



    
logo.jpg
g112634g0713183655756.jpg
Aeroméxico September 2026 Traffic Results

Mexico City, Mexico, October 6, 2026 – Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO, “Aeroméxico”) reports its September 2026 operational results.
Grupo Aeroméxico’s total capacity, measured in available seat miles (ASMs), increased 3.4% year-over-year, while demand, measured in revenue passenger miles (RPMs), increased 3.6%.
Aeroméxico’s September load factor was 87.1%, an increase of 0.1 p.p. compared with September 2025. During the month, Aeroméxico transported 1 million and 853 thousand passengers.
Andrés Conesa, Chief Executive Officer stated: “Our September traffic results reflect the strength of our network and the disciplined execution of our strategy to align capacity with demand. Our continued shift toward key international markets, together with disciplined capacity allocation, supported overall demand growth and the strong performance of our international operations while maintaining healthy load factors, despite the typical seasonal moderation in demand following the peak summer travel period. These results reinforce our confidence in the resilience of demand as we move into the final quarter of the year. While higher jet fuel prices continue to create a more challenging cost environment than anticipated, we remain focused on executing our commercial and operational initiatives to optimize our capacity deployment, capture demand opportunities, and support the long-term profitability of the business.”
September
Cumulative to September
2026
2025
Var.
2026
2025
Var.
Passengers (itinerary + charter, thousands)
Domestic
1,226
1,276
(3.9%)
11,662
12,134
(3.9%)
International
627
617
1.8%
6,304
6,285
0.3%
Total
1,853
1,892
(2.1%)
17,966
18,419
(2.5%)
ASMs (itinerary + charter, millions)
Domestic
802
830
(3.4%)
7,797
8,041
(3.0%)
International
2,090
1,966
6.3%
19,451
19,013
2.3%
Total
2,892
2,796
3.4%
27,248
27,054
0.7%
RPMs (itinerary + charter, millions)
Domestic
689
715
(3.7%)
6,598
6,851
(3.7%)
International
1,830
1,716
6.6%
16,804
16,267
3.3%
Total
2,518
2,431
3.6%
23,403
23,119
1.2%
Load Factor (itinerary, %)
Domestic
85.9%
86.1%
(0.3 p.p.)
84.6%
85.2%
(0.6) p.p.
International
87.6%
87.3%
0.2 p.p.
86.4%
85.6%
0.9 p.p.
Total
87.1%
87.0%
0.1 p.p.
85.9%
85.5%
0.5 p.p.
Figures may not sum to total due to rounding.



image_2.jpg
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





Filing Exhibits & Attachments

4 documents

Keep reading