Delta holds 272.8M Grupo Aeromexico (AERO) shares in passive 13G

Rhea-AI Filing Summary

Delta Air Lines, Inc. has filed a Schedule 13G reporting a passive ownership stake in Grupo Aeromexico, S.A.B. de C.V.. Delta beneficially owns 272,848,530 common shares, representing 18.7% of Aeromexico’s common equity.

The ownership percentage is based on 1,459,034,090 common shares outstanding upon completion of offerings described in a prospectus filed on November 7, 2025. The filing states Delta holds common shares, not American Depositary Shares, and that the securities are held in the ordinary course of business without any intent to change or influence control of Aeromexico.

Insights

Equity ownership and governance analyst

Delta reports an 18.7% passive equity stake in Grupo Aeromexico.

Delta Air Lines discloses beneficial ownership of 272,848,530 common shares of Grupo Aeromexico, equal to 18.7% of the airline’s outstanding common equity. This makes Delta a significant shareholder while characterizing the position as held in the ordinary course of business.

The percentage is calculated using 1,459,034,090 common shares outstanding upon completion of offerings described in a prospectus filed on November 7, 2025. Delta reports sole voting and dispositive power over its entire stake and indicates it holds common shares rather than ADSs.

The certification explicitly states the holdings were not acquired to change or influence control of Aeromexico, aligning with a passive ownership stance under Schedule 13G. Future company filings may provide additional context on how this sizeable stake relates to broader commercial arrangements between the airlines.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Grupo Aeromexico, S.A.B. de C.V.

(Name of Issuer)

Common shares without nominal value

(Title of Class of Securities)

40054J109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 40054J109

1

Names of Reporting Persons

Delta Air Lines, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 272,848,530.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 272,848,530.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

272,848,530.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

18.7 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: There is no CUSIP assigned to the Issuer's common shares. CUSIP number 40054J 109 has been assigned to the Issuer's American Depositary Shares ("ADSs") each representing 10 common shares, which are listed on the New York Stock Exchange under the symbol "AERO." At the time of this Schedule 13G, the Reporting Person does not hold any ADSs. The percentage of shares reported beneficially owned by the Reporting Person is based on 1,459,034,090 common shares of the Issuer outstanding upon the completion of the offerings described in the Prospectus filed by the Issuer with the Securities and Exchange Commission on November 7, 2025 pursuant to Rule 424(b)(1).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Grupo Aeromexico, S.A.B. de C.V.
(b)	Address of issuer's principal executive offices: Avenida Paseo de la Reforma 243, 25th Floor, Col. Renacimiento, Cuauhtemoc 06500, Mexico City, United Mexican States
Item 2.
(a)	Name of person filing: Delta Air Lines, Inc.
(b)	Address or principal business office or, if none, residence: 1030 Delta Boulevard Atlanta, GA 30354
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common shares without nominal value
(e)	CUSIP No.: 40054J109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 272,848,530
(b)	Percent of class: 18.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 272,848,530
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 272,848,530
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Delta Air Lines, Inc.

Signature:	/s/ Peter W. Carter
Name/Title:	Peter W. Carter / EVP - Chief External Affairs Officer
Date:	02/13/2026

FAQ

How many Grupo Aeromexico (AERO) shares does Delta Air Lines report owning?

Delta Air Lines reports beneficial ownership of 272,848,530 common shares of Grupo Aeromexico. This figure reflects shares over which Delta has sole voting and dispositive power, making it a major individual shareholder in the Mexican airline based on the reported share count.

What percentage of Grupo Aeromexico’s equity does Delta’s stake represent?

Delta’s stake represents 18.7% of Grupo Aeromexico’s common shares. This percentage is calculated using 1,459,034,090 common shares outstanding upon completion of offerings described in a prospectus filed on November 7, 2025, as referenced in the ownership disclosure.

Is Delta’s Grupo Aeromexico (AERO) stake held through ADSs or common shares?

Delta’s stake is held in common shares, not American Depositary Shares (ADSs). The filing notes CUSIP 40054J109 applies to ADSs, each representing 10 common shares, and explicitly states Delta does not hold any ADSs at the time of the report.

Does Delta intend to influence control of Grupo Aeromexico with this stake?

Delta certifies that the Aeromexico securities were acquired and are held in the ordinary course of business. The filing states they were not acquired and are not held for the purpose of changing or influencing control of Grupo Aeromexico, indicating a passive ownership posture.

What kind of SEC filing did Delta make regarding its Grupo Aeromexico position?

Delta filed a Schedule 13G, which is a beneficial ownership report used for certain passive holdings above 5% of a class of equity securities. The filing details Delta’s 18.7% ownership of Grupo Aeromexico common shares and its voting and dispositive powers.

On what share count is Delta’s 18.7% Grupo Aeromexico ownership based?

The 18.7% ownership figure is based on 1,459,034,090 Grupo Aeromexico common shares outstanding. This total corresponds to the shares outstanding upon completion of offerings described in a prospectus that Aeromexico filed on November 7, 2025 under Rule 424(b)(1).