Grupo Aeromexico (AERO) investor relations material

Executive summary

• Achieved record second-quarter revenue of $1.5 billion, up 12.6% year-over-year, with traffic growing 10.5% and capacity up 2%, despite volatile jet fuel prices and temporary World Cup-related demand shifts.

• Premium revenue mix reached a record 43%, the highest in company history, with robust demand and customer engagement at all-time highs.

• Maintained profitability within guidance, with EBIT margin at 5% and strong liquidity, ending the quarter with no additional debt.

• Healthy demand trends in April and May, with temporary shifts in June due to the World Cup, which also drove record charter operations and sales weeks.

• Enhanced customer value proposition led to record Net Promoter Score (NPS) and on-time performance among top 10 global airlines.

Financial highlights

• Total revenue reached $1.5 billion, up 12.6% year-over-year; TRASM and PRASM increased 10.5% and 10%, respectively.

• Adjusted EBITDAR was $264 million (17.9% margin); operating income was $68 million (4.6% margin).

• Operating costs rose 30% year-over-year, mainly due to elevated fuel prices, with a fuel price headwind of $30 million and total fuel expense of $494 million, up 79.9% year-over-year.

• Liquidity stood at $1.2 billion (21.8% of LTM revenue), with net leverage ratio below 2.0x and no new debt incurred.

• Net loss was $58 million, compared to net income of $68 million in 2Q25.

Outlook and guidance

• 3Q26 revenue expected at $1.59–$1.62 billion (+12–14% YoY), adjusted EBITDAR margin 26.5–29.5%, operating margin 14–17%.

• 4Q26 revenue guidance: $1.64–$1.68 billion (+14.5–16.5% YoY), adjusted EBITDAR margin 28–31%, operating margin 15.5–18.5%.

• FY26 guidance: revenue $6.05–$6.12 billion (+13–14% YoY), adjusted EBITDAR margin 24–26%, operating margin 11–13%.

• Margin expansion expected in H2 2026, supported by increased aircraft utilization and easing fuel cost pressures.