Aeroméxico Reports Unaudited First Quarter 2026 Results
Rhea-AI Summary
Aeroméxico (NYSE: AERO) reported unaudited 1Q26 results: total revenue $1.341B (+13.3% YoY), Adjusted EBITDAR $335.8M (25.0% margin), operating income $141.8M (10.6% margin) and net income $10.7M (0.8% margin). Liquidity reached $1.2B (22.6% of LTM revenue) and adjusted net debt/EBITDAR was 1.7x.
Capacity (ASMs) declined 1.2% YoY, CASM-Ex rose to 10.2¢, fuel cost/liter increased 13.1%, and the company provided 2Q26 guidance for modest ASM growth and revenue expansion.
AI-generated analysis. Not financial advice.
Positive
- Total revenue +13.3% YoY to $1.341B
- Adjusted EBITDAR $335.8M with a 25.0% margin
- Operating income $141.8M (10.6% margin)
- Liquidity $1.2B, 22.6% of LTM revenue
- Adjusted net debt/EBITDAR 1.7x (improved vs 4Q25)
Negative
- CASM-Ex 10.2¢, up 17.8% YoY (cost pressure)
- Fuel cost +13.1% per liter, raising operating expenses
- Net income $10.7M, margin only 0.8%
- Total operating expenses +15.1% YoY to $1.2B
News Market Reaction – AERO
On the day this news was published, AERO gained 1.82%, reflecting a mild positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $41M to the company's valuation, bringing the market cap to $2.32B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 10 | Earnings webcast update | Neutral | -2.6% | Updated timing and access details for the 1Q26 earnings webcast. |
| Apr 07 | Earnings webcast notice | Neutral | +10.4% | Announced date and time for Q1 2026 financial results webcast. |
| Feb 16 | 4Q25 and FY25 results | Positive | +9.0% | Reported strong 4Q25 and FY25 revenue, margins, and low leverage metrics. |
| Feb 06 | 4Q25 results webcast | Neutral | -0.1% | Reminder about timing and format of 4Q25/FY25 earnings webcast. |
Earnings-related announcements have generally seen modest positive average moves, with actual result releases drawing strong interest compared with mostly muted reactions to webcast logistics updates.
Recent history shows Aeroméxico steadily using earnings events to update on profitability and leverage. The 4Q25/FY25 release highlighted strong margins and low adjusted net debt/EBITDAR, followed by multiple webcasts around results timing. Traffic updates in early 2026 showed slightly softer passenger trends but improving load factors. Today’s 1Q26 report, with 13.3% revenue growth and maintained profitability, follows that narrative of disciplined capacity and balance sheet focus.
Historical Comparison
In the past few months, Aeroméxico’s earnings-related headlines produced an average move of 4.21%, with full-result releases drawing more interest than simple webcast scheduling notices.
Earnings communications progressed from 4Q25/FY25 results and FY26 guidance in February to detailed 1Q26 performance, maintaining focus on margins, capacity discipline, and adjusted net debt/EBITDAR.
Market Pulse Summary
This announcement details Aeroméxico’s 1Q26 performance, with revenue up 13.3% and adjusted EBITDAR of $336M at a 25% margin, offset by higher CASM-Ex of 10.2¢ and modest net income of $10.7M. Liquidity of $1.2B and adjusted net debt/EBITDAR of 1.7x underline balance-sheet strength. Investors may track how 2Q26 guidance, fuel costs, and capacity discipline affect margins and cash generation in future quarters.
Key Terms
adjusted EBITDAR financial
load factor technical
revolving credit facility financial
non-IFRS measures financial
AI-generated analysis. Not financial advice.
- Total Revenue growth of
13% year-on-year - Adjusted EBITDAR Margin of
25% - Operating Margin of
11% - Liquidity to LTM Revenue ratio at
23%
MEXICO CITY, April 21, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO & BMV: AERO, “Aeroméxico” or the “Company”) today reported unaudited consolidated financial results for the three months ended 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 , a13.3% increase as compared to the same period of 2025. - Adjusted EBITDAR(1) totaled
$335.8 million , with a25.0% margin, marking a5.0% increase over the same period last year. - Operating income totaled
$141.8 million , with a10.6% 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 represented23.0% of total revenues.
2Q26 OUTLOOK
| Indicator | 2Q26 Guidance |
| Total Capacity (ASMs) | ~ |
| Total Revenue | ~ 1.47 bn to 1.52 bn |
| Total Revenue YoY | ~ |
| Adjusted EBITDAR Margin | ~ |
| Operating Income Margin | ~ |
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 | |
| Adjusted EBITDAR(1) (USD millions) | 336 | 320 | |
| Adjusted EBITDAR margin(1) (% of Revenue) | (2.0 p.p.) | ||
| Total operating income (loss) (USD millions) | 142 | 142 | ( |
| Operating margin (% of Revenue) | (1.4 p.p.) | ||
| Key Operating Indicators | 1Q26 | 1Q25 | Var. % |
| Total ASMs (millions) | 8,596 | 8,697 | ( |
| Passengers ('000) | 5,791 | 5,877 | ( |
| Total revenue / ASM (USD cents) | 15.6 | 13.6 | |
| Total cost / ASM (USD cents) | 13.8 | 11.9 | |
| Total cost excluding fuel / ASM (USD cents) | 10.2 | 8.6 | |
| Foreign Exchange* | 1Q26 | 1Q25 | Var. % |
| Average | 17.58 | 20.43 | ( |
Figures may not sum to total due to rounding.
*Source: Company with information from Banxico.
INCOME STATEMENT DISCUSSION
1Q 2026 Revenue
Total revenue for the first quarter of 2026 reached
Our premium revenue(3) mix climbed to
Total revenue per Available Seat Mile (“TRASM”) reached 15.6¢, marking a
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 | |
| International | 847 | 746 | |
| 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
Fuel cost per liter increased
Cost per ASM excluding fuel (CASM-Ex) was 10.2¢ in 1Q26, representing an increase of
1Q 2026 Adjusted EBITDAR(1) and Operating Income
Adjusted EBITDAR(1) for the first quarter amounted to
Operating income for the first quarter reached
1Q 2026 Net Financing Cost
Net financing costs increased by
1Q 2026 Net Income
Net income in 1Q26 totaled
BALANCE SHEET AND CASH FLOW
As of March 31, 2026, Aeroméxico reported cash and cash equivalents, and short-term investments totaling
Including the
In 1Q26, Aeroméxico generated
During the first quarter, the Company repaid
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 | |
| 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.
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.
| 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.
| 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. | ||||
| 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.
| FINANCIAL AND OPERATIONAL INDICATORS | |||
| Financial KPIs | Three Months Ended March 31 | ||
| 1Q26 | 1Q25 | Var. % | |
| Total revenue | 1,341 | 1,184 | |
| Passenger revenue | 1,212 | 1,072 | |
| Adjusted EBITDAR(1) | 336 | 320 | |
| Adjusted EBITDAR margin(1) (% of Revenue) | 2.0 p.p. | ||
| Total operating income (loss) | 142 | 142 | - |
| Operating Margin (% of Revenue) | -1.4 p.p. | ||
| Net Income (loss) | 11 | 22 | - |
| Net Income (loss) Margin (% of Revenue) | -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 | |
| Load factor on scheduled flights (%) | 2.1 p.p | ||
| Passengers ('000) | 5,791 | 5,877 | (1.5)% |
| On-Time departure performance within 15 minutes (%) | (1.0) p.p | ||
| Total liters of fuel ('000) | 410,974 | 421,858 | (2.6)% |
| Yield (USD cents) (2) | 9.0 | 8.3 | |
| Total revenue / ASM (USD cents) | 15.6 | 13.6 | |
| Passenger revenue / ASM (USD cents)(2) | 12.2 | 11.0 | |
| Total cost / ASM (USD cents) | 13.8 | 11.9 | |
| Total cost excluding fuel / ASM (USD cents) | 10.2 | 8.6 | |
| Other Indicators | 1Q26 | 1Q25 | Var. % |
| Fuel cost per liter (USD cents) | 77 | 68 | |
| FX close(3) | 18.07 | 20.32 | ( |
| FX average(3) | 17.58 | 20.43 | ( |
| Figures may not sum to total due to rounding. | |
| 1) | Adjusted EBITDAR and Adjusted EBITDAR margin are non-IFRS measures and have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS. See Annex A for the definition of Aeroméxico’s non-IFRS measures and a reconciliation to the nearest IFRS measure. |
| 2) | Estimated as passenger revenues (excluding ancillaries) divided by total RPMs. |
| 3) | Source: Company with information from Banxico. |
Annex A on Non-IFRS Financial Measures
In addition to disclosing financial results prepared in accordance with IFRS, the Company discloses information regarding Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Debt and 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.
| Adjusted EBITDAR Reconciliation | Three Months Ended March 31 | ||
| 1Q26 | 1Q25 | Var. % | |
| Profit (loss) for the period | 11 | 22 | - |
| (+) Income tax expense (benefit) | 2 | 6 | - |
| (+) Depreciation and amortization (1) | 190 | 173 | |
| (+) Net finance cost | 129 | 115 | |
| (+) Impairment (reversal) | - | - | NA |
| (+) Aircraft leasing (2) | 4 | 5 | |
| 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 Adjusted EBITDAR) | 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. |
| CONTACT: | Investor Relations | aminvestorrelations@aeromexico.com |
| Corporate Communications | amcomunicacioncorporativa@aeromexico.com |
