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, 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.
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.
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.
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.
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 ...
