Aeromexico swings to loss as sales rise to $1.479 billion

Grupo Aeromexico reported unaudited consolidated financial results for the second quarter of 2026, swinging to a loss of $(0.40) per share compared to earnings of $0.50 per share in the same period last year. Total revenue reached $1.479 billion, a 12.56% increase from $1.314 billion in the prior year. Despite the revenue growth, the airline faced an approximately $30 million fuel headwind and demand shifts associated with the World Cup, which pressured profitability. The company maintained an Adjusted EBITDAR margin of 17.9% and an operating margin of 4.6%, while total liquidity stood at $1.2 billion, representing 21.8% of last-twelve-month revenues.

Andrés Conesa, Chief Executive Officer, stated that the results were in line with guidance despite the fuel price pressure, highlighting two record sales weeks and an all-time high for Premium Revenue Mix. The company focused on disciplined capacity and network management to align supply with demand. Looking ahead, Aeromexico anticipates a positive backdrop for the second half of the year, driven by improving macroeconomic conditions and healthy demand, which is expected to result in absolute EBITDAR levels above last year.

Operating and Financial Highlights

Capacity, measured in available seat miles (ASMs), increased by 1.9% year-over-year. Total fuel expense amounted to $493.8 million, a 79.9% increase, driven by elevated global fuel prices. Adjusted EBITDAR totaled $264.2 million, and operating income totaled $67.9 million. The total adjusted net debt to EBITDAR ratio ended the quarter below 2.0x.

Metric	2Q26 Value	YoY Change
Total Revenue	$1.479 billion	12.56%
Total Fuel Expense	$493.8 million	79.9%
Adjusted EBITDAR	$264.2 million	(35.5%)
Adjusted EBITDAR Margin	17.9%	(13.3 p.p.)
Operating Income	$67.9 million	(70.5%)
Operating Margin	4.6%	(12.9 p.p.)
Liquidity	$1.2 billion	N/A

Outlook

For the third quarter of 2026, the company projects total revenue between $1.59 billion and $1.62 billion, with capacity growth of 0.5% to 1.5%. The Adjusted EBITDAR margin is expected to range between 26.5% and 29.5%. Full-year 2026 guidance estimates total revenue between $6.05 billion and $6.12 billion, representing a year-over-year increase of 13.0% to 14.0%. The outlook assumes an average all-in fuel price of approximately $3.2 per gallon for the third quarter and $3.0 per gallon for the fourth quarter.

Balance Sheet and Cash Flow

As of June 30, 2026, cash and cash equivalents were $1.0 billion, an increase of $114.3 million compared to the same quarter in the previous year. Net cash from operating activities for the quarter was $362.4 million. During the second quarter, the company repaid $17.1 million of financial debt. The operating fleet comprised 169 aircraft as of June 30, 2026, with an average age of 8.9 years.

Grupo Aeroméxico S.A.B. de C.V. reported a 9.0% year-over-year decline in passenger traffic for June 2026, transporting 1.85 million passengers. The airline's total capacity, measured in available seat miles (ASMs), increased by 0.9%, while demand, measured in revenue passenger miles (RPMs), decreased by 2.8%. Consequently, the load factor fell by 3.0 percentage points to 82.7% compared to June 2025.

Andrés Conesa, Chief Executive Officer, attributed the traffic results to disciplined execution of commercial and network strategy. He noted that domestic demand moderated due to World Cup-related shifts, prompting proactive adjustments in domestic capacity. International demand maintained its strength throughout the year, aligning with the company's second-quarter guidance assumptions.

Operational Performance

Domestic passengers decreased by 13.0% to 1.16 million, while international passengers fell by 1.4% to 690,000. Domestic capacity dropped 8.7%, whereas international capacity grew 4.9%. Demand followed a similar pattern, with domestic RPMs falling 11.8% and international RPMs rising 0.9%.

The load factor decreased across both segments. Domestic load factor dropped 2.9 percentage points to 80.9%, and international load factor fell 3.1 percentage points to 83.4%.

Traffic Summary

Metric	June 2026	June 2025	Variation
Passengers (thousands)
Domestic	1,161	1,333	-13.0%
International	690	700	-1.4%
Total	1,851	2,033	-9.0%
ASMs (millions)
Domestic	815	892	-8.7%
International	2,212	2,109	4.9%
Total	3,027	3,001	0.9%
RPMs (millions)
Domestic	659	747	-11.8%
International	1,839	1,823	0.9%
Total	2,497	2,570	-2.8%
Load Factor (%)
Domestic	80.9%	83.8%	-2.9 p.p.
International	83.4%	86.4%	-3.1 p.p.
Total	82.7%	85.7%	-3.0 p.p.

Outlook

Booking trends remain strong beyond the World Cup period, supporting expectations of healthy demand for the remainder of the year. Grupo Aeroméxico intends to continue managing its network and capacity to capture demand opportunities while maximizing profitability.