Adjusted EBITDAR Margin of 31%, second-best 3Q on record
Operating Margin at 18%
Company Introduces 4Q25 and FY2025 Guidance
MEXICO CITY, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroméxico S.A.B. de C.V. ((NYSE &, BMV:AERO) ("Aeroméxico" or the "Company") today reported unaudited financial results for the three months ended September 30, 2025 (3Q25). The Company has used the U.S. dollar, its functional currency, as the presentation currency for these consolidated financial statements. All figures are expressed in millions of U.S. dollars unless otherwise indicated.
Andrés Conesa, Chief Executive Officer stated: "In the third quarter of 2025, we once again delivered outstanding results. Aeroméxico maintained its position as the world's most punctual airline through October, and our differentiated service was recognized with the Five Star Global Airline APEX Award for the seventh consecutive year. Financially, this was the second-best third quarter in our history, with an Adjusted EBITDAR margin among the highest in the global industry. We acted decisively to sustain best-in-class profitability and operational excellence throughout this peak travel season. The unwavering commitment, discipline, and professionalism of our team continue to drive Aeroméxico's strong performance and leadership".
OPERATING & FINANCIAL HIGHLIGHTS 3Q25
Aeroméxico's capacity, measured in available seat miles (ASMs), decreased by 0.7% year-over-year in 3Q25.
Aeroméxico's 3Q25 total revenue reached $1.4 billion, a 4.4% decrease as compared to the same period of 2024. When excluding extraordinary, non-recurrent items recorded in 2024, total revenue remained stable year-over-year. (1)
Adjusted EBITDAR totaled $441.6 million, with a 31.0% margin. These results represent the second-highest EBITDAR recorded for a third quarter in the Company's history.
Third quarter 2025 Operating Income totaled $252.8 million, with a margin of 17.7%, also marking the second-best operating income performance for a third quarter on record.
Cost per ASM excluding fuel (CASM-Ex), was 9.5¢, marking a 6.1% increase with respect to the same quarter of 2024.
Total adjusted net debt to EBITDAR ended the quarter at 1.9x.
1 These 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.
SUBSEQUENT EVENTS
On November 6, 2025, Aeroméxico began trading its ADS on the New York Stock Exchange (NYSE) and its common shares on the Mexican Stock Exchange (Bolsa Mexicana de Valores or BMV) following the successful completion of its dual listing IPO the United States and Mexico.
4Q25 & FULL YEAR 2025 OUTLOOK
Indicator
4Q25 Guidance
FY2025 Guidance
Total Capacity (ASMs)
~ -3.0% to -1.5%
~ +0.2% to + 0.5%
Total Revenue YoY
~ -2.0% to 0.0%
~ -5.5% to -4.5%
Total Revenue YoY (2024 Normalized)(1)
~ +1.0% to 3.0%
~ -3.0% to -2.0%
Adjusted EBITDAR Margin
~ 27.5% to 29.0%
~ 29.0% to 30.0%
Operating Income Margin
~ 14.0% to 15.5%
~ 15.0% to 16.0%
MACRO CONDITIONS
Economic activity. The Mexican economy observed weakness in the third quarter of the year. On a year over year basis, the Global Economic Activity Indicator decreased by 1.2% in July 2025 with respect to the same month of the previous year.
Exchange rate. In the third quarter, the Mexican peso remained relatively stable against the U.S. dollar. The average Mexican peso per dollar exchange rate went from $18.87 pesos per dollar in 3Q24 to $18.67 pesos per dollar in 3Q25, a 1.0% appreciation. The quarter-end exchange rate appreciated 6.4%, closing at $18.38 pesos per dollar as compared to $19.63 pesos per dollar at the end of 3Q24.
Fuel price. In 3Q25, fuel cost per liter in dollars decreased by 3.7%, from an average of 68¢ per liter in 3Q24 to an average of 66¢ per liter in 3Q25.
Inflation. Annual inflation as of August 2025 was 3.6%, down 1.4 percentage points (p.p.) from 2024 according to Banxico.
1 These 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.
KEY FINANCIAL AND OPERATING HIGHLIGHTS FOR THE THIRD QUARTER 2025
Key Financial KPIs
Three Months Ended September 30
3Q25
3Q24
3Q24(Normalized)1
Var. %
Var. %(vs Normalized)1
Total revenue (USD millions)
1,425
1,490
1,426
-4.4%
-0.1%
Adjusted EBITDAR1 (USD millions)
442
500
435
-11.6%
1.4%
Adjusted EBITDAR margin1 (% of Revenue)
31%
34%
31%
(2.6) p.p.
0.5 p.p.
Total operating income (loss) (USD millions)
253
332
266
-23.8%
-4.9%
Operating Margin (% of Revenue)
18%
22%
19%
(4.5) p.p.
(0.9) p.p.
Key Operating Indicators
3Q25
3Q24
3Q24(Normalized)1
Var. %
Var. %(vs Normalized)1
Total ASMs (millions)
9,277
9,344
-
-0.7%
-
Passengers ('000)
6,362
6,703
-
-5.1%
-
Total revenue / ASM (USD cents)
15.4
15.9
15.3
-3.7%
0.6%
Total cost / ASM (USD cents)
12.7
12.3
12.3
3.2%
3.2%
Total cost excluding fuel / ASM (USD cents)
9.5
8.9
8.9
6.1%
6.1%
Key Financial KPIs
Nine Months Ended September 30
2025
2024
2024(Normalized)1
Var. %
Var. %(vs Normalized)1
Total revenue (USD millions)
3,923
4,185
4,076
-6.3
-3.8%
Adjusted EBITDAR1(USD millions)
1,171
1,292
1,176
-9.4
-0.4%
Adjusted EBITDAR margin1(% of Revenue)
30%
31%
29%
(1.0) p.p.
1.0 p.p.
Total operating income (loss) (USD millions)
625
810
689
-22.8%
-9.3%
Operating Margin (% of Revenue)
16%
19%
17%
(3.4) p.p.
(1.0) p.p.
Key Operating Indicators
2025
2024
2024(Normalized)1
Var. %
Var. %(vs Normalized)1
Total ASMs (millions)
27,054
26,731
-
1.2%
-
Passengers ('000)
18,419
19,091
-
-3.5%
-
Total revenue / ASM (USD cents)
14.5
15.7
15.2
-7.4%
-4.9%
Total cost / ASM (USD cents)
12.2
12.6
12.6
-3.0%
-3.2%
Total cost excluding fuel / ASM (USD cents)
9.0
9.0
9.0
0.5%
0.3%
Figures may not sum to total due to rounding.
1 These 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.
INCOME STATEMENT DISCUSSION
3Q 2025 Revenue
Total revenue for the third quarter of 2025 was $1.4 billion, representing a 4.4% decrease year-over-year. The decline primarily reflects the impact of non-recurring items recorded in the third quarter of 2024, as well as softer passenger demand in certain U.S. and Mexican markets. Economic and political uncertainty affected domestic border routes and the Mexico–U.S. transborder Visiting Friends and Relatives (VFR) segment. When excluding extraordinary, non-recurrent items recorded in 2024, total revenue remained stable year-over-year(1). In the prior year, results included one-time benefits from compensation received from Boeing related to the 737 MAX grounding and estimated revenue from expired tickets following the extension of ticket validity policies implemented under previous commercial flexibility initiatives.
3Q25 total ASMs decreased by 0.7% as compared to 3Q24. International ASMs increased by 4.2% while domestic ASMs decreased by 11.3%. International ASMs accounted for 71.6% of Aeroméxico's total ASMs, compared to 68.2% in 3Q24.
Load factor in 3Q25 was 88.3%, a 0.7 percentage point decrease with respect to the same period of last year. Domestic load factor increased by 1.1% due to an 11.3% ASM reduction, while international load factor decreased by 1.6% amid a 4.2% ASM increase.
Total revenue per ASM (RASM) was 15.4¢, representing a 3.7% decrease compared to 2Q24. Excluding extraordinary, non-recurrent items(1) recorded in 2024, RASM increased by 0.6% year-over-year, indicating enhanced performance across various demand segments.
Total passenger revenue, including ancillaries, declined 5.5%, reflecting domestic capacity cuts, softness in VFR markets, and the ongoing ramp-up of international routes. Domestic passenger revenue totaled $423.1 million, an 11.5% decrease as compared to 3Q24, while international passenger revenue amounted to $710.6 million, 0.5% lower on a year-over-year basis. In the prior year, results included one-time benefits from compensation received from Boeing related to the 737 MAX grounding and estimated revenue from expired tickets following the extension of ticket validity policies implemented under previous commercial flexibility initiatives.
Aeroméxico transported 6 million 362 thousand passengers in 3Q25, representing a 5.1% decline as compared to 3Q24. International traffic grew 2.9% year-over-year, while domestic passengers decreased by 9.0% during the same period.
Air cargo revenue for the third quarter reached $77.7 million, a 6.6% increase over the third quarter of 2024. This growth was primarily driven by higher domestic demand and improved international yields.
1 These 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.
Passenger Revenue(USD million)
Three Months Ended September 30
Nine Months Ended September 30
3Q25
3Q24
Var. %
2025
2024
Var. %
Domestic
423
478
(11.5)%
1,186
1,434
(17.3)%
International
711
714
(0.5)%
1,928
1,929
-
Ancillaries
165
181
(8.9)%
443
479
(7.4)%
Total passenger revenue
1,299
1,374
(5.5)%
3,557
3,841
(7.4)%
Figures may not sum to total due to rounding.
3Q 2025 Operating Expenses
