Slides
Page 1
3Q’26 Results October 2026
Page 2
2 Disclaimer This presentation was prepared by Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (d/b/a Volaris, the "Company") with the purpose of providing interested parties certain financial and other information about the Company. This presentation is solely for discussion purposes and highlights basic information about the Company. Because it is a summary, it does not contain all the information that you should consider before investing in the securities of the Company. This presentation should be read in conjunction with the periodic reports and other information filed by Volaris with the U.S. Securities and Exchange Commission ("SEC") and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (“CNBV”). You may access the SEC filings for free by visiting EDGAR on the SEC website (www.sec.gov) and the CNBV filings at the CNBV website (www.gob.mx/cnbv). This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this presentation as legal, tax or investment advice and should consult their own advisers in this regard. Cautionary Statement Regarding Forward-Looking Statements and Information Statements in this presentation contain various forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, which represent the Company's expectations, beliefs or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words "expects," “intends,” "estimates," “predicts,” "plans," "anticipates," "indicates," "believes," "forecast," "guidance," “potential,” "outlook," "may," “continue,” "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, potential new service routes, the Company’s ability to drive Mexican domestic demand growth and predict future fleet ownership costs and customer savings programs. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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 and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to several factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenue; and government regulation. Additional information concerning these and other factors is contained in the Company's US Securities and Exchange Commission filings. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The risks and uncertainties regarding these forward-looking statements include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Report on Form 20-F for the year ended December 31, 2024, and in the Company’s other filings with the SEC, which are available at www.sec.gov. Non-IFRS Financial Measures In addition to financial information prepared in accordance with the International Financial Reporting Standards (“IFRS”), this presentation includes certain non-IFRS financial measures. We believe non-IFRS financial measures are useful indicators of our operating performance. We believe the non-IFRS numbers provided are well recognized performance measurements in the airline industry that are frequently used by our management, as well as by investors, securities analysts and other interested parties in comparing the operating performance of companies in our industry. Reconciliations of such information to the most directly comparable IFRS financial measures are included in the Appendix to these slides. The non-IFRS measures have limitations and may not be comparable across all carriers, and you should not consider them in isolation or as a substitute for our IFRS financial information. Statistical Data, Estimates and Forecasts This presentation contains statistical data, estimates and forecasts that are based on independent publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation.
Page 3
Enrique Beltranena Chief Executive Officer
Page 4
4 Commercial execution drove 3Q’26 results to exceed guidance, maintaining strong cash position Results beyond favorable seasonality, driven by hands-on management decisions to maximize revenue, improve productivity, and protect profitability 10.31 cents TRASM vs. 9.90 cents guidance 6.23 cents CASM ex fuel vs. 6.35 cents guidance $823M Liquidity Broadly unchanged QoQ 25.3% EBITDAR Margin vs. ~22% guidance ▪ Outperformed guidance and delivered positive EBIT – an achievement not anticipated in our original outlook, despite higher than anticipated jet fuel prices, driven by stronger revenue generation and disciplined cost management ▪ Balance sheet resilience and enhanced financial flexibility – maintained cash broadly stable QoQ, while securing a US$300M revolving credit facility with eight international banks ▪ Underlying cost structure remains well controlled –positioning us to benefit from a more efficient cost base as the redelivery cycle progresses, despite temporary fleet transition costs
Page 5
5 Transborder expansion and domestic segmentation drive structurally stronger revenues ¹ Based on OAG 4Q26 schedules, U.S.–Mexico market, by seats. >50% transborder revenue growth YoY in 3Q’26 42% international capacity in 3Q’26 full recapture of the increase in fuel costs in the transborder market Widening fare advantage vs. U.S. legacy carriers reinforces our value proposition and ULCC virtuous cycle +11% domestic capacity growth in 3Q’26 88% domestic load factor in 3Q’26 Successfully captured peak summer demand; reducing 4Q’26 domestic capacity to preserve unit revenues +5% aircraft utilization improvement QoQ in 3Q’26 ~$13M fuel cost savings 110 ASMs per gallon Higher aircraft productivity improved fixed- cost absorption, while record fuel efficiency ranked among the highest in the industry International market Higher returns and growing share Domestic market Profitable deployment through peak season Utilization and fuel efficiency More flying, lower cost per unit Our ULCC virtuous cycle allows us to deploy capacity where returns are strongest, capture demand and sustain profitable growth Our commercial initiatives offset ~49% of the YoY increase in fuel costs
Page 6
Holger Blankenstein EVP Airline, Commercial and Operations
Page 7
7 Capitalizing on attractive U.S.–Mexico transborder economics through strategic capacity redeployment Notes: (1) Based on OAG 4Q’26 published schedules. (2) As of 2025. U.S.–Mexico is a structurally attractive aviation corridor, with 40M+ nonstop passenger journeys (2) Targeted capacity allocation Deploying incremental flying in higher-return markets, supported by attractive demand and yields Stronger pricing and cost recovery Higher fares fully offset the YoY increase in fuel costs across our transborder business Diversified USD revenues Diversifying revenues and strengthening our natural hedge against U.S.-dollar-denominated costs The highest international mix in Volaris’ history 31% 4Q’22 38% 4Q’23 42% 4Q’24 44% 4Q’25 49% 4Q’26E International capacity As percentage of total ASMs in 4Q Expanding network and growing brand presence where returns are strongest #1 U.S.–Mexico carrier by seats (1) ▪ Diversified demand in this market supports repeat travel, improving resilience and providing a stronger foundation for margin expansion and lower earnings volatility. ▪ Market successfully absorbing additional capacity, alongside stronger pricing: ❑ International load factor at 82.2% ❑ Transborder revenues up by 53% year-over-year
Page 8
8 Driving repeat travel and rewarding passenger loyalty Consolidating our affinity portfolio into an in-house platform to lift retention, purchase frequency, revenue per passenger and recurring revenue Non-ticket sales account for 53% of total revenues (4) Notes: (1) INVEX integration completed; (2) Multi-reason: customers traveling for two or more of VFR, leisure and business; (3) vs. single-reason travelers; (4) As of 3Q’26. Source: Volaris ticketing data. A simple and rewarding experience: one entry point to Volaris Loyalty points program 2.3M active altitude members in a little over a year INVEX co-branded card (1) Largest co-branded credit card in Mexico, for any industry; one-third of direct-channel sales Subscriptions ~17% of total revenues driven by v.club v.pass · v.business · v.club Annual Pass Unlimited one-way direct flights for 1 year, with customers paying only for airport fees and taxes on each flight booked altitude O N E I N TE G R ATE D E C O S YS TE M T H E O P P O R T U N I T Y Better segmentation Tap into highly valuable multi-reason customer segments while maintaining our ULCC DNA and core VFR strength ~17% of our customers are multi-reason travelers (2) 1M+ INVEX cardholders now earning and redeeming points 12x as much travel potential from multi- reason travelers (3)
Page 9
Jaime Pous Chief Financial Officer
Page 10
10 Financial discipline and commercial execution delivered results despite higher-than-anticipated fuel prices 6.23 cents (+13.7% vs. 3Q’25) Total Operating Revenues Net Debt (1) / LTM EBITDARNet Loss EBIT Total Liquidity (1) $1,038M (+32.4% vs. 3Q’25) 10.31 cents (+19.2% vs. 3Q’25) CASM ex fuelTRASM $34M (vs. $68M in 3Q’25) -$26M (vs. $6M in 3Q’25) 3.3x (unch. from 2Q’26) $823M (vs. $824M in 2Q’26) EBITDAR $263M (-0.4% vs. 3Q’25) 3Q’26 Results Highlights EBIT Mg. 3.3% EBITDAR Mg. 25.3% 23.2% of LTM Revenues Note: All figures are reported in U.S. dollars. Non-IFRS measures (1) Includes short-term investments. EPADS -$0.23
Page 11
11 Unlocking capacity growth through fleet productivity A leaner contractual fleet, higher utilization and no incremental fleet-related debt Contractual Fleet Plan | Aircraft 149 Year-end 2026E -9 Lease returns -3 Planned aircraft sales 0 New deliveries from Airbus ~137 Year-end 2027E All 2027 deliveries rescheduled 7 aircraft deferred to 2032 2027 Capacity Growth Drivers Growth supported by a more productive operation Aircraft returning to productive service Match engine returns with seasonality and market demand Higher aircraft utilization Increase flying per productive aircraft and allocate capacity where economics are strongest 2027 Base Case Low-single-digit ASM growth Retaining flexibility to adjust capacity up or down depending on market conditions A stronger financial position Lower fleet-related obligations and lower cash outflows ~$360 million Lower lease liabilities 3Q’26 vs. FY2027E ~$50M Lower lease payments in FY2027E vs. FY2026 Note: Lease liabilities and lease payment savings are estimates. ASM: available seat miles.
Page 12
12 Fourth Quarter Guidance and Updated Full-Year 2026 Outlook (1) CAPEX net of financed fleet predelivery payments. 4Q’26 ASM growth ~4% TRASM ~10.90 cents CASM ex fuel ~6.50 cents EBITDAR Margin ~20% Avg. USD/MXN rate Ps. ~18.70 Avg. U.S. Gulf Coast jet fuel price ~$4.40 Full Year 2025 Guidance FY’26 ASM growth ~5% EBITDAR Margin ~21% CAPEX (1) ~$350M Notes: All figures are reported in U.S. dollars; Full-year 2026 average USD/MXN exchange rate (Ps. 17.73) and average U.S. Gulf Coast jet fuel price ($3.58 per gallon) are implied by the 4Q'26 guidance assumptions.
Page 13
13 Q&A Session Enrique Beltranena President & CEO Jaime Pous CFO Holger Blankenstein EVP Airline, Commercial and Operations Investor Relations Liliana Juárez ir@volaris.com ir.volaris.com