Earnings release
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AEROMEXICO REPORTS 2Q25 RESULTS • Adjusted EBITDAR Margin of 31% • EBIT Margin at 18% • CASM ex-fuel decreased 0.5% Mexico City, July 28, 2025 - Grupo Aeromexico S.A.B. de C.V. (“Aeromexico”) today reported unaudited financial results for the three months ended June 30, 2025 (2Q25). The Company has used the U.S. dollar as the presentation currency for these consolidated financial statements, which is also its functional currency. All figures are expressed in millions of U.S. dollars unless otherwise indicated. Andres Conesa, Chief Executive Officer stated “In the second quarter of 2025, we sustained our high level of performance. Our on-time performance remained among the best in the industry, and our financial results represented the second strongest results in our history for a second quarter. Despite numerous challenges encountered throughout the year, we responded swiftly with strategic actions that maintained our EBITDAR margin consistent with 2Q24 levels. Our team remains dedicated to achieving robust profitability and exceptional operational standards”. KEY FINANCIAL AND OPERATING HIGHLIGHTS FOR THE SECOND QUARTER 2025 Key Financial KPIs Three Months Ended June 30 Six Months Ended June 30 2Q25 2Q24 Var. % 2025 2024 Var. % Total revenue (USD millions) 1,314 1,392 (5.6)% 2,498 2,695 (7.3)% Adjusted EBITDAR* (USD millions) 410 427 (4.1)% 729 792 (7.9)% Adjusted EBITDAR margin* (% of Revenue) 31% 31% 0.5 p.p. 29% 29% (0.2) p.p. Total operating income (loss) (USD millions) 230 276 (16.4)% 372 478 (22.1)% Operating Margin (% of Revenue) 18% 20% (2.3) p.p. 15% 18% (2.8) p.p. Key Operating Indicators 2Q25 2Q24 Var. % 2025 2024 Var. % Total ASKs (millions) 14,613 14,307 2.1% 28,609 27,983 2.2% Total ASMs (millions) 9,080 8,890 2.1% 17,777 17,388 2.2% Passengers ('000) 6,180 6,409 (3.6)% 12,057 12,388 (2.7)% Total revenue / ASK (USD cents) 9.0 9.7 (7.6)% 8.7 9.6 (9.3)% Total revenue / ASM (USD cents) 14.5 15.7 (7.6)% 14.1 15.5 (9.3)% Total cost / ASK (USD cents) 7.4 7.8 (5.2)% 7.4 7.9 (6.2)% Total cost / ASM (USD cents) 11.9 12.6 (5.2)% 11.9 12.7 (6.2)% Total cost excluding fuel / ASK (USD cents) 5.5 5.5 (0.5)% 5.4 5.6 (2.5)% Total cost excluding fuel / ASM (USD cents) 8.9 8.9 (0.5)% 8.8 9.0 (2.5)% Daniel Medellín SVP Financial Planning & Investor Relations dmedellin@aeromexico.com Lucero Medina VP Investor Relations lmedinag@aeromexico.com Ricardo Sánchez Baker CFO rsbaker@aeromexico.com
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Figures may not sum to total due to rounding. * This metric is not defined under IFRS but has been included for reference given its relevance to the Company’s performance. EBITDAR is defined as earnings before interest, taxes, depreciation, amortization, and rental costs. MACRO CONDITIONS • Economic activity. The Mexican economy remained sluggish in the second quarter of the year. On a year over year basis, the Global Economic Activity Indicator increased by 0.4% in May 2025 with respect to the same month of the previous year. • Exchange rate. In the second quarter, the Mexican peso weakened against the U.S. dollar. The average Mexican peso per dollar exchange rate recorded a 14.2% depreciation year over year, from $17.17 pesos per dollar in 2Q24 to $19.61 pesos per dollar in 2Q25. The quarter-end exchange rate depreciated 2.8%, closing at $18.89 pesos per dollar as compared to $18.38 pesos per dollar at the end of 2Q24. • Fuel price. In 2Q25, fuel cost per liter in dollars decreased by 16.1%, from an average of 74¢ per liter in 2Q24 to an average of 62¢ per liter in 2Q25. • Inflation. Annual inflation as of June 2025 was 4.3%, down 0.7 percentage points (p.p.) from 20241. OPERATING & FINANCIAL HIGHLIGHTS 2Q25 • Aeromexico’s capacity, measured in available seat miles (ASMs), increased by 2.1% as compared to 2Q24. • Aeromexico’s 2Q25 total revenue reached $1.3 billion, a 5.6% decrease as compared to the same period of 2024. • Adjusted EBITDAR reached $409.5 million with a 31.2% margin. These results represent a 0.5 p.p. margin increase and a $17.5 million decrease when compared to 2024. • Second quarter 2025 EBIT totaled $230.3 million with a 17.5% margin. EBIT and EBIT margin decreased by $45.3 million and 2.3 p.p., respectively, as compared to 2Q24. • Cost per ASM (CASM) in dollars, excluding fuel, was 8.9¢, marking a 0.5% reduction with respect to the same quarter of 2024. • At the end of the quarter, total adjusted net debt to EBITDAR ratio was 1.8x. 2Q25 RESULTS 1 Source: Banxico
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INCOME STATEMENT DISCUSSION 2Q 2025 Revenue Total revenue for the second quarter of 2025 amounted to $1.3 billion, reflecting a 5.6% decline compared to the same period of 2024. This reduction was primarily driven by the depreciation of the exchange rate against the U.S. dollar, which reduced the equivalent dollars from peso denominated revenues, and softness in passenger demand in certain markets in the U.S. and Mexico. Economic and political uncertainty continued to impact our domestic border markets and the Mexico–U.S. transborder VFR (Visiting Friends and Relatives) segment. Total revenue per ASM (RASM) in dollars was 14.5¢, a 7.6% reduction as compared to 2Q24, predominantly driven by the Mexican peso depreciation and demand decline in the aforementioned VFR-related markets. 2Q25 total ASMs increased by 2.1% as compared to 2Q24. International ASMs increased by 7.6% while domestic ASMs decreased by 8.7%. International ASMs accounted for 69.9% of Aeromexico’s total ASMs, compared to 66.3% in 2Q24. Load factor in 2Q25 was 85.7%, a 0.6 percentage point decrease with respect to the same period of last year. In 2Q25, total passenger revenue, including ancillaries, decreased by 7.1%, reflecting demand contraction and a weaker Mexican peso, which impacted the value of domestically earned revenues. Domestic passenger revenue totaled $434.4 million and international passenger revenue amounted to $751.8 million. Aeromexico transported 6 million 180 thousand passengers in 2Q25, a 3.6% decrease as compared to 2Q24. In 2Q25, the number of passengers on international routes increased by 4.7% as compared to 2Q24, while domestic passengers decreased by 7.3% when compared to the same quarter of 2024. Second quarter air cargo revenue totaled $81.8 million, 13.1% above the same quarter of 2024, primarily driven by increased demand and recovery of international yields. Passenger Revenue (USD million) Three Months Ended June 30 Six Months Ended June 30 2Q25 2Q24 Var. % 2025 2024 Var. % Domestic 434 532 (18.4)% 831 1,022 (18.7)% International 752 744 1.0% 1,427 1,445 (1.2)% Total passenger revenue 1,186 1,277 (7.1)% 2,258 2,467 (8.5)% Figures may not sum to total due to rounding. 2Q 2025 Operating Expenses In 2Q25, total operating expenses -including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, depreciation and amortization- amounted to $1.1 billion, a 2.9% decrease compared to the same period in 2024, despite the 2.1% increase in ASMs. This reduction was primarily due to a 14.9% decrease in fuel expenses and cost efficiency initiatives, operational efficiencies with the introduction of additional MAX aircraft, and the depreciation of the Mexican peso, which reduced peso-denominated expenses. 2Q25 RESULTS
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Fuel cost per liter declined by 16.1% relative to 2Q24. Average fuel price in 2Q25 was 62¢ per liter as compared to 74¢ per liter during 2Q24. Fuel volume consumption increased by 1.4% as compared to 2Q24, while fuel burn per ASM decreased by 0.7% when compared to the same period of 2024, primarily attributable to a more efficient fleet mix. Other operating costs, including labor, maintenance, airport services, passenger services, travel agent commissions and selling and administrative expenses, decreased by 2.9% as compared to 2Q24, mainly driven by cost efficiency initiatives, aircraft upgauging, and the Mexican peso depreciation against the U.S. dollar. Aircraft rent, depreciation and amortization expenses amounted to $182.9 million in 2Q25, representing a 20.8% increase compared to the second quarter of 2024. This change is attributed to (i) higher depreciation after the incorporation of new aircraft (thirteen 737-MAX and one 787-9 over the past 12 months), and (ii) increased amortization resulting from engine and airframe maintenance performed according to our maintenance plan. Cost per ASM (CASM) in dollars, excluding fuel, was 8.9¢ in 2Q25, reflecting a 0.5% reduction compared to 2Q24. This improvement primarily resulted from enhanced operating leverage linked to increased ASM production through aircraft upgauging, ongoing cost efficiency measures, and a weaker Mexican peso, which lowered peso-denominated costs. These positive factors were partially offset by prevailing inflationary pressures. 2Q 2025 Adjusted EBITDAR and Operating Income (EBIT) Adjusted EBITDAR for the second quarter amounted to $409.5 million, representing a decrease of $17.5 million compared to the previous year. EBITDAR margin increased by 0.5 p.p. relative to 2Q24, resulting in a margin of 31.2%. In the second quarter, operating income totaled $230.3 million with a 17.5% margin. This result represents the second-highest EBIT margin for a second quarter in the Company’s history. Adjusted EBITDAR Reconciliation Three Months Ended June 30 Six Months Ended June 30 2Q25 2Q24 Var. % 2025 2024 Var. % Profit (loss) for the period 68 242 (71.9)% 90 347 (74.0)% (+) Income tax expense (benefit) 17 13 35.6% 22 18 24.1% (+) Depreciation and amortization (1) 180 149 20.2% 353 306 15.3% (+) Net finance cost 145 21 603.9% 260 113 129.5% (+) Impairment (reversal) (4) - NA (4) — NA (+) Aircraft leasing (2) 3 2 67.0% 8 8 (1.2)% Adjusted EBITDAR (3) 410 427 (4.1)% 729 792 (7.9)% 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) We define Adjusted EBITDAR as Adjusted EBITDA plus aircraft leasing expense. We consider Adjusted EBITDAR to be solely a valuation metric, not a performance metric. Adjusted EBITDAR has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under IFRS. Because the adjustments to Adjusted EBITDAR are not determined in accordance with IFRS, this measure may be 2Q25 RESULTS
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calculated differently by other companies. As a result, Adjusted EBITDAR as presented may not be directly comparable to similarly named measures presented by other companies. 2Q 2025 Net Financing Cost Net financing costs increased by $124.6 million compared to the same period of 2024. The net foreign exchange result shifted from a $63.6 million gain in 2024 to a $30.0 million loss in 2Q25, accounting for a $93.6 million total increase in costs. Additional factors contributing to the increase in finance costs over 2Q24 include the lease interest related to the expansion of the fleet, higher finance costs associated with the Senior Secured Notes due 2029 and 2031, and reduced interest income on investments. 2Q 2025 Net Income (Loss) Net income in 2Q25 totaled $68.1 million with a 5.2% margin. Balance Sheet and Cash Flow As of June 30, 2025 , Aeromexico reported cash and cash equivalents amounting to $922.5 million, notwithstanding the negative impact of exchange rate depreciation on peso-denominated balances. Including the $200.0 million revolving credit facility secured in 3Q24, total liquidity reached $1.1 billion. This corresponds to a liquidity to last twelve-month revenues ratio of 20.7%. Over the first half of the year, Aeromexico generated $348.7 million in net cash from operating activities, which allowed the Company to continue with its investment and deleveraging programs. During the second quarter, the Company amortized $22.6 million of financial debt. At the end of 2Q25, the Company’s leverage, measured as adjusted net debt to EBITDAR stood at 1.8x. 2Q25 RESULTS
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FLEET During 2Q25, Grupo Aeromexico received two Boeing 737 MAX-9 aircraft. Aeromexico’s operating fleet was comprised of 158 aircraft as of June 30, 2025, with an average age of 8.4 years. OPERATING FLEET Fleet 3Q24 4Q24 1Q25 2Q25 B-737-800 34 34 34 34 B-737 MAX 8 35 37 42 42 B-737 MAX 9 21 21 24 26 B-787 22 22 22 22 Aeromexico 112 114 122 124 E-190 37 34 34 34 Aeromexico Connect 37 34 34 34 Grupo Aeromexico 149 148 156 158 About Grupo Aeromexico Grupo Aeromexico, 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 2Q25 RESULTS
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Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Profit or Loss and other Comprehensive Income (Unaudited) Three Months Ended June 30 Six Months Ended June 30 2025 2024 Var. % 2025 2024 Var. % Revenues: Passenger 1,186 1,277 -7.1% 2,258 2,467 -8.5% Air Cargo 82 72 13.1% 152 141 8.0% Other 46 43 7.0% 87 87 0.2% Total Revenue 1,314 1,392 -5.6% 2,498 2,695 -7.3% Operating Expenses: Jet-fuel 274 322 -14.9% 560 646 -13.3% Wages, salaries and benefits 278 272 2.2% 529 531 -0.2% Maintenance 50 62 -18.9% 104 117 -11.7% Aircraft, communications and traffic services 148 146 1.3% 284 282 0.7% Passenger services 38 35 7.2% 71 68 3.2% Travel agent commissions 23 29 -21.9% 44 58 -25.5% Selling and administrative 86 97 -11.2% 165 191 -13.4% Aircraft leasing 3 2 67.0% 8 8 -1.2% Depreciation and amortization 180 149 20.2% 353 306 15.3% Impairment (reversal) (4) — NA (4) — NA Other (income) loss, net 8 1 503.9% 14 10 43.9% Share of gain on equity accounted investees, net of tax (2) (1) 46.3% (3) (1) 188.5% Total Operating Expenses 1,084 1,116 -2.9% 2,125 2,217 -4.1% Total operating income 230 276 -16.4% 372 478 -22.1% Finance income (cost): Net finance cost (145) (21) 603.9% (260) (113) 129.5% Income before income tax 85 255 -66.6% 112 365 -69.2% Income tax 17 13 35.6% 22 18 24.1% Net income for the period 68 242 -71.9% 90 347 -74.0% The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency. 2Q25 RESULTS
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Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (USD Millions) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents 922 842 Trade and other receivables 673 591 Due from related parties 3 3 Prepayments and deposits 71 70 Inventories 159 140 Total current assets 1,828 1,647 Non-current assets: Property and equipment, including right-of-use 3,476 3,207 Other non–current assets 1,517 1,530 Total non-current assets 4,993 4,737 Total assets 6,822 6,384 Liabilities Current liabilities: Loans and borrowings, including leases 480 448 Others 2,681 2,745 Total current liabilities 3,160 3,193 Non-current liabilities: Loans and borrowings, including leases 3,480 3,253 Others 986 838 Total non-current liabilities 4,467 4,090 Total liabilities 7,627 7,283 Total equity (deficit) (807) (900) Total equity and liabilities 6,822 6,384 The Company has used the US dollar as the presentation currency for these consolidated financial statements, which is also its functional currency. 2Q25 RESULTS
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Grupo Aeroméxico, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (USD Millions) 2025 2024 Var $ Operating cash 652 895 (243) Operational assets and liabilities (101) 31 (132) Cash generated from (required by) operating activities 551 926 (375) Income tax paid (44) (10) (34) Interest paid (158) (128) (30) Net cash from (used in) operating activities 349 788 (439) Net cash used in investing activities (99) (254) 156 Net cash from (used in) financing activities (195) (307) 112 Effect of exchange rate fluctuations on cash held 25 (39) 64 Net increase (decrease) in cash and cash equivalents 80 188 (108) Cash and cash equivalents: At beginning of the period 842 938 (96) At end of the period 922 1,126 (204) 2Q25 RESULTS
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FINANCIAL AND OPERATIONAL INDICATORS Financial KPIs Three Months Ended June 30 Six months Ended June 30 2Q25 2Q24 Var. % 2025 2024 Var. % Total revenue 1,314 1,392 (5.6)% 2,498 2,695 (7.3)% EBITDAR* 410 427 (4.1)% 729 792 (7.9)% EBITDAR margin* (% of Revenue) 31% 31% 0.5 p.p. 29% 29% (0.2) p.p. Total operating income (loss) 230 276 (16.4)% 372 478 (22.1)% Operating Margin (% of Revenue) 18% 20% (2.3) p.p. 15% 18% (2.8) p.p. Net Income (loss) 68 242 (71.9)% 90 347 (74.0)% Net Income (loss) Margin (% of Revenue) 5% 17% (12.2) p.p. 4% 13% (9.3) p.p. Operating Indicators 2Q25 2Q24 Var. % 2025 2024 Var. % Total ASKs (millions) 14,613 14,307 2.1% 28,609 27,983 2.2% Total ASMs (millions) 9,080 8,890 2.1% 17,777 17,388 2.2% Total RPKs (millions) 12,516 12,348 1.4% 24,036 24,024 —% Total RPMs (millions) 7,777 7,673 1.4% 14,935 14,928 —% Load factor on scheduled flights (%) 85.7% 86.3% (0.6) p.p 84.0% 85.9% (1.9) p.p Passengers ('000) 6,180 6,409 (3.6)% 12,057 12,388 (2.7)% On-Time departure performance within 15 minutes (%) 91.6% 88.3% 3.3 p.p 92.2% 88.3% 3.9 p.p Total liters of fuel ('000) 443,893 437,746 1.4% 865,751 853,569 1.4% Yield (USD cents)** 8.2 8.9 (7.9)% 8.2 9.0 (8.8)% Total revenue / ASK (USD cents) 9.0 9.7 (7.6)% 8.7 9.6 (9.3)% Total revenue / ASM (USD cents) 14.5 15.7 (7.6)% 14.1 15.5 (9.3)% Passenger revenue / ASK (USD cents) 7.0 7.7 (8.6)% 6.9 7.8 (10.7)% Passenger revenue / ASM (USD cents) 11.3 12.4 (8.6)% 11.1 12.5 (10.7)% Total cost / ASK (USD cents) 7.4 7.8 (5.2)% 7.4 7.9 (6.2)% Total cost / ASM (USD cents) 11.9 12.6 (5.2)% 11.9 12.7 (6.2)% Total cost excluding fuel / ASK (USD cents) 5.5 5.5 (0.5)% 5.4 5.6 (2.5)% Total cost excluding fuel / ASM (USD cents) 8.9 8.9 (0.5)% 8.8 9.0 (2.5)% Figures may not sum to total due to rounding. * This metric is not defined under IFRS but has been included for reference given its relevance to the Company’s performance. EBITDA is defined as profit or loss for the period before income tax expense (benefit), depreciation and amortization, net finance cost and impairment (reversal), and EBITDAR is defined as EBITDA before aircraft leasing expense, in light of the non-recurring nature of this item. ** Estimated as passenger revenues (excluding ancillaries) divided by total RPKs. 2Q25 RESULTS