- Total Revenue of $1.4 billion in 4Q25 and $5.4 billion in FY25
- Adjusted EBITDAR Margin of 35% in 4Q25 and 31% in FY25, highest on record
- Operating Margin of 21% in 4Q25 and 17% in FY25
- Premium revenue at 42% in 4Q25 and FY25
MEXICO CITY, Feb. 16, 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 December 31, 2025 (“4Q25”) and twelve months ended December 31, 2025 (“FY25”) and as of December 31, 2025. The unaudited consolidated financial results set forth below are subject to revision based upon the completion of our annual financial closing process, and other developments arising between now and the time this financial closing process is finalized. 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 closed the year with strong momentum firmly confirming the recovery trend that gained pace in the second half of the year. We once again demonstrated industry-leading operational reliability, being recognized by CIRIUM as the world’s most on-time airline for the second consecutive year. Our commitment to service excellence was also reaffirmed as Aeroméxico was awarded the APEX North America’s Best Global Airline recognition. We delivered industry-leading financial performance, and this quarter achieved record results, including the highest Adjusted EBITDAR in the Company’s history. These achievements reflect disciplined execution across the business and the unwavering commitment, professionalism, and teamwork of our people, who continue to drive Aeroméxico’s performance and leadership”.
OPERATING & FINANCIAL HIGHLIGHTS FOURTH QUARTER 2025
- Aeroméxico’s capacity, measured in available seat miles (ASMs), decreased by 1.8% year-over-year in 4Q25.
- Aeroméxico’s 4Q25 total revenue reached $1.4 billion, a 0.2% increase as compared to the same period of 2024. When excluding 2024 extraordinary, non-recurrent items(1), total revenue grew 3.4% year-over-year (1).
- Share of gain on equity accounted investees recorded a benefit of $71.1 million derived from the extraordinary income generated from the sale of the Group’s 50% equity interest in MRO (TechOps transaction), a joint venture owned in equal parts by Aeroméxico and Delta, dedicated to providing aircraft maintenance and repair services.
- Adjusted EBITDAR(3) totaled $501.6 million, with a 34.9% margin, representing the highest EBITDAR and EBITDAR margin on record in the Company’s history. Excluding the TechOps transaction and non-capitalized administrative expenses related to our Initial Public Offering (IPO)(2), Adjusted EBITDAR(3) amounted to $434.9 million with a 30.2% margin.
- Fourth quarter 2025 Operating Income totaled $303.1 million, with a margin of 21.1%, marking the best operating income performance for a fourth quarter on record. Excluding the TechOps transaction and non-capitalized administrative expenses related to our Initial Public Offering (IPO)(2), Operating Income totaled $236.4 million with a 16.4% margin.
- Cost per ASM excluding fuel (CASM-Ex), was 10.4¢, marking a 5.9% increase with respect to the same quarter of 2024.
OPERATING & FINANCIAL HIGHLIGHTS FULL YEAR 2025
- Aeroméxico’s capacity, measured in available seat miles (ASMs), increased by 0.5% year-over-year.
- Aeroméxico’s FY25 total revenue reached $5.4 billion, a 4.6% decrease as compared to 2024. When excluding 2024 extraordinary, non-recurrent items(1), total revenue decreased 1.9% year-over-year.
- Adjusted EBITDAR(3) totaled $1.7 billion, with a 31.2% margin. This margin represents the highest record in the Company’s history. Excluding the TechOps transaction and IPO-related expenses(2), Adjusted EBITDAR(3) amounted to $1.6 billion with a 30.0% margin.
- Full year 2025 Operating Income totaled $928.1 million, with a margin of 17.3%, marking the second-best yearly operating income performance record. Excluding the TechOps transaction and the IPO-related expenses (2), Operating Income totaled $861.4 million with a 16.1% margin.
- Cost per ASM excluding fuel (CASM-Ex), was 9.3¢, a 1.7% increase compared to last year.
- Total adjusted net debt to EBITDAR(3) ended the year at 1.8x.
1Q26 & FULL YEAR 2026 OUTLOOK
| Indicator | 1Q26 Guidance | FY2026 Guidance |
| Total Capacity (ASMs) | ~ -1.7% to -1.2% | ~ 3.0% to 5.0% |
| Total Revenue | ~ 1.30 bn to 1.33 bn | ~ 5.77 bn to 5.88 bn |
| Total Revenue YoY | ~ 10.0% to 12.0% | ~ 7.5% to 9.5% |
| Adjusted EBITDAR Margin | ~ 26.0% to 28.0% | ~ 28.5% to 30.5% |
| Operating Income Margin | ~ 11.0% to 13.0% | ~ 15.0% to 17.0% |
| Adjusted Net Leverage | – | ~ 1.6x |
| KEY FINANCIAL AND OPERATING HIGHLIGHTS FOR THE FOURTH QUARTER 2025 |
|||||
| Key Financial KPIs | Three Months Ended December 31 | ||||
| 4Q25 | 4Q25 (Normalized) (4) |
4Q24 | 4Q24 (Normalized) (4) |
Var. % (5) | |
| Total revenue (USD millions) | 1,438 | 1,438 | 1,435 | 1,391 | 3.4% |
| Adjusted EBITDAR(3) (USD millions) | 502 | 435 | 446 | 402 | 8.3% |
| Adjusted EBITDAR margin(3) (% of Revenue) | 35% | 30% | 31% | 29% | 1.4 p.p. |
| Total operating income (loss) (USD millions) | 303 | 236 | 257 | 212 | 11.6% |
| Operating Margin (% of Revenue) | 21% | 16% | 18% | 15% | 1.2 p.p. |
| Key Operating Indicators | 4Q25 | 4Q25 (Normalized) (4) |
4Q24 | 4Q24 (Normalized) (4) |
Var. % (5) |
| Total ASMs (millions) | 8,751 | – | 8,911 | – | – |
| Passengers (‘000) | 6,168 | – | 6,247 | – | – |
| Total revenue / ASM (USD cents) | 16.4 | 16.4 | 16.1 | 15.6 | 5.3% |
| Total cost / ASM (USD cents) | 13.6 | 13.6 | 13.0 | 13.0 | 4.9% |
| Total cost excluding fuel / ASM (USD cents) | 10.4 | 10.4 | 9.9 | 9.9 | 5.4% |
| Foreign Exchange* | 4Q25 | 4Q25 (Normalized) (4) |
4Q24 | 4Q24 (Normalized) (4) |
Var. % |
| Average | 18.33 | – | 20.03 | – | -8.5% |
| Key Financial KPIs | Twelve Months Ended December 31 | ||||
| 2025 | 2025 (Normalized) (4) |
2024 | 2024 (Normalized) (4) |
Var. % (5) | |
| Total revenue (USD millions) | 5,361 | 5,361 | 5,620 | 5,467 | -1.9% |
| Adjusted EBITDAR(3) (USD millions) | 1,672 | 1,606 | 1,738 | 1,578 | 1.8% |
| Adjusted EBITDAR margin(3) (% of Revenue) | 31% | 30% | 31% | 29% | 1.1 p.p. |
| Total operating income (loss) (USD millions) | 928 | 861 | 1,067 | 901 | -4.4% |
| Operating Margin (% of Revenue) | 17% | 16% | 19% | 16% | -0.4 p.p. |
| Key Operating Indicators | 2025 | 2025 (Normalized) (4) |
2024 | 2024 (Normalized) (4) |
Var. % (5) |
| Total ASMs (millions) | 35,804 | – | 35,642 | – | – |
| Passengers (‘000) | 24,587 | – | 25,338 | – | – |
| Total revenue / ASM (USD cents) | 15.0 | 15.0 | 15.8 | 15.3 | -2.4% |
| Total cost / ASM (USD cents) | 12.5 | 12.5 | 12.7 | 12.7 | -1.2% |
| Total cost excluding fuel / ASM (USD cents) | 9.3 | 9.3 | 9.2 | 9.2 | 1.5% |
| Foreign Exchange* | 2025 | 2025 (Normalized) (4) | 2024 | 2024 (Normalized) (4) |
Var. % |
| Average | 19.26 | – | 18.27 | – | 5.5% |
Figures may not sum to total due to rounding.
*Source: Company with information from Banxico.
INCOME STATEMENT DISCUSSION
4Q 2025 Revenue
Total revenue for the fourth quarter of 2025 was $1.4 billion, representing a 0.2% year-over-year increase. When excluding 2024 extraordinary, non-recurrent items(1), total revenue grew 3.4% year-over-year. The recovery trend in demand that accelerated during the second half of 2025 fully materialized during the quarter, supported by strong load factors and sustained operational discipline. 2024 extraordinary, non-recurring items included one-time benefits from compensation received from Boeing related to the 737 MAX grounding, as well as estimated revenue from expired tickets following the extension of ticket validity policies implemented under prior commercial flexibility initiatives.
Total revenue per Available Seat Mile (“TRASM”) was 16.4¢, representing a 2.0% increase compared to 4Q24. Excluding 2024 extraordinary, non-recurrent items(1), TRASM increased by 5.3% year-over-year, reflecting enhanced performance across various demand segments and the appreciation of the Mexican peso. The positive trajectory in TRASM also reflects the improvement in our premium revenue(6) mix, which reached 41.9% of passenger-related revenue compared to 40.4% in 4Q24.
Full Year 2025 Revenue
Total revenue for the full year 2025 was $5.4 billion, representing a 4.6% year-over-year decrease. The decline primarily reflects the observed 2025 first half softer passenger demand in certain U.S. and Mexican border markets; the depreciation of the Mexican peso, and 2024 extraordinary, non-recurring items(1). Excluding 2024 extraordinary, non-recurrent items(1), total revenue decreased by 1.9% year-over-year. The impact of economic and political uncertainty on domestic border routes and the Mexico–U.S. transborder Visiting Friends and Relatives (VFR) segment during the first half of the year were partially offset by a recovery trend in certain U.S. and Mexican markets that began in the third quarter and materialized during the fourth quarter.
TRASM was 15.0¢, representing a 5.0% decrease compared to 2024. Excluding 2024 extraordinary, non-recurrent items(1), RASM decreased by 2.4% year-over-year.
| Passenger Revenue (USD million) |
Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||
| 4Q25 | 4Q24 | Var. % | 2025 | 2024 | Var. % | |
| Domestic | 478 | 459 | 4.0% | 1,664 | 1,893 | (12.1)% |
| International | 713 | 683 | 4.4% | 2,641 | 2,612 | 1.1% |
| Ancillaries | 112 | 168 | (33.0)% | 555 | 646 | (14.0)% |
| Total Passenger Revenue | 1,303 | 1,310 | (0.5)% | 4,860 | 5,151 | (5.6)% |
Figures may not sum to total due to rounding.
4Q 2025 Operating Expenses
In 4Q25, total operating expenses -including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, depreciation and amortization- reached $1.1 billion, reflecting a 3.7% decrease compared to the same period in 2024. Excluding the TechOps transaction and the IPO-related expenses(2), operating expenses were 1.9% higher compared to 4Q24. This increase was primarily driven by the impact of the Mexican peso’s appreciation on peso-denominated expenses, higher expenses on wages, salaries, and benefits following the renegotiation of all Collective Bargaining Agreements (“CBAs”) in 2024, increased depreciation and amortization costs due to fleet expansion, and IPO-related expenses. These cost pressures were partially offset by reduced selling and administrative expenses.
Fuel cost per liter increased 4.0% compared to 4Q24, averaging 66¢ per liter in 4Q25 as compared to 63¢ per liter in 4Q24. Fuel consumption decreased by 2.7% year-over-year, while fuel burn per ASM decreased by 0.9%, mainly due to a more efficient fleet mix.
Cost per ASM excluding fuel (CASM-Ex) was 10.4¢ in 4Q25, up 5.9% from 4Q24. Excluding extraordinary, non-recurring items(1,2), CASM-Ex increased 5.4% compared to 4Q24.
Share of gain on equity accounted increased by $73.4 million in 4Q25 as compared to 4Q24. This increase primarily reflects the $71.1 million of extraordinary income generated from the sale of TechOps.
Full Year 2025 Operating Expenses
In 2025, total operating expenses—including fuel, labor, maintenance, passenger and aircraft services, aircraft leases, and depreciation and amortization—totaled $4.4 billion, representing a 2.7% decrease compared to 2024. Excluding the TechOps transaction and the IPO-related expenses(2), operating expenses were 1.5% lower compared to 2024. The reduction was primarily driven by lower fuel expenses, ongoing cost-efficiency initiatives, and operational efficiencies associated with the introduction of additional Boeing 737 MAX aircraft. Operating expenses were also favorably impacted by the depreciation of the Mexican peso during the first half of the year, which reduced peso-denominated costs. These benefits were partially offset by higher depreciation and amortization resulting from fleet growth, increased direct operating expenses—particularly wages, salaries, and benefits—following the renegotiation of all CBAs in 2024, IPO-related expenses, and the appreciation of the Mexican peso during the second half of the year, which increased peso-denominated expenses.
Fuel cost per liter decreased by 7.6% compared to 2024, averaging 65¢ per liter in 2025 as compared to 71¢ per liter in 2024. Fuel consumption decreased by 0.4% year-over-year, while fuel burn per ASM decreased by 0.9%, mainly due to a more efficient fleet mix.
CASM-Ex was 9.3¢ in 2025, up 1.7% from 2024. Excluding extraordinary, non-recurring items(1,2),CASM-Ex increased 1.5% year-over-year.
4Q 2025 Adjusted EBITDAR(3) and Operating Income
Adjusted EBITDAR(3) for the fourth quarter amounted to $501.6 million with a 34.9% margin, representing the highest EBITDAR and EBITDAR margin on record in the Company’s history. Excluding 2025 extraordinary, non-recurrent items(2), Adjusted EBITDAR(3) in 4Q25 was $434.9 million. This represents a $33.4 million year-over-year increase compared to the 4Q24 Adjusted EBITDAR(3) (excluding 2024 extraordinary, non-recurrent items(1) of $401.5 million.
Operating income for the fourth quarter totaled $303.1 million, with a margin of 21.1%, marking the best operating income performance for a fourth quarter on record. Excluding 2025 extraordinary, non-recurrent items(2), Operating Income in 4Q25 stood at $236.4 million. This compares to Operating Income, excluding 2024 extraordinary, non-recurring items(1), of $211.7 million in 4Q24, reflecting a year-over-year increase of $24.7 million.
Full Year 2025 Adjusted EBITDAR(3) and Operating Income
Adjusted EBITDAR(3) for the full year amounted to $1.7 billion with a 31.2% margin. This represents the highest record in the Company’s history. Excluding 2025 extraordinary, non-recurrent items(2), Adjusted EBITDAR(3) in 2025 totaled $1.61 billion, a $28.0 million year-over-year increase when compared to FY2024 Adjusted EBITDAR(3) (excluding 2024 extraordinary, non-recurrent items(1)) of $1.58 billion.
Operating income for the full year totaled $928.1 million, with a margin of 17.3%. This represents the second highest record for the Company. Excluding 2025 extraordinary, non-recurrent items(2), Operating Income in 2025 reached $861.4 million, which compared to a $900.7 million 2024 Operating Income, excluding 2024 extraordinary, non-recurrent items(1), represents a $39.3 million decrease year-over-year.
4Q 2025 Net Financing Cost
Net financing costs decreased by $56.4 million compared to the same period of 2024, driven primarily by net foreign exchange. A $46.0 million loss in 4Q24 was reversed to a $0.6 million net FX gain in 4Q25, accounting for a $46.6 million tailwind. In addition to the net FX gain, lower interest expenses on financial liabilities contributed to the net financing costs reduction.
Full Year 2025 Net Financing Cost
Net financing costs increased by $144.6 million compared to 2024, driven primarily by foreign exchange. A $45.8 million FX gain in 2024 was reversed to a $22.4 million loss this quarter, accounting for a $68.2 million headwind. Additional factors contributing to the increase in finance costs over 2024 include the lease interest related to our fleet expansion, higher finance costs associated with the Senior Secured Notes due 2029 and 2031 issued in 2024, and reduced interest income following shareholder cash distributions.
4Q 2025 Net Income
Net income in 4Q25 totaled $165.0 million with an 11.5% margin.
Full Year 2025 Net Income
Net income in 2025 totaled $351.9 million with a 6.6% margin.
BALANCE SHEET AND CASH FLOW
As of December 31, 2025, Aeroméxico reported cash and cash equivalents amounting to $1.0 billion. Including the $200.0 million revolving credit facility secured in 3Q24, total liquidity reached $1.2 billion. This represents a liquidity to last twelve-month revenues ratio of 22.8%.
Over 2025, Aeroméxico generated $913.1 million in net cash from operating activities, which allowed the Company to continue with its investment and deleveraging programs.
During the fourth quarter, the Company amortized $63.5 million of financial debt, bringing total debt amortization to $156.2 million for the full year 2025.
On October 9, 2025, the Shareholders of the Company approved to carry out a capital reimbursement, without canceling shares, equivalent to an amount of $0.15 per share for a total distribution of $203.9 million. By December 2025, the Company had completed capital reimbursements amounting to $1.3 billion since December 2023.
FLEET
During 4Q25, Grupo Aeroméxico received one Boeing 737 MAX-8 and two Boeing 737 MAX-9 aircraft.
Aeroméxico’s operating fleet was comprised of 165 aircraft as of December 31, 2025, with an average age of 8.6 years.
OPERATING FLEET
| Fleet | 1Q25 | 2Q25 | 3Q25 | 4Q25 |
| B-737-800 | 34 | 34 |