Grupo Aeroméxico, S.A.B. de C.V.
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Earnings Call Q3 2026
October 20, 2026 - AI Summary
Strong Q3 performance and profitability (good/surprising):
- Aeromexico reported double-digit EBIT margin of ~12% in Q3 2026 despite higher-than-expected, volatile fuel prices.
- Record quarterly revenue: $1.62B, +13.6% YoY (also cited as “above the midpoint” of June guidance).
- Demand strong: Peak season extended through September with very strong load factors (notably August 90% and September 87% after normalizing from World Cup impacts in June/July).
Fuel + cost headwinds overwhelmed top-line enough to pressure margins, but momentum improved (bad/important):
- Fuel cost increase: about +$170M YoY, including ~$93M above July guidance.
- Non-fuel cost pressures from inflation and MXN appreciation effects (stronger peso).
- As a result, revenue growth did not fully offset combined fuel and non-fuel cost increases.
- However, management noted early signs of better “cost ex-fuel” trajectory, with FX normalizing and disciplined cost control.
- CASM ex-fuel increased ~+7% YoY, but improved versus ~+15% in H1 (i.e., cost momentum improving).
Commercial strengths driving revenue quality (good):
- Premium revenue rose to 42% of total, +1pp YoY; Aeromexico Rewards loyalty penetration ~40% (+8 points YoY, +19 since 2023 rebrand).
- Rewards impacts: redemption revenue +27% YoY (described as ~2x total revenue growth).
- Direct online strength: direct online share 48%, +2pp YoY and +23 pts vs 2019, supported by redesigned fare structure and monetization of premium offerings.
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Share Statistics
| Market cap | $2.22 Billion |
|---|---|
| Enterprise Value | $46.49 Billion |
| Earnings per Share | $2.4 |
| Beta | 1.63 |
| Outstanding Shares | 145,903,409 |
Return
| Return on Equity | -1.40% |
|---|---|
| Return on Assets | 0.16% |
| Return on Invested Capital | 1.78% |
Valuation & Multiples
| P/E Ratio | - |
|---|---|
| PEG | - |
| Price to Sales | 0.38 |
| Price to Book Ratio | -0.19 |
| Enterprise Value to Revenue | 7.91 |
| Enterprise Value to EBIT | 68.5 |
| Enterprise Value to Net Income | 291 |
| Total Debt to Enterprise | 1.55 |
| Debt to Equity | -6.34 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 19, 2026
EPS Estimate
$0.29
Consensus analyst estimateRevenue Estimate
$1.62 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 16, 2027
EPS Estimate
$0.40
Consensus analyst estimateRevenue Estimate
$1.70 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 65.08%▼ 0.97% |
|---|---|
| Total Invested | $1.71B▲ 25.78% |
| Investors Holding | 75▲ 10.00% |
About Grupo Aeroméxico, S.A.B. de C.V.
17,362 employees
CEO: Andrés Conesa Labastida
Grupo Aeroméxico, S.A.B. de C.V., along with its various subsidiaries, specializes in offering commercial air transport services for both individuals and cargo. Its primary services encompass scheduled passenger flights, dedicated air fr...