Grupo Aeromexico, S.A.B. de C.V.

Q3 performance strong despite fuel shock (profitability +10d EBIT margin) - Aeromexico reported record quarterly revenue (~$1.62B, +13.6% YoY / +14% mentioned broadly) and ~12% EBIT margin. - Fuel was the key headwind: fuel cost impact +~$170M YoY, including ~$93M above July guidance assumptions (management also cited jet fuel volatility; “prices generally above guidance”). - Company delivered profitability even though combined revenue growth did not fully offset fuel + other cost increases.

Demand and commercial momentum remain healthy (and supported by premium + loyalty) - Demand strong; Q3 load factors improved through the quarter, helped by normalization after the World Cup negative impact in June/July: - August ~90%, September ~87% (strong shoulder season levels). - Premium and loyalty are scaling: - Premium revenue 42% of total (+1pp YoY); loyalty penetration 40% (+8 points YoY). - Aeromexico Rewards: participation 40% (record); redemption revenue +27% YoY (management argues this is a value-accretive driver, not just “top-line” growth).

Cost trend improving ex-fuel (CASM ex-fuel progress), but inflation/FX remain risks - Total operating expenses +22% YoY, primarily driven by fuel +58% YoY; fuel efficiency helped: - fuel consumption -2% and fuel burn per ASM -3%. - CASM ex-fuel +7% YoY, improving vs earlier in the year (management cited ~~15% increase in 1H), suggesting better underlying cost momentum. - FX and inflation are ongoing pressures: - CFO/CEO referenced a stronger Mexican peso causing non-fuel cost pressure. - CEO emphasized FX has some second-order demand effects, but the company has a natural currency hedge (so P&L impact is mitigated).