Grupo Aeroméxico, S.A.B. de C.V.

Strong Q3 financial performance despite volatile fuel (surprisingly resilient profitability) - Revenue: $1.62B, up ~13.6–14% YoY (management called it a record quarterly revenue). - Margins: EBIT margin ~12% (double-digit EBIT despite higher-than-expected fuel). - Fuel shock: Fuel costs rose ~$170M YoY, including ~$93M above the guidance assumption shared in July. - Costs: Total operating expenses up ~22% YoY, driven by ~58% higher fuel expense; however, operational discipline helped offset much of the impact. - Implied investor takeaway: Aeromexico is showing structural margin durability via revenue quality + cost control even in unfavorable fuel and FX conditions.

Revenue quality improved: premium + loyalty are central to outperformance - Premium revenue: 42% of total revenue (up +1pp YoY). - Loyalty participation: 40% penetration (+8 points YoY, +19 points vs 2023 rebrand period). - Loyalty revenue dynamics: Redemption revenue up 27% YoY, cited as ~2x total revenue growth—supporting higher-quality revenue. - Commercial execution: Direct online channel reached 48% share (all-time high, +2pp YoY and +23pp vs 2019), supported by fare-structure/product modernization.

Demand and load factors stayed strong; capacity discipline supported margins - Peak season extended into September; load factors described as excellent after summer: - August ~90% - September ~87% (called strong for a shoulder month) - Capacity (ASMs): +~1% YoY in Q3; international up, domestic down ~3% to align supply with demand. - Forward bookings: Management said bookings remain strong, supporting constructive outlook.