Grupo Aeroméxico, S.A.B. de C.V.

Strong Q3 operating performance despite fuel volatility (good/surprising) - Aeromexico reported record quarterly total revenue of ~$1.62B, +13.6% YoY (CEO highlighted “record quarterly revenue… above midpoint”). - EBIT margin ~12% and Adjusted EBITDA ~$389M (24% margin)—notable given fuel and cost pressures. - Fuel prices were highly volatile and above guidance, but disciplined execution and revenue management preserved profitability.

Demand and commercial momentum remain healthy (good) - Load factors improved: August 90% and September 87% (shoulder season after peak extending into Sept). - Premium + loyalty strength: Premium revenue = 42% of total (+1pp YoY) and loyalty penetration = 40% (+8 points YoY). - Digital/retail performance: direct online share 48% (all-time high), +2pp YoY and +23pp vs 2019. - Revenue growth mix: International revenue +17.4% YoY (especially U.S. region); Domestic revenue +6.7% YoY as the World Cup impact normalized.

Cost challenge: fuel + non-fuel inflation/FX hit margins (bad) - Fuel cost increase ~+$170M YoY in Q3, including ~+$93M above July guidance. - Non-fuel pressures also increased: CASM ex-fuel +7% YoY (inflation and stronger Mexican peso effects). - Operating expenses grew +22% YoY, with fuel expense +58% YoY; mitigation came from better fuel efficiency (fuel consumption -2%, fuel burn per ASM -3%).