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

What they do

Grupo Aeromexico provides scheduled air transportation of passengers and cargo, primarily through its Aeromexico and Aerolitoral (Aeromexico Connect) brands, and operates the Aeromexico Rewards frequent flyer program. Its support businesses include Aeromexico Cargo, training, ground support, and maintenance operations. The 2026 20-F excerpt lists subsidiaries spanning airline operations, cargo, loyalty, training, and real estate.

Revenue drivers

• Passenger revenue — Ticket sales for domestic and international flights; the excerpt identifies passenger revenue as a reported revenue category, but no dollar amount is given.
• Ancillaries — Fees for optional services such as baggage and seat selection; listed as a revenue category in the 20-F excerpt without a stated figure.
• Frequent flyer program — Aeromexico Rewards program revenue from partner contracts and program member activity; the excerpt references contracts with third parties attached to the program, including the member base, but gives no amount.
• Aeromexico Cargo — Air cargo services through Aeromexico Cargo, S.A.P.I. de C.V.; listed among subsidiaries but with no revenue figure in the excerpt.

Recent performance

The excerpt provides limited financial detail. Cash proceeds from the sale of property and equipment were $33,552 in 2025, $2,796 in 2024 and $159 in 2023. Cash used in additions of property and equipment was $334,496 in 2025, $422,837 in 2024 and $333,208 in 2023. Total right-of-use net carrying amount was $2,718,497 at December 31, 2025, $2,333,858 at December 31, 2024 and $2,164,583 at December 31, 2023. The Group recognized $(3,700) of impairment for the year ended December 31, 2025 and a $3,427 reversal for the year ended December 31, 2023, related to corporate office building fair value.

Strategy

The excerpt mentions the 'Aeromexico Tower' project, under which the Group contributed rights to its former corporate office building in Mexico City to a trust and will own 9,000 square meters of future space. Lease agreements for land under maintenance facilities and other buildings require transfer to the Federal Government upon termination without consideration, with the most important agreements expiring between 2028 and 2033. The Group has evaluated Pillar Two tax rules and concluded there are no significant impacts on its consolidated financial statements. No further strategic priorities are described in the excerpt.

Risks

• Lease land transfer to Federal Government — Lease agreements for land under maintenance facilities and other buildings require transfer to the Federal Government upon termination without consideration, and the most important agreements expire between 2028 and 2033.
• Pillar Two tax implementation — Pillar Two tax laws were enacted in certain jurisdictions where the Group operates and some mechanisms became effective in 2025; the Group concluded no significant impacts, but future changes could affect taxes.
• Corporate office building valuation — The Group recognized a $(3,700) impairment in 2025 and a $3,427 reversal in 2023 related to changes in fair value of corporate office buildings, showing exposure to real estate value swings.
• Capital expenditure volatility — Cash used in property and equipment additions ranged from $333,208 to $422,837 across 2023-2025, indicating variable investment needs that could pressure liquidity.

Outlook

The excerpt does not include forward-looking statements. It notes Pillar Two tax laws were enacted in certain jurisdictions and some mechanisms became effective in 2025, with no significant impacts concluded. Lease agreements for maintenance facilities and other buildings expire between 2028 and 2033, requiring transfer to the Federal Government upon termination.