Recent Updates — AERO
S&P Global Ratings upgraded Grupo Aeromexico’s global scale issuer credit rating to BB- from B+, citing the airline’s resilient business model, disciplined financial management, and ability to remain profitable despite industry volatility. The agency also raised ratings on the company's 2029 and 2031 Notes to BB from BB-. S&P highlighted Aeromexico's premium service model, high-value customer base, strategic capacity management, and solid liquidity supported by positive cash generation as key drivers for the upgrade. Grupo Aeromexico is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs.
Grupo Aeroméxico shareholders approved a maximum authorization of US$100 million for the company to acquire its own shares. The program runs from October 27, 2026, through December 31, 2026, with any unused portion carried forward to fiscal year 2027 as part of an aggregate non-cumulative limit. Acquisitions are discretionary and subject to market conditions and legal requirements. Grupo Aeroméxico is a holding company whose subsidiaries operate commercial aviation services in Mexico and manage passenger loyalty programs.
Grupo Aeroméxico reported unaudited third-quarter 2026 results featuring a record quarterly total revenue of $1.6 billion, up 13.6% year-over-year. Adjusted EBITDAR totaled $389.2 million with a margin of 24.0%, while operating income reached $189.6 million (11.7% margin). Net income was $40.6 million. The company cited strong international demand and premium revenue growth, which helped offset a 57.6% increase in fuel expenses to $469.0 million. Capacity increased 1.3%, and liquidity stood at $1.2 billion. Aeroméxico also updated its loyalty program breakage assumptions, recognizing $48.7 million in additional revenue. The airline operates commercial aviation services in Mexico and promotes passenger loyalty programs.
The U.S. Department of Transportation has revoked its October 28, 2025 order that disapproved certain existing, proposed, and prospective schedules by Mexican air carriers between Mexico and the United States. The revocation is effective immediately and removes restrictions that previously prevented Aeromexico from adding frequencies or introducing new scheduled services between Mexico City International Airport (MEX), Felipe Ángeles International Airport (AIFA), and the United States. This regulatory change grants the airline greater flexibility to expand its transborder network, subject to applicable requirements. Grupo Aeroméxico operates as a holding company for commercial aviation subsidiaries in Mexico.