Aeromexico offsets fuel shock to post record $1.5B Q2 revenue
Grupo Aeromexico reported record second-quarter revenue of $1.5 billion after successfully recapturing 76% of a fuel cost surge, keeping its full-year margin guidance intact despite a temporary World Cup-related travel disruption.
Grupo Aeromexico generated roughly $1.5 billion in revenue during the second quarter, a 30% increase from the same period last year. Chief Executive Officer Andrés Conesa said the quarter unfolded "largely as we anticipated," noting the carrier achieved record revenue for both June and the broader second quarter.
The airline's ability to navigate a severe fuel spike will be the primary takeaway for equity analysts tracking its margin trajectory. Management reported a MXN 220 million fuel cost headwind compared to 2025, which was roughly MXN 30 million worse than its own April projections. However, the carrier recouped 76% of this incremental burden through pricing and revenue management, well above its stated 50% target, holding its adjusted EBITDAR margin at 18%.
Strong premium demand helped insulate the carrier's top line even as domestic travel patterns shifted in June around Mexico's national team World Cup matches. "Revenue performance was strong, with traffic growing 10.5% year-over-year during the quarter, a period that also saw the two best sales weeks in our company's history," Conesa said. Total revenue per available seat mile climbed 10.5% and passenger revenue per available seat mile increased 10%, significantly outpacing a modest 1.9% increase in available seat miles.
Management views the June softness as a temporary anomaly rather than a structural demand issue. The company is guiding for a stronger second half, projecting full-year 2026 revenue growth of 13% to 14% and an operating margin between 11% and 13%. Executives also forecast higher EBITDA and EBIT in both the third and fourth quarters.
Successfully passing through nearly four-fifths of an unexpected fuel cost increase demonstrates effective revenue management at a time when global airlines face persistent energy price volatility. By maintaining its full-year financial targets, Aeromexico signals confidence that current pricing strategies can continue to protect profitability against external cost pressures.
