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

Good afternoon and welcome to AeroMexico's first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. There will be a question and answer session at the end with instructions given at that time. For the webcast participants, you may submit questions at any time during the call using the Ask a Question section on the webcast. As a reminder, today's conference call is being recorded. Now I would like to turn the call over to Ms. Lucero Medina, Head of Investor Relations. Ms. Medina, you may begin.

Thank you and good afternoon, everyone. Joining me today to discuss our results are Andres Corneza, Chief Executive Officer, Aaron Murray, Chief Commercial Officer, and Ricardo Sanchez-Baker, our Chief Financial Officer. Before we get started, I would like to take this opportunity to remind you that during the course of this call, we will present results that are based on our unaudited consolidated financials. Accordingly, financial results discussed today are based on information available to us as of the date of this call and not a comprehensive final statement of our financial results for any period presented. We may make forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act regarding future events and our company's future performance. We caution you to that several important factors could cause actual results to differ materially from any plans and expectations expressed in this call, including the risk factors disclosed in our SEC filings. During this call, we will present certain non-IFRS financial measures. We have included a reconciliation and explanation of adjustments and other considerations of our non-IFRS measures to the most comparable IFRS measures. Our call and the earnings release are available on our website. Now, it is my great pleasure to turn the call over to Andres Conex.

Thank you, Lucero, and good morning, everyone. We appreciate you joining us today to discuss our first quarter 2026 results. As the situation in the Middle East continues to evolve, we remain hopeful for a prompt and peaceful resolution. Our results this quarter underscore the resilience of our business model. Despite several external headwinds, including temporary demand disruptions in certain regions of Mexico and a significant surge in fuel prices, We deliver results generally in line with our original guidance, reflecting the strength and adaptability of our platform. We are fully equipped to navigate these challenging times. Our brand is strong, and our ability to achieve higher premium revenue reflects our appeal to passengers who are less sensitive to price fluctuations. Above all, our team is widely regarded as one of the best in the industry. Thanks to this strong team, we have continued to lead the industry. We were once again recognized by Serium as the most on-time airline in the world in the first quarter of 2026, building on our number one global ranking in both 2024 and 2025. We have been acknowledged as a top employer in Mexico for four consecutive years, ranked 12th on Forbes Mexico's Best Employer list, and achieved first place in the Merco Talento ranking for passenger transport. The expertise and dedication of our team represent a distinctive strength that differentiates us from others in our industry. Aaron and Ricardo will give you a more detailed overview of revenue and financial performance. What I want to point out several aspects that demonstrate the strength of our business model. Our unit revenues increased by 15% year-over-year, and we achieved an operating margin of 11%, which falls within the guidance range that we shared for the quarter. Also, we closed the March quarter with a robust financial position, with liquidity exceeding $1.2 billion. Our liquidity improved compared to the same period of 2025 and compared to the fourth quarter of last year. which is notable given that the first quarter of the year is typically weak on cash flow generation due to the seasonality on our business. With low leverage and a strong cash position, we have significant flexibility to respond confidently to current challenges. From a structural perspective, fuel accounted for approximately 21% of our total revenues in 2025. which is lower than the levels observed in other full-service carriers and UNCCs within the region. This positioning gives us meaningful advantage in managing periods of elevated fuel prices. Building on this position, we will continue to actively manage capacity and implement fuel recapture initiatives, including targeted fair adjustments. We are encouraged by the market's response, particularly in international markets, where demand has remained strong and our fuel recapture strategies have proven to be materially effective. Approximately 70% of our revenues are generated in these markets. We plan to continue to take advantage of the adaptability of our network, enabling swift capacity adjustments as conditions evolve. As the environment stabilizes, we expect to capture meaningful operational leverage from the aircraft added over the past year, driving improved performance. We do not have any material additional fleet commitments this year, which limits incremental cost pressure and enhances our flexibility. This positions us favorably relatively to other carriers with sizable committed deliveries in the following months. Simultaneously, we're strengthening our commitment to cost discipline across the organization to protect margins and sustain strong cash generation. This balanced approach on revenue and costs position us well to navigate the current climate, just as we have proven in previous years. Looking ahead, we expect the second quarter to remain challenging and anticipate it will represent the weakest period of the year, reflecting the full impact of recent fuel price increases. For the second quarter, we expect to recover approximately 50% of incremental fuel costs, with a clear path to higher levels of recapture as the year progresses, reaching around 70% in the third quarter and 100% in the fourth quarter, as our pricing and network initiatives are fully reflected in the market. In parallel, the benefits of our revenue initiatives' capacity adjustments and cost measures will continue to build supporting a sequential improvement in both margins and profitability. In this context, we expect low to mid double digit revenue growth in the second quarter, translating into an operating margin in the range of 4% to 7%. Ricardo will provide additional detail on our second quarter guidance. Given recent market volatility, it is premature to revise our full year outlook at this time. As conditions stabilize and visibility for the remainder of the year improves, we intend to provide updated full-year guidance. In the meantime, our structural advantages, strong market position, and discipline execution are expected to reinforce our leadership in both financial performance and operational excellence. With that, I will turn it over to Adam to discuss our commercial performance in more detail. Thank you very much.