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

Good morning and welcome to Aeromexico's third 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 is being recorded. Now I would like to hand the conference over to Ms. Lucero Medina, Head of Investor Relations. Ms. Medina, you may begin.

Good morning, everyone. Joining me today to discuss our results are Andrés Conesa, Chief Executive Officer, Aaron Murray, Chief Commercial Officer, and Ricardo Sánchez 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, the financial results discussed today are based on information available to us as of the date of this call and are 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 Mitigation Reform Act regarding future events and our company's future performance. We caution you that several important factors could cause actual results to differ materially from any plans and expectations expressing this cause, 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 in earnings relief. Both our call and the earnings relief are available on our website. It is now my great pleasure to turn the call over to Andrés Conesa.

Thank you, Lucero, and good morning, everyone. I appreciate you joining us today to discuss our Third Quarter 2026 results. We delivered strong Third Quarter results, reflecting once again the resilience and unique strengths of Aeromexico's business model. These results also demonstrate the significant progress we have made in recent years to build a stronger and more flexible company. Better positioned to navigate periods of uncertainty, including to raise high fuel cost environments. I would like to thank the entire Aeromexico team for their commitment and discipline in executing through a challenging environment. By putting our customers first, while maintaining strong cost control, the team continues to protect the quality of our service and capitalize on attractive revenue opportunities. Edit margins reached a strong 12%, supported by record quarterly revenue that came in above the midpoint of the June guidance range. In a quarter defined by higher than expected and volatile fuel prices, delivering a double-digit edit margin is a significant achievement. It demonstrates the strength of our business, our ability to capture premium revenues, and the disciplined execution of our teams. Demand remained healthy, supported by a successful peak season that extended through September and delivered outstanding growth factors. We also continue to see strong contributions from our premium products and LLP program, which enhance our offering and reinforce customer preference for Aeromexico. Premium revenue represented 42% of total revenue, up one percentage point year over year, While loyalty penetration reached 40%, an 8-point increase versus last year. Total revenue grew 14% year-over-year, driven by freeing another revenue stream, including cargo and loyalty. Together, these factors, along with COVID revenue management initiatives, supported our performance during the quarter. Capacity increased by around 1% year-over-year in the first few. And as the temporary negative impact of the World Cup in June and July normalized, we saw a clear improvement in those factors. August reached 90% and September recorded 87%, which is a very strong level for a shorter season month following the summer peak. More importantly, forward bookings remained strong, supporting a constructive outlook for the remainder of the year. This gives us confidence that underlying demand trends remain solid and that our capacity is well aligned with market conditions. Ready to grow more than offset the year-over-year increase in fuel costs despite jet fuel prices being generally above our guidance. Fuel costs increased by approximately $170 million year-over-year in the third Q, including nearly $93 million above The guidance we shared with you in early July. However, revenue growth was not enough to offset the combined increase in fuel and non-fuel costs. In addition to the higher unexpected fuel expense, we experienced an anticipated increase in non-fuel costs derived from inflationary pressures and unexpected cost pressures resulting from the appreciation of the Mexican pesos. Even so, our teams responded to various initiatives, fuel recapture actions, and discipline capacity deployment, enabling us to deliver a very strong level of profitability in the quarter. This third queue also showed early signs of a better cost-exfield trajectory. Some pressures, including effects, started to normalize, and our teams continued to manage the cost base with discipline. Looking ahead, As operating leverage deals, casting excluding fuel is expected to continue to improve. This is important because it demonstrates that beyond the temporary impact of fuel, we believe that the underlying business is moving decisively in the right direction with improving cost momentum and a stronger foundation for sustainable profitability. As a result of this structural resilience, we ended the quarter with a cash position Apost, the level reported in the third quarter of 2025. Financial debt, including leases, continue on a downward trajectory while we maintain our investment program without raising additional debt. Our focus remains on investing for the future while protecting liquidity and preserving the financial strength of the business. Our network will continue to grow through the recently announced moves launching in 2027 including Mexico City to Milan, Guadalajara to Paris, Nassau, and Montego Bay. This expansion reflects our confidence in the long-term demand outlook and our disciplined approach to growth, adding capacity selectively in markets where we see attractive opportunities to generate profitable returns. The U.S. Department of Transportation decision immediately revoked its prior order disapproving certain schedules by Mexican carriers marks a very positive development for Aeromexico. It removes an important restriction on our ability to add frequencies and launch new scheduled services between Mexico City and the United States, subject to applicable regulatory requirements. This gives us greater flexibility to capture attractive growth opportunities, strengthen our trans-border network, and offer our customers more connectivity between Mexico and the United States. Taking care of our customers also means delivering a reliable operation. Every day, in every market we serve. This is something our teams have been focused on and the results are clear. Sirium once again recognizes Aeromexico as the most on-time airline in the world during the third quarter. Together with our performance in the first and second quarters, it positions us very strongly to receive this recognition for the third consecutive year. A fifth that no other airline has achieved in history. Building on our strong third quarter results and solid outlook, we plan to remain focused on operating reliably, protecting revenue performance, managing costs with discipline, and further strengthening our balance sheet. Ricardo will provide more detail on our fourth year outlook shortly. Before that, I want to highlight the positive opportunities ahead. With resilient demand and a favorable fair environment supporting continued revenue momentum, we also see meaningful operating leverage embedded in our existing fleet. At the same time, we anticipate continuing to invest selectively in customer experience and in the networks that make Aeromexico the preferred choice for travelers. We are confident that this combination of strong execution, disciplined growth, and a resilient business model will continue to differentiate Aeromexico and create long-term value for our customers, employees, and shareholders. With that, I will turn it over to Aaron to discuss our commercial performance in more detail. Thank you very much.