...October 31, 2025 This report does not constitute a rating action. We expect Aeromexico's business model to support its solid revenue and EBITDA generation in the next 12 months. In the first half of 2025, Aeromexico's revenue declined 7.3% compared to the same period last year, following a 14.3% growth in 2024. This decrease was primarily due to exchange rate depreciation against the U.S. dollar (reducing equivalent dollars from peso denominated revenues) softening passenger demand in certain markets in the U.S. and Mexico, particularly in the transborder segment between Mexico and the U.S. (visiting friends and relatives), influenced by macroeconomic factors (for example, U.S. tariffs) that have generated economic and political uncertainty, market volatility, and softer consumption, mainly in discretionary. Despite this downturn, we expect revenue to gradually improve in the second half of the year, driven by positive booking trends for leisure and business travel during holiday seasons...
