Aeroméxico Passenger Traffic Rises 2.1% in May

Aeroméxico returned to passenger growth in May, transporting 2.1 million travelers, a 2.1% increase compared with the same month in 2025, as the airline continued adjusting its network and capacity strategy amid geopolitical tensions in the Middle East and rising fuel-price volatility.

The performance comes as airlines worldwide face mounting cost pressures linked to higher energy prices. Despite lowering its planned capacity expansion for 2026, Aeroméxico said it has adapted through selective route growth, enhanced loyalty initiatives and disciplined capacity management.

"We are going through a complex period because of the conflict in the Middle East, but we have adjusted," Aeroméxico CEO Andrés Conesa said during an event in Mexico City.

"Instead of growing capacity by around 5% this year, we now expect growth of approximately 3%. Even so, we continue to expand our network with new routes such as Mexico City-Barcelona and Monterrey-Paris, creating additional opportunities for our customers," he said.

Aeroméxico's results contrast with broader global trends. According to the International Air Transport Association (IATA), worldwide passenger demand declined 3.4% year over year in April, while Latin American carriers posted an 8.9% increase in demand, accompanied by 7.2% capacity growth and an average load factor of 84.6%.

International operations remained the airline's primary growth engine in May. International passenger traffic increased 4.6%, while domestic traffic rose 0.9%. Total available seat miles (ASMs) expanded 4.7% from a year earlier, supported by a 7% increase in international capacity, which offset a slight 0.3% decline in domestic capacity.

Revenue passenger miles (RPMs), a key measure of demand, rose 5.2% year over year. International demand climbed 6.8%, while domestic demand advanced 1.6%. 

Aeroméxico's load factor reached 85.8%, up 0.4 percentage points from May 2025. Domestic load factors improved by 1.6 percentage points, although international load factors edged down 0.2 percentage points.

Conesa said demand remains resilient despite an uncertain economic environment. "We closed May with the highest sales week in the company's history," he said. "Demand continues to evolve in line with the outlook we shared in April. As we enter the second half of the year, we will continue optimizing capacity and our route network to capture opportunities and maximize profitability."

The airline is also strengthening its customer retention strategy through its loyalty program, which is now managed internally. "Now that we control the program, redeeming points has become much easier," Conesa said. "With the same seat inventory, members now have more redemption options, helping us build long-term loyalty regardless of the current global environment."

Aeroméxico's loyalty program currently has 14 million members, and the company expects that figure to increase by 50% over the next three years, supporting growth in its credit card business and other travel-related products.

Meanwhile, analysts continue to monitor the impact of fuel-price volatility on airline profitability. S&P Global Ratings warned that the escalation of tensions in the Middle East is increasing operating-cost pressures across Latin America's aviation industry.

Aeroméxico remains particularly exposed because it does not hedge fuel prices. However, S&P noted that the airline's diversified international network and relatively large premium passenger segment help offset part of that risk.

The agency expects Aeroméxico's funds-from-operations-to-debt ratio to decline to approximately 25%, below its previous estimate of 30%.

S&P also highlighted the airline's strong liquidity position, with approximately US$1.2 billion in available cash and equivalents, exceeding its estimated 2025 fuel bill of US$1.1 billion.

Exchange-rate dynamics have provided an additional cushion. According to Grupo Financiero Monex, the appreciation of the Mexican peso against the US dollar has helped offset higher fuel costs, as airlines pay for fuel, aircraft leases and part of their maintenance expenses in dollars while generating most of their revenue in pesos.

"There is the price of jet fuel, but there is also the exchange rate," said Roberto Solano Pérez, analysis manager, Monex. "Fortunately, the peso has remained strong. If oil prices increase fuel costs, a favorable exchange rate helps compensate for part of that operational impact."

Looking ahead, Monex expects Mexico's aviation market to benefit from travel demand associated with the 2026 FIFA World Cup. The firm projects total passenger traffic will increase 5.9% next year, with Aeroméxico expected to grow 4.4%, compared with 6.9% for Volaris and 6.1% for Viva.