Source: Viva

Grupo Viva Aerobus, S.A. de C.V. (“Viva”), the parent company of Aeroenlaces Nacionales S.A. de C.V., announced today its 4Q and FY 2025 financial results.

Juan Carlos Zuazua, Chief Executive Officer, commented:  During 2025, we demonstrated the adaptability of our ultra-low-cost model amid a challenging operating and macroeconomic backdrop, following an exceptional 2024 characterized by a uniquely favorable market environment. As conditions softened and consumer behavior became more cautious, we proactively prioritized margin protection, aligning capacity with demand while maintaining operational reliability.

Revenues reached US$2,376 million for the year, supported by capacity growth of 6.5% and nearly 30 million passengers. Performance was affected by economic and geopolitical headwinds, aircraft groundings, FX pressures from Mexican peso depreciation, particularly in the first half of the year, and operational disruptions. Despite this, we delivered EBITDAR of US$873 million, with a 36.8% margin, and net income of US$52 million, marking our fifth consecutive year of bottom-line profitability.

We closed the year with US$786 million in liquidity, representing 33.1% of last twelve months’ revenue, and net leverage of 2.3x, reflecting the strength of our balance sheet and providing flexibility to navigate changing market conditions. During the year, we also reached the 100-aircraft milestone and strengthened our financial position through a new US$300 million term loan facility.

As we move forward, we remain focused on the factors within our control, staying agile as market conditions evolve while executing with discipline to drive margin resilience and support sustainable long‑term growth.”

Total Operating Revenues decreased 7.3% to US$2,376 million for the year, reflecting lower unit revenues due to a high comparison base, softer macroeconomic environment, and FX impact from Mexican peso depreciation. This performance was driven by fare revenue decline, with TRASM decreasing 13.0% to US¢9.56.

During 2025, Viva’s total passengers increased 8.2% to 29.96 million, reflecting stable demand in the domestic and international markets. Ancillary revenues increased 0.3% to US$1,125 million compared to 2024, representing 47.3% of total revenues.

Total Operating Expenses increased 5.4% to US$2,191 million for the year. This increase mainly reflects expanded capacity coupled with persistent Pratt & Whitney engine challenges, including the use of short-term leases (ACMIs) to sustain operations. These factors were partially offset by lower fuel prices and a positive FX impact due to Mexican peso depreciation during the period.

CASM decreased 1.0% to US¢8.81 for the year, reflecting a 7.3% reduction in CASM fuel to US¢2.67, coupled with an increase of 2.0% in CASM ex-fuel to US¢6.14. The CASM ex-fuel increase mainly reflects the negative impacts in utilization from AOGs related to the Pratt & Whitney GTF reliability issues.

Operating Profit stood at US$185 million for the year, reflecting a normalization from a high comparison base in 2024, resulting in an EBIT margin of 7.8%.

Net Income was US$52 million for the year, with a net margin of 2.2%.

Total Adj. Debt was US$2,807 million, reflecting US$1,305 million of financial debt and US$1,502 million of lease liabilities.

Total Cash and Cash Equivalents stood at US$786 million, representing 33.1% of LTM revenues, with a net leverage of 2.3x.

During 4Q 2025, we added 5 net aircraft (1 Airbus 320ceo, 2 Airbus 320neo, 1 Airbus 321ceo, and 1 Airbus 321neo), and 14 net aircraft (4 Airbus 320ceo, 5 Airbus 320neo, 1 Airbus 321ceo, and 4 Airbus 321neo) compared to December 2024. Our fleet ended 4Q 2025 with an average age of 7.6 years.

During 4Q 2025, we had an average of 26.0 A320neo family aircraft on ground related to the Pratt & Whitney GTF engines reliability issues. To mitigate the impact of the P&W engine recall on our network, we are extending leases, taking contracted new deliveries, and sourcing short- and medium-term capacity.

Hedging

As of December 31, 2025, Viva has jet fuel and FX hedging to mitigate volatility and price shifts. We hedged 7.7% of our expected jet fuel for 2026 and, as for FX, our hedging is equivalent to 35.6% of our projected exposure for 2026.