As filed with the U.S. Securities and Exchange Commission on October 17, 2025. Registration No. 333-279379 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 to Form F-1 REGISTRATION STATEMENT UNDER (Name, address, including zip code, and telephone number, including area code, of agent for service) THE SECURITIES ACT OF 1933 Grupo Aeroméxico, S.A.B. de C.V. (Exact name of Registrant as specified in its charter) Aeromexico Group (Translation of Registrant's name into Engl ...

Core Points - The Trump administration revoked antitrust immunity for the Delta Air Lines and Grupo Aeromexico agreement, effective from the start of 2026 [1] - The US Department of Transportation cited Mexico's ongoing market intervention and distortion as detrimental to competition [2] - The partnership was deemed to provide an unfair advantage to the airlines and posed potential harm to consumers [2] Group 1: Government Actions - The Transportation Department is monitoring other countries for potential violations of air transport agreements [3] - The ruling reflects strained US-Mexico relations, particularly in light of Trump's tariff policies [4] Group 2: Airline Responses - Delta expressed that ending the joint venture would negatively impact US jobs and consumers [3] - Aeromexico regretted the decision, highlighting the partnership's benefits for consumer connectivity and tourism [4] - Both airlines are evaluating next steps for their alliance while maintaining their code share agreement [4] Group 3: Market Dynamics - The Transportation Department accused Mexico of violating a 2015 agreement by reallocating slots from US carriers and restricting air cargo flights at Mexico City's Benito Juarez International Airport [5] - These actions are part of Mexico's strategy to redirect cargo traffic to a newly built airport outside Mexico City [5]

Delta Air Lines and Aeromexico Joint Venture - Delta Air Lines and Aeromexico are required to terminate their joint venture by January 1, 2026, due to anticompetitive concerns in the U.S.–Mexico City air travel market [2][3] - The Department of Transportation's final order cited that the joint venture has provided both airlines with an unfair competitive advantage [3] - Delta expressed that the decision will significantly harm U.S. jobs, communities, and consumers traveling between the U.S. and Mexico, and is currently reviewing the order [3][4] Economic Impact of the Joint Venture - The partnership, established nearly a decade ago, was under a Joint Cooperation Agreement that allowed for coordinated flight schedules and pricing strategies [3] - The airlines argued that their collaboration generated $310 million for the U.S. economy, and its termination would lead to a loss of economic benefits [4] Federal Reserve Board Appointment - Stephen Miran has been confirmed as a Federal Reserve Board Governor, filling a seat previously held by Adriana Kugler [5][6] - His confirmation was narrowly approved by the Senate with a vote of 48-47, and he plans to take unpaid leave from Trump's Council of Economic Advisers [6] - Concerns have been raised regarding potential political interference due to Miran's close ties to the Trump administration [6][7] Disney and Webtoon Partnership - Disney is partnering with Webtoon Entertainment to develop a digital platform for its comics and has acquired a 2% equity interest in Webtoon [9][10] - The new platform will feature over 35,000 Disney comics, including titles from Marvel and Star Wars, and will be available to current Marvel Unlimited and Disney+ subscribers [10][11] - Webtoon will operate the service, which is expected to enhance Disney's digital comic offerings [12]

Core Viewpoint - The Trump administration has ordered Delta Air Lines and Aeromexico to terminate their joint venture by January 1, due to concerns over anticompetitive effects in the U.S.-Mexico market [1][2]. Group 1: Government Action - The Transportation Department stated that the joint venture creates an unfair advantage for Delta and Aeromexico, leading to potential harm for consumers and stakeholders [2]. - The Biden administration had previously considered withdrawing antitrust immunity for the joint venture, which began in 2016, amid ongoing complaints regarding competition between the U.S. and Mexico [4]. Group 2: Company Responses - Delta Air Lines expressed disappointment over the decision, claiming it would significantly harm U.S. jobs, communities, and consumers traveling between the U.S. and Mexico [3]. - Aeromexico stated that it would continue to offer flights on each other's airline and maintain frequent flyer program reciprocity despite the order [3]. Group 3: Economic Impact - The airlines argued that the partnership generated $310 million for the U.S. economy and that unwinding it would result in a loss of economic benefits, allowing competitors to capture the market [5]. - The order does not affect Delta's 20% equity stake in Aeromexico [5].