Core Insights - Grupo Aeroméxico reported a continued sequential improvement in operational results for November 2025, driven by strong demand and operational discipline, maintaining its status as the world's most punctual carrier in 2025 [1][4] Passenger Metrics - In November 2025, Aeroméxico transported 1,995 thousand passengers, reflecting a 2.0% decrease year-over-year, with domestic passengers down by 2.3% and international passengers down by 1.3% [4] - Year-to-date, total passengers reached 22,408 thousand, a 3.3% decrease compared to the same period in 2024 [1][4] Capacity and Demand - Total capacity, measured in available seat miles (ASMs), decreased by 4.0% year-over-year in November 2025, with domestic ASMs down by 2.3% and international ASMs down by 4.7% [4] - Demand, measured in revenue passenger miles (RPMs), decreased by 1.5% year-over-year, with domestic RPMs down by 3.0% and international RPMs down by 0.8% [4] Load Factor - The load factor for November 2025 was 87.5%, representing a 2.3 percentage point increase compared to November 2024, with international load factor increasing by 3.6 percentage points and domestic load factor decreasing by 0.6 percentage points [4]

Core Viewpoint - Spirit Airlines is undergoing significant restructuring efforts to revitalize its operations following its second Chapter 11 bankruptcy filing in less than a year, driven by high costs and weaker demand [2][3]. Financial Developments - The airline has secured an agreement with debtholders for up to $475 million in debtor-in-possession financing, pending court approval, along with an additional $150 million from a major aircraft lessor [2]. - Spirit Airlines reported losses exceeding $250 million from March to June after emerging from bankruptcy earlier this year [2]. Operational Changes - The airline is implementing cost-cutting measures, including the reduction of 40 routes and the furloughing of approximately one-third of its flight attendants [3]. - Discussions are ongoing with the pilots' union to achieve around $100 million in additional cost reductions [3]. Management Perspective - The restructuring lawyer for Spirit Airlines emphasized that skeptics of the airline's turnaround should observe the ongoing efforts rather than express pessimism [3].