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- **Resilient performance**: Q3 2025 EBITDA margin of 33.6% vs. 32-33% full-year target, despite 7.7% TRASM decline
- **Demand recovery**: Cross-border bookings improving sequentially, with Q4 2025 traffic tracking above 2024 levels
- **Fleet flexibility**: 2026 ASM growth of 6-8% achievable through 17 aircraft redeliveries and 12 new deliveries
- **Cost discipline**: CASM ex-fuel maintained at $0.0548 despite 4.6% ASM growth
- **Growth catalysts**: New loyalty program, ancillary product expansion, and improved booking curves for 2026

**【CEO Summary Section】**
- Volaris reported Q3 2025 revenue of $784 million, down 4% YoY, driven by a 7.7% YoY decline in TRASM ($0.0865) due to macroeconomic headwinds. 
- Domestic load factor reached 89.8% (flat YoY) in a rationalized supply environment, while international load factor was 77% reflecting yield-focused capacity management.
- Reaffirmed full-year 2025 EBITDAR margin guidance of 32-33% and 7% ASM growth, with 2026 ASM growth targeted at 6-8% based on demand trends.
- Highlighted disciplined fleet management with 17 aircraft redeliveries in 2026 and plans to narrow productive/non-productive fleet gap.
- Launched new loyalty program (Altitude) and expanded ancillary revenue streams, with ancillary revenue per passenger at $56 (8th consecutive quarter above $50).

**【CFO Financial Commentary】**
- Q3 2025 financials: 
  - CASM ex-fuel: $0.0548 (flat YoY)
  - EBITDA: $264M (33.6% margin)
  - Net profit: $6M (EPS $0.05)
- Cash flow from operations: $205M
- 2025 CapEx: $250M (net of PDPs)
- Fleet plan: 122 aircraft on order (84% A321neos), with flexibility to adjust delivery schedule
- 2026 outlook: 8% YoY ASM growth, TRASM $0.093, CASM ex-fuel $0.0575, EBITDA margin 36%

**【Q&A Key Highlights】**
- **Cross-border demand recovery**: Q3 booking trends show sequential improvement, with August sales above 2024 levels
- **Fleet management**: 17 aircraft redeliveries in 2026 vs. 7 in 2025; targeting 25-27 AOGs by end-2026, with engine-related AOGs near zero by mid-2027
- **Ancillary growth**: New products (Premium Plus, NDC distribution) expected to contribute to TRASM in 2026
- **Cost control**: CASM ex-fuel guidance maintained despite 4.6% ASM growth below 6% target
- **Loyalty program**: Altitude enrollment ahead of expectations, with co-branded credit card integration planned for 2026

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) Q3 2025 Earnings Call Transcript

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