Controladora Vuela Compania de Aviacion SAB de CV (VLRS) 2026 Q1 法說會逐字稿

Good morning, everyone, and thank you for joining Volaris' first-quarter 2026 financial results conference call. (Operator Instructions) Please note that today's event is being recorded and webcast live on Valeris' website.

各位早安，感謝您參加 Volaris 2026 年第一季財務業績電話會議。（接線員指示）請注意，今天的活動將被錄音，並於 Valeris 網站進行即時網路直播。

At this time, I'd like to turn the call over to Liliana Juarez, Investor Relations Manager. Please go ahead, Liliana.

此刻，我想將電話會議交給投資人關係經理 Liliana Juarez。Liliana，請開始。

Welcome to our first quarter 2026 earnings call. Joining us today are our President and CEO, Enrique Beltranena; our Airline Executive Vice President, Holger Blankenstein; and our CFO, Jaime Pous. They will be discussing the company's results, followed by a Q&A session. This call is for investors and analysts only.

歡迎參加我們 2026 年第一季財報電話會議。今天與會者包括：總裁暨執行長 Enrique Beltranena；航空事業執行副總裁 Holger Blankenstein；以及財務長 Jaime Pous。他們將討論公司業績，隨後進行問答環節。本次電話會議僅供投資人與分析師參與。

Please note that this call may include forward-looking statements under applicable securities laws. These are subject to several factors that could cause the company's results to defer materially as described in our filings with the US SEC and Mexico CNBV. These statements speak only as of the date they are made and Volaris undertakes no obligation to update or modify them. All figures are in US dollars and compared to the first quarter of 2025 unless otherwise noted.

請注意，本次電話會議可能包含依適用證券法規所定義的前瞻性陳述。此類陳述受多項因素影響，可能導致公司實際結果與預期存在重大差異，相關內容已於我們向美國 SEC 與墨西哥 CNBV 提交的文件中說明。這些陳述僅截至其作成之日有效，Volaris 不承擔更新或修改之義務。除非另有說明，所有數據均以美元計，並與 2025 年第一季相比。

And with that, I'll turn the call over to Enrique.

接下來，我將把電話會議交給 Enrique。

Good morning, everyone, and welcome to our first quarter 2026 earnings call. We entered 2026 with a clear set of priorities: disciplined growth; continued enhancement of revenue quality through segmentation across pricing, ancillaries, and network; and active fleet management through peak GTF engine repairs, all while preserving our low-complexity, low-cost model.

各位早安，歡迎參加我們 2026 年第一季財報電話會議。我們以明確的優先事項進入 2026 年：有紀律的成長；透過在票價、附加收入與航網上的分眾策略，持續提升收入品質；以及在 GTF 引擎維修高峰期間進行積極的機隊管理，同時維持我們低複雜度、低成本的營運模式。

Against the backdrop of global geopolitical events and higher fuel prices, these priorities remain unchanged, but we are adapting our execution. We're responsing with agility and discipline, aligning capacity with demand, focusing on profitable flying, and preserving cash.

在全球地緣政治事件與燃油價格上升的背景下，這些優先事項不變，但我們正在調整執行方式。我們以敏捷與紀律應對，使運能與需求對齊，聚焦獲利航班，並保留現金。

On the commercial side, we're executing targeted fare and ancillary adjustments, carefully calibrated to demand conditions to maintain a balanced approach between pricing and volumes. We're actively accelerating pricing actions, resulting in fair improvement of about 10% with several steps across our network, alongside with about 20% increases in selected ancillary [pros].

在商務面，我們正執行有針對性的票價與附加收入調整，並依需求狀況審慎校準，以在定價與量之間維持平衡。我們正積極加速定價行動，透過在全航網的多項措施，使票價約提升 10%，同時在部分選定的附加產品上提高約 20%。

We'll continue to progressively optimize these actions as we assess demand elasticity across different markets during the quarter. We expect TRASM to increase by about 22% year over year in the second quarter.

我們將在本季期間，隨著評估不同市場的需求彈性，持續逐步優化這些措施。我們預期第二季 TRASM 年增約 22%。

Importantly, demand remains resilient to these actions across the network, and we are seeing a faster than historical ability to recapture fuel through pricing supported by a more disciplined industry environment. As pricing actions are reflected in an improvement in our revenue performance, and given Volaris's booking curves, we expect to recapture, on average, approximately 20% to 30% of incremental fuel costs in the second quarter.

重要的是，整體航網需求對這些措施仍具韌性；在更具紀律的產業環境支持下，我們也看到透過定價回收燃油成本的速度快於歷史水準。隨著定價措施反映在收入表現的改善上，並考量 Volaris 的訂位曲線，我們預期第二季平均可回收約 20% 至 30% 的新增燃油成本。

From a capacity management perspective, we are prioritizing cash preservation by ensuring that our network covers variable costs. We're maintaining full flexibility to adjust capacity as conditions evolve, with actions primarily focused on the domestic market as international markets continue to demonstrate stronger pricing absorption.

在運能管理方面，我們以確保航網覆蓋變動成本為前提，優先保留現金。我們維持充分彈性，隨情勢演變調整運能；相關行動主要聚焦於國內市場，因國際市場仍展現較強的定價吸收能力。

We are adjusting schedules on an ongoing basis in response to fuel conditions and demand. More specifically, we are managing schedules dynamically through a rolling six to eight week planning horizon while maintaining a strong focus on customer experience and network integrity.

我們會因應燃油狀況與需求，持續調整航班時刻。更具體而言，我們以滾動式 6 至 8 週的規劃視窗動態管理班表，同時高度重視旅客體驗與航網完整性。

At the same time, we're improving fuel efficiency through fleet mix in line with our plan to return GTF engines to service. We're seeing a higher proportion of new aircraft in operation, and we estimate that for every 10 aircraft shifted from [SEOS to NEOS], we generate roughly $2 million in monthly fuel savings at current fuel price levels.

同時，我們也依照讓 GTF 引擎回歸服役的計畫，透過機隊組合提升燃油效率。我們看到投入營運的新機比例提高；我們估計，在目前燃油價格水準下，每將 10 架飛機由 [SEOS 轉為 NEOS]，每月約可節省 200 萬美元燃油成本。

For the full year 2026, we now expect ASM growth of approximately 4%, down from our original guidance of around 7%, reflecting the capacity adjustments made to date and our approach to cash preservation in the current environment.

就 2026 全年而言，我們目前預期 ASM 成長約 4%，低於原先約 7% 的指引，反映迄今所做的運能調整，以及我們在當前環境下保留現金的做法。

Importantly, this remains dynamic, and we retain flexibility to adjust further as conditions evolve, with actions primarily concentrated in the domestic market, while international markets continue to demonstrate stronger pricing absorption.

重要的是，這仍具動態性；我們保有進一步調整的彈性，並將行動主要集中在國內市場，而國際市場仍持續展現較強的定價吸收能力。

Now, turning to our first quarter top-line results, they reflect strong execution. We deliver resilient performance, supported by disciplined capacity deployment, improving yields and mix, and cost control in line with our guidance.

接著談第一季營收表現，反映了強勁的執行力。我們在有紀律的運能投放、收益率與組合改善，以及符合指引的成本控管支持下，交出具韌性的表現。

In the quarter, demand remained robust across our network, with continuous sequential improvement in the cross-border segment and stable trends in the domestic market. Combined with solid ancillary performance, this drove results that reinforced the strength of our model and the relevance of our offering, even in a more challenging environment marked by steeply higher fuel prices and increased global uncertainty beginning in late February.

本季期間，我們的航網需求仍然強勁，跨境航線區隔持續呈現逐季改善，國內市場趨勢則保持穩定。加上穩健的附加收入表現，推動了本季成果，強化我們商業模式的優勢與產品供給的相關性；即便自 2 月下旬起燃油價格大幅上升、全球不確定性增加，使環境更具挑戰。

During the quarter, we focused on recovering volumes across our segments while improving revenue quality. As a result, we delivered TRASM of [$8.62], up 11% year over year. This performance was supported by a 10% increase in base fare and continued improvement in revenue mix, with ancillaries reaching 57% of total operating revenues, reinforcing our ability to drive sustained revenue performance while maintaining flexibility.

本季我們聚焦於在各區隔恢復運量，同時提升收入品質。因此，我們的 TRASM 為 [$8.62]，年增 11%。此表現受 10% 的基本票價提升與收入組合持續改善所支撐；附加收入占總營運收入達 57%，強化我們在維持彈性的同時，推動可持續收入表現的能力。

At the same time, we kept [cash mix fuel] in line with plan at [$6.04] and closed the quarter with an EBITDA margin of 22.9%. This result came two percentage points below our first quarter guidance, driven by a more challenging fuel environment, with Gulf Coast jet fuel averaging [$2.56] per gallon, compared to [$2.20] assumed in our February guidance, an increase of around 16%.

同時，我們將 [cash mix fuel] 依計畫控制在 [$6.04]，並以 22.9% 的 EBITDA 利潤率結束本季。該結果較我們第一季指引低 2 個百分點，主因燃油環境更具挑戰：墨西哥灣沿岸航煤平均為每加侖 [$2.56]，高於我們 2 月指引假設的每加侖 [$2.20]，約增加 16%。

Our balance sheet remains strong. With a healthy cash position of $766 million, representing 24% of the last 12 months' revenues and only $8 million below the prior quarter. Net leverage stood at 3.2 times, providing flexibility to navigate the current environment while continuing to execute our priorities.

我們的資產負債表仍然穩健。現金部位健康，達 7.66 億美元，相當於過去 12 個月營收的 24%，且僅較前一季少 800 萬美元。淨槓桿為 3.2 倍，提供我們在持續執行優先事項的同時，因應當前環境的彈性。

Our experience over the past two and a half years navigating the GTF engine. Uncertainty has given us the capability to quickly flex capacity to align with demand and support profitability. Today, our diversified network and stronger dollarized revenue profile with over 40% exposure to higher-yielding transborder markets support greater resilience.

過去兩年半我們在應對 GTF 引擎不確定性方面的經驗，使我們具備快速彈性調整運能、使其與需求對齊並支撐獲利的能力。如今，我們多元化的航網，以及更強的美元化收入結構（超過 40% 曝險於收益率較高的跨境市場），帶來更高的韌性。

While we are focused on navigating the current environment, we are also positioning the business for medium-term value creation, supported by a fleet strategy anchored on three principles: disciplined growth, prudent capital allocation, clear value creation.

在專注於因應當前環境的同時，我們也在為中期價值創造布局；其支撐來自以三項原則為核心的機隊策略：有紀律的成長、審慎的資本配置、明確的價值創造。

Starting with growth, we are confident we have the right model in the right markets to grow sustainably and profitably in line with demand, not ahead of it. Our capacity outlook remains intentionally disciplined, with growth primarily driven by improving fleet productivity rather than by adding incremental aircraft.

先談成長，我們有信心在正確的市場以正確的模式，依需求同步、而非超前需求地，以可持續且具獲利性的方式成長。我們的運能展望仍刻意保持紀律，成長主要來自提升機隊生產力，而非新增額外飛機。

As a result, our contractual fleet will decline from 155 aircraft in December 2025 to roughly 137 by the year-end of 2027, while our productive revenue-generating fleet increases to approximately 125 aircraft, up from 112 at the end of 2025.

因此，我們的合約機隊規模將自 2025 年 12 月的 155 架，下降至 2027 年底約 137 架；同時，我們具生產力、可創造營收的機隊將增加至約 125 架，高於 2025 年底的 112 架。

This transition unlocks meaningful efficiency gains, including around $50 million in annual lease savings and a reduction of roughly $360 million in lease liabilities by 2027, while at the same time increasing our revenue-generating capacity.

此一轉換將釋放顯著的效率提升，包括每年約 5,000 萬美元的租賃節省，以及到 2027 年租賃負債約減少 3.6 億美元，同時提升我們可創造營收的運能。

On capital allocation, we are prioritizing investments that deliver long-term returns while maintaining flexibility around future fleet commitments. To that end, most 2027 and 2028 deliveries have been rescheduled, and no incremental aircraft investment will be made until the GTF Advantage engines enter into service.

在資本配置方面，我們優先投入可帶來長期報酬的投資，同時維持對未來機隊承諾的彈性。為此，多數 2027 與 2028 年的交付已重新排程，且在 GTF Advantage 引擎投入服務之前，將不會進行任何新增飛機投資。

Ultimately, the most powerful value creation lever over the next several years is restoring fleet productivity, reducing aircraft ownership costs, and improving our conversion from EBITDAR to EBIT, translating directly into stronger free cash flow generation, and return on investment capital. In short, we are executing with this discipline in the near term, while positioning the business for meaningful long-term value creation.

最終，未來數年最有力的價值創造槓桿，是恢復機隊生產力、降低飛機持有成本，並提升我們從 EBITDAR 到 EBIT 的轉換率，進而直接帶動更強的自由現金流創造與投資資本報酬率。簡言之，我們在短期以此紀律執行，同時為長期具意義的價值創造做好布局。

We remain confident in our ability to navigate this environment and will continue to prioritize profitability over growth. While today's demand trends remain solid, our model is designed for flexibility that the current geopolitical environment requires.

我們仍有信心能夠因應此一環境，並將持續把獲利能力置於成長之上。儘管目前需求趨勢仍然穩健，我們的模式是為了符合當前地緣政治環境所需的彈性而設計。

With that, I will turn the call over to Jose to discuss our commercial and operational performance.

接下來，我將把電話會議交給 Jose，請他說明我們的商務與營運表現。

Thank you, Enrique. Our first-quarter results reflected disciplined execution, especially as we continue to prioritize higher-quality demand and deploy capacity into our strongest markets, while reinforcing our network position in the current industry environment.

謝謝你，Enrique。我們第一季的結果反映了有紀律的執行，特別是在我們持續優先鎖定更高品質需求、將運能投放至最強勢市場的同時，也在目前的產業環境中鞏固我們的航網地位。

For the first quarter, we grew ASMs by 2.3%, reflecting disciplined capacity deployment and a continued shift towards the higher-yielding transporter market. International performance was encouraging, with load factor reaching 80.1%, trending closer to historical levels, despite a temporary softness at the beginning of March related to security events in the state of Jalisco. These results exceeded expectations and highlight the continued momentum in the cross-border recovery.

第一季我們 ASM 成長 2.3%，反映有紀律的運能投放，以及持續轉向收益率較高的跨境市場。國際市場表現令人鼓舞，載客率達 80.1%，趨近歷史水準；儘管 3 月初因哈利斯科州（Jalisco）的安全事件而出現短暫疲弱。這些結果優於預期，並凸顯跨境復甦動能持續。

In the domestic market, we delivered a load factor of 89%, reflecting steady demand in a balanced supply environment. Our network-wide load factor for the quarter was 85%, in line with last year's results.

在國內市場，我們的載客率達到 89%，反映在供給相對均衡的環境下需求穩健。本季全網載客率為 85%，與去年結果一致。

Overall, we delivered first-quarter TRASM of [$8.62], an 11% increase and in line with our guidance, supported by a responsive approach to evolving demand trends across our network. This performance reflects our continued focus on improving yields and TRASM, solid underlying demand, and the sustained strength of our high-value ancillary revenues.

整體而言，我們第一季的 TRASM 為 [$8.62]，年增 11%，並符合我們的指引；此表現得益於我們以靈活方式因應全網不斷演變的需求趨勢。這項成果反映我們持續聚焦提升收益率與 TRASM、穩健的基本需求，以及高價值附加收入的持續強勁。

Our top-line resilience continues to be supported by outstanding ancillary performance. Ancillary revenue per passenger increased by 8% versus 2025, and now accounts for 57% of total revenues. Ancillary strength was driven by a finest segmentation of our customers and their product needs, as well as a solid credit card revenue and a grown vacation package business under the [Ya Vas] platform. We continue to see a meaningful growth opportunity for ancillaries for the remainder of 2026 and 2027 as we enhance our product suite, capture a more diverse customer base, and refine our pricing strategy.

我們的營收韌性持續受到卓越的附加業務表現所支撐。每位旅客的附加收入較 2025 年增加 8%，目前占總營收的 57%。附加收入的強勁表現來自於我們更精細地區隔客群及其產品需求，以及穩健的信用卡收入與在 [Ya Vas] 平台下成長的度假套裝行程業務。展望 2026 年剩餘期間與 2027 年，隨著我們強化產品組合、觸及更多元的客群並精進定價策略，我們仍看見附加業務具備顯著的成長機會。

The key to our success remains the low-cost and low-complexity development of ancillaries that generate high returns on investment. Our loyalty program, Altitude, now has more than 1 million active members. We remain on track to integrate Altitude with our co-branded credit card by the end of the current quarter, allowing all card transactions to earn loyalty points.

我們成功的關鍵，仍在於以低成本、低複雜度開發能帶來高投資報酬的附加產品。我們的忠誠計畫 Altitude 目前已有超過 100 萬名活躍會員。我們仍按計畫在本季末前將 Altitude 與聯名信用卡整合，使所有刷卡交易都能累積忠誠點數。

Turning now to our approach to the current jet fuel environment. While this remains an evolving story, as Enrique highlighted, Volaris is structurally better positioned today than in prior fuel cycles. We are a more diversified and resilient business than in 2022, with a broader commercial toolkit, stronger discipline across our network and growth, and solid underlying demand for our product.

接著談我們對當前航空燃油環境的因應方式。雖然這仍是持續演變的情勢，但如 Enrique 所強調，Volaris 目前在結構上較以往燃油循環時期更具優勢。相較 2022 年，我們的業務更加多元且更具韌性，擁有更廣泛的商業工具組合、在航網與成長方面更強的紀律，以及對我們產品穩健的基本需求。

Against this backdrop, we are executing a set of targeted actions to mitigate higher fuel prices, combining price adjustments and targeted flight consolidations to preserve cash. On capacity, we have made tactical reductions primarily through frequency optimizations in off-peak periods without canceling routes, allowing us to maintain customer connectivity during key travel periods. We are also reallocating capacity for Volaris' strongest markets, reinforcing our competitive position.

在此背景下，我們正執行一系列具針對性的措施以緩解較高燃油價格的影響，結合票價調整與針對性的航班整併以保留現金。在運能方面，我們主要透過離峰時段的班次最佳化進行戰術性下調，而不取消航線，使我們能在關鍵旅遊期間維持旅客連結性。我們也正將運能重新配置至 Volaris 最強勢的市場，以鞏固競爭地位。

To date, we have reduced schedules for April and May, implementing targeted reductions of approximately 2 percentage points in April and 9 percentage points in May. We will continue to monitor the geopolitical situation, and we are prepared to implement further reductions accordingly for June and the second-half.

截至目前，我們已下調 4 月與 5 月的航班時刻表，4 月約下調 2 個百分點、5 月約下調 9 個百分點。我們將持續監測地緣政治情勢，並已準備好視情況在 6 月及下半年進一步下調。

As a reminder, should we see shifts in demand trends, Volaris can adjust close-in capacity more quickly than a typical [US carrier], as we do not face their crew rostering constraints. On pricing, we have implemented double-digit fare adjustments in both domestic and international markets, with especially strong absorption in the transporter segment.

提醒一下，若我們看到需求趨勢出現變化，Volaris 能比典型的 [US carrier] 更快調整臨近出發的運能，因為我們不受其機組排班限制。在定價方面，我們已在國內與國際市場實施兩位數的票價調整，其中在運輸業者（transporter）客群的吸收情況尤其強勁。

Our international exposure continues to be a strategic asset for our business. And in this environment, it has demonstrated lower elasticity. In the domestic market, demand has remained resilient to incremental fare adjustments. And we continue to take a measured approach to pricing while closely monitoring changes in customer demand.

我們的國際曝險持續是公司的一項策略性資產。在此環境下，它也展現出較低的需求彈性。在國內市場，需求對於額外的票價調整仍保持韌性。我們也將持續以審慎的方式進行定價，同時密切監控客戶需求的變化。

Ancillary products continue to be an important lever to help offset fuel pressures, as they are typically less elastic than the base fare. Looking ahead, we expect second quarter revenue performance to benefit from a combination of disciplined capacity, higher yields, and strong seasonal demand, with [TRASM] expected to reach approximately [$9.05].

附加產品仍是協助抵銷燃油壓力的重要槓桿，因其通常比基本票價更缺乏彈性。展望未來，我們預期第二季營收表現將受惠於嚴謹的運能管理、更高的收益率以及強勁的季節性需求，[TRASM] 預計可達約 [$9.05]。

For full year 2026, we now expect ASM growth of around 4%, which reflects the adjustments made to capacity to date, while maintaining flexibility to adjust further as conditions evolve based on jet fuel, price developments, and engine returns.

就 2026 全年而言，我們目前預期 ASM 成長約 4%，反映迄今對運能所做的調整，同時仍保有彈性，得以隨著航空燃油、價格走勢與引擎返還情況的演變而進一步調整。

Finally, as the FIFA World Cup approaches, we expect a moderate increase in traffic, though we continue to maintain a conservative view of the overall benefit. Fares to World Cup markets have converged [industry Y2] levels consistent with our expectations. After a period of tighter inventory management, we are now gradually releasing June seats, with [fairs] in host city markets tracking broadly in line with historical trends, leaving potential upside for close-in bookings.

最後，隨著 FIFA 世界盃臨近，我們預期客運量將溫和增加，但對整體效益仍維持保守看法。前往世界盃市場的票價已收斂至符合我們預期的 [industry Y2] 水準。在一段較緊的庫存管理期間之後，我們目前正逐步釋出 6 月座位；主辦城市市場的 [fairs] 大致與歷史趨勢一致，為臨近出發訂位留下潛在上行空間。

In summary, we are managing the current environment with discipline, leveraging the flexibility of our model, and continuing to strengthen the quality of our revenue and network.

總結而言，我們以紀律管理當前環境，善用我們商業模式的彈性，並持續強化營收與航網的品質。

Now I will turn the call over to Jaime to cover our first quarter financial results and latest 2026 guidance.

接下來我將把電話會議交給 Jaime，由他說明我們第一季財務結果以及最新的 2026 年指引。

Thank you, Holger. In the first quarter, we continued to add viability, leading to our variable cost structure to manage the impact of higher fuel prices on our flying. [Elsewhere], in our operation, we took on higher costs related to upcoming redeliveries and the pull forward of other maintenance activities as planned to prepare for the return of GTF-related AOGs to our productive fleet.

謝謝你，Holger。第一季我們持續提升可變性，藉由可變成本結構來管理較高燃油價格對我們飛航的影響。[Elsewhere]，在營運方面，我們承擔了與即將到來的返還交付（redeliveries）相關的較高成本，並如計畫提前進行其他維修活動，以為與 GTF 相關的 AOG 回歸我們可投入生產的機隊做準備。

Turning now to our results, starting with top-line strength, for the first quarter of 2026, total operating revenues were $770 million, a 14% increase versus the period of last year. This was accomplished just with 2.3% capacity growth versus our guided 3% growth. This performance underscores our continued progress in driving yields and the resilience of our underlying demand.

接著看我們的業績，先從營收端的強勁表現談起：2026 年第一季，總營運收入為 7.70 億美元，較去年同期增加 14%。在我們指引為 3% 的運能成長下，我們實際僅以 2.3% 的運能成長達成此成果。這項表現凸顯我們在推動收益率提升方面的持續進展，以及基本需求的韌性。

On the top-line also benefited from a strengthened peso, which appreciated 14% and contributed to a more favorable translation of domestic revenues into dollars, although provided an incremental cost headwind on peso-denominated expenses.

營收端也受惠於披索走強，披索升值 14%，使國內收入換算為美元時更為有利，但同時也對以披索計價的費用帶來額外的成本逆風。

On the cost side, [CASM was $8.85], an increase of 12% driven by average economic fuel costs that rose 16% during the quarter to $3.06 per gallon. Our cost structure is particularly important during this period of uncertain and higher fuel prices with almost 70% of our costs being viable or semi-fixed, coupled with our ability to adjust crew schedules closer into flights. We have the ability to nimbly adjust capacity and take related costs out of our operations faster than many of our peers. This flexibility in our cost structure is particularly important during this complex geopolitical environment.

在成本端，[CASM 為 $8.85]，增加 12%，主要由於平均經濟燃油成本在本季上升 16% 至每加侖 $3.06。在燃油價格不確定且偏高的期間，我們的成本結構尤其重要：我們近 70% 的成本為可變或半固定，加上我們能在更接近航班起飛時調整機組排班。我們能靈活調整運能，並比許多同業更快地將相關成本自營運中移除。此成本結構的彈性在複雜的地緣政治環境下尤其關鍵。

In the context of higher fuel prices, it is important to highlight the timing of fuel impact and fare recapture across our financials. Fuel is reflected on our P&L on a current basis. Our reported cash flows and balance benefits from about a 30-day lag.

在燃油價格較高的情境下，必須強調燃油影響與票價回收在財務報表中的時間差。燃油在損益表上以當期基礎反映；而我們的已報告現金流與資產負債表則受惠於約 30 天的落後期。

At the same time, our working curve of approximately 45 days marks a lag in the translation of fare adjustments into results. Ancillaries, by contrast, are more linear and closer in, allowing for faster response. Custom [exfuel] was [$6.04], aligned with our guidance. The 12% year-over-year increase is primarily driven by higher maintenance activity associated with return of aircraft and the pull forward of work to support accelerated engine inductions into Pratt & Whitney shops, reflected mainly in the line of the precision of right-of-use assets, as well as professional fees associated with the merger and a higher international schedule mix. For context, landing, takeoff, and navigation expenses for US operations are far higher than for domestic operations.

同時，我們約 45 天的營運週期也意味著票價調整轉化為業績存在時間落後。相較之下，附加收入更為線性且更貼近出發時間，因此反應更快。自訂 [exfuel] 為 [$6.04]，符合我們的指引。年增 12% 主要由於與飛機返還相關的較高維修活動，以及為支援加速將引擎送入普惠（Pratt & Whitney）維修廠而提前進行的工作，主要反映在使用權資產折舊攤銷（right-of-use assets）的相關項目中；此外也包含與併購相關的專業費用，以及較高的國際航班時刻表占比。補充說明，美國營運的起降與航管費用遠高於國內營運。

Looking down, our P&L, the impact of our grounded fleet and engine maintenance, along with actions taken to manage the interim capacity deficit, is reflected across several lines.

再往下看我們的損益表，停飛機隊與引擎維修的影響，以及為管理短期運能缺口所採取的行動，反映在多個科目中。

In particular, our depreciation and amortization. Right of use and maintenance items continue to reflect cost of our total fleet of 155 aircraft, including 36 average grounded aircraft during the quarter. Elsewhere in our P&L, I have already addressed the increase in landing, takeoff, and navigation expenses. Another line worth highlighting is salaries and benefits where the increase primarily reflects the appreciation of the Mexican peso, given that this cost line is mostly peso denominator and reflects the higher headcount associated with incorporation of 10 additional aircraft year over year and the annual salary adjustment in line with Mexican inflation.

特別是折舊與攤銷。使用權與維修相關項目仍反映我們總機隊 155 架飛機的成本，其中本季平均有 36 架飛機停飛。在損益表其他項目中，我先前已說明起降與航管費用的增加。另一個值得強調的科目是薪資與福利，其增加主要反映墨西哥披索升值，因為此成本科目多以披索計價；同時也反映因年增新增 10 架飛機而帶來的較高人力編制，以及依墨西哥通膨進行的年度薪資調整。

Meanwhile, in other operating income line, we did not recognize any sale and leaseback gains as we had no aircraft delivered by Airbus during the quarter. This line also includes our aircraft grounding compensation from Pratt & Whit.

同時，在其他營運收入科目中，由於本季 Airbus 未交付任何飛機，我們未認列任何售後回租（sale and leaseback）收益。此科目亦包含我們自 Pratt & Whit 取得的飛機停飛補償。

For the first quarter, we generated EBITDAR of $177 million with a net margin of 22.9%. This compares with our guidance of 25%, with the variance solely driven by higher GS fuel prices. As they realized, Gulf Coast jet fuel price averaged [$2.56] per gallon for the quarter, that is [$0.60] above the $2.20 per gallon assumption embedded in our guidance.

第一季我們產生 EBITDAR 1.77 億美元，淨利率為 22.9%。相較我們 25% 的指引，差異完全由於 GS 航空燃油價格較高所致。如其所示，本季墨西哥灣沿岸航空燃油均價為每加侖 [$2.56]，較我們指引中採用的每加侖 $2.20 假設高出 [$0.60]。

EBIT was negative $21 million with a minus 2.8% margin. As the AOG trend reverses, we expect to narrow the EBITDA-to-EBIT conversion to support the stronger underlying profitability. Net loss for the quarter was $71 million, translated into a loss per ADS of $0.62.

EBIT 為負 2,100 萬美元，利潤率為負 2.8%。隨著 AOG 趨勢反轉，我們預期將縮小 EBITDA 轉換為 EBIT 的差距，以支撐更強勁的基本獲利能力。本季淨損為 7,100 萬美元，折合每 ADS 虧損 0.62 美元。

Turning now to cash flow and balance sheet data for the first quarter, cash flow generated by operating activities was $251 million. The cash outflows provided by and used in investing and financing activities were $34 million and $222 million, respectively.

接著看第一季的現金流與資產負債表數據，營運活動所產生的現金流為 2.51 億美元。投資活動與融資活動所提供（使用）的現金流出分別為 3,400 萬美元與 2.22 億美元。

CapEx, excluding fleet pre-delivery payment, was $87 million, in line with our plan for this year. At the same time, we are actively evaluating initiatives to optimize investment, including selectively reducing non-critical CapEx while preserving all critical fleet-related spending to preserve cash for the full year.

資本支出（CapEx）不含機隊預交付付款為 8,700 萬美元，符合我們今年的計畫。同時，我們正積極評估優化投資的措施，包括在保留所有關鍵機隊相關支出的前提下，有選擇性地降低非關鍵 CapEx，以在全年保留現金。

Volaris ended the quarter with a total liquidity position of $767 million, representing 24.5% of the last 12 months' total operating revenues. This level remains broadly in line with the end of last year and reflects a solid position.

Volaris 於季末的總流動性為 7.67 億美元，相當於過去 12 個月總營運收入的 24.5%。此水準大致與去年年底相當，反映出穩健的部位。

Looking ahead, we remain focused on preserving cash, supported by disciplined actions and a proactive approach to managing the current environment. At first quarter end, our net debt-to-EBITDA ratio stood at 3.2 times. We continue to have no material near-term debt maturities and have already financed all pre-delivery payments for aircraft scheduled for delivery through mid-2028. We continue to prioritize cost control, profitability, and conservative cash management in all environments.

展望未來，我們仍專注於保留現金，並以嚴謹的行動與主動管理當前環境的方式作為支撐。第一季末，我們的淨負債對 EBITDA 比率為 3.2 倍。我們仍沒有重大的近期到期債務，且已為預計於 2028 年年中前交付的飛機之所有預交付付款完成融資。我們在任何環境下都將持續優先推動成本控管、獲利能力與保守的現金管理。

Now, turning to our fleet plan and engine availability. As of March 31, our fleet consisted of 155 aircraft, with an average age of 6.8 years, with 66% of the fleet being fuel-efficient new models. During the first quarter, we averaged 36 aircraft on ground due to engine-related issues, with continued improvement to achieve our plan for the year.

接著談我們的機隊計畫與引擎可用性。截至 3 月 31 日，我們的機隊共有 155 架飛機，平均機齡 6.8 年，其中 66% 為節油的新機型。第一季期間，因引擎相關問題平均有 36 架飛機停場（AOG），且持續改善以達成我們今年的計畫。

During the quarter, we reduced the number of AOGs by nine aircrafts, peaking at 41 and closing at 32. This represents an important step toward restoring fleet productivity, driving structural improvements in earnings power, and long-term performance.

本季我們將 AOG 架數減少了 9 架，最高曾達 41 架，季末降至 32 架。這是恢復機隊生產力、推動獲利能力結構性改善以及長期表現的重要一步。

At the same time, as we receive additional GTF engines and bring new aircraft back into operation, we enhance fuel efficiency relative to the [CO fleet]. We expect the new mix of the operating fleet to increase to an average of approximately 70% for the year, compared to 52% in 2025, reflecting our deliberate focus on maximizing fuel efficiency in the current environment.

同時，隨著我們取得更多 GTF 引擎並讓新飛機恢復營運，我們相較於 [CO fleet] 提升燃油效率。我們預期今年營運機隊的新機型占比平均將提高至約 70%，相較 2025 年的 52%，反映我們在當前環境下刻意聚焦於最大化燃油效率。

As Enrique mentioned, we estimate that every 10 aircraft shifted from [SEOS to NEOS] generates roughly $2,000,000 in monthly fuel savings at current fuel prices. Restoring fleet productivity continues to be a priority. We have a strong conviction that this will drive structural improvements in the fleet efficiency, earnings power, and long-term performance, supporting sustained value creation.

如 Enrique 所提到，我們估計在目前燃油價格下，每將 10 架飛機由 [SEOS 轉為 NEOS]，每月約可節省 200 萬美元燃油成本。恢復機隊生產力仍是優先事項。我們堅信這將推動機隊效率、獲利能力與長期表現的結構性改善，支持持續的價值創造。

As we have highlighted, as grounded aircraft return to service, we generate growth on essentially the same asset base, resulting in a natural earnings tailwind without the need for incremental fleet-related debt over the remainder of the decade. Lease liabilities are expected to decrease by around $340 million in 2027 as our contractual fleet declines, unlocking roughly $50 million in annual lease savings.

如我們先前強調，隨著停場飛機回到營運，我們幾乎在相同的資產基礎上實現成長，形成自然的獲利順風，而在本十年剩餘期間無需新增機隊相關負債。隨著合約機隊規模下降，租賃負債預期將於 2027 年減少約 3.4 億美元，釋放每年約 5,000 萬美元的租賃節省。

Turning to our outlook, given the volatility in jet fuel prices and limited visibility due to the ongoing geopolitical situation, we are suspending our full-year 2026 guidance. While we remain confident in the underlying strength of the business, the demands of our network, and our ability to execute our strategic initiatives, we believe it is prudent to provide an update once conditions stabilize.

接著談展望，鑑於航空燃油價格波動，以及地緣政治局勢持續導致能見度有限，我們將暫停提供 2026 全年指引。雖然我們仍對業務的基本面強勁、航網需求以及執行策略措施的能力充滿信心，但我們認為在情勢穩定後再提供更新會更為審慎。

In this context, I would like to provide directional color on two key variables within our control: ASM growth and CapEx. On capacity, considering the actions we have taken to date, we now expect 4% annual growth compared to our prior expectation of 7%.

在此背景下，我想就兩個我們可控的關鍵變數提供方向性說明：ASM 成長與 CapEx。在運能方面，考量我們迄今採取的行動，我們目前預期年增 4%，低於先前預期的 7%。

Importantly, this remains dynamic as conditions evolve, particularly as capacity reductions have been concentrated in the second quarter, and we will make further adjustments on a rolling basis as conditions require.

重要的是，隨著情勢演變，這仍將動態調整，特別是運能削減主要集中在第二季；我們也將視需要以滾動方式進一步調整。

On CapEx. We're in the process of implementing referrals of non-critical investments to preserve cash. Turning now to our guidance for the second quarter of 2026, we expect an ASM growth in the range of 0% to 2% year over year, [TRASM] of around [$9.05], CasoMex fuel of approximately [$6.08], and an EBITDAR margin of around 13%. The increase in CasoMex fuel in the second quarter primarily reflects non-recurring items and the capacity reduction implemented today.

在 CapEx 方面，我們正著手推動延後非關鍵投資以保留現金。接著提供 2026 年第二季指引：我們預期 ASM 年增介於 0% 至 2%，[TRASM] 約為 [$9.05]，CasoMex 燃油約為 [$6.08]，EBITDAR 利潤率約 13%。第二季 CasoMex 燃油上升主要反映一次性項目以及目前實施的運能削減。

This impact represents roughly $0.07 in unit costs in the quarter, driven by major related costs and fleet expenses, including incremental expenses associated with aircraft returns, including major maintenance events on four aircraft and an increase in engine shop visits to 43 events in the second quarter compared to 15 last year as we accelerate engine inductions into Pratt & Whitney shops to support our targeted reduction in AOGs, resulting in higher maintenance expense in the near term.

此影響在本季約相當於單位成本增加 0.07 美元，主要由重大相關成本與機隊費用所驅動，包括與飛機退租相關的增量費用，其中包含 4 架飛機的重大維修事件，以及第二季引擎進廠維修（shop visits）增加至 43 次，較去年同期的 15 次為高；我們正加速將引擎送入 Pratt & Whitney 維修廠，以支持我們目標性的 AOG 降幅，因此短期內維修費用較高。

Coupled with the deliberate actions to align capacity with the current fuel environment, we expect the second quarter to represent the peak in CasoMex fuel for the year. Wrapping up for our second quarter guidance, we are assuming an average foreign exchange rate of around 17.85 Mexican pesos per US dollar and an average US Gulf Coast jet fuel price of approximately $40 per gallon.

再加上我們為配合當前燃油環境而刻意採取的運能調整行動，我們預期第二季將是今年 CasoMex 燃油的高峰。總結第二季指引，我們假設平均匯率約為 1 美元兌 17.85 墨西哥披索，且美國墨西哥灣沿岸航空燃油平均價格約為每加侖 40 美元。

For April, we hedged 20% of our fuel consumption for peak travel periods. Including Semana Santa and spring break at a strike price of $2.05 per gallon with a break given price of $2.12 per gallon. This represents approximately 7% of second quarter consumption and an estimated $11 million benefit for the quarter.

就 4 月而言，我們針對旅遊高峰期的 20% 燃油消耗進行避險，涵蓋 Semana Santa 與春假，履約價為每加侖 2.05 美元，break given 價格為每加侖 2.12 美元。這約占第二季消耗量的 7%，預估可為本季帶來約 1,100 萬美元的效益。

In summary, while the current environment presents near temp pressures, we are responding with agility and taking proactive actions across the business. We are entering this period from a position of strength and remain confident in our ability to navigate the environment, supported by a flexible model, a solid liquidity position, and multiple levers to drive performance as conditionable.

總結而言，雖然當前環境帶來短期壓力，我們正以敏捷方式回應，並在全公司採取主動行動。我們以強勢的基礎進入此期間，並對自身在此環境中航行的能力保持信心，這得益於彈性的商業模式、穩健的流動性部位，以及多項可用來推動表現的槓桿（視情況而定）。

Now, I will turn the call back over to Enrique for closing remarks.

現在，我把電話交回給 Enrique 作結語。

Thank you, Jaime. Overall, we are confident that Volaris' prudent strategy planning, world-leading and highly variable cost structure, and nimble execution in two structurally growing markets in the Mexican and the US market, cross-border sectors position us well for the long-term.

謝謝你，Jaime。整體而言，我們相信 Volaris 審慎的策略規劃、世界領先且高度可變動的成本結構，以及在墨西哥與美國兩個結構性成長市場（含跨境航線）中的靈活執行力，使我們在長期上具備良好定位。

Before we start Q&A, I would like to also quickly cover the latest developments in our transaction with [VIVAC]. The regulatory process continues to move forward as expected, and we remain in active dialogue with the relevant authorities. We have filed with Mexico's National Antitrust Commission and have already responded and closed the first round of information requests.

在開始問答之前，我也想快速說明我們與 [VIVAC] 交易的最新進展。監管程序如預期持續推進，我們也與相關主管機關保持積極對話。我們已向墨西哥國家反壟斷委員會提出申報，並已回覆且完成第一輪資訊要求。

As you may have seen, in the extraordinary shareholders meeting held on March 25, we received strong support for the transaction with 94% quorum and 92% approval of total outstanding shares. Last week, we received a second request of information. All teams in Mexico and US are working hard to provide the requested information to the relevant authorities in the different countries.

如各位可能已看到，在 3 月 25 日召開的臨時股東會上，我們獲得對該交易的強力支持，出席率（quorum）為 94%，且以已發行在外股份總數計有 92% 贊成。上週我們收到第二次資訊要求。墨西哥與美國的所有團隊正全力提供各國相關主管機關所要求的資訊。

At this stage, we continue to expect the overall regulatory review process to take up to 12 months from the transaction announcement date. We'll continue to provide public disclosures and updates on our earnings calls as we advance throughout the process and reach new milestones.

在此階段，我們仍預期整體監管審查流程自交易公告日起最長可能需要 12 個月。隨著流程推進並達成新的里程碑，我們將持續在財報電話會議中進行公開揭露與更新。

I'll now turn the call over for Q&A.

我現在把電話交給問答環節。

(Operator Instructions)

（接線員指示）

Michael Linenberg, Deutsche Bank.

Michael Linenberg，德意志銀行。

Yeah, hey, good morning everyone. Couple questions here just on fare increases or fuel surcharges that have been implemented, and how domestic markets may be compared to international markets. So I'm trying to get a sense of maybe how many fare increases have we seen, and are you seeing a better uptick in international or domestic on your ability to recapture a higher fuel expense?

是的，嗨，各位早安。我有幾個問題，主要關於已實施的票價調漲或燃油附加費，以及國內市場與國際市場的比較。我想了解大概我們看到多少次票價上調？以及在回收較高燃油成本的能力上，你們是否看到國際或國內市場有較好的回升？

Hi, Michael. This is Holger. So on fuel recapture, the first thing I'd like to say is that demand has remained strong in both domestic and international markets despite the $4 fuel per gallon and price adjustments that we've done.

嗨，Michael。我是 Holger。關於燃油成本回收，我首先想說的是，儘管燃油價格達到每加侖 4 美元，以及我們所做的價格調整，國內與國際市場的需求仍然維持強勁。

We've made fair adjustments step by step and ancillary price adjustments to help precisely manage the impact of higher fuel prices. And we are encouraged to see stability and a healthy demand in both markets, as I said. And we believe that our [ULTC value proposition] is attractive and remains attractive in the domestic and international market.

我們已逐步進行合理調整，並搭配附加票價調整，以協助精準管理燃油價格上升的影響。如我所說，我們也很欣慰看到兩個市場都呈現穩定且健康的需求。我們相信我們的[ULTC價值主張]在國內與國際市場都具吸引力，且仍將持續具吸引力。

But it's also important to mention that we capture -- improves not only from pricing actions, but especially in the international markets, also from a trade down effect that we are seeing from higher fare carriers that service the US transporter markets towards our lower fare base fare model and [unmundled model].

但同樣重要的是要提到，我們所掌握到的改善不僅來自定價行動，尤其在國際市場，還來自我們所看到的「降級消費」效應：服務美國運輸市場的高票價航空公司旅客，正轉向我們較低票價的基本票價模式與[未捆綁模式]。

So that's what I can tell you about how we're passing through fuel prices. Better in the international market, as I mentioned.

以上就是我能就我們如何轉嫁燃油價格所做的說明。如我提到的，在國際市場的表現更好。

Okay, and then just my second question: on the capacity front, we've already seen [Aeromexico] report and they're scaling back their capacity several points, as are you. What about the rest of the competition, whether with -- in this case, it would be mainly non-Mexican carriers. What are you seeing in competitive markets? Are you seeing supply come out at what you expect, or maybe it's even faster than expected? Thanks for taking my questions.

好的，接著我的第二個問題：在運能方面，我們已經看到[Aeromexico]公布並將其運能縮減了幾個百分點，你們也是如此。那其他競爭者呢？在這個情境下，主要會是非墨西哥籍航空公司。你們在競爭市場看到什麼？你們看到供給如你們預期地退出市場，還是甚至比預期更快？謝謝回答我的問題。

So, we've seen capacity prudence by all competitors in the market. We've seen adjustments, especially for the second quarter of all domestic carriers. And in the international market as well for the second quarter.

我們看到市場上所有競爭者都採取審慎的運能策略。我們看到調整，特別是在第二季，所有國內航空公司都有所調整；國際市場在第二季也同樣如此。

As we move into the high season, July and August, capacity cuts have not come through yet, and we are still holding off as well. But we are ready to make further cuts if the fuel price environment remains where it is right now. And as a reminder, our second quarter ASM guidance is now 0% to 2%, which is not at this point less than we had originally planned for the second quarter of 2026.

隨著我們進入旺季，也就是7月與8月，運能削減尚未完全反映出來，我們目前也仍在觀望。但如果燃油價格環境維持在目前水準，我們已準備好進一步削減運能。提醒一下，我們第二季ASM指引目前為0%到2%，就目前而言，並不低於我們原先對2026年第二季的規劃。

Great. Thank you.

很好，謝謝。

Just follow on here, if you'd like the breakdown between domestic and international for the second quarter. We're with you -- domestic market by around 3% negative, and international is going to be mid to high single-digit growth because international has been more robust in 2026.

補充一下，如果你想要第二季國內與國際的拆分：我們這邊—國內市場約為負3%，國際則會是中到高個位數成長，因為2026年國際市場更為強勁。

Rogerio Araujo, Bank of America.

Rogerio Araujo，美國銀行。

Yeah, hi guys. Congratulations on the capacity and yield management delivered. I have a couple here. First of all, there is a $0.70 of CasoMex to impact on the recurring and capacity reductions. Will all these go away as of the 3Q26 or should we continue to see part of that impact? That's the first one.

是的，大家好。恭喜你們在運能與收益管理上的成果。我有兩個問題。第一，CasoMex對經常性項目與運能縮減的影響是0.70美元。這些影響在26年第三季就會全部消失嗎？還是我們仍會持續看到其中一部分影響？這是第一個問題。

And the second is, how is the company managing to keep capacity growth under mid-single-digit rates while flying back the grounded aircraft from Pratt & Whitney? And are these going to generate extra redelivery costs besides the one-offs expected in the second queue? Thank you.

第二，公司如何在把目前因Pratt & Whitney而停飛的飛機恢復營運的同時，仍將運能成長控制在中個位數以下？此外，除了預期在第二季出現的一次性項目外，這些是否還會產生額外的重新交付成本？謝謝。

Thank you for your question. This is Jaime. Starting with CasoMex, as I mentioned, the second Q will be the highest peak of the year, and as times continue, it will normalize.

謝謝你的提問。我是Jaime。先談CasoMex，如我提到的，第二季會是全年最高峰，之後隨著時間推進會回歸常態。

As mentioned, we have an impact of around $0.70 just by non-recurring items in the second queue. If you add the FX effect plus the capacity cost, it's also like around [$0.22] to [$0.3]. So CasoMex is aligned with the CasoMex that we have last year. I think CasoMex for full year will be at the level of [6.2], which is aligned with the recovery on productively that we budget for the year which is aligned with the plan that we have been working together with Pratt and so we are strong believers that we have a strong custom position. We have a lot of cash, a custom, which is non-fixed or semi-variable, 70%, which that will continue. And we are going to get the price on the investment on the returning to normality of the fleet in the future with a lower custom than the custom that we are going to be posting this year.

如前所述，第二季僅非經常性項目就會帶來約0.70美元的影響。若再加上匯率影響以及運能成本，約還有[0.22]到[0.3]美元左右。因此，CasoMex與我們去年看到的CasoMex水準一致。我認為全年CasoMex會在[6.2]的水準，這與我們為今年編列的生產力回升相一致，也與我們與Pratt共同推動的計畫一致。因此我們堅信我們具備很強的成本位置。我們有很多現金，我們的成本結構中有70%是非固定或半變動的，這將會持續。我們也將在未來機隊回歸正常時，透過較低的成本，取得投資回報；那將低於我們今年將呈現的成本水準。

Perfect. Thank you. What about how the company managing to keep the capacity growth below mid-single dish rates while you receive all these aircraft back that are currently grounded?

很好，謝謝。那公司在接收這些目前停飛的飛機回來時，是如何把運能成長維持在中個位數以下的？

Rogiero, this is Enrique Beltranena. I just want to remind you, and I have been very persistent in the saying that our fleet management is a combination of four very important pieces. First, the return of Pratt & Whitney engines and the incremental fleet that that creates. Second, the red delivery of the aircrafts that we have in the pipeline. Third, the arrivals of the Airbus aircrafts that are new aircrafts incoming into the fleet. And finally, we manage the whole equation in a way that it creates a balance of the ASM growth that we are presenting.

Rogiero，我是Enrique Beltranena。我想提醒你，我一直很強調，我們的機隊管理是由四個非常重要的部分組成。第一，Pratt & Whitney引擎的回歸，以及因此帶來的增量機隊。第二，我們管線中飛機的重新交付（redelivery）。第三，新加入機隊的Airbus新機交付。最後，我們以一種能夠平衡我們所呈現ASM成長的方式，來管理整個方程式。

I want to be very persistent on that and very clear. It's not that we're incrementing fleet in a nonsense way. The addition of all these four pieces make a total equation which controls the capacity based on demand from the customers.

我想非常堅持並清楚說明：我們不是以不合理的方式增加機隊。這四個部分的加總形成一個整體方程式，會依據客戶需求來控制運能。

On some data on the general comment made by Enrique. These year actuals that we have already implemented.

就Enrique所做的一般性評論補充一些數據。這些是我們今年已經落實的實際作法。

For deliveries that were targeted for Volaris this year, we sold those aircrafts to a lessor. In addition, we postponed seven deliveries of 2027. And three deliveries of 2028 until 2023. So that helps managed capacity, but also helps the cash because we're all avoiding PDP payments towards that.

原本今年要交付給Volaris的飛機，我們把那些飛機賣給了一家出租人（lessor）。此外，我們將2027年的七架交付延後，並將2028年的三架交付延後到2023年。這有助於管理運能，也有助於現金，因為我們同時避免了相關的PDP預付款支付。

And that's examples that we have structurally in our fleet strategy embedded in the business that will allow us to cut capacity in the really short-term. We did it last year. Originally, we're going to grow 15%. We ended up growing only six. This year, we. We initially thought that we were going to grow 7%, our expectation is 4%, and that's embedded in the flexibility that we have worked over the years.

這些都是我們在機隊策略中、結構性嵌入於業務裡的例子，使我們能在非常短期內削減運能。我們去年就做過：原本要成長15%，最後只成長了6%。今年也是。我們一開始以為會成長7%，目前預期是4%；這都反映在我們多年來建立的彈性之中。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hi, thank you. My first one is just about your merger agreement. I'm not sure if you can talk about it, but given how dynamic the backdrop has been since this agreement was first announced, are the economics fixed in your agreement, or are there adjustment mechanisms based on your relative profitability?

嗨，謝謝。我第一個問題是關於你們的合併協議。我不確定你們是否能談，但鑑於自該協議首次宣布以來外部環境非常動態，協議中的經濟條件是固定的嗎？還是會依據你們相對獲利能力而有調整機制？

So let me start saying that -- I think that even before higher fuel prices delivers clear benefits across stakeholders, okay? It creates greater connectivity and sustains lower firsts for customers and a stronger and more resilient platform with enhanced long-term value creation for shareholders.

我先說—我認為即使在燃油價格更高之前，這項交易就已能為各方利害關係人帶來明確利益，好嗎？它能創造更高的連通性，為客戶維持較低票價，並建立更強大、更具韌性的營運平台，提升股東的長期價值創造。

I think in a higher fuel environment, scale becomes even more relevant. And this combination strengthens our ability to manage controllable costs through procurement efficiencies, better asset utilization, and operating leverage at the group level.

我認為在高燃油環境下，規模變得更為重要。而這項結合能強化我們透過採購效率、更佳資產利用，以及集團層級的營運槓桿，來管理可控成本的能力。

Importantly, the structure allows both airlines to maintain independent operations, limiting execution risk while capturing scale benefits, positioning us to accelerate growth, and deepen penetration of the [ultra-locos carrier model] across Mexico and the transborder markets.

重要的是，該架構允許兩家航空公司維持獨立營運，在擷取規模效益的同時降低執行風險，使我們能加速成長，並深化[超低成本航空模式]在墨西哥及跨境市場的滲透。

Having said that, the authorities do not take in consideration this kind of comments, so we need to accelerate and continue working very hard with the authorities to get the approvals that we need as soon as possible.

話雖如此，主管機關並不會把這類評論納入考量，因此我們需要加速並持續非常努力地與主管機關合作，盡快取得我們所需的核准。

Thanks for that, Enrique. Maybe just to follow-up from the perspective of Volaris equity holders, assuming that you do ultimately get regulatory approval, is the ratio fixed or are there adjustment mechanisms based on how the relative profitability plays out?

謝謝你，Enrique。再追問一下，從Volaris股權持有人的角度來看，假設你們最終取得監管核准，交換比率是固定的嗎？還是會依據相對獲利能力的變化而有調整機制？

No, there are no that kind of mechanisms in the transaction.

不，這筆交易沒有那種機制。

Well, there are many conditions precedent for the transaction to close, so I'm pretty sure the Board of Directors will make the right decisions for the transaction to be generating value for all of the shareholders of Volaris.

不過，交易完成仍有許多先決條件，因此我很確定董事會會做出正確決策，確保這筆交易能為Volaris所有股東創造價值。

Thanks for that. And then just for my follow-up, you mentioned in the prepared remarks greater flexibility to make capacity changes closer in. Can you just expand on that a little bit? What are the drivers of that flexibility from a crew perspective? Thanks for taking the questions.

謝謝。最後一個追問，你在事先準備的發言中提到，能在更接近執行時點時更有彈性地調整運能。你能再多談一點嗎？從機組人員的角度來看，這種彈性的驅動因素是什麼？謝謝回答問題。

In our model, yeah, sorry, Duane, this is Holger. We believe that we have a model that is more flexible inherently than US legacy carriers or any US Carriers, as a matter of fact. And that is driven by lower restrictions on the crew rostering side, and we're focusing on schedule capacity reductions that are focused, for example, on off-peak frequencies.

以我們的模式來說，是的，抱歉Duane，我是Holger。我們相信相較於美國傳統大型航空公司，或事實上任何美國航空公司，我們的模式在本質上更具彈性。這主要來自於在機組排班（rostering）方面限制較少；我們也會把班表的運能縮減聚焦在例如離峰時段的航班頻次上。

We can quickly adjust underperforming routes with the new fuel price environment, lower-yield markets, and we are really focused on optimizing the profitability of our network while maintaining network connectivity for our customers. So we're not canceling any routes, we're nimbly adjusting frequencies as the fuel price environment evolves.

在新的燃油價格環境下，對於表現不佳的航線我們可以迅速調整，對於收益較低的市場亦然；我們非常專注於在維持客戶網路連通性的同時，優化我們航網的獲利能力。因此我們不會取消任何航線，而是會隨著燃油價格環境的變化，靈活調整班次頻率。

Filipe Nielsen, Citi.

Filipe Nielsen，花旗。

Hey, hello everyone. Thanks for taking my question. So, I just wanted to understand a little better how the booking curve is evolving for you guys in different markets and trying to reconcile that with, okay, we now know what are you expecting for second quarter, but trying to understand how this should roll into third quarter and fourth quarter.

嗨，大家好。謝謝讓我提問。我想更清楚了解你們在不同市場的訂位曲線（booking curve）如何演變，並試著把這與——好，我們現在知道你們對第二季的預期——連結起來，但也想理解這會如何延伸到第三季與第四季。

Other carriers mentioned a little bit about the expectations on fuel cost recapture later in the year. You mentioned around 20% to 30% in second quarter. Just wanted to understand how you expect pricing CasoMex and margins to evolve as the booking curve evolves. Thank you.

其他航空公司提到今年稍晚燃油成本回收（recapture）的預期。你們提到第二季約 20% 到 30%。我想了解，隨著訂位曲線演變，你們預期定價、CasoMex 以及利潤率會如何變化。謝謝。

Thank you. This is Holger again. And I'll start out with giving you a general sense of where we see the booking curves and then talk a little bit more about fuel price we capture and then pass it over to Jaime for the cost section.

謝謝。我是 Holger，再次發言。我會先給大家一個我們如何看待訂位曲線的整體概況，接著再談一些燃油價格回收，然後把成本部分交給 Jaime。

So in terms of booking curves and trends, we're seeing quite solid booking trends into the summer high season, both in the domestic and international market. The cross-border segment has improved steadily since basically mid-2025, after the relatively weak second quarter of 2025. The macro indicators in Mexico, including consumption and wage developments remain stable, and that translates into stable demand for our air services.

就訂位曲線與趨勢而言，我們看到進入暑期旺季的訂位趨勢相當穩健，無論是國內或國際市場皆然。跨境（cross-border）區隔自 2025 年年中以來持續穩步改善，當時在 2025 年第二季相對疲弱之後開始回升。墨西哥的總體指標，包括消費與薪資發展，仍維持穩定，這也轉化為對我們航空服務的穩定需求。

In the cross-border segment, the demand trend that we've seen late in 2025 continues in the first quarter and the second quarter of 2026, with an international load factor increasing from 79% in the last quarter of last year to 80% in the first quarter, and with improvements in the second quarter.

在跨境區隔方面，我們在 2025 年末看到的需求趨勢延續到 2026 年第一季與第二季；國際載客率（load factor）從去年第四季的 79% 提升至第一季的 80%，並在第二季持續改善。

In terms of fuel recapture, what I can tell you is that in the first quarter, a significant portion of our revenues was already booked, and that's also true for April, before the fuel prices spiked. So as a result, in the second quarter, we expect a fuel recapture in the range of 20% to 30%, given our price adjustments to base fare and ancillary revenues that are slowly trickling through the bookings.

就燃油回收而言，我可以告訴你的是，在第一季，我們相當大一部分收入已經完成訂位（booked），而 4 月也是如此——都發生在燃油價格飆升之前。因此，第二季我們預期燃油回收約在 20% 到 30% 的區間，因為我們對基本票價與附加收入（ancillary revenues）的調整，正逐步反映在訂位之中。

But as we move into the back half of the year, and assuming the current fuel price forward curve, we expect a more progressive improvement of the fuel recapture adjust because our pricing actions and capacity adjustments are going to be fully reflected in the revenue base.

但隨著我們進入下半年，並假設目前燃油價格遠期曲線（forward curve）成立，我們預期燃油回收調整將逐步改善，因為我們的定價行動與運能調整將會完整反映在收入基礎上。

So you'll see higher fuel recapture rates towards the end of the year.

因此你會在年底看到更高的燃油回收率。

Comment. Based on the current [Jeff Field forward curve], we see a constructive trajectory in the second-half, supporting improved earnings.

補充說明：根據目前的 [Jeff Field forward curve]，我們看到下半年呈現建設性的走勢，有助於獲利改善。

Saying that supporting sequential improvement in operating margin, EBITDA margin, and net profit, trending back to our original expectation by the fourth quarter of the year.

也就是說，將支持營業利益率、EBITDA 利潤率與淨利的逐季改善，並在第四季回到我們原先的預期趨勢。

Great, thank you. And just a little follow-up. You're seeing this positive oil curve going forward. Are you planning on rolling any hedges, like doing at least a little bit to protect from potential further spikes or anything in that sense? Thank you.

很好，謝謝。再追問一下。你們看到未來油價曲線偏正向。你們是否計畫展期或新增一些避險（hedges），例如至少做一點來防範可能的進一步飆升或類似情況？謝謝。

Continue to our late on a constant basis. If there's a good window to do some patches, we will do it. We have not seen any in the recent last weeks.

我們會持續以固定的方式進行評估。如果有好的窗口可以做一些避險，我們就會做。但最近幾週我們沒有看到合適的機會。

Great. Very clear, thank you.

很好。非常清楚，謝謝。

[Julia Orsi], JPMorgan.

[Julia Orsi]，摩根大通。

Julia Orsi, your line is open. Please check your mute button.

Julia Orsi，您的線路已開通。請檢查您的靜音鍵。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

Yes, hello. Thank you for taking my question. So just assuming that jet fuel remains at spot level and does not come down according to the forward curve.

是的，你好。謝謝讓我提問。假設航空燃油（jet fuel）維持在現貨（spot）水準，並未如遠期曲線所示下滑。

At what level should we then expect TRASM to be in the third quarter, just to get a sense of how much more price increases you would need and could make further down the road? Thank you.

那麼第三季我們應該預期 TRASM 會在什麼水準？我想藉此了解你們後續還需要、也能夠再提高多少價格。謝謝。

So we're going to continuously evaluate the situation on the fare adjustments and ancillary side. We are planning to sequentially improve the fuel pass-through towards the customers as we get more and more new bookings into our reservation system.

我們會持續評估票價調整以及附加收入端的情況。隨著越來越多的新訂位進入我們的訂位系統，我們計畫逐步提升將燃油成本轉嫁給客戶的程度（fuel pass-through）。

We are currently showing a good trajectory in the second quarter, double-digit travel growth in the second quarter, and we plan to sustain that into the third quarter as well.

我們目前在第二季呈現良好的走勢，第二季旅運量成長達到雙位數，我們也計畫在第三季延續這樣的表現。

Okay, perfect. Maybe ask a different way. You mentioned 20% to 30% fuel recapture in the second quarter. So what's like the marginal trap of them, excluding the effect of tickets already sold, the tickets that you sold after the fuel spike? What level are they, more or less, just to get a sense.

好的，很好。那我換個方式問。你提到第二季燃油回收 20% 到 30%。那麼邊際上（marginal）——排除已售出票券的影響——也就是燃油飆升之後賣出的那些票，大概回收水準是多少？我只是想抓個概念。

Holger here again. So the fuel recapture, as you said, for the second quarter, we're expecting 20% to 30%. As we see the forward curve materialize, that fuel recapture should increase, and we are planning to sustain the fare adjustments and the ancillary adjustments that we've already put through the system.

我再補充一下，我是 Holger。正如你所說，第二季我們預期燃油回收為 20% 到 30%。隨著遠期曲線逐步實現，燃油回收應會提高；而我們也計畫維持我們已經在系統中導入的票價調整與附加項目調整。

But I can't give you a specific number right now after in the third quarter.

但我目前無法給你第三季的具體數字。

Okay. Perfect. And if I may, just one last question. You mentioned $2 million in fuel savings from switching to new generation aircraft.

好的，很好。如果可以的話，最後一個問題。你提到因改用新一代飛機而帶來 200 萬美元的燃油節省。

So first of all, is that at current jet fuel prices or previous spike? And also, more or less, what's the delta in the lease cost of switching, just to get a sense of the net impact? Thank you.

首先，這是以目前的航空燃油價格計算，還是以前那次飆升時的價格？另外，大致上，改換後租賃成本的差額（delta）是多少？我想了解淨影響。謝謝。

This is Jaime. As mentioned in the call, that $2 million corresponds to adding 10 aircrafts switching from [SEO to NEO] at a current fuel prices.

我是 Jaime。如同在電話會議中提到的，這 200 萬美元是指新增 10 架飛機，從 [SEO to NEO] 轉換，在目前燃油價格下的節省。

In addition, there's no effect on rent because I'm playing for the rents for the 155 aircrafts, even though I have 32 aircrafts rounded today. So there's no effect on the lease payments?

此外，租金沒有影響，因為我目前仍在支付 155 架飛機的租金，儘管我今天大約有 32 架飛機已到位。因此租賃付款沒有影響？

Yeah, but conceptually, like -- so what's that like the delta and the lease of a new generation aircraft versus older generation aircraft?

是，但概念上來說——新一代飛機相較於舊一代飛機，租賃成本的差額大概是多少？

Obviously, nails are more expensive than the sales, but I'm paying for both today. And the [redealer] is that we are doing this year, which are 14-bed deliveries, are all seals, which is part of the strategic plan to reduce the gap between productive and non-productive.

很明顯，NEO 比 CEO 更貴，但我今天兩種都在付租金。而我們今年正在做的 [redealer]——也就是 14 架交付——全部都是 NEO，這是策略計畫的一部分，用以縮小生產性與非生產性之間的差距。

Okay, all right, perfect.

好的，了解，很好。

Thank you.

謝謝。

Excuse me. This concludes today's question-and-answer session. I would like to invite management to proceed with his closing remarks. Please go ahead, sir.

不好意思。今天的問答環節到此結束。我想請管理層進行結語。先生，請開始。

Thank you very much, operator. This is Enrique Beltranena again. I just want to finish the call saying that we remain confident on the actions that we are taking. And I want to thank you, our family of ambassadors, as well as our Board of Directors, investors, bankers, ledgers, and suppliers.

非常感謝，接線員。我是 Enrique Beltranena，再次發言。我想在電話會議結束前說，我們對正在採取的行動仍然充滿信心。同時也要感謝我們的「大使」大家庭，以及董事會、投資人、銀行、帳務人員（ledgers）與供應商。

As I said in my opening comments, looking ahead, remaining confident is really important in our ability to navigate this environment. We think we have a very well-prepared company. Team management that has been successful through many of the crises that we've had in the past and will continue to prioritize profitability over growth.

如同我在開場所說，展望未來，保持信心對於我們駕馭這個環境的能力非常重要。我們認為公司準備得非常充分。管理團隊過去成功度過多次危機，未來也將持續把獲利能力置於成長之上。

I look forward to speaking to you on our second-quarter call in July, and thank you very much to everybody for being here today.

我期待在 7 月的第二季電話會議再與各位交流，也非常感謝今天在場的每一位。

This concludes the Volaris conference call for today. Thank you very much for your participation, and have a nice day.

Volaris 今日電話會議到此結束。非常感謝各位的參與，祝各位有美好的一天。