Controladora Vuela Compania de Aviacion SAB de CV (VLRS) 2026 Q2 法說會逐字稿

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

各位早安，感謝各位參加 Volaris 2026 年第二季財務業績電話會議。(接線員指示) 請注意，今日活動將錄音，並於 Volaris 官網進行即時網路直播。

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

接下來我想把電話交給投資人關係經理 Liliana Juarez。Liliana，請開始。

Welcome to our second-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 年第二季法說會。今天與會者包括我們的總裁暨執行長 Enrique Beltranena；航空事業執行副總裁 Holger Blankenstein；以及財務長 Jaime Pous。他們將先說明公司業績，隨後進行問答環節。本通話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 differ 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 compared to the second quarter of 2025, unless otherwise noted.

請注意，本通話可能包含依適用證券法規所定義的前瞻性陳述。這些陳述受多項因素影響，可能導致公司實際結果與預期有重大差異，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。上述陳述僅截至其作成當日有效，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 年第二季相比。

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

接下來我把電話交給 Enrique。

Good morning, everyone, and welcome to our second-quarter 2026 earnings call. In the second quarter, we responded immediately and decisively, taking the actions needed to preserve liquidity, protect our value proposition, and maximize performance across our network despite facing the most challenging fuel environment in our history. Through disciplined capacity management, commercial execution, and operational efficiency, we deployed aircraft where economic returns were strongest. We proactively adjusted our network, aligned capacity with demand and economic contribution, and calibrated fares to market conditions.

各位早安，歡迎參加我們 2026 年第二季法說會。第二季期間，儘管面臨公司史上最具挑戰的燃油環境，我們仍立即且果斷地採取必要行動，以維持流動性、守護我們的價值主張，並在整體航網中最大化營運表現。透過嚴謹的運能管理、商務執行與營運效率提升，我們將航機部署至經濟報酬最強的市場。我們主動調整航網，使運能與需求及經濟貢獻一致，並依市場狀況校準票價。

We ensured that every route was operating cash positive during the quarter, a powerful proof point of our disciplined network strategy and our ability to protect liquidity and balance sheet flexibility despite the elevated fuel costs. As a result of our efforts, we ended the second quarter with $824 million in cash, an increase of $58 million from the end of the first quarter. Multiple actions within the network and revenue generated strong operating cash with our network strategy playing a central role to this performance.

我們確保本季每一條航線皆為營運現金流為正，這有力證明我們嚴謹的航網策略，以及在燃油成本高企下仍能保護流動性與資產負債表彈性。在上述努力下，我們於第二季末持有現金 8.24 億美元，較第一季末增加 5,800 萬美元。航網內多項行動與營收帶來強勁的營運現金流，而我們的航網策略在此表現中扮演核心角色。

In the second quarter, TRASM was 22% above last year, yes, 22%, well above the growth reported by publicly traded legacy carriers in the US and Latin America. That is a significant accomplish for an ultra-low-cost carrier operating in an emerging market where customers are highly price sensitive and pricing actions must be carefully balanced with preserving demand. It reflects the strength of our commercial execution and the resilience and ever-growing attractiveness of the Volaris value proposition.

第二季 TRASM 較去年同期高出 22%，是的，22%，明顯高於美國與拉丁美洲上市傳統航空公司的成長幅度。對於一家在新興市場營運的超低成本航空而言，這是一項重要成就；該市場客戶對價格高度敏感，定價行動必須在維持需求與提升收益之間謹慎拿捏。這反映我們商務執行的強度，以及 Volaris 價值主張的韌性與持續提升的吸引力。

A key part of that strategy has been the deliberate expansion of our international network. International capacity reached 43% of total ASMs during the quarter, up from roughly 30% three years ago. This deliberate expansion has strengthened our network diversification and established an unmatched US footprint among Mexican carriers. That strategic vision is bearing fruit.

該策略的一個關鍵部分，是我們有計畫地擴張國際航網。本季國際運能占總 ASMs 的 43%，高於三年前約 30% 的水準。這項有計畫的擴張強化了航網多元化，並在墨西哥航空公司中建立無可匹敵的美國航點布局。這項策略願景正開始開花結果。

In the US-Mexico transborder market, we dynamically redeployed capacity to our markets with robust demand and strong fare absorption. The market absorbed both the additional capacity and higher base fares, driving revenue growth of more than 30% year-over-year and bringing load factor back to our historical average levels.

在美墨跨境市場，我們動態重新配置運能至需求強勁且票價吸收能力佳的市場。市場同時吸收了新增運能與較高的基本票價，帶動營收年增逾 30%，並使載客率回到我們歷史平均水準。

In the emerging Mexican domestic market, we kept capacity broadly flat, aligning it with prevailing demand, protecting the accessibility of our product and the strength of our core network while selectively adjusting fares to market conditions. This approach supported domestic load factor of 89%, while preserving the competitiveness of air travel relative to ground transportation, alternatives that benefit from subsidized gasoline and diesel prices. Maintaining this balance is particularly important in Mexico, where air travel penetration remains low and much of the population still does not fly. We remain committed to stimulating demand across this large underserved market while preserving the low fare value proposition that supports its long-term growth potential.

在成長中的墨西哥國內市場，我們將運能大致維持持平，使其與現有需求一致，維持產品可負擔性與核心航網的強度，同時選擇性地依市場狀況調整票價。此作法使國內載客率達到 89%，同時維持航空旅行相對於地面運輸的競爭力；地面運輸受惠於汽油與柴油價格補貼。在墨西哥維持此一平衡尤其重要，因為航空旅行滲透率仍低，人口中仍有很大比例尚未搭乘飛機。我們仍致力於在這個龐大且服務不足的市場中刺激需求，同時維持低票價的價值主張，以支持其長期成長潛力。

Beyond our network actions, we continue to optimize fuel consumption through tactical efficiency initiatives, disciplined fleet assignment and greater utilization of our available new aircraft, consistent with the recovery of our GTF engines. As a result, we achieved the highest fuel efficiency in Volaris' history. Fuel efficiency, measured as ASMs per gallon, improved 3.3% year-over-year from 105.8 in the second quarter of 2025 to 109.2 in the second quarter of 2026. This improvement allowed us to avoid approximately 2 million gallons of fuel consumption and generated an estimated $7 million in savings during the quarter.

除航網行動外，隨著我們的 GTF 引擎逐步復原，我們持續透過戰術性效率措施、嚴謹的機隊派遣，以及更高比例使用可用的新機，來優化燃油消耗。因此，我們達成 Volaris 歷史上最高的燃油效率。以每加侖可提供的 ASMs 衡量，燃油效率年增 3.3%，由 2025 年第二季的 105.8 提升至 2026 年第二季的 109.2。此改善使我們避免約 200 萬加侖的燃油消耗，並於本季帶來估計 700 萬美元的節省。

Moving to our key financial metrics. As noted earlier, TRASM came in at $0.095, consistent with our guidance, while CASM ex-fuel of $0.0675 was slightly better than expected. We delivered an EBITDAR margin of 16.3%, above our guidance of approximately 13%. This result reflected strong execution across our network, revenue cost levers, together with jet fuel prices that averaged approximately 8% below the assumption embedded in our guidance. The third quarter encompasses our peak summer season and is typically one of the most profitable periods of the year.

接著說明我們的主要財務指標。如先前所述，TRASM 為 0.095 美元，符合我們的指引；而不含燃油的 CASM 為 0.0675 美元，略優於預期。我們的 EBITDAR 利潤率為 16.3%，高於約 13% 的指引。此結果反映我們在航網、營收與成本槓桿上的強勁執行力，並且航油價格平均約較我們指引假設低 8%。第三季涵蓋暑期旺季，通常是一年中獲利能力最強的期間之一。

Accordingly, we strategically planned ASM growth of approximately 10% year-over-year, concentrated in July and August. While this represents a meaningful step-up from our year-to-date growth rate, it is designed to capture strong summer demand at attractive fares and maximize cash and economic contribution. As we move into September and the lower demand season, we will meaningfully trim ASM growth. Consistent with this pace, we expect full year ASM growth of approximately 5% with continued emphasis on the US transborder market, adjusting fleet utilization to maintain the right balance among unit revenues, margins and cash generation.

因此，我們策略性規劃 ASMs 年增約 10%，主要集中在 7 月與 8 月。雖然這較我們年初至今的成長率明顯提高，但其目的在於以具吸引力的票價掌握強勁的暑期需求，並最大化現金與經濟貢獻。進入 9 月及需求較低的季節後，我們將明顯下修 ASMs 成長。依此節奏，我們預期全年 ASMs 成長約 5%，並持續聚焦美墨跨境市場，同時調整機隊使用率，以在單位營收、利潤率與現金創造之間維持適當平衡。

Supporting this capacity plan, our fleet recovery remains on track. Aircraft on ground or AOGs, declined from 41 at the beginning of the year to 24 at the end of the second quarter, in line with our expectations. We expect AOGs to remain broadly around this level in the near term as individual aircraft rotate in and out of service through scheduled engine inductions, returns to service and major maintenance events. Importantly, the overall recovery trajectory remains consistent with our plan. This increases our flexibility to deploy aircraft during periods of stronger demand and supports greater fleet efficiency, stronger earnings potential and improved cash generation without requiring incremental aircraft investment.

為支撐此運能計畫，我們的機隊復原進度仍符合規劃。停場航機（AOG）數量由年初的 41 架降至第二季末的 24 架，符合我們的預期。由於個別航機將因排程的引擎送修（induction）、復飛（return to service）及重大維修事件而輪流進出服務，我們預期短期內 AOG 數量大致維持在此水準附近。重要的是，整體復原軌跡仍與我們的計畫一致。這提升了我們在需求較強期間部署航機的彈性，並在不需要額外投資新增航機的情況下，支持更高的機隊效率、更強的獲利潛力與更佳的現金創造。

Looking further ahead, fleet recovery remains one of the most important structural value creation levers. Aircraft availability is expected to progressively improve with normalization anticipated by the end of the year of 2027. At the same time, scheduled lease returns are expected to reduce our contractual fleet to approximately 137 aircraft. This combination will expand our revenue-generating capacity on a smaller contractual fleet base. Once fully realized, it is expected to generate approximately $50 million in annual lease savings and reduce lease liabilities by around $360 million, supporting higher utilization and stronger margins while creating a meaningful structural tailwind to earnings and free cash flow generation.

展望更長遠的未來，機隊復甦仍是最重要的結構性價值創造槓桿之一。隨著供應逐步正常化，預期飛機可用性將逐步改善，並在2027年底前後回歸常態。同時，依排程進行的租賃到期歸還預期將使我們的合約機隊縮減至約137架。此一組合將在較小的合約機隊基礎上，擴大我們的創收能力。一旦全面實現，預期每年可帶來約5,000萬美元的租賃節省，並將租賃負債降低約3.6億美元，支持更高的使用率與更強的利潤率，同時為獲利與自由現金流的產生帶來顯著的結構性順風。

Importantly, this recovery does not change our approach to growth. Capacity will continue to be deployed with discipline, aligned with demand and focused on sustained profitability and cash generation.

重要的是，這項復甦不會改變我們對成長的做法。我們將持續以紀律部署運能，與需求保持一致，並聚焦於可持續的獲利能力與現金產生。

As we move through the second half of 2026, geopolitical developments continue to influence fuel prices. Against this backdrop, we have consistently demonstrated our ability to respond quickly, adapt our network and protect performance. The actions taken during the first half are already producing tangible results. Based on the progress achieved to date and our conviction in our strategy and execution, we are reinstating our full year EBITDAR margin guidance. We now expect a full year EBITDAR margin of approximately 23%, which Jaime will discuss in greater detail.

隨著我們進入2026年下半年，地緣政治發展持續影響燃油價格。在此背景下，我們一貫展現快速回應、調整航網並維護營運表現的能力。上半年採取的行動已開始產生具體成果。基於迄今取得的進展，以及我們對策略與執行的信心，我們將恢復全年EBITDAR利潤率指引。我們目前預期全年EBITDAR利潤率約為23%，Jaime將進一步詳細說明。

With that, I will turn the call over to Holger to discuss our commercial and operational performance and our outlook for the rest of the year.

接下來，我將把電話會議交給Holger，請他說明我們的商務與營運表現，以及對今年剩餘期間的展望。

Thank you, Enrique. As previewed on our first quarter call, we took targeted network actions to mitigate higher jet fuel prices. We optimized selected frequencies, suspended low-margin off-peak and weekend flights while preserving route service and deployed capacity only where it supported positive margin contribution, cash generation and route level profitability.

謝謝你，Enrique。如同我們在第一季電話會議中預告的，我們採取了有針對性的航網措施，以緩解航空燃油價格上升的影響。我們優化了部分班次頻率，暫停低利潤的離峰與週末航班，同時維持航線服務，並僅在能帶來正向利潤貢獻、現金產生與航線層級獲利的地方部署運能。

For the second quarter, total ASMs grew 2%, reflecting 8% growth internationally and a 2% reduction in the domestic market. We moderated capacity and fleet utilization deliberately, concentrating flying where economic returns were strongest. We implemented phased fare actions during the quarter to partially offset higher fuel costs while preserving load factors with targeted increases on high-performing routes. The impact was initially limited in April due to strong existing bookings for Semana Santa and spring break. As those bookings rolled off, pricing absorption strengthened in May and June.

第二季總可用座位英里（ASM）成長2%，反映國際市場成長8%，而國內市場減少2%。我們有意識地放緩運能與機隊使用率，將飛行集中在經濟報酬最強的市場。本季我們分階段調整票價，以部分抵銷燃油成本上升，同時在表現最佳的航線上進行有針對性的調升，以維持載客率。由於復活節週（Semana Santa）與春假既有訂位強勁，4月的影響起初較為有限。隨著這些訂位消化完畢，5月與6月的價格吸收能力轉強。

Overall, our average base fare increased by 25% year-over-year in the second quarter, driven primarily by the US-Mexico cross-border market. These results underscore the strength and adaptability of our commercial approach.

整體而言，第二季我們的平均基本票價年增25%，主要由美墨跨境市場帶動。這些結果凸顯我們商務策略的強韌性與適應力。

At the network level, load factor was 84.8%, with international performance standing out. In the US-Mexico transborder market, growth came with strong pricing power. ASMs increased by 12%. Average base fares rose by 25% and TRASM grew by 21%, well above the industry average. This drove revenue growth of more than 30%, while international load factors reached 79.6%.

在航網層級，載客率為84.8%，其中國際市場表現尤為突出。在美墨跨境市場，成長伴隨強勁的定價能力。ASM增加12%。平均基本票價上升25%，TRASM成長21%，明顯高於產業平均。這帶動營收成長超過30%，同時國際載客率達到79.6%。

This is the quality of growth we are targeting, deploying additional capacity at higher fares and translating it into stronger unit revenue and cash generation. This strong fare absorption enabled us to recapture approximately 86% of year-over-year increases in fuel costs in the international market during the second quarter, approaching the levels achieved by US legacy carriers.

這正是我們所追求的成長品質：以更高票價投放額外運能，並轉化為更強的單位營收與現金產生。這種強勁的票價吸收能力，使我們在第二季於國際市場回收了約86%的燃油成本年增幅度，接近美國傳統大型航空公司的水準。

The domestic market follows a different dynamic. As a ULCC serving a more price-sensitive customer base in Mexico's emerging aviation market, we must calibrate fare actions carefully to preserve accessibility and demand. As our pricing actions become fully reflected in the revenue base, we expect to fully recapture the year-over-year increase in fuel costs in the international market by the fourth quarter, assuming current market conditions. In the domestic market, recapture should continue to improve progressively, consistent with our low fare value proposition. Against this backdrop, domestic load factor remained strong at 88.6% despite our selective fare actions.

國內市場呈現不同的動態。作為一家服務墨西哥新興航空市場、客群對價格更敏感的超低成本航空（ULCC），我們必須謹慎校準票價調整，以維持可負擔性與需求。隨著我們的定價措施在營收基礎中充分反映，在假設目前市場條件不變下，我們預期到第四季可在國際市場完全回收燃油成本的年增幅度。在國內市場，回收程度應會持續逐步改善，並與我們的低票價價值主張一致。在此背景下，儘管我們採取選擇性的票價調整，國內載客率仍維持強勁，達88.6%。

In June, we also adjusted pricing tactically to capture additional close-in demand during the FIFA World Cup period. Looking ahead, we will continue to preserve the accessibility of our product and the strength of our core network while selectively adjusting base fares where demand supports them.

6月期間，我們也採取戰術性定價調整，以在FIFA世界盃期間掌握更多臨近出發的需求。展望未來，我們將持續維持產品的可負擔性與核心航網的強度，同時在需求支持的情況下，有選擇地調整基本票價。

Overall, we delivered record second quarter TRASM of $0.095, in line with our guidance. This represented a 22% increase year-over-year and a sequential 10% increase from the first quarter. This performance was supported by continued strength in the cross-border market and resilient domestic demand, reflecting disciplined commercial execution with strong ancillary performance and targeted capacity deployment across the network. As we move into the second half, we will continue to manage fares and capacity with discipline, optimizing for TRASM, load factor, and economic contribution. We have a clear playbook to respond to changes in fuel prices. We will calibrate these levers by market to protect margins and cash generation while preserving demand.

整體而言，我們第二季TRASM創下歷史新高，達0.095美元，符合我們的指引。這代表年增22%，且較第一季季增10%。此表現受惠於跨境市場持續強勁以及國內需求具韌性，反映我們以紀律執行商務策略、強勁的附加收入表現，以及在全航網進行有針對性的運能部署。進入下半年後，我們將持續以紀律管理票價與運能，並以TRASM、載客率與經濟貢獻為最佳化目標。我們有一套清晰的應對燃油價格變動的作戰手冊。我們將依各市場校準這些槓桿，以在維持需求的同時，保護利潤率與現金產生。

We continue to see resilient demand across the network even against a softer domestic consumer backdrop. Our segmentation and brand initiatives are enabling us to maintain pricing discipline and capture demand more effectively as competitive dynamics evolve. On the ancillary front, ancillary revenues per passenger increased to $59, up 9% year-over-year, reflecting sustained adoption. Ancillary sales represented 56% of total quarterly revenues, underscoring the structural strength of our platform and its contribution to revenue resilience.

即使國內消費環境轉弱，我們仍持續看到全航網需求具韌性。隨著競爭態勢演變，我們的客群分眾與品牌計畫正協助我們維持定價紀律，並更有效地掌握需求。在附加收入方面，每位旅客的附加收入提升至59美元，年增9%，反映採用率持續提升。附加銷售占本季總營收的56%，凸顯我們平台的結構性優勢及其對營收韌性的貢獻。

Ancillary growth has been driven by ongoing customer segmentation initiatives. Our loyalty program, Altitude, now has more than 2.1 million active members, and we have officially integrated it with our co-branded INVEX credit card, which has more than 1 million credit card holders who can now earn and redeem Altitude points. We are also pleased to announce that we will roll out Starlink high-speed Internet across our fleet with onboard availability starting next year. This represents an upgrade to the customer experience that remains aligned with our ultra-low-cost model, and we believe it will support ancillary monetization over time.

附加收入的成長主要由持續推進的客戶分眾計畫所帶動。我們的忠誠計畫Altitude目前擁有超過210萬名活躍會員，且我們已正式將其與聯名INVEX信用卡整合；該卡擁有超過100萬名持卡人，現在可累積並兌換Altitude點數。我們也很高興宣布，將在全機隊導入Starlink高速網路，並自明年起提供機上使用。這將升級客戶體驗，同時仍與我們的超低成本模式一致；我們相信這將隨時間推進支持附加收入變現。

Our commercial efforts have also been reinforced by network initiatives. The 33 domestic and international routes that began operating in June have performed especially well and are cash positive even against the fuel and economic backdrop. Within this broader strategy, our segmentation approach in Guadalajara remains a standout, and we continue to successfully cater to higher-yielding leisure, small- and medium-sized business, and multi-use passenger segments. The performance of these new routes reflects a more targeted approach to inaugurating capacity compared with our typical demand stimulation strategy. On these higher-yielding diversified sectors, we can ramp profitability and cash generation more quickly while remaining committed to our core base of the pyramid passengers.

我們的商務努力也受到航網計畫的強化。6月開始營運的33條國內與國際航線表現特別出色，即使在燃油與經濟環境的背景下仍為正現金流。在此更廣泛的策略之下，我們在瓜達拉哈拉的分眾策略依然是亮點，我們持續成功服務收益更高的休閒旅客、中小企業商務旅客，以及多用途旅客族群。這些新航線的表現反映出，相較於我們典型的需求刺激策略，我們在新增運能的啟航上採取了更具針對性的做法。在這些收益較高且多元化的航段上，我們能更快提升獲利能力與現金產生，同時仍致力於服務我們金字塔底層的核心客群。

Turning now to our third-quarter outlook. Regarding capacity, as Enrique explained, we are planning ASM growth of approximately 10% for the third quarter. This growth is intentionally front-loaded into July and August with capacity deployed into the markets and travel windows where fare dynamics and economic contribution are strongest. As the lower demand season begins in September, we will meaningfully reduce the pace of ASM growth to protect TRASM, margins, and cash generation.

現在轉到我們對第三季的展望。就運能而言，如 Enrique 所說，我們計劃第三季 ASM 成長約 10%。這項成長刻意前置於 7 月與 8 月，將運能投放到票價動能與經濟貢獻最強的市場與旅行時段。隨著 9 月進入需求較淡的季節，我們將大幅放緩 ASM 成長步伐，以保護 TRASM、利潤率與現金創造能力。

Looking ahead to the peak summer period, booking trends remain healthy across the network with particular strength in the US cross-border market. Current booking curves support continued pricing strength and healthy demand in July and August, reinforcing our confidence in the capacity deployment planned for the quarter. The actions implemented in the first half provide a foundation for the second half of this year, and we will continue to use this playbook as we move into the third quarter.

展望夏季高峰期，整體航網的訂位趨勢仍然健康，其中以美國跨境市場表現尤為強勁。目前的訂位曲線支持 7 月與 8 月持續的定價力道與健康需求，進一步強化我們對本季運能投放計畫的信心。上半年所採取的行動為今年下半年奠定基礎，我們在邁入第三季時也將持續沿用這套作法。

Supported by higher yields, continued cross-border strength, and the momentum from our segmentation initiatives, we expect third quarter TRASM of approximately $0.099, up 4% sequentially and 14% increase year-over-year. Our disciplined framework allows us to keep calibrating deployment as demand, network trends, and geopolitical conditions evolve. For the full year of 2026, we now expect ASM growth of approximately 5%, reflecting the capacity adjustments made to date. We will continue to retain flexibility to calibrate deployment as fuel prices, demand trends, and aircraft availability evolve.

在更高收益率、持續的跨境強勢，以及我們分眾（segmentation）措施所帶來的動能支持下，我們預期第三季 TRASM 約為 0.099 美元，較前一季成長 4%，年增 14%。我們嚴謹的框架使我們能隨著需求、航網趨勢與地緣政治情勢的演變，持續校準運能投放。就 2026 全年而言，我們目前預期 ASM 成長約 5%，反映迄今所做的運能調整。我們將持續保有彈性，隨著燃油價格、需求趨勢與飛機可用性變化而校準投放。

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

現在我把電話會議交給 Jaime，請他說明我們第二季的財務結果與最新指引。

Thank you, and good morning, everyone. As Enrique and Holger outlined, the actions implemented during the quarter are delivering tangible results. We strengthened our cash position and made continued progress in aircraft availability despite significant fuel pressure. This execution reinforces the resilience of our business, supports Volaris' long-term earnings power, and positions us for sequential improvement in the second half.

謝謝，各位早安。如 Enrique 與 Holger 所概述，本季所實施的行動正在帶來具體成果。儘管燃油壓力顯著，我們仍強化了現金部位，並在飛機可用性方面持續取得進展。這樣的執行力凸顯我們業務的韌性，支撐 Volaris 的長期獲利能力，並使我們在下半年具備逐季改善的條件。

Turning to our results. Total operating revenues reached $859 million, increasing 24% year-over-year on a 2% capacity growth. This performance was driven by healthy demand across our markets, disciplined capacity deployment, and a 16% increase in total revenue per passenger. The Mexican peso appreciated 11% on average against the US dollar compared with the same period of last year, supporting a more favorable translation of domestic revenues. This benefit was partially offset on the cost side by a higher dollar translation of our peso-denominated expenses.

接著看我們的業績。營運總收入達 8.59 億美元，在運能成長 2% 的情況下，年增 24%。此表現主要受惠於各市場需求健康、嚴謹的運能投放，以及每位旅客總收入年增 16%。與去年同期相比，墨西哥披索兌美元平均升值 11%，使國內收入換算更為有利。然而在成本端，披索計價費用以美元換算後增加，部分抵銷了上述效益。

Moving to costs. CASM was $0.1058, increasing 31% year-over-year. This was primarily driven by a 70% year-over-year increase in economic fuel cost per gallon. CASM ex-fuel of $0.0675 came in below guidance. As anticipated, the 19% year-over-year increase primarily reflected temporary and nonrecurring items, which represented $0.61 of unit cost in the quarter.

再看成本。CASM 為 0.1058 美元，年增 31%。主要原因是每加侖經濟燃油成本年增 70%。不含燃油的 CASM（CASM ex-fuel）為 0.0675 美元，低於指引。如預期，年增 19% 主要反映暫時性與非經常性項目，這些項目在本季相當於每單位成本 0.61 美元。

This included maintenance and redelivery expenses, merger-related costs and the impact of capacity reductions implemented during the period. The fleet-related expenses were primarily associated with four aircraft redeliveries and a significant increase in maintenance events as we accelerated Pratt & Whitney engine inductions to support our AOG reduction plan. These are deliberate investments to remove operational constraints and restore the earnings capacity of aircraft already within our fleet.

其中包括維修與返還（redelivery）費用、併購相關成本，以及期間內實施運能縮減的影響。與機隊相關的費用主要來自 4 架飛機返還，以及我們加速 Pratt & Whitney 引擎送修（engine inductions）以支持 AOG 降低計畫，導致維修事件大幅增加。這些都是有意為之的投資，用以解除營運限制，並恢復我們既有機隊中飛機的獲利能力。

Based on our current outlook, the second quarter marked the peak CASM ex-fuel level for this year, while redeliveries and major maintenance events will continue during the second half, bringing grounded aircraft back into operation should support a lower unit cost trajectory and a stronger operating leverage over time.

依據目前展望，第二季標誌著今年 CASM ex-fuel 的高峰；而返還與重大維修事件將在下半年持續進行，隨著停飛飛機恢復營運，預期將支持單位成本走勢下降，並隨時間推移帶來更強的營運槓桿。

Second quarter EBITDAR reached $141 million, translating into a 16.3% margin, above our 13% quarterly guidance. This variance was primarily driven by lower-than-forecasted US Gulf Coast jet fuel prices, which averaged $3.7 per gallon versus the $4 per gallon assumed in our guidance. EBIT was negative $99 million with a negative 11.5% margin, while net loss for the quarter was $127 million, reflecting a $137 million impact from the year-over-year increase in fuel expense. As grounded NEO aircraft return to service, improved aircraft availability should support stronger margins and sequential profitability improvement across the income statement.

第二季 EBITDAR 達 1.41 億美元，對應 16.3% 利潤率，高於我們 13% 的季度指引。此差異主要來自美國墨西哥灣沿岸航煤價格低於預期，平均每加侖 3.7 美元，低於指引假設的每加侖 4 美元。EBIT 為負 9,900 萬美元，利潤率為負 11.5%；本季淨損為 1.27 億美元，反映燃油費用年增帶來 1.37 億美元的影響。隨著停飛的 NEO 飛機恢復服役，飛機可用性改善應可支撐更強的利潤率，並推動損益表各項目逐季改善獲利。

Moving briefly to our results in the first half of 2026. Total operating revenues reached $1.6 billion, increasing 19% compared with the first half of 2025 on a 2.1% capacity growth. EBITDAR totaled $318 million, representing a 19.5% margin. Fuel remained the dominant headwind with economic fuel cost per gallon increasing 42% year-over-year. Net loss for the period was $199 million, reflecting $175 million impact from the year-over-year increase in the fuel bill.

簡要說明 2026 年上半年的表現。營運總收入達 16 億美元，在運能成長 2.1% 的情況下，較 2025 年上半年成長 19%。EBITDAR 合計 3.18 億美元，利潤率為 19.5%。燃油仍是最主要的逆風，每加侖經濟燃油成本年增 42%。期間淨損為 1.99 億美元，反映燃油帳單年增帶來 1.75 億美元的影響。

Turning to cash flow and balance sheet data. Cash flow from operating activities reached $272 million during the quarter. The cash outflows used in investing and financing activities were $63 million and $156 million, respectively. CapEx, excluding fleet predelivery payments, was $148 million, primarily reflecting planned heavy maintenance events to prepare our grounded fleet for the return of Pratt & Whitney engines together with the strategic engine purchases. These investments enhance fleet flexibility, lower future redelivery costs, and reduce potential cash outflows during a period of elevated maintenance activity.

接著看現金流與資產負債表數據。本季營運活動現金流達 2.72 億美元。投資與融資活動所使用的現金流出分別為 6,300 萬美元與 1.56 億美元。資本支出（CapEx）不含機隊預付款（predelivery payments）為 1.48 億美元，主要反映為使停飛機隊在 Pratt & Whitney 引擎回歸後能復飛而規劃的重大維修事件，以及策略性引擎採購。這些投資可提升機隊彈性、降低未來返還成本，並在維修活動高峰期間降低潛在現金流出。

Volaris closed the quarter with a liquidity position of $824 million, increasing $58 million sequentially despite elevated fuel cost pressure and representing 25% of last 12 months' total operating revenues. Net debt-to-EBITDAR ratio stood at 3.3 times compared with 3.2 times at the end of the first quarter. Our ability to strengthen our cash position while maintaining broadly stable leverage in this environment demonstrates the effectiveness of the commercial, operational and financial actions implemented.

Volaris 以 8.24 億美元的流動性水位結束本季，儘管燃油成本壓力升高，仍較前一季增加 5,800 萬美元，約占過去 12 個月營運總收入的 25%。淨負債對 EBITDAR 比率為 3.3 倍，較第一季末的 3.2 倍略升。在此環境下，我們仍能強化現金部位並維持槓桿大致穩定，顯示已採取的商業、營運與財務行動具備成效。

During the quarter, we executed an engine financing facility that generated $78 million in the net proceeds and further diversified our funding sources. Additionally, the rescheduling of Airbus deliveries, originally planned for 2027 and certain deliveries in 2028, have reduced our pre-delivery payment requirements and related financing needs for 2026 and 2027. Together with the full amortization of our 2021 Mexican bond, these actions support a more balanced debt profile and preserve meaningful financial flexibility.

本季我們完成一項引擎融資額度，帶來 7,800 萬美元的淨募得款，並進一步分散資金來源。此外，將原訂於 2027 年的 Airbus 交付，以及 2028 年的部分交付重新排程，已降低我們在 2026 與 2027 年的交機前付款需求及相關融資需求。再加上我們 2021 年墨西哥債券已全數攤還，這些行動共同支持更均衡的債務結構，並保留可觀的財務彈性。

Now turning to our fleet plan and engine availability. As of June 30, our fleet consisted of 155 aircraft with an average age of 6.8 years. fuel-efficient NEO aircraft represented 68% of the fleet. We are also deliberately prioritizing the deployment of our most fuel-efficient aircraft in the current environment. As a result, NEOs represented an average of 66.5% of our productive fleet during the quarter, up from an average of 56.6% in 2025. This focus on fleet efficiency is being reinforced by continued progress in engine availability.

現在轉到我們的機隊規劃與引擎可用性。截至6月30日，我們的機隊由155架飛機組成，平均機齡為6.8年。燃油效率更高的NEO機型占機隊的68%。在目前的環境下，我們也刻意優先部署燃油效率最高的機型。因此，本季NEO機型在我們可生產機隊中的平均占比為66.5%，高於2025年的平均56.6%。我們對機隊效率的聚焦，正因引擎可用性持續改善而進一步強化。

As Enrique mentioned, AOGs declined from 41 at the beginning of the year to 24 at the end of June, while average AOGs decreased from 36 in the first quarter to 28 aircraft in the second quarter. This progress was consistent with our plan and reinforces our confidence in the execution of our engine recovery strategy. Throughout the second half, we expect aircraft on ground to remain in the low to mid-20s with individual aircraft rotating in and out of AOG status as engine center and return for maintenance shops. At the same time, we are actively rightsizing our contractual fleet by rescheduling our 2027 and certain 2028 Airbus deliveries, together with the scheduled lease returns, we are aligning fleet commitments with demand and the pace of our AOG recovery. This gives us greater flexibility to return productive capacity to service while maintaining disciplined control over our growth and capital deployment.

如Enrique所提，AOG（停場待修）數量從年初的41架降至6月底的24架，而平均AOG也從第一季的36架降至第二季的28架。這項進展符合我們的計畫，並強化我們對引擎復原策略執行力的信心。在下半年期間，我們預期停場待修的飛機將維持在20架出頭到20架中段的水準，個別飛機會隨著引擎進出維修中心與維修廠而在AOG狀態間輪替。同時，我們也正積極調整（縮減至適當規模）我們的合約機隊，透過重新排程我們2027年及部分2028年的空中巴士交付時程，並結合既定的租賃到期退租安排，使機隊承諾與需求及AOG復原進度相匹配。這讓我們在維持對成長與資本配置的紀律控管下，能以更高的彈性將可用產能重新投入營運。

The objective is to maximize the economic output of the fleet while reducing capital intensity and strengthening cash generation. To put this in context, by year-end 2027, scheduled lease returns are expected to reduce our contractual fleet to approximately 137 aircraft and lower lease liabilities from about $3.2 billion today to approximately $2.8 billion. This will allow us to unlock more revenue-generating capacity from a smaller contractual fleet base, further strengthening our balance sheet and supporting free cash flow generation.

目標是在降低資本密集度並強化現金創造能力的同時，最大化機隊的經濟產出。為了提供背景說明，至2027年底，預計的租賃到期退租將使我們的合約機隊降至約137架，並將租賃負債從目前約32億美元降至約28億美元。這將使我們能在較小的合約機隊基礎上釋放更多可創收的運能，進一步強化資產負債表並支持自由現金流的產生。

Looking to the second half of the year, our priority is to convert this progress into stronger earnings. We will continue actively managing fuel exposure, deploying capacity according to route-level economics and maintaining a strong balance sheet. A key component of this strategy is aircraft deployment. High asset productivity is fundamental pillar of the ultra-low-cost carrier model and a key driver of our low unit cost structure. However, productivity must be balanced with demand, pricing and economic contribution.

展望下半年，我們的優先事項是把這些進展轉化為更強的獲利。我們將持續積極管理燃油曝險，依航線層級的經濟性部署運能，並維持強健的資產負債表。此策略的一個關鍵組成是飛機部署。高資產生產力是超低成本航空（ULCC）模式的基本支柱，也是我們低單位成本結構的關鍵驅動因素。然而，生產力必須與需求、票價與經濟貢獻取得平衡。

In the second quarter, we deliberately moderated capacity in response to the elevated fuel environment. This brought utilization, measuring as ASMs per productive aircraft per day, to approximately 10% below both last year's level and our budget. It was the right call. This was a deliberate economic decision that allowed us to concentrate capacity where flying generating positive margin and cash contribution. Consistent with this approach, utilization is expected to increase in the months of July and August as we concentrate flying during the peak summer period before declining in September as we enter the lower demand season.

在第二季，因應偏高的燃油環境，我們刻意放緩運能。這使得以「每架可生產飛機每日ASMs」衡量的使用率，較去年水準與我們的預算均低約10%。這是正確的決策。這是一項刻意的經濟性決策，使我們能將運能集中在飛行可帶來正向利潤率與現金貢獻的市場。依循此作法，預期7月與8月的使用率將上升，因我們在夏季旺季集中飛行；而9月進入需求較低的季節後，使用率將下降。

Greater aircraft availability give us the flexibility to calibrate deployment by market and season, maximizing the economic output of the fleet rather than pursuing capacity growth as an objective in itself.

更高的飛機可用性讓我們能依市場與季節校準部署，最大化機隊的經濟產出，而非把運能成長本身當作目標。

Supported by this disciplined deployment strategy and healthy peak summer demand, for the third quarter of 2026, we expect ASM growth of approximately 10% year-over-year, TRASM of around $0.0990, CASM ex-fuel of approximately $0.0635, and an EBITDAR margin of around 22%. Our third-quarter outlook assumes an average foreign exchange rate of around MXN17.6 per USD1 and an average US Gulf Coast jet fuel price of approximately $3.5 per gallon. For full-year 2026, this translates into ASM growth of approximately 5% year-over-year, an EBITDAR margin of around 23%, and CapEx of around $350 million.

在此具紀律的部署策略與健康的夏季旺季需求支持下，對於2026年第三季，我們預期ASM年增約10%，TRASM約為0.0990美元，扣除燃油的CASM約為0.0635美元，EBITDAR利潤率約為22%。我們第三季展望假設平均匯率約為每1美元兌MXN17.6，且美國墨西哥灣沿岸航煤平均價格約為每加侖3.5美元。就2026年全年而言，這相當於ASM年增約5%，EBITDAR利潤率約為23%，資本支出（CapEx）約為3.5億美元。

Our full-year outlook assumes an average foreign exchange rate of around MXN17.6 per USD1 and an average US Gulf Coast jet fuel price of approximately $3.2 per gallon. Taken together, these factors position us for clear sequential earnings improvement through the second half while preserving the flexibility to adapt as market conditions evolve.

我們的全年展望假設平均匯率約為每1美元兌MXN17.6，且美國墨西哥灣沿岸航煤平均價格約為每加侖3.2美元。綜合而言，這些因素使我們有望在下半年實現明顯的逐季獲利改善，同時保有隨市場狀況演變而調整的彈性。

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

現在我把電話交回給Enrique作結語。

Thank you, Jaime. Our team has worked together for decades and has successfully navigated multiple industry cycles and unexpected disruptions. At Volaris, we have built a resilient culture and a proven ability to act decisively. That strength supported our solid operating performance in the second quarter and positions us to continue managing through the elevated fuel environment.

謝謝你，Jaime。我們的團隊合作數十年，成功度過多個產業循環與突發的干擾事件。在Volaris，我們建立了具韌性的文化，以及經驗證能果斷行動的能力。這項優勢支撐了我們第二季穩健的營運表現，也使我們能在燃油價格偏高的環境下持續有效管理。

Before we start Q&A, I'd like to highlight the latest developments in our proposed transaction with Viva. The regulatory process continues to move forward as expected. We have reached significant milestones. In late April, we received final regulatory approval from the government of Colombia. We are closely working with the United States Department of Justice to comply with their request for information.

在開始問答之前，我想強調我們與Viva擬議交易的最新進展。監管程序持續如預期推進。我們已達成重要里程碑。在4月下旬，我們取得哥倫比亞政府的最終監管核准。我們正與美國司法部密切合作，以配合其資訊提供要求。

In Mexico, we have fully complied with and closed at least 2/3 of the requests of information from the National Antitrust Commission. We continue to hope to receive the remaining regulatory approvals to complete the transaction by the end of this year. We remain confident that the transaction will create meaningful value for customers, communities, the Mexican aviation industry, our ambassadors, and the investors.

在墨西哥，我們已完全遵循並完成（結案）國家反壟斷委員會所提出資訊要求中至少2/3的項目。我們仍期望在今年底前取得其餘監管核准以完成交易。我們仍有信心，該交易將為客戶、社區、墨西哥航空產業、我們的夥伴（ambassadors）以及投資人創造具意義的價值。

The second quarter, now to finish, demonstrates that the resilience of our model and the strength of our execution. Our priorities remain clear: maintain a strong liquidity position, expand margins, and translate the recovery of our fleet into sustainable earnings and free cash flow. We entered the second half with stronger commercial momentum, improving fleet productivity and confidence in our ability to continue delivering against these priorities.

第二季的表現，最後總結而言，展現了我們模式的韌性與執行力的強度。我們的優先事項依然明確：維持強健的流動性部位、擴大利潤率，並將機隊復原轉化為可持續的獲利與自由現金流。我們以更強的商業動能、更佳的機隊生產力，以及對持續達成這些優先事項的信心，進入下半年。

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

我現在把電話交給問答環節。

(Operator Instructions) Duane Pfennigwerth, Evercore ISI.

（接線員指示）Duane Pfennigwerth，Evercore ISI。

I wanted to ask you about the factors influencing your CASM ex outlook, which you touched on for the second quarter, but I wonder if you can maybe quantify the impact of these in the third-quarter outlook. If we think about currency, if we think about lease return expense and potential changes in the GTF reimbursement, how should we think about like the underlying core trend excluding those factors?

我想請教影響你們扣除燃油的CASM展望的因素，你們在第二季有提到一些，但我想知道你們是否能量化這些因素在第三季展望中的影響。如果我們考慮匯率、退租費用，以及GTF補償可能的變動，我們應該如何看待扣除這些因素後的核心基本趨勢？

Duane, this is Jaime. For the third Q and the rest of the year, Duane, I think the CASM is going to be in the level as we guided for the third Q, which is the $0.0635. And the factors influencing it obviously continue to be the foreign exchange. Remember that a stronger peso has an impact on the cost. It has some impact on the increase of capacity to the US.

Duane，我是Jaime。就第三季以及今年剩餘期間而言，Duane，我認為CASM將會維持在我們對第三季所提供的指引水準，也就是0.0635美元。而影響它的因素顯然仍然是外匯。請記得，較強勢的披索會對成本造成影響。它也會對增加赴美運能帶來一些影響。

US operations cost a little bit more than the domestic operation, which is strategic because of the benefit of the revenue. We will continue to have maintenance events related to the engines and redelivery of six more aircrafts during the second half of the year and in addition, onetime transactional fees related to the merger regulatory process and closing.

美國營運的成本比國內營運略高一些，這是策略性的，因為營收帶來的效益。我們在今年下半年將持續有與引擎相關的維修事件，以及另外6架飛機的返還交付（redelivery）；此外，還有與合併監管流程及交割相關的一次性交易費用。

In addition, you will note that since we are lowering the number of AOGs, we closed the quarter from 41 to 24 at the end of the quarter, we are receiving lower compensation by Pratt that you will see it in the other operating income line at the expense lines.

另外，你會注意到，由於我們正在降低AOG的數量，本季結束時從41架降到季末的24架，因此我們從Pratt收到的補償也較少；你會在其他營運收入項下看到這點，並反映在費用線上。

Okay. That's helpful. And then I just wanted to check with the -- with where your fleet is headed. I think you said what was a year-end 2027 number of 135 or 137. I just want to check that, that compares with where you sit, at 155 today.

好的。這很有幫助。接著我想確認一下——關於你們機隊的走向。我想你提到2027年年底的數字是135或137架。我想確認一下，這與你們目前155架相比。

Maybe you could just clarify where the total fleet sits today and just reiterate where you think that will be kind of exiting next year.

也許你可以再釐清一下目前機隊總數是多少，並再重申一下你們認為明年年底大概會是多少。

Sorry, I turned off the mic. Total fleet today is 155 aircraft. By the end of 2027, we expect to be at 137 aircraft. This year, for the remaining of the year, the AOGs will be in the mid-20s to low 20s. It moves every day.

抱歉，我把麥克風關掉了。目前機隊總數是155架。到2027年底，我們預期會是137架。今年剩餘期間，AOG將在20多架的中段到低段之間。這每天都在變動。

Engines are going to the shops. We are receiving engines. You're going to see different planes. But think about the year as planned, as we executed, to close the year in the low-20s number. And then the rest of the year 2027, we expect to be back to normality, to only a few AOGs by the end of 2027.

引擎會送進維修廠。我們也會收到引擎。你會看到不同的飛機。但就全年來看，按計畫、按我們的執行進度，年底會落在20出頭的水準。然後在2027年剩餘期間，我們預期會回到正常狀態，到2027年底只剩少數AOG。

As you can see, that's an important reduction in lease liabilities. As mentioned in the call, we expect to reduce this liability from $3.2 billion to $2.8 billion. And the annual savings in rents on 2027 compared to 2026 should be around $50 million.

如你所見，這將使租賃負債出現重要的下降。如電話會議中所提，我們預期將此負債從32億美元降至28億美元。而2027年相較於2026年的年度租金節省應約為5,000萬美元。

Michael Linenberg, Deutsche Bank.

Michael Linenberg，德意志銀行。

One of your primary competitors highlighted the fact that in the June quarter, they were able to achieve a 75% recapture rate of the higher fuel expense, and the forecast was to get to at least 50%. We've seen other airlines at 50%. Where were -- maybe what were you expecting? And where did you come out in the June quarter? And can you just sort of give us a sense of that trajectory in that recapture rate as we move through the year?

你們的一家主要競爭對手強調，他們在6月季度能夠回收（recapture）較高燃油費用的75%，而原先的預測至少是50%。我們也看到其他航空公司在50%左右。你們這邊——也許你們原本預期是多少？你們在6月季度實際結果是多少？以及你能否大致談談，隨著今年推進，這個回收率的走勢？

Michael, this is Holger. So in terms of our fuel recapture calculation, it is based on the TRASM and jet fuel assumptions embedded in our February guidance rather than on the 2025 levels, as many other airlines calculate fuel recapture. So in the second quarter, we achieved a 28% recapture based on that calculation, and that was on the high end of what we guided in the previous call. If you look at the fuel recapture broken down by geography, the cross-border US-Mexico market remains the highest contributor to the fuel recapture, representing -- it currently represents about 40% of our total capacity, and it continues to deliver strong pricing and revenue quality.

Michael，我是Holger。就我們的燃油回收率計算而言，是以我們2月指引中所內含的TRASM與航煤（jet fuel）假設為基礎，而不是以2025年的水準為基礎；許多其他航空公司是用後者來計算燃油回收。因此在第二季，按該計算方式我們達到28%的回收率，且這落在我們上一通電話會議所給指引區間的高端。若按地理區域拆分燃油回收率，美墨跨境市場仍是燃油回收的最大貢獻來源——目前約占我們總運能的40%，並持續帶來強勁的定價與營收品質。

If you look at the second quarter, the fuel recapture from the US-Mexico transborder market was about 86%. And in the domestic market, it was lower because the domestic market follows a different dynamic. As a ULCC carrier, we are serving more price-sensitive customers in Mexico. As you know, Mexico is an emerging aviation market, and we stimulate demand looking at the price-sensitive customer base. We calibrated fares carefully in the domestic market and improved our revenues while also preserving accessibility and volumes and demand in the Mexican domestic market.

如果看第二季，美墨跨境市場的燃油回收率約為86%。而在國內市場則較低，因為國內市場遵循不同的動態。作為一家ULCC（超低成本航空）業者，我們在墨西哥服務的是對價格更敏感的客群。如你所知，墨西哥是新興航空市場，我們會針對價格敏感的客群來刺激需求。我們在國內市場謹慎校準票價，在維持可負擔性、運量與需求的同時，也提升了墨西哥國內市場的營收。

If we look at the second half of the year, we expect that our commercial actions will continue to offset in a meaningful way, the fuel price pressures. Our focus will remain on improving TRASM through disciplined pricing and capacity allocation, and that obviously will support earnings in the second quarter. Also remember, Michael, that in the Mexican market, there is fuel and diesel subsidies in the domestic market for other means of transportation, and we compete, obviously, against other means of transportation more than in the transborder market, and that's why the fuel recapture rate is lower.

若看今年下半年，我們預期商業面的行動將持續以有意義的方式抵銷燃油價格壓力。我們的重點仍將放在透過有紀律的定價與運能配置來改善TRASM，而這顯然將支撐第二季的獲利。另外也請記得，Michael，在墨西哥市場，國內市場對其他運輸方式存在燃油與柴油補貼；我們顯然在國內市場與其他運輸方式的競爭程度高於跨境市場，這也是燃油回收率較低的原因。

And then one final point, in terms of the recent unit revenue improvements that you saw in the second quarter and that we project for the second half, it reflects more than just fuel pass-through. It reflects a stronger network mix, better segmentation, growing customer affinity, and a more developed ancillary platform.

最後一點，關於你在第二季看到、以及我們對下半年所預期的近期單位營收改善，反映的不僅僅是燃油成本的轉嫁。它也反映了更強的航網組合、更好的客群分層、客戶黏著度提升，以及更成熟的附加收入（ancillary）平台。

Okay. Okay. That's helpful. Super helpful, Holger. And just one quick follow-up here.

好的。好的。這很有幫助。非常有幫助，Holger。我再快速追問一個問題。

I saw the headlines out that you are going to be introducing the Starlink product on your airplanes. As -- based on what we know about that, there is obviously a CapEx impact. There is a cost of installing on every single airplane. And then there's also an ongoing, call it, a service fee. As well as the fact that we've seen carriers that have signed up for Starlink, that they have to offer it for free.

我看到新聞標題說你們將在飛機上導入Starlink產品。就我們對此所知，這顯然會對資本支出（CapEx）造成影響。每一架飛機都需要安裝成本。此外還有持續性的——姑且稱之為——服務費。而且我們也看到一些已簽約Starlink的航空公司必須免費提供。

And I sort of think about your bundling or unbundling model, are you in a position where you will be able to charge for Starlink? And can you also talk about the potential CapEx impact of installing that? Or maybe that's going to be borne by -- or shared with Starlink?

我在想你們的綑綁或拆分（bundling/unbundling）模式，你們是否能夠對Starlink收費？也請談談安裝所帶來的潛在CapEx影響。或者這部分會由——或與Starlink共同分攤？

Thanks, Michael. This is Holger again. So the Starlink contract was negotiated as part of Indigo Partners deal. So we negotiated together with the other Indigo aircrafts, and we achieved a very good deal with Starlink. And we believe that the rollout is going to be in 2027 on our entire fleet.

謝謝，Michael。我是 Holger，再次發言。因此，Starlink 合約是作為 Indigo Partners 交易的一部分進行談判的。我們與其他 Indigo 的飛機一起談判，並與 Starlink 達成了一筆非常好的協議。我們相信將在 2027 年於我們的全機隊完成導入。

And we believe that this is going to meaningfully enhance our ancillary platform. The commercials of how much we're going to charge exactly is not defined yet, but we're working on that. But we do believe it will meaningfully improve our ancillary revenues.

我們相信這將顯著強化我們的附加收入平台。至於我們將收取多少費用的商業條款目前尚未完全確定，但我們正在推進中。不過我們確實相信，這將顯著提升我們的附加收入。

And on the CapEx side, what we are seeing is that the benefit that we are going to get in the cost from data that we are going to get for operation will fully amortize the investment in CapEx that we will need to make in order to install the equipment on the planes.

在資本支出（CapEx）方面，我們看到的是：我們將從營運所取得的數據帶來的成本效益，將能完全攤銷我們為在飛機上安裝設備所需投入的資本支出。

Gabriel Frazao, Bank of America.

Gabriel Frazao，美國銀行。

Regarding the third-quarter TRASM guidance, could you provide some color on how much of the booking curve has already been sold for this quarter? And also if -- based on what you are seeing today, if fares are tracking in line with your expectations? And if -- do you believe there could still be some room for upside in relation to this TRASM guidance?

關於第三季 TRASM 指引，能否提供一些說明：本季訂位曲線目前已售出多少？另外，根據你們今天看到的情況，票價是否符合你們的預期走勢？以及——你們是否認為相對於這項 TRASM 指引，仍可能有一些上行空間？

Thank you. This is Holger again. So in terms of the third quarter, what we are seeing right now is that demand remains resilient. We are proactively managing capacity and the fares in both the international and domestic markets based on what the booking trends are and what we are seeing and obviously, the volumes and load factors as well. If we look at the capacity, we have allocated capacity based on the highest economic opportunities across our network.

謝謝。我是 Holger，再次發言。就第三季而言，我們目前看到需求仍具韌性。我們正根據訂位趨勢與我們所觀察到的情況，並且當然也包括運量與載客率，主動管理國際與國內市場的運能與票價。若看運能配置，我們是依據整體航網中經濟機會最高的部分來分配運能。

So for summer specifically, that means that we are adding capacity both in the domestic and international markets, obviously, where demand and pricing supports attractive returns.

因此，就夏季而言，這代表我們在國內與國際市場都會增加運能，當然是在需求與定價能支撐具吸引力報酬的地方。

However, if you look into the September month, which is low season, we will trim capacity in line with seasonality and demand patterns. And as I mentioned earlier, the international fare absorption, the pass-through that we are achieving in the international market, is particularly strong. And we continue to have an important gap in terms of fares versus our international competitors and the legacy carriers. So we have allocated more capacity into the international markets as we are seeing stronger demand and fare absorption there.

不過，如果看 9 月這個淡季月份，我們會依季節性與需求型態修剪運能。如我先前提到，我們在國際市場達成的國際票價吸收、也就是轉嫁（pass-through）效果特別強。而且在票價方面，相較於國際競爭對手與傳統航空（legacy carriers），我們仍有顯著差距。因此，因為我們看到國際市場需求更強、票價吸收更佳，我們已將更多運能配置到國際市場。

In Mexico, where we serve that price-sensitive customer base that I was mentioning, we are carefully calibrating fares to improve TRASM while preserving volumes and affordability, and we are seeing strong demand in the domestic market. We are looking at load factors of 89% in the second quarter. And as July and August are high season, we are optimistic about what we're seeing in the high season. As a note, we are already three weeks into July. We have three weeks under our belt in July, and the load factors and TRASM performance has been strong.

在墨西哥，我們服務的是我剛提到的價格敏感型客群；我們正謹慎校準票價，以在維持運量與可負擔性的同時改善 TRASM，而我們也看到國內市場需求強勁。第二季載客率為 89%。由於 7、8 月是旺季，我們對旺季所見情況感到樂觀。補充說明，我們現在已進入 7 月第三週。7 月已經過了三週，而載客率與 TRASM 表現都很強。

In August, we have also good visibility on our booking curves, and the trend for August continues. And obviously, those two months have the highest execution risk for the third quarter, and we are optimistic of achieving the TRASM guidance of $0.099 for the third quarter.

在 8 月，我們對訂位曲線也有良好能見度，8 月的趨勢仍在延續。而且顯然，這兩個月份對第三季而言具有最高的執行風險，但我們對達成第三季 TRASM 指引 $0.099 感到樂觀。

Filipe Nielsen, Citi.

Filipe Nielsen，花旗。

So I have a follow-up on the ex-fuel cost. I just wanted to understand, you explained a little bit the dynamics behind the guidance and how are you expecting the multiple effects into the second half. Just wondering how fleet utilization factors in. So you're deploying a lot of capacity in the summer but pulling back after September and at the same time, you're receiving AOGs and changing the fleet. So just wondering how the fleet utilization is evolving in the second half?

我想追問一下不含燃油成本（ex-fuel cost）。我想了解，你們已稍微解釋了指引背後的動態，以及你們預期下半年多重因素的影響。我想問機隊使用率如何納入其中。你們在夏季投放大量運能，但在 9 月之後又回收；同時你們也在接收 AOG（停場待修）相關的飛機並調整機隊。因此想請問，下半年機隊使用率的變化趨勢如何？

And how should we understand this to be factored in your expectations for the CASM ex-fuel in the second half?

以及我們應如何理解這已反映在你們對下半年 CASM（不含燃油）的預期之中？

This is Jaime. As we explained, you are going to see utilization lower in the months of September and October, then improving in November and going to the standard, above 13 hours, 14 hours for the month of December. Obviously, it has an impact on the cost, but considering current fuel environment, is an investment decision to do that. If you look at the $0.0635 guidance, you can think that around 20% of that additional cost is coming from the lower utilization versus historical level of above 13%, but it's contributing in liquidity and cash for the company.

我是 Jaime。如我們所說，你會看到 9 月與 10 月的使用率較低，之後在 11 月改善，並在 12 月回到標準水準，也就是超過 13 小時、14 小時。顯然這會對成本造成影響，但考量目前的燃油環境，這是一項投資決策。若看我們 $0.0635 的指引，你可以理解其中約 20% 的額外成本來自於使用率低於歷史水準（歷史水準為 13% 以上），但這有助於公司的流動性與現金。

Great. This is clear. And just if I may, one follow-up on the fleet plans. Just wondering how the redeliveries and the deliveries pace are evolving in the second half. So have you received all or most of the new NEOs for the year?

很好。這很清楚。如果可以的話，我再追問一個關於機隊計畫的問題。想了解下半年退租交還（redeliveries）與交付（deliveries）的節奏如何演變。所以你們今年的新 NEO 是否已經全部或大部分都已接收？

Or is there any remaining deliveries in the second half? Just wondering how the fleet mix and the delivery space is evolving.

或者下半年還有剩餘交付？想了解機隊組合與交付節奏的變化情況。

Of course, we are going to be redelivering six aircraft in the second half of the year. At the same period of time, we are going to getting deliveries of a similar number of aircraft. The total deliveries were around eight, but we already sold four of them. So in terms of total aircraft, we are going to be lowering the number from the start of the year to the end of the year even in 2026.

當然，我們在下半年將退租交還 6 架飛機。同一期間，我們也將接收數量相近的飛機交付。總交付量約為 8 架，但我們已經出售其中 4 架。因此，就總機隊數而言，我們從年初到年底將會降低機隊數量，即使是在 2026 年也是如此。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

Yes. So I have a question on the fuel recapture guide of 100% by the end of the year. What's implied in terms of TRASM there and jet fuel because you're guiding for a lower jet fuel for the year versus third quarter. Is it around $3 per gallon, and is TRASM around the level we will see for the third quarter? Is that about right?

是的。我有一個關於年底前燃油回收（fuel recapture）指引達到 100% 的問題。在 TRASM 與航空燃油方面，這代表什麼含意？因為你們對全年航空燃油的指引低於第三季。是否大約是每加侖 3 美元，而 TRASM 大約維持在我們第三季會看到的水準？這樣理解對嗎？

This is Jaime. The guidance that we have provided assumes a third Q Gulf Coast jet fuel price of $3.50 and a 4Q of 2026 of $3.08.

我是 Jaime。我們提供的指引假設第三季墨西哥灣沿岸（Gulf Coast）航空燃油價格為 $3.50，而 2026 年第四季為 $3.08。

$3.08. Okay. Okay. And more or less TRASM, could we assume that you will keep it at the $0.099 level? Or are further increases expected or even some declines?

$3.08。好的。好的。那麼 TRASM 大致上，我們是否可以假設你們會維持在 $0.099 的水準？或者預期還會進一步上升，甚至可能出現一些下滑？

Like, how should we think about it?

例如，我們應該如何看待這件事？

Seasonality, you know the 4Q is stronger than the third Q. So TRASM for the 4Q is going to be higher, we expect, than the guidance that we provided on the $0.0990 for the third Q.

季節性因素，你知道第四季比第三季更強。因此我們預期第四季的 TRASM 會高於我們對第三季所提供的每美元 0.0990 指引。

Nice. Okay. And if I may, just one additional question on the redelivery. So for the full year, assuming you redeliver 6 in the second half, to what number will you get for the full year? Is it around 14?

很好。好的。如果可以的話，我還有一個關於返還交付（redelivery）的補充問題。那麼以全年來看，假設你們在下半年返還交付 6 架，全年總數會到多少？大約是 14 架嗎？

And then also, how does this translate into the redelivery provisions? Like, I want to understand how it will change in 2027 versus 2026, because I think you will have a similar amount of redeliveries in 2027, right?

另外，這會如何反映到返還交付條款（redelivery provisions）上？我想了解 2027 年相較於 2026 年會如何變化，因為我認為你們在 2027 年也會有類似數量的返還交付，對吧？

Correct. For the full year, we are redelivering, in 2026, 11 aircraft. 3 redeliveries, instead of redelivering the plane, because it was financially more attractive, we bought the planes. We already sold the frames and kept the engines to do the staggering program in order to reduce maintenance on redelivery on the engines. Next year is a similar number.

沒錯。以全年來看，我們在 2026 年將返還交付 11 架飛機。其中有 3 架我們沒有返還交付，而是因為在財務上更具吸引力，所以我們買下了這些飛機。我們已經把機身（frames）賣掉並保留引擎，用於錯峰（staggering）計畫，以降低返還交付時引擎的維修成本。明年的數量也差不多。

Currently, we have 12 aircraft that we are going to be redelivering in 2027.

目前我們在 2027 年將返還交付 12 架飛機。

Julia Orsi, JPMorgan.

Julia Orsi，摩根大通。

So we have two questions on our side. The first one, can you comment more details on the 2027 capacity outlook? I know it's still early, but considering this fleet optimization plan that you just mentioned and the Pratt & Whitney normalization, what is, let's say, the base case so far for next year?

我們這邊有兩個問題。第一個，能否就 2027 年的運能展望提供更多細節？我知道現在還早，但考量你們剛提到的機隊優化計畫以及 Pratt & Whitney 的正常化，對明年目前的基準情境（base case）大概是什麼？

And the second, can you provide the breakdown for the CapEx in 2026 based on the guidance?

第二個，能否依照指引提供 2026 年資本支出（CapEx）的拆分？

As you know, normally, the way that we plan in our five-year plan, we have a base capacity growth of around 5% in terms of ASMs with the ability to increase 3 or to reduce 3 points depending on how we see demand and market demand. So that's the standard. That's the way we built in the flexibility on the fleet, with that base increase of 5% year-over-year.

如你所知，我們在五年計畫中通常的規劃方式，是以可用座位英里（ASMs）計算，基礎運能成長約為 5%，並可依我們對需求與市場需求的判斷，上調 3 個百分點或下調 3 個百分點。這是標準做法。我們就是用這種方式在機隊上建立彈性，以每年約 5% 的年增率作為基礎增幅。

And turning out in the CapEx, I will say that most of the CapEx is related to the number of maintenance events related to the engines, the number of inductions and heavy maintenance events, which some of those expenses, we are accelerating the depreciation because they were going to happen later on, but we want to get the durability on the engine once we get the engine back. The other part of the CapEx is also related to maintenance, but to the redelivery of the planes. I will say that, that's more than 90% of the CapEx involved in the $350 million guidance.

至於資本支出（CapEx），我會說大部分與引擎相關的維修事件數量有關，包括進廠（inductions）次數與重度維修事件；其中部分費用我們正在加速折舊，因為原本會在更晚發生，但我們希望在引擎回來後提升其耐久性。CapEx 的另一部分也與維修相關，但主要是飛機返還交付（redelivery）的維修。我會說，在 3.5 億美元指引中，超過 90% 的 CapEx 都與上述項目有關。

Alberto Valerio, UBS.

Alberto Valerio，瑞銀。

I have one about the results. If you could provide more details on the split on revenues? We see ancillary revenues with a lower share from the total revenues. And also on the cost side, if you could provide some details on the expansion cost for the air traffic, whether it is a pass-through from the airports or whether it's a mix of international and domestic airports? If you could provide details on these two lines from the results of the second quarter, we would appreciate.

我有一個關於業績的問題。如果可以的話，能否提供營收拆分的更多細節？我們看到附加收入（ancillary revenues）占總營收的比重較低。另外在成本端，若能提供空中交通相關擴張成本的一些細節：這是機場端的轉嫁（pass-through），還是國際與國內機場的組合所致？若能就第二季業績中的這兩個項目提供細節，我們將不勝感激。

Yes. So our ancillary platform is maturing. We achieved $59 per passenger in the second quarter in ancillary revenues per passenger, about 56% of total operating revenues. Most improvements come from dynamic pricing of the ancillaries, especially the fare combos that we offer to our customers. We are approaching one-year anniversary of our loyalty program, Altitude, which is picking up nicely.

是的。我們的附加服務平台正在成熟。第二季我們的每位乘客附加收入達到 59 美元，約占總營運收入的 56%。大部分改善來自附加服務的動態定價，特別是我們提供給客戶的票價組合（fare combos）。我們的忠誠計畫 Altitude 即將滿一週年，成長動能良好。

And then obviously, we have our vacation package business as well, which is ramping as expected. So we continue on a positive trajectory for ancillaries also going into the second half of the year.

此外，我們也有度假套裝行程（vacation package）業務，正如預期般逐步放量。因此，我們的附加收入在進入下半年時仍維持正向軌跡。

And just adding up on Holger's comment, the landing and navigations are increasing because of two factors: greater flying to the US cross-border market and the second, we are having the increase in operations in terms of volume.

再補充 Holger 的評論，起降與航行費用（landing and navigations）上升有兩個因素：第一是飛往美國跨境市場的航班增加；第二是我們在營運量（volume）方面的作業增加。

Excuse me, that is all the time we have for questions. 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，我們的提問時間到此為止。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。

Just thank you to our ambassadors as well as our Board of Directors, investors, bankers, lessors, and suppliers for all their support in this very difficult quarter, okay? I think we have stated good numbers, and we keep on working very hard in the middle of the fuel crisis.

也向我們的夥伴（ambassadors），以及董事會、投資人、銀行、出租人（lessors）與供應商致謝，感謝大家在這個非常艱難的季度給予的所有支持，好嗎？我認為我們交出了不錯的數字，而在燃油危機之中我們仍會持續非常努力地工作。

We look forward to entering the third quarter with continued momentum and continuous discipline and look forward to speaking to you on our next call. Thank you very much to everybody again.

我們期待在進入第三季時延續動能並保持一貫的紀律，也期待在下一次電話會議與各位交流。再次非常感謝大家。

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

謝謝。今天的 Volaris 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。