Carried 2.8 million PAX in December

VOLAR carried 2.8 million PAX in December 2025, implying a 7% YoY growth. Domestic PAX increased 6% YoY, while international PAX advanced 12% YoY. On the other hand, capacity in December (ASMs) came in 10% higher YoY (+4% domestic, +17% int). In 2025, ASMs increased 6%, slightly below VOLAR’s 2025 guidance of +7% YoY.

Total RPMs in December were up 5% year-over-year (+1% domestic and +11% on the international front). As a result, the total load factor decreased to 84.1% compared to 87.6% in December 2024. The contraction in loads reflects VOLAR’s efforts to improve yields, and lower ASMs than expected in the domestic market due to severe weather conditions in Tijuana airport. According to VOLAR, PAX demand reflected a return to historical seasonality and the ongoing recovery in cross-border VFR market continues (positive news).

We reiterate our Outperform rating for the time being, supported by VOLAR’s attractive valuation having a 2026 EV/EBITDAR of 2.8x, which compares lower vs. its historical level reference of 6.7x.