Latin America Airlines: Weekly Capacity Scheduling Tracker (July-3)

Research evidence excerpt

Latin America Airlines: Weekly Capacity Scheduling Tracker (July-3)

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06 Jul 2026 19:17:09 ET │ 24 pages

Latin America Airlines

Weekly Capacity Scheduling Tracker (July-3)

CITI'S TAKE

Filipe Nielsen AC

This is our tracker to assess how airlines in Latin America are allocating +55-11-4009-5213

capacity over the coming months, highlighting changes in flights and seat filipe.nielsen@citi.com

offerings on a weekly basis. This week, we bring more clarity about the

capacity increases planned for the 4Q, as we rolled our data out by one

month. Schedules looked stable w-o-w overall, but November and 4Q data

show robust capacity growth by carriers like Copa and LATAM. More details

are discussed below. Detailed charts are in the note.

Copa — Changes continued to look marginal as the carrier mildly trimmed a few

flights in the Panama City-Caracas route for July, possibly adjusting for impacts

from the earthquake that happened a few weeks ago. On the other hand, a first look

at November and 4Q data shows capacity growth that remains at double-digit

levels, that combined with schedules from other Q’s imply a full-year growth that

exceeds the carrier’s guidance by almost 1pp.

LATAM Airlines — Weekly adjustments across all LATAM’s network also looked

punctual, but it’s worth highlighting the incremental capacity performed at

domestic markets two weeks ago. The carrier increased its November scheduled

capacity from growth of +9.5% y-o-y in Brazil and reduction of -2.3% y-o-y in SSC,

two weeks ago, to growth +13.1% and +8.5%, respectively. This is a significant

reversion from cuts made in previous weeks, possibly backed by lower fuel prices.

There were no significant changes on the international side.

Aeromexico — Aeromexico’s changes were also mild in both domestic and