First View: GAPB & Aeroméxico 2Q26 Results

Research evidence excerpt

First View: GAPB & Aeroméxico 2Q26 Results

Airlines

Equity Research

July 14, 2026

Registration of non-US analysts: Pedro Baptista is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research

analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA

Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation

based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 14, 2026 3:37 A.M.

Recommendation Distributed July 14, 2026 3:37 A.M.

Company Specific Disclosures

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Grupo Aeromexico S.A.B. de C.V.

Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Grupo

Aeromexico S.A.B. de C.V. or one of its affiliates.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.