Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico de Volaris, a dinâmica companhia aérea dinâmica de baixo custo do México que revolucionou as viagens aéreas pela América Latina. Este modelo de negócios revela como o Controladora Vuela Compañía de Aviación (VLRS) criou magistralmente uma estratégia operacional magra e eficiente que interrompe os modelos tradicionais de negócios de companhias aéreas. Ao focar na acessibilidade, inovação digital e parcerias estratégicas, a Volaris criou uma posição única no mercado de aviação competitivo, oferecendo aos viajantes conscientes do orçamento uma experiência de vôo acessível e flexível que transforma como milhões de passageiros se movem pelo México e além.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: parcerias -chave

Fornecedores de aeronaves

A Volaris mantém parcerias estratégicas com a Boeing e a Airbus para aquisição de aeronaves. A partir de 2023, a composição da frota da companhia aérea inclui:

Fabricante	Número de aeronaves	Porcentagem de frota
Airbus A320	103 aeronaves	86.5%
Airbus A321	16 aeronaves	13.5%

Aliança de companhia aérea estratégica

Volaris México estabeleceu uma aliança estratégica com a Frontier Airlines em 2022, com foco em:

• Acordos de codeshare
• BENEFÍCIOS COMPARTADOS DE FEAR FREAMENTO
• Rota a expansão da rede

Parceria de Tecnologia

A Volaris utiliza a tecnologia de reserva e distribuição de Amadeus com as seguintes especificações:

Componente de tecnologia	Detalhes da implementação
Sistema de reserva	Reserva de Amadeus Altéa
Investimento de tecnologia anual	US $ 4,2 milhões

Aquisição de combustível

A parceria de suprimento de combustível com a PEMEX envolve:

• Volume anual de aquisição de combustível: 180 milhões de litros
• Gasto anual estimado de combustível: US $ 135 milhões
• Contrato de fornecimento de longo prazo válido até 2025

Serviços de manuseio do solo

Os prestadores de serviços de manuseio de terra nos aeroportos mexicanos incluem:

Provedor de serviços	Aeroportos cobertos	Custo de serviço anual
Grupo Aeroportuario del Pacífica	12 aeroportos	US $ 22,5 milhões
Grupo Aeroportuario del Centro Norte	9 aeroportos	US $ 18,3 milhões

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: Atividades -chave

Transporte aéreo de passageiros de baixo custo

O Volaris opera com 106 aeronaves a partir do quarto trimestre 2023, com foco no modelo de transportadora de custo ultra baixo. A frota consiste em 100% de aeronaves da família Airbus A320.

Tipo de aeronave	Número de aeronaves	Capacidade do passageiro
Airbus A320	81	180 assentos
Airbus A321	25	230 assentos

Expansão de rede de rota no México e na América Latina

A Volaris opera 259 rotas a partir de 2023, conectando 55 destinos em todo o México, Estados Unidos e América Central.

• Rotas domésticas: 187
• Rotas internacionais: 72
• Mercados primários: México, Estados Unidos, Guatemala, El Salvador

Otimização da frota e eficiência operacional

Idade média da frota: 6,8 anos. Custo operacional por quilômetro de assento disponível (barril) de US $ 0,036 em 2022.

Métrica operacional	2023 desempenho
Fator de carga	88.7%
Desempenho pontual	85.2%
Eficiência de combustível	2,8 litros por passageiro por 100 km

Marketing digital e vendas de ingressos on -line

Contribuição do canal de vendas digital: 92% da receita total de ingressos em 2023.

• Porcentagem de reserva de site: 65%
• Porcentagem de reserva de aplicativos móveis: 27%
• Plataformas online de terceiros: 8%

Gerenciamento de custos contínuos e estratégias operacionais

Despesas operacionais em 2022: US $ 1,2 bilhão USD. Custo por quilômetro de assento disponível (barril) mantido em níveis líderes do setor.

Métrica de gerenciamento de custos	2023 desempenho
Custo de combustível por pergunta	$0.018
Custo de manutenção por pergunta	$0.005
Custo da mão -de -obra por pergunta	$0.012

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: Recursos -chave

Airbus Airbus Airbus jovem, com economia de combustível

A partir do quarto trimestre 2023, a Volaris opera uma frota de 112 aeronaves Airbus A320. Idade média da frota: 6,8 anos. Frota de composição da frota:

Tipo de aeronave	Número de aeronaves	Porcentagem de frota
Airbus A320	95	84.8%
Airbus A321	17	15.2%

Infraestrutura de tecnologia digital

Investimento em tecnologia: US $ 42,3 milhões em 2023 para plataformas digitais e infraestrutura de TI.

• Downloads de aplicativos móveis: 7,2 milhões em dezembro de 2023
• Penetração de reserva on -line: 89% do total de vendas de ingressos
• Tráfego do site: 24,6 milhões de visitantes únicos mensalmente

Reconhecimento da marca no mercado mexicano de baixo custo

Participação de mercado nas viagens aéreas domésticas mexicanas: 38,7% a partir do quarto trimestre 2023.

Métrica da marca	Valor
Avaliação da marca	US $ 276 milhões
Seguidores de mídia social	2,1 milhões

Força de trabalho qualificada

Total de funcionários: 3.412 em dezembro de 2023

• Pilotos: 512
• Comissários de bordo: 1.124
• Pessoal de manutenção técnica: 387
• Pessoal corporativo e administrativo: 1.389

Plataformas de reserva on -line e atendimento ao cliente

Métricas de desempenho da plataforma digital:

Métrica da plataforma	Valor
Transações online anuais	14,3 milhões
Tempo de resposta do atendimento ao cliente	12,4 minutos (média)
Classificação de aplicativo móvel	4.6/5

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: proposições de valor

Opções de viagem aérea acessíveis para clientes sensíveis ao preço

A Volaris oferece preços médios de ingressos unidirecionais de US $ 45 a US $ 65 em sua rede. A estratégia de baixo custo da companhia aérea tem como alvo clientes sensíveis ao preço com tarifas básicas significativamente menores que as transportadoras tradicionais.

Categoria de tarifa	Preço médio (USD)	Segmento de mercado
Economia básica	$45	Viajantes do orçamento
Economia padrão	$65	Passageiros conscientes de custos

Extensa rede de rotas domésticas e internacionais

A partir de 2024, o Volaris opera:

• 128 rotas em todo o México
• 25 destinos internacionais
• Serve 55 aeroportos

Modelo de precificação simples e transparente

A Volaris implementa uma estrutura de preços sem ponte, com tarifas básicas que variam de US $ 30 a US $ 80, permitindo que os clientes paguem apenas pelos serviços necessários.

Serviço	Custo adicional (USD)
Seleção de assentos	$5-$15
Bagagem verificada	$15-$35
Embarque prioritário	$10

Vôos de alta frequência entre as principais cidades mexicanas

O Volaris opera vários voos diários que conectam as principais áreas metropolitanas:

• Cidade do México: 35 partidas diárias
• Guadalajara: 25 partidas diárias
• Monterrey: 20 partidas diárias

Opções de ingressos flexíveis com serviços não controlados

A companhia aérea oferece várias classes de tarifa com flexibilidade variável:

Aula de tarifa	Taxa de mudança (USD)	Nível de flexibilidade
Basic	$25	Limitado
Clássico	$15	Moderado
Mais	$0	Alto

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: relacionamentos com o cliente

Plataformas digitais de autoatendimento

O Volaris oferece plataformas de autoatendimento digital abrangentes com os seguintes recursos:

Plataforma	Principais recursos	Usuários ativos mensais
Plataforma de reserva na web	Capacidades completas de reserva de vôo	2,4 milhões de usuários
Sistema de check-in online	Gerenciamento completo antes do vôo	87% dos passageiros

Aplicativo móvel para reserva e gerenciamento

Estatísticas de aplicativos móveis Volaris:

• Downloads de aplicativos: 12,6 milhões
• Usuários ativos mensais médios: 3,1 milhões
• Taxa de conclusão de reserva através do celular: 68%

Programa de fidelidade do cliente (Volaris Points)

Métrica do programa	Valor
Membros do programa de fidelidade total	5,2 milhões
Taxa de resgate de pontos médios	42%
Transações anuais de pontos	1,8 milhão

Engajamento de mídia social e suporte ao cliente

As métricas de apoio à mídia social:

• Tempo médio de resposta: 37 minutos
• Seguidores de mídia social: 2,9 milhões
• Classificação de satisfação do cliente: 4.3/5

Comunicação direta através de canais digitais

Canal de comunicação	Interações mensais
Suporte do WhatsApp	215.000 interações
Suporte por e -mail	127.000 interações
Bate -papo ao vivo	92.000 interações

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: canais

Site da empresa

O Volaris.com atua como um canal de vendas direto primário, com 47,3 milhões de visitantes únicos em 2023. O site processa aproximadamente 62% do total de transações de reserva para a companhia aérea.

Métrica do site	2023 dados
Visitantes únicos	47,3 milhões
Porcentagem de transações de reserva	62%

Aplicativo móvel

A Volaris Mobile App lida com 28% do total de transações de reservas com 3,2 milhões de usuários mensais ativos em 2023.

Métrica de aplicativo móvel	2023 dados
Usuários mensais ativos	3,2 milhões
Porcentagem de transações de reserva	28%

Agências de viagens on -line

A Volaris faz parceria com várias plataformas de viagem on -line, gerando 8% do total de receitas de reserva por meio desses canais.

• Expedia
• Desponegar.com
• Caiaque

Call center

A Volaris opera 12 call centers em todo o México, lidando com 2,1 milhões de interações com os clientes mensalmente com um tempo médio de resolução de 7,4 minutos.

Métrica de call center	2023 dados
Número de call centers	12
Interações mensais do cliente	2,1 milhões
Tempo médio de resolução	7,4 minutos

Contadores de ingressos para aeroporto

A Volaris mantém 56 contadores de ingressos em todo o México, representando 2% do total de transações de reservas.

Contador de ingressos para aeroporto	2023 dados
Número de contadores de ingressos	56
Porcentagem de transações de reserva	2%

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: segmentos de clientes

Viajantes de lazer conscientes do orçamento

A Volaris tem como alvo os viajantes que buscam opções de viagens aéreas acessíveis no México e para selecionar destinos internacionais.

Características do segmento	Dados estatísticos
Passageiros anuais	30,1 milhões de passageiros em 2022
Preço médio do ingresso	Aproximadamente 1.050 pesos mexicanos
Participação de mercado no México	28,4% do mercado doméstico de baixo custo

Jovens Profissionais Urbanos

Principais demográficos para experiências de viagem digital primeiro.

• Faixa etária: 25-40 anos
• Preferência de reserva digital: 72% Use o aplicativo móvel
• Frequência média anual de viagem: 3-4 viagens

Viajantes de negócios sensíveis ao preço

Segmento corporativo com requisitos de viagem com consciência de custo.

Métricas de viagens de negócios	Pontos de dados
Contas corporativas	1.250 parcerias de negócios ativas
Assentos da classe executiva	15% do inventário total do assento
Comprimento médio de viagem comercial	2,1 dias

Estudantes e trabalhadores migrantes

Demografia crítica para viagens entre cidades e viagens transfronteiriças.

• Volume de viagem para estudantes: 18% do total de passageiros
• Rotas de trabalhadores migrantes: conexões primárias entre o México e os EUA
• Frequência média de viagem: 2-3 vezes por ano

Consumidores mexicanos de classe média emergente

Segmento crescente com o aumento da acessibilidade da viagem.

Indicadores de segmento econômico	Dados quantitativos
População de classe média	42,4 milhões de indivíduos
Gastos anuais de viagem	8.500 pesos per capita
Penetração do mercado Volaris	35,6% da demografia -alvo

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: estrutura de custos

Despesas de combustível

Em 2023, a Volaris registrou despesas de combustível de 10.714 milhões de pesos mexicanos, representando aproximadamente 33% de suas despesas operacionais totais.

Ano	Despesas de combustível (milhões MXN)	Porcentagem de despesas operacionais
2023	10,714	33%

Leasing e manutenção de aeronaves

A Volaris opera uma frota de 112 aeronaves Airbus A320 a partir do quarto trimestre 2023, com custos de manutenção e leasing, totalizando 3.456 milhões de pesos mexicanos.

• Frota total de aeronaves: 112 Airbus A320
• Custos de manutenção de aeronaves: 2.100 milhões de mxn
• Despesas de leasing de aeronaves: 1.356 milhões de MXN

Salários e treinamento da equipe

Em 2023, Volaris gastou 2.890 milhões de pesos mexicanos em despesas relacionadas ao pessoal.

Categoria	Despesas (milhões MXN)
Salários da equipe	2,450
Custos de treinamento	440

Taxas operacionais aeroportuárias

As taxas de aeroporto e navegação para Volaris em 2023 totalizaram 4.215 milhões de pesos mexicanos.

• Taxas de desembarque do aeroporto: 2.100 milhões de mxn
• Encargos de navegação: 1.350 milhões de mxn
• Taxas de manuseio do solo: 765 milhões de MXN

Custos de marketing e infraestrutura digital

A Volaris investiu 890 milhões de pesos mexicanos em infraestrutura digital e de marketing em 2023.

Categoria de despesa de marketing	Valor (milhões MXN)
Marketing digital	450
Marketing tradicional	290
Infraestrutura digital	150

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Modelo de negócios: fluxos de receita

Vendas de ingressos para passageiros

Em 2023, a Volaris registrou receita de passageiros de 36,6 bilhões de pesos mexicanos. A companhia aérea transportou 24,7 milhões de passageiros durante o ano com uma tarifa média de 1.482 pesos.

Métrica	2023 valor
Receita total de passageiros	36,6 bilhões de mxn
Total de passageiros transportados	24,7 milhões
Tarifa média	1.482 pesos

Serviços auxiliares

Volaris gera receita significativa de serviços adicionais:

• Taxas de bagagem: 3,2 bilhões de pesos em 2023
• Taxas de seleção de assentos: 1,5 bilhão de pesos em 2023
• Vendas de bordo: 0,8 bilhão de pesos em 2023

Transporte de carga

A receita de carga para Volaris em 2023 atingiu 1,1 bilhão de pesos mexicanos, representando 2,5% da receita total.

Parcerias do Programa de Fidelidade

O programa de fidelidade Volarismás gerou 0,5 bilhões de pesos por meio de colaborações parceiras em 2023.

Vendas de seguro de viagem

As vendas de seguros de viagem contribuíram com 0,4 bilhões de pesos para o fluxo de receita da Volaris em 2023.

Fluxo de receita	2023 Montante (bilhão de MXN)	Porcentagem da receita total
Vendas de ingressos para passageiros	36.6	82%
Serviços auxiliares	5.5	12.4%
Transporte de carga	1.1	2.5%
Programa de fidelidade	0.5	1.1%
Seguro de viagem	0.4	0.9%

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Canvas Business Model: Value Propositions

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) centers its value on making air travel accessible, which is key for stimulating demand from the bus-to-air conversion market.

Lowest Base Fares: Making air travel accessible to the bus-to-air conversion market

The core appeal is the low entry price point. For the second quarter of 2025, the average base fare per passenger was just $38. This low fare is deliberately visible on the website to stimulate demand, allowing customers to secure the lowest possible ticket price well in advance. This strategy is what helps Controladora Vuela Compañía de Aviación, S.A.B. de C.V. target cost-conscious leisure and VFR (Visiting Friends and Relatives) travelers.

Unbundled Service Model: Allowing customers to customize and pay only for services they use

The ultra-low-cost carrier model means the base fare is just the starting point. Customers build their journey by selecting only the extras they need. This customization is reflected in the revenue mix from the second quarter of 2025, where ancillary revenues were a significant component. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. successfully generated an average of $54 per passenger in total ancillary revenue during that period, which accounted for 58.9% of total operating revenues. Furthermore, a portion of the customer base actively manages their add-ons, with between 25% and 30% of customers choosing to pay airport fees before check-in rather than at the time of purchase.

The breakdown of revenue per passenger in Q2 2025 clearly shows this structure:

Revenue Component	Average Amount Per Passenger (Q2 2025)	Percentage of Total Operating Revenue (Q2 2025)
Average Base Fare	$38	41.1%
Total Ancillary Revenue	$54	58.9%

Extensive VFR Network: Connecting friends and relatives across Mexico and the US/Central America

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. positions itself as the airline of choice for the VFR base, which management noted is the most resilient customer segment. The network is built to facilitate these essential connections. As of late 2025, the airline offers around 500 daily flight segments. This extensive reach connects 44 cities within Mexico and 30 cities across the United States, Central, and South America. Management has stated that if demand trends persist, the strategy favors broadening this footprint with new routes over adding depth to existing ones, enhancing network diversification.

The network scale as of late 2025 includes:

• Over 222 total routes.
• Service to 44 cities in Mexico.
• Service to 30 cities in the US/Central/South America.
• Around 500 daily flight segments.

Operational Reliability: Maintaining a consolidated load factor of 85.3% (Nov 2025)

High utilization of assets is critical for the low-cost model to work. For November 2025, Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reported a consolidated load factor of 85.3%, having transported 2.7 million passengers during that month. This metric shows the efficiency in filling available seats, even with a slight year-over-year decrease. International Revenue Passenger Miles (RPMs) showed strong growth at 9.2% in November 2025, while domestic RPMs grew by 0.6%.

Young, Modern Fleet: Offering a more comfortable and fuel-efficient travel experience

The fleet composition supports both cost efficiency and passenger comfort expectations. As of the second quarter of 2025, the fleet totaled 149 aircraft, with the company adding four A320neos and one A321neo during that quarter. By November 2025, the fleet had grown to 154 aircraft. A key value driver is modernity; at the end of Q2 2025, the average age of the fleet was only 6.5 years. Moreover, 63% of the total fleet consisted of New Engine Option (NEO) models, which directly translate to better fuel efficiency, a major component of operating costs.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Canvas Business Model: Customer Relationships

You're looking at how Controladora Vuela Compañía de Aviación, S.A.B. de C.V. keeps its customers engaged while keeping costs down. It's all about making the interaction fast and digital, which is key for an ultra-low-cost carrier.

Automated Self-Service

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. leans heavily on customers doing things themselves online. This means booking, changing flights, and checking in happens mostly through their digital storefronts. This approach helps keep the cost structure lean, which is the whole point of their model. For instance, ancillary revenue per passenger in Q3 2025 was $56, reflecting successful upselling through these digital touchpoints. This self-service focus is critical when you're moving millions of people; in November 2025 alone, they transported 2.7 million passengers.

The primary digital interfaces for this are:

• Volaris official website (www.volaris.com).
• Volaris official mobile application.
• Airport ticket sales modules.

VClub Loyalty Program

The VClub loyalty program, which also incorporates the altitude benefits, is structured to lock in repeat business through tiered annual subscriptions. This isn't just about miles; it's about guaranteeing access to the lowest published fares. You can choose the plan that fits your travel style, which is a smart way to segment the relationship.

Here are the starting annual costs for the membership tiers as of late 2025:

Membership Tier	Annual Subscription Price (Starting)
Individual	$29.99 USD per year
Duo	$49.99 USD per year
Friends & Family	$149.99 USD per year

The goal is to make the membership fee an easy decision when compared to the guaranteed savings on every flight.

Transactional Focus

The relationship is fundamentally transactional, prioritizing efficiency over deep, personalized hand-holding for every customer interaction. This is evident in the pricing structure. In Q3 2025, the average base fare per passenger was $44, which was a 17.8% decrease year-over-year, showing the commitment to low base pricing. The total operating revenue per passenger for that quarter settled at $100. The company manages its customer service to handle high volume, low-touch needs effectively. They operate a fleet of 153 aircraft, connecting 44 cities in Mexico and 30 cities across the US, Central, and South America, all managed with this cost-conscious approach.

Social Media and Digital Support

When issues arise, Controladora Vuela Compañía de Aviación, S.A.B. de C.V. directs customers toward high-volume digital channels. They recently launched new customer service initiatives, including the use of AI agents, to help manage the flow of inquiries efficiently following their Q3 2025 report. For international flights to and from the United States, they commit to providing prompt information on known delays or cancellations via the customer's registered telephone number, including through WhatsApp, and by email.

Key operational and customer metrics from recent reports include:

• Q3 2025 Net Income: $6 million.
• Q3 2025 Total Operating Revenues: $784 million.
• November 2025 Passengers Transported: 2.7 million.
• Fleet Size (Late 2025): 153 aircraft.
• Ancillary Revenue per Passenger (Q3 2025): $56.

Finance: draft 13-week cash view by Friday.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Canvas Business Model: Channels

You're looking at how Controladora Vuela Compañía de Aviación, S.A.B. de C.V. gets its product-seats on ultra-low-cost flights-to the customer in 2025. The scale of operations is significant; for instance, in November 2025, the company transported 2.7 million passengers. This volume flows through several distinct avenues.

Company Website and Mobile App: Primary and most cost-effective direct sales channel.

This is where Controladora Vuela Compañía de Aviación, S.A.B. de C.V. pushes for the highest margin sales. The focus here is on driving direct bookings to avoid third-party commissions. The company's operational scale supports this, with total operating revenues reaching $784 million in the third quarter of 2025 alone. The digital channels are key to upselling ancillary products, which are vital given the average base fare per passenger stood at $44 in Q3 2025.

• Digital sales are essential for ancillary revenue capture.
• The platform supports the ultra-low-cost model's efficiency.

Global Distribution Systems (GDS): Used for reaching corporate and travel agency customers (e.g., SabreMosaic™).

While Controladora Vuela Compañía de Aviación, S.A.B. de C.V. is an ultra-low-cost carrier, GDS access is necessary for certain segments, including corporate travel programs. The use is selective, balancing reach against the associated distribution costs. The company's international segment, which saw international RPMs rise by 9.2% in November 2025, likely utilizes GDS to a greater extent for cross-border bookings. The company's liquidity position, with cash and short-term investments totaling $794 million at the end of Q3 2025, provides a buffer to manage these channel costs.

Call Centers and Airport Ticket Offices: Used for complex bookings and last-minute purchases.

These channels handle transactions that require immediate human interaction or are made at the point of departure. Airport ticket offices serve last-minute demand, which is important when the consolidated load factor was 85.3% in November 2025. The cost structure of these channels is higher, but they support customer service for the 2.7 million passengers moved in November 2025.

Third-Party Online Travel Agencies (OTAs): Selective use to expand reach in international markets.

OTAs provide incremental reach, particularly in international markets where brand awareness might be lower or where specific market segments prefer the OTA interface. This is a tactical lever. For context, international RPMs grew by 9.2% in November 2025, suggesting a need for broad market access. The company's Q1 2025 total operating revenues were $678 million. Any OTA contribution must be weighed against the pressure on unit revenues, as TRASM (Total Revenue per Available Seat Mile) declined 7.7% in Q3 2025.

Here's a look at the financial scale these channels supported in the third quarter of 2025:

Metric	Value (Q3 2025)
Total Operating Revenue	$784 million
Net Income	$6 million
EBITDAR Margin	33.6 percent
Cash & Short-Term Investments	$794 million

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Canvas Business Model: Customer Segments

You're looking at the core customer groups for Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) as we close out 2025. The ultra-low-cost carrier strategy is all about volume, and these segments are where the growth is coming from.

Visiting Friends and Relatives (VFR): The core segment for cross-border and domestic travel

This group remains foundational, especially for the international routes connecting Mexico with the United States, Central, and South America. We saw international Revenue Passenger Miles (RPMs) expand by a strong 9.2% in November 2025, showing continued momentum in this core cross-border traffic. To be fair, earlier in the year, in January 2025, there was some noted softness in VFR traffic to the U.S. due to geopolitical uncertainty, which required tactical fare adjustments. Still, the overall trend shows resilience. The company transported 2.7 million passengers in November 2025, part of a year-to-date total of 13.1 million passengers carried from January through July 2025, a 6.8% increase over the same period in 2024.

Cost-Conscious Leisure Travelers: Individuals and families prioritizing the lowest possible fare

This segment is the lifeblood of the ultra-low-cost model, driven by the lowest possible base fares. In the third quarter of 2025, the average base fare per passenger stood at $44, which was a significant 17.8% decrease year-over-year. This aggressive pricing is balanced by ancillary revenue, which is key to profitability; total ancillary revenue per passenger actually increased by 4.7% in Q3 2025. The total operating revenue per passenger for that quarter was $100. This shows you how critical the non-ticket revenue is when the base fare is being aggressively managed to capture the most price-sensitive travelers.

Bus-to-Air Conversion Market: First-time flyers shifting from long-haul bus travel

This is the long-term structural opportunity Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) was built to capture. The company has historically cited a massive market where air travel is positioned as both quicker and cheaper than long-haul bus journeys. While a 2021 estimate suggested about 700 million annual bus trips of six or more hours were in play, the opportunity for this segment is framed by the company as a $1.5 billion market potential. A major milestone was reached when the airline converted over 10 million bus travelers into first-time air travelers by late 2022, setting the stage for continued conversion.

Small to Medium-Sized Business Travelers: Price-sensitive business users on short-haul routes

These travelers need reliability and low cost for short-haul domestic and near-border business trips. The domestic network shows solid demand, with domestic RPMs in Mexico seeing a slight upturn of 0.6% in November 2025. The domestic load factor reached a high of 88% in the second quarter of 2025, indicating strong utilization on these routes. To better serve this group, Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) reaffirmed its focus in Q3 2025 on new product offerings, including a new loyalty program specifically for business travelers.

Here's a quick look at the operational metrics that touch these segments:

Metric	Period	Value	Comparison
Total Passengers Transported	November 2025	2.7 million	Up 5.0% year-over-year
Average Base Fare per Passenger	Q3 2025	$44	Down 17.8% year-over-year
International RPM Growth	November 2025	9.2%	Year-over-year
Domestic Load Factor	Q2 2025	88%	Domestic Segment Focus

The airline's overall strategy involves maintaining a lean cost structure, as evidenced by the Q3 2025 CASM ex fuel being $0.0548 cents, up only 2% year-over-year despite inflationary pressures. This cost discipline directly supports the low base fares that attract the leisure and bus-conversion segments.

• Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) fleet size at the end of Q2 2025 stood at 149 aircraft.
• Total liquidity position at the end of Q3 2025 was $794 million.
• The company operates approximately 550 daily flights connecting 44 cities in Mexico and 23 in the United States as of late 2025.

Finance: draft 13-week cash view by Friday.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Controladora Vuela Compañía de Aviación, S.A.B. de C.V. flying, which is crucial for an ultra-low-cost carrier (ULCC) like this one. Their entire model hinges on keeping these costs, especially the variable ones, as low as possible relative to revenue, so every cent matters.

Fuel is the big variable hit, naturally. For the second quarter of 2025, the average economic fuel cost was $2.46 per gallon. To give you a slightly later snapshot, the average economic fuel cost in the third quarter of 2025 ticked up a bit to $2.61 per gallon. This is why their fleet modernization, with 63% NEO (New Engine Option) models in their 149-aircraft fleet, is so important; those newer planes directly fight this major expense.

Aircraft leasing and maintenance are significant fixed and variable buckets. You saw some specific pressures here in Q2 2025, with higher costs reported in maintenance and variable lease expenses tied to scheduled aircraft returns. The total lease liabilities were reported at $3,057 million at the end of that quarter, showing the scale of the asset base commitment. On the flip side, Q1 2025 saw a benefit of $54 million recognized from the re-measurement of redelivery accruals on some lease extensions, which is a good example of how accounting adjustments can temporarily shift this line item.

Personnel costs cover the people powering the operation. As of a late 2025 profile, the company has 6,901 total employees. Keeping salaries and benefits competitive while maintaining a lean structure is key to the ULCC proposition. The operational scale is supported by running around 500 average daily flight segments connecting 44 cities in Mexico and 30 cities across the United States, Central, and South America.

Airport fees and navigation services scale directly with flight volume. Operating those ~500 daily flights means consistent, non-negotiable charges for landing, gate usage, and air traffic control services across their network. The distribution cost structure is where Controladora Vuela Compañía de Aviación, S.A.B. de C.V. really shows its discipline. Their focus on direct sales keeps third-party distribution costs low, which is reinforced by ancillary revenue being a massive component of their top line-it exceeded 50% of total operating revenues in Q1 2025.

Here's a quick look at some key operational cost and revenue metrics for context:

Metric	Value (Q2 2025)	Unit/Context
CASM (Cost per Available Seat Mile)	$0.0805	Cents
CASM ex Fuel	$0.0569	Cents
Average Economic Fuel Cost	$2.46	Per Gallon
Ancillary Revenue per Passenger	$54	USD
Total Lease Liabilities	$3,057 million	USD (End of Q2 2025)

The cost structure is constantly managed against revenue performance. For instance, CASM ex-fuel increased 7% year-over-year in Q2 2025, showing that even with fuel down, other operational costs were rising, which is a near-term risk you need to watch.

You should keep an eye on these specific cost drivers:

• Fuel Price Volatility: Direct impact on CASM.
• Aircraft Redelivery Accruals: Variable impact from fleet changes.
• CASM ex-Fuel Inflation: The 7% rise in Q2 2025 needs to be contained.
• Foreign Exchange Risk: Peso depreciation pressures USD-denominated costs.

Finance: draft 13-week cash view by Friday.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) as of late 2025. The business model leans heavily on getting you in the door with a low price, then upselling you on everything else.

Ancillary Revenue: This is the dominant stream, accounting for approximately 58.9% of total operating revenues as reported in the second quarter of 2025. To be fair, by the third quarter of 2025, this figure had settled slightly lower at 56.4% of total operating revenues.

Base Ticket Fares: The average base fare per passenger was quite low, sitting at $38 during the second quarter of 2025. That low entry price is key to their ultra-low-cost model.

Ancillary Fees: These fees are where the real margin comes from. The total ancillary revenue per passenger reached approximately $54 in the second quarter of 2025. By the third quarter of 2025, this number had ticked up to $56 per passenger. These fees cover a range of services you might need.

• Baggage fees
• Seat selection charges
• Priority boarding revenue
• Change fees

Cargo and Mail Services: Controladora Vuela Compañía de Aviación, S.A.B. de C.V., through its subsidiary, provides air transportation services for passengers, cargo, and mail in Mexico and internationally. The company operates approximately 550 to 590 daily flights connecting cities across Mexico, the United States, Central America, and South America, utilizing this existing capacity for freight. Specific revenue amounts for this stream weren't broken out in the latest reports I have access to.

VClub Membership Fees: This is the recurring revenue component, tied to the frequent-flyer subscription program. Management noted that nearly 30% of their bookings include at least one membership product as of the second quarter of 2025, showing strong customer engagement with their loyalty offering.

Here's a quick look at those key Q2/Q3 2025 revenue-related figures you asked about:

Metric	Value (Q2 2025)	Value (Q3 2025)
Total Operating Revenues	$693 million	$784 million
Ancillary Revenue as % of Total Operating Revenues	58.9%	56.4%
Average Base Fare per Passenger	$38	Not explicitly stated
Ancillary Revenue per Passenger	$54	$56
Booked Passengers	7.5 million	Not explicitly stated

The total operating revenue for the second quarter of 2025 was $693 million, which was a 5% decrease year-over-year. By the third quarter of 2025, total operating revenues were $784 million. Finance: review the Q3 2025 cargo/mail revenue contribution against the Q2 2025 total operating revenue to estimate its scale by next week.