Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of composition of the fleet and spare engines, leases


Aircraft Type		Model		At December31, 2025				At December 31, 2024
A319		132			—				1
A320		233			36				40
A320		232			3				4
A320NEO		271N			64				53
A321		231			10				10
A321NEO		271N			38				33
					151				141

Engine spare Type		Model		At December31, 2025				At December 31, 2024
V2500		V2527M-A5			1				2
V2500		V2527E-A5			1				2
V2500		V2527-A5			2				4
PW1100		PW1127G-JM			5				9
PW1100		PW1133G-JM			5				1
					14				18

(1)

Certain of the Company’s aircraft and engine lease agreements include an option to extend the lease term period. Management evaluates extensions based on the market conditions at the time of renewal.

Summary of carrying amounts of right-of-use assets


		Aircraft leases							Spare engine leases							Land and building leases							Total
As of December 31, 2023			US$			2,272,163				US$			29,488				US$			36,741				US$			2,338,392
Additions						460,120							—							23,387							483,507
Extensions						81,317							5,361							—							86,678
Modifications						(480	)						27,175							1,190							27,885
Disposals						(31,130	)						(25,782	)						—							(56,912	)
Foreign currency conversion						—							—							(35	)						(35	)
Depreciation on right-of-use assets						(384,235	)						(12,012	)						(13,688	)						(409,935	)
As of December 31, 2024						2,397,755							24,230							47,595							2,469,580
Additions						487,583							—							5,625							493,208
Extensions						44,083							—							—							44,083
Modifications						29,462							—							(223	)						29,239
Disposals						(47,321	)						(8,991	)						(154	)						(56,466	)
Foreign currency conversion						—							—							51							51
Depreciation on right-of-use assets						(425,015	)						(8,110	)						(15,445	)						(448,570	)
As of December 31, 2025			US$			2,486,547				US$			7,129				US$			37,449				US$			2,531,125

Summary of carrying amounts of lease liabilities


		2025							2024
As of January 1^st,			US$			3,061,536				US$			2,891,442
Additions						463,516							470,859
Modifications						73,322							114,551
Disposals						(63,857	)						(59,780	)
Interest cost						247,828							231,661
Foreign exchange effect						2,055							(3,802	)
Payments						(631,019	)						(583,395	)
As of December 31			US$			3,153,381				US$			3,061,536
Current			US$			409,125				US$			391,158
Non-current			US$			2,744,256				US$			2,670,378

Summary of amounts recognized in profit or loss


		For the years ended December 31,
		2025							2024							2023
Depreciation of right-of-use assets			US$			(448,570	)			US$			(409,935	)			US$			(362,015	)
Interest expense on lease liabilities and aircraft and engine lease return obligation (Note 23)						(266,008	)						(250,530	)						(191,967	)
Aircraft and engine variable lease expenses						(196,082	)						(135,155	)						(103,845	)
Short - term leases and leases of low - value assets						(10,451	)						(4,865	)						(7,925	)
Total amount recognized in profit or loss			US$			(921,111	)			US$			(800,485	)			US$			(665,752	)