v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
  Net (loss) income $ (103,872) $ 126,375 $ 7,819
  Adjustments for:      
    Depreciation and amortization (including right-of-use-assets) (Notes 12, 13 and 14) 656,746 593,050 496,311
    Allowance for credit losses (Note 8) 869 818 1,330
    Finance income (Note 23) (47,841) (49,444) (38,222)
    Finance cost 312,911 292,135 218,130
    Net foreign exchange (gain) loss differences (30,651) (10,245) 25,471
    Derivative financial instruments (Notes 3 and 4) 2,475 2,213 579
Amortized Cost (CEBUR) 504 608 634
    Net gain on disposal of sale and leaseback, rotable spare parts, furniture and equipment    (Note 22) (36,113) (33,633) (11,815)
    Employee benefits (Note 17) 273 1,205 3,296
    Aircraft and engine lease extension benefit and other benefits from service       agreements (761) (761) (761)
     Income tax (benefit) expense (14,376) 56,314 (377)
    Management incentive and long-term incentive plans 6,272 5,178 5,769
Cash flow from used in operations before changes in working capital 746,436 983,813 708,164
  Changes in operating assets and liabilities:      
    Related parties 963 (15,643) 3,390
    Other accounts receivable 68,772 63,363 (7,784)
    Recoverable and prepaid taxes (20,921) 74,683 69,607
    Inventories (93) (516) (359)
    Prepaid expenses (64,958) (35,991) (24,488)
    Other assets 971 (2,904) (1,904)
    Guarantee deposits 38,001 (48,634) (58,243)
    Suppliers 23,975 (70,072) 36,620
    Accrued liabilities 40,874 56,661 (24,929)
    Other taxes and fees payable 1,907 (29,005) (9,453)
    Unearned transportation revenue 18,019 (623) (3,069)
    Derivative financial instruments (1,225) (2,055)
    Other liabilities (30,844) 85,626 41,775
Cash generated from operating activities 821,877 1,058,703 729,327
Interest received 47,841 49,444 38,222
Income taxes paid (119,891) (18,418) (37,724)
Net cash flows provided by operating activities 749,827 1,089,729 729,825
Investing activities      
Acquisitions of rotable spare parts , furniture and equipment (Note 12) (291,592) (583,075) (480,753)
  Acquisitions of intangible assets (Note 13) (24,283) (17,598) (10,387)
  Acquisitions of other short-term investments (21,606) (48,717) (17,012)
  Proceeds from maturity of other short-term investments 47,135 16,877
  Pre-delivery payments reimbursements (Note 12) 195,982 159,993 45,085
  Proceeds from disposals of rotable spare parts, furniture and equipment 5,550 122
  Proceeds from disposals of aircraft 901
Net cash flows used in investing activities (88,814) (472,520) (462,044)
Financing activities      
  Transaction costs related to the CEBUR and other financing (1,135) (1,691) (2,547)
  Proceeds from exercised stock options 11
  Proceeds from sale of treasury shares 1,018
  Derivative financial instruments (124) (1,493)
  Treasury shares purchase (4,699) (5,065) (4,021)
  Interest paid (71,142) (58,448) (37,179)
  Payments of lease liabilities (Note 14) (631,019) (583,395) (529,074)
  Payments of financial debt (259,657) (208,087) (97,909)
  Proceeds from financial debt 148,802 385,240 456,808
Net cash flows used in financing activities (818,850) (471,570) (214,386)
(Decrease) increase in cash and cash equivalents (157,837) 145,639 53,395
Net foreign exchange differences on cash balance 3,740 (11,812) 8,906
Cash and cash equivalents at beginning of year 907,981 774,154 711,853
Cash and cash equivalents at end of year $ 753,884 $ 907,981 $ 774,154