Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS): Modelo de Negocios Canvas [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Volaris, la aerolínea dinámica de bajo costo de México que ha revolucionado los viajes aéreos a través de América Latina. Este lienzo de modelo de negocio revela cómo Controladora Vuela Compañía de Avión (VLRS) ha creado magistralmente una estrategia operativa delgada y eficiente que interrumpe los modelos comerciales de las aerolíneas tradicionales. Al centrarse en la asequibilidad, la innovación digital y las asociaciones estratégicas, Volaris ha forjado una posición única en el mercado competitivo de la aviación, ofreciendo a los viajeros presupuestarios una experiencia de vuelo accesible y flexible que transforma la forma en que millones de pasajeros se mueven a través de México y más allá.

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: asociaciones clave

Proveedores de aeronaves

Volaris mantiene asociaciones estratégicas con Boeing y Airbus para adquisiciones de aviones. A partir de 2023, la composición de la flota de la aerolínea incluye:

Fabricante	Número de aviones	Porcentaje de flota
Airbus A320	103 aviones	86.5%
Airbus A321	16 aviones	13.5%

Alianza de la aerolínea estratégica

Volaris México estableció una alianza estratégica con Frontier Airlines en 2022, centrándose en:

• Acuerdos de código compartido
• Beneficios del programa de volantes frecuentes compartidos
• Expansión de la red de ruta

Asociación tecnológica

Volaris utiliza la tecnología de reserva y distribución de Amadeus con las siguientes especificaciones:

Componente tecnológico	Detalles de implementación
Sistema de reservas	Reservación de Amadeus Altéa
Inversión tecnológica anual	$ 4.2 millones USD

Adquisición de combustible

La asociación de suministro de combustible con PEMEX implica:

• Volumen anual de adquisición de combustible: 180 millones de litros
• Gasto anual estimado de combustible: $ 135 millones de USD
• Contrato de suministro a largo plazo válido hasta 2025

Servicios de manejo de tierra

Los proveedores de servicios de manejo de tierra en los aeropuertos mexicanos incluyen:

Proveedor de servicios	Aeropuertos cubiertos	Costo de servicio anual
Grupo Aeroportuario del PacÍfico	12 aeropuertos	$ 22.5 millones de USD
Grupo Aeroportuario del Centro Norte	9 aeropuertos	$ 18.3 millones de USD

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: actividades clave

Transporte aéreo de pasajeros de bajo costo

Volaris opera con 106 aviones a partir del cuarto trimestre de 2023, centrándose en el modelo de transportista de costo ultra bajo. La flota consta de un avión familiar 100% Airbus A320.

Tipo de aeronave	Número de aviones	Capacidad de pasajeros
Airbus A320	81	180 asientos
Airbus A321	25	230 asientos

Expansión de la red de rutas en México y América Latina

Volaris opera 259 rutas a partir de 2023, conectando 55 destinos en México, Estados Unidos y América Central.

• Rutas domésticas: 187
• Rutas internacionales: 72
• Mercados primarios: México, Estados Unidos, Guatemala, El Salvador

Optimización de la flota y eficiencia operativa

Edad de la flota promedio: 6.8 años. Costo operativo por kilómetro de asiento disponible (barril) de $ 0.036 en 2022.

Métrica operacional	2023 rendimiento
Factor de carga	88.7%
Rendimiento a tiempo	85.2%
Eficiencia de combustible	2.8 litros por pasajero por 100 km

Marketing digital y venta de entradas en línea

Contribución del canal de ventas digitales: 92% de los ingresos totales de boletos en 2023.

• Porcentaje de reserva de sitios web: 65%
• Porcentaje de reserva de aplicaciones móviles: 27%
• Plataformas en línea de terceros: 8%

Gestión de costos continuos y estrategias operativas

Gastos operativos en 2022: $ 1.2 mil millones de dólares. Costo por kilómetro de asiento disponible (CASK) mantenido en niveles líderes en la industria.

Métrica de gestión de costos	2023 rendimiento
Costo de combustible por preguntar	$0.018
Costo de mantenimiento por preguntar	$0.005
Costo de mano de obra por preguntar	$0.012

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: recursos clave

Flota Airbus A320 joven y eficiente en combustible

A partir del cuarto trimestre de 2023, Volaris opera una flota de 112 aviones Airbus A320. Edad de la flota promedio: 6.8 años. Desglose de la composición de la flota:

Tipo de aeronave	Número de aviones	Porcentaje de flota
Airbus A320	95	84.8%
Airbus A321	17	15.2%

Infraestructura de tecnología digital

Inversión en tecnología: $ 42.3 millones en 2023 para plataformas digitales e infraestructura de TI.

• Descargas de aplicaciones móviles: 7.2 millones a diciembre de 2023
• Penetración de reservas en línea: 89% de la venta total de boletos
• Tráfico del sitio web: 24.6 millones de visitantes únicos mensualmente

Reconocimiento de marca en el mercado mexicano de bajo costo

Cuota de mercado en viajes aéreos nacionales mexicanos: 38.7% a partir del cuarto trimestre de 2023.

Métrico de marca	Valor
Valoración de la marca	$ 276 millones
Seguidores de redes sociales	2.1 millones

Fuerza laboral hábil

Total de empleados: 3.412 a diciembre de 2023

• Pilotos: 512
• Asistentes de vuelo: 1.124
• Personal de mantenimiento técnico: 387
• Personal corporativo y administrativo: 1.389

Plataformas de reserva en línea y servicio al cliente

Métricas de rendimiento de la plataforma digital:

Métrica de plataforma	Valor
Transacciones en línea anuales	14.3 millones
Tiempo de respuesta del servicio al cliente	12.4 minutos (promedio)
Calificación de aplicaciones móviles	4.6/5

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: propuestas de valor

Opciones de viaje aérea asequibles para clientes sensibles a los precios

Volaris ofrece precios promedio de boletos unidireccionales de $ 45- $ 65 USD en su red. La estrategia de bajo costo de la aerolínea se dirige a clientes sensibles a los precios con tarifas base significativamente más bajas que los transportistas tradicionales.

Categoría de tarifa	Precio promedio (USD)	Segmento de mercado
Economía básica	$45	Viajeros presupuestarios
Economía estándar	$65	Pasajeros conscientes de los costos

Extensa red de rutas nacionales e internacionales

A partir de 2024, Volaris opera:

• 128 rutas en México
• 25 destinos internacionales
• Sirve a 55 aeropuertos

Modelo de precios sencillos y transparentes

Volaris implementa una estructura de precios desagregada con tarifas base que van desde $ 30 a $ 80 USD, lo que permite a los clientes pagar solo por los servicios que requieren.

Servicio	Costo adicional (USD)
Selección de asiento	$5-$15
Equipaje facturado	$15-$35
Embarque prioritario	$10

Vuelos de alta frecuencia entre las principales ciudades mexicanas

Volaris opera múltiples vuelos diarios que conectan las principales áreas metropolitanas:

• Ciudad de México: 35 salidas diarias
• Guadalajara: 25 salidas diarias
• Monterrey: 20 salidas diarias

Opciones de boletos flexibles con servicios desagradables

La aerolínea ofrece múltiples clases de tarifas con una flexibilidad variable:

Clase de tarifa	Tarifa de cambio (USD)	Nivel de flexibilidad
Basic	$25	Limitado
Clásico	$15	Moderado
Más	$0	Alto

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Volaris ofrece plataformas integrales de autoservicio digital con las siguientes características:

Plataforma	Características clave	Usuarios activos mensuales
Plataforma de reserva web	Capacidades de reserva de vuelo completa	2.4 millones de usuarios
Sistema de check-in en línea	Gestión completa de antes de vuelo	87% de los pasajeros

Aplicación móvil para reserva y gestión

Estadísticas de aplicaciones móviles Volaris:

• Descargas de aplicaciones: 12.6 millones
• Usuarios activos mensuales promedio: 3.1 millones
• Tasa de finalización de reserva a través de dispositivos móviles: 68%

Programa de lealtad del cliente (Puntos Volaris)

Métrico de programa	Valor
Miembros del programa de fidelización total	5.2 millones
Tasa de redención de puntos promedio	42%
Transacciones de puntos anuales	1.8 millones

Compromiso en las redes sociales y atención al cliente

Métricas de apoyo a las redes sociales:

• Tiempo de respuesta promedio: 37 minutos
• Seguidores de redes sociales: 2.9 millones
• Calificación de satisfacción del cliente: 4.3/5

Comunicación directa a través de canales digitales

Canal de comunicación	Interacciones mensuales
Soporte de WhatsApp	215,000 interacciones
Soporte por correo electrónico	127,000 interacciones
Chat en vivo	92,000 interacciones

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: canales

Sitio web de la empresa

Volaris.com sirve como un canal de ventas directo principal con 47.3 millones de visitantes únicos en 2023. El sitio web procesa aproximadamente el 62% de las transacciones totales de reserva para la aerolínea.

Métrico del sitio web	2023 datos
Visitantes únicos	47.3 millones
Porcentaje de transacción de reserva	62%

Aplicación móvil

La aplicación móvil Volaris maneja el 28% de las transacciones totales de reserva con 3.2 millones de usuarios mensuales activos en 2023.

Módulo de aplicación móvil	2023 datos
Usuarios mensuales activos	3.2 millones
Porcentaje de transacción de reserva	28%

Agencias de viajes en línea

Volaris se asocia con múltiples plataformas de viajes en línea, que generan el 8% de los ingresos totales de la reserva a través de estos canales.

• Expedia
• Despegar.com
• Kayac

Centro de llamadas

Volaris opera 12 centros de llamadas en México, manejando 2.1 millones de interacciones de los clientes mensualmente con un tiempo de resolución promedio de 7.4 minutos.

Métrico del centro de llamadas	2023 datos
Número de centros de llamadas	12
Interacciones mensuales del cliente	2.1 millones
Tiempo de resolución promedio	7.4 minutos

Contadores de boletos del aeropuerto

Volaris mantiene 56 contadores de boletos en México, representando el 2% de las transacciones totales de reserva.

Métrica de contador de boletos del aeropuerto	2023 datos
Número de contadores de boletos	56
Porcentaje de transacción de reserva	2%

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

Viajeros de ocio conscientes del presupuesto

Volaris se dirige a los viajeros que buscan opciones de viajes aéreos asequibles dentro de México y para seleccionar destinos internacionales.

Características de segmento	Datos estadísticos
Pasajeros anuales	30.1 millones de pasajeros en 2022
Precio promedio de boleto	Aproximadamente 1.050 pesos mexicanos
Cuota de mercado en México	28.4% del mercado nacional de bajo costo

Jóvenes profesionales urbanos

Demográfico clave para las experiencias de viaje digitales primero.

• Rango de edad: 25-40 años
• Preferencia de reserva digital: 72% Use la aplicación móvil
• Frecuencia de viaje anual promedio: 3-4 viajes

Viajeros de negocios sensibles a los precios

Segmento corporativo con requisitos de viaje conscientes de costos.

Métricas de viajes de negocios	Puntos de datos
Cuentas corporativas	1.250 asociaciones comerciales activas
Asientos de clase ejecutiva	15% del inventario total de asientos
Longitud promedio de viaje de negocios	2.1 días

Estudiantes y trabajadores migrantes

Demográfico crítico para viajes entre ciudades y transfronterizos.

• Volumen de viaje de los estudiantes: 18% del total de pasajeros
• Rutas de trabajadores migrantes: conexiones principales entre México y EE. UU.
• Frecuencia de viaje promedio: 2-3 veces al año

Consumidores mexicanos de clase media emergentes

Segmento de crecimiento con mayor accesibilidad de viaje.

Indicadores de segmento económico	Datos cuantitativos
Población de clase media	42.4 millones de personas
Gasto anual de viajes	8.500 pesos per cápita
Penetración del mercado de Volaris	35.6% del grupo demográfico objetivo

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: estructura de costos

Gastos de combustible

En 2023, Volaris reportó gastos de combustible de 10,714 millones de pesos mexicanos, lo que representa aproximadamente el 33% de sus gastos operativos totales.

Año	Gastos de combustible (millones MXN)	Porcentaje de gastos operativos
2023	10,714	33%

Arrendamiento y mantenimiento de aeronaves

Volaris opera una flota de 112 aviones Airbus A320 a partir del cuarto trimestre de 2023, con costos de mantenimiento y arrendamiento por un total de 3,456 millones de pesos mexicanos.

• Flota total de aviones: 112 Airbus A320
• Costos de mantenimiento de aeronaves: 2,100 millones de mxn
• Gastos de arrendamiento de aeronaves: 1.356 millones de mxn

Salarios y capacitación del personal

En 2023, Volaris gastó 2.890 millones de pesos mexicanos en gastos relacionados con el personal.

Categoría	Gastos (millones MXN)
Salarios del personal	2,450
Costos de capacitación	440

Tarifas operativas del aeropuerto

Las tarifas de aeropuerto y navegación para Volaris en 2023 ascendieron a 4,215 millones de pesos mexicanos.

• Tarifas de aterrizaje del aeropuerto: 2.100 millones de mxn
• Cargos de navegación: 1.350 millones de mxn
• Tarifas de manejo del suelo: 765 millones de mxn

Costos de marketing e infraestructura digital

Volaris invirtió 890 millones de pesos mexicanos en marketing e infraestructura digital en 2023.

Categoría de gastos de marketing	Cantidad (millones MXN)
Marketing digital	450
Marketing tradicional	290
Infraestructura digital	150

Controladora Vuela Compañía de Avención, S.A.B. de C.V. (VLRS) - Modelo de negocio: flujos de ingresos

Venta de entradas para pasajeros

En 2023, Volaris reportó ingresos de pasajeros de 36,6 mil millones de pesos mexicanos. La aerolínea transportó 24.7 millones de pasajeros durante el año con una tarifa promedio de 1,482 pesos.

Métrico	Valor 2023
Ingresos totales del pasajero	36.6 mil millones de mxn
Total de pasajeros transportados	24.7 millones
Tarifa promedio	1.482 pesos

Servicios auxiliares

Volaris genera ingresos significativos de servicios adicionales:

• Tarifas de equipaje: 3.200 millones de pesos en 2023
• Cargos de selección de asientos: 1.500 millones de pesos en 2023
• Ventas a bordo: 0.8 mil millones de pesos en 2023

Transporte de carga

Los ingresos de carga para Volaris en 2023 alcanzaron 1.100 millones de pesos mexicanos, lo que representa el 2.5% de los ingresos totales.

Asociaciones del programa de fidelización

El Programa de Lealtad VolarismÁs generó 0.5 mil millones de pesos a través de colaboraciones asociadas en 2023.

Ventas de seguro de viaje

Las ventas de seguros de viaje contribuyeron con 0.4 mil millones de pesos al flujo de ingresos de Volaris en 2023.

Flujo de ingresos	Cantidad de 2023 (mil millones de mxn)	Porcentaje de ingresos totales
Venta de entradas para pasajeros	36.6	82%
Servicios auxiliares	5.5	12.4%
Transporte de carga	1.1	2.5%
Programa de fidelización	0.5	1.1%
Seguro de viaje	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.