SCHEDULE: Apollo Entities Report 18.9% Stake in Grupo Aeromexico

Several Apollo-affiliated entities have reported beneficial ownership of approximately 18.9% of Grupo Aeromexico's outstanding American Depositary Shares.

Summary

• This filing is an amendment to a Schedule 13G, indicating a change in beneficial ownership of Grupo Aeromexico's American Depositary Shares (ADSs).
• Multiple entities affiliated with Apollo Management are reporting beneficial ownership.
• The reporting persons collectively beneficially own 27,505,017 ADSs, representing 18.9% of the class.
• The outstanding shares are based on 1,459,034,090 Common Shares, represented by 145,903,409 ADSs, as of April 15, 2026.
• AP Aguila Holdings, Ltd. directly holds 24,285,302 ADSs, with Banco Actinver F/5292 Trust holding an additional 3,219,715 ADSs on behalf of AP Aguila.
• The reporting entities include AP Aguila Holdings, Ltd., Apollo Management IX, L.P., AIF IX Management, LLC, Apollo Management, L.P., Apollo Management GP, LLC, Apollo Management Holdings, L.P., and Apollo Management Holdings GP, LLC.
• The filing clarifies the relationships between these entities, with Apollo Management IX, L.P. acting as the investment manager for AP Aguila, and various other entities holding general partner or member roles.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it primarily reports a change in beneficial ownership without providing new operational or financial performance data.

Positives

• Significant stake held by established investment management firms can indicate confidence in the company's long-term prospects.
• The filing provides clarity on the ownership structure and beneficial holders of a substantial portion of the company's ADSs.

Negatives

• The filing does not provide any new operational or financial performance data for Grupo Aeromexico.
• The disclosure is primarily a reporting requirement and does not inherently signal a change in the company's business strategy or performance.

Risks

• The ADSs and underlying Common Shares held by AP Aguila are subject to certain voting limits established in the Mexican Foreign Investment Law and the Issuer's organizational documents.
• Banco Actinver F/5292 Trust votes the Common Shares according to trust agreement terms and regulatory responsibilities, which could influence voting outcomes.

Future Outlook

No specific forward-looking statements or guidance are provided in this Schedule 13G filing.

Management Comments

• The managers of Management Holdings GP disclaim beneficial ownership of all ADSs included in this report, and the filing shall not be construed as an admission of beneficial ownership for any purpose.
• The filing details the complex relationship between various Apollo entities and their roles in managing and holding the securities.

Industry Context

StockSavvy.ai notes that significant stake acquisitions or changes in beneficial ownership by large investment firms like Apollo can signal strategic interest or a re-evaluation of a company's valuation within the airline and travel industry.

Stakeholder Impact

• Shareholders: May observe increased trading activity or shifts in market perception due to the significant stake held by Apollo entities.
• Creditors: The stability of ownership by a large investment firm could be viewed positively, though no direct impact is detailed.
• Management: May need to engage with new significant beneficial owners regarding strategic direction.

Next Steps

• Continued monitoring of ownership changes and regulatory filings related to Grupo Aeromexico.

Key Dates

Keywords

Grupo Aeromexico, Schedule 13G, Beneficial Ownership, American Depositary Shares, Apollo Management, Investment Management, Securities Exchange Act