Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q1 2023 Results Conference Call April 25, 2023 10:00 AM ET Company Participants Adolfo Castro - CEO Conference Call Participants Guilherme Mendes - JP Morgan Rodolfo Ramos - Bradesco BBI Alberto Valerio - UBS Juan Macedo - GBM Bruno Amorim - Goldman Sachs Philippe Nielsen - Citi Gabriel Himelfarb - Scotia Bank Francisco Suarez - Scotiabank Alan Macias - Bank of America Lucila Gomez - Compass Group Fernanda Radia - APG Mauricio Butrago - AM Adviso ...

Company Information - Grupo Aeroportuario del Sureste, S.A.B. de C.V. is a foreign private issuer under the Securities Exchange Act of 1934[1] Report Details - The report was signed by CEO Adolfo Castro Rivas on April 17, 2023[2]

Revenue Sources - In 2022, 27.2% of consolidated revenues were derived from passenger charges for international passengers, up from 21.1% in 2021 and 14.8% in 2020[812] - In 2022, 31.0% of consolidated revenues came from contracts with commercial service providers denominated in U.S. dollars, compared to 30.6% in 2021 and 25.4% in 2020[812] Currency Impact - A 5.0% depreciation of the Mexican peso against the U.S. dollar would have increased revenues by Ps.254.6 million for the year ended December 31, 2022[812] - As of December 31, 2022, 91.6% of foreign currency indebtedness was denominated in U.S. dollars, with a potential increase in long-term debt by Ps.513.46 million due to a 5.0% depreciation of the peso[813] - Cash and cash equivalents denominated in dollars were 68.56% as of December 31, 2022, up from 50.3% in 2021 and 44.7% in 2020[813] Debt Service Costs - A 1.0% increase in TIIE would have raised the cost of debt service by Ps.4.0 million in 2022[815] - A 1.0% increase in DTF would have increased the cost of debt service by Ps.0.7 million in 2022[815] ADS Program - The depositary reimbursed approximately U.S.$74.0 thousand for the ADS program in 2022, covering annual stock exchange listing fees and maintenance costs[841] - The depositary has agreed to reimburse the company for establishment and maintenance expenses related to the ADS program, including investor relations activities[842] - The depositary may terminate the deposit agreement if a new depositary bank is not appointed within 90 days after its resignation notice[836] - The depositary's obligations are limited to actions specifically set forth in the deposit agreement, and it is not liable for delays caused by circumstances beyond its control[837] - ADS holders have the right to withdraw Series B shares except under certain conditions, such as when transfer books are closed or fees are owed[840] - The depositary may require payment of taxes and proof of identity before delivering or registering transfers of ADSs[839] - After termination, the depositary will hold cash from sales of remaining deposited securities for the benefit of ADS holders who have not surrendered their ADSs[836] - The company agrees to indemnify the depositary for actions taken, except for losses caused by the depositary's negligence[838] - The depositary will not invest the money held after termination and has no liability for interest[836] - The deposit agreement allows for amendments without consent, but changes that increase fees will not take effect for 30 days after notification[835]

Call Start: 10:00 January 1, 0000 10:40 AM ET Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q4 2022 Earnings Conference Call February 24, 2023 10:00 ET Company Participants Adolfo Castro - Chief Executive Officer Conference Call Participants Alan Macias - Bank of America Filipe Nielsen - Citigroup Javier Gayol - Santander Asset Management Gabriel Himelfarb - Scotiabank Pablo Monsivais - Barclays Julia Orsi - JPMorgan Lucia Gomez - Compass Group Regis Cardoso - Credit Suisse Francisco Suarez ...

Financial Data and Key Metrics Changes - The company reported a 50% increase in revenues to MXN5.8 billion, marking a record high for any given quarter, driven by strong performance in both aeronautical and non-aeronautical revenues [7][12] - Adjusted EBITDA reached MXN4.1 billion, up 64% from 2019 levels, reflecting solid performance across key metrics [10][12] - Net majority income increased by 42% to MXN2.5 billion, compared to MXN1.7 billion in Q3 2021 and MXN1.3 billion in Q3 2019 [12] Business Line Data and Key Metrics Changes - Commercial revenue rose by 45%, with increases of 57% in Mexico, 20% in Colombia, and nearly doubling in Puerto Rico [7] - Commercial revenues per passenger were nearly MXN117, above MXN99 reported in Q3 2019, indicating strong performance in commercial activities [7][8] Market Data and Key Metrics Changes - Total passenger traffic grew over 24% year-on-year, exceeding Q3 2019 levels by nearly 23%, reaching a record of 17 million passengers [4] - Traffic in Colombia saw a stronger recovery of 37%, with domestic travel expanding in the low 30s and international travel in the high 50s [4][5] - Traffic from Canada remained at slightly over 65% of pre-pandemic levels, but is expected to resume winter seasonal levels from November through April [5][14] Company Strategy and Development Direction - The company is focused on maintaining strong liquidity and a healthy debt profile, with cash and cash equivalents nearly MXN14 billion and a net debt to EBITDA ratio of 0.1 times [13] - Continued investment in capital expenditures (CapEx) is planned, with nearly MXN550 million invested in Q3, primarily in Mexico [12][13] - The company is optimistic about the recovery of domestic tourism and expects to see continued growth in passenger traffic [18][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of travel demand, supported by pent-up demand and new routes [4][14] - The impact of inflation on demand was acknowledged, but management believes that strong travel trends will continue [14] - The company anticipates that Canadian traffic will normalize during the winter season, which could help offset any potential declines in demand due to inflation [14] Other Important Information - The company completed the first phase of terminal four expansion at Cancun Airport and is progressing with other expansion projects [12][13] - The impact of Hurricane Fiona was noted, which resulted in increased costs and a temporary airport closure [11][40] Q&A Session Summary Question: Outlook for domestic traffic recovery - Management noted that while some airports may not recover to 2019 levels until next year, tourism traffic has been recovering well [18][19] Question: Changes in the Master Development Plan (MDP) - Management confirmed that they are working on the proposal for the MDP and will include the potential impact of Tulum airport operations starting in 2024 [20][21] Question: Long-term opportunities for commercial revenue in Colombia - Management highlighted the impact of the Colombian peso devaluation but noted strong initiatives in Colombia to increase commercial revenue [22] Question: Maximum tariff and inflation impact - Management indicated that they do not expect to reach the maximum compliance due to current inflation conditions but do not foresee an impact on the next MDP [25] Question: Cash flow generation and CapEx commitments - Management confirmed strong cash flow generation and indicated that CapEx in Puerto Rico could be higher than the current year [28] Question: Cost of servicing in Puerto Rico - Management acknowledged significant increases in costs due to energy prices and the impact of Hurricane Fiona [40] Question: Expectations on international traffic trends - Management remains positive about international traffic recovery, particularly from Canada, which is expected to return to pre-pandemic levels [37]

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q2 2022 Earnings Conference Call July 26, 2022 10:00 AM ET Company Participants Adolfo Castro - Chief Executive Officer Conference Call Participants Alejandro Zamacona - Credit Suites Lucila Gomez - Compass Group Stephen Trent - Citi Rodolfo Ramos - Bradesco BBI Anton Mortenkotter - GBM Pablo Monsivais - Barclays Gabriel Himelfarb - Scotiabank Guilherme Mendes - JPMorgan Operator Good day, ladies and gentlemen, and welcome to ASUR's Second Quar ...

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q1 2022 Earnings Conference Call April 26, 2022 10:00 AM ET Company Participants Adolfo Castro - Chief Executive Officer Conference Call Participants Alan Macias - Bank of America Alejandro Zamacona - Credit Suisse Francisco Suárez - Scotiabank Guilherme Mendes - JPMorgan Rodolfo Ramos - Bradesco BBI Juan Macedo - GBM Gabriel Himelfarb - Scotiabank Javier Gayol - GBM Pablo Monsivais - Barclays Giovanni Bisogno - Santander Operator Good day, ladie ...

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q4 2021 Earnings Conference Call February 25, 2022 10:00 AM ET Company Participants Adolfo Castro - Chief Executive Officer Conference Call Participants Guilherme Mendes - JPMorgan Rodolfo Ramos - Bradesco BBI Pablo Monsivais - Barclays Diego Serrano - Credit Suisse Juan Macedo - GBM. Gabriel Himelfarb - Scotiabank Operator Good day, ladies and gentlemen and welcome to ASUR's Fourth Quarter 2021 Results Conference Call. My name is April and I wil ...

Financial Data and Key Metrics Changes - Passenger traffic improved significantly, reaching nearly 14 million passengers in Q3 2021, only 1.4% below pre-pandemic levels of Q3 2019 [4] - Cash and cash equivalents increased to Ps.11 billion, more than doubling from December 2020 levels [7] - Revenues excluding construction rose 154% year-on-year to Ps.4.5 billion, achieving an 11% increase over pre-pandemic levels [9] - Consolidated EBITDA increased to Ps.2.2 billion, up from Ps.755 million in Q3 2020, reflecting an 18% increase compared to Q3 2019 [12] Business Line Data and Key Metrics Changes - Domestic traffic in Mexico was down only 9% compared to Q3 2019, improving from a 12% drop in the previous quarter [5] - Commercial revenues increased significantly across operations: over 210% in Mexico, 133% in Puerto Rico, and nearly 190% in Colombia [9] - Operating expenses, excluding construction costs, increased 31% year-on-year, but consolidated costs were down mid-single digits compared to Q3 2019 [10] Market Data and Key Metrics Changes - Domestic traffic in Colombia was only 4% below Q3 2019 levels, showing strong recovery [5] - Mexico accounted for 67% of total revenues excluding construction, while Puerto Rico and Colombia represented 22% and 11%, respectively [9] - The ongoing vaccination rollout in the U.S. is expected to contribute to the recovery of international traffic in Mexican operations [6] Company Strategy and Development Direction - The company aims to leverage its airport network to rebuild its passenger base in the long term, focusing on gradual recovery and managing cash and variable costs cautiously [14] - The company is committed to completing its capital expenditures of Ps.3.5 billion for the year in Mexico, with ongoing projects in Mérida and Cancun [13] - The company remains focused on improving commercial operations and exploring attractive investment opportunities post-pandemic [39] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery of traffic, expecting to reach pre-pandemic levels by Q2 2022 [6][17] - The company is concerned about potential future COVID-19 waves but is preparing for a strong winter travel season [36] - Management noted that inflation and supply chain issues could impact planned investments, but they are committed to meeting their capital expenditure commitments [44] Other Important Information - The company refined its loan with BVA at Cancun Airport, extending its maturity by seven years [8] - Accounts receivables dropped 18% sequentially, mainly due to declines in Puerto Rico [8] Q&A Session Summary Question: Traffic recovery expectations for the second half of next year - Management expects normalized growth in each region if the pandemic situation stabilizes [17] Question: Details on the refinancing of debt with Santander - Refinancing was done over a three-year period, with no payments due next year [20] Question: Airport tariff increase implementation - Management confirmed that the 17% increase in tariffs is being implemented gradually [24] Question: Outlook for operating expenses normalization - Management anticipates operating expenses will return to 2019 levels once the situation normalizes, but inflation will be a factor [34] Question: Recovery of international traffic from Canada and Europe - Management noted that recovery is expected, with some airlines showing interest in increasing flights [36] Question: Impact of rising material costs on planned investments - Management acknowledged that rising construction costs could affect capital expenditures but remains committed to meeting obligations [44] Question: Commercial revenue expansion drivers - Management indicated that commercial revenues are still affected by passenger numbers, with some categories performing better than others [46]