Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, significantly outpacing passenger traffic growth of 9.3% [12] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [5][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, driven primarily by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [12][13] - Commercial revenues grew by 18%, supported by strong performance in cargo, VIP lounges, and other passenger-related services [12][13] - Cargo revenues were up 20% year-over-year, with Argentina seeing a 23% increase [10] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [4][6] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Brazil and Italy also reported strong traffic growth, with Brazil's total traffic up over 8% [8][9] Company Strategy and Development Direction - The company is advancing its investment plans, with CAPEX program approvals underway in Armenia and Italy [5][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on maintaining a competitive cost structure while enhancing cargo capabilities [11] - Overall, management expressed confidence in the resilience of the business model and the quality of assets [21] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and commercial revenues outlook - Management confirmed progress in discussions regarding the rebalance of the concession agreement but could not provide a specific timetable [23][24] - Commercial revenues were reported to be up 8% versus last year, with expectations of continued positive trends [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment approval has been obtained, with the next steps expected to commence towards the end of the first quarter [27][28] - Discussions regarding investment opportunities in Armenia are ongoing, with no specific timeline provided [28] Question: Size of the opportunity at Baghdad Airport - Management indicated a constructive view on potential traffic growth in the region, with further details to be provided once the concession agreement is finalized [33][34]

亳州机场的建成通航，将为皖北地区经济社会发展注入强劲动力。据悉，亳州机场飞行区指标为4C 级，跑道长2600米，拥有8个C类客机位（含4个廊桥机位）和1个C类隔离坪（兼除冰坪）。其航站楼面 积达1.16万平方米，设计年旅客吞吐量为100万人次，年货邮吞吐量2650吨。 《中国民航报》、中国民航网 记者胡夕姮 通讯员嵇发报道：11月12日，安徽民航发展迎来重要时刻。 上午10时28分，一架从深圳飞来的东海航空（航班号DZ6223）波音737-800客机，搭载着174名旅客， 平稳降落在崭新的跑道上。随后，于11时52分，该飞机搭载167名旅客和1.7吨货物返航深圳，标志着亳 州机场正式投入运营。 开航初期，亳州机场已成功引入多家航空公司运营航线。东海航空率先开通深圳—亳州—沈阳航线 （DZ6223/DZ6224）；首都航空开通北京大兴—亳州（JD5249）、海口-亳州（JD5250）航线；北部湾 航空开通南宁—亳州—哈尔滨航线（GX8823/GX8824）。未来，机场还计划开通长春—亳州—昆明等 航线，以进一步完善航线网络布局。 为方便广大旅客便捷抵达机场，亳州机场同步完善了地面交通接驳体系。亳州市区旅客可通过 ...

Summary of Baiyun Airport Conference Call Company Overview - Baiyun Airport reported a total profit of approximately 1.347 billion yuan for the first three quarters of 2025, showing strong profitability despite a quarter-on-quarter decline in Q3 [2][3] - As of the end of October 2025, Baiyun Airport had handled 450,000 flights, a year-on-year increase of 7.6%, and passenger throughput reached 68.74 million, up 8.8% year-on-year [2][4] Key Financial Metrics - Revenue showed a quarterly upward trend: Q1 revenue exceeded 1.82 billion yuan, Q2 reached 1.905 billion yuan, and Q3 further increased to 1.97 billion yuan [3] - Net profit for Q3 was approximately 450 million yuan, with a notable non-recurring gain of over 100 million yuan in Q2 [3] Revenue Breakdown - For the first three quarters of 2025, aviation revenue was approximately 2.37-2.38 billion yuan, while non-aviation revenue was around 3.3 billion yuan [2][13] - Non-aviation revenue included duty-free income of 360 million yuan, ground service income of 830 million yuan, and VIP lounge and flight delay service income of 330 million yuan [2][14] Duty-Free Business Insights - Duty-free business showed limited growth, with average sales per passenger still lagging behind 2019 levels [15][16] - The newly established indoor duty-free store contributed minimally to overall revenue, as the company holds only a 10% stake [17] Infrastructure Developments - The T3 terminal was put into operation on October 30, 2025, enhancing the airport's capacity with a peak hour capacity approved to increase to 93 flights [2][6][9] - The airport aims for an annual passenger throughput target of 120 million by 2030 [6] Cost and Expense Management - Management expenses increased in Q3 due to rising labor costs and slight increases in office rental fees [7] - The company is currently negotiating the asset usage model post the third runway's operation, with a cautious financial accounting approach [8] Future Outlook and Challenges - The recovery of international passenger volume remains uncertain, with geopolitical factors impacting routes to India and Europe [12] - The company anticipates challenges in fully recovering to 2019 levels by year-end, with a gap of 3-4 million passengers compared to 2019 figures [12] Advertising and Non-Aviation Business - The advertising business is significantly affected by the economic environment, with plans to invite stronger operators through bidding processes [5][21] - The T2 airport's duty-free agreement will expire in 2026, with renewal or re-bidding pending government approval [20] Shareholder Returns - The company has updated its dividend policy to ensure a payout ratio of no less than 50% from 2024 to 2026, reflecting a commitment to shareholder returns [5][26] Conclusion - Baiyun Airport's performance in 2025 shows resilience with a focus on cost control and revenue generation strategies, despite external challenges impacting recovery and growth potential [27]

Core Viewpoint - Baiyun Airport has shown significant performance growth in Q3 2023, achieving the best net profit since 2019, driven by increased international flight routes and improved operational capacity [1][2][4] Financial Performance - In Q3 2023, Baiyun Airport reported an operating income of 1.971 billion yuan, a year-on-year increase of 7.11% - The net profit attributable to shareholders reached 346 million yuan, up 50.24% year-on-year - For the first three quarters of 2023, the total operating income was 5.697 billion yuan, reflecting a growth of 7.48%, while the net profit attributable to shareholders was 1.096 billion yuan, increasing by 64.06% [1] Operational Developments - Baiyun Airport has opened, restored, and increased over 30 international passenger routes in collaboration with airlines this year, contributing to revenue growth [2] - The airport's weekly passenger flight schedule has reached 10,728 flights as the new winter-spring flight season begins [3] Infrastructure Enhancements - The T3 terminal at Baiyun Airport has officially opened, marking the airport's transition to a "5-runway + 3-terminal" operational model - The T3 terminal features 31 domestic and 9 international security check channels, utilizing advanced technology for efficient passenger processing [3] - The fifth runway commenced operations on October 30, 2023, enhancing the airport's capacity during peak hours and improving flight scheduling efficiency [4]

Financial Data and Key Metrics Changes - In Q3 2025, OMA's passenger traffic reached 7.6 million, an 8% year-over-year increase, with seat capacity rising by 11% [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an adjusted EBITDA margin of 74.8% [5][10] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [10] - Cash generated from operating activities amounted to MXN 1.9 billion, with a cash position of MXN 4.4 billion at the end of the quarter [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing significantly to overall growth [3] - International passenger traffic increased by 11%, with notable contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with commercial revenue per passenger at MXN 60, driven by parking, restaurants, VIP lounges, and retail [4][8] - Industrial services revenues surged by 53%, mainly due to increased leased square meters in the industrial park [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space was 96% at the end of the quarter, indicating strong demand [4] - The overall investment level for the next Master Development Program is expected to remain similar in real terms to the previous program [7] Company Strategy and Development Direction - The company plans to allocate around half of its Master Development Program (MDP) investment to Monterrey, focusing on capacity expansion and commercial opportunities [23] - OMA is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single-digit growth for the following year [14] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing efforts to manage costs effectively [19] Other Important Information - Total debt at the end of September was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x, indicating a solid financial position [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year to be between 7% and 8%, with expectations for next year in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management analyzing alternatives to maintain costs [19] Question: Capital allocation for the next MDP and potential international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic increased by 8% year over year, totaling 7.6 million passengers [4] - Aeronautical revenues rose by 11%, with aeronautical revenue per passenger increasing by 3% [6] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an EBITDA margin of 74.8% [7][13] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [13] - Total debt at the end of the quarter was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9 times [14] Business Line Data and Key Metrics Changes - Commercial revenues increased by 7%, driven by parking, restaurants, VIP lounges, and retail, with occupancy rates for commercial space at 96% [6][10] - Industrial services revenue surged by 53%, attributed to higher square meters leased and contractual rent increases [11] - Non-aeronautical revenues grew by 7.3%, with significant contributions from parking and retail [9][10] Market Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily due to increased routes from Monterrey Airport [5] - International passenger traffic increased by 11%, with notable growth on routes to San Francisco, Atlanta, and Dallas [5] Company Strategy and Development Direction - The company is focusing on expanding capacity and commercial opportunities at Monterrey Airport, which accounts for half of its traffic [30] - The Master Development Program (MDP) is under negotiation, with expectations for final resolution in December [7][8] Management Comments on Operating Environment and Future Outlook - Management anticipates overall traffic growth for the year to be between 7% to 8%, with expectations for low to mid-single-digit growth in 2026 [19] - Cost pressures from SG&A and utility costs are viewed as temporary, with management exploring alternatives to maintain cost control [24] Other Important Information - Total investments in Q3 amounted to MXN 472 million, including major maintenance and strategic investments [7] - Cash generated from operating activities was MXN 1.9 billion, with cash position at MXN 4.4 billion at the end of the quarter [13][14] Q&A Session Summary Question: Traffic expectations for Q4 and 2026 - Management expects overall traffic growth for the year to be between 7% to 8%, with low to mid-single-digit growth anticipated for next year [19] Question: Decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in the following quarters [22] Question: SG&A and utility cost pressures - Management views these cost pressures as temporary and is analyzing alternatives to maintain cost control [24] Question: Capital allocation for the next MDP - Half of the capital will be allocated to Monterrey for capacity expansion and commercial opportunities [30]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic reached 7.6 million, an 8% increase year over year, with seat capacity rising by 11% [3][4] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4][10] - Total aeronautical and non-aeronautical revenues grew by 9.8% to 3.5 billion pesos [9] - Adjusted EBITDA increased by 9% to 2.7 billion pesos, with a margin of 74.8% [5][10] - Consolidated net income was 1.5 billion pesos, reflecting a 9.1% increase compared to the same quarter last year [10][11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing to 68% of total domestic growth [3][4] - International passenger traffic increased by 11%, with significant contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with notable increases in parking (9.4%), restaurants (9.8%), VIP lounges (9.9%), and retail (8.2%) [8][9] - Industrial services revenues surged by 53%, driven by higher leased square meters and contractual rent increases [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [4] - Cash generated from operating activities amounted to 1.9 billion pesos, with a cash position of 4.4 billion pesos at the end of the quarter [11] Company Strategy and Development Direction - The company is focused on its Master Development Program (MDP) for 2026-2030, with expectations for a similar investment level to the previous MDP [5][6] - Approximately half of the MDP will be allocated to Monterrey, reflecting its significant traffic share [22] - The company is exploring international expansion opportunities, although no concrete plans have been disclosed [22] Management's Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single digits growth for 2026 [14] - Cost pressures from AG&E and utility costs are viewed as temporary, with expectations for cost management strategies to mitigate these pressures [18] Other Important Information - Total investments in Q3 2025 amounted to 472 million pesos, including major maintenance and strategic investments [5] - The company maintains a solid financial position with a net debt to adjusted EBITDA ratio of 0.9 times [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year between 7% and 8%, with next year's growth expected in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [16] Question: Outlook on AG&E and utility cost pressures - Cost pressures are seen as temporary, with management analyzing alternatives to maintain costs in check [18] Question: Capital allocation for the next MDP and international expansion - Half of the MDP will focus on Monterrey, with ongoing exploration of international expansion opportunities [22]

Financial Data and Key Metrics Changes - Total passenger traffic across GAP's 14 airports increased by 2.5% year-over-year, reaching 15.8 million passengers in Q3 2025, despite a decline in international passenger traffic [5][4] - Total revenues increased by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [7] - EBITDA grew by 12.8%, reaching MXN 5.1 billion, with an EBITDA margin of 64.3% [9][10] - The cost of services increased by 14.1% year-over-year, primarily due to operational changes in managing jet bridges and airport buses [9] Business Line Data and Key Metrics Changes - Aeronautical revenue grew by 18.3%, reflecting the implementation of new maximum tariffs [7] - Non-aeronautical revenues increased by 15.6%, with significant contributions from food and beverages, retail, duty-free, ground transportation, and timeshares [8] - Revenue from business operated directly by GAP rose by 30.1%, mainly due to the consolidation of the cargo and bonded warehouse business [7] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a more restrictive perception under the current U.S. administration [4] - Domestic demand showed sustained recovery, supported by new routes and additional frequencies [5] Company Strategy and Development Direction - The company is focused on connectivity and diversifying its network, with plans to launch eight new international routes to Canada in Q4 2025 [5][6] - GAP aims to strengthen its position as a regional hub by connecting Los Cabos directly to Panama, expanding its network into Central America [6] - The company continues to optimize its commercial offerings and leverage passenger flow growth to enhance value creation across all airports [8] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic despite macroeconomic uncertainty and exchange rate volatility, citing a resilient domestic market and disciplined financial management [11] - The company expects to maintain its leadership position in the region and generate long-term value for shareholders [11] Other Important Information - The company paid a dividend of MXN 8.42 per share in Q3 2025 and issued two new bond certifications totaling MXN 8.5 billion [10] - The process related to the Turks and Caicos tender is ongoing, with no resolution announced yet [12] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a decline in international traffic, particularly in VFR routes, but expressed optimism for recovery in the coming months as capacity increases [15][16] Question: On the commercial side, how far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth in directly operated businesses is expected to continue, with new commercial areas contributing to revenue growth [18][19] Question: Can you clarify the expected level of costs for the coming quarters? - Management confirmed that the current level of costs is expected to persist due to increased facilities and headcount [24][25] Question: What is the expected effect of next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effect will depend on the lottery of national teams [54][55] Question: Can you provide details on the commercial areas coming online in the next few years? - Management outlined plans for significant expansions in terminal buildings, which will increase commercial space by 55% by 2029 [56][58]

Core Viewpoint - Shenzhen Airport's stock price increased slightly to 7.1 yuan, with a market capitalization of 14.56 billion yuan, ranking 10th in the aviation sector and 1264th in the A-share market [1] Group 1: Operational Performance - In September 2025, the passenger throughput reached 5.1016 million, a year-on-year increase of 3.18%, with international passenger throughput at 456,800, up 14.45% [2][3] - Cumulative passenger throughput for the year reached 48.9135 million, reflecting an 8.15% year-on-year growth, while cumulative international passenger throughput was 4.2889 million, up 25.76% [2] - In terms of cargo and mail throughput, September figures were 170,800 tons, a 4.94% increase year-on-year, with cumulative figures for the year at 1.4988 million tons, up 11.73% [2] - Cumulative international cargo and mail throughput reached 720,600 tons, marking a 13.35% increase [2] - The number of flight takeoffs and landings in September was 34,616, a decrease of 0.86% year-on-year, while cumulative figures for the year were 331,830, reflecting a 4.87% increase [2][3] - Cumulative international flight takeoffs and landings were 43,981, showing a year-on-year growth of 19.54% [2][3]

Core Points - Shanghai Airport's stock price closed at 31.32 yuan, down 1.76% from the previous week [1] - The total market capitalization of Shanghai Airport is 77.939 billion yuan, ranking 4th in the aviation airport sector and 205th in the A-share market [1] Group 1: Company Performance - Pudong International Airport recorded 45,855 aircraft movements in September, a year-on-year increase of 5.66% [2][3] - Passenger throughput at Pudong International Airport reached 6.9857 million, up 11.69% year-on-year [2] - Cargo and mail throughput at Pudong International Airport was 352,600 tons, reflecting a year-on-year growth of 10.32% [2] - International passenger throughput at Pudong increased by 18.82% year-on-year, while cargo and mail throughput grew by 12.40% [2] - Hongqiao International Airport had 23,260 aircraft movements, a 4.43% increase year-on-year [2][3] - Passenger throughput at Hongqiao International Airport was 4.0893 million, up 6.05% year-on-year [2] - Cargo and mail throughput at Hongqiao International Airport reached 40,200 tons, with a year-on-year increase of 5.83% [2] - International passenger throughput at Hongqiao increased by 22.04% year-on-year, and cargo throughput grew by 26.33% [3]