Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 1.8% increase in total terminal passenger traffic across its 12 Mexican airports in July 2025 compared to July 2024 [2] - The overall passenger traffic for the first seven months of 2025 increased by 7.0% compared to the same period in 2024 [3] Passenger Traffic Performance - Guadalajara airport saw a 0.7% increase in passenger traffic, while Puerto Vallarta increased by 0.4%. Tijuana experienced a decrease of 3.1%, and Los Cabos remained flat [2] - Montego Bay airport had a significant increase of 15.2% in passenger traffic compared to July 2024 [2] Detailed Passenger Statistics - Total terminal passengers in July 2025 reached 3,329.8 thousand, up from 3,203.2 thousand in July 2024, marking a 4.0% increase [3] - Year-to-date figures show a total of 20,974.3 thousand passengers from January to July 2025, compared to 19,603.0 thousand in the same period of 2024, reflecting a 7.0% increase [3] Domestic and International Passenger Trends - Domestic terminal passengers increased by 1.9% in July 2025 compared to July 2024, totaling 2,506.2 thousand [5] - International terminal passengers decreased by 0.5% in the same period, totaling 17,010.4 thousand [5] Load Factors and Capacity - The number of available seats in July 2025 increased by 6.0% compared to July 2024, while load factors decreased from 87.2% to 84.8% [8] New Routes Introduced - Several new routes were announced, including Aguascalientes to La Paz and Guadalajara to New York (EWR) [9] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [10]

Passenger Traffic Overview - Passenger traffic in July 2025 reached 6.5 million, a 1.5% increase compared to July 2024 [1] - Year-on-year traffic increased by 3.5% in Colombia and 2.0% in Mexico, while Puerto Rico saw a decrease of 1.9% [2][4] Traffic Breakdown by Region Mexico - Total passenger traffic in Mexico for July 2025 was 3,617,941, up 2.0% from July 2024 [4] - Domestic traffic increased slightly by 0.4% to 1,796,925, while international traffic rose by 3.7% to 1,821,016 [5] - Year-to-date figures show a decline in total traffic by 2.6% to 24,579,607 [4] Puerto Rico - San Juan Airport reported a total of 1,381,674 passengers in July 2025, a decrease of 1.9% from the previous year [7] - Domestic traffic fell by 3.5% to 1,176,500, while international traffic increased by 8.0% to 205,174 [7] Colombia - Colombia's total passenger traffic for July 2025 was 1,511,049, reflecting a 3.5% increase [8] - Domestic traffic rose by 1.2% to 1,131,678, and international traffic surged by 10.7% to 379,371 [8] Year-to-Date Performance - Year-to-date total traffic across all regions showed a slight increase of 0.3% to 42,847,308 [4] - Domestic traffic year-to-date decreased by 0.5% to 26,224,235, while international traffic saw a decline of 1.6% to 16,623,073 [4] Company Profile - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) operates 16 airports in the Americas, including major airports in Mexico and Colombia [9] - ASUR is listed on both the Mexican Bolsa and the NYSE, with a focus on maintaining and developing airport infrastructure [9]

ICG is set to purchase three regional airports in England for around £200 million ($264 million), Sky News reported https://t.co/iFZVmXveJv ...

Company Overview - Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [3] - GAP's shares are listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under "GAP" [3] - The company acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica [3] Dividend Announcement - GAP will pay the second and final installment of the approved dividend on August 14, 2025, amounting to Ps. 8.42 per outstanding share [1][2] - This payment completes a total dividend of Ps. 16.84 per share, as approved at the Annual General Ordinary Shareholders' Meeting held on April 24, 2025 [2]

Financial Data and Key Metrics Changes - The company reported a net debt position of negative €223 million, excluding infrastructure project companies, which does not include proceeds from the divestment of Hydro [4] - Adjusted EBITDA for the construction segment was €191 million, up 4.2% year-over-year, with an adjusted EBIT margin of 3.5%, in line with long-term targets [16][17] - Operating cash flow was negative €104 million in the first half, compared to negative €53 million in the same period last year, primarily due to the lack of advanced payments [17] Business Line Data and Key Metrics Changes - Highways revenues grew by 14.9% in the first half on a like-for-like basis, with adjusted EBITDA improving by 17.1% [6] - U.S. Highways represented 88% of total highways revenues and 97% of total adjusted EBITDA, with revenues growing by 15.9% and adjusted EBITDA increasing by 14% [6] - The construction segment saw revenues reach €3,453 million, a 2.6% increase on a like-for-like basis [16] Market Data and Key Metrics Changes - Traffic improved by 5.8% in the second quarter, driven by targeted rush hour promotions, despite adverse weather conditions [8] - At JFK Airport, the new Terminal 1 project is 72% complete, with construction on schedule and on budget [14] - Dalaman Airport in Turkey experienced a slight traffic decline of 0.3% in the first half, impacted by lower domestic passenger volumes [15] Company Strategy and Development Direction - The company continues to focus on growth investments, divestments, and shareholder distributions, with a strong pipeline of U.S. highways assets [4][28] - The strategic horizon plan is being executed, with updates on progress expected [29] - The company is optimistic about future opportunities in Poland, particularly with European funds and potential reconstruction in Ukraine [96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of North American assets, driven by increased customer segmentation and local economic growth [28] - The company anticipates limited exposure to inflation and a healthy construction order book [29] - Management noted that adverse weather events negatively impacted performance but did not foresee significant long-term effects [11] Other Important Information - The company completed the acquisition of an additional 5.06% stake in four zero seven ETR for CAD 1.99 billion, increasing its stake from 43.23% to 48.29% [5] - Dividends from North American highways totaled €240 million in the first half, down from €339 million in the same period last year [7] - The company issued $1.4 billion in long-term green bonds, completing the refinancing of phase A for the NTO project [15] Q&A Session Summary Question: Can you explain the strong growth in average revenue per transaction in I-77 and I-66? - Management attributed the growth to increased toll revenues and dynamic pricing adjustments based on traffic behavior and value provided to users [36] Question: Why did earnings from ProBio Construction decline year-over-year in Q2? - Management indicated that the decline was due to additional costs related to utilizations and IT systems, along with increased bidding costs [43] Question: Can you comment on the recent pricing and traffic trends in the U.S. Managed Lanes business? - Management noted that underlying economic growth has been positive, although adverse weather impacted performance in the second quarter [117]

Overall Performance - Ferrovial's net debt ex-infrastructure projects reached -€223 million[7] - Highways, Airports and Construction all showed robust performance[7,9] - Dividends collected from projects totaled €323 million[9] - Shareholder distributions amounted to €334 million[9] Highways - US Highways' revenue increased by 15.9% LfL compared to H1 2024[12] - US Highways' Adjusted EBITDA increased by 14.0% LfL compared to H1 2024[12] - 97% of Highways' Adjusted EBITDA and 88% of Highways' revenue came from US assets[12] - Dividends from North American assets reached €240 million (€339 million in H1 2024)[12] 407 ETR - 407 ETR revenue increased by 19.7% to CAD 933 million in H1 2025[14] - 407 ETR EBITDA increased by 13.0% to CAD 765 million in H1 2025[14] - A CAD 45.2 million provision was accrued for Schedule 22 in H1 2025[17] - A CAD 200 million dividend was paid in H1 2025, a 14.3% increase from CAD 175 million in H1 2024[19] Construction - Construction revenue reached €3,453 million in H1 2025, a 2.6% LfL increase[37] - Construction Adjusted EBIT margin reached 3.5% in H1 2025[37]

Core Insights - Ferrovial reported solid growth in the first half of 2025, with strong performance across all business divisions, particularly in U.S. highways and Construction [1][2] - The company achieved an adjusted EBITDA of €655 million, a 9.2% increase year-over-year, and revenue of €4.5 billion, reflecting a 5% growth [3][8] - Net profit rose to €540 million from €414 million a year earlier, driven by capital gains from asset rotation [3] Financial Performance - Adjusted EBITDA for H1 2025 was €655 million, up 9.2% from €603 million in H1 2024 [3][8] - Revenue increased to €4.5 billion from €4.27 billion, marking a 5% growth [3][8] - The company reported a consolidated net debt of -€223 million, indicating a strong financial position [4][8] Business Divisions - The Highways division saw a revenue increase of 14.9% to €676 million, primarily due to growth in North America [5][9] - The Construction division achieved a 3.5% adjusted EBIT margin and an all-time high order book of €17.3 billion, with North America contributing 45% [6][10] - In the Airports division, the New Terminal One (NTO) project is progressing well, with 72% construction completion and 21 airline agreements reached [7] Strategic Moves - Ferrovial completed the sale of a 50% stake in AGS Airports for €533 million and acquired a 5.06% stake in the 407 ETR for €1.3 billion [4] - The company allocated €334 million to shareholder distributions and €244 million to equity injections in the NTO project at JFK International Airport [4]

Financial Data and Key Metrics Changes - Aeronautical revenues increased by 17% year-over-year, driven by higher yields and increased passenger traffic [15][19] - Non-aeronautical revenues grew by 16%, with commercial revenues rising by 20% [15][19] - Adjusted EBITDA increased by 19% to MXN 2.6 billion, with an adjusted EBITDA margin of 74.6% [13][19] Business Line Data and Key Metrics Changes - Passenger traffic totaled 7.2 million, an 11% increase year-over-year, with domestic traffic growing by 10% and international traffic by 19% [11][12] - Commercial revenue per passenger increased by 8% to 62 pesos, with strong growth in restaurants (41.1%), parking (12.7%), VIP lounges (34.6%), and retail (27.4%) [13][17] - Diversification revenues increased by 11%, primarily from industrial services [13][19] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [13] - Viva Aerobus represented 51% of total traffic, with a 14% increase in terminal passenger numbers, while Volaris accounted for 24% of total traffic with a 31% increase [12] Company Strategy and Development Direction - The company is negotiating the 2630 Master Development Program, with a total committed investment similar to previous programs, focusing on enhancing efficiency and optimizing operations [8][9] - Approximately 49% of the investment will be allocated to Monterrey Airport, with key projects including terminal expansions and technology upgrades [10][56] Management Comments on Operating Environment and Future Outlook - Management anticipates mid to high single-digit traffic growth for the remainder of the year, influenced by reduced airline capacity and tougher comparisons to the previous year [26] - Strong economic performance in Monterrey is driving traffic growth, attributed to industrial activity and high occupancy in the industrial park [28] Other Important Information - The company completed a MXN 2.75 billion issuance in long-term notes, with proceeds used for loan repayments and committed investments [8] - Total debt at the end of the quarter amounted to MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of one time [21] Q&A Session Summary Question: Confirmation on MDP CapEx levels - Management confirmed that the CapEx will be at a similar level in real terms, not per passenger [23] Question: Traffic outlook for the second half of the year - Management expects mid to high single-digit traffic growth, with some reduction anticipated due to airline capacity cuts [26] Question: Drivers of traffic performance - Traffic growth is attributed to strong economic performance in Monterrey and new routes [27][28] Question: Network development expectations for Monterrey Airport - New openings are expected in the domestic market, but growth may not accelerate significantly due to capacity cuts [33] Question: Tariff expectations for MVP - Management indicated that they do not foresee decreases in tariffs, with expected growth in low single digits [40] Question: Growth in commercial revenue per passenger - Management expects continued growth driven by contract renegotiations and new outlet openings [45] Question: Potential investments in Brazil - The company is not formally involved in the process of acquiring airport assets in Brazil but is always looking for opportunities [51] Question: Contribution of Monterrey to non-commercial revenues - Specific numbers were not available, but management will follow up [55] Question: Focus of new investments in Monterrey - Investments will focus on expanding platform capacity and improving operational efficiency [56] Question: Upside risk on passenger growth due to U.S. DOT actions - Management does not expect major impacts from recent U.S. DOT actions but will monitor the situation [63] Question: Dividend policy in light of expected CapEx - The company plans to maintain a similar dividend policy, distributing between 85% to 95% of net income [67]

Financial Data and Key Metrics Changes - Aeronautical revenues increased by 17% year-over-year, driven by higher yields and increased passenger traffic [12][15] - Non-aeronautical revenues grew by 16%, with commercial revenues rising by 20% [15][19] - Adjusted EBITDA increased by 19% to MXN 2.6 billion, with an adjusted EBITDA margin of 74.6% [13][19] - Consolidated net income reached MXN 1.3 billion, reflecting a 3.8% increase compared to the same quarter last year [20] Business Line Data and Key Metrics Changes - Passenger traffic totaled 7.2 million, an 11% increase year-over-year, with domestic traffic growing by 10% and international traffic by 19% [11][12] - Commercial revenue per passenger increased by 8% to 62 pesos, driven by strong performance in restaurants, parking, VIP lounges, and retail [13][15] - The occupancy rate for commercial space stood at 96% at the end of the quarter [13] Market Data and Key Metrics Changes - Monterrey Airport was a significant driver of growth, contributing to 65% of total domestic passenger growth and 66% of international passenger traffic increase [11][12] - Viva Aerobus represented 51% of total traffic, with a 14% increase in terminal passenger numbers, while Volaris accounted for 24% of traffic with a 31% increase [12] Company Strategy and Development Direction - The company is focused on a master development program aimed at enhancing efficiency and optimizing operations, with a significant portion of investment allocated to Monterrey Airport [8][10] - The investment proposal emphasizes capacity optimization and improving passenger experience, with a low single-digit increase in maximum tariffs expected [10][19] Management Comments on Operating Environment and Future Outlook - Management anticipates mid to high single-digit traffic growth for the remainder of the year, despite some capacity reductions announced by airlines [26] - Strong economic performance in the Monterrey region is attributed to industrial activity, which is expected to continue driving traffic growth [29] Other Important Information - The company completed a MXN 2.75 billion issuance in long-term notes, with proceeds used for loan repayments and committed investments [7] - Changes in senior management were announced, with a new COO and CCO set to join the company [5][6] Q&A Session Summary Question: Confirmation on MDP CapEx levels - Management confirmed that the CapEx levels are similar in real terms to previous programs [24][25] Question: Traffic outlook for the second half of the year - Management expects mid to high single-digit traffic growth, with some reduction anticipated due to airline capacity cuts [26] Question: Drivers of traffic performance - Traffic growth is attributed to strong economic performance and industrial activity in Monterrey [28][29] Question: Network development expectations for Monterrey Airport - New domestic routes are expected, but growth may be tempered by capacity cuts [34] Question: Tariff expectations for MVP - Management indicated that tariff increases are expected to be in the low single digits, with no decreases anticipated [41] Question: Growth in commercial revenue per passenger - Management highlighted ongoing initiatives to enhance commercial revenues through contract renegotiations and new outlet openings [44][45] Question: Potential investments in Brazil - The company is not formally involved in the process of acquiring airport assets in Brazil but is always looking for opportunities [49] Question: Contribution of Monterrey to non-commercial revenues - Specific numbers were not provided, but management will follow up on this inquiry [52] Question: Focus of new investments in Monterrey - Investments will focus on expanding platform capacity and improving operational efficiency [54][55] Question: Impact of U.S. DOT actions on passenger growth - Management does not expect major impacts from recent U.S. DOT actions but will monitor the situation closely [60] Question: Dividend policy outlook - The company plans to maintain a similar dividend distribution policy, with potential increases as EBITDA and net income grow [64]

Financial Data and Key Metrics Changes - Total passenger traffic reached 15.8 million, representing a 4.1% increase compared to the same quarter of 2024 [6] - Revenues excluding IFRIC 12 grew by 30.6% year over year, reaching ARS 8.2 billion, driven by a 26.4% increase in aeronautical revenues and a 41.8% increase in non-aeronautical revenues [9][10] - EBITDA increased by 31.1%, reaching ARS 5.5 billion, with an EBITDA margin of 67.1% excluding IFRIC 12 [11] - Operating income increased by 30.4% and net income by 17.9% [12] - Cash and cash equivalents stood at ARS 9.7 billion as of June 30 [12] Business Line Data and Key Metrics Changes - Revenues from business lines operated directly by the company increased by 113%, driven by the consolidation of the cargo and bonded warehouse business [10] - Third-party operated business grew by 10.7%, with significant contributions from food and beverage, retail, duty-free, ground transportation, and timeshares [10] Market Data and Key Metrics Changes - The company added eight new routes this quarter, including seven domestic and one international, bringing the total to 21 new routes for the year [6] - Canada is becoming an increasingly relevant market, especially during the winter season, with new international routes announced [6] Company Strategy and Development Direction - The company remains cautiously optimistic about the future, focusing on controlling costs while ensuring service quality across airports [12][15] - The company is pursuing strategic expansion opportunities, including the Turks and Caicos tender process and potential acquisition of CCR Airports assets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about stricter U.S. migration and enforcement policies potentially impacting international traffic, particularly on U.S.-Mexico routes [8] - Despite macroeconomic headwinds and FX volatility, the company expects to maintain its initial annual guidance [9][15] Other Important Information - The company executed capital investments of about ARS 12.8 billion in the first half of 2025, in line with annual plans [13] - A dividend of ARS 16.84 per share was approved for payment throughout 2025, with the first tranche already distributed [15] Q&A Session Summary Question: Potential inorganic opportunities with Turks and Caicos and CCR - Management indicated that while there are opportunities in Latin America and the Caribbean, not all will yield the desired returns [20] Question: Status of the hotel in Guadalajara Airport - The hotel has achieved an average tariff of ARS 2,500 and an occupancy rate of around 80% in its first year of operation [22] Question: Tariff increases and airline negotiations - The first tariff increase was implemented in March 2025, with a second adjustment expected in early 2026 [27][30] - Airlines have been vocal about tariff changes, but management noted no significant change in their behavior [31] Question: Traffic trends and demand stabilization - Management noted a decrease in passengers on BFR routes due to migration policy changes but expects demand to stabilize as clarity improves [36] Question: CCR portfolio acquisition and leverage - Management stated that a potential acquisition of the CCR portfolio would not require capital injection, as the balance sheet remains healthy [44] Question: Impact of U.S. Department of Transportation claims - Management sees potential impacts on the BFR market but believes the diversified airport portfolio can mitigate risks [82]