Group 1 - Betina Hvolbøl Thomsen resigned from the Board of Directors of Copenhagen Airports A/S effective December 31, 2025, after leaving her position at the company [1] - Michael Marott Bock, who has been an employee-elected alternate since April 2019, will take over as the new employee-elected member of the Board of Directors starting January 1, 2026 [1] - Michael Marott Bock has been employed at Copenhagen Airports A/S since 2007 and previously served as an employee-elected member of the Board from February 2022 to March 2023 [2]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 4.2% increase in total passenger traffic across its 12 Mexican airports for December 2025 compared to December 2024, with notable growth in Guadalajara and Puerto Vallarta airports [2][3] Passenger Traffic Summary - Total passenger traffic for December 2025 reached 3,264.5 thousand, up from 3,084.7 thousand in December 2024, marking a 5.8% increase [3][6] - Guadalajara airport saw a significant increase of 12.0% in passenger traffic, totaling 1,214.3 thousand in December 2025 [3][7] - Puerto Vallarta airport reported a 7.9% increase, reaching 268.0 thousand passengers [3][7] - In contrast, Tijuana and Los Cabos airports experienced declines of 2.7% and 1.2%, respectively [2][3] International and Domestic Passenger Trends - International passenger traffic decreased by 6.2% in December 2025, totaling 2,609.6 thousand compared to 2,782.3 thousand in December 2024 [5][6] - Domestic passenger traffic increased slightly by 0.1%, reaching 5,874.0 thousand in December 2025 [7][6] - Montego Bay airport in Jamaica faced a drastic decline of 43.8% in international passengers due to Hurricane Melissa [2][5] Yearly Performance - For the full year 2025, total passenger traffic increased by 5.8% to 36,444.7 thousand compared to 34,443.8 thousand in 2024 [3][6] - Guadalajara airport's yearly traffic rose by 6.6%, while Tijuana's increased by 1.5% [3][7] Operational Highlights - The number of available seats in December 2025 increased by 10.6% compared to December 2024, but the load factor decreased from 85.5% to 77.4% [9]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.7 million in December 2025, marking a year-on-year increase of 0.4% compared to December 2024 [1][2] Passenger Traffic Summary - Passenger traffic in Colombia increased by 6.0%, driven by a 6.3% rise in international traffic and a 5.9% increase in domestic traffic [2][4] - In Mexico, passenger traffic decreased by 0.4%, with international traffic down by 0.1% and domestic traffic down by 0.8% [2][4] - Puerto Rico experienced a decline of 4.2% in total passenger traffic, despite a 0.3% increase in international traffic, which was offset by a 4.8% decrease in domestic traffic [2][4] Year-to-Date Traffic - For the year-to-date figures, total passenger traffic in Mexico decreased by 2.0% to 40.6 million, while Colombia's traffic increased by 4.0% to 17.3 million [4][5] - Domestic traffic in Mexico saw a slight decrease of 0.6%, while Colombia's domestic traffic increased by 1.8% [4][5] Airport Operations - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia, with Cancun Airport being the most significant tourist destination [6] - The company is also a 60% joint venture partner in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico [6]

Core Viewpoint - The article discusses the investment insights and research provided by Ian Bezek, a former hedge fund analyst, focusing on high-quality compounders and growth stocks in Latin America and developed markets [2]. Group 1 - Ian Bezek has a decade of experience conducting on-the-ground research in Latin America, specifically in markets such as Mexico, Colombia, and Chile [2]. - The investing group led by Ian, called Ian's Insider Corner, offers features like a Weekend Digest, trade alerts, and direct access to Ian for members [2]. - The group emphasizes the importance of identifying high-quality growth stocks at reasonable prices [2].

Core Viewpoint - Guangdong's airport system has achieved significant growth, with passenger throughput surpassing 1 billion for the first time in 2025, indicating a robust recovery and increasing demand for air travel in the region [1][2]. Group 1: Airport Performance - In 2025, Guangdong Airport Group managed to handle a total passenger throughput of 1.0065 billion, with the province's airports collectively exceeding 1.8 billion passengers, ranking first in the country [1]. - Baiyun International Airport is on track to become one of the world's top ten busiest airports by 2024, with a passenger throughput of over 80 million by December 2025 [1]. - The number of flights at Baiyun Airport reached 550,000 in 2025, averaging 1,508 flights per day, marking a year-on-year increase of 7.53% [2]. Group 2: Growth of Specific Airports - Jieyang Chaoshan International Airport has joined the "ten million club" with a passenger throughput exceeding 10 million, supported by its strategic location and operational capacity [2]. - Huizhou Airport has shown remarkable growth, with passenger throughput increasing from 1.98 million in 2020 to an expected 3.36 million in 2025 [2]. - Shenzhen Airport also reported a record international and regional passenger volume of 6.15 million, a 23% year-on-year increase, with expectations to surpass 6.3 million for the year [4]. Group 3: Economic Implications - The growth in passenger and cargo traffic reflects Guangdong's economic vitality and contributes to the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - The opening of new cargo facilities at Baiyun Airport and the launch of dedicated cargo routes at Huizhou Airport are expected to enhance logistics efficiency for high-value industries [4].

Investment & Expansion - Adani Group plans to invest over $11 billion in its airports business by 2030 [1] - The group aims to bid for approximately 12 new airport terminals [1] - Expansion plans include upgrading infrastructure and venturing into aircraft maintenance [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The analysis covers the transportation sector in China, specifically airlines, tankers, and container shipping, with a positive outlook on airlines and tankers while turning bearish on container shipping [1][8][10]. Airlines - **Positive Outlook**: Airlines are expected to benefit from higher international demand and supply constraints, leading to above-cycle Return on Equity (ROE) of 22% in 2027 [1]. - **Earnings Forecast**: The net demand forecast for airlines has been raised to 1.6% and 1.3% for 2026 and 2027, respectively, leading to an earnings upgrade for 2027. However, earnings for 2026 have been cut due to the negative impact from China-Japan flight cancellations [1][10]. - **Key Picks**: Air China-H and CEA-A are highlighted as key investment picks due to their price outperformance [1]. Tanker Shipping - **Optimistic Projections**: The crude tanker sector is expected to see further spot rate hikes amid a continuous upcycle in 2026, driven by faster crude stockpiling in China [2][10]. - **Average TCE Rates**: The average Time Charter Equivalent (TCE) for Very Large Crude Carriers (VLCC) is forecasted to rise to $75, up from $56 in 2025 [1]. - **Supply Dynamics**: Supply growth is expected to be limited to 1% in 2026, with a lower effective supply growth forecast due to the exit of sanctioned capacity and increased storage use [2][10]. Container Shipping - **Bearish Stance**: The outlook for container shipping has turned bearish due to higher-than-expected new ship orders, which have driven the order book to 33% of current capacity. This is expected to lead to a deeper and longer downcycle [3][10]. - **Demand Decline**: There is a shrinking demand on the Transpacific route, exacerbated by declining US imports, which poses further downside risks [3]. Shipbuilding - **Continued Upcycle**: The shipbuilding sector is expected to benefit from limited supply growth, with a slight decline in new ship prices anticipated in the medium term due to a drop in new orders [22][10]. - **Long-term Outlook**: The order book coverage is expected to remain above 2.5x until 2032, indicating sustained demand for shipbuilding despite short-term fluctuations [22][24]. Ports and Exports - **Resilient Exports**: China's resilient export growth is projected at 5-6% per year, benefiting port operators and shipyards [11][10]. - **Port Operators**: Chinese port operators are expected to benefit from this resilient export growth, while shipyards may regain market share due to competitive pricing and cost advantages [11]. Key Investment Recommendations - **Buy Recommendations**: Air China, China Eastern Airlines, COSCO Shipping Energy, and COSCO Ports are recommended for purchase [9][10]. - **Sell Recommendations**: COSCO Shipping Holdings, Eastern Air Logistics, and Shanghai Airport are recommended for sale due to bearish outlooks [9][10]. Additional Insights - **Market Dynamics**: The analysis highlights the impact of supply constraints and lower oil prices on the transportation sector, with airlines and tankers positioned favorably compared to container shipping [8][10]. - **Scenario Analysis**: Potential scenarios regarding the reopening of the Red Sea and its impact on container shipping and tankers are discussed, indicating mixed outcomes for tankers and significant negative impacts for container shipping [12][10]. This comprehensive analysis provides a detailed overview of the current state and future outlook of the transportation sector in China, highlighting key investment opportunities and risks.

Core Viewpoint - InfraBridge has entered into a binding agreement to sell a 51% stake in a newly formed holding company that owns 100% of Leeds Bradford Airport and 49% of Newcastle International Airport to Aena, valuing the stake at approximately GBP 270 million [1][2][4]. Group 1: Transaction Details - The transaction is subject to customary conditions, including regulatory approvals, and will be completed once all conditions are satisfied [2][10]. - Leeds Bradford Airport served approximately 4.3 million passengers in the last financial year ending March 2025, playing a critical role in regional connectivity and economic activity [2][3]. - Newcastle International Airport welcomed 5.2 million passengers in the last financial year ending December 2024, with services from 16 airlines to over 80 direct destinations [3]. Group 2: Strategic Implications - The agreement reflects the strong performance and long-term potential of both airports, with InfraBridge expressing excitement about future growth prospects [4]. - Aena's Chairman and CEO highlighted this operation as a significant step in Aena's commitment to expanding in markets with great potential, such as the UK, where it already has experience with Luton Airport [5]. - The transaction strengthens the long-term strategic partnership between InfraBridge and Aena, building on their existing collaboration in UK airport assets [4][5]. Group 3: Company Backgrounds - InfraBridge is a diversified middle-market infrastructure manager focused on digital infrastructure, transport, logistics, and energy transition, managing USD 108 billion in assets [6]. - Aena operates a network of 46 airports in Spain and has international operations, including Luton Airport in London and 17 airports in Brazil, managing 20% of Brazilian air traffic [7][8].

LUXEMBOURG--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), ("CAAP†or the "Company†), one of the leading private airport operators in the world, reported today an 8.5% year-on-year (YoY) increase in passenger traffic in November 2025. Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2025 vs. 2024) | Statistics | Nov'25 | Nov'24 | % | YTD'25 | YTD'24 | % | | --- | --- | --- | --- | --- | --- | --- | | | | | Var. | | | Var. | | Domestic Passengers (thousands) | 3,824 | 3,6 ...

Core Insights - Ferrovial has been added to the Nasdaq-100 Index, effective before trading opens on 22 December, enhancing its visibility and shareholder base [1][6] - The company has a significant presence in North America, with over 80% of its equity value derived from this region, particularly from the US [3] - Ferrovial's market capitalization is approximately $27 billion, and it aims to expand its asset portfolio in North America [3] Company Operations - Ferrovial has been operating in North America for over two decades, involved in projects such as express lanes in various US states and Ontario, Canada, and is currently working on the New Terminal One at JFK International Airport [1][2] - The company covers four primary sectors: toll roads, airports, energy, and construction, and has achieved an average annual total shareholder return of 12% over the past decade [3][4] Strategic Partnerships and Growth - Ferrovial emphasizes its history of forming partnerships with investors, contractors, and local stakeholders to deliver key assets [5] - The CEO stated that the inclusion in the Nasdaq-100 reflects market confidence in the company's ability to develop high-value projects that drive economic growth and benefit local communities [6]