Financial Data and Key Metrics Changes - In 2025, total passenger traffic reached 28.8 million, an increase of 8.5% compared to 2024, with domestic traffic growing by 8% and international traffic by 12% [8][10] - Adjusted EBITDA for the year was MXN 10.2 billion, with an Adjusted EBITDA margin of 74.5% [10] - For Q4 2025, passenger traffic totaled 7.5 million, a 6% increase year over year, with seat capacity increasing by 8% [10][12] - Consolidated net income for Q4 was MXN 1.2 billion, an increase of 3.6% compared to Q4 2024 [18] Business Line Data and Key Metrics Changes - Restaurant revenues grew by 22%, VIP lounges revenues increased by 30%, and parking revenues increased by 13% compared to 2024 [9] - OMA Carga revenues recorded a 9% increase, driven by higher volumes and improved operational efficiencies [10] - Aeronautical and non-aeronautical revenues each grew approximately 12% year over year [10] Market Data and Key Metrics Changes - The approval of the Master Development Program (MDP) for 2026-2030 includes an investment commitment of approximately MXN 16 billion, focusing on capacity expansion and quality enhancements [4][5] - The MDP reflects disciplined capital allocation and greater efficiency in the deployment of capital expenditures [6] Company Strategy and Development Direction - The MDP prioritizes projects that enhance passenger experience, improve operational efficiency, and incorporate technology solutions [5] - Sustainability and decarbonization are embedded in the investment strategy, with initiatives aimed at improving energy efficiency and supporting long-term emission reduction targets [5] - The company aims to strengthen overseas connectivity with additional operations to Madrid and the launch of a Monterrey-Paris route in April 2026 [9] Management's Comments on Operating Environment and Future Outlook - The management noted that traffic levels today are materially higher than five years ago, indicating improved capital efficiency per passenger [6] - For 2026, the company anticipates low to mid-single digit growth in traffic [68] - The management expressed confidence that the tariff increases will not significantly impact traffic elasticity [81] Other Important Information - Total investments in Q4, including MDP investments, amounted to MXN 755 million [13] - The company expects the full-year major maintenance provision cost for 2026 to be approximately MXN 400 million [18] Q&A Session Summary Question: Major maintenance provision details - The MXN 260 million major maintenance provision reflects expected expenditures for 2026-2030 and timing changes [22][23] Question: Passenger fees increase expectations - A 6.9% increase in passenger fees is expected starting April 10th, with an aim to reach 100% of the maximum tariff in 2 to 3 years [32] Question: Timing of investment in Monterrey - The new commercial area in Monterrey is expected to open by mid-next year [36] Question: Major maintenance investments in MDP - Approximately 17% of the total MDP investments for the next five years will be for major maintenance [41] Question: Excess concession tax on aeronautical revenues - The excess was incorporated as an additional reference value for recent negotiations and is being recovered through maximum tariff adjustments [44][45] Question: Traffic expectations for 2026 - The company anticipates low to mid-single digit growth in traffic for 2026 [68] Question: Commercial revenues per passenger and diversification growth - Commercial revenue per passenger ended 2025 at MXN 62, with expectations for similar amounts in 2026 [89]

Financial Data and Key Metrics Changes - In 2025, total passenger traffic reached 28.8 million, an increase of 8.5% compared to 2024, with domestic traffic growing by 8% and international traffic by 12% [6][9] - Adjusted EBITDA for the year was MXN 10.2 billion, with an adjusted EBITDA margin of 74.5% [9] - For Q4 2025, adjusted EBITDA grew by 5.9% to MXN 2.6 billion, with a margin of 73.6% [11][18] - Consolidated net income for Q4 was MXN 1.2 billion, a 3.6% increase year-over-year [18] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by approximately 12% year-over-year, while non-aeronautical revenues also grew by about 12% [9] - Restaurant revenues grew by 22%, VIP lounges revenues increased by 30%, and parking revenues rose by 13% compared to 2024 [8] - OMA Carga revenues recorded a 9% increase, driven by higher volumes and improved operational efficiencies [9][14] Market Data and Key Metrics Changes - Seat capacity across airports increased by close to 11% during 2025, reflecting improved aircraft deployment [5] - The company opened 35 new routes in 2025, with 24 being domestic and 11 international, enhancing connectivity [5][6] - Monterrey Airport has expanded its long-haul connectivity, including new routes to Madrid and Paris [7][8] Company Strategy and Development Direction - The Master Development Program (MDP) for 2026-2030 was approved, with an investment commitment of approximately MXN 16 billion focused on capacity expansion and quality enhancements [3][4] - The MDP emphasizes sustainability and decarbonization, with initiatives aimed at improving energy efficiency and supporting long-term emission reduction targets [4] - The company aims to maximize the use of current assets while ensuring disciplined capital allocation [4] Management's Comments on Operating Environment and Future Outlook - Management noted that traffic levels today are materially higher than five years ago, indicating improved capital efficiency per passenger [4] - The company anticipates low to mid-single-digit growth in traffic for 2026 [66] - Management expressed confidence in the structural growth outlook of their airports, supported by the approved MDP [5] Other Important Information - The company expects a 6.9% increase in passenger fees starting April 10, 2026, with a target to reach close to 100% of the maximum tariff over the next 2-3 years [32][34] - Total investments in Q4, including MDP investments, amounted to MXN 755 million [12] Q&A Session Summary Question: Major maintenance provision details - The MXN 260 million major maintenance provision reflects expected expenditures for 2026-2030 and timing changes [21][22] Question: Passenger fee increases - A 6.9% increase in passenger fees is expected, with 93% of the maximum tariff anticipated to be reached by the end of the year [32][34] Question: Investment timing in Monterrey - The new commercial area in Monterrey is expected to open by mid-next year [35] Question: Major maintenance in MDP - Major maintenance projects represent approximately 17% of the total MDP for the next five years [40][41] Question: Concession tax on aeronautical revenues - The excess concession tax is being recovered through maximum tariff adjustments starting January 1st of this year [44] Question: Traffic expectations for 2026 - The company anticipates low to mid-single-digit growth in traffic for 2026 [66] Question: Demand elasticity and new route additions - The company believes that the tariff increases will not significantly impact traffic elasticity, with 20 new routes confirmed for the year [78][83]

on 13-Feb-2026 13 February 2026 Midcap Research When AI threatens the moat #2: Our selection of "AI risk-proof" long ideas Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Marie Line Fort +33 1 42 13 85 21 marie-line.fort@bernsteinsg.com Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com Victor Acitores +34 915 893 901 victor.acitores@bernsteinsg.com +44 20 7676 8355 will.kirkness@bernsteinsg.com Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com Building on o ...

LUXEMBOURG--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), ("CAAP†or the "Company†), one of the world's leading private airport operators, reported today an 8.8% year-on-year (YoY) increase in passenger traffic in January 2026. Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2026 vs. 2025) Statistics Jan'26 Jan'25 % Var. Domestic Passengers (thousands) 3,667 3,573 2.6% International Passengers (thousands) 3,120 2,717 14.8% Transit Passengers (thousands) 821. ...

Performance was characterized by a sharp divergence between stable 2.9% traffic growth in Mexico and a 35% quarterly decline in Jamaica following Hurricane Melissa. Revenue growth of 12.8% was primarily decoupled from traffic volume, driven instead by the implementation of new maximum tariffs approved for the Mexican portfolio in 2025. The Jamaican downturn is attributed to the loss of approximately 70% of hotel infrastructure capacity surrounding Montego Bay rather than physical damage to airport fac ...

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported its consolidated results for the fourth quarter of 2025, showing a mixed performance in revenues and passenger traffic, influenced by external factors such as Hurricane Melissa impacting Jamaican airports [1][3]. Financial Performance - Total aeronautical revenues increased by Ps. 626.0 million, or 12.6%, primarily due to new airport tariffs and increased passenger traffic in Mexico [19]. - Non-aeronautical services revenues rose by Ps. 285.3 million, or 13.3%, driven by growth in various business lines [19]. - Total revenues increased by Ps. 267.1 million, or 2.8%, despite a significant decrease in revenues from improvements to concession assets, which fell by Ps. 644.3 million, or 25.6% [19][21]. - The company reported a comprehensive income decrease of Ps. 781.1 million, or 34.3%, from Ps. 2,274.3 million in 4Q24 to Ps. 1,493.3 million in 4Q25 [7]. Passenger Traffic - Total passenger traffic across the 14 airports operated by GAP decreased by 139.6 thousand, or 0.9%, compared to 4Q24 [5]. - The opening of new domestic and international routes contributed to the overall passenger traffic dynamics, although the impact of Hurricane Melissa led to a significant decline in Jamaican airport traffic [3][5][6]. Cost Structure - Cost of services increased by Ps. 426.8 million, or 28.1%, reflecting higher operational costs [7]. - Total operating costs decreased by Ps. 55.0 million, or 0.9%, mainly due to a reduction in costs associated with improvements to concession assets [22]. EBITDA and Income Metrics - EBITDA increased by Ps. 357.3 million, or 7.5%, with an EBITDA margin of 51.7% [15][26]. - Income from operations rose by Ps. 322.1 million, or 8.4%, indicating improved operational efficiency despite rising costs [7][25]. Yearly Overview - For the full year 2025, total revenues increased by Ps. 7,794.2 million, or 23.2%, with significant growth in both aeronautical and non-aeronautical services [34]. - Aeronautical services revenues for the year rose by Ps. 3,711.8 million, or 19.4%, while non-aeronautical services revenues increased by Ps. 2,032.3 million, or 26.5% [34].

Core Insights - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) reported a total passenger traffic of 6.7 million in January 2026, marking a year-on-year increase of 3.6% compared to January 2025 [1][2]. Passenger Traffic Summary - Passenger traffic in Colombia increased by 15.0%, driven by an 18.3% rise in domestic traffic and a 5.2% increase in international traffic [2][4]. - In Mexico, passenger traffic rose by 0.9%, with international traffic up by 2.5% while domestic traffic saw a decline of 1.2% [2][4]. - Puerto Rico experienced a decrease in total passenger traffic by 2.1%, with domestic traffic down by 2.6% and a slight increase of 1.8% in international traffic [2][4]. Detailed Traffic Breakdown - For Mexico, total passenger traffic was 3,748,437 in January 2026, compared to 3,714,152 in January 2025, reflecting a 0.9% increase [4][6]. - Domestic traffic in Mexico was 1,593,220 in January 2026, down from 1,611,881 in January 2025, a decrease of 1.2% [4][6]. - International traffic in Mexico increased to 2,155,217 in January 2026 from 2,102,271 in January 2025, a rise of 2.5% [4][6]. Colombia Traffic Insights - Total passenger traffic in Colombia reached 1,719,734 in January 2026, up from 1,495,926 in January 2025, representing a 15.0% increase [4][6]. - Domestic traffic in Colombia was 1,315,684 in January 2026, an increase of 18.3% from 1,111,795 in January 2025 [4][6]. - International traffic in Colombia rose to 404,050 in January 2026, up by 5.2% from 384,131 in January 2025 [4][6]. Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [8][9]. - The company holds a 60% interest in Aerostar Airport Holdings, which operates Luis Muñoz Marin International Airport in San Juan, Puerto Rico [9][10]. - ASUR has expanded into airport commercial services through ASUR US, enhancing retail and passenger experiences at major U.S. hubs [9].

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported a 1.2% increase in total passenger traffic across its 12 Mexican airports in January 2026 compared to January 2025, despite some airports experiencing declines due to external factors like Hurricane Melissa [2][3]. Passenger Traffic Summary - Total passenger traffic for January 2026 reached 2,965.3 thousand, up from 2,899.1 thousand in January 2025, marking a 2.3% increase [3]. - Guadalajara airport saw a significant increase of 6.0%, with passenger numbers rising from 1,006.2 thousand to 1,066.3 thousand [3]. - Puerto Vallarta reported a growth of 5.7%, increasing from 229.5 thousand to 242.5 thousand [3]. - In contrast, Tijuana and Los Cabos airports experienced declines of 0.5% and 5.6%, respectively [3]. International Passenger Traffic Summary - International passenger traffic decreased by 6.9%, from 2,747.0 thousand in January 2025 to 2,556.4 thousand in January 2026 [5]. - Montego Bay airport faced a drastic decline of 37.7%, with numbers dropping from 456.2 thousand to 284.2 thousand due to Hurricane Melissa [5][6]. - Morelia airport showed a notable increase of 25.6%, rising from 67.8 thousand to 85.2 thousand [5]. Load Factors and Capacity - The number of available seats increased by 3.0% in January 2026 compared to January 2025 [8]. - Load factors decreased from 83.9% in January 2025 to 79.7% in January 2026, indicating a drop in the efficiency of seat utilization [8]. Company Overview - Grupo Aeroportuario del Pacífico 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 [9]. - The company has been publicly traded since February 2006 on the New York Stock Exchange and the Mexican Stock Exchange [9].

Core Thesis - Corporación América Airports S.A. (CAAP) is viewed positively by investors, with a current share price of $29.12 and trailing and forward P/E ratios of 26.72 and 4.89 respectively [1][3] Company Overview - CAAP operates 52 airports across Europe and the Americas, primarily in Argentina, which faces significant economic instability [3] - Revenue is generated from aeronautical fees related to aircraft operations and supplemented by commercial activities such as retail, cargo storage, advertising, and leasing [3] - The company also earns revenue from construction services for airport expansions and maintenance under government contracts, recognizing these expenditures as intangible assets [3] Market Position - CAAP has a strategic presence in both high-traffic and niche locations, operating major airports in Brazil, Uruguay, the Galapagos, and Romania [4] - The customer base includes legacy carriers like LATAM and Aerolíneas Argentinas, as well as regional and low-cost airlines, although passenger traffic and revenue are unpredictable due to air travel volatility [4] Financial Performance - CAAP reports a gross margin of 34.7% and a net margin of 10.3%, but has weak competitive moats with a durability score of 0.4/10 and moderate financial quality at 4/10 [4] - Operational challenges are noted at larger airports, while smaller facilities perform better, indicating potential for management focus to enhance outcomes [5] Valuation and Risks - A conservative DCF model estimates a fair value of $56.21 per share, suggesting a 212% upside potential [5] - However, the company faces high debt levels, capital intensity, and exposure to Argentina's macroeconomic issues, presenting a high-risk, potentially high-reward investment scenario [5][6]

Core Viewpoint - Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR) shows potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend reversal [1][4]. Technical Analysis - A "golden cross" occurs when a stock's 50-day simple moving average crosses above its 200-day simple moving average, suggesting a potential bullish breakout [2]. - The successful golden cross event consists of three stages: a price decline bottoming out, the shorter moving average crossing above the longer moving average, and maintaining upward momentum [3]. Performance Metrics - Over the past four weeks, ASR has gained 8.6%, indicating positive momentum [4]. - ASR currently holds a 2 (Buy) rating on the Zacks Rank, suggesting it may be poised for further breakout [4]. Earnings Outlook - The earnings outlook for ASR is positive, with one upward revision in earnings estimates over the past 60 days and no downward revisions, leading to an increase in the Zacks Consensus Estimate [4]. - The combination of the technical indicator and positive earnings estimates makes ASR a candidate for investors' watchlists [6].