Core Viewpoint - Corporación América Airports S.A. has executed an addendum to the concession agreement for Seymour Airport, aimed at rebalancing the economic and financial equilibrium adversely affected by the COVID-19 pandemic [1][2]. Summary by Relevant Sections Concession Agreement Changes - The concession term has been extended by six years, now set to expire on December 31, 2032, with provisions for future extensions to maintain economic equilibrium [5]. - The Terminal Use Charge (TUC) will increase by $5.20 per passenger, resulting in a new TUC of $31.18 per passenger, with annual adjustments as per the concession agreement [5]. - An investment program includes a potential runway repaving in the second half of 2031, with a maximum investment of $4 million, contingent on a technical study in 2029 [5]. Economic and Financial Equilibrium - The amendment includes mechanisms to maintain the economic and financial equilibrium of the concession, subject to review every two years [5]. - If the equilibrium is disrupted by unforeseen circumstances, parties can request a renegotiation of the concession terms [5]. Company Performance and Sustainability - The CEO of Corporación América Airports highlighted the confidence in operational capabilities and sustainability achievements, including carbon-neutral operations since 2017 and Level 4+ certification under the Airport Carbon Accreditation program [3]. - The company operates 52 airports across six countries and served 86.7 million passengers in 2025, a 9.8% increase from 2024 [4].

Core Viewpoint - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) held a General Ordinary Shareholders' Meeting on January 26, 2026, where significant resolutions were approved regarding acquisitions and financing strategies [1][6]. Group 1: Company Overview - ASUR is a leading international airport operator with a portfolio of 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [3]. - The company operates Cancún Airport, the largest tourist gateway in Mexico and Latin America, and Medellin International Airport, the second busiest in Colombia [3]. - ASUR holds a 60% interest in Aerostar Airport Holdings, LLC, which operates Luis Muñoz Marin International Airport in Puerto Rico, the primary international gateway for the island [4]. Group 2: Recent Developments - The company has expanded into airport commercial services through ASUR US, enhancing retail and passenger experiences at major U.S. hubs such as Los Angeles International and Chicago O'Hare [4]. - ASUR is listed on both the Mexican Bolsa (BMV) and the NYSE, with one ADS representing ten B-series shares [5]. Group 3: Shareholder Meeting Resolutions - Approval was granted for the company to acquire shares and/or airport operators, including Companhia de Participações em Concessões, either directly or through subsidiaries [6]. - The company received approval to contract any type of debt, including bank loans and securities issuances, to facilitate its operational strategies [6].

Core Insights - The company reported a record year in 2025 for passenger volume across Vienna, Malta, and Košice, as well as cargo throughput in Vienna, indicating strong operational performance [2][4] - The outlook for 2026 is more challenging, with an expected passenger volume of around 30 million [2] - A key strategy for future growth includes the proposal to abolish the current aviation passenger tax of EUR 12 to enhance competitiveness [3] Passenger Volume Performance - Vienna Airport recorded 32.6 million passengers in 2025, reflecting a 2.6% increase [4] - Malta experienced a significant growth of 12%, reaching 10.1 million passengers [4] - Košice also achieved a record with a 12% increase, totaling 825,000 passengers [4]

Group 1 - The company Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) has refinanced a USD$95.5 million bank loan that matured on January 20, 2026, with a new financing agreement for a twelve-month term [1][2] - The new loan will accrue interest at a variable rate equivalent to 1-month SOFR plus 50 basis points, with monthly interest payments and an option for early repayment [2] - 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] Group 2 - GAP's shares are listed on both the New York Stock Exchange under the ticker symbol "PAC" and 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]

Core Viewpoint - Corporación América Airports S.A. has announced that its indirect subsidiary, Sociedad Aeroportuaria Kuntur Wasi S.A., received a payment of US$91,205,056 from the Republic of Peru following a final award from the International Centre for Settlement of Investment Disputes [1] Group 1 - Corporación América Airports S.A. is recognized as one of the world's leading private airport operators [1] - The payment received is part of a settlement related to an investment dispute [1] - The company holds an indirect 50% equity interest in Sociedad Aeroportuaria Kuntur Wasi S.A. [1]

Core Viewpoint - Corporación América Airports S.A. reported significant growth in passenger traffic, indicating a strong recovery and demand in the aviation sector for the year 2025 compared to 2024 [1]. Passenger Traffic Highlights - In December 2025, domestic passenger traffic reached 3,995 thousand, marking a 5.9% increase from December 2024, which had 3,772 thousand passengers [1]. - For the full year 2025, domestic passenger traffic totaled 44,507 thousand, reflecting an 8.6% increase from 40,996 thousand in 2024 [1]. Cargo Volume and Aircraft Movements - The report also highlights increases in cargo volume and aircraft movements, although specific figures for these metrics were not detailed in the provided text [1].

Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is undergoing a strategic transformation to become a growth-driven airport platform in Latin America, with a current share price of $318.36 and trailing and forward P/E ratios of 12.85 and 14.97 respectively [1][3]. Financial Performance - ASR has historically maintained strong financial discipline, generating over USD 700 million in annual free cash flow and keeping net leverage as low as 0.2x, which allowed for a significant extraordinary dividend of USD 25.71 per ADR in 2025 [3]. - Despite a 25% year-to-date increase in share price, ASR's valuation remains modest at approximately 12.85x earnings [3]. Strategic Initiatives - The company plans to acquire Companhia de Participacoes em Concessoes for USD 936 million, which will add 20 airports across Brazil, Ecuador, Costa Rica, and Curacao, with shareholder approval expected on January 26, 2026 [4]. - This acquisition, along with the recent purchase of URW Airports, will significantly expand ASR's operational footprint and growth potential while introducing leverage [4]. Market Positioning - The strategic shift positions ASR for a potential rerating as a regional airport powerhouse by 2026, presenting an attractive risk-reward profile at current valuation levels [5]. - The company is transitioning from a conservative, cash-rich business model to one focused on growth through acquisitions and expansion [4][6].

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Hong Kong/China Transportation and Infrastructure - **2026 Outlook**: More opportunities than risks, with a focus on supply-side opportunities in airlines, tanker shipping, and express delivery, while container shipping faces oversupply concerns [1][2][3] Airlines - **Pricing Trends**: Pricing inflation resumed since October 2025, supported by supply-side constraints and demand recovery from business travel, outbound travel growth, and inbound travel [2][11] - **Demand Drivers**: Business travel recovery positively correlated with capital expenditure, and inbound travel expected to grow, benefiting airlines [2][21] - **Airlines' Up-Cycle**: Chinese airlines are in a multi-year supply-driven up-cycle, with margin upside if pricing performance exceeds expectations [2][11] - **Key Stocks**: Overweight ratings on Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK), and Spring Airlines (601021.SS) [9][10] Shipping - **Tanker Market**: Increasing demand for compliant tankers due to geopolitical tensions, with limited new supply additions due to low capital expenditure over the past decade [3] - **Container Shipping Risks**: Remains conservative on container shipping due to oversupply concerns [3] - **Key Stocks**: Overweight on COSCO Shipping (1138.HK) and China Merchants Energy Shipping (601872.SS), underweight on COSCO Shipping Holdings (1919.HK) and Orient Overseas (0316.HK) [3] Airports - **Bargaining Power**: Airports are regaining bargaining power through duty-free contract renewals, breaking monopoly dynamics, and increasing shareholdings in duty-free operators [4][54] - **Duty-Free Spending**: Expected upside in duty-free spending with expanded product categories and higher offline sales [4][58] - **Key Stocks**: Equal-weight ratings on Shanghai International Airport (600009.SS), Hainan Meilan Airport (0357.HK), and Guangzhou Baiyun International Airport (600004.SS), underweight on Beijing Capital International Airport (0694.HK) [53] Express Delivery - **Market Consolidation**: ZTO (ZTO.N) and YTO (600233.SS) are consolidating market share, leading to cost-efficiency gains and margin expansion [5] - **International Expansion**: J&T (1519.HK) expected to consolidate market share in overseas markets through e-commerce partnerships [5] Key Risks and Considerations - **Airlines**: Risks include faster-than-expected aircraft delivery, deterioration in travel demand, unfavorable RMB depreciation, and surging oil prices [52][51] - **Airports**: Continued underperformance in duty-free business due to weak consumption and competition from other channels [54][55] Conclusion - The transportation sector in Hong Kong/China is poised for growth in 2026, driven by supply-side opportunities in airlines and shipping, while airports are regaining power in duty-free operations. However, risks remain, particularly in container shipping and overall economic conditions.

Core Viewpoint - Beijing Capital International Airport's operating performance in 2025 was slightly below the industry average, with passenger traffic growth of 5.0% YoY compared to the overall industry growth of 5.5% YoY in China's civil aviation sector [1] Group 1: Passenger Traffic and Competition - The airport experienced flat domestic passenger volumes while international passenger volumes increased by 11% YoY [1] - The weaker performance was attributed to intensified competition from Beijing Daxing International Airport and constraints from saturated slot capacity [1] - Monitoring the ramp-up of slot capacity in 2026 is recommended [1] Group 2: Duty-Free Shopping Contracts - New duty-free shopping contracts were awarded to China Tourism Group Duty Free Corporation and Wangfujing Group, introducing a dual-operator structure for Terminal 3 and Terminal 2 [2] - The contracts will commence on February 11, 2026, or upon asset handover, and will expire on February 10, 2034 [2] Group 3: Rental Framework and Financial Implications - The new contracts adopt a "guaranteed minimum plus commission" model, with the first year's guaranteed minimum set at Rmb590 million, up from Rmb560 million under the previous contract [3] - The commission rate on DFS sales is set at 5% for the first year, increasing by 1 percentage point per year from the second billing year, capped from the fifth billing year onward [3] - Under a static traffic and sales scenario, rental payments under the new contracts would be approximately 10% higher than under the original agreement [4] Group 4: Financial Forecasts - Earnings forecasts for 2025 and 2026 were lowered to -Rmb308 million and Rmb122 million, respectively, due to lower assumptions for passenger traffic growth [5] - A new earnings forecast for 2027 of Rmb458 million was introduced, assuming 5% YoY passenger traffic growth and high single-digit YoY DFS sales growth [5] - The stock is trading at 0.8x 2026e P/B, with a target price maintained at HK$2.9, offering a 10% upside, and an OUTPERFORM rating is maintained [5]

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]