Core Insights - The global trade war has negatively impacted many stocks in the past quarter, but a stealth bull market is emerging in certain overseas stocks, particularly in Latin America, which has significantly outperformed in 2025 [1]. Group 1 - Latin American equities have shown strong performance, indicating potential investment opportunities in this region [1]. - The article suggests that despite broader market challenges, specific sectors or regions may still present favorable conditions for investors [1]. Group 2 - The investing group led by Ian offers various features including market analysis, trade alerts, and direct access to insights, which can be beneficial for investors looking for new opportunities [2]. - Ian Bezek, with a decade of experience in Latin America, provides valuable on-the-ground research for investors interested in markets like Mexico, Colombia, and Chile [3].

Core Points - Grupo Aeroportuario del Pacífico (GAP) held its Annual General Ordinary Shareholders' Meeting with a quorum of 88.5% and approved several key resolutions regarding financial statements, dividend payments, and board appointments [1][2][3]. Financial Resolutions - The financial statements for the fiscal year 2024 were approved on both unconsolidated and consolidated bases, adhering to MFRS and IFRS standards respectively [2]. - The net income for the fiscal year ended December 31, 2024, was reported at Ps. 8,279,790,417 (approximately 8.28 billion pesos), with the entire amount allocated to retained earnings without separating for legal reserves [3]. - A dividend of Ps. 16.84 per share was approved, to be paid from the retained earnings account totaling Ps. 18,864,285,272 (approximately 18.86 billion pesos), with payment expected within 12 months after April 24, 2025 [4]. Share Repurchase Program - The cancellation of outstanding amounts under the previous share repurchase program of Ps. 2,500,000,000 (2.5 billion pesos) was approved, along with a new allocation of the same amount for share repurchases in the upcoming 12-month period [5]. Board of Directors - The meeting ratified the appointments of four proprietary members and their alternates to the Board of Directors, including Laura Díez Barroso Azcárraga as Chairwoman [6][7]. - Compensation for the Board of Directors for the fiscal year 2024 was approved, along with the proposed compensation for 2025 [8]. Compliance and Reporting - The company reported compliance with regulations regarding significant transactions exceeding US$ 3,000,000 [10]. - Special delegates were approved to formalize the resolutions adopted at the meeting [11]. Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations, and has expanded its operations internationally [12].

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 100% of Desarrollo de Concesiones Aeroportuarias, S.L. in April 2015, which holds a majority stake in MBJ Airports Limited, operating Sangster International Airport in Jamaica [3] - GAP entered into a concession agreement for Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of operations in October 2019 [3] Financial Reporting - GAP filed its annual report for the year ended December 31, 2024, with the Mexican National Banking and Securities Commission, the Mexican Stock Exchange, and the U.S. Securities and Exchange Commission [1] - The documents are accessible on the respective websites of BMV, BIVA, SEC, and GAP's corporate website [2] Compliance and Governance - GAP has implemented a "whistleblower" program in accordance with the Sarbanes-Oxley Act of 2002, allowing anonymous reporting of suspected criminal conduct or violations [6]

Core Points - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) held its General Ordinary Shareholders' Meeting on April 23, 2025, where several key resolutions were approved regarding the company's operations and financials [1][3]. Financial Resolutions - The shareholders approved the audited individual and consolidated financial statements for the fiscal year ended December 31, 2024 [3]. - An ordinary cash dividend of Ps. 50.00 per share and two extraordinary cash dividends of Ps. 15.00 each per share were approved, to be paid in May, September, and November 2025 [3][9]. - Ps. 6.00 will be set aside from the accumulated net profits to increase the legal reserve of the company [3]. Board of Directors and Management - The report submitted by the Chief Executive Officer and the independent auditor's report for the fiscal year ended December 31, 2024, were approved [3]. - The resignation of Mr. Ricardo Guajardo Touché from the Board of Directors was accepted, and Ms. Isabel Prieto Prieto was appointed as an independent member [9]. - Compensation for board members was approved, with each member receiving Ps. 100,000.00 per meeting attended, and members of the Audit and Corporate Practices Committee receiving Ps. 135,000.00 [9]. Operational Highlights - The company operates 16 airports across Mexico, the United States, and Colombia, including major airports like Cancún and Medellin [8][10]. - ASUR is traded on the NYSE under the symbol ASR and on the Mexican Bolsa under the ticker ASUR [10].

Financial Data and Key Metrics Changes - Total revenues increased by 14% year-on-year to MXN 8.2 billion, supported by solid increases across all operations [10] - Consolidated EBITDA rose 12% year-on-year to MXN 5.7 billion, with an adjusted EBITDA margin of 70% compared to 71.4% a year ago [16] - Net majority income increased by 14% to MXN 3.5 billion [26] Business Line Data and Key Metrics Changes - Aeronautical revenues were up 9%, with commercial revenues per passenger reaching nearly MXN 147, reflecting a strong year-on-year growth in the high teens [10][14] - Puerto Rico contributed 15% of total revenues, with growth in the high 20s, while Colombia accounted for 12% of total revenues, posting growth in the low 30s [11][12] - Commercial revenues in Mexico showed a low single-digit increase, marking a positive shift from previous trends [13] Market Data and Key Metrics Changes - Passenger traffic across operations was largely flat, with Puerto Rico seeing an increase of nearly 11%, while Mexico experienced a decline of nearly 5% [4][6] - Traffic from Europe decreased by 0.8%, from the U.S. by 10.5%, and from South America by 2.8%, while traffic from Canada remained unchanged [7] - Domestic traffic in Mexico was affected by capacity limitations at Mexico City Airport, expected to be lifted in the second half of the year [8] Company Strategy and Development Direction - The company is focused on expanding commercial offerings, having opened 40 new commercial spaces over the last 12 months [12] - Significant capital expenditures are planned for infrastructure projects, including the expansion of Cancun Airport's Terminal 1, expected to be completed by 2026 [20] - The company anticipates a gradual increase in CapEx as it moves forward with strategic infrastructure projects [20] Management's Comments on Operating Environment and Future Outlook - Management expects traffic in Mexico to stabilize next year as the impact of Pratt & Whitney engine issues fades [9] - The global macro situation is described as fluid and unpredictable, but disruptions related to U.S. travel to Mexico are expected to be short-lived [10] - Management remains cautious about potential macro challenges but is optimistic about the remainder of 2025 [26] Other Important Information - The company proposed a total cash dividend of MXN 24 billion, to be paid in three tranches, reflecting solid financial performance [21] - Sustainability efforts include expanding social investment programs and building alliances for biodiversity preservation [23][24] Q&A Session Summary Question: Drivers of strong commercial revenue - Management attributed strong commercial revenue growth to positive exchange rates and passenger mix, particularly in Puerto Rico and Colombia [33] Question: CapEx impact on operating expenses - Management acknowledged that costs will increase once new infrastructure is operational, particularly with the remodeling of Terminal 1 [35] Question: Interest in CCR's airport assets - Management is analyzing CCR's airport asset offering but indicated that the proposed dividend reflects current cash reserves [41] Question: Impact of airline frequency reductions - Management stated it is too early to see any effects from U.S. airlines reducing frequencies, attributing current traffic declines mainly to Tulum Airport's ramp-up [44] Question: Mexico City Airport restrictions - Management expects capacity restrictions at Mexico City Airport to be lifted by the end of Q3, which is crucial for domestic traffic [52] Question: Tariff pricing in Mexico - Management confirmed that the maximum tariff compliance was 99% last year and that current revenues align with maximum rates [60] Question: CapEx expectations for the year - Management expects CapEx to reach approximately MXN 7 billion for Mexico, with seasonal deployment patterns [66] Question: International expansion opportunities - No updates were provided on the Aeropuerto de Bavaro investment, as it remains in the legal process [92] Question: U.S. recession impact on traffic - Management noted resilience in international traffic during past U.S. recessions and is monitoring current trends closely [98]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a significant increase in total revenue by 18.2% year-over-year (YoY) to Ps. 8,787.5 million for the first quarter of 2025, driven by strong performance in Puerto Rico and Colombia, while Mexico experienced a decline in passenger traffic [1][3][4] Financial Highlights - Total Revenue increased from Ps. 7,434.9 million in Q1 2024 to Ps. 8,787.5 million in Q1 2025, marking an 18.2% increase [3] - Revenue from Mexico rose by 14.6% to Ps. 6,472.2 million, while San Juan and Colombia saw increases of 27.9% and 31.6%, respectively [3][4] - Commercial revenues per passenger increased by 17.5% YoY to Ps. 146.8 [3][4] - EBITDA grew by 11.7% YoY to Ps. 5,724.8 million, with a slight decline in adjusted EBITDA margin from 71.4% to 70.0% [3][4] - Net income increased by 14.2% YoY to Ps. 3,638.2 million, with earnings per share rising to 11.7193 pesos [3][4] Operational Highlights - Passenger traffic overall increased by 0.2% YoY, with notable increases in Puerto Rico (10.6%) and Colombia (6.4%), while Mexico saw a decrease of 4.8% [1][4] - In Mexico, international traffic decreased by 7.5%, while domestic traffic saw a minor decline of 0.7% [4] - The cash position at the end of Q1 2025 was Ps. 22,681.2 million, with a net debt of Ps. (9,758.0 million) [3][4] Company Overview - ASUR operates 16 airports across the Americas, including major airports in Mexico and Colombia, and holds a 60% stake in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in Puerto Rico [11]

"数智引擎"提升保障质效 服务保障优质高效是机场货运业务发展的基石。集团通过一系列创新举措和技术升级，优化货运业务流程，提升整体保障能力。南京机场在货运枢纽能级 提升方面表现突出，一季度货邮吞吐量首次突破10万吨，同比增长10.1%。徐州机场完成货运系统全面升级与所有作业岗位的系统化改造，实现业务流程 标准化迁移。新的货运系统构建了营业厅与仓库模块的实时数据交互平台，提升信息共享效率，实现机坪全流程数字化监管。 同时，集团持续推进基础设施建设，积极推动"智慧物流"发展。南京机场国际快件跨境电商运营中心投运工作正在有序推进中，加快开展跨境电商货物便 利化运输，努力打造国内交通物流降本提质增效的典范样板。占地200平方米、总投资194.5万元的淮安机场跨境电商监管场地项目已于今年3月顺利完 "鸟类现场检疫完毕，全体人员准备进场，开始分拣核对工作。"2月26日上午，来自法国的257只濒危珍稀鸟类运抵南京机场。东部机场集团航空物流公司 的现场作业带班长在机坪发出指令，工作正按照预案有条不紊地展开……今年以来，南京机场已陆续顺利完成两批珍稀活体动物进境保障任务。 集团货邮吞吐量12.5万吨，同比增长10.8%；南京、徐 ...

Core Insights - VINCI Airports reported nearly 73 million passengers in Q1 2025, an increase of 4 million passengers or 6% compared to Q1 2024 [3][8] - The Asian market, particularly traffic with China, showed significant growth, exceeding pre-COVID levels for the first time [4][8] - European airports, along with those in Mexico and Chile, benefited from the rise of low-cost airlines, contributing to overall traffic growth [5][8] Traffic Performance - January 2025 saw passenger numbers over 9% higher than January 2024, driven by Asia and the resurgence of traffic with China, which was up 25% compared to January 2019 [3] - February and March traffic stabilized at good levels despite unfavorable comparisons due to the leap year in February 2024 [3] - Traffic at Kansai airports in Japan surged over 35% above 2019 levels in January, fueled by the Chinese New Year holidays [4] Regional Highlights - In Mexico, traffic reached new records, increasing by 30% compared to 2019 in January, with airlines like Volaris and Vivaaerobus expanding operations [5] - Budapest airport recorded excellent results due to the performance of Ryanair, easyJet, and Wizz Air on European routes [5] - Traffic in South America, particularly in Santiago de Chile, was bolstered by increased capacity from airlines like LATAM, which saw a 13% rise [7] Specific Airport Performance - Lisbon airport in Portugal recorded 7,622 thousand passengers, a 1.4% increase, while Porto and Faro airports saw increases of 2.6% and 4.0% respectively [16] - Gatwick airport in the UK had 8,431 thousand passengers, up 1.2%, while Edinburgh airport grew by 6.6% [16] - In Japan, Kansai airports had 8,294 thousand passengers, reflecting a 16% increase [18] Commercial Movements - VINCI Airports experienced a 5.2% increase in commercial movements in Q1 2025 compared to Q1 2024 [15] - Notable growth in commercial flights was observed in Hungary, with a 14% increase at Budapest airport [19] - In Mexico, commercial flights increased by 11%, with Monterrey airport seeing a 21% rise [19]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 7.0% increase in total terminal passenger traffic for March 2025 compared to March 2024, with significant growth at major airports like Guadalajara, Tijuana, and Los Cabos [2][3] Passenger Traffic Summary - Total terminal passengers at GAP's 12 airports reached 3,040.6 thousand in March 2025, up from 2,699.5 thousand in March 2024, marking a 12.6% increase [3][6] - Guadalajara airport saw the highest growth with an 18.0% increase in passenger traffic, totaling 1,088.8 thousand in March 2025 [3][6] - Tijuana and Puerto Vallarta airports reported increases of 5.3% and 12.8% respectively, while Los Cabos increased by 8.8% [3][6] - Montego Bay experienced a decline of 7.7% in passenger traffic, totaling 0.0 thousand in March 2025 [2][3] Domestic vs. International Passengers - Domestic terminal passengers decreased by 1.3% to 2,707.2 thousand in March 2025, while international terminal passengers also saw a decline of 1.3% [5][6] - Notable changes in international passenger traffic included a 3.7% decrease at Guadalajara and a 7.7% decrease at Montego Bay [5][6] Load Factors and Seat Availability - The number of available seats increased by 9.0% in March 2025 compared to March 2024, but the load factor decreased from 84.0% to 81.5% [9] New Routes - GAP has introduced new routes including Guanajuato to Monterrey and Puerto Vallarta to Sacramento, enhancing connectivity [12]

Sky Harbour Group Corporation (NYSE:SKYH) Q4 2024 Earnings Conference Call March 27, 2025 5:00 PM ET Company Participants Francisco Gonzalez - CFO Michael Schmitt - Chief Accounting Officer Tal Keinan - Chairman & CEO Conference Call Participants Operator Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sky Harbour 2024 Year-End Earnings Call and Webinar. [Operator Instructions] Thank you. And I would n ...