Summary of Key Points Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has completed the ordinary review process for maximum passenger tariffs and committed investments for the Capital Development Program at Montego Bay for the period 2026-2030 [1]. Group 1: Tariffs and Investments - The maximum passenger charges for Montego Bay airport are set to increase from $17.38 in 2026 to $19.07 in 2030, reflecting a gradual annual increase [1]. - The total committed investments for Montego Bay airport under the Capital Development Program amount to $118.1 million, with specific allocations of $38.4 million in 2026, $39.4 million in 2027, $18.4 million in 2028, $11.6 million in 2029, and $10.3 million in 2030 [1]. Group 2: Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [2]. - GAP was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Montego Bay, Jamaica, in April 2015 [2]. - The company entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of operations in October 2019 [2].

Core Points - Grupo Aeroportuario del Pacífico (GAP) has completed the ordinary review process for maximum tariffs per passenger and committed investments for Kingston Airport for the 2026-2030 period [1] - The maximum passenger charges for Kingston Airport will increase from $38.18 in 2026 to $60.10 in 2030 [1] - The total committed investments under the Capital Development Program for Kingston Airport amount to $85.2 million, with scheduled investments of $45.8 million in 2026, $23.4 million in 2028, and smaller amounts in other years [1] 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 [2] - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange [2] - GAP acquired a majority stake in MBJ Airports Limited in April 2015 and entered into a concession agreement for Norman Manley International Airport in Kingston, Jamaica, in October 2018 [2]

Group 1 - Grupo Aeroportuario del Centro Norte (NASDAQ: OMAB) operates 13 airports in Mexico, including the significant Monterrey airport, which is strategically located outside the capital [1] - The company has established a strong reputation and no longer needs to prove its capabilities in the airport management sector [1]

Investment Rating - The report assigns an "Overweight" rating to OMA, indicating that the stock's total return is expected to exceed the total return of the relevant country MSCI Index over the next 12-18 months [6][33]. Core Insights - OMA's total passenger traffic increased by 6.9% year-over-year (Y/Y) in May, outperforming competitors GAP (+2.9%) and ASUR (-3.0%) in Mexico. Quarter-to-date (QTD) traffic is up 12.7% [2][4]. - International traffic saw a significant increase of 19.5% Y/Y, while domestic traffic grew by 5.1% Y/Y. Notably, Monterrey traffic increased by 17.8% Y/Y [2][10]. - The expected traffic growth for 2Q25 is projected to be around 11% Y/Y, slightly above consensus estimates [3]. Summary by Sections Traffic Performance - In May 2025, Monterrey recorded 1,302,000 passengers, a 17.8% increase from May 2024, while other airports saw a decrease of 4.1% Y/Y [4]. - Total passenger traffic for OMA in May 2025 was 2,354,000, up from 2,202,000 in May 2024 [4]. Market Position - OMA's market capitalization is currently M$95,610 million, with a price target set at US$105.00, compared to a closing price of US$103.21 on June 5, 2025 [6][11]. Valuation Methodology - The price target is based on a discounted cash flow (DCF) valuation using an 8.5% weighted average cost of capital (WACC) and assumes all Mexican airport concessions expire in 2048 with no terminal value [11].

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 2.9% increase in total terminal passenger traffic for May 2025 compared to May 2024, with notable growth at several airports [2][3] - The total number of terminal passengers across GAP's 12 airports reached 3,054.5 thousand in May 2025, up from 2,917.0 thousand in May 2024, marking a 4.7% increase [3][6] Passenger Traffic Summary - Tijuana, Los Cabos, Puerto Vallarta, and Guadalajara airports saw increases in passenger traffic of 3.4%, 1.1%, 0.9%, and 1.1% respectively [2][3] - Montego Bay experienced a decrease in passenger traffic of 1.6% compared to May 2024 [2][3] Year-to-Date Performance - For the January to May 2025 period, total terminal passengers increased by 8.8% to 14,726.5 thousand from 13,531.1 thousand in the same period of 2024 [3][6] - Specific airports such as Puerto Vallarta and Mexicali showed significant year-to-date growth of 14.4% and 15.7% respectively [3][6] Domestic vs. International Passengers - Domestic terminal passengers slightly decreased by 0.2% to 2,113.9 thousand in May 2025 compared to May 2024 [5][6] - International terminal passengers saw a decline of 1.4% at Guadalajara and 9.1% at Los Cabos, while Tijuana experienced a 7.9% increase [5][6] Load Factors and Capacity - The available seats increased by 4.8% in May 2025 compared to May 2024, while load factors decreased from 82.8% to 81.1% [11] - New routes were introduced by Viva, enhancing connectivity between various cities [11] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [10] - The company has been publicly traded since February 2006 on both the New York Stock Exchange and the Mexican Stock Exchange [10]

Core Insights - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) reported a total passenger traffic of 5.7 million in May 2025, reflecting a year-on-year decrease of 2.2% compared to May 2024 [1][2][4] Passenger Traffic Summary - Passenger traffic in Puerto Rico increased by 1.3%, driven by a 10.5% rise in international traffic and a 0.2% increase in domestic traffic [2][4] - In Mexico, passenger traffic decreased by 3.0%, with international traffic down by 5.6% and domestic traffic down by 0.4% [2][4] - Colombia experienced a 3.4% decline in total passenger traffic, with a 6.7% increase in international traffic offset by a 6.1% decrease in domestic traffic [2][4] Detailed Traffic Data - For Mexico, total passenger traffic in May 2025 was 3,241,572, down from 3,341,200 in May 2024, with year-to-date figures showing a decrease of 3.5% [4][6] - San Juan, Puerto Rico, saw total passenger traffic of 1,151,279 in May 2025, up from 1,136,672 in May 2024, with year-to-date growth of 9.2% [4][6] - Colombia's total passenger traffic for May 2025 was 1,324,870, down from 1,371,343 in May 2024, with year-to-date figures showing an increase of 4.0% [4][6] Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia, with a significant presence in the Caribbean and Latin America [7] - The company is a 60% joint venture partner in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico [7]

Group 1 - The article highlights a positive outlook for Grupo Aeroportuario del Pacifico (PAC), anticipating strong performance in 2025 [1] - The author, Ian Bezek, has extensive experience in Latin American markets, particularly in Mexico, Colombia, and Chile, focusing on high-quality growth stocks [2] - The article emphasizes the author's long position in PAC shares, indicating a personal investment interest [3]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Corporacion America Airports (CAAP) as a strong value stock based on various financial metrics [2][4][7]. Company Analysis - Corporacion America Airports (CAAP) has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for investment [4]. - CAAP's current P/E ratio is 10.50, which is lower than the industry average of 10.80, suggesting it may be undervalued [4]. - The Forward P/E ratio for CAAP has fluctuated between 8.09 and 20.22 over the past 52 weeks, with a median of 13.58 [4]. - The PEG ratio for CAAP is 0.63, which is lower than the industry average of 0.82, indicating a favorable valuation relative to expected earnings growth [5]. - CAAP's P/B ratio stands at 2.28, compared to the industry average of 3.38, further supporting the notion of being undervalued [6]. - Over the past 12 months, CAAP's P/B ratio has ranged from 1.61 to 2.45, with a median of 2.04 [6]. - Overall, the financial metrics suggest that CAAP is likely undervalued and has a strong earnings outlook, making it a notable value stock in the market [7].

Core Viewpoint - Corporacion America Airports S.A. is conducting its Q1 2025 earnings conference call, highlighting its performance and financials for the quarter [1]. Group 1: Company Overview - The conference call features key participants including the Head of Investor Relations, the CEO, and the CFO [1][3]. - The call is structured to provide an overview of the company's performance, followed by detailed financial insights and a Q&A session [6]. Group 2: Financial Highlights - The CEO will present the main highlights of the company's performance for the first quarter of 2025, with the CFO providing a more detailed financial analysis afterward [6].

FIRST QUARTER 2025 EARNINGS CALL PRESENTATION MAY 23, 2025 → OPENING REMARKS → KEY HIGHLIGHTS → TRAFFIC & CARGO TRENDS → FINANCIAL TRENDS → CLOSING REMARKS → Q&A → APPENDIX CORPORACION AMERICA AIRPORTS CORPORACIÓN AMÉRICA AIRPORTS 2 Disclaimer and Forward-Looking Statement Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include all statements that a ...