Financial Data and Key Metrics Changes - Total revenues increased in the middle single digits, reaching over MXN 7,000,000,000, driven by growth in Puerto Rico and Colombia [9][10] - EBITDA declined just over 1% year on year to MXN 4,600,000,000, with a decline in Mexico's EBITDA close to 4% [14][15] - The adjusted EBITDA margin declined by 157 basis points to 66.7% [15] Business Line Data and Key Metrics Changes - In Puerto Rico, revenues grew in the high single digits, with a 5% increase in aeronautical revenues and a 10% increase in non-aeronautical revenues [11] - Colombia accounted for 20% of total revenues, delivering revenue growth in the high single digits, reflecting a mid single-digit increase in aeronautical revenues and high teens growth in non-aeronautical revenues [11][12] - Mexico's total revenues posted a slight low single-digit decline, with aeronautical revenues practically flat and non-aeronautical revenues down in the middle single digits [10][11] Market Data and Key Metrics Changes - Passenger traffic in Colombia rose 3% to nearly 5,000,000, supported by an 11% increase in international traffic [7] - In Puerto Rico, total traffic was up 1%, reaching over 3,000,000 passengers, driven by a nearly 12% increase in international passengers [7] - In Mexico, traffic declined 1% to nearly 10,000,000 passengers, reflecting a nearly 2% decrease in domestic traffic and a slight contraction of 0.8% in international traffic [8] Company Strategy and Development Direction - The company entered into a tentative agreement to acquire URW airports for an enterprise value of $295,000,000, marking a significant step in its international expansion strategy [4][5] - The acquisition aims to strengthen the company's position in the high-growth non-regulated commercial segment in the U.S. [5][6] Management's Comments on Operating Environment and Future Outlook - Management anticipates a more balanced operating environment across its portfolio, expecting traffic in Mexico to gradually stabilize over the next year [8] - Positive momentum is expected to continue in Puerto Rico and Colombia, supported by healthy international demand and improving credit yields [8] Other Important Information - Total expenses increased nearly 17% year on year, with significant increases in Colombia due to an adjustment in amortization method [13] - The company closed the quarter with a solid cash position of MXN 16,000,000,000, down 19% from the previous year, primarily due to dividend payments [16][17] Q&A Session Summary Question: Can you shed light on the URW acquisition's economics and expected EBITDA contribution? - Management could not share specific numbers until all approvals are in place [20][21] Question: Can you elaborate on the adjustment to the concession amortization method in Colombia? - The adjustment aligns monetization with revenue generation and is expected to be a new level going forward [21][22] Question: What synergies or strategic rationale does the company see behind the URW acquisition? - The acquisition is crucial for establishing a presence in the U.S. market, which represents 22% of the global aviation market [27][28] Question: Is the company looking at all Motiva airports for sale or just a subset? - Management could not comment on this matter [30][32] Question: What are the traffic trends in Mexico, particularly regarding Tulum Airport? - Traffic is currently weak, with a decrease of 3.1% for the region, but improvements are expected in the next year [32][33] Question: Is the new mutual level in Gangloo expected to open around Q3 2026? - The expected opening is during the third quarter of 2026 [34][35] Question: Is there a shift in capacity allocation from Cancun? - No shift in capacity is observed; the demand is weak due to various factors [37][38] Question: Could the decrease in traffic accelerate the pace of driving tariffs towards maximum tariffs? - Management does not foresee a change in maximum tariff compliance, which should remain similar to the previous year [39][40]

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Company Overview Regulation Operational Information Commercial Revenues Financial Information Strategic Matters International Some of the statements contained in this presentation discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on v ...

Core Insights - Corporación América Airports S.A. reported a 9.4% year-on-year increase in passenger traffic for September 2025, indicating strong growth in the aviation sector [1] Passenger Traffic Highlights - Domestic passengers reached 3,743 thousand in September 2025, up 10.9% from 3,376 thousand in September 2024 [1] - Year-to-date domestic passenger numbers for 2025 stand at 32,763 thousand, reflecting a 9.3% increase compared to 29,965 thousand in the same period of 2024 [1] Cargo Volume and Aircraft Movements - International passenger figures for September 2025 were reported at 2,971 thousand, showcasing the company's performance in the international market [1]

Group 1 - The extraordinary general meeting of Copenhagen Airports A/S was held on 23 October 2025, where significant changes in the board of directors occurred [1][2] - Niels Konstantin Jensen, David Mark Stanton, and Janis Carol Kong resigned from the board, while Anne Louise Eberhard and Lars Sandahl Sørensen were elected as deputy chairmen [1][2] - New members Birgit Otto, Anne Skovbro, Henrik Dam Kristensen, and Michael Holm were elected to the board, alongside the existing chairman Lars Nørby Johansen and employee representatives [2][3] Group 2 - The employee representatives on the board were elected for a term until 2027 [2] - The general meeting authorized the chairman to register the resolutions with the Danish Business Authority [2]

Group 1 - The meeting is chaired by Julia Hoare, who welcomes attendees both in-person and online for the 2025 Annual Meeting [1] - The venue was changed from Eden Park due to a last-minute scheduling conflict with a T20 cricket event, causing inconvenience for attendees [2] - Several directors are present, including Christine Spring, Mark Binns, Tania Simpson, Dean Hamilton, Liz Savage, Mark Cairns, and Grant Devonport, with Mark Cairns and Liz Savage standing for reelection [3]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total revenue increase of 17.1% year-over-year to Ps.8,765.4 million for the third quarter of 2025 [3][4] - Passenger traffic showed mixed results across regions, with a 1.1% decrease in Mexico, a 1.1% increase in Puerto Rico, and a 3.1% increase in Colombia [1][4] - The company announced a strategic acquisition of airport retail concessions at major U.S. airports for US$295 million, expected to close in the fourth quarter of 2025 [4] Financial Highlights - Total Revenue: Ps.7,483.3 million in Q3 2024 vs. Ps.8,765.5 million in Q3 2025, a 17.1% increase [3] - Revenue Breakdown: - Mexico: Ps.5,386.4 million in Q3 2024 vs. Ps.6,479.1 million in Q3 2025, a 20.3% increase [3] - San Juan: Ps.1,215.6 million in Q3 2024 vs. Ps.1,325.8 million in Q3 2025, a 9.1% increase [3] - Colombia: Ps.881.3 million in Q3 2024 vs. Ps.960.6 million in Q3 2025, a 9.0% increase [3] - EBITDA: Ps.4,700.4 million in Q3 2024 vs. Ps.4,639.4 million in Q3 2025, a 1.3% decline [3] - Net Income: Ps.3,474.6 million in Q3 2024 vs. Ps.2,211.4 million in Q3 2025, a 36.4% decline [3] Operational Highlights - Total passenger traffic increased by 0.4% year-over-year, with specific changes: - Mexico: Decreased by 1.1% [4] - Puerto Rico: Increased by 1.1% [4] - Colombia: Increased by 3.1% [4] - Commercial revenues per passenger increased by 1.0% year-over-year to Ps.126.1 [3][4] - Cash position as of September 30, 2025, was Ps.16,259.3 million, with a Debt to LTM Adjusted EBITDA ratio of 0.2x [4]

Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is viewed positively due to its strong fundamentals, growth potential, and attractive valuation compared to its current share price of $319.48 as of October 8th [1][4]. Company Overview - ASR operates a portfolio of airports primarily in Mexico, Puerto Rico, and Colombia, and has recently expanded into U.S. airport retail through the acquisition of URW Airports, LLC [2]. - The company owns Cancun International Airport, along with significant stakes in San Juan International and Medellín airports [2]. Financial Performance - ASR has delivered over 21 times price return since 2000, with operating margins above 50%, ROIC of 21%, ROE of 29%, and ROA of 15% [3]. - The company maintains a strong balance sheet with low debt levels despite ongoing expansion efforts at Cancun International [3]. Valuation and Growth Potential - Current valuation metrics include a forward P/E of 13x and a free cash flow multiple of 19x, indicating an attractive investment opportunity [3]. - A conservative DCF analysis suggests a fair value of $468 per share, representing nearly 50% upside from the current price, with potential to exceed $600 under optimistic scenarios [4]. Competitive Advantages - ASR benefits from a substantial competitive moat, as airports are difficult to replicate and face limited competition from alternative travel modes [3]. - The company’s international customer base at key airports provides insulation from domestic economic volatility [4]. Market Context - The bullish thesis on ASR aligns with previous positive coverage of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB), which also highlighted strong passenger growth and high operating margins [5].

Financial Data and Key Metrics Changes - Total passenger traffic increased by 2.5% year-over-year, reaching 15.8 million passengers in Q3 2025, despite a decline in international passenger traffic [5][4] - Total revenues grew by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [7] - Aeronautical revenue increased by 18.3%, while non-aeronautical revenues rose by 15.6% [7][8] - EBITDA grew by 12.8%, reaching $5.1 billion pesos, with an EBITDA margin of 64.3% [9][10] - Cash and cash equivalents stood at $11.7 billion as of September 3, 2025 [10] Business Line Data and Key Metrics Changes - Revenue from business operated directly by the company rose by 30.1%, mainly due to the consolidation of the cargo and bonded warehouse business [7] - Revenue from third-party operators increased by 4.7%, supported by new commercial spaces and renegotiated contracts [8] - The strongest performing business lines included food and beverages, retail, duty-free, ground transportation, and timeshares [8] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a more restrictive perception under the current U.S. administration [4] - Domestic demand showed sustained recovery, helping to offset the decline in international travel [5] Company Strategy and Development Direction - The company plans to launch eight new international routes to Canada in Q4 2025, enhancing connectivity and supporting demand during the winter season [5][6] - The company is focused on diversifying its network and expanding commercial areas to strengthen its long-term revenue base [8][10] - The ongoing process related to the Turks and Caicos tender and potential acquisition of Motiva Airports indicates the company's strategic expansion efforts [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, despite macroeconomic uncertainties and exchange rate volatility [11] - The company continues to benefit from a resilient domestic market and disciplined financial management [11] - Management anticipates a recovery in the VFR markets in the coming years, driven by increased seat capacity from airlines [16] Other Important Information - The company paid a dividend of $8.42 per share in Q3 2025 and issued two new bond certifications totaling $8.5 billion pesos [10] - The company invested approximately $7 billion pesos in capital expenditures during the first nine months of 2025, focusing on major infrastructure projects [11] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a decline in international traffic, particularly in VFR routes, but expressed optimism for recovery as airlines increase capacity [14][15] Question: On the commercial side, how far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth in directly operated businesses is expected to continue, with new commercial areas contributing to revenue growth [17][18] Question: Can you clarify the expected level of costs and expenses for the coming quarters? - Management confirmed that the current level of costs is expected to persist due to increased facilities and headcount [23][24] Question: What is the expected effect of next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effect will depend on the lottery of national teams [52][54] Question: Can you provide details on the commercial areas coming online in the next few years? - Management outlined plans for significant expansions in terminal buildings, which will increase commercial space by 55% by 2029 [55][56]

Financial Data and Key Metrics Changes - Total passenger traffic across GAP's 14 airports increased by 2.5% compared to the same period of 2024, reaching 15.8 million passengers in the quarter [6] - Total revenues increased by 17.4% versus Q3 2024, driven by strong performance in both aeronautical and non-aeronautical businesses [7] - EBITDA grew by 12.8%, reaching ARS 5.1 billion, with an EBITDA margin of 64.3% excluding IFRIC 12 [11] - Cash and cash equivalents stood at ARS 11.7 billion as of September 30, 2025 [12] Business Line Data and Key Metrics Changes - Aeronautical revenue grew by 18.3%, reflecting the new maximum tariff adjustments [8] - Revenue from business operated directly by GAP rose by 30.1%, mainly due to the consolidation of cargo and warehouse operations [8] - Revenues from third-party operators increased by 4.7%, supported by new commercial spaces and renegotiated contracts [9] Market Data and Key Metrics Changes - Passenger traffic decline was attributed to immigration-related challenges and a more restrictive perception under the current U.S. Administration [6] - Domestic demand showed sustained recovery, helping to offset declines in international travel [7] Company Strategy and Development Direction - The company remains focused on connectivity and diversifying its network, with plans to launch eight new international routes to Canada [7] - Strategic expansion opportunities include ongoing processes related to TORX and CAICO's tender, as well as potential acquisition of Motiva Airports [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding macroeconomic uncertainty and exchange rate volatility, while highlighting the benefits from a diversified portfolio of airports [13] - The company anticipates continued growth in both aeronautical and non-aeronautical revenues, maintaining its leadership position in the region [13] Other Important Information - The company paid a second and final dividend installment of ARS 8.42 per outstanding share during the quarter [12] - Significant investments of approximately ARS 10 billion were made in major infrastructure projects under the master development program [12] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a deceleration in VFR markets but expressed optimism about recovery in the coming years due to fixed capacity announcements by airlines [19][21] Question: How far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth is expected to continue in directly operated businesses, with new commercial areas contributing to revenue growth [23][24] Question: Can you provide details on the expected cost levels for the coming quarters? - Management confirmed that the current cost levels are expected to persist due to increased facilities and headcount [29] Question: What is the expected effect of the next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effects depend on the lottery of national teams [62] Question: Can you elaborate on the tariff increases expected for 2026? - Management confirmed that multiple tariff increases are planned for 2026, with expectations of reaching 93% to 97% fulfillment of the maximum tariff by the end of the year [40][42]