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    Alan Macias • Bank of America

    Alan Macias's questions to Central North Airport Group (OMAB) leadership

    Alan Macias's questions to Central North Airport Group (OMAB) leadership • Q2 2025

    Question

    Alan Macias from BofA Securities inquired about the company's dividend policy, asking if a change or an increase could be expected given the planned CapEx for the next five years.

    Answer

    CFO Ruffo Pérez Pliego affirmed that the company expects to maintain its current policy of distributing 85% to 95% of net income. He noted that as EBITDA and net income grow, the absolute dividend amount available for distribution would also increase.

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    Alan Macias's questions to Central North Airport Group (OMAB) leadership • Q2 2024

    Question

    Alan Macias requested an early indication of the expected capital expenditure level for the next Master Development Plan (MDP).

    Answer

    CEO Ricardo Duenas explained that it is too early in the process to provide specific numbers for the next MDP. However, he stressed that the company is working closely with its team to ensure the future CapEx plan is 'very optimized.'

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    Alan Macias's questions to Central North Airport Group (OMAB) leadership • Q2 2024

    Question

    Alan Macias from Bank of America requested an estimate on the level of Capital Expenditures (CapEx) expected for the next Master Development Plan (MDP).

    Answer

    CEO Ricardo Duenas explained that it is still in the early stages of planning the next MDP and too early to provide specific figures. However, he emphasized that the company is working closely with its team to ensure a 'very optimized CapEx' for the upcoming cycle.

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    Alan Macias's questions to Central North Airport Group (OMAB) leadership • Q1 2024

    Question

    Alan Macias questioned whether the technical assistance expense recorded in the first quarter represents the expected level for future periods.

    Answer

    CFO Ruffo Pérez del Castillo confirmed that the technical assistance fee formula has not been modified and remains at 3% of the EBITDA generated by airport concessions. He clarified that the absolute amount will fluctuate based on the performance and EBITDA generation of those concessions.

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    Alan Macias's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

    Alan Macias's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q2 2025

    Question

    Alan Macias of Bank of America Merrill Lynch asked for Vesta's current portfolio breakdown between manufacturing and logistics/e-commerce, and whether this mix is expected to change over the next five years.

    Answer

    CEO Lorenzo Dominique Berho Carranza estimated the current mix is approximately 55% manufacturing and 45% logistics, with a long-term goal of maintaining a balanced 50/50 split. He highlighted the flexibility of Vesta's buildings to serve both sectors and reiterated the strategic focus on high-quality tenants and a high percentage of dollar-denominated leases.

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    Alan Macias's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q1 2025

    Question

    Alan Macias from Bank of America asked if Vesta intends to continue its aggressive share repurchase program at current stock price levels.

    Answer

    CEO Lorenzo Dominique Berho Carranza confirmed that Vesta will be watchful and will 'buy aggressively' when opportunities arise. While not committing to specific price levels, he reiterated the objective is to execute the full $150 million buyback program throughout the year as opportunities are identified.

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    Alan Macias's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q4 2024

    Question

    Alan Macias of Bank of America asked about the decrease in stabilized portfolio occupancy in the North region, seeking to identify which markets beyond Monterrey faced pressure. He also inquired about the capital deployed to date for the current development pipeline and whether a $200-$250 million CapEx assumption for 2025 would be conservative.

    Answer

    CEO Lorenzo Dominique Berho Carranza identified Tijuana and Ciudad Juarez as the markets in the North region experiencing a slowdown in demand, affecting both Vesta's portfolio and the broader market. He noted that while vacancy rates are moderate, leasing for new buildings has taken longer. Regarding CapEx, Berho stated that $140 million of the $214 million development pipeline has been invested to date and confirmed that 2025 will be an active year for capital deployment, including land acquisition and infrastructure improvements, without providing specific guidance.

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    Alan Macias's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership

    Alan Macias's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q2 2025

    Question

    Alan Macias from Bank of America Merrill Lynch asked about the drivers behind the strong double-digit international traffic growth in Puerto Rico and Colombia and whether this performance is sustainable.

    Answer

    CEO Adolfo Castro Rivas attributed Puerto Rico's strong performance to its growing popularity as a destination for concerts and music events. He noted that the growth in Colombia is primarily driven by traffic from the United States.

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    Alan Macias's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q2 2025

    Question

    Alan Macias asked about the key drivers for the strong double-digit international traffic growth in Puerto Rico and Colombia and whether this performance was sustainable.

    Answer

    CEO Adolfo Castro Rivas attributed Puerto Rico's strong performance to its growing popularity as a destination for concerts and music events. He stated that growth in Colombia was primarily driven by traffic from the U.S. The call ended before he could comment on sustainability.

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    Alan Macias's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q4 2024

    Question

    Alan Macias asked for confirmation that the Mexican tariff increase was fully implemented in 2024 and whether any spillover effect is expected for the current year.

    Answer

    Executive Adolfo Castro Rivas provided a direct response, confirming that the tariff increase was 'basically implemented last year,' implying no significant spillover.

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    Alan Macias's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q3 2024

    Question

    Alan Macias asked about potential policy changes affecting Mexican airports under the new administration and whether to expect continuity or shifts from past policies.

    Answer

    Executive Adolfo Castro Rivas stated that he expects policy continuity from the new administration. He also expressed hope for a positive change regarding the capacity reduction at Mexico City's airport, anticipating a reversal of the reduction from 52 to 43 movements early next year.

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    Alan Macias's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

    Alan Macias's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q2 2025

    Question

    Alan Macias of Bank of America Merrill Lynch sought clarification on whether the 38% figure mentioned represented the company's exposure to potential U.S. DOT restrictions on Mexican airlines and confirmed if GAP was maintaining its annual guidance.

    Answer

    CEO Raúl Revuelta Musalem clarified that the 38% exposure relates specifically to the VFR market, not the entire international segment. He also noted that GAP's diversified portfolio, particularly the Tijuana airport's CBX, provides a natural hedge. Management's earlier remarks confirmed that they expect to maintain their initial annual guidance.

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    Alan Macias's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q4 2024

    Question

    Alan Macias of Bank of America asked for the GDP growth assumption underlying the traffic guidance and questioned if the EBITDA margin expansion is limited by the consolidation of the lower-margin cargo business.

    Answer

    Executive Raul Musalem stated the GDP growth assumption for 2025 is between 1% and 1.3%. Saúl García explained that the primary constraint on the EBITDA margin is the concession fee increase from 5% to 9%, which is very relevant. He noted the cargo business margin is different but not significant enough to be the main driver, representing only about 5% of total revenues.

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    Alan Macias's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q3 2024

    Question

    Alan Macias from Bank of America asked for a timeline on when the Pratt & Whitney engine recall problem is expected to conclude and inquired about revenue expectations for the new cargo business.

    Answer

    Executive Raul Musalem stated that while the full impact of grounded planes will extend to December 2026, a significant number of aircraft are expected to return to service by summer 2025, boosting passenger numbers. Executive Saúl García added that the new cargo business is expected to maintain or slightly improve its current revenue levels, targeting an EBITDA margin of 50-55% through cost and revenue optimization.

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