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    Fernanda Recchia • BTG Pactual

    Fernanda Recchia's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership

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

    Question

    Fernanda Recchia from BTG Pactual inquired about the company's future dividend policy and asked when the Tulum airport is expected to reach full capacity and cease negatively impacting Cancun's traffic figures. She also followed up on inorganic growth opportunities.

    Answer

    CEO Adolfo Castro Rivas stated that the dividend policy for next year will be evaluated after the upcoming payments in September and November. He projected that Tulum's negative impact on Cancun will persist until it reaches its normalized capacity of around 2.9 million passengers, which is not expected this year. Regarding M&A, he confirmed the Belo Horizonte project is on hold and that ASR is exploring other opportunities but declined to comment on specifics.

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

    Question

    Fernanda Recchia inquired about the future dividend policy, the timeline for Tulum airport to reach full capacity, and any updates on inorganic growth opportunities, including the Belo Horizonte airport.

    Answer

    CEO Adolfo Castro Rivas stated that future dividend policy will be evaluated next year after the 2025 payments are complete. He projected the Tulum impact will cease when it reaches its 2.9 million passenger capacity. He also confirmed the Belo Horizonte process is on hold and that while ASR is exploring other opportunities, he could not comment on specifics.

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    Fernanda Recchia's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q1 2025

    Question

    Fernanda Recchia sought more color on the traffic outlook and normalization timeline for Puerto Rico and Colombia, and asked for an estimate of the increase in commercial revenue per passenger from the Terminal 2 remodeling in Mexico.

    Answer

    Adolfo Castro Rivas noted that Puerto Rico's traffic growth remains unexpectedly strong, while Colombia is normalizing as anticipated. He explained that the Terminal 1 expansion will first alleviate capacity issues in Terminal 2, creating new commercial opportunities. However, he stated it is too early to quantify the impact on commercial revenue per passenger until the project is operational in Q3 2026.

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    Fernanda Recchia's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

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

    Question

    Fernanda Recchia of BTG Pactual questioned the traffic trends in the cross-border market, seeking to confirm a stabilization in demand. She also asked for a timeline on inorganic growth decisions for Turks and Caicos and CCR, and whether GAP's interest was in the entire CCR portfolio.

    Answer

    CEO Raúl Revuelta Musalem confirmed some softness in VFR traffic due to U.S. migration policies but expects a recovery as rules become clearer, also noting airline fleet groundings as a key uncertainty. He anticipates a decision on Turks and Caicos this year and stated that while the CCR opportunity was presented as a whole, GAP is analyzing it asset by asset.

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    Fernanda Recchia's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q1 2025

    Question

    Fernanda Recchia of BTG Pactual asked about the expected commercial revenue growth for 2026 and inquired about GAP's broader capital allocation strategy, including potential interest in CCR or further cargo acquisitions.

    Answer

    Executive Raul Musalem projected that 2026 non-aeronautical revenue growth would normalize but remain strong, near double-digits, as new commercial spaces become fully operational. Executive Saúl García added that GAP is analyzing the CCR opportunity with strict discipline for accretive acquisitions and is currently focused on optimizing the recently acquired GWTC to serve as a platform for future cargo growth across other GAP airports.

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

    Question

    Fernanda Recchia of Miranda & Global Research inquired about the timeline for the gradual implementation of the new maximum tariff and the company's traffic expectations for the next year, given the ongoing Pratt & Whitney engine issues.

    Answer

    Executive Raul Musalem explained that the new tariff would be implemented gradually in three stages: January, July, and the following January, with full implementation expected by January 2026, a timeline confirmed by executive Saúl García. Regarding traffic, Musalem projected growth of approximately 5% for the next year, based on current information from airlines about new aircraft deliveries and the return of grounded planes.

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    Fernanda Recchia's questions to Corporacion America Airports SA (CAAP) leadership

    Fernanda Recchia's questions to Corporacion America Airports SA (CAAP) leadership • Q1 2025

    Question

    Fernanda Recchia of BTG Pactual inquired about Corporación América Airports' recent M&A activities and traffic performance. She requested specifics on the Montenegro proposal, including airport capacity, regulatory regime, and planned CapEx, as well as an update on the revised proposal for Angola. Additionally, she asked for an outlook on the sustainability of Argentina's strong passenger traffic.

    Answer

    Chief Financial Officer Jorge Arruda provided details on the M&A pipeline. For Montenegro, he described a proposal for a 3 million passenger, two-airport concession with an inflation-based tariff regime, targeting mid-teens IRR, with a decision expected imminently. For Angola, he confirmed a revised proposal is being prepared for submission. Regarding traffic, Mr. Arruda stated that demand remains very healthy across key markets, particularly in Argentina's international segment, supported by new routes, and he expects this positive trend to continue.

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    Fernanda Recchia's questions to Corporacion America Airports SA (CAAP) leadership • Q4 2024

    Question

    Fernanda Recchia asked for an update on 2025 traffic trends, particularly for Argentina and Brazil, and requested more details on the project timelines and remaining approval steps for major projects in Armenia and Italy.

    Answer

    Executive Martin Francisco Eurnekian explained that Argentine traffic is benefiting from a better macro environment and deregulation. He clarified that Brazil's traffic growth is around 6% ex-Natal. For the major projects, he stated they are awaiting government feedback in Armenia and are in the final stages of securing a key environmental approval in Italy, with news expected in the coming months. He also confirmed that the positive traffic trends seen early in the year are expected to continue.

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    Fernanda Recchia's questions to Corporacion America Airports SA (CAAP) leadership • Q3 2024

    Question

    Fernanda Recchia from BTG Pactual asked for an outlook on traffic trends into 2025, specifically for Argentina's domestic versus international routes and other key regions. She also sought clarification on whether the recent Argentine domestic tariff increase was final for the near term.

    Answer

    CFO Jorge Arruda responded, confirming continued positive traffic dynamics in Uruguay, Brazil, and Italy, with Argentina's international traffic remaining strong while domestic traffic is weak. He clarified that the recent domestic tariff adjustment to approximately $5.5 is the only one expected for now.

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    Fernanda Recchia's questions to Central North Airport Group (OMAB) leadership

    Fernanda Recchia's questions to Central North Airport Group (OMAB) leadership • Q1 2024

    Question

    Fernanda Recchia requested an update on the Master Development Plan (MDP) negotiations, particularly on tariff expectations, and asked for the margin outlook given the revised lower traffic forecast.

    Answer

    CFO Ruffo Pérez del Castillo responded that it is still too early for specific MDP guidance but confirmed they are working with VINCI to optimize CapEx. For margins, he suggested a range of 72% to 74% is a fair assumption for the year, accounting for the concession tax being treated as an expense.

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