Research Analyst at Scotiabank
Gabriel Himelfarb Mustri is an Equity Research Associate Director at Scotiabank Global Banking and Markets, specializing in Latin American transportation infrastructure, with a primary focus on listed airport groups such as Grupo Aeroportuario del Sureste (ASUR) and Grupo Aeroportuario del Centro Norte (OMA). He regularly engages in earnings calls and provides investment analysis on these companies, reflecting his deep sector knowledge, though public performance metrics such as TipRanks rankings or return statistics are not readily available. Himelfarb Mustri has advanced steadily at Scotiabank from an analyst to associate director, and previously gained experience as a commercial credit analyst, building a solid academic and professional foundation in finance and economics. His professional credentials, including regulatory licenses or registrations, have not been found in public disclosures.
Gabriel Himelfarb Mustri of Scotiabank asked if OMA is considering acquiring new assets, specifically mentioning the airport assets being sold by Andrade Gutierrez and CCR in Brazil.
CEO Ricardo Dueñas Espriu stated that while OMA is always evaluating potential airport opportunities, the company is not formally involved in the specific process regarding the assets in Brazil as of today.
Gabriel Himelfarb Mustri asked if there is any mechanism to offset the profitability impact of the increased concession fee before the 2026 MDP, or if the only recourse is cost control.
CFO Ruffo Pérez del Castillo explained that the direct cash flow benefit will only come after the next tariff negotiation. In the interim, he said the company is mitigating the impact through aggressive cost containment measures and by aiming for a higher maximum tariff recovery, expecting to exceed last year's 97.5% level.
Gabriel Himelfarb Mustri asked about the potential drop in international traffic during a U.S. recession, based on past experience, and whether there has been a noticeable shift of Canadian travelers from the U.S. to Mexico.
Adolfo Castro Rivas recalled that during the 1990 U.S. recession, international traffic to their airports grew, showing resilience. While he cannot predict the future, he noted that current trends show decreasing tourism to the U.S., which could benefit Mexico. He confirmed that Canada was the only region that did not show a traffic decline during the quarter.
Gabriel Himelfarb Mustri inquired whether there are any compensating mechanisms in place for the passenger traffic that Cancun has lost to the new Tulum Airport.
Executive Adolfo Castro Rivas clarified that while the traffic impact from Tulum was factored into the forward-looking calculations of the Master Development Plan (MDP), it is not a 'compensation' because the regulatory framework does not look backward to reimburse for lost traffic.