Jorge Vargas

Jorge Vargas requested more details on the potential acquisition of Motiva Airports' portfolio in Brazil, including the expected timeline, estimated investment size, strategic rationale, and how Brazil's concession structure differs from Mexico's.

Answer

CEO Raúl Revuelta explained the strategic rationale as diversification and an opportunity to increase value through GAP's expertise in commercial revenues and cost discipline. He noted that Motiva Airports comprises various concessions across different countries with distinct frameworks. While the timeline is managed by Motiva, GAP expects to make a final decision by mid-November. He did not provide an estimated investment size but reiterated the focus on value creation.

Jorge Vargas from GBM asked if the Q1 EBITDA margin of 67.1% represents a new stable level or if further compression is likely, given the full recognition of the higher concession fee.

Answer

Executive Raul Musalem confirmed that the current EBITDA margin range of 66% to 67.5% is the new expected level for the year. He explained that returning to the previous 69-70% range would be difficult due to the permanent increase of the concession fee from 5% to 9%, which is now fully reflected in the P&L.

Jorge Vargas from GBM asked about the dynamics that led to Vesta not meeting its CapEx deployment guidance for the year and whether an acceleration in spending should be expected in 2025.

Answer

CEO Lorenzo Dominique Berho Carranza stated that Vesta is not providing specific capital deployment guidance but confirmed the current development pipeline was carefully selected. He highlighted that Vesta will continue its disciplined approach to land acquisitions and capital deployment in line with its long-term plan. He also noted that the company is in a strong financial position with a new credit facility, providing ample resources for its capital strategy in the coming year.