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    Pablo Ricalde

    Research Analyst at Itaú Corretora de Valores S.A.

    Pablo Ricalde is an Equity Research Analyst at Itaú Corretora de Valores S.A., focusing on the Mexican equities market across sectors such as real estate and finance. He covers companies including Fibra UNO, actively participating in earnings calls and providing sector analysis for institutional clients. Ricalde began his career at Merrill Lynch Mexico, progressing to Casa de Bolsa Santander and then Credit Suisse Mexico before joining Itaú Corretora de Valores S.A. He brings a background in financial research and has established expertise in brokerage analysis, though specific securities licenses and performance ranking metrics are not publicly disclosed.

    Pablo Ricalde's questions to TELEFONICA BRASIL (VIV) leadership

    Pablo Ricalde's questions to TELEFONICA BRASIL (VIV) leadership • Q2 2025

    Question

    Pablo Ricalde from Itaú Corretora de Valores S.A. asked about the potential for another round of price increases in the second half of the year and sought more detail on the strategy to increase cross-selling and become a 'one-stop vendor'.

    Answer

    CEO Christian Gebara confirmed that price increases are planned for the remainder of the year, affecting about one-fourth of the hybrid customer base and a small portion of postpaid customers, in line with annual inflation adjustments. To boost cross-selling, he highlighted the growth of new services to 11.2% of revenue, driven by initiatives like insurance and OTT subscriptions, and noted a huge opportunity remains as only 15% of B2B clients currently have a digital service from Vivo.

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    Pablo Ricalde's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership

    Pablo Ricalde's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q2 2025

    Question

    Pablo Ricalde of Itaú Corretora de Valores S.A. asked about the expected leverage, specifically the net debt to EBITDA ratio, by year-end, considering ongoing land acquisitions and potentially lower EBITDA.

    Answer

    CEO Lorenzo Dominique Berho Carranza stated that recent strategic land acquisitions in key markets support the company's 2030 strategy and that Vesta will remain mindful of its leverage ratios. CFO Juan Felipe Sottil Achutegui added that the balance sheet is very strong, with a current net debt to EBITDA of 4.0x and a 22.4% LTV, which can easily sustain the land acquisition strategy without concern.

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    Pablo Ricalde's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q2 2025

    Question

    Pablo Ricalde from Itaú Corretora de Valores S.A. inquired about the balance sheet, specifically how continued land acquisitions might affect year-end leverage, measured by net debt to EBITDA, particularly if EBITDA lands at the lower end of guidance.

    Answer

    CEO Lorenzo Dominique Berho Carranza emphasized the strategic importance of recent land acquisitions for the company's 2030 strategy. CFO Juan Felipe Sottil Achutegui reinforced this by highlighting Vesta's strong balance sheet, with a net debt to EBITDA of 4.0x and a loan-to-value of 22.4%. He assured that the company has ample credit lines to sustain its acquisition strategy without compromising its healthy leverage position.

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    Pablo Ricalde's questions to SOUTHEAST AIRPORT (ASR) leadership

    Pablo Ricalde's questions to SOUTHEAST AIRPORT (ASR) leadership • Q2 2025

    Question

    Pablo Ricalde of Itaú Corretora de Valores S.A. asked for an explanation of the cost increase that compressed Mexico's EBITDA margin and sought to confirm the percentage of the company's cash held in U.S. dollars.

    Answer

    CEO Adolfo Castro Rivas attributed the 7% cost increase primarily to the 12% annual minimum wage hike effective at the start of the year. He confirmed that at the end of the quarter, the company held approximately $700 million in U.S. dollars.

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    Pablo Ricalde's questions to SOUTHEAST AIRPORT (ASR) leadership • Q2 2025

    Question

    Pablo Ricalde asked for an explanation of the decline in Mexico's EBITDA margin, focusing on the cost drivers, and requested confirmation of the percentage of the company's cash held in U.S. dollars.

    Answer

    CEO Adolfo Castro Rivas attributed the margin pressure in Mexico to a 7% increase in expenses, primarily from a 12% minimum wage hike, combined with weaker traffic. He confirmed that the company held approximately $700 million in U.S. dollars at the end of the quarter.

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    Pablo Ricalde's questions to Pacific Airport (PAC) leadership

    Pablo Ricalde's questions to Pacific Airport (PAC) leadership • Q2 2025

    Question

    Pablo Ricalde from Itaú Corretora de Valores S.A. asked how rising depreciation affects the company's dividend policy and CapEx funding strategy, and sought confirmation of rumors about a new Iberia route from Guadalajara to Madrid.

    Answer

    Management confirmed that while depreciation is rising due to asset capitalization and acquisitions, the CapEx funding strategy remains unchanged. CEO Raúl Revuelta Musalem clarified that Iberia had mentioned a potential Guadalajara-Madrid route, but the negotiation has not been finalized or officially announced.

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    Pablo Ricalde's questions to Central North Airport (OMAB) leadership

    Pablo Ricalde's questions to Central North Airport (OMAB) leadership • Q2 2024

    Question

    Pablo Ricalde inquired about OMA's passenger traffic expectations for the second half of 2024, noting slightly better outlooks from low-cost carriers.

    Answer

    CEO Ricardo Duenas stated that OMA maintains its previous forecast of a low single-digit decrease in traffic for the year, primarily due to the ongoing Pratt & Whitney engine recall issue affecting airlines.

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    Pablo Ricalde's questions to Central North Airport (OMAB) leadership • Q2 2024

    Question

    Pablo Ricalde inquired about OMA's passenger traffic expectations for the second half of 2024, noting slightly better outlooks from low-cost carriers.

    Answer

    CEO Ricardo Duenas stated that OMA is maintaining its previous forecast of a low single-digit decrease in traffic for the year, primarily due to the ongoing Pratt & Whitney engine recall issue affecting airline fleets.

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    Pablo Ricalde's questions to Central North Airport (OMAB) leadership • Q1 2024

    Question

    Pablo Ricalde followed up on the concession fee, asking for the rationale behind recording it as an expense rather than an intangible asset and whether this was an internal decision or mandated by auditors.

    Answer

    CFO Ruffo Pérez del Castillo clarified that they are still assessing alternative accounting treatments with their auditors and have not reached a final decision. He noted the current method of expensing the fee is the most conservative approach and does not affect the ultimate recoverability of the amount through future tariffs.

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