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    Rodolfo Ramos • Bradesco BBI

    Rodolfo Ramos's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

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

    Question

    Rodolfo Ramos from Bradesco BBI asked for more detail on Vesta's tenant engagement discussions, particularly regarding when occupancy might stabilize in light of the USMCA review. He also questioned if new energy regulations are creating opportunities for solar projects.

    Answer

    CEO Lorenzo Dominique Berho Carranza explained that tenants have a high conviction in Mexico and are adapting to new trade scenarios rather than relocating. He anticipates decisions will accelerate as tariff clarity emerges. Regarding energy, he confirmed that new regulations are beneficial and align with their Route 2030 strategy, expecting more solar projects to materialize.

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

    Question

    Rodolfo Ramos from Bradesco BBI asked if the observed weakness in northern markets could impact the Bajio markets, questioning if they are substitutes or have different client bases. He also asked how this dynamic affects the pace and focus of the development pipeline under the Route 2030 plan.

    Answer

    CEO Lorenzo Dominique Berho Carranza explained that markets have different dynamics, with metro and Bajio areas driven more by consumption and logistics, while border regions are more tied to manufacturing and export. He stated that while trends differ, vacancy rates remain healthy across markets, generally below 5%. He reiterated Vesta's disciplined approach, noting that high-quality products with proper infrastructure will have an advantage. He used the upgraded Monterrey buildings as an example of adapting to deliver the best product, suggesting this strategy will continue to guide development pace.

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    Rodolfo Ramos's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership

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

    Question

    Rodolfo Ramos inquired about the primary drivers of the strong commercial revenue performance beyond currency effects and asked about the potential future impact of increased CapEx on operating expenses and margins.

    Answer

    Executive Adolfo Castro Rivas attributed the strong commercial revenue to favorable exchange rates in Puerto Rico and Colombia, as well as a beneficial passenger mix and duty-free sales in Mexico. He confirmed that CapEx projects, such as the Terminal 1 expansion in Cancun scheduled for completion in Q3 2026, will lead to higher operating costs for maintenance and security once the new areas become operational.

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

    Question

    Rodolfo Ramos inquired about ASUR's traffic growth expectations for the current year in Mexico and whether the new Tulum airport is expected to cannibalize commercial revenue per passenger at Cancun.

    Answer

    Executive Adolfo Castro Rivas explained that Mexican traffic will continue to face headwinds from Mexico City capacity constraints and the Pratt & Whitney engine issues, with improvement expected by Q3. He stated that while Cancun's Terminal 2 is losing commercial opportunities, he does not foresee a decrease in overall commercial revenue per passenger, anticipating improvements when Terminal 1 opens in mid-2026.

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    Rodolfo Ramos's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

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

    Question

    Rodolfo Ramos from Bradesco BBI questioned the conservative 2025 traffic guidance, given the easing of prior headwinds, and asked for details on the schedule and rationale for the gradual rollout of new maximum tariffs.

    Answer

    Executive Raul Musalem explained that the 4-6% traffic guidance is based on confirmed airline seat commercialization and slot requests, noting any unannounced routes would represent an upside. Regarding tariffs, he stated a 15% increase would be applied on March 1, with subsequent increases planned to reach 100% of the maximum authorized tariff during 2026.

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    Rodolfo Ramos's questions to Central North Airport Group (OMAB) leadership

    Rodolfo Ramos's questions to Central North Airport Group (OMAB) leadership • Q2 2024

    Question

    Rodolfo Ramos asked about the medium-to-long-term potential for non-aeronautical revenue per passenger and the strategic relevance of the Toluca airport.

    Answer

    CFO Ruffo Pérez del Castillo explained that commercial revenue per passenger is sustainable, while diversification revenues (hotels, cargo) are not directly correlated to passenger traffic. CEO Ricardo Duenas added that the government's strategy clearly favors the Santa Lucia airport (AIFA) over Toluca for handling excess traffic from the Mexico City area.

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    Rodolfo Ramos's questions to Central North Airport Group (OMAB) leadership • Q2 2024

    Question

    Rodolfo Ramos asked about the medium-to-long-term potential for non-aeronautical revenue per passenger and the role of Toluca airport in the Mexico City area.

    Answer

    CFO Ruffo Pérez del Castillo explained that commercial revenue per passenger is sustainable, while diversification revenues (hotels, cargo) are not directly tied to passenger counts. CEO Ricardo Duenas added that the government's strategy favors Santa Lucia (AIFA) over Toluca for absorbing excess traffic from Mexico City's main airport.

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    Rodolfo Ramos's questions to Central North Airport Group (OMAB) leadership • Q1 2024

    Question

    Rodolfo Ramos asked about the long-term impact of Mexico City airport's slot reductions on OMA's system, particularly Monterrey, and inquired about any updates on the potential commercial operation of a nearby military airport.

    Answer

    CEO Ricardo Duenas stated he expects traffic to shift to alternative airports, positioning OMA's network as part of the solution for bypassing Mexico City and remains bullish on long-term traffic due to nearshoring. Regarding the military airport, he noted there are no official announcements or actions, and OMA's Monterrey airport currently has no capacity constraints.

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