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    Stephen Trent • Citigroup

    Stephen Trent's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership

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

    Question

    Steve Trent from Citi asked whether the traffic shifting from Cancun to the new Tulum airport is primarily charter or commercial, and questioned the rationale for a change in financial instrument investments on the balance sheet.

    Answer

    CEO Adolfo Castro Rivas clarified that the traffic moving to Tulum is mostly commercial flights, particularly from the United States. He explained the balance sheet change was a strategic decision to invest a portion of their cash into a fund to achieve higher returns.

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

    Question

    Steve Trent asked for clarification on whether traffic shifting to the new Tulum airport was primarily charter or commercial, and also inquired about the rationale for a change in financial instrument investments between Q1 and Q2.

    Answer

    CEO Adolfo Castro Rivas clarified that the traffic moving to Tulum is mostly commercial flights, particularly from the U.S. Regarding the balance sheet, he explained that the company invested a portion of its cash into a different fund to seek higher returns.

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    Stephen Trent's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

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

    Question

    Steve Trent of Citigroup inquired about the landscape for inorganic growth opportunities, such as Turks and Caicos and CCR, and asked for an update on the performance of the new hotel at Guadalajara Airport.

    Answer

    CEO Raúl Revuelta Musalem explained that GAP targets assets with strong growth potential and profitability, noting that such opportunities are relatively rare in Latin America and the Caribbean. He also reported that the Guadalajara hotel is performing very well in its first year, with an average occupancy rate of around 80%.

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    Stephen Trent's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership

    Stephen Trent's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q2 2025

    Question

    Steve Trent of Citigroup Inc. asked about the potential impact of the 2026 World Cup on Volaris's performance and inquired about the implications of the ongoing dispute between the U.S. DOT and Mexico, specifically if a competitor's joint business agreement cancellation could benefit Volaris.

    Answer

    Holger Blankenstein, EVP, identified the World Cup as a potential tailwind for 2026, given Volaris's connectivity to host cities. President & CEO Enrique Javier Beltranena Mejicano addressed the regulatory dispute, expressing confidence that the U.S. and Mexican governments will reach a beneficial agreement and clarified the issue is not a Category 2 downgrade.

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    Stephen Trent's questions to United Airlines Holdings Inc (UAL) leadership

    Stephen Trent's questions to United Airlines Holdings Inc (UAL) leadership • Q2 2025

    Question

    Stephen Trent from Citigroup Inc. asked if United is observing any impact on European travel demand resulting from recent 'anti-tourism' incidents reported in some cities.

    Answer

    EVP & CCO Andrew Nocella responded that United's demand to Europe remains strong, particularly to Southern Europe. He noted that since United disproportionately carries U.S. citizens outbound, any impact on inbound tourism to the U.S. would be more acutely felt by foreign carriers.

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    Stephen Trent's questions to Delta Air Lines Inc (DAL) leadership

    Stephen Trent's questions to Delta Air Lines Inc (DAL) leadership • Q2 2025

    Question

    Steve Trent followed up on the co-branded card remuneration, confirming its growth rate, and asked about the geographic mix of cardholders.

    Answer

    CFO Dan Janki confirmed that both card spend and cash remuneration from American Express were up 10% in the quarter. President Glen Hauenstein clarified that the co-branded cardholder base is 99% US-based.

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    Stephen Trent's questions to Delta Air Lines Inc (DAL) leadership • Q2 2025

    Question

    Steve Trent from Citi asked for clarification on the co-branded card remuneration growth, which appeared to be tracking ahead of guidance. He also inquired about the geographic breakdown of Delta's co-brand cardholders.

    Answer

    CFO Dan Janki confirmed that both card spending and cash remuneration from American Express grew a strong 10% in the quarter. President Glen Hauenstein clarified the cardholder base, stating that it is overwhelmingly domestic, with 99% of holders based in the U.S.

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    Stephen Trent's questions to LATAM Airlines Group SA (LTM) leadership

    Stephen Trent's questions to LATAM Airlines Group SA (LTM) leadership • Q1 2025

    Question

    Stephen Trent asked if the Brazil guidance assumes a steady competitive environment and questioned why the fuel guidance remained unchanged despite Q1 performance and existing hedges.

    Answer

    CEO Roberto Alvo Milosawlewitsch reiterated his confidence in Brazil's good demand and disciplined capacity environment. Executive Andres Eitel addressed the fuel question, stating that the $90 per barrel guidance is consistent with current spot prices and the forward curve, making it a confident full-year forecast.

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