Grupo Aeroportuario del Sureste, S. A. B. de C. V. Q2 FY2025 earnings call

• Passenger traffic: Served 17.7 million passengers. Puerto Rico had 3% growth, Colombia 1%, Mexico -2%. Tulum airport drew passengers from Cancun. • Financials: Total revenues MXN 7.4B (+5%), total expenses +10%, consolidated EBITDA +2%, adjusted EBITDA margin 68% (slight contraction). Foreign exchange loss MXN 1,200M. • Balance sheet: Cash and cash equivalents MXN 20B (+32%), net debt-to-EBITDA 0.1x. • Capital allocation: Paid MXN 50 per share cash dividend, with extraordinary dividends in Sept and Nov. CapEx MXN 1.4B for Mexican airport projects. • Governance: Mrs. Isabel Prieto appointed to Board; 57% independent directors, 36% female representation.

Total revenues increased 5% year-on-year to MXN 7.4 billion. Mexico accounted for 72% of total revenues, with a low single-digit increase of 0.7%. Puerto Rico contributed 17.7% of total revenues with top line growth in the high teens. Colombia accounted for 12% of total revenues with a 15.4% top line growth. In terms of EBITDA, Puerto Rico posted a 20% double-digit growth, Colombia 15%, while Mexico saw a 1.6% decrease in EBITDA.

• Expect Mexico traffic to gradually stabilize next year as engine issues bottom out and Tulum normalizes. • U.S. DOT restrictions on Mexican carriers not expected to materially impact operations. • Long-term growth potential for Cancun and Tulum.

• Broader softness in international traffic due to cautious demand and Tulum airport shift affecting Cancun. • FX fluctuations impacting financials. • Macroeconomic conditions affecting travel demand.

Q: Regarding non-aero revenues sequential decline and impact of potential lifting of capacity restrictions in Mexico City.

A: Non-aero revenues affected by exchange rate and passenger mix; lifting of Mexico City restrictions could benefit, but DOT impact minimal.

Q: On Tulum traffic shift, whether charter or commercial.

A: Mostly commercial flights from U.S.

Q: On balance sheet investment shift.

A: Invested in a fund for better return.

Q: On Mexico profitability and cost line.

A: Labor cost increase and minimum wage hike led to expense growth; margin to be seen independently.

Q: On cash in USD.

A: Around 60% of cash in USD.

Q: On Mexico dividend policy and Tulum capacity.

A: Dividend policy to be evaluated; Tulum to reach 2.9M passengers to stop hurting Cancun.

Q: On new debt rationale and CapEx deployment.

A: Debt for taxes and expenses; CapEx above internal budget, aiming for MXN 7B by year end.

Q: On smaller airports dynamics.

A: Each airport has own situation; Oaxaca affected by demonstrations, Merida steady.

Q: On sargassum impact.

A: Sargassum a concern, but summer worst; less in later quarters.

Q: On inorganic growth and CCR divestment.

A: Bávaro project ongoing, no comment on CCR divestment.

Q: On international traffic drivers in PR and Colombia.

A: Puerto Rico due to concerts; Colombia related to U.S. factors.