Grupo Aeroportuario del Sureste, S. A. B. de C. V. Q4 FY2025 earnings call

• Passenger traffic: Decrease in fourth quarter due to Mexico stability and Jamaica hurricane impact. - Financial results: Revenue growth, EBITDA change, net income decline. - Full year performance: Aeronautical and non-aeronautical revenue growth, capital expenditure of 12.4 billion pesos in 2025. - International expansion: Evaluating growth opportunities, state of Jalisco airports remained operational with flight cancellations but recovery seen.

Fourth quarter passenger traffic decreased 0.9% compared to the same period in 2024. Mexico traffic trends were relatively stable with 2.9% passenger growth supported by new tariff implementation and route expansion, while Jamaica was impacted by Hurricane Melissa with nearly 35% traffic decrease. Combined aeronautical and non-aeronautical service revenues grew 12.8%. Aeronautical revenues grew 12.6%, non-aeronautical revenues grew 13.3% quarter over quarter. EBITDA increased by 7.5% to 5.1 billion pesos. For the full year, aeronautical revenue grew 19.4%, non-aeronautical new revenue grew 26.5%, new aeronautical revenue per passenger was 152 pesos in 2025, full year EBITDA was 21.3 billion pesos with a margin of 65.6% excluding IFRIC 12.

• 2026 expected moderate growth: Passenger traffic growth 2%-5%, aeronautical revenues increase 9%-12%, non-aeronautical revenues expand 6%-9%, total revenues grow 8%-11%, EBITDA grow 8%-11% with EBITDA margins solid at approximately 65%±1%. - Guidance doesn't include CVX business combination formalization process, will update on results once consolidation timing confirmed.

• Hurricane Melissa impacted Jamaica airport traffic. - Incidents in Jalisco led to flight cancellations in Guadalajara and Puerto Vallarta.

Q: Give color on Guadalajara and Puerto Vallarta cancellations and lower bookings, and U.S. expansion.

A: Flight cancellations on Sunday with recovery, expecting no additional impact, CDX platform in U.S. opens opportunities for new investments.

Q: Detail on pending tariff adjustments timing.

A: Tariffs increased in 2025 with expected 95% fulfillment, two additional increases in summer for 202 airports.

Q: Break down traffic increase expectations for Mexico and Jamaica.

A: Jamaica expected minus 2 to 0% increase with hotel capacity recovery, Mexico with positive trends including World Cup impact.

Q: Comment on capital allocation post Turks and Caicos process.

A: First half focused on CVX business combination and efficiencies, continuing to review projects with discipline.

Q: Timeline and synergies of CBX deal.

A: Formalization process ongoing, expecting second quarter consolidation, synergies gradually implemented with full program by mid-2017 view.