Grupo Aeroportuario del Sureste, S. A. B. de C. V. Q1 FY2026 earnings call

• Operating in an environment with varying traffic trends in different markets, affected by security events and TSA disruptions. - Progress on integration of ASUS U.S. airports and regional expansion strategy, including pending Motiva transaction. - Actively expanding commercial footprint across network. - Focus on cost discipline and long-term value creation.

Total passenger traffic increased 1.9% year-to-year, reaching nearly 90 million passengers. Total revenues increased 0.2% year-on-year, driven by increasing non-aeronautical revenues from the first full consolidation of U.S. airports, with aeronautical revenues declining low single digits. Commercial revenues increased nearly 7%. Total expenses increased 25% year-on-year, mainly due to integration of U.S. commercial operations, etc. Consolidated EBITDA decreased nearly 6%. Puerto Rico traffic trends driven by domestic demand, Mexico traffic stable with international growth, Colombia fastest-growing. By region, Mexico's commercial revenues affected by FX, Puerto Rico's expenses declined, Colombia's expenses increased due to depreciation change.

• Expect travel improvement as U.S. commercial platform scales with new openings. - Motiva transaction expected to close in second quarter. - Uncertainty about future operating conditions including fuel prices and capacity reductions. - U.S. commercial EBITDA expected to increase next year with opening of new Terminal 1.

• Factors beyond control like security-related events, TSA disruptions, fuel price fluctuations, and inflationary pressures could impact results. - Volatility in traffic trends due to various events. - Uncertainty regarding the impact of Middle East situation on traffic and operations.

Q: About U.S. commercial business EBITDA contribution and Motiva acquisition expenses; on Cancun-Mexico route traffic during World Cup.

A: EVA this year expected close to $20M, no expectation of material extraordinary expenses for Motiva soon; no major short-term pressure on Cancun-Mexico route due to World Cup.

Q: Follow-up on Mexico traffic trend and Motiva commercial synergies.

A: Mexico traffic affected by events in first quarter, difficult to predict year-end; Motiva business operating well, no major synergy seen.

Q: About Colombia investment and maximum tariff.

A: No amendment to concession yet for Colombia investment, expected to move revenue paydown date; on track to reach 98% maximum tariff.

Q: On maximum tariffs methodology and non-recurring expenses.

A: Maximum tariff is peso-denominated basket, 91M pesos paid as professional fee for U.S. acquisition, some one-time events.

Q: On traffic shifts from airlines and commercial revenue drivers.

A: Spirit decreased capacity, difficult to predict traffic ahead; PSA lines in Puerto Rico affecting passenger profiles and commercial revenues.

Q: On U.S. business UBA contribution.

A: This year $30M in ETA, next year more with new Terminal 1.

Q: On U.S. operations occupancy rates and lease management.

A: Mostly contracts, average lease life 15-17 years, investments linked to better rents.