Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is viewed positively due to its strategic acquisitions and growth potential in the aviation market [1][8] Expansion Strategy - ASR is pursuing a geographic expansion strategy through a $936 million acquisition of Companhia de Participações em Concessões (CPC Aeroportos), adding 20 airports across Latin America, including 17 in Brazil [3][4] - The acquisition significantly strengthens ASR's regional footprint, allowing the company to capture growth in Brazil's large aviation market while diversifying beyond its traditional Mexican base [4] Financial Considerations - The expanded portfolio is expected to drive higher passenger volumes and new revenue streams, although the financing structure introduces higher leverage that could pressure financial flexibility and dividend capacity in the near term [5] - Management has a history of reducing leverage after periods of elevated debt, indicating potential for balance sheet normalization over time [5] Operational Performance - Recent operational performance has been mixed, with traffic headwinds in Mexico, while Colombia and Puerto Rico show resilience, highlighting the importance of geographic diversification [6] - Currency strength and cost inflation have created temporary margin pressure despite mid-single-digit revenue growth, while infrastructure investments, particularly in Cancun, support long-term capacity and non-aeronautical revenue expansion [6] U.S. Market Entry - ASR is expanding into the U.S. through a $295 million acquisition of URW Airports, securing commercial rights at major hubs including Los Angeles, New York JFK, and Chicago O'Hare, viewed as a platform for future growth [7] Market Outlook - Despite integration risks, regulatory complexity, and macro volatility in South America, airport assets retain monopolistic characteristics and durable cash flows [8] - Current valuation multiples suggest shares are not overvalued, supporting a reiterated Buy view, with acquisitions offering meaningful long-term upside if integration is executed effectively and traffic trends improve [8]

Ferrovial (NasdaqGS:FER) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker11Good afternoon, everybody. This is Silvia Ruiz speaking, I would like to welcome you to Ferrovial's conference call to discuss the financial results for the full year of 2025. I'm joined here today by our Chairman, Rafael del Pino, our CEO, Ignacio Madridejos, and our CFO, Ernesto López Mozo. Just as a reminder, both the results report and the presentation are available on our website since yesterday evening after the U.S. ...

Grupo Aeroportuario del Sureste logo Grupo Aeroportuario del Sureste (NYSE:ASR) executives used the company’s fourth-quarter and full-year 2025 earnings call to highlight a “key inflection point” for the airport operator, pointing to new diversification initiatives alongside softer traffic trends in some markets and the impact of currency movements on reported results. Strategic moves: U.S. acquisition and pending Motiva deal Chief Executive Officer Adolfo Castro said ASUR completed its expansion into ...

February 25, 2026 FY 2025 FINANCIAL RESULTS 1 FY 2025 Financial Results Picture: 407 ETR (Canada) DISCLAIMER This presentation has been produced by Ferrovial SE (the "Company", "we" or "us" and, together with its subsidiaries, the "Group") for the sole purpose expressed herein. By accessing this presentation, you acknowledge that you have read and understood the following statements. Neither this presentation nor any of the information contained herein constitute or form part of, and should not be construed ...

Financial Data and Key Metrics Changes - Passenger traffic decreased by 0.9% in Q4 2025 compared to Q4 2024, with a notable decline in Jamaica due to Hurricane Melissa [3][4] - Combined aeronautical and non-aeronautical service revenues increased by 12.8%, with aeronautical revenues growing by 12.6% and non-aeronautical revenues by 13.3% [5][6] - EBITDA increased by 7.5% to MXN 5.1 billion, with an EBITDA margin of 63.8%, reflecting higher concession fees and increased operational costs [6][7] - Net income declined due to higher financial expenses and lower interest income, alongside deferred tax adjustments [7] Business Line Data and Key Metrics Changes - In Mexico, commercial revenues were strong, particularly in cargo and warehouse operations, with significant contributions from food and beverage, retail, and ground transportation [6] - Non-aeronautical revenue per passenger increased to MXN 152 in 2025 from MXN 123 in 2024, indicating improved commercial execution and pricing optimization [8] Market Data and Key Metrics Changes - The impact of Hurricane Melissa led to a nearly 35% decrease in traffic in Jamaica during the quarter, although recovery is expected by the 2026 winter season [4][5] - The company anticipates passenger traffic growth of 2% to 5% in 2026, with aeronautical revenues projected to increase by 9% to 12% [14] Company Strategy and Development Direction - The company is focused on four growth pillars: strengthening connectivity, expanding commercial revenues, disciplined execution of infrastructure programs, and maintaining a long-term leverage strategy [15] - The business combination with CBX is expected to enhance operational efficiency and expand service capabilities, contributing positively to long-term value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the Jamaican market despite recent challenges, with expectations for hotel capacity recovery [5][10] - The company remains disciplined in capital allocation, focusing on projects that align with strategic and financial return criteria [10][36] Other Important Information - The company closed 2025 with MXN 10.5 billion in cash and cash equivalents, having strengthened its capital structure through bond issuance [8][9] - CapEx for 2025 was MXN 12.4 billion, focusing on major terminal expansions and capacity enhancements [9] Q&A Session Summary Question: Can you provide details on Guadalajara and Puerto Vallarta cancellations and bookings? - Management reported significant cancellations initially but noted a recovery with only four cancellations in Puerto Vallarta and eleven in Guadalajara the following day [18][19] Question: Will there be an expansion in the U.S. beyond CBX? - Management indicated that the CBX platform opens opportunities for new investments in the U.S., with a focus on projects that generate shareholder value [20] Question: What is the expected timing for pending tariff adjustments? - Management outlined a series of tariff increases implemented throughout 2025, with additional increases expected in the summer [26][27] Question: Can you break down traffic increase expectations for Mexico and Jamaica? - Management expects a traffic increase of 2% to 5% in Mexico, while Jamaica is projected to see a recovery with a potential increase of -2% to 0% in passenger numbers [30][33] Question: What are the priorities for capital allocation now that the Turks and Caicos process is over? - Management emphasized a focus on the CBX project and exploring other opportunities in the cargo facilities business, maintaining a disciplined approach to capital allocation [36][37]

Grupo Aeroportuario del Sureste (NYSE:ASR) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Company ParticipantsAdolfo Castro Rivas - CEOConference Call ParticipantsAndressa Varotto - Equity AnalystAnton Mortenkotter - Equity Research AnalystOperatorAs a reminder, today's call is being recorded. Now, I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.Adolfo Castro RivasThank you, Dave, and good morning, everyone, and thank you for joining us today to discu ...

Grupo Aeroportuario del Sureste (NYSE:ASR) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Speaker3As a reminder, today's call is being recorded. Now, I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.Speaker0Thank you, Dave, and good morning, everyone, and thank you for joining us today to discuss ASUR's results for the 4th quarter and full year 2025. Before I begin discussing our results, let me remind you that certain statements made during the call t ...

Kempegowda International Airport, Bengaluru, and Frankfurt Airport have signed a Memorandum of Understanding to enhance cargo connectivity between South India and Europe. The agreement was signed during Air Cargo India.The partnership will focus on trade lane analytics, digital corridor development, pharma standards and knowledge exchange. The aim is to improve visibility, reduce dwell times and ensure predictable service levels for cargo stakeholders.Girish Nair, Chief Operating Officer, Kempegowda Interna ...

Income3,589,7172,804,945(21.9)Majority Net Income3,414,5812,713,713(20.5)Earnings per Share (in pesos)11.38199.0457(20.5)Earnings per ADS (in US$)6.32295.0251(20.5)Capex2,532,6983,899,34454.0Cash & Cash Equivalents20,083,45711,116,335(44.6)Net Debt(6,724,001)16,370,228(343.5)Net Debt/ LTM EBITDA(0.3)0.8(338.5)Operational HighlightsPassenger TrafficMexico10,105,37010,114,3320.1San Juan3,199,5453,100,354(3.1)Colombia4,433,3794,684,9685.71Unless otherwise stated, all financial figures are unaudited and prepare ...

He said investments will be directed to terminal expansions, airside infrastructure, equipment upgrades, pavement rehabilitation, modernization works, environmental initiatives, and safety and certification programs. Dueñas added that sustainability and decarbonization initiatives are embedded in the strategy, with the company aiming to improve energy efficiency and support longer-term emissions reduction targets.CEO Ricardo Dueñas said the Federal Civil Aviation Agency approved OMA’s Master Development Pro ...