Grupo Aeroportuario del Sureste, S. A. B. de C. V.

Major milestone / diversification (Surprising & strategically important): - On Sep 1, 2026 ASUR completed the acquisition of CPC Aeroportos (adds 20 airports, majority in Brazil). Combined with prior U.S. commercial acquisitions, ASUR is now positioned as a leading international airport operator across the Americas. - Portfolio now: 36 airports across 7 countries + U.S. commercial operations at JFK, LAX, and Chicago O’Hare. - Pro forma 2025 passengers: ~120m (vs 70m reported last year), reflecting the jump in scale after CPC. - Purchase price: BRL 5.5bn (~$992m) after adjustments.

Traffic & demand outlook (Bad news + caution into winter): - Total Q3 traffic: 20.9m passengers, -1.2% YoY, with CPC contributing only one month (September). - Mexico traffic: ~ -5% YoY, driven mainly by weaker international traffic at Cancún, plus continued impacts from airline capacity decisions, including Spirit bankruptcy, and higher jet fuel prices (international demand pressure). - Puerto Rico: down ~ -3% (continued Spirit impact). - Colombia: still positive, just over +5% traffic growth, aided by better connectivity and healthy demand. - Winter season warning: management says airline schedules show only December up vs last year; other winter months are not encouraging, and ASUR remains cautious with no clear near-term improvement—also uncertainty tied to broader geopolitical factors (Middle East conflict affecting airline demand).

Financial performance & margins (Mixed: revenue up, but margins down): - Revenues: +~13% YoY to MXN 7.8bn. Key drivers: - Non-aeronautical: +~27% (incl. MXN 456m U.S., MXN 362m first month Brazil & Others, and strong Colombia +16%). - Aeronautical: +5% to MXN 4.8bn, including MXN 315m from Brazil & Others, partially offset by weaker Mexico/traffic softness. - Consolidated EBITDA: MXN 4.7bn (+1.7% YoY). - Adjusted EBITDA margin: 60.3% (-7.4 pp YoY)—explained by pressure in Mexico and dilution from new lower-margin businesses/cost structures: - Brazil & Others adjusted EBITDA margin: 46.3% (Sept) - U.S. commercial EBITDA margin: ~11% (management notes it’s not directly comparable due to different cost structure/lease obligations and pre-revenue spend). - Commercial revenue per passenger: +3.5% to MXN 130.5, helped by U.S. commercial operations.