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

Thank you, gentlemen, and welcome to our second quarter 2026 results conference call. My name is Christine, and I will be your operator. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session toward the end of today's conference. If you would like to ask a question, please press star 1. If you want to withdraw your question at any time, please press star 2. If you are using a speakerphone, please lift the handset before making a selection. As a reminder, today's call is being recorded. Now, Mr. David Barlow, Corporate Governance Strategic Planning Manager in IRO at Natura. Please go ahead, sir.

Thank you, Christine, and thank you, everyone, for joining us today to discuss social results for the second quarter of 2026. With me on today's call is Adolfo Castro, Chief Executive Officer. Additional details about our results can be found in our first release, which was issued yesterday after market close, and is available on our website. As usual, all comparisons discussed on this call will be year-on-year, and our figures are expressed in Mexican pesos, unless specified otherwise. As a reminder, hearing statements made during the call today may constitute forward-looking statements, which are based on current management expectations and beliefs. and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. Please refer to the forward-looking statements disclosure included in this training presentation for additional information. With that, I'll turn this call to Adolfo. Please go ahead, Adolfo.

Thank you, David, and good morning, everyone. I'm going to start today's call that are setting the foundation of ASUS' next stage of development and growth. Then, I will briefly review quality resources. Our objective is to continue building the leading airport group in the Americas. We are doing this by expanding into attractive markets, diversifying our geographic and revenue mix, diminishing the dependence The Motiva Transaction, as with U.S. Airports, the Deadman Program at Elkhorn Airport, and the proposed internalization of the Deadman Assistance Services are key components to achieving our goals. Let me begin with the proposal that we proposed to the shareholders meeting that is going to take place on August the 20th. First, we are asking shareholders to consider approving ASUR's plan to internalize the Special Technical Assistance and Technology Transfer Services currently provided by our strategic partner, EECA. We believe this is an important step in ASUR's evolution. We hope bringing these capabilities Simplify our corporate structure and better align our operational model with the scale and complexity of our growing international platform. The transaction would be implemented through a merger and would involve the issuance of approximately 7.3 million net new absolute shares to ETA shareholders, equivalent to approximately 2.4% of the current shares outstanding. For reference, Azure recognized approximately $401 million in technical assistance fees during 2025. If transactions are approved, these services will be performed by Azure. While we will assume the related operating costs, the recurrent external fee will be eliminated, and the future current benefits of these activities will remain within the company. The proposal was reviewed and initiated under the leadership of the Audit and Corporate Practices Committee, which is composed exclusively of independent directors and supported by independent financial and legal advisors. Typically, the Board has proposed two extraordinary cash dividends to be paid, 10,000 per share, on November 24 and December 15, respectively. The proposal reflects a series of strong financial positions, strong cash generation, and disciplined approach to capital allocation. In the first half of the year, we generated 7.3 billion in operating cash flow, an increase of 21% year-on-year. With this cash generating, the capacity allows to return excess capital to shareholders. and Fernando Góngora López. We encourage shareholders to review the permission statements for additional details. Turning to Motiva, we are actively progressing to complete the acquisition during the second half of 2026. The transactions remain subject to remaining regulatory approvals and customary closing conditions. Once completed, the transactions will add including entry into VERSI, the largest aviation market in Latin America. Their corporate portfolio handles approximately 45 million passengers annually and will significantly increase the source of scale and geographic diversification. Our under-leveled balance sheet enables to fund these transactions with depth, while at the same time preserving financial flexibility, and other advertising projects including digital payments. Moving next to the Azure U.S. Azure U.S. provides directly exposure to the non-regulated dollar-terminated commercial revenues at the pre-nature of U.S. servers, with over 35 million annual customers and revenues above U.S. benchmarks. Azure U.S. also is a platform From which we will continue further developing our commercial capabilities in the U.S. On April 21, Castro U.S. completed the $125 million commercial transformation of GFK Terminal 8, opening more than 60 dining, retail, beauty and experiential concerts. At GFK Terminal 8, Not yet represent the earning potential of the U.S. platform. A10X will continue remodeling and developing commercial spaces ahead of the Super Bowl in 2007 and the Olympics and Paralympic Games in 2008. In Mexico, construction of the new Terminal 1 continues at Cancún, which we plan to reopen near the port water. One separation of Terminal 1 will allow it to begin rebalancing passenger flows, including moving most of South American operations from Terminal 2. This should reduce pressure on Terminal 2 and improve the passenger experience and create additional information capacity. In Parliament, we continue securing the broad mass development program. This includes a second phase of Terminal 4 expansion, which will add forwarding new gateways and a connecting taxiway, together with the related airside and roadway infrastructure. The project is expected to be fully operational by the end of 2018 and is designed to span capacity, include passenger and air traffic loads, as well as longer-term growth. Together, this initiative supports the same objective, a larger and more geographic Turning to passenger traffic, total traffic declined 2.7% during the year, to approximately 17 million passengers. Reflecting self-technical performance in Mexico and Puerto Rico, partially offset by continued product pollution. In Mexico, traffic declined 5%, primarily reflecting continued pressure at Enco, where international traffic remained softer, particularly from the United States. Our largest international source market. Airline capacity constraints, spirit bankruptcy, and higher airfares marginally reflect the elevated jet fuel prices also affected the map. In addition, the world top did not generate incremental tourism flow into Mexico City. Most of our other Mexican airports performed better and partially upset the decline of the Passenger volumes to and from the United States, Europe, South America, and Mexico decreased by 11.7, 11.8, 6.5, 1.9, respectively, while Canada increased 10.5. Puerto Rico traffic declined 3.5%, reflecting the effects of the spirit of bankruptcy, together with suffered domestic and international demand. While international remain compare new more resilient. It would then come for other airlines to absorb the spirit passengers lost since May the 7th. Colombian traffic increased 3.6%, supported by a healthy demand and improved connectivity. Road, further raided against a strong comparison base, it continued to up the rest of our protocol. While the airtime conditions in Mexico and Puerto Rico remain challenging, we continue to feel much of the current pressure as capacity and affordability related rather than a change in the long-term fundamentals of the travel demand. We believe that our ability to travel improves as the aircraft returns to service, although the timing remains uncertain. Pending to demonstrate performance, as usual, the figures I will disclose include construction revenue and construction costs, although on less of a wise note. Revenues were broadly tabled at 7.4 million pesos. Non-electrical revenues increased nearly By contrast, aeronautical weather is contracted by mid-single-digit magnetic effects with the subject traffic in Mexico and Puerto Rico, and the translation effect of the stronger Mexico-Peso A single-digit decline to 145.7 pet passengers in Mexico was observed by a low and high single-digit increase in Puerto Rico, Colombia, respectively. Again, certain performance in Mexico and Puerto Rico resulted from lower traffic and effects kept winds given the strength of Mexican vessels. The expansion of our international food At the same time, as previously mentioned, we completed the commercial transformation of GX Key Terminal 8 in the quarter. Moving on to profitability, Consul Data's UDA decreased nearly 9% to 4.6 billion. By region, UDA declined 9% in the quarter. as GFK 1098 continues to ramp up, and GFK new terminal 1 is expected to open during the first quarter of the year, while commercial spaces at NIDX and Chicago are being expanded and updated. Adjustability and margin-reply impact was around 60 basis points year-over-year, to 62%, due to lower revenues in Mexico. The lower margin net material income, which is 7%, is 2.3 billion, as lower foreign exchange loss in Mexico. Lower income tax expenses in Mexico and Colombia was upset by the benefit from the amortization of the third value adjustment related to the Colombian acquisition loan following its repayment. Turning into the balance sheet, we ended the quarter with cash and cash Nearly 12 billion and net debt of net debt to FDA of 0.9 times last 12 months in VA. Our balance sheet remains strong and provides flexibility to execute and fund our committed capital program. Complete the MOTIVA transaction and continue pursuing our program strategic priorities. Lastly, during the quarter we stepped of Capital Expenditures to 2.0 billion pesos with the majority of these funded in Mexico as we advance in our capital program, including the projects at Camponi that I already discussed, coming up while the trading environment remains challenging, particularly in Mexico, as well as moving in the right direction As we are making progress executing our strategic growth initiatives, better equity structure and diversification, and with our expansion through the MOTIV acquisition, our U.S. commercial operations, and the ongoing growth efficiency efforts, are strengthening our business and positioning the company for growth at the same time, Thank you. We will now begin the question and answer session. To ask a question, dial in by phone and press star 1 on your telephone keypad. Make sure your mute function is turned off.

And if you are using speakerphone, please pick up your handset before pressing the keys. To withdraw your question, press star then two. Please limit yourself to one question and one follow-up. Join the queue again if you have additional questions. At this time, we will pause momentarily to assemble our roster. Thank you. Our first question comes from the line of Rodolfo Ramos with Redesco BDI. Please proceed with your question.

Good morning, Adolfo. Thanks for taking my question. A couple here, if I may, into my follow-up there. You know, we saw software-implicated tariffs in your aeronautical revenues. I wanted to check on your maximum tariff compliance and where you expect to end the year given today's effects. And the second is on your cost side. Whether you think that this quarter represents a good base going forward and how the internalization might play there. I don't know if you're seeing still extraordinary expenses on the Motiva acquisition and how can those evolve going forward. Thank you.

Thank you, Adolfo. Yes, of course, we have seen some pressure in the maximum tariff due to the fact that the passenger mix is changing in comparison with last year, so the decrease in the U.S. traffic had an impact, but of course, as always, we will have a very clear objective, which is 99% tax impact on cars by the end of the year. In terms of the cost, yes, we have A. B. de C. V., Adolfo Castro Rivas, Fernando Gerardo Chico Pardo, Rafael Robles Miaja, Claudio Góngora Morales, Those are, I would say, in general terms, not so important. The clear problem we had in the quarry was the loss of half a million passengers in the case of Cancún and 135,000 in the case of Porto Alegre, so the trouble is on the value side. Thank you. You're welcome.

Our next question comes from the line of Gilherme Mendez with J.P. Morgan. Please receive your question.

Yes, good morning, all. Thanks for taking the question. Hi, Adolfo and Nadine. I have a couple in regarding Mochila's airports. The first is on the approval. You said the expectation for the second half of the year. I recall on the last call you mentioned about the second quarter of the year. If you can share... And lastly, if I may, if you somehow consider a potential partial divestment of those assets once you incorporate them on your portfolio. Thank you.

Yes, the region that is COVID up is the case of Brazil. We are very close to events. I would say, I said second half, I would say third quarter. In the case of synergies, I don't see any important synergy. As I said before, we are basically expecting the same business as usual. And in terms of

Our next question comes from the line of Jen Spies with Morgan Stanley. Please receive your questions.

Yes, hello. Thank you Adolfo for taking my question.

So on the administrative expenses in Mexico, they remain quite elevated. Should we, I mean I think they increase more than around 30% year over year, but should we expect this level to be more or less the new normal?

And what's driving it?

Is it mostly like labor costs, minimum wage increases and so on? Or what is it? Yeah, it's minimum wages and also there was an issue with medical insurance costs that have increased significantly in the case of Mexico due to attacks performed by Mexican government. Okay, all right. Thank you.

Our next question comes from the line of Jao Frizo with Goldman Sachs. Please proceed with your question.

Good morning, guys. I have a quick question around Cancun traffic. I just wanted to hear a bit your thoughts on why the weakness in that airport specifically. In the past, we had the issue with Fulun ramping up. I think that's behind us right now. So I just wanted to hear your expectations for growth there going forward. and what is driving the weakness we saw in June, but also in the months prior to that. Thank you very much, Paz.

Well, the shortness is a couple of matters. And it's going to take time for the other airlines to recreate this. Of course, the case of sarcasm, which has been very high during this year, almost exceeding the levels of last year during the summer. In terms of the recuperation process, my opinion is that the summer is not and we are expecting the registration process up to the end of the summer season. So winter season we see a better outlook and I would say more seats, more office seats than what we have last year. But that will be up to November, December this year.

That's great. Thank you very much. You're welcome.

Our next question comes from the line of Abraham Fuentes with Banco Santander. Please receive your question. Abraham Fuentes, your line is live.

Thank you. Sorry. I think my question was already answered. Sorry for that.

Our next question comes from the line of Pablo Rosalde with ICAO. Please proceed with your question.

Good morning, Adolfo. Good morning, Eric. Talking about the recent increasing tariffs in Mexico, which is like the maximum tariffs that you're charging now after the lifetime, how do you define that?

The maximum tariff is not what you collected. Okay, thank you.

Our next question comes from the line of Enrique Cantu with GDM. Please proceed with your question.

Thank you for the call. I just have one quick question. Could you provide more detail on when should we expect the business to reach a more normalized profitability level?

I am really sorry, but I cannot hear you well. Could you repeat your question, please?

Can you hear me now?

It's better, but not so bad.

Okay, maybe I'll hang up and then I'll call you again. Okay, thanks. Thank you.

Our next question comes from the line of Anton Mordencaio with TVM. Please repeat your question.

Hi Adolfo, thank you for taking my question. One of my questions, I'm not sure if you can provide some color on how the current traffic curve looks against the expectations that you said during the last MVP revision. That is one, and another one that, which I think is the one that NGK was trying to pass is regarding Azure US I read that contribution. I think in previous calls you mentioned you were expecting somewhere closer to $20 million in EBITDA and Normal Life. I'm not sure if you are still expecting those same levels.

Thank you. Thank you for your questions. Of course, we are below our expectation of the previous MDP. We were not expecting all of these things happening today. and in the case of us U.S., the $20 million is not going to happen this year. Moreover, when we are not going to have open new Terminal 1 this year. So originally it was expected to be open as from June the 1st. Now we are expecting the end of first quarter next year.

Super, Yusuf. Thank you, Aeroportuario. You're welcome.

Our next question comes from the line of Gabriel Himafarb with Scotiabank. Please receive your questions.

Hi, Adolfo. Good morning, and thanks for the call. Just two questions. What would be a bigger margin level we should consider sustainable for our storage units? Gabriel, today's union margin in the U.S. operation is around 9%. It's a completely different business in comparison

Even though I do believe that this margin will increase in the future, of course, will never be comparable with the margin in the case of Mexico. I think it is important to say also that today we have some expenses in relation with the project. Thank you very much.

Our next question comes from the line of Alan Matias with Bank of America. Please receive your question.

Hi, good morning and thank you for the call. Just a follow-up on Cancun traffic, just focusing on domestic traffic. It has also been a week.

The same factors apply for domestic traffic in Cancun.

Thank you. Well, you know, the problem with the domestic has been the ancient problem of Patan with Viva and Balazs, but basically the case of Balazs. And this has been improved. And he's saying that now Patan and Viva are the new men, and they're much faster than what they had before. So, I am confident that we will see some increase in the coming works at this respect.

Thank you.

Be working.

Our next question is a follow-up from Jen Spies with Morgan Stanley. Please receive your questions. Our next question comes from the line of Alberto Velez with UBS. Please repeat your question.

Thank you. I'll go for the B. Sorry, if you can repeat the impression, I might not drop it before. But if you could provide some details and when comes the 10.01 operation set in the second half of the year, but should be mid-office, should be third quarter, more to the end, more to the fourth quarter, and should we consider the second quarter as a bottom for ASUR in terms of traffic, margins, costs, tariffs, should we see an improvement for the following quarters?

Okay, in the case of, you are talking about new terminal, the terminal one in Cancún airport, I'm stepping back for the fourth quarter. New terminal one at GFK is first quarter next year. In terms of being this quarter the bottom lambda, what I hope, not too sure of course, in terms of the traffic, I do not expect something different for PEPORA and I expect some improvement in the POPOR.

In terms of dynamics of airlines, do you see that changing something with VIVA and Polaris being one Do you see a more valuable power from them to negotiate tariffs or not? Because you see the cheapest one.

Well, basically what I understand of their match is that they will continue working separately, independent, so that the match is just giving them the power to be able to negotiate better with the Thank you very much. Thank you. Our next question is a follow-up from Rodolfo Ramos with Berdesco VDI.

Please repeat your question.

Thank you. Just a couple of follow-ups, Alex, if I may. The insurance costs that you mentioned, are these expected to be recurring or was this a one-time off? So, again, if this is a good base to go off of. And second, I mean, you started to talk about a recovery in the fourth quarter and the winter season, you know, being the next test for Mexican traffic. I mean, do you have any visibility today as to how the winter season is looking? I don't know if, you know, it's early, but these are the other years, either bookings or just conversations with airlines. Thank you.

Well, because of insurance, it is not one time. Basically, I have to give you the number. The cost of the insurance increased by 39%, you know. It's going to be there. It's not going to change. In terms of the recovery, yes, we have some information using the database of the feats that are published by the airlines, and we see some increase in person with life here, more than December this year. So the winter season. Thank you.

As a reminder, if you have a question, please press stars and 1. We will pause momentarily to assemble our roster. Thank you. Our next question is a follow-up from Gabriel Himafar with Scotiabank. Please receive your questions.

Hi. Hi again. And just a quick question. You mentioned that the new terminal of the GFK will be on the third quarter of 2027. I think and also for the new terminal in Cancun, fourth quarter this year. Thank you.

Gabriel, yes. Terminal one in Cancun, fourth quarter this year. New terminal one at GFK, first quarter next year. Okay, thank you. You're welcome.

Again, if you have a question, please press star then 1. One moment while we assemble our roster. Thank you. That concludes our question and answer portion of today's conference call. I would like to turn the call back over to Mr. Barlow for closing remarks.

Thank you, Christine, and we would like to thank you all again for joining us on today's call. We look forward to speaking to you again in the next quarter, and have a nice day. Thank you very much.

Ladies and gentlemen, that concludes the SURE's second quarter 2026 results conference call. We would like to thank you again for your participation. You may now disconnect.