Mexico Transportation Notes from the Roadshow: Feedback on Meetings in Mexico and Where Buy-Side Sentiment Stands

Research evidence excerpt

Mexico Transportation Notes from the Roadshow: Feedback on Meetings in Mexico and Where Buy-Side Sentiment Stands

J P M O R G A N Latin America Equity Research

18 May 2026

Mexico Transportation

Notes from the Roadshow: Feedback on Meetings in

Mexico and Where Buy-Side Sentiment Stands

Last week, we traveled to Mexico to attend GAP's Investor Day and meet with local Latin American Transportation

ACinvestors. Mexican Airports dominated the discussions, as investors broadly Guilherme Mendes

maintained some degree of exposure to the segment — consistent with historical (55-11) 4950-4105

trends. That said, no clear consensus emerged among the three airport operators, guilherme.g.mendes@jpmorgan.com

with only a modest preference noted for OMA. On the airline side, we have Julia Orsi

observed a growing interest in VLRS and AERO, likely driven by their year-to- (55-11) 4950 3351

date underperformance, though overall positioning remains notably light. Finally, julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

TRAXIONA featured in only a handful of meetings, with investors showing

limited appetite to increase exposure to the name despite its discounted valuation.

We reiterate our relative preference for GAP within our Mexico Transportation

coverage.

• Mexico Airports: Broadly Owned, but with Diverse Positioning.

Positioning in the segment remains elevated, despite concerns over near-term

traffic headwinds. Although investor feedback varied across the three groups,

we noted a modest preference for OMA, driven by its relatively stronger traffic

performance and its appeal as a straightforward story with full exposure to

Mexico. Nonetheless, we also met with investors who were more bullish on

GAP given its capital allocation strategy, and on ASUR on the basis of

valuation.