Grupo Aeroportuario del Sureste Internalization of Technical Assistance Services Announced in Exchange for a 2% Equity Dilution, Added to a 4% Dividend Yield - Slightly Positive

Research evidence excerpt

Grupo Aeroportuario del Sureste Internalization of Technical Assistance Services Announced in Exchange for a 2% Equity Dilution, Added to a 4% Dividend Yield - Slightly Positive

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

23 June 2026

Grupo Aeroportuario del Sureste

Internalization of Technical Assistance Services Neutral

Announced in Exchange for a 2% Equity Dilution, ASURB.MX, ASURB MM

Added to a 4% Dividend Yield - Slightly Positive Price (23 Jun 26):Ps518.14

Latin American Transportation

ASUR (N-rated) has announced a proposal to internalize its Technical Assistance Guilherme Mendes AC

Services — a 2.5% fee charged on Mexican EBITDA, currently outsourced to its (55-11) 4950-4105

strategic partner and controlling shareholder Inversiones y Técnicas guilherme.g.mendes@jpmorgan.com

Aeroportuarias (ITA). Should shareholders approve this business combination, Julia Orsi

ASUR would issue 7.251 million shares, implying an equity dilution of (55-11) 4950 3351

approximately 2.4%. Based on our calculations, the integration of the julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

Technical Assistance Services is broadly neutral in terms of EPS and fair

value, with no material changes to our December 2026 Price Target of MXN

635. Despite the neutral per-share monetary impact, we view the rationale

behind this announcement favorably, as it eliminates the outsourcing of

services that we believe ASUR has sufficient in-house expertise to perform —

notably, GAP (OW-rated) has previously announced a similar internalization of its

own technical assistance agreement. In addition, ASUR is proposing two

additional dividend distributions of MXN 10/share, to be paid in November and

December, complementing the MXN 10/share already approved earlier in the year.