LATIN AMERICA EQUITY RESEARCH: LATAM FIRST TO MARKET

Research evidence excerpt

LATIN AMERICA EQUITY RESEARCH: LATAM FIRST TO MARKET

Latin America Equity Research

LatAm First to Market 22 July 2026

Top Stories

| | Mexico Airports (Guilherme Mendes)

Downgrading ASUR to UW and Upgrading OMA to Neutral on Traffic Momentum; GAP Remains Top

Pick

We are revising our estimates for Mexican airports following 2Q26 traffic results and an updated 3Q26 seat availability outlook

based on OAG data. We are tactically downgrading ASUR to Underweight (from Neutral), driven by persistent weakness in

traffic performance that is likely to continue weighing on results in the near term, limiting re-rating potential despite a relatively

attractive valuation — ASUR is currently trading at 7.2 x EV/EBITDA 12M Fwd, compared to GAP at 9.4x and OMA at 8.4 x.

Concurrently, we are upgrading OMA to Neutral (from Underweight), also reflecting its traffic performance, which has been the

strongest across the region and is expected to remain resilient into the second half of the year. Nonetheless, we continue to

prefer GAP (OW) on a relative basis and believe it warrants a valuation premium — further details are provided below. At the

broader sector level, despite near-term uncertainty, we continue to view the space as a long-term compounder: regulated

revenues provide visibility and defensiveness, while commercial revenues offer additional upside that has been expanding in

recent years and is well-positioned to continue growing . We are establishing December 2027 Price Targets, increasing them

for OMA (+8% to MXN 275) and GAP (+2% to MXN 525), while trimming the target for ASUR (-3% to MXN 615), relative to our

previous December 2026 Price Targets.

Chilean Banks (Yuri R Fernandes)

Positive Regulatory Recap