Grupo Aeroportuario del Sureste: 2Q26 Conference Call Highlights

Research evidence excerpt

Grupo Aeroportuario del Sureste: 2Q26 Conference Call Highlights

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

24 July 2026

Grupo Aeroportuario del Sureste Underweight

ASURB.MX, ASURB MM

2Q26 Conference Call Highlights Price (23 Jul 26):Ps471.40

Latin American Transportation

• Strategic Initiatives. Management remains committed to building a leading Guilherme Mendes AC

airport group in the region. The company aims to reduce its exposure to a single (55-11) 4950-4105

market while enhancing commercial revenues, supported by the acquisition of guilherme.g.mendes@jpmorgan.com

Motiva's airports and U.S. commercial operations. According to management, Julia Orsi

ASUR's unlevered balance sheet positions the company to continue pursuing (55-11) 4950 3351

growth opportunities. julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

• Traffic Performance. The traffic weakness in Mexico during 2Q26 (-5% y/y)

was primarily driven by declines in the United States (-11.7% y/y) and Europe

(-11.8% y/y). Management acknowledged that the summer season is

effectively lost, but expects a sequential recovery heading into the winter

season, particularly in November and December, which should post year-over-

year traffic growth, while 3Q26 may still prove to be a challenging quarter.

Domestic traffic is expected to rebound as Mexican airlines recover a portion

of their capacity. Regarding Cancún's traffic decline (-7.8% y/y in 2Q26),

management attributes it to a combination of factors, including higher jet fuel

costs, the bankruptcy of Spirit Airlines, Sargassum seaweed accumulation, and

other contributing elements.

• Motiva Airports.The approval process is actively progressing, with

regulatory clearance expected in 3Q26. Brazil remains the jurisdiction holding

up the approval.