Mexican Airports | 2Q26 Flyover

研报英文原文证据摘录

Mexican Airports | 2Q26 Flyover

Latin America | Airport EquityJulyResearch12, 2026

KEY STOCKS FEATURED INCLUDE:Mexican Airports | 2Q26 Flyover

Mexican Airports' 2Q26 results are set to be driven by soft traffic trends, with TICKER RATING PRICE TARGET

GAPB and Asur leading the decline reflecting weaker demand amid higher fares OMAB BUY $150.00

following the US/Iran conflict. We see investors focusing on: 1) 2H26 traffic PAC HOLD $265.00

outlook, 2) cost inflation, 3) GAPB's proposed Fibra structure, and 4) Asur’s ASR HOLD $325.00

Motiva integration & Technical services integration. We keep our Buy calls on

OMA, and Holds on Asur & GAPB.

KEY CHANGES INCLUDE:

Mexican Airports: Soft 2Q26 traffic trends. Traffic flows across Mexican airports were down 3% TICKER RATING PRICE TARGET

YoY on avg in 2Q26. GAPB had the largest 2Q26 negative traffic delta (-c6% YoY), followed by Asur

OMAB BUY $150.00 ($145.00)

(-c3% YoY) which continues to see steady drops at Cancun. OMA partially offset the negative trend

with traffic slightly up (+0.4% YoY) driven by the smaller Mexican airports. PAC HOLD $265.00 ($280.00)

ASR HOLD $325.00 ($380.00)

US/Iran Conflict and Air Travel Demand. We expect YoY traffic growth comps to get tougher for

LatAm airport players in 2H26. On top of a high 2H25 base, higher fares due to the US/Iran conflict

impact on jet fuel prices should weigh on regional air traffic demand. That said, the region is entering

Monthly traffic data per airport is availablethe peak holiday travel season, which should continue to support demand and partially offset these

upon requestheadwinds. We note that our Global Aerospace team’s latest What’s Up in the Skies report already

points to a 2% YoY increase in scheduled flights in Mexico in Jul-26.