Grupo Aeroportuario del Sureste SAB de CV (ASR) 2025 Q1 法說會逐字稿

Good day ladies and gentlemen, and welcome to ASUR's first quarter 2025 results conference call. My name is Darryl, and I'll be your operator. (Operator Instructions) As a reminder, today's call is being recorded. Now I would like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.

女士們、先生們，大家好，歡迎參加 ASUR 2025 年第一季業績電話會議。我叫 Darryl，我將擔任您的接線生。（操作員指示）提醒一下，今天的通話正在被錄音。現在我想把這個電話轉給執行長阿道夫·卡斯特羅先生。先生，請繼續。

Thank you, Darryl, and good morning everyone. Before I begin discussing our results, let me remind you that certain statements made during the call today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risk and uncertainties that could cause actual results to deliver material, including factors that may be beyond our company's control.

謝謝你，達裡爾，大家早安。在我開始討論我們的結果之前，請允許我提醒您，今天電話會議中做出的某些陳述可能構成前瞻性陳述，這些陳述基於當前管理層的期望和信念，並受到若干風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果產生重大影響，包括可能超出我們公司控制範圍的因素。

Additional details about our first quarter 2025 result can be found in our press release, which was issued yesterday after market close and is available on our website in the Investor Relations section.

有關我們 2025 年第一季度業績的更多詳細信息，請參閱我們的新聞稿，該新聞稿於昨日收盤後發布，並可在我們網站的“投資者關係”部分查閱。

Following my presentation, I will be available for Q&A. As usual, all comparison discussed on this goal will be year on year, and figures are expressed in Mexican pesos unless specified otherwise.

演講結束後，我將接受問答。與往常一樣，關於這一目標的所有討論都將是逐年比較，除非另有說明，數字均以墨西哥比索表示。

During the quarter, we welcome a total of 18.6 million passengers across our three countries of operations, largely flat compared to the same period last year. Continued growth in Puerto Rico and Colombia offset the softer performance in Mexico.

本季度，我們在三個營運國家共接待乘客 1,860 萬人次，與去年同期基本持平。波多黎各和哥倫比亞的持續成長抵消了墨西哥的疲軟表現。

Looking more closely at the traffic results by country, Puerto Rico was the best performing method, maintaining a strong positive trend of nearly 11%, with international traffic expanding in the high teens and domestic traffic in the low double digits.

更仔細地查看各個國家/地區的流量結果，波多黎各是表現最佳的方法，保持了近 11% 的強勁上升趨勢，其中國際流量增長了十幾歲，國內流量增長了兩位數。

While traffic remained resilient, we continued to spec normalization after benefiting from Frontier Airlines' expansion of operations last year.

儘管客流量依然保持彈性，但在受益於去年 Frontier Airlines 的業務擴張後，我們繼續預期客流量將恢復正常。

Colombia was the next best performing market. As anticipated, traffic in Colombia became to normalize to more sustainable levels of 2023, rising just over 6% even growth in international traffic in the mid-teens, and domestic traffic in the low single digits.

哥倫比亞是表現第二好的市場。正如預期的那樣，到 2023 年，哥倫比亞的客運量將恢復到更可持續的水平，增長 6% 以上，國際客運量增長率達到十幾歲，國內客運量增長率達到個位數。

In Mexico, traffic comparisons were impacted by Easter shift which occurred in March in 2024. In turn, traffic declined nearly 5% during the quarter, reflecting a high single digit decline in international passengers, while the trend in domestic markets improved, declined just below 1%.

在墨西哥，交通流量比較受到 2024 年 3 月發生的復活節轉變的影響。反過來，本季客運量下降了近 5%，反映出國際旅客數量出現了高個位數的下降，而國內市場的趨勢有所改善，降幅略低於 1%。

Cancun, our largest airport, continued to feel the effects of Tulum airport. Overall, traffic in Mexico continued to experience year-on-year declines from almost all regions during the quarter.

我們最大的機場坎昆繼續受到圖盧姆機場的影響。整體而言，本季墨西哥幾乎所有地區的客運量均出現年減。

Specifically, traffic from Europe decreased [0.8%], from the US 10.5%, and from South America by 2.8%, while traffic from Canada remained unchanged.

具體來說，來自歐洲的客流量減少了[0.8％]，來自美國的客流量減少了10.5％，來自南美洲的客流量減少了2.8％，而來自加拿大的客流量保持不變。

Domestic traffic remains affected by continued capacity limitation at Mexico City Airport since early 2024, with respect to be lifted in the second half of the year.

自 2024 年初以來，墨西哥城機場的容量限制持續存在，對國內交通造成影響，預計下半年將解除限制。

Together with the ongoing pattern with the engine restriction, additionally, Cancun Airport is experiencing a modest impact from the initial ramp up of operations of the new Tulum Airport.

除了持續的引擎限制模式外，坎昆機場還受到新圖盧姆機場初期運作增加的輕微影響。

For context, Tulum is projected to handle approximately 2.9 million passengers during this entire year. Compared to the 1.2 million last year and over 30 million travelers that passed in Cancun in 2024 or 8 million in this quarter alone.

具體來說，圖盧姆預計今年全年將接待約 290 萬名乘客。相較之下，去年有 120 萬人次前往坎昆，而 2024 年將有超過 3,000 萬人次前往坎昆，光是本季就有 800 萬人次前往坎昆。

Looking ahead, we anticipate traffic in Mexico will begin to stabilize next year as the impact of grappling with the engine issue fades at the Tulum airport completes its initial ramp up phase.

展望未來，我們預計，隨著圖盧姆機場完成初始提升階段，解決引擎問題的影響逐漸消退，墨西哥的交通量將在明年開始穩定。

As I have mentioned in the past, beyond that, we expect passenger volumes at both Cancun and Tulum to expand in line with the growth dynamics, specific to each region.

正如我過去提到的，除此之外，我們預計坎昆和圖盧姆的客運量將隨著各自地區的成長動態而成長。

Currently, the global macro situation is fluid and unpredictable. However, [traffic] disruptions, particularly related to the US and the impact on travel to Mexico, have proven not to be -- have proven to be short lived.

當前，全球宏觀情勢變化莫測。然而，事實證明，交通中斷，特別是與美國相關的交通中斷以及對前往墨西哥的旅行的影響，並不是短暫的。

Now as we move to review our financial performance, recall that all reference to revenue and cost figures exclude construction. Total revenues were up 14% year on year to MXN8.2 billion, supported by solid increases across all operations. Mexico represented 73% of total revenues, hosted a high single digit topline increase.

現在，當我們回顧我們的財務表現時，請記住，所有提及的收入和成本數字均不包括建築。總營收年增 14%，達到 82 億墨西哥比索，這得益於所有業務的穩健成長。墨西哥佔總收入的 73%，實現了高個位數的收入成長。

Aeronautical revenues were up 9% with aeronautical revenues rising 10%, reflecting a strong commercial revenues per passenger. Puerto Rico contribute 15% of the total revenues and continued to deliver a steady growth in the high-20s, driven by both peso and non-aeronautical revenues, further supported by exchange rate benefits from weaker peso.

航空收入成長 9%，其中航空收益成長 10%，反映出每位乘客的商業收入強勁。波多黎各貢獻了總收入的 15%，並繼續保持 20% 以上的穩定成長，這主要得益於比索和非航空收入，以及比索貶值帶來的匯率優勢。

Colombia accounted for 12% of total revenues, posting continued solid top line growth in the low-30s, was driven by both aeronautical and non-aeronautical revenues which benefited from a continued recovery in domestic and international traffic and the opening of 26 new commercial spaces over the past 12 months also benefited from the weaker peso.

哥倫比亞佔總收入的 12%，繼續保持 30% 出頭的穩健收入增長，這得益於航空和非航空收入，受益於國內和國際交通的持續復甦，過去 12 個月內開設了 26 個新的商業空間，也受益於比索的疲軟。

Advancing our strategy to expand commercial offerings, we opened 40 new commercial spaces over the last 12 months. This included 11 in Mexico, 3 in Puerto Rico, and 26 in Colombia.

為了推動擴大商業服務的策略，我們在過去 12 個月內開設了 40 個新的商業空間。其中包括墨西哥 11 例、波多黎各 3 例和哥倫比亞 26 例。

As a result, total commercial revenues grew in the high single digits, with Puerto Rico posting an early 23% increase and Colombia delivering a strong year-over-year growth of 38%. In Mexico, commercial revenues show a low single visit increase, marking a positive shift from the previous trend.

結果，商業總收入實現了高個位數成長，其中波多黎各年初成長了 23%，哥倫比亞實現了 38% 的強勁同比增長。在墨西哥，商業收入單次訪問量增長緩慢，與先前的趨勢相比出現了積極轉變。

Commercial revenues per passenger reached nearly MXN147 in the quarter, reflecting the storm strong year on year in the high teens, robust growth across all three regions supporting this performance.

本季每位乘客的商業收入達到近 147 墨西哥比索，反映出風暴帶來的強勁增長，與去年同期相比增長了十幾個百分點，三個地區的強勁增長支撐了這一業績。

In Puerto Rico and Colombia commercial revenue per passengers -- commercial revenue increased in the high-20s, driven by a [favorable] exchange rate in Mexico and in Puerto Rico. And the contribution of new commercial openings in Colombia, Mexico also delivered solid growth in the low single digits, reaching MXN169 per passenger supported in part by currency effects.

在波多黎各和哥倫比亞，每位乘客的商業收入——受墨西哥和波多黎各匯率的推動，商業收入增加了 20% 以上。哥倫比亞和墨西哥新開商業航線的貢獻也帶來了低個位數的穩健成長，每位乘客的收入達到 169 墨西哥比索，部分原因是受到貨幣效應的支持。

In terms of cost, total expenses were up 18% year on year. In Mexico, costs increased 10%, primarily reflecting increases in concession fees made by the Mexican government, higher administrative fees, and the impact of the 12% increase in minimum wages, effective January 1 of this year.

成本方面，總支出較去年同期成長18%。在墨西哥，成本增加了 10%，主要反映了墨西哥政府增加的特許費、更高的行政費用以及今年 1 月 1 日起生效的最低工資增加 12% 的影響。

In both Puerto Rico and Colombia costs were up 30% with increasing Puerto Rico and Colombia reflecting the depreciation of the Mexican peso against the US dollar and the Colombian peso.

波多黎各和哥倫比亞的成本均上漲了 30%，其中波多黎各和哥倫比亞的成本上漲反映了墨西哥比索兌美元和哥倫比亞比索的貶值。

As a result, consolidated [EBITDA] rose 12% year on year to MXN5.7 billion in the quarter, while adjusted EBITDA margin, which excludes construction, stood at 70% compared with the 71.4% a year ago.

因此，本季合併 [EBITDA] 年成長 12% 至 57 億墨西哥比索，不包括建築費用的調整後 EBITDA 利潤率為 70%，而去年同期為 71.4%。

The decrease was attributed to the slight marginal decrease in each country due to higher operating costs, notably Puerto Rico, Colombia posted double digit EBITDA growth of 24% and 30% respectively, while Mexico saw an 8% increase in EBITDA despite the lower passenger traffic.

下降的原因是每個國家由於營運成本增加而出現小幅下降，特別是波多黎各和哥倫比亞分別實現了 24% 和 30% 的兩位數 EBITDA 增長，而墨西哥儘管客運量較低，但 EBITDA 仍增長了 8%。

Our balance sheet remains strong with nearly MXN23 billion in cash and cash equivalents, up 35% year on year, [a net debt of EBITDA ratio of negative 0.5 times].

我們的資產負債表依然強勁，現金和現金等價物接近 230 億墨西哥比索，較去年同期成長 35%。[淨債務與EBITDA比率為負0.5倍]。

During the quarter, we invested MXN645 million in capital expenditures. Then we deployed towards modernization and expansion efforts in our Mexican airports. Main projects during the quarter included the reconstruction and expansion of Terminal 1 of Cancun Airport as well as the expansion of terminals in Oaxaca.

本季度，我們投資了 6.45 億墨西哥比索的資本支出。然後，我們部署了墨西哥機場的現代化和擴建工作。本季度的主要項目包括坎昆機場 1 號航站樓的重建和擴建以及瓦哈卡航站樓的擴建。

In Puerto Rico, runway pavements and transportation was completed. And we're currently working on taxiway. Recall that all construction activities are taking place outside the operational areas to ensure no disruption to airport operations.

在波多黎各，跑道鋪設和交通運輸已經完成。我們目前正在建造滑行道。回想一下，所有施工活動都在營運區域之外進行，以確保不會對機場運作造成乾擾。

As mentioned during our prior earning call, we continue to anticipate gradually increasing CapEx as we move forward with several strategic infrastructure projects this year. Among the most significant is [constructions and expansion works at Cancun airport], which is slated for completion in 2026.

正如我們先前的收益電話會議中所提到的，隨著今年幾個戰略基礎設施項目的推進，我們預計資本支出將繼續逐步增加。其中最重要的是[坎昆機場的建設和擴建工程]，預計2026年完工。

Terminal 4 in Cancun remains on track for completion by 2028. Additionally, once Terminal 1 is operational, we expect to implement key upgrades at Terminal 2 to easy existing capacity pressures, particularly in non-aeronautical areas.

坎昆 4 號航站樓預計將於 2028 年完工。此外，一旦 1 號航站樓投入運營，我們預計將對 2 號航站樓實施關鍵升級，以緩解現有的容量壓力，特別是在非航空區域。

This is also designed to streamline traffic flows, particularly from South America, unlocking additional commercial revenue potential. As part of our ongoing commitment to delivering value to shareholders, in light of our solid financial performance, subject to approval at today's Annual General Meeting, the Board of Directors proposed a total cash dividend from accumulated return earnings and share buyback reserve to be paid in three tranches.

這也旨在簡化交通流量，特別是來自南美洲的交通流量，釋放額外的商業收入潛力。作為我們持續致力於為股東創造價值的一部分，鑑於我們穩健的財務業績，並經今天的年度股東大會批准，董事會提議從累計回報收益和股票回購儲備中分三期支付全部現金股息。

The first tranche includes an extraordinary net cash dividend of [MXN50 per share payable in May 2025. Followed by two extraordinary net cash dividends of MXN15 each payable in September and November 2025].

第一期包括特別淨現金股息[2025 年 5 月支付每股 50 墨西哥比索。隨後，將於 2025 年 9 月和 11 月支付兩次特別淨現金股息，每次 15 墨西哥比索]。

Before opening to a Q&A, note that last week we published our 2024 sustainability report, the 20-F report, and the circular. I encourage you to read them, all of which can be found on our website.

在開始問答之前，請注意，上週我們發布了 2024 年永續發展報告、20-F 報告和通告。我鼓勵您閱讀它們，所有這些都可以在我們的網站上找到。

Let me take a brief moment to provide an update on our sustainability efforts. I am pleased to share that 2024 marked a year of meaningful promise. We took several key steps towards achieving our ESG goals, building on our long-term vision.

請容許我花一點時間來簡要介紹一下我們的永續發展工作的最新情況。我很高興地告訴大家，2024 年是充滿意義與希望的一年。我們在長期願景的基礎上，採取了幾個關鍵步驟來實現我們的 ESG 目標。

We expanded our flagship social investment program to our third indigenous community in Yucatan, training in sustainable tourism 59% more than the previous year.

我們將旗艦社會投資計畫擴展到尤卡坦州的第三個原住民社區，永續旅遊培訓比前一年增加了 59%。

On the climate front, following our 2023 commitment to the science-based targets initiative, we completed our first Scope 3 emissions inventory in Mexico. This might help us better understand the broader impact our value change as we move forward to net zero emissions.

在氣候方面，根據我們對 2023 年基於科學的目標倡議的承諾，我們在墨西哥完成了第一份範圍 3 排放清單。這可能有助於我們更好地理解在邁向淨零排放的過程中我們的價值變化所帶來的更廣泛的影響。

Biodiversity preservation remained a priority. In 2024, we began building long-term alliances with global organizations to protect [Clematis] species and restore natural ecosystems in the southeast of Mexico.

生物多樣性保育仍然是優先事項。2024年，我們開始與全球組織建立長期聯盟，以保護[鐵線蓮]物種並恢復墨西哥東南部的自然生態系統。

Lastly, from a governance perspective, we are proposing the appointment of a new female Board at our upcoming annual shareholders meeting. If approved, this will bring female representation on our Board to 36%, while 57% of the board will be independent.

最後，從治理角度來看，我們提議在即將召開的年度股東大會上任命一位新的女性董事會成員。如果獲得批准，這將使我們董事會中的女性代表比例達到 36%，而 57% 的董事會成員將是獨立董事。

In closing, our first quarter 2025 performance reflect the strength of our diversified portfolio, our salient operational performance, disciplined execution, and our continuous focus on efficiency.

最後，我們 2025 年第一季的業績反映了我們多元化投資組合的實力、我們卓越的營運表現、嚴格的執行以及我們對效率的持續關注。

Despite navigating industry challenges such as pattern within the engine, the capacity reductions at Mexico City airport reported a 14% increase in net majority income to [MXN3.5 billion]. All else equal, we spent the solid remainder of 2025 as we continued investing in infrastructure, elevating the passenger experience, and delivering sustainable growth.

儘管面臨發動機內部模式等行業挑戰，墨西哥城機場的運力削減仍使淨多數收入增加了 14%，[35億墨西哥比索]。在其他條件相同的情況下，我們將在 2025 年剩餘的時間內繼續投資基礎設施、提升乘客體驗並實現永續成長。

At the same time, we are cognitive of the potential market challenge on a global basis that we are monitoring closely.

同時，我們也意識到我們正在密切關注全球範圍內潛在的市場挑戰。

Darryl, that concludes my prepared remarks. Please open the floor for questions.

達裡爾，我的準備好的發言到此結束。請大家提問。

(Operator Instructions) Rodolfo Ramos, Bradesco BBI.

（操作員指令）Rodolfo Ramos，Bradesco BBI。

Good morning, Adolfo. Thanks for taking my question. I have a couple if I may. The first one is regarding the driver of your strong commercial revenue. I mean, you made some comments on this front, but if you can elaborate a little bit more on the performance that we saw during the quarter, perhaps your outlook, I mean, the Mexican peso depreciation certainly had a role, but the growth per pax was also stronger than in the first quarter of last year when the peso appreciated. So any additional color there would be helpful.

早上好，阿道夫。感謝您回答我的問題。如果可以的話我有幾個。第一個是關於您強勁商業收入的驅動力。我的意思是，您在這方面發表了一些評論，但如果您可以更詳細地闡述一下我們在本季度看到的表現，也許您的觀點，我的意思是，墨西哥比索貶值肯定起了一定作用，但人均增長也比去年第一季度比索升值時更強勁。因此任何額外的顏色都會有幫助。

And secondly, when you think about your CapEx, your investment -- your committed investments, especially in Cancun, and this year it's expected to ramp up, and you mentioned that you don't expect to deliver this until 2026, these projects, but I don't know if there's anything, when you look at, what you've already invested so far, that could impact your operating expenses, your margins, as you open more areas or more expansions.

其次，當您考慮您的資本支出、您的投資——您的承諾投資，特別是在坎昆的投資，預計今年會增加，您提到您預計要到 2026 年才能完成這些項目，但我不知道，當您看看您迄今為止已經投資的項目時，隨著您開放更多地區或更多擴張，是否有任何因素會影響您的營運費用和利潤率。

Just want to get a sense of when we could start seeing your cost structure swelling up as a result of these investments, if at all. Thank you.

只是想了解一下，什麼時候我們才能開始看到你們的成本結構因為這些投資而膨脹，如果有的話。謝謝。

Hi, Rodolfo, thank you for your questions. Well, in terms of commercial revenue, of course, the most important in comparison of last year, it's related to Puerto Rico and Colombia. And those are also affected by the positive dollar versus the peso.

你好，Rodolfo，謝謝你的提問。嗯，就商業收入而言，當然，與去年相比最重要的是與波多黎各和哥倫比亞有關。這些也受到美元兌比索匯率上漲的影響。

If we go back to the end of the quarter last year, the exchange rate with the dollar of the Mexican peso was [16.5. By the end of this year, we are talking about 20.4], so the peso depreciation played an important role on the case of commercial revenues per passenger in Puerto Rico and also in the case of Colombia.

如果我們回顧去年季度末，墨西哥比索兌美元的匯率為[16.5]。到今年年底，我們談論的是 20.4]，因此比索貶值對波多黎各和哥倫比亞的每位乘客的商業收入產生了重要影響。

In the case of Mexico, I would say yes, we had a very good quarter that has to do with the passenger needs and some of the impact would be presented to peso dollar again.

就墨西哥而言，我想說是的，我們度過了一個非常好的季度，這與乘客需求有關，而且部分影響將再次體現在比索美元上。

In terms of CapEx, yes, we are working today, as I mentioned in the remodeling and expansion of Terminal 1. That should be completed by the third quarter next year. And then you are right in the sense to say that the cost will change once this infrastructure is open.

就資本支出而言，是的，我們目前正在努力，正如我在 1 號航站樓的改造和擴建中提到的那樣。該工作應於明年第三季完成。那你說得對，一旦這個基礎設施開放，成本就會改變。

Of course, we will have new areas and we will have to maintain and clean and secure all of these new spaces. In the case of Terminal 4, as I mentioned, we're expecting to conclude the project by the end of 2028. I don't know if this answers your questions.

當然，我們會有新的區域，我們必須維護、清潔和保護所有這些新空間。就 4 號航站樓而言，正如我所提到的，我們預計將於 2028 年底完成該項目。我不知道這是否回答了你的問題。

Yes, thank you, Adolfo.

是的，謝謝你，阿道夫。

You're welcome.

不客氣。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

Yes, hello, Adolfo. I have a question regarding your capital allocation and the dividend you will be paying. And in light of that, if you probably saw that CCR is selling their airport assets in Brazil, do you have interest in those, or can we read from your dividend that basically that's not part of your upcoming capital allocation? Thank you.

是的，你好，阿道夫。我對您的資本配置和您將支付的股息有疑問。有鑑於此，如果您可能看到 CCR 正在出售其在巴西的機場資產，您是否對此感興趣，或者我們可以從您的股息中看出，這基本上不是您即將進行的資本配置的一部分？謝謝。

Thank you, Jens. Good morning. Well, basically, if you see what we proposed on the Board and the Board to the shareholders assembly, it's almost what we have in cash. The cash and cash equivalents for the quarter ended in [22 billion and the dividends for the whole year will be 24]. Yes, we are seeing the project and the opening of CCR. We're analyzing this carefully. In that case, this will be funded by that.

謝謝你，詹斯。早安.嗯，基本上，如果你看到我們在董事會和董事會向股東大會提出的建議，這幾乎就是我們擁有的現金。本季的現金及現金等價物為[220億，全年分紅24]是的，我們正在見證該項目和 CCR 的開幕。我們正在仔細分析此事。在這種情況下，這將由該資金提供。

Okay, perfect. Thank you. And if I may just one more question regarding any weakness that you're potentially seeing from like airlines removing frequencies maybe due to the ongoing trade tensions and macro uncertainty, specifically the weaker demand that some of the US airlines are seeing. Do you see any weakness coming from that or is it still too early to tell at this moment? Thank you.

好的，完美。謝謝。我可以再問一個問題，關於您可能看到的任何弱點，例如航空公司取消航班頻率可能是由於持續的貿易緊張和宏觀不確定性，特別是一些美國航空公司看到的需求減弱。您是否認為這會帶來任何弱點，還是現在下結論還為時過早？謝謝。

I think it's too early to tell. I don't see any effect of these at the moment. Of course, when you see the traffic in Mexico and when you see the traffic in Cancun, particularly, you will see the effect of Tulum airport. Tulum airport, as I was saying in my initial remarks, we're expecting this to reach 2.9 million passengers this year.

我認為現在下結論還為時過早。目前我還沒看到這些有什麼效果。當然，當你看到墨西哥的交通狀況，特別是坎昆的交通狀況時，你會看到圖盧姆機場的影響。正如我在最初的演講中所說，圖盧姆機場今年的客流量預計將達到 290 萬人次。

Roughly speaking, round numbers, if you subtract 150,000 every month, for this quarter 450,000. And 75% of this is international, not just domestic. So that is why we are seeing Cancun numbers decreasing, and that is the most important effect I'm seeing for the moment.

粗略的說，整數的話，每個月減15萬，這個季度就是45萬。其中 75% 是國際業務，而不僅僅是國內業務。這就是為什麼我們看到坎昆數字正在下降，這是我目前看到的最重要的影響。

Guilherme Mendes, J.P. Morgan.

吉爾赫姆門德斯，摩根大通。

Hey Adolfo, good morning. Thanks for taking my question. I have two follow-ups on traffic. The first one is regarding the Mexico City restrictions. You mentioned that you would expect some of the restrictions to be lifted in the second half of this year.

嘿，阿道夫，早安。感謝您回答我的問題。我對交通有兩點後續關注。第一個是關於墨西哥城的限制。您提到預計今年下半年一些限制將會取消。

Can you elaborate a little bit more your expectations on how this should translate into traffic for ASUR? And the second point is regarding Tulum. You mentioned the 2.9 million passengers this year. Just wondering, what was your expectations by the time of the MDP if this 2.9 million is in line of what was incorporated on the MDP or slightly worse?

您能否更詳細地闡述您對這將如何轉換為 ASUR 流量的期望？第二點是關於圖盧姆的。您提到今年的乘客量為290萬人次。只是想知道，如果這 290 萬與 MDP 中所納入的數額一致或略差，那麼您對 MDP 的預期是什麼？

Thank you.

謝謝。

Hi, good morning. Well, in the case of the Mexico City airport, you remember that last year, the January 8, to be precise, the government decided to impose a restriction in terms of capacity.

嗨，早安。嗯，就墨西哥城機場的情況而言，您記得去年，確切地說是 1 月 8 日，政府決定對容量實施限制。

The restriction was to have 43 operations per hour coming from 52 operations per hour. This restriction, in my opinion, is too strong, considering that you have one runway and a half. One runway can sustain 50 ATMs per hour. So if we say 1.5, that should be 75. Today at 43, it's really low. That's one piece of the puzzle.

限制是每小時 52 起手術，減少到 43 起。在我看來，考慮到你們只有一條半跑道，這個限制太嚴格了。一條跑道每小時可承受 50 台 ATM 機的運作。所以如果我們說 1.5，那應該是 75。今天是 43，真的很低。這是謎團的一部分。

The other piece of the puzzle is we saw some elimination of restrictions in the case of Toluca Airport, but Toluca Airport looked really nice at the end of last year by [20% with us].

另一個難題是，我們看到托盧卡機場的限制有所取消，但托盧卡機場在去年年底看起來確實不錯[我們佔 20%]。

Why is this so important? Because from the Valley of Mexico, it is originated 50% of the domestic traffic of the group. So it's extremely important that Mexico City, Toluca, and (inaudible) grow their traffic.

為什麼這麼重要？因為該集團 50% 的國內運輸量都來自墨西哥谷。因此，墨西哥城、托盧卡和（聽不清楚）增加流量極為重要。

If we go back in time, I will invite you to compare what it was in 2019 when the (inaudible) was not in place, no, and Mexico City Airport traffic was 51 million. If you see what the figures of last year were, you will see that after five years, almost six years, that is only a growth of 1 million.

如果我們回到過去，我請您比較一下 2019 年的情況，當時（聽不清楚）還沒到位，墨西哥城機場的客流量為 5,100 萬。如果你看看去年的數字，你會發現，五年、差不多六年後，成長的人數也只是 100 萬人。

And this is really important for us, so I do believe that by the end of the third quarter, the government eliminates or changes this restriction to at least to go back to the 52 ATMs per hour that we had at the end of '23.

這對我們來說真的很重要，所以我相信到第三季末，政府會取消或改變這個限制，至少恢復到 23 年底每小時 52 台 ATM 機的水平。

Also keep in mind that next year we will have the Football World Cup in Mexico and it will be extremely important to have or to have the connectivity of Mexico City.

還要記住，明年我們將在墨西哥舉辦足球世界杯，擁有或擁有墨西哥城的連通性將極為重要。

In the case of Tulum, as I was saying, what we expect for this year is 2.9 million in the case of the MDP, it was almost the same. I was expecting probably 3 million for this year, so not too much difference of the reality versus what I was expecting.

就圖盧姆而言，正如我所說，我們預計今年 MDP 的人數為 290 萬人，幾乎相同。我預計今年的銷售額大概是 300 萬，所以實際情況和我的預期差異不大。

Very clear, thank you, Adolfo.

非常清楚，謝謝你，阿道夫。

You're welcome.

不客氣。

[Pablo Ricalde, Itaú].

[Pablo Ricalde，義大利]。

Hi, good morning, Adolfo. Thanks for taking my question. I have a question on Mexico tariff. Based on my understanding, you haven't raised price this year. So well the first one is which percentage of your Mexico tariff you're charging now? And the second, do you expect to raise tariffs in Mexico?

你好，早安，阿道夫。感謝您回答我的問題。我對墨西哥關稅有疑問。據我了解，今年你們還沒漲價。那麼第一個問題是，您現在收取的墨西哥關稅佔多少百分比？第二，您是否預期墨西哥會提高關稅？

The maximum tariffs or the maximum rate is measured once a year. No, you cannot say that you will be measuring that quarter by quarter. The plan here, the matching tariff compliance is that's the way that we put, it was [99%], no.

最高關稅或最高稅率每年計算一次。不，你不能說你會逐季度地進行衡量。這裡的計劃，匹配關稅合規性就是我們所製定的方式，它是[99％]，不是。

So I would say today that the report that we presented -- that we disclosed yesterday to the market, it includes just revenues that are in accordance with the maximum rate we have today. So what we will be expecting for the end of the year is it's almost the same result that we got last year.

所以我今天要說的是，我們昨天向市場提交的報告，其中只包括符合我們今天最高利率的收入。因此，我們預計今年年底的結果將與去年幾乎相同。

It's not that today we are above the maximum breakdown. That's not the case on the first side, and on the other side, you cannot again measure these on a quarterly basis. It's just once a year.

這並不意味著我們今天就已經超越了崩潰的極限。首先，情況並非如此；其次，你無法再次按季度衡量這些。一年只有一次。

[Andressa Varotto, UBS].

[安德烈莎·瓦羅托，瑞銀]。

Hi, good morning, Adolfo. Thanks for taking my question. I just have one here on my side. What is the expectation of MDP CapEx for this year, from the first quarter figure, versus our expectations, it seemed, a bit low, so how do you see CapEx deployment throughout, the year? Thank you.

你好，早安，阿道夫。感謝您回答我的問題。我這邊就有一個。從第一季的數據來看，今年 MDP 資本支出的預期與我們的預期相比如何？似乎有點低，那麼您如何看待全年的資本支出部署？謝謝。

You're welcome. You have the figures in the press release that we disclosed on December 13, 2023. Of course, those were presented in pesos as of December 2022. So if you include the inflation factor up to the end of this year you will reach a number close to 7 billion in the case of Mexico. I would say 25 million for the -- $25 million for the case of Puerto Rico, and a very small amount in the case of Colombia. That is what we expect for this year.

不客氣。您可以在我們於 2023 年 12 月 13 日揭露的新聞稿中找到這些資料。當然，這些都是截至 2022 年 12 月以比索表示的。因此，如果將截至今年底的通貨膨脹因素考慮在內，墨西哥的失業率將接近 70 億。我認為，對於波多黎各來說，應該有 2500 萬美元；對於哥倫比亞來說，應該有很少的金額。這就是我們對今年的期望。

In terms of the seasonality, you can compare this during the year and you always see that the first quarter is the lowest and the fourth is the highest.

就季節性而言，您可以在一年內進行比較，您總是會發現第一季最低，而第四季最高。

Anton Mortenkotter, GBM.

安東·莫滕科特（Anton Mortenkotter），GBM。

Hi Adolfo, thank you for the call and congrats on the results. I just have one question. I mean, we understand that on Colombia you were rolling out a strategy to increase, the prices on some of your contracts or to do some catch up in the commercial side. I was just wondering if the results of this quarter are a result of this, and should we expect to see some more on that run going forward?

你好，阿道夫，謝謝你的來電，恭喜你所取得的成果。我只有一個問題。我的意思是，我們了解到，在哥倫比亞，你們正在推行一項策略來提高部分合約的價格，或者在商業方面做一些趕上。我只是想知道本季的結果是否由此產生，我們是否應該期待在未來看到更多這樣的結果？

Hi, Anton, good morning. Well, in the case of Colombia, again, I do believe that we have done a very wonderful work in increasing commercial revenues per passenger. The recommendation there will be to follow since the end of 2020 -- since the end of 2017, the reports on Colombia versus and then you will see the real effects of our work there, it has been really nice.

你好，安東，早安。嗯，就哥倫比亞的情況而言，我確實相信我們在增加每位乘客的商業收入方面做得非常出色。自 2020 年底以來，我們將遵循那裡的建議——自 2017 年底以來，我們將提供有關哥倫比亞的報告，然後您將看到我們在那裡的工作的真正效果，效果非常好。

The strategy today is to continue with this as we can and of course some of the impact that we are seeing in the first quarter has to do with exchange rate, but also with the additional spaces that we have opened and the strategy of business as usual that we continue to operate there in Colombia.

今天的策略是盡可能地繼續這一策略，當然，我們在第一季看到的一些影響與匯率有關，但也與我們開放的額外空間以及我們繼續在哥倫比亞運營的照常營業的策略有關。

Stephen Trent, Citibank.

花旗銀行的史蒂芬‧特倫特。

Good morning Adolfo and thanks very much for taking my question. The first is actually just a follow-up on Tulum and the traffic you're seeing around that. Do you have a sense for the extent to which, some of the draw is coming from commercial traffic as opposed to charter and private traffic going to Tulum instead of Cancun?

早安，阿道夫，非常感謝您回答我的問題。第一個其實只是圖盧姆及其周邊交通狀況的後續通報。您是否知道，與前往圖盧姆而非坎昆的包機和私人交通相比，吸引遊客的程度在多大程度上是來自商業交通？

Well, of course, some of what we see today that is related to chartered flights that have final destinations very close to Tulum. They are basically switching from Cancun to Tulum. They should not fly to Cancun anymore if the final destination is very close to Tulum. That's one piece.

當然，我們今天看到的一些內容與包機有關，這些包機的最終目的地非常靠近圖盧姆。他們基本上從坎昆轉向圖盧姆。如果最終目的地離圖盧姆很近，他們就不應該再飛往坎昆了。那是一件。

Of course, in the case of commercial activities, you can see that American Airlines is flying there and (inaudible) is flying there (technical difficulty) flying there. Those are basically the commercial airlines and we have some flights -- one flight from Europe, well, they have one flight from Europe at the end of last year. It was from [France].

當然，在商業活動的情況下，你可以看到美國航空公司正在飛往那裡，（聽不清楚）正在飛往那裡（技術難度）正在飛往那裡。這些基本上都是商業航空公司，我們有一些航班——一個從歐洲出發的航班，嗯，去年年底他們有一個從歐洲出發的航班。它來自[法國]。

Okay, that's very helpful. I appreciate it, and just a quick follow up on the dividend. Of course this year it's a big one and it looks like a substantial percentage of your company's retained earnings, how should we think about, moving forward, how I or might potentially source, future dividends would it come from a different piece of shareholders' equity or should we assume kind of, steady state? Thank you.

好的，這非常有幫助。我對此表示感謝，並想快速跟進股息問題。當然，今年這是一個大問題，而且看起來佔了公司留存收益的很大一部分，我們應該如何考慮，展望未來，我或可能如何獲得未來的股息，它將來自股東權益的不同部分，還是我們應該假設一種穩定狀態？謝謝。

Well, in the case of what we have proposed to the shareholders assembly, it's basically the result of what we have done in the past in our financial performance.

嗯，就我們向股東大會提出的建議而言，這基本上是我們過去在財務表現上所做工作的結果。

As I mentioned during the remarks on some of the questions before, we have MXN24 billion in cash and cash equivalent at the end of the quarter -- MXN22 billion. And the dividend proposing for each tranche is almost MXN24 billion. So we're just paying what we have achieved in terms of the results of the company. Going forward, we will have to see what the results are and then we will propose something to shareholders.

正如我之前在回答一些問題時提到的那樣，我們在本季末擁有 240 億墨西哥比索的現金和現金等價物——220 億墨西哥比索。每批擬發放的股利接近 240 億墨西哥比索。因此，我們只是根據公司業績所取得的成就來支付報酬。展望未來，我們必須觀察結果如何，然後向股東提出一些建議。

Okay, I appreciate it. Thanks, Adolfo.

好的，我很感激。謝謝，阿道夫。

You're welcome.

不客氣。

[Fernanda Recchia, BTG].

[費爾南達·雷基亞，BTG]。

Hey, good morning, Adolfo. Thank you for taking my question. So just to follow-up here from our side, so just to explore a little bit further the traffic outlook for Puerto Rico and Colombia, I think you mentioned in your remarks that you expect a normalization, but maybe if you could provide us with a bit more color on what kind of traffic you're expecting for this year and when Puerto Rico should start to normalize? This is the first one.

嘿，早上好，阿道夫。感謝您回答我的問題。因此，為了從我們的角度跟進，為了進一步探討波多黎各和哥倫比亞的交通前景，我想您在發言中提到您預計會恢復正常，但也許您可以向我們提供更多關於您預計今年的交通狀況以及波多黎各何時應該開始恢復正常的詳細信息？這是第一個。

And the second on the commercial revenues in Mexico, as you mentioned, we're working on the remodeling of Terminal 2, so which is expected to finish by the first half of next year. So maybe if you could give us any color on what kind of increase in commercial revenues per pack should we anticipate because of this conclusion would be great. Thank you.

第二個關於墨西哥的商業收入，正如您所說，我們正在對 2 號航站樓進行改造，預計將於明年上半年完工。因此，如果您能告訴我們根據這個結論我們應該預期每包商業收入會增加多少，那就太好了。謝謝。

Well, the traffic in Puerto Rico, as I mentioned in my initial remark is still very strong. And I was expecting this to normalize, low single digits, but it's still strong. And we're happy to see that. The case of Colombia, now you can see that things are normalizing. You can see what the growth was for the month of March.

嗯，正如我在最初的評論中提到的，波多黎各的交通仍然非常擁擠。我原本預計它會恢復正常，低於個位數，但它仍然很強勁。我們很高興看到這一點。就哥倫比亞的情況而言，現在你可以看到情況正在正常化。您可以看到三月的成長情況。

And that's what we believe it should be for the rest of the year. Commercial revenues, we are just expanding and remodeling Terminal 1 to alleviate the capacity problems we have today in the Terminal 2. And those capacity problems are basically [engineering] commercial opportunities that we have today, we know for sure that in the middle of the day there's no chance for the passenger to have a meal because all the spaces are full.

我們相信今年剩餘時間的情況也應該如此。商業收入，我們正在擴建和改造 1 號航站樓，以緩解 2 號航站樓目前的容量問題。這些容量問題基本上是我們今天擁有的[工程]商業機會，我們確信在中午乘客沒有機會吃飯，因為所有空間都已滿。

Once we open Terminal 1, we will work in Terminal 2 to improve the situation and that of course will increase or have an impact on commercial revenue per passenger. It's not easy for me to say how much it will be, we will have to wait and see once these spaces are fully operational, and that should occur third quarter next year.

一旦我們開放 1 號航站樓，我們將在 2 號航站樓開展工作以改善情況，這當然會增加或影響每位乘客的商業收入。我很難說出具體金額，我們必須等待這些空間全面投入運作後才能知道，這應該發生在明年第三季。

(Operator Instructions) [Jorge Vargas, GMB].

（操作員指示）[Jorge Vargas，GMB]。

Thank you for taking my question. Just a quick one from my side. Are there any updates from the airport to (inaudible) the investment or any other international expansion opportunities being considered? Thank you.

感謝您回答我的問題。我只想簡單說一下。機場方面對（聽不清楚）投資或其他正在考慮的國際擴張機會有什麼最新消息嗎？謝謝。

Hi, good morning. No updates on (inaudible). The situation is still the same. We have the legal process. And that would be important for some time.

嗨，早安。沒有更新（聽不清楚）。情況還是一樣。我們有法律程序。這在一段時間內會很重要。

[Gabriel Himelfarb, Scotiabank].

[加布里埃爾·希梅爾法布，豐業銀行]。

Hi, Adolfo. Thanks for the call. Just a question based on your experience in the cases of US recession, how much do you think it might drop international traffic and visitors coming from the US and Canada to Cancun? I know it's difficult to forecast, but based on your past experience.

你好，阿道夫。謝謝您的來電。根據您在美國經濟衰退時期的經驗，我只想問一個問題，您認為這會對來自美國和加拿大的坎昆的國際交通量和遊客數量造成多大的下降？我知道這很難預測，但根據你過去的經驗。

Hi, Gabriel. Well, let me tell you a story. If you see the presentation that we have in ASUR web page where we are presenting our traffic since 1990, that is the same chart that I used 25 years ago during the IPO process of this company.

你好，加布里​​埃爾。好吧，讓我告訴你一個故事。如果您看到我們在 ASUR 網頁上的演示文稿，其中展示了我們自 1990 年以來的流量，那正是我在 25 年前該公司 IPO 過程中使用的相同圖表。

And we had to go back to 1990 because that was at the moment the last year's economic recession. To see what was the effect of the US economic recession in the international passenger traffic, if you see the charts, the international traffic grew from 2.6 million to 2.8 million even with this US economic recession.

我們必須回顧 1990 年，因為當時正是經濟衰退的最後一年。要了解美國經濟衰退對國際客運量的影響，如果你看圖表就會發現，即使在美國經濟衰退的情況下，國際客運量也從 260 萬增長到了 280 萬。

So on that sense, at the moment we are resilient for the US economic recession. I don't know what will happen today and if the recession will be there or not. But on the other side, I have to say that what we are seeing today in the case of the United States is a very strong decrease of tourism towards this country.

因此從這個意義上來說，目前我們對美國經濟衰退具有抵禦能力。我不知道今天會發生什麼，也不知道是否會出現經濟衰退。但另一方面，我必須說，我們今天看到的美國的情況是，前往這個國家的旅遊業急劇下滑。

And if we can catch up some of these effects, it would be great for us. Let me say the case of Canada is decreasing significantly for the summer, the same for the case of Europe, and the same of Asia and South America. So again, we can catch some of these decrease will be excellent for us well. You know why they are not willing to go there. And we will try to relocate our commercial activities to focus on this market or reinforce the commercial or the marketing activities on this market.

如果我們能夠趕上其中的一些影響，那對我們來說就太好了。我要說的是，加拿大的情況在夏季顯著下降，歐洲的情況也是如此，亞洲和南美洲的情況也是如此。因此，我們能夠再次抓住其中的一些減少，這對我們來說將是非常好的。你知道他們為什麼不願意去那裡。並且我們會嘗試重新定位我們的商業活動以集中於這個市場或加強在這個市場的商業或行銷活動。

Have you seen any kind of ramp up from Canadian traffic? Like you're moving from the US to Canada, but from traveling to the US instead of traveling to Mexico?

您是否看到過加拿大交通量有任何增加？就像您要從美國搬到加拿大，但不是去墨西哥而是去美國？

Well, if you see what I said in the initial remarks, the only region that was flat for the quarter or that was not negative for the quarter was Canada.

好吧，如果你明白我在最初的評論中所說的，那麼本季唯一持平或沒有負面的地區是加拿大。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

Yes, thank you. Just one follow-up on like on Pablo's question regarding the max tariff. I know that compliance is annual, so quarterly we shouldn't be worrying, but for the first quarter, I think you published that the unit tariff was [352], which I think is very close to the maximum tariff if I'm not mistaken.

是的，謝謝。我只想就 Pablo 提出的有關最高關稅的問題進行一次跟進。我知道合規是每年一次，所以我們不應該擔心季度，但對於第一季度，我認為您發布的單位關稅是 [352]，如果我沒記錯的話，我認為這非常接近最高關稅。

So given like all the FX volatility that might be ahead, and I know that more recently the peso has appreciated, so it plays in your favor but not regardless there's a lot of volatility. So do you think that there should be a bit more cushion just to factor that in, or do you feel comfortable with the current level? Thank you.

因此，考慮到未來可能出現的所有外匯波動，而且我知道最近比索已經升值，所以這對你有利，但無論如何，波動性都會很大。那麼您是否認為應該有更多的緩衝來考慮到這一點，或者您是否對當前的水平感到滿意？謝謝。

Let me try to explain the case of the maximum rates, and I'm just going to just say numbers to be more clear on that front. If we say that maximum rate is 100, and we during the quarter obtained let's say 105. What we report is just 100 and the other 5 goes to the maximum, so you will not see the 5 in the [P&L for the quarter].

讓我試著解釋一下最高稅率的情況，為了更清楚地說明這一點，我只會用數字來說明。如果我們說最高利率是 100，而我們在本季度獲得了 105。我們報告的只是 100，其他 5 達到最大值，因此您不會在[本季的損益表]。

If the maximum rate is 100 and the result is 98, what you are going to see in the P&L is 98. So in terms of the exchange rate, just to put this very clear, the end of last year, the end of last -- sorry, the end of the first part last year, the exchange rate was at 16.5. The end of '24 was 20.78. The end of March was 20.43 and the current exchange rate is around 19.5. Coming from 16.5 to 19.5 today, give us a lot of room to maneuver.

如果最大比率為 100，結果為 98，那麼您在損益表中看到的就是 98。因此，就匯率而言，為了說清楚，去年年底，去年年底 - 抱歉，去年上半年末，匯率為 16.5。 '24 年底是 20.78。 3月底為20.43，目前匯率約19.5。從今天的 16.5 到 19.5，給了我們很大的迴旋餘地。

So that is why, I was saying that we expect for this year almost the same as in terms of maximum tariff compliance of what we got last year.

所以，我說我們預計今年的最高關稅遵從程度與去年幾乎相同。

Okay, that's clear. Thank you, Adolfo.

好的，很清楚。謝謝你，阿道夫。

You're welcome.

不客氣。

(Operator Instructions) Thank you. I am showing no further questions at this time. That does conclude the question-and-answer portion of today's conference call. I would like to turn the call back over to Mr. Castro for closing remarks.

（操作員指示）謝謝。我目前沒有其他問題。今天電話會議的問答部分到此結束。我想將發言時間交還給卡斯楚先生，請他作最後發言。

Thank you, Darryl, and thank you all again for joining us today for the first quarter of 2025 conference call. We wish you a good day and goodbye. Now you may this connect.

謝謝你，達裡爾，再次感謝大家今天參加我們的 2025 年第一季電話會議。祝您有美好的一天，再見。現在你可以連接了。

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。