Grupo Aeroportuario del Sureste SAB de CV (ASR) 2025 Q2 法說會逐字稿

Good day ladies and gentlemen, and welcome to ASUR's second quarter 2025 results conference call. My name is Christine, and I'll be your operator. (Operator Instructions) Now I'd 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 年第二季業績電話會議。我叫克莉絲汀，我將擔任您的接線生。（操作員指示）現在我想將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, Christine, 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 good management expectations and beliefs and are subject to sever risks and uncertainties that would cause actual results to differ materially.

謝謝你，克里斯汀，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，這些陳述基於良好的管理期望和信念，並受到嚴重風險和不確定性的影響，這會導致實際結果大不相同。

Including factors that may be beyond our company's control. Additional details about our second quarter 2025. Results 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. Following my presentation, I will be available for Q&A.

包括可能超出我公司控制範圍的因素。有關我們 2025 年第二季的更多詳細資訊。您可在我們昨天收盤後發布的新聞稿中查看結果，該新聞稿可在我們網站的投資者關係部分查閱。演講結束後，我將接受問答。

As usual, all comparisons discussed on this call will be year on year figures and are expressed in Mexican pesos. Unless specified otherwise. During the second quarter, we served 17.7 million passengers across all airports we operate, with traffic remaining largely flat year on year. Once again, bad performance in Colombia and Puerto Rico offset subness in Mexico.

與往常一樣，本次電話會議討論的所有比較都將是同比數據，並以墨西哥比索表示。除非另有規定。第二季度，我們營運的所有機場共服務旅客 1,770 萬人次，客運量與去年同期基本持平。哥倫比亞和波多黎各的糟糕表現再次抵消了墨西哥的劣勢。

Puerto Rico was the best performing market this quarter, hosting 3% growth in passenger traffic. Supported by domestic traffic and sustained the strength in international traffic. In Colombia, traffic was up 1%, with international travel up 12% and domestic contracting a low single digit. Lastly, Mexico reported a decline of nearly 2% in total traffic.

波多黎各是本季表現最好的市場，客運量成長了 3%。國內運輸支撐，國際運輸持續走強。哥倫比亞的客流量成長了 1%，其中國際旅遊成長了 12%，國內旅行則下降了個位數。最後，墨西哥報告稱其總客流量下降了近2％。

With an increase of 1.2% in domestic, upset by a decrease by 4.5% in international travel. International travel in Mexico continued to experience year on year declines from all regions during the quarter. Passenger volumes from Europe were down 4.7%. From the US 5.3%, South America 2.7%, and Canada 1.6%.

國內旅遊成長1.2%，而國際旅遊則下降4.5%。本季度，墨西哥所有地區的國際旅行量持續年減。來自歐洲的客運量下降了4.7%。來自美國 5.3%、南美洲 2.7% 和加拿大 1.6%。

A meaningful portion of this decline, approximately 38%, is attribute to the ramp up of the new airport in Tulum, which continues to draw some passenger glue previously concentrated in Cancun Airport. Beyond this shift, we believe the broadest softness in the graphic reflects global market dynamics. Including a more cautious demand environment and across several source of markets.

約 38% 的降幅很大程度上是由於圖盧姆新機場的擴建，該機場繼續吸引一些先前集中在坎昆機場的客流。除了這種轉變之外，我們認為圖表中最廣泛的疲軟反映了全球市場動態。包括更謹慎的需求環境和跨越多個市場來源。

While the underlying drivers vary, some of these pressures are also evident in other international markets as well. Looking ahead, we expect traffic in Mexico to gradually stabilize over the course of next year. As the effects of the engine-related aircraft groundings appear to have bottomed out, and Tulum airport reaches more normalized level of operations.

雖然潛在驅動因素各不相同，但其中一些壓力在其他國際市場也很明顯。展望未來，我們預計墨西哥的交通量將在明年逐步穩定。由於發動機相關飛機停飛的影響似乎已經消退，圖盧姆機場的運作已達到更正常的水平。

With respect to the potential US Department of Transportation restrictions on Mexican carriers, Azur does not expect a material impact on our operations from these measures, as our exposure to the affected airlines is minimal. To put this in context, in Mexico accounted for just 0.3% of total passengers traveling between our airports and the US.

對於美國交通部可能對墨西哥航空公司實施的限制，Azur 預計這些措施不會對我們的營運產生重大影響，因為我們對受影響航空公司的曝險很小。具體來說，墨西哥僅占我國機場與美國之間旅客總數的 0.3%。

While [vida, Ebus, and Polaris] together represented approximately 1.3%. As I've noted in prior calls, which is long-term growth potential for both Cancun and Tulum, it's driven by the specific demand dynamics of their respective catchment area. While the broad macro environment remains uncertainty.

而 [vida、Ebus 和 Polaris] 合計約佔 1.3%。正如我在之前的電話會議中提到的那樣，坎昆和圖盧姆都具有長期成長潛力，這是由各自集水區的特定需求動態所驅動的。而宏觀環境依然存在不確定性。

History has shown that travel-related disruptions, particularly those tied to US and Mexico, demand, tend to be temporary in nature. Now turning to a review of our financial performance, recall that all reference to revenue and cost figures still cost reduction.

歷史表明，與旅行相關的中斷，特別是與美國和墨西哥需求相關的中斷，往往是暫時的。現在回顧我們的財務業績，回想一下，所有提及收入和成本的數字仍然與成本降低有關。

Total revenues increased 5% year on year to MXN7.4 billion, reflecting top line growth across operations, particularly in Puerto Rico and Colombia. Mexico, which accounted for 72% of total revenues, posted a low single digit increase of 0.7%, with relatively growth in aeronautical and non-aeronautical revenues. Puerto Rico contributed 17.7% of the total revenues with top line growth in the high teens.

總營收年增 5%，達到 74 億墨西哥比索，反映出各項業務的營收成長，尤其是在波多黎各和哥倫比亞。佔總收入72%的墨西哥，航空和非航空收入均有相對增長，增幅為0.7%。波多黎各貢獻了總收入的 17.7%，營收成長率達到十幾歲。

It is compared to grow in the high 20s in the prior quarter that was supported by the foreign exchange rate benefit resulting from a weaker peso. Colombia, which accounted for 12% of the total revenues, posted a 15.4% top line growth. This is accelerating from growth in the low 30s, achieving prior quarters.

相較之下，上一季的增幅高達 20% 左右，這得益於比索貶值帶來的外匯匯率優勢。哥倫比亞佔總收入的 12%，其收入成長了 15.4%。這一增速較前幾季的 30% 出頭有所加快。

This was driven by both aeronautical and non-aeronautical revenues, which benefited from the continued recovery in domestic traffic and international traffic. And the opening of 35 new commercial spaces over the past 12 months, partially offset by a strong Mexican vessel.

這是由航空和非航空收入推動的，受益於國內交通和國際交通的持續復甦。在過去 12 個月內，共有 35 個新的商業空間開放，但部分被一艘強大的墨西哥船隻所抵消。

As part of our ongoing strategy to enhance our commercial offerings, we opened 47 new commercial spaces over the last 12 months. As I said, 35 in Colombia, seven in Mexico, five in Puerto Rico. This expansion supported housing of digit growth in total commercial revenues driven by strong performance in Colombia and Puerto Rico, and a modest increase in Mexico.

作為我們持續增強商業服務的策略的一部分，我們在過去 12 個月內開設了 47 個新的商業空間。正如我所說，哥倫比亞有 35 人，墨西哥有 7 人，波多黎各有 5 人。這一擴張支持了住房商業總收入的數字增長，這得益於哥倫比亞和波多黎各的強勁表現以及墨西哥的適度增長。

One of the per passenger basis, commercial revenue reached nearly MXN140 in the quarter, representing mid-single digit year on year growth with contributions from all three regions. Colombia led with a 22% increase, followed by [2%] gain in Puerto Rico, both achieved despite less favorable exchange rates. In Mexico, commercial revenue per passenger rose nearly 3% to MXN159, even as passenger traffic stopped.

以每位乘客計算，本季商業收入達到近 140 墨西哥比索，年成長率達到中等個位數，這得益於三個地區的貢獻。哥倫比亞的增幅最高，為 22%，其次是波多黎各，增幅為 [2%]，這兩個數字都是在匯率不太有利的情況下實現的。在墨西哥，儘管客運量停止成長，每位乘客的商業收入仍上漲近 3%，達到 159 墨西哥比索。

Moving on to cost, total expenses increased nearly 10% year on year. This accelerating from the 18% growth we saw in prior quarter. In Mexico, costs rose 7%, primarily reflecting the 12% increase in minimum wage effective at the start of the year. In Puerto Rico and Colombia cost increase in loads teams benefiting from the depression of the Mexican peso against the US dollar and the Colombian peso.

談到成本，總支出較去年同期成長近 10%。這一增幅高於上一季的 18%。在墨西哥，成本上漲了 7%，主要反映了年初生效的最低工資上漲了 12%。在波多黎各和哥倫比亞，受益於墨西哥比索兌美元和哥倫比亞比索的貶值，球隊的薪水增加。

As a result, consolidated EBITDA rose slightly 2% year over year, reaching MXN5 billion in the quarter. Notably, Puerto Rico and Colombia posted a double-digit growth of 20% and 15% respectively. While Mexico saw a 1.6% decrease in EBITDA in line with the passenger traffic, the negative impact of the strong peso, and the higher cost I just explained.

因此，本季合併 EBITDA 年比小幅上漲 2%，達到 50 億墨西哥比索。值得注意的是，波多黎各和哥倫比亞分別實現了20%和15%的兩位數成長。而墨西哥的 EBITDA 則下降了 1.6%，這與客運量、比索走強的負面影響以及我剛才解釋過的成本上升有關。

The adjusted EBITDA margin, which excludes construction revenue, stood at nearly 68% compared with the 69% in the same quarter last year. The slight margin contraction was mainly achievable to 170 basis points declining in Mexico, while Colombia posted the home 20 basis points decrease. Puerto Rico, on the other hand, delivered a 120% margin improvement in adjusted EBITDA margin.

調整後的 EBITDA 利潤率（不包括建築收入）接近 68%，而去年同期為 69%。利潤率小幅收縮主要體現在墨西哥下降了170個基點，哥倫比亞則下降了20個基點。另一方面，波多黎各的調整後 EBITDA 利潤率提高了 120%。

Our bottom line, this quarter was negative impact by a foreign exchange loss of MXN1,200 million driven by the appreciation of the Mexican peso against the US dollar. This compares to a point gain of MXN942 million in the same quarter last year, which reflected the opposite effect driven by the precision of the peso during that period.

我們的底線是，本季受到墨西哥比索兌美元升值導致的 12 億墨西哥比索外匯損失的負面影響。相較之下，去年同期的點數增加了 9.42 億墨西哥比索，反映了該時期比索的精確性所帶來的相反影響。

Moving on to our balance sheet, we maintain obtained a strong cash position, closing the quarter with nearly MXN20 billion in cash and cash equivalents, up 32% year on year. Net debt to EBITDA ratio increases slightly to 0.1 times, reflecting the dropdown of a loan facility in Mexico for MXN9.5 billion in the quarter.

回顧我們的資產負債表，我們保持了強勁的現金狀況，本季末現金和現金等價物接近 200 億墨西哥比索，年增 32%。淨債務與 EBITDA 比率小幅上升至 0.1 倍，反映出本季墨西哥貸款額度下降了 95 億墨西哥比索。

Turning to capital allocation, reflecting our solid financial position, in May, we pay a MXN50 per share cash dividend funded from accumulated returns. In addition, we will be paying two extraordinary dividends of MXN15 per share each in September and another one in November. Capital expenditures in the quarter total MXN1.4 billion, with most of these investments directed towards modernization and expansion projects at our Mexican airports.

談到資本配置，為了反映我們穩固的財務狀況，我們在五月以累積回報支付每股 50 墨西哥比索的現金股利。此外，我們將於 9 月和 11 月各支付兩次每股 15 墨西哥比索的特別股息。本季資本支出總計 14 億墨西哥比索，其中大部分投資用於墨西哥機場的現代化和擴建項目。

This includes the ongoing work of the reconstruction and expansion of Terminal one at Cancun airport. And the terminal expansion in Wuhan. In Puerto Rico, we currently advancing in the construction of taxiway hotels. All construction activities continue to take place outside operational areas to ensure no disruption to operational to airport operations.

其中包括正在進行的坎昆機場一號航站樓的重建和擴建工作。以及武漢航站的擴建。在波多黎各，我們目前正在推動滑行道酒店的建設。所有施工活動繼續在營運區域外進行，以確保不影響機場運作。

Lastly, on the governance front during the quarter, Isabel Prieto was appointed to our board of directors as an independent member. Following the resignation, Mr. Ricardo Guajardo Touche. With this, 57% of our board is comprised of independent directors, and female representation has increased to 36%.

最後，在本季的治理方面，Isabel Prieto 被任命為我們的董事會獨立成員。辭職後，Ricardo Guajardo Touche 先生辭職。目前，我們董事會的獨立董事佔 57%，女性董事佔比上升至 36%。

We thank Mr. Ricardo Guajardo Touche for his valuable contribution and years of service on the board. Mrs. Prieto brings a wealth experience in both public and private sector, beginning her career in financial services. To close our second quarter performance underscores the resilience of our diversified portfolio and our sustained on efficiency improvements.

我們感謝 Ricardo Guajardo Touche 先生在董事會的寶貴貢獻和服務。Prieto 女士的職業生涯始於金融服務領域，擁有公共和私營部門的豐富經驗。我們第二季的業績凸顯了我們多元化投資組合的彈性以及我們持續的效率改進。

We continue investing in infrastructure, elevating passenger experience, and delivering sustainable long-term growth. We also remain attentive to evolving global macroeconomic conditions. I believe our healthy financial position will help to mitigate potential risk. This concludes my prepared remarks. Christine, please open the floor for questions.

我們持續投資基礎設施，提升乘客體驗，實現永續的長期成長。我們也持續關注全球宏觀經濟狀況的變化。我相信我們健康的財務狀況將有助於降低潛在風險。我的準備好的發言到此結束。克里斯汀，請大家提問。

Thank you. We will now begin the question-and-answer session. (Operators Instructions). Our first question comes from a line of Jens Spiess with Morgan Stanley. Please proceed with your question.

謝謝。我們現在開始問答環節。（操作員指示）。我們的第一個問題來自摩根士丹利的 Jens Spiess。請繼續您的問題。

Yes, hello Adolfo. Thank you for taking my questions. I have basically two, one is regarding non-aero revenues. So I just was wondering what drove like the sequential decline in non-aero revenues, what it makes of the type of passengers or anything else explaining it.

是的，你好，阿道夫。感謝您回答我的問題。我主要有兩個方面，一個是關於非航空收入。所以我只是想知道是什麼導致了非航空收入的連續下降，這與乘客類型有關，或者有其他原因可以解釋這一點。

And secondly, I mean, you already mentioned the DOT situation with the US not impacting you, but I was thinking that maybe one. The outcome might be that the capacity restrictions in Mexico City might be lifted, which would end up benefiting potentially the passenger traffic in the system as a whole. What if in case that materializes, how much of a positive impact would you expect? Thank you.

其次，我的意思是，您已經提到了美國交通部的情況對您沒有影響，但我認為也許有影響。結果可能是墨西哥城的容量限制可能會被取消，最終可能會使整個系統的客運量受益。如果這種情況發生，您預計會產生多大的正面影響？謝謝。

Thank you, Jens, and good morning. Well, in the case of non-aeronautical revenues, of course, the exchange rate played an important role during the quarter. No, I would say, of course, a slight difference in the map in the passenger mix. International versus domestic and also in the case of domestic, the situation that we have in Terminal 2.

謝謝你，詹斯，早安。嗯，就非航空收入而言，匯率當然在本季發揮了重要作用。不，我想說，當然，乘客的地圖略有不同混合。國際航班和國內航班，以及國內航班的情況，就像我們在 2 號航站樓遇到的情況一樣。

In terms of your second question, I don't know if you saw 30 days ago that the Mexican government decided to increase or to ease to easy the restriction, they have in Mexico City Airport from 43 to 44. This announcement explained that they have made an analysis of the airspace in Mexico City and also an analysis on tele of buildings and that's why they decided to do that from 42 to 43.

關於您的第二個問題，我不知道您是否看到 30 天前墨西哥政府決定增加或放寬限制，墨西哥城機場的限制從 43 人增加到 44 人。該公告解釋說，他們對墨西哥城的空域和建築物的電視進行了分析，這就是他們決定從 42 到 43 這樣做的原因。

So, one operation more in Mexico City Airport reflects more or less 1 million passenger traffic in that airport. I was expecting this restriction to be lifted towards the end of the year. I have my serious doubts that this will happen after what we saw this announcement, no of course, the situation of the DOT came later and I believe the Mexican government will have to review the situation.

因此，墨西哥城機場每增加一次運營，就意味著該機場的客流量將增加約 100 萬人次。我原本預計這項限制將在年底前取消。在我們看到這項聲明之後，我非常懷疑這種情況是否會發生，當然不會，交通部的情況後來才出現，我相信墨西哥政府將不得不重新審視這種情況。

And see what is the. What they're going to say after what the DOT has expressed. As I said, the situation between the traffic. To and from the US from our airports. It's basically managed by US airlines.

看看是什麼。在交通部發表上述言論後，他們會說些什麼。正如我所說，交通狀況是如此。從我們的機場往返美國。它基本上由美國航空公司管理。

As I said, out of Mexico 0.3%. In the case of [Viva Bola] is together 1.3%, so it's 1.8%, 1.6% of the total traffic between these two countries. So I do not expect any major implication of this in our case, of course, if Yeah, as a result of this, the government decided to And increase the operations in Mexico City, that would be beneficial to us.

正如我所說，來自墨西哥的比例為 0.3%。就[Viva Bola]而言，總計為 1.3%，因此佔兩國之間總流量的 1.8% 至 1.6%。因此，我並不認為這會對我們產生任​​何重大影響，當然，如果是的，因此，政府決定增加在墨西哥城的業務，那將對我們有利。

Okay, perfect. Thank you very clear. Thank you also.

好的，完美。非常清楚，謝謝。也謝謝你。

You're welcome.

不客氣。

Our next question comes from the line of Stephen Trent with Citi. Please proceed with your question.

我們的下一個問題來自花旗銀行的 Stephen Trent。請繼續您的問題。

Good morning, Adolfo, and thanks very much for taking my question. The first, just quickly on Tulum, is it still the case that it's charter traffic is still sort of the primary piece of the pie that's leaving Cancun and shifting to Tulum, or are you seeing a little bit more of a tilting commercial? Thank you.

早安，阿道夫，非常感謝您回答我的問題。首先，簡單談談圖盧姆，包機流量是否仍然是離開坎昆、轉向圖盧姆的主要部分，還是說，您是否看到了一些傾斜的商業現象？謝謝。

Hello?

你好？

Yes, Adolfo, can you hear me?

是的，阿道夫，你聽得到我說話嗎？

Yeah, but could you repeat your question because you were not.

是的，但是您能否重複一下您的問題，因為您不是。

Sure, no problem. Yeah, I was just curious in terms of the what you're seeing in Tulum Airport and the traffic impact to Cancun, am I thinking about this correctly? It's still primarily charter traffic that's the piece that's going there, or are you seeing a little more of a shift of commercial traffic there too. Thank you.

當然，沒問題。是的，我只是好奇圖盧姆機場的情況以及對坎昆的交通影響，我的想法正確嗎？前往那裡的交通主要還是包機交通，或者您是否也看到那裡的商業交通有所轉變。謝謝。

Well, it's, of course, you can find some chartered flights there, but basically, I would say most of these is commercial flights. Basically, coming from the US, no, a piece is coming from Mexico, but the most important region in that sense is the US.

嗯，當然，你可以在那裡找到一些包機，但基本上，我想說其中大多數是商業航班。基本上，一部分來自美國，不，一部分來自墨西哥，但從這個意義上來說，最重要的地區是美國。

Got it. I appreciate that and just a very quick question on the balance sheet. I saw there was, a MXN1.5 billion investment in financial instruments in one cu that is no longer there in two and just. Just was curious, what was sort of the rationale behind the shift. Thank you.

知道了。我對此表示感謝，我只想問一個關於資產負債表的簡短問題。我看到，在一個立方英尺中對金融工具的投資為 15 億墨西哥比索，而現在兩個立方英尺中不再有投資了。只是很好奇，這種轉變背後的理由是什麼。謝謝。

Well, that I should the huge amount of money that we have in the bank, in the investment. So we decided to invest a piece of that in a fund instead of the usual instruments we have been in just to try to get some more return for that amount of money.

嗯，我應該在銀行投資中存入巨額資金。因此，我們決定將其中一部分投資於基金，而不是像我們通常那樣投資，只是為了嘗試用這筆錢獲得更多的回報。

Okay, let me leave it there. Very helpful. Thanks, Adolfo.

好的，我就把它留在那裡。非常有幫助。謝謝，阿道夫。

Our next question comes from the line of Guillherme Mendes with JP Morgan. Please proceed with your question.

我們的下一個問題來自摩根大通的 Guillherme Mendes。請繼續您的問題。

Hi Adolfo. Good morning. Thanks for taking the time. The first question is on the follow up on the traffic outlook. You mentioned at the beginning that you do expect some kind of normalization on Mexican traffic into next year. Just trying to understand what does it mean for the second half of this year. I understand the basis of comparison is relatively easier.

你好，阿道夫。早安.感謝您抽出時間。第一個問題是關於交通前景的後續情況。您一開始就提到，您確實預計明年墨西哥的交通狀況會恢復正常。只是想了解這對今年下半年意味著什麼。我理解比較的基礎相對容易一些。

So is it fair to assume that we could expect some kind of traffic growth, let's say meet single digits. On Mexican traffic into the second half of '25 when compared to the second half of '24. And the second question, it's on the FXs impact. So, you mentioned the negative impact on aeronautical revenues. Can you clarify what is the actual impact on commercial revenues during the quarter? Thank you.

那麼，我們可以合理地假設流量會有一定的成長，比如說達到個位數。與 2024 年下半年相比，2025 年下半年墨西哥的交通狀況有所改善。第二個問題是關於外匯的影響。所以，您提到了對航空收入的負面影響。您能否澄清一下這對本季商業收入的實際影響是什麼？謝謝。

Yes, well, the domestic traffic as you have seen in the numbers during the quarter. It's no longer decreasing. It was a small increase. And basically this is because the engine problem of Pratt and Whitney. It's basically. Bottom out so.

是的，正如您在本季的數據中所看到的，國內客流量是這樣的。它不再減少。這是一個小幅的成長。這基本上是因為普惠公司的引擎問題。基本上是的。就這樣走到了谷底。

Polaris has expressed yesterday that they have basic aircrafts in the shop in the and then How can I say it in the ground that because of the problem exactly and that was exactly the same figure we saw during the first quarter. So this is the lowest part of the curve I would say.

北極星昨天表示，他們在車間裡有基本的飛機，然後我怎麼說呢，地面上正是因為這個問題而出現這種情況，這與我們在第一季看到的數字完全相同。所以我想說這是曲線的最低部分。

As we can see with the numbers, from now on, we should see an increase in domestic because of this. No, that is, in my opinion, the most important situation, of course, the situation in Mexico City helps on this. But as we said, there was a small increase in the restriction from 42 to 43. So from now on, everything should be better than how it was before.

從數字上我們可以看出，從現在開始，我們應該會看到國內需求的成長。不，在我看來，這是最重要的情況，當然墨西哥城的情況對此有所幫助。但正如我們所說，限制從 42 略微增加到 43。所以從現在開始，一切都應該比以前更好。

In the case of the FX in the commercial revenues, this has to do with the exchange rate. Activities there on one side, on the other side, it has to do with duty free. And of course, what I have mentioned before, the situation we have in in the case of Terminal 2, no. So that's why you're seeing a very soft, I would say non-aeronautical revenues in the second quarter compared with the first quarter this year.

就商業收入中的外匯而言，這與匯率有關。一方面是那裡的活動，一方面是免稅活動。當然，我之前提到過，2 號航站樓的情況是這樣的，沒有。所以這就是為什麼你會看到今年第二季的非航空收入與第一季相比非常疲軟。

Maybe put it in a different way, do you have high level numbers on what is the USD exposure you have on your commercial activity?

或許換一種說法，您是否有關於您的商業活動中美元風險敞口的詳細數據？

It's not that easy because, of course, the only one that is related to US dollars is really free, no. And the other thing is the The way that people expect, in terms of food and beverage prices are in pesos, but that doesn't mean.

這並不容易，因為當然，唯一與美元相關的才是真正免費的，不是嗎。另一件事是，人們期望食品和飲料的價格以比索計算，但這並不意味著。

That the people will spend more in Mexican peso depreciates, which is not the case in the stores again, but the prices are in pesos, no, but the people tends to spend more if the Mexican peso depreciates.

人們會花更多的錢在墨西哥比索貶值，這在商店裡又不是這種情況，但價格是以比索計算的，不是，但如果墨西哥比索貶值，人們往往會花更多的錢。

Got it. Thank you, Adolfo. Have a nice day.

知道了。謝謝你，阿道夫。祝你今天過得愉快。

You're welcome.

不客氣。

Our next question comes from a line of Pablo Monsiváis with Barclays. Please proceed with your question.

我們的下一個問題來自巴克萊銀行的 Pablo Monsiváis。請繼續您的問題。

Hi, good morning, Adolfo. A follow up on the commercial revenues question. What should we expect for the next two quarters, with the situation you're naming on the terminal 2, should we expect again, a couple of quarters of still a soft, commercial, revenue activity.

你好，早安，阿道夫。關於商業收入問題的後續問題。考慮到您提到的 2 號航站樓的情況，我們對接下來兩個季度的預期是怎樣的？我們是否應該再次預期，未來幾季的商業收入活動仍然會比較疲軟。

And my second question is maybe to put different the question of Guillherme, what percentage of the rents that you have in your tenants at Cancun are in US dollars? Thank you.

我的第二個問題可能與 Guillherme 的問題有所不同，您在坎昆向租戶支付的租金中有多少百分比是以美元支付的？謝謝。

Pablo, in the case of terminal 2, we should expect that for the next four quarters it will be up to the third quarter next year when we will be able to open. The New reconstruction and expanded terminal 1, which should alleviate in a significant way the situation in Terminal 2. My prices or the way that we charge.

帕布羅，就 2 號航站樓而言，我們預計在接下來的四個季度裡，到明年第三季我們才能夠開放。1 號航站樓的新建和擴建將顯著緩解 2 號航站樓的狀況。我的價格或收費方式。

In the commercial revenues is basically a minimum guarantee payment per passenger and a percentage of the sales. Normally what they pay to us is the percentage of their sales, and as I said before, if their sales are in pesos in between brackets, this is pesos, but it's not the currency that the thing that explains the spending behavior has to do with the passenger oneness of this law.

商業收入基本上是每位乘客的最低保證金和銷售額的一定百分比。通常他們向我們支付的是他們銷售額的百分比，正如我之前所說，如果他們的銷售額以比索表示，在括號內，這就是比索，但這不是貨幣，解釋消費行為的東西與這項法律的乘客唯一性有關。

In the past, I used to say what Russian is to use guys in the duty free. No, and this has to do with the passenger, not with what is there.

以前我常說俄羅斯人就是在免稅店裡利用傢伙。不，這與乘客有關，而與那裡的東西無關。

Okay. Thank you very much.

好的。非常感謝。

You're welcome.

不客氣。

Our next question comes from a line of Pablo Ricalde with Itau Asset Management. Please proceed with your question.

我們的下一個問題來自 Pablo Ricalde伊塔烏資產管理公司。請繼續您的問題。

Hi, good morning, Adolfo. I have two questions. The first one is from the Mexico profitability or EBITDA margin. I don't know if you can explain a little bit further what happened on the coastline.

你好，早安，阿道夫。我有兩個問題。第一個來自墨西哥的獲利能力或 EBITDA 利潤率。我不知道你是否可以進一步解釋海岸線上發生的事情。

You mentioned which one an increasing in labor cost and utility, but just wondering if maybe you register a provision or something, and that's why I expect to do that much and a profitability decline that much and how can we think of profitability in Mexico going forward. And my second question is on your balance sheets and your cash on balance. If I'm going to be the mistaken 60% of your cash is in USD. I just want to double check that number.

您提到了勞動力成本和效用的增加，但我只是想知道您是否註冊了一項規定或類似的東西，這就是為什麼我預計會做那麼多，盈利能力也會下降那麼多，我們如何看待墨西哥未來的盈利能力。我的第二個問題是關於您的資產負債表和現金餘額。如果我沒記錯的話，你的現金中有 60% 是美元。我只是想再確認一下這個數字。

Yes, Pablo. Well, in the case of the margin, no, and normally I don't want to, or I don't like to talk about margins because revenues and expenses are basically independent. The expense side grew 7% and basically because of the minimum wage increase of 12%, that's from the beginning of the year.

是的，巴勃羅。嗯，就利潤率而言，沒有，而且通常我不想，或者我不喜歡談論利潤率，因為收入和支出基本上是獨立的。支出方面成長了 7%，主要是因為最低工資從年初開始上漲了 12%。

It was, less than what we had in the first quarter, so we We have to take some actions there due to the situation of the weak traffic we had during the book. The combination of both is what you're saying, a decrease in the margin, no, that is something that you need to see on an independent basis, no. Okay. In the case of the What you're saying in the balance sheet. What was your question?

這比第一季的要少，因此，由於帳面流量疲軟的情況，我們必須採取一些行動。兩者的結合就是你所說的利潤率下降，不，這是你需要獨立看待的事情，不。好的。就您在資產負債表中所說的情況而言。你的問題是什麼？

And like that, how, which percentage of your cash is in USD, try to understand what the effects, loss of your P&L. You are mistaken around 60% of your X is in, all your cash is in your.

像這樣，您的現金中有多少百分比是美元，試著了解這會對您的損益造成什麼影響和損失。您錯了，您的 X 中有大約 60% 是現金，您所有的現金都在您的手中。

Yeah, in the case of Mexico at the end of the quarter, we had $700 million .

是的，就墨西哥而言，截至本季末，我們的出口額為 7 億美元。

Okay. Thank you.

好的。謝謝。

Our next question comes from the line of Fernanda Recchia with BTG Pactual. Please proceed with your question.

我們的下一個問題來自 BTG Pactual 的 Fernanda Recchia。請繼續您的問題。

Hello, good morning. Thank you for taking my question. Sure here from our side as well. So the first one, the dividend policy going forward, we saw that, despite the payment of the first tranche, your leverage is in a pretty comfortable level. So just wondering, what we can think about the next year onwards if we could expect such a good dividend payment like we saw in 2025.

你好早安。感謝您回答我的問題。當然，我們這邊也是這樣。因此，第一個是未來的股息政策，我們看到，儘管支付了第一批款項，但您的槓桿率仍處於相當舒適的水平。所以我只是想知道，如果我們能夠預期像 2025 年那樣好的股息支付，我們對明年及以後的情況會有什麼看法。

And second, to follow up on the June, maybe if you could elaborate a little bit further, when do you expect this airport to reach full capacity and when do you expect it to stop hurting, Cancun figures? Thank you.

其次，為了跟進 6 月的情況，您是否可以進一步詳細說明一下，您預計該機場何時能夠達到滿載運轉，以及您預計它何時能夠停止對坎昆機場造成影響？謝謝。

Thank you, Fernanda. Well, in the case of dividends for next year, let's try to conclude this year first, no, we have another payment in September, another one in November, and then we will have to evaluate how was the situation for the year and the results of operations and then next year we will propose something to the boards and then to shareholders assembly.

謝謝你，費爾南達。好吧，就明年的股息而言，我們先試著總結今年的情況，不，我們在 9 月份還有一次付款，11 月份還有一次付款，然後我們必須評估今年的情況和經營成果，然後明年我們將向董事會和股東大會提出一些建議。

In the case of Tulum airport, if we see la of months, Tulum airport reach around 1.5 million passengers. If we see the last 12 months end of December last year, it was 1.2. So there was an increase of 300,000 passengers during the first half of the year.

以圖盧姆機場為例，如果我們看一下幾個月的狀況，圖盧姆機場的客流量將達到約 150 萬人。去年12月底的12個月裡，旅客吞吐量是1.2萬人次。也就是說，上半年旅客吞吐量增加了30萬人次。

I was expecting a better ramp up if you go back to my first conference call of the year, I was expecting 2.9 million for this, no, but recent news, basically, showing cancellation of some routes Bogota detroit Min and some others. Basically. Are saying to me that this airport will not reach what I was expecting at the beginning of the year.

如果回顧我今年的第一次電話會議，我原本預計會有更好的成長，我預計會有 290 萬人，但沒有，但最近的消息基本上顯示，一些航線被取消，包括波哥大、底特律、明尼阿波利斯和其它航線。基本上。都在跟我說，這個機場不會達到我年初的期望。

This airport should have roughly speaking, 2.9 million in accordance with the location this airport has. So Going back to your question, when will not be hurting from these is once this airport reaches the 2.9 million, no. In the meantime, we will have to continue talking about the ramp up of Tulum.

照這個機場的地理位置，大概應該有290萬人。所以回到你的問題，什麼時候這個機場的客流量達到 290 萬時就不會受到損害，不是嗎？同時，我們也將繼續討論圖盧姆的崛起。

Okay. Thank you very much.

好的。非常感謝。

You're welcome.

不客氣。

Our next question comes from line of Andres Aguirre with GBM. Please proceed with your question.

我們的下一個問題來自 GBM 的 Andres Aguirre。請繼續您的問題。

Good morning, Adolfo. Thanks for the call. Wondering if you could share the rationale behind the new debt, and given your current high cash balance, how are you thinking about deployment going forward and possibilities for further leverage for CapEx? Thank you.

早上好，阿道夫。謝謝您的來電。想知道您是否可以分享新債務背後的理由，並考慮到您目前的高額現金餘額，您如何考慮未來的部署以及進一步利用資本支出的可能性？謝謝。

Hi Andres. Well, the new depth has to do with the taxes and expenses in Cancun Airport, no. We thought that it was something important for us to maintain some cash in hand for the future. Given the fact that the dividends proposed, the proposal I think for this year is a total of MXN24 billion. No, so it was important to be sure that we were able to fund that situation.

你好，安德烈斯。嗯，新的深度與坎昆機場的稅費有關，不是。我們認為保留一些現金以備將來之用對我們來說很重要。考慮到提議的股息，我認為今年的提議總額為 240 億墨西哥比索。不，所以確保我們有能力資助這種情況非常重要。

Thank you.

謝謝。

You're welcome.

不客氣。

Our next question comes from a line of Abraham Fuentes with Banco Santander. Please proceed with your question.

我們的下一個問題來自桑坦德銀行的亞伯拉罕·富恩特斯。請繼續您的問題。

Hi, Adolfo, Good morning. We have seen a drop in the number of tourists that are visiting the US. Do you think that Mexico could capture any of those passengers? And if that will be the case, when do you think we can begin to see effect in terms of traffic?

你好，阿道夫，早安。我們發現前往美國的遊客數量有所下降。您認為墨西哥能抓這些乘客嗎？如果是這樣，您認為我們什麼時候才能開始看到交通上的影響？

Well, this is true. There are diminishing decline from all the regions to the US in terms of tourism. We have an approach from Canadian airlines, and talk about the situation and basically what they're saying is that they will evaluate the situation towards the end of the year.

嗯，這是真的。各地區赴美旅遊的降幅均呈現收窄趨勢。我們與加拿大航空公司進行了接觸，討論了當前形勢，他們基本上表示將在年底前對情況進行評估。

If this continue, of course, they will jump into Our region, for the moment what they have expressed is that they do not want to lose their slots in their most important airports. In the US they have no. Basically, I do believe that next year we will see some positive effect of this basically from Canada and from Europe.

如果這種情況繼續下去，他們當然會進入我們的地區，目前他們所表達的是，他們不想失去他們在最重要的機場的起降時刻。在美國他們沒有。基本上，我確實相信明年我們將從加拿大和歐洲看到一些正面的影響。

Okay, thank you.

好的，謝謝。

Our next question comes from a line of Enrique Sojo with Fundamenta Capital. Please proceed with your question.

我們的下一個問題來自 Fundamenta Capital 的 Enrique Sojo。請繼續您的問題。

Hi Adolfo, thank you for taking my question. I wanted to quickly dive into international traffic dynamics in Mexico, and more specifically during this first half of the year, we have seen traffic internationally fall 7.5% in the first queue and 4% in the second queue.

你好，阿道夫，謝謝你回答我的問題。我想快速了解墨西哥的國際流量動態，更具體地說，在今年上半年，我們發現第一隊列的國際流量下降了 7.5%，第二隊列的國際流量下降了 4%。

All of this has been happening basically with the Zoom not ramping up. How do you expect international traffic to kind of continue in the second half of this year, and should, if, and should we expect to do to basically ramp up in 2026 and hindering growth next year. Thank you.

所有這一切基本上都是在 Zoom 尚未普及的情況下發生的。您預計今年下半年國際客運量將如何持續，我們是否應該預期 2026 年國際客運量將基本上升，並阻礙明年的成長。謝謝。

Well, as I said during the initial remarks, the decline, 38% of the decline of this quarter. In the international traffic is related to Tulumport. The difference is related to a weaker market from all the regions, all are negative, Canada, US, Europe, and South America. What to expect for the future. Let's see what the economics. On one side, macroeconomics on the other side, all of these, situation, with the US.

嗯，正如我在最初的發言中所說的那樣，本季的下降幅度為 38%。在國際交通方面與圖盧姆港有關。這種差異與所有地區的市場疲軟有關，所有地區均為負面，包括加拿大、美國、歐洲和南美。對未來有何期待。讓我們看看經濟學是什麼。一方面是宏觀經濟，另一方面是美國的情況。

Migration policies. The case of South America. With the situation of the visa from the Brazilians, the visa for the Peruvians, the mistreatment to Colombians, so all of these It's been analyzed by the Mexican government today. And also considering that the next year we will have some games of the World Cup in Mexico, they would have to do something about it.

移民政策。南美洲的情況。巴西人的簽證狀況、秘魯人的簽證狀況、哥倫比亞人的虐待情況等等，所有這些，今天都已經被墨西哥政府分析過了。而且考慮到明年我們將在墨西哥舉辦一些世界盃比賽，他們必須採取一些措施。

Great. And just a quick follow up if I may in terms of domestic, passengers, we should not continue to see it falling, but do you expect a strong rebound? Do you see that, when talking to [Boladi and bivaribus], or do you think it will be a more casual change? Thanks.

偉大的。我想快速跟進國內客運量，我們不應該看到它繼續下降，但您是否預計會出現強勁反彈？當您與 [Boladi 和 bivaribus] 交談時，您是否看到了這一點，或者您認為這將是一個更隨意的變化？謝謝。

Well, what I do expect is a better, behavior, so no more derees from the and it's like decreasing the risk of the yeah.

嗯，我確實期望的是更好的行為，所以不再有來自的命令，這就像降低了風險。

Great, thank you.

太好了，謝謝。

You're welcome.

不客氣。

Our next question comes from line of Alberto Valerio with UBS. Please proceed with your question.

我們的下一個問題來自瑞銀的 Alberto Valerio。請繼續您的問題。

And thank you for taking my questions. One remind from our side here, it's about. How should we expect in the case of cap deployment for the next quarter quarter come a little bit below what consensus was expecting. So how should we see the deployment of CapEx in the following quarters? Thank you very much.

感謝您回答我的問題。我們這邊提醒大家一下，這是關於。如果下一季的上限部署略低於普遍預期，我們該如何預期？那我們該如何看待接下來幾季的資本支出部署呢？非常感謝。

You're welcome. Well, I have to say that in the case of the CapEx, we are above our internal budget for the year is slightly above. What do we expect for the end of the year to comply with what we have, written in our, in our MDP roughly speaking MXN7 billion. Remember that most of these is extended towards the folk.

不客氣。嗯，我不得不說，就資本支出而言，我們的支出略高於今年的內部預算。我們對年底的預期是怎樣的，才能達到我們在 MDP 中所寫的，大約 70 億墨西哥比索。請記住，其中大部分是向民間延伸的。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

(Operator Instructions). Our next question comes from the line of Alan Macias with Bank of America. Please proceed with your question. Alan Macius, your line is live. Our next question comes from the line of Anton Mortenkotter with GBM. Please proceed with your question.

（操作員指令）。我們的下一個問題來自美國銀行的艾倫·馬西亞斯 (Alan Macias)。請繼續您的問題。艾倫·馬修斯，您的線路已通電。我們的下一個問題來自 GBM 的 Anton Mortenkotter。請繼續您的問題。

Hi Adolfo, thank you very much for the call. Just a quick one. I mean, aside from Cancun, and in the smaller airports in Mexico, maybe like Merida or Oaxaca, we've seen some steady performance. Was just wondering what kind of dynamics are you seeing in those smaller airports and what would you expect going forward? I mean, anything interesting there?

你好，阿道夫，非常感謝你的來電。只是快速的。我的意思是，除了坎昆，以及墨西哥的一些較小的機場，例如梅里達或瓦哈卡，我們都看到了一些穩定的表現。只是想知道您在這些小型機場看到了什麼樣的動態以及您對未來的期望是什麼？我的意思是，那裡有什麼有趣的東西嗎？

Well, every single report of course has its own. Situation I would say let me go in the case of Oaxaca, and public public demonstrations, in Oaxaca. They have affected, of course, the future there. In the case of Merida, it's growing, more than how it was before, but it's still growing.

嗯，當然每份報告都有自己的特色。我想說的情況是，讓我去瓦哈卡州，並在瓦哈卡州舉行公開示威。當然，它們影響了那裡的未來。就梅莉達而言，它正在增長，比以前增長得更快，但它仍在增長。

So, it's doing well in the case of Viamosa, I would say security has affected the traffic. So in each one has its own particularities. We cannot generalize all of them.

因此，就維亞莫薩的情況而言，我認為安全已經影響了交通。所以每一個都有自己的特殊性。我們無法概括所有的情況。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

Our next question comes from the line of Guillherme Mendes with JP Morgan. Please proceed with your question.

我們的下一個問題來自摩根大通的 Guillherme Mendes。請繼續您的問題。

Hey Adolfo, thanks for the follow up a quick one on traffic. There has been a lot of news on increasing sarcasms in the Caribbean region. Is this kind of concerning in your view? Could it imply downside risks to your traffic consumption for the second half of the year?

嘿，阿道夫，謝謝你對交通問題的快速跟進。關於加勒比地區諷刺事件日益增多的新聞有很多。您認為這令人擔憂嗎？這是否意味著您下半年的流量消費有下行風險？

Well, in the case of sarcasm, I have to say no. If we go back in history, we cannot say every three years, every five years, every seven years, you will have a gas in the region. The worst ever has been in 2018, but what we have seen for this year, this may be the worst ever, no, a situation that it's very difficult.

好吧，就諷刺而言，我不得不說不。如果我們回顧歷史，我們不能說每三年、每五年、每七年，該地區就會有天然氣。2018 年是有史以來最糟糕的一年，但就我們今年的情況來看，這可能是有史以來最糟糕的一年，不，情況非常困難。

Of course, in terms of the seasonality of the year, summer is the most important, so I would say after or during the third quarter and fourth quarter, you will see the sarcasm of what you will see for the summer. But yes, it's true that this year has been a very tough situation.

當然，就一年中的季節性而言，夏季是最重要的，所以我想說在第三季和第四季之後或期間，你會看到夏季的諷刺。但確實，今年的情況非常艱難。

Got it thank you.

明白了，謝謝。

You're welcome

不客氣

Our next question comes from the line of Fernanda Recchia with BTG Pactual. Please receive with your question.

我們的下一個問題來自 BTG Pactual 的 Fernanda Recchia。請收到您的問題。

Hey Adolfo one, just a quick follow up. Could you comment a little bit on your inorganic growth opportunities that you're currently evaluating? I don't know if I have any update on Bavaro Airport, and apart from that, is there any other, opportunity that you're looking at?

嘿，阿道夫一號，我只是想快速跟進。您能否對您目前正在評估的無機成長機會發表一些評論？我不知道我是否有關於巴瓦羅機場的最新消息，除此之外，您是否還在考慮其他機會？

The case of Bavaro is still the same. We're still in the legal process of that for the moment, the project is on calls, and yes, we are seeing some other opportunities.

巴瓦羅的情況依然如此。目前我們仍處於法律程序中，該項目正在籌備中，是的，我們也看到了一些其他的機會。

Okay, and just, a follow up here. We know that PCR is under a investment process. Is, this process, makes sense for you? Are you looking at it?

好的，這裡只是跟進一下。我們知道 PCR 正處於投資過程中。這個過程對你來說有意義嗎？你在看它嗎？

I cannot comment on the other opportunities we're analyzing for the moment.

我目前無法評論我們正在分析的其他機會。

Great, thank you.

太好了，謝謝。

You're welcome

不客氣

Our next question comes from a line of Alan Macias with Bank of America. Please proceed with your question.

我們的下一個問題來自美國銀行的艾倫·馬西亞斯 (Alan Macias)。請繼續您的問題。

Hi Aldolfo, good morning. Thank you for the call. Just, if you can give us some color on what's happening or what are the drivers for international traffic in Puerto Rico and Colombia, they're growing double digit, levels, and, if this is sustainable for the second half of this year. Thank you.

你好，Aldolfo，早安。謝謝您的來電。只是，如果您可以向我們介紹正在發生的事情，或者波多黎各和哥倫比亞的國際交通的驅動因素是什麼，它們的增長速度達到兩位數，並且，如果這種增長在今年下半年能夠持續下去。謝謝。

You want. Well, in the case of Puerto Rico, I would say this has to do with what's happening there with concerts and everything related to music. So I, Puerto Rico is really hot on that one, and some international traffic are taking the opportunity to go there because of that, so. In the case of Colombia, basically it's the, is the US.

你想要。嗯，就波多黎各的情況而言，我想說這與那裡舉辦的音樂會以及與音樂有關的一切有關。所以，我對波多黎各非常感興趣，一些國際航班也因此有機會前往那裡。就哥倫比亞而言，基本上就是美國。

Mr. Castro, are you still connected?

卡斯楚先生，您還保持聯絡嗎？

And you make that, yes.

是的，你確實這麼做了。

Okay. And Macias, was that the end of your question?

好的。馬西亞斯，你的問題到此結束了嗎？

Yes. Thank you.

是的。謝謝。

(Operator Instructions). Our next question comes from a line of Federico Galassi with TRG. Please receive with your question.

（操作員指令）。我們的下一個問題來自 TRG 的 Federico Galassi。請收到您的問題。

Yeah Adolfo, thank you for taking my question. Quick question in Mexican operations. I can see it jumping in cost of services, in terms of revenues and or year over year. The question is, if there's any one off or this is the level that we have to sink in for Mexican operation in the near future.

是的，阿道夫，感謝您回答我的問題。關於墨西哥業務的快速問題。我可以看到，就收入或逐年而言，服務成本都在上漲。問題是，是否存在任何一個例外，或者這是我們在不久的將來在墨西哥開展業務時必須達到的水平。

This is what you will, you should expect for the for the coming quarters, yes.

是的，這就是你們對未來幾季的預期。

Okay, but it's not, no one office 100% for the operations, a cooperation.

好的，但事實並非如此，沒有一個辦公室 100％ 負責運營，沒有合作。

Yeah.

是的。

Okay. Thank you.

好的。謝謝。

You're welcome.

不客氣。

That concludes the question-and-answer portion of today's conference call. I would like to turn it back over to Mr. Castro for closing remarks.

今天電話會議的問答部分到此結束。我想把發言權交還給卡斯楚先生，請他作最後發言。

Thank you, Christine, and thank you all again for joining us today for our second quarter 2025 conference call. We wish you a good day and goodbye.

謝謝你，克里斯汀，再次感謝大家今天參加我們的 2025 年第二季電話會議。祝您有美好的一天，再見。

Ladies and gentlemen, that concludes ASUR's second quarter 2025 results conference call. We would like to thank you again for your participation. You may now disconnect.

女士們、先生們，ASUR 2025 年第二季業績電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連線。