Grupo Aeroportuario del Sureste SAB de CV (ASR) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to ASUR's second-quarter 2026 results conference call. My name is Christine, and I will be your operator. (Operator Instructions) As a reminder, today's call is being recorded.

各位女士、先生，大家好，歡迎參加 ASUR 2026 年第二季業績電話會議。我是 Christine，將擔任本次會議的接線員。(接線員指示) 提醒各位，今天的電話會議將被錄音。

Now Mr. David Barlow, Corporate Governance Strategic Planning Manager and IRO at ASUR.

現在有請 ASUR 公司治理與策略規劃經理暨投資人關係主管（IRO）David Barlow 先生。

Thank you, Christine, and thank you, everyone, for joining us today to discuss ASUR's results for the second-quarter 2026. With me on today's call is Adolfo Castro, Chief Executive Officer.

謝謝你，Christine，也謝謝各位今天加入我們，一同討論 ASUR 2026 年第二季的業績。今天與我一同出席電話會議的還有執行長 Adolfo Castro。

Additional details about our results can be found in our press release, which was issued yesterday after market close and is available on our website. As usual, all comparisons discussed on this call will be year-on-year and all figures are expressed in Mexican pesos unless specified otherwise.

關於我們業績的更多細節，請參閱我們的新聞稿；該新聞稿已於昨日收盤後發布，並可於我們的網站上取得。如同往常，本次電話會議中討論的所有比較皆為年對年（YoY），除非另有說明，所有數字均以墨西哥披索表示。

As a reminder, certain statements made during the call today may constitute forward-looking statements, which are based on current management's expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. Please refer to the forward-looking statements disclosure included in this earnings presentation for additional information.

提醒各位，今天電話會議中的部分陳述可能構成前瞻性陳述，係基於管理層目前的預期與信念，並受多項風險與不確定性影響，可能導致實際結果出現重大差異，其中包括可能超出本公司控制範圍的因素。更多資訊請參閱本次財報簡報中所載的前瞻性陳述揭露。

With that, I'll turn the call to Adolfo.

接下來，我把電話交給 Adolfo。

Thank you, David, and good morning, everyone. I'm going to start today's conference call with a discussion on the strategic initiatives that are setting the foundation of ASUR's next stage of development and growth. Then I will briefly review quarterly results.

謝謝你，David，各位早安。我將先在今天的電話會議中，說明正在為 ASUR 下一階段發展與成長奠定基礎的策略性舉措。接著我會簡要回顧本季業績。

Our objective is to continue building the leading airport group in the Americas. We are doing this by expanding into attractive markets, diversifying our geographic and revenue mix, diminishing the dependence on one market, increasing our exposure to commercial revenues and improving the efficiency of our operational model. The Motiva transaction, ASUR with US airports, investment program at Cancun Airport and the proposed internalization of the technical assistance services are key components to achieving our growth.

我們的目標是持續打造美洲領先的機場集團。我們將透過拓展至具吸引力的市場、分散地理與營收組合、降低對單一市場的依賴、提高商業收入曝險，以及提升營運模式效率來達成此目標。Motiva 交易、ASUR 佈局美國機場、坎昆機場投資計畫，以及擬將技術協助服務內部化，都是推動我們成長的關鍵組成。

Let me begin with the proposal that we propose to the shareholders' meeting that is going to take place on August 20. First, we are asking shareholders to consider approving ASUR's plan to internalize the special technical assistance and technology transfer services currently provided by our strategic partner, ITA. We believe this is an important step in ASUR's evolution. We will bring these capabilities, personnel, expertise and know-how into ASUR, simplify our corporate structure and better align our operational model with the scale and complexity of our growing international platform.

我先從我們將在 8 月 20 日召開的股東會上提出的提案談起。首先，我們請股東考慮核准 ASUR 的計畫：將目前由策略夥伴 ITA 提供的特殊技術協助與技術移轉服務內部化。我們相信這是 ASUR 演進過程中的重要一步。我們將把這些能力、人員、專業與技術知識納入 ASUR，簡化公司架構，並使我們的營運模式更能與日益擴大的國際平台之規模與複雜度相匹配。

The transaction would be implemented through a merger and would involve the issuance of approximately 7.3 million net new ASUR shares to ITA shareholders, equivalent to approximately 2.4% of the current shares of stock.

該交易將透過合併方式執行，並將向 ITA 股東發行約 730 萬股 ASUR 淨新增股份，約相當於目前流通股數的 2.4%。

As a reference, ASUR recognized approximately MXN401 million in technical assistance fees during 2025. If transaction is approved, the services will be performed by ASUR while we will assume the related operating cost, the recurring external fee will be eliminated and the future economic benefits of these activities will remain within the company.

作為參考，ASUR 在 2025 年認列的技術協助費用約為 4.01 億墨西哥披索。若交易獲核准，相關服務將由 ASUR 執行，我們將承擔相應的營運成本；原本的經常性外部費用將被取消，而這些活動未來所帶來的經濟利益將留在公司內部。

The proposal was reviewed and negotiated under the leadership of the Audit and Corporate Practices Committee, which is composed exclusively of independent Directors and supported by independent financial and legal advisers.

該提案在審計與公司實務委員會的主導下完成審查與協商；該委員會完全由獨立董事組成，並由獨立的財務與法律顧問提供支持。

Separately, the Board has proposed two extraordinary cash dividends to be paid MXN10 per share on November 24 and December 15, respectively. The proposal reflects ASUR's strong financial position, solid cash generation and disciplined approach to capital allocation.

另外，董事會已提議發放兩次特別現金股利，分別於 11 月 24 日與 12 月 15 日支付，每股 10 墨西哥披索。此提案反映 ASUR 強勁的財務狀況、穩健的現金創造能力，以及在資本配置上的紀律。

During the first half of the year, we generated MXN7.3 billion in operating cash flow, an increase of 21% year-on-year. This cash generating the capacity allow us to return excess capital to shareholders while preserving the flexibility to fund our investment commitments and pursue future growth opportunity.

今年上半年，我們創造了 73 億墨西哥披索的營運現金流，年增 21%。這樣的現金創造能力，使我們得以在保有資金彈性、以支應投資承諾並把握未來成長機會的同時，將多餘資本回饋給股東。

Shareholders will also be asked to approve amendments to the bylaws. First, to align them with the current regulatory framework. And second, if internalization is approved to reflect the changes resulting from the merger. We encourage shareholders to review the information statement for additional details.

股東也將被要求核准公司章程修訂。第一，為使章程與現行監管架構一致。第二，若內部化獲核准，則反映合併所帶來的變更。我們鼓勵股東查閱資訊說明書以取得更多細節。

Turning to Motiva, we are actively progressing to complete the acquisition during the second half of 2026. The transaction remains subject to remaining regulatory approvals and customary closing conditions. Once completed, the transaction will add a portfolio of concession of 20 airports across Brazil, Ecuador, Costa Rica and Curaçao, including entry into Brazil, the largest aviation market in Latin America.

談到 Motiva，我們正積極推進，目標在 2026 年下半年完成收購。該交易仍須取得剩餘的監管核准並滿足慣常的交割條件。交易完成後，將新增涵蓋巴西、厄瓜多、哥斯大黎加與庫拉索（Curaçao）共 20 座機場的特許經營組合，其中包括進入拉丁美洲最大的航空市場——巴西。

The core portfolio handles approximately 45 million passengers annually and will significantly increase the source of scale and geographic diversification. Our underlevered balance sheet enables to fund these transaction with debt, while at the same time, preserving financial flexibility for the other high-return projects, including dividend payments.

核心組合每年處理約 4,500 萬名旅客，將顯著提升規模來源並強化地理多元化。我們較低槓桿的資產負債表，使我們能以負債為該交易提供資金，同時保留財務彈性以投入其他高報酬專案，包括股利發放。

Moving next to the ASUR US. ASUR US provides direct exposure to the non-regulated dollar-denominated commercial revenues at the three major US airports. With over 35 million annual customers and revenues above US benchmarks. ASUR US also is a platform, which from we will continue to further developing our commercial capabilities in the US. On April 2, ASUR US completed the $125 million commercial transformation of JFK Terminal 8, opening more than 60 dining, retail, duty-free and experiential concepts.

接著談 ASUR US。ASUR US 讓我們直接曝險於三座美國主要機場中不受管制、以美元計價的商業收入。其每年服務超過 3,500 萬名顧客，且營收高於美國同業基準。ASUR US 亦是一個平台，我們將以此持續在美國進一步發展商業能力。4 月 2 日，ASUR US 完成了 JFK 第 8 航廈 1.25 億美元的商業轉型，開幕超過 60 個餐飲、零售、免稅與體驗式概念店。

At JFK the new Terminal 1, commercial development continues ahead of an expected opening towards the first quarter next year. As a result, the current financial contribution does not yet represent the earnings potential of the US platform.

在 JFK，新第 1 航廈的商業開發仍在推進中，預計將於明年第一季左右開幕。因此，目前的財務貢獻尚未反映美國平台的獲利潛力。

At LAX, we continue remodeling and developing commercial spaces ahead of the Super Bowl in '27 and the Olympics and Paralympic Games in '28. In Mexico, construction of the new Terminal 1, continues at Cancun which we plan to be open during the fourth quarter. Once operational, Terminal 1 will allow to begin rebalancing passenger flows, including moving most of South American operations from Terminal 2, this should reduce pressure on Terminal 2 and improve the passenger experience and create additional commercial capacity.

在 LAX，我們持續在 2027 年超級盃以及 2028 年奧運與帕運之前，進行商業空間的改裝與開發。在墨西哥，坎昆的新第 1 航廈建設持續進行，我們計畫於第四季啟用。一旦投入營運，第 1 航廈將使我們得以開始重新平衡旅客流量，包括將多數南美航線營運自第 2 航廈移轉；這將降低第 2 航廈的壓力、改善旅客體驗，並創造額外的商業容量。

In parallel, we continue executing to broad Master Development Program. This includes the second phase of Terminal 4 expansion, which will add onboarding new gates and connecting taxiway together with the related airside and roadway infrastructure. The project is expected to be fully operational by the end of '28 and is designed to expand capacity, improve passenger and aircraft roads and support longer-term growth.

同時，我們持續推進整體總體開發計畫（Master Development Program）。其中包括第 4 航廈擴建第二期工程，將新增登機口並連接滑行道，並配套相關的空側與道路基礎設施。該專案預計於 2028 年底前全面投入營運，旨在擴充容量、改善旅客與航空器動線，並支援更長期的成長。

Together, these initiatives support the same objective, a larger and more geographically balanced airport platform in markets with attractive long-term demand, greater contribution from commercial revenues and more efficient operating and equity structure.

綜合而言，這些舉措共同支持同一目標：在具備吸引人長期需求的市場中，打造更大且地理分布更均衡的機場平台，提升商業收入的貢獻，並建立更高效率的營運與股權結構。

Turning to passenger traffic. Total traffic declined 2.7% year-over-year to approximately 17 million passengers, reflecting softer performance in Mexico and Puerto Rico partially offset by continued growth in Colombia. In Mexico, traffic declined 5%, primarily reflecting continued pressure at Cancun where, international traffic remains softer particularly from the United States, our largest international source market.

接著談旅客運量。總運量年減2.7%至約1,700萬人次，反映墨西哥與波多黎各表現轉弱，但部分被哥倫比亞持續成長所抵銷。在墨西哥，運量下滑5%，主要反映坎昆持續承壓；其中國際運量仍偏弱，尤其來自美國（我們最大的國際來源市場）。

Airline capacity constraints, Spirit's bankruptcy and higher airfares partially reflected elevated jet fuel prices also affected demand. In addition, the World Cup did not generate incremental tourism flow into Mexican cities. Most of our other Mexican airports performed better and partially offset the decline at Cancun. Passenger volumes flown from the United States, Europe, South America, and Mexico decreased by 11.7%, 11.8%, 6.5%, 1.9%, respectively, while Canada increased in some part.

航空公司運能限制、Spirit破產，以及因噴射燃油價格偏高而帶動的較高票價，也部分影響需求。此外，世界盃並未為墨西哥城市帶來額外的觀光人流。我們在墨西哥的其他多數機場表現較佳，並部分抵銷坎昆的下滑。來自美國、歐洲、南美與墨西哥的旅客量分別下降11.7%、11.8%、6.5%、1.9%，而加拿大則在某種程度上有所增加。

Puerto Rico traffic declined 3.5%, reflecting the effects of the Spirit bankruptcy together with subdued domestic and international demand. Domestic remain affected by airline capacity and fare dynamics in the US market, while international remained comparatively more resilient. It will take time for other airlines to absorb the Spirit passengers lost since May 2.

波多黎各運量下滑3.5%，反映Spirit破產的影響，以及國內與國際需求偏弱。國內運量仍受美國市場航空公司運能與票價動態影響，而國際運量相對更具韌性。其他航空公司自5月2日以來要吸收Spirit流失的旅客仍需時間。

Colombia traffic increased 3.6%, supported by a healthy demand and improved connectivity. Growth moderated against a strong comparison base with continued growth of the rest of our portfolio. While near-term conditions in Mexico and Puerto Rico remain challenging, we continue to view much of the current pressure as capacity and affordability-related rather than a change in the long-term fundamentals of the travel demand. Fleet availability should gradually improve as aircraft return to service, although the timing remains uncertain.

哥倫比亞運量成長3.6%，受惠於健康的需求與連結性改善。在強勁的比較基期下，成長有所放緩，但我們投資組合其餘部分仍持續成長。儘管墨西哥與波多黎各短期環境仍具挑戰，我們仍認為目前多數壓力主要與運能與可負擔性相關，而非旅遊需求長期基本面出現改變。隨著飛機陸續復飛，機隊可用性應會逐步改善，但時點仍不確定。

Turning to financial performance. As usual, the figures I will disclose exclude construction revenue and construction costs, unless otherwise noted. Revenues were broadly stable at MXN7.4 billion. Non-aeronautical revenues increased nearly 10%, supported by the contribution from ASUR US airports, which added MXN444 million and 30% growth in Colombia.

接著談財務表現。如往常一樣，除非另有說明，我將揭露的數字不包含工程建設收入與工程建設成本。營收大致持平，為74億墨西哥披索。非航空收入成長近10%，主要受ASUR美國機場的貢獻所支撐，新增4.44億墨西哥披索，以及哥倫比亞成長30%。

By contrast, aeronautical revenues contracted by mid-single digit, mainly reflected the softer traffic in Mexico and Puerto Rico and the translation effect of the stronger Mexican peso in our international operations and local operations with the US dollar component.

相較之下，航空收入以中個位數幅度下滑，主要反映墨西哥與波多黎各運量轉弱，以及墨西哥披索走強對我們國際營運與含美元成分之本地營運所造成的換算影響。

Commercial revenues per passenger increased nearly 13% to MXN153 per passenger, primarily reflecting the addition of the US commercial base, a single-digit decline to MXN145.7 per passenger in Mexico was offset by a low and high single-digit increases in Puerto Rico and Colombia, respectively. Again, softer performance in Mexico and Puerto Rico resulted from lower traffic and FX headwinds given the strength of the Mexican peso.

每位旅客的商業收入成長近13%至每人153墨西哥披索，主要反映納入美國商業基礎；墨西哥每位旅客商業收入以個位數下滑至每人145.7墨西哥披索，並被波多黎各與哥倫比亞分別以低個位數與高個位數的成長所抵銷。同樣地，墨西哥與波多黎各表現轉弱，源於運量較低，以及在墨西哥披索走強下的匯率逆風。

The expansion of our commercial footprint is ongoing with 40 new commercial spaces in Colombia, eight in Puerto Rico and three in Mexico over the past last 12 months. At the same time, as previously mentioned, we completed the commercial transformation of JFK Terminal 8 during the quarter.

我們的商業版圖擴張仍在進行中；過去12個月在哥倫比亞新增40個商業空間、在波多黎各新增8個、在墨西哥新增3個。同時，如先前所述，我們在本季完成了JFK第8航廈的商業轉型。

Moving on to profitability. Consolidated EBITDA decreased nearly 9% to MXN4.6 billion. By region, EBITDA declined 9% in Mexico, 17% in Puerto Rico, while increasing 1% in Colombia. ASUR US airports contributed to MXN20 million of EBITDA reflecting the platforms were in development stage.

接著談獲利能力。合併EBITDA下滑近9%至46億墨西哥披索。按地區來看，墨西哥EBITDA下滑9%，波多黎各下滑17%，哥倫比亞則成長1%。ASUR美國機場貢獻2,000萬墨西哥披索EBITDA，反映該平台仍處於開發階段。

This contribution is not yet representative of its earnings potential as JFK Terminal 8 continues to ramp up and JFK new Terminal 1 is expected to open during the first quarter next year, while commercial spaces at LAX and Chicago O'Hare have been expanded and upgraded.

由於JFK第8航廈仍在爬坡期，且JFK新第1航廈預計於明年第一季開幕，同時洛杉磯（LAX）與芝加哥歐海爾（O'Hare）的商業空間已擴增並升級，因此目前的貢獻尚未能代表其獲利潛力。

Adjusted EBITDA margin declined 565 basis points year-over-year to 62% due to lower revenues in Mexico and Puerto Rico, and the consolidation of the US commercial business, which is operating at a lower margin. Net majority income increased 7% to MXN2.3 billion as lower foreign exchange loss in Mexico lower income tax expenses in Mexico and Colombia was offset by the benefit from the amortization of the fair value adjustment related to the Colombian acquisition loan following its repayment.

調整後EBITDA利潤率年減565個基點至62%，原因為墨西哥與波多黎各營收較低，以及併入利潤率較低的美國商業業務。歸屬母公司淨利成長7%至23億墨西哥披索；墨西哥較低的匯兌損失、以及墨西哥與哥倫比亞較低的所得稅費用，部分被哥倫比亞收購貸款償還後，與其相關的公允價值調整攤銷利益所抵銷。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents of nearly MXN12 billion and net debt-to-EBITDA of 0.9 times last 12 months EBITDA. Our balance sheet remains strong and provides flexibility to execute and fund our committed capital program, complete the Motiva transaction and continue pursuing our broader strategic priorities.

接著談資產負債表。本季末我們的現金及約當現金接近120億墨西哥披索，淨負債對EBITDA比率為過去12個月EBITDA的0.9倍。我們的資產負債表仍然強健，並提供彈性以執行並資助已承諾的資本計畫、完成Motiva交易，並持續推進更廣泛的策略重點。

Lastly, during the quarter, we stepped up capital expenditures to MXN2.0 billion with the majority of this fund in Mexico as we advance in our capital program, including the project at Cancun that I already discussed.

最後，本季我們將資本支出提高至20億墨西哥披索，其中大部分投入墨西哥，因我們正推進資本計畫，包括我先前已討論的坎昆專案。

Summing up, while the operating environment remains challenging, particularly in Mexico, ASUR is moving in the right direction as we are making progress executing our strategic growth initiatives, better equity derisk, structure and diversification and with our expansion through the Motiva acquisition, our US ASUR operations, and the ongoing cost efficiency efforts are strengthening our business and positioning the company for the long term growth.

總結而言，儘管營運環境仍具挑戰，尤其在墨西哥，ASUR正朝正確方向前進：我們在執行策略性成長舉措方面取得進展，改善股權去風險、結構與多元化；並透過Motiva收購擴張、ASUR在美國的營運，以及持續的成本效率提升工作，正強化我們的業務並使公司具備長期成長的定位。

At the same time, we remain disciplined with the capital allocation and cautious that our outlook while continuing to create long-term sustainable value for our shareholders. Complemented with attractive dividend payments.

同時，我們在資本配置上仍保持紀律，並對展望維持審慎，同時持續為股東創造長期且可持續的價值。並搭配具吸引力的股利發放。

With that, we are ready to take your questions.

以上，我們準備開始回答各位的提問。

(Operator Instructions) Rodolfo Ramos, Bradesco BBI.

(接線員指示) Rodolfo Ramos，Bradesco BBI。

A couple here, if I may, include my follow-up there. We saw softer implicit tariff in your aeronautical revenues. I wanted to check on your maximum tariff compliance and where you expect to end the year given today's FX?

我這邊有幾個問題，如果可以的話，也包含我後續的追問。我們看到你們航空收入中的隱含費率較為疲弱。我想確認一下你們對最高費率的合規情況，以及在目前匯率水準下，你們預期年底會落在什麼水準？

And the second is on your cost side, whether you think that this quarter represents a good base going forward? And how does the internalization might play there? I don't know, if you're seeing still extraordinary expenses on the Motiva acquisition and how can those evolve going forward?

第二個問題是關於成本端：你們是否認為本季可作為未來的良好基準？以及內部化（internalization）會如何影響？我不確定你們是否仍看到與Motiva收購相關的非常態費用，以及這些費用未來會如何演變？

Yes, of course, we are seeing some pressure in the maximum tariff due to the fact that the passenger mix is changing in comparison with last year. So the decrease in the US traffic had an impact. But of course, as always, we will have a very clear objective, which is 99% in that compliance by the end of the year. In terms of the cost, yes, we have onetime cost during the quarter, related to Motiva, related to the US, some additional fees, legal fees due to the internalization of the project, nothing that will be there in the future. It's true.

是的，當然。我們確實看到最高費率有一些壓力，原因是旅客組合相較去年有所改變。因此，美國旅客量的下降帶來了影響。但當然，一如既往，我們會有非常明確的目標，也就是在年底達到99%的合規。就成本而言，是的，本季有一次性成本，與Motiva相關、與美國相關，還有一些因專案內部化而產生的額外費用與法律費用；未來不會再出現。確實如此。

Any way that we can get a sense of sizing of these expenses that you expect to --

我們是否有辦法大致了解一下，您預期這些費用的規模大概會是多大？--

Those are, I would say, in general terms, not so important. The clear problem we had during the quarter was the loss of 0.5 million passengers in the case of Cancun Airport and 135,000 in the case of Puerto Rico. So the problem is in the revenue side.

我會說，整體而言，那些並不是那麼重要。我們在本季遇到的明確問題，是坎昆機場少了50萬名旅客，而波多黎各少了13.5萬名旅客。所以問題在營收端。

Guilherme Mendes, JPMorgan.

Guilherme Mendes，摩根大通。

I have a couple regarding Motiva's airports. The first is on the approval. You said the expectation for the second half of the year. I recall on the last call, you mentioned about the second quarter of the year. If you can share which of the four regions are taking longer than expected.

我有幾個關於 Motiva 機場的問題。第一個是關於核准進度。您說預期在今年下半年。我記得在上次電話會議中，您提到的是今年第二季。如果可以的話，能否分享四個區域中，哪一個區域的進度比預期更久？

And also regarding synergies, I recall you guys talking about not expecting a lot of synergies on the transaction, if anything has changed on that front? And lastly, if I may, if you somehow consider a potential partial divestment of those assets once you incorporated on your portfolio?

另外關於協同效益，我記得你們曾提到這筆交易不預期會有太多協同效益；這方面是否有任何改變？最後，如果可以的話，你們是否會考慮在把這些資產納入投資組合後，進行部分出售（部分撤資）？

Yes. The region that is holding up is the case of Brazil. We are very close to and, I would say, I said second half, I would say third quarter in the case of synergies, I don't see any important synergy. As I said before, we are basically expecting the same business as usual. And in terms of selling some pieces, not for the moment.

是的。目前卡住的區域是巴西。我們已經非常接近了；而且我會說，我提到下半年——就協同效益而言，我會說是第三季；我看不到任何重要的協同效益。如我之前所說，我們基本上預期就是照常營運。至於出售部分資產，目前沒有這個打算。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

Yes. Thank you. On the administrative expenses in Mexico, they remain quite elevated. Should we -- I mean, I think they increased more than around 30% year-over-year. But should we expect this level to be more or less the new normal? And what's driving it? Is it mostly like labor cost, minimum wage increases and so on? Or what is it?

是的。謝謝。關於墨西哥的管理費用，仍然相當高。我們是否——我的意思是，我認為它們年增超過約30%。但我們是否應該預期這個水準或多或少會成為新的常態？是什麼在驅動？主要是像勞動成本、最低工資上調等等嗎？還是其他原因？

Yes, it's minimum wages and also there was an issue with medical insurance costs that have increased significantly in the case of Mexico due to that tax reform by the Mexican government.

是的，是最低工資，另外還有醫療保險成本的問題；在墨西哥，由於墨西哥政府的稅改，醫療保險成本大幅上升。

João Frizo, Goldman Sachs.

João Frizo，高盛。

I have a quick question around Cancun traffic, right? Just wanted to hear a bit your thoughts on why the weakness in that airport specifically. In the past, we had the issue with Tulum ramping up. I think that's behind us right now. So I just wanted to hear your expectations for growth there going forward? And what is driving the weakness we saw in June, but also in the months prior to that?

我有個關於坎昆客流量的快速問題。想聽聽您對為何該機場特別疲弱的看法。過去我們有圖盧姆（Tulum）逐步放量的問題。我想那現在已經過去了。所以我想聽聽您對未來那裡成長的預期？以及是什麼因素導致我們在6月、以及之前幾個月看到的疲弱？

Well, the softness is a cocktail of matters. So one of the important ones is, of course, the jet fuel increase, just to say jet fuel that increased 42% during the month of June due to the conflicts in the Middle East. That's one of the things. The second one, of course, the bankruptcy of Spirit and it's going to take time for the other airlines to recuperate this. Of course, the case of sargassum, which has been very high during this year, almost at the levels of last year to end the summer.

嗯，疲弱是多種因素的混合。其中一個重要因素當然是航空燃油上漲；就說航空燃油，因中東衝突影響，6月上漲了42%。這是其中之一。第二個當然是 Spirit 破產，其他航空公司需要時間來補上這部分。當然還有馬尾藻（sargassum）的情況，今年非常嚴重，幾乎達到去年夏末的水準。

In terms of the recuperation process, my opinion is that the summer is lost. And we are expecting the recuperation process up to the end of summer season or winter season, we see a better outlook and I would say, more seats, more offered seats than what we had last year. But that will be up to November, December this year.

就復甦過程而言，我的看法是這個夏季已經失去了。我們預期復甦會到夏季結束或冬季；冬季我們看到較好的展望，我會說，座位數、提供的座位數會比去年更多。但那要到今年11月、12月。

Abraham Fuentes, Banco Santander.

Abraham Fuentes，桑坦德銀行。

Sorry, I think my question was already answered. Sorry for that.

抱歉，我想我的問題已經被回答了。不好意思。

Pablo Ricalde, Itau.

Pablo Ricalde，Itaú。

Talking about the recent increase in tariff in Mexico, which is like the maximum tariff that you're charging now after July hike? Have we met that?

談到墨西哥最近的費率（tariff）上調，也就是7月調升後你們現在收取的最高費率？我們已經達到那個水準了嗎？

The betting that is not what you collect on every single rate making in tariffs or the to comply the maximum tariff is the whole year from the first of January to December last year -- at the end of the year. So what I said is what we are expecting is that the maximum tariff compliance for this year should be close to 99%.

需要釐清的是，你在每一筆費率中實際收取的金額，或是否符合最高費率，衡量的是整個年度——從1月1日到12月31日——在年底來看。所以我說的是，我們預期今年的最高費率合規率應該接近99%。

Enrique Cantú, GBM.

Enrique Cantú，GBM。

I just have one quick question. During the quarter, ASUR US got only another repo contribution despite a full quarter of consideration. Could you provide more color on when you expect the business to reach a more normalized EBITDA level?

我只有一個快速問題。本季 ASUR US 只拿到另一筆 repo 貢獻，儘管已經完整計入一整季。您能否提供更多說明，您預期該業務何時能回到較正常化的 EBITDA 水準？

I am really sorry but I cannot hear you well. -- Could you repeat your question, please?

非常抱歉，但我聽不太清楚。-- 可以請您重複一下問題嗎？

Maybe, -- I will hang up and then call again.

也許——我先掛斷，然後再打進來。

Anton Mortenkotter, GBM.

Anton Mortenkotter，GBM。

One of my questions, I'm not sure if you can provide some color on how the current traffic curve looks against the expectations that you said during the last MDP revision. That is one.

我的其中一個問題是，我不確定你們是否能提供一些說明，關於目前的客流曲線相較於你們在上次 MDP 修訂時所說的預期，現在看起來如何。這是第一個。

And another one which I think is the one that Enrique was trying to ask is regarding ASUR US EBITDA contribution. I think in previous calls, you mentioned you were expecting somewhere closer to $20 million in EBITDA normalized. I'm not sure if you are still expecting those same levels.

另外一個我想就是 Enrique 想問的，關於 ASUR US 的 EBITDA 貢獻。我記得在之前的電話會議中，你們提到預期正常化 EBITDA 會更接近2,000萬美元左右。我不確定你們是否仍然預期同樣的水準。

Thank you for the question. Of course, we are below our expectation of the previous MDP. We were not expecting all of these things that are happening today. And in the case of the US, the MXN20 million is not going to happen this year. Moreover, when we are not going to open a new Terminal 1 this year. So originally, it was expected to be open us from June 1. Now we are expecting at the end of first quarter next year.

謝謝你的提問。當然，我們低於先前 MDP 的預期。我們並未預期今天正在發生的這些事情。而在美國的部分，2,000萬披索（MXN20 million）的情況今年不會發生。此外，我們今年也不會啟用新的第一航廈（Terminal 1）。原本預期是6月1日啟用。現在我們預期在明年第一季末。

Gabriel Himelfarb, Scotiabank.

Gabriel Himelfarb，豐業銀行（Scotiabank）。

Just two questions. What's the EBITDA margin level we should consider sustainable for ASUR US once the IFRS 16 effects normalize? And also, should we think about ASUR US as an asset or as a platform for future US expansions?

兩個問題。當 IFRS 16 的影響正常化後，ASUR US 的 EBITDA 利潤率水準，我們應該把哪個水準視為可持續？另外，我們應該把 ASUR US 視為一項資產，還是視為未來在美國擴張的平台？

Gabriel, today's EBITDA margin in the US operation is around 9%. It's a completely different business in comparison with what we have in Mexico, Puerto Rico and Colombia. Even though I do believe that this margin will increase in the future, of course, we'll never be comparable with the margin in the case of Mexico. It is important to say also that today, we have some expenses in relation with the projects we are progressing we're doing in the case of new Terminal 1, some of the cost is related to this project that is not generating gaps in revenue. Of course, what we have said is we want this be a platform to grow in the United States. That's the most important objective we have with this future.

Gabriel，目前我們在美國業務的 EBITDA 利潤率約為 9%。這與我們在墨西哥、波多黎各與哥倫比亞的業務相比，是完全不同的生意模式。儘管我確實相信這個利潤率未來會提高，當然，我們永遠不會達到墨西哥那種利潤率水準。也重要的是要說明，今天我們有一些與正在推進的專案相關的費用——以新的第一航廈為例，部分成本與該專案有關，但該專案目前尚未帶來收入缺口。當然，我們所說的是，我們希望把這作為在美國成長的平台。這就是我們對未來最重要的目標。

Alan Macias, Bank of America.

Alan Macias，美國銀行。

Just a follow-up on Cancun traffic. Just focusing on domestic traffic. It has also been weak. The same factors apply for domestic traffic in Cancun?

我想就坎昆的旅客量再追問一下。先聚焦在國內旅客量。它也一直偏弱。坎昆的國內旅客量也適用相同因素嗎？

The problem with the domestic has been the engine problem of Pratt & Whitney with Viva Aerobus, but basically the case of Volaris This has been improved during the quarter and the opportunity to hear from the CEO of Volaris on that. And he's saying that now Pratt & Whitney are delivering their aircraft faster than what they have before. So I have -- I am confident that this -- that we will see some increase in the coming quarters at this respect.

國內線的問題在於 Viva Aerobus 的普惠（Pratt & Whitney）引擎問題，但基本上 Volaris 的情況在本季已經有所改善，而且我們也有機會聽到 Volaris 執行長對此的說法。他表示，現在普惠交付飛機的速度比以前更快。所以我——我有信心在接下來幾季，我們會在這方面看到一些增長。

Jens Spiess, Morgan Stanley. (Operator Instructions)

Jens Spiess，摩根士丹利。(接線員指示)

Alberto Valerio, UBS.

Alberto Valerio，瑞銀。

Sorry, if you can repeat the question, my line dropped before, but if you could provide some details and when comes the Terminal 1 in operation said in the second half of the year, but should be mid of the third quarter to much the end, much of the fourth quarter? And should we consider in the second quarter as a bottom for ASUR in terms of traffic in margins, costs, tariffs, should we see an improvement for the following quarters?

抱歉，如果可以的話請重複一下問題，我剛才掉線了；但如果你能提供一些細節：第一航廈何時投入營運？你說在下半年，但會是在第三季中段到末段，還是更接近第四季末？另外，我們是否應將第二季視為 ASUR 在旅客量、利潤率、成本、費率等方面的谷底，並在接下來幾季看到改善？

Okay. In the case of you are talking about new terminals, well, the Terminal 1 in Cancun Airport. I'm expecting that for the fourth quarter. New Terminal 1 at JFK is first quarter next year. In terms of this quarter the bottom line, that's what I hope. Not so sure, of course, in terms of the traffic. I do not expect something different for the quarter. I expect some improvement during the fourth quarter.

好的。如果你談的是新航廈，也就是坎昆機場的第一航廈。我預期會在第四季。JFK 的新第一航廈是在明年第一季。至於本季是否是谷底，這是我所希望的。當然，就旅客量而言我不太確定。我不預期本季會有什麼不同。我預期第四季會有一些改善。

Perfect. And if I may, a follow-up. In terms of dynamic of airlines, do you see that change something with given Volaris being one than it was before. You see a more bargaining power from them negotiated tariffs or not because you see the cheapest one.

了解。如果可以的話我再追問一下。就航空公司的動態而言，鑑於 Volaris 變得比以前更……你是否看到有任何變化？你是否看到他們因為議價能力更強而去談判費率，或沒有，因為你們看到的是最便宜的那一家？

Well, basically, what I understand of their merger is that they will continue working separately independent so that the merge is just giving them the power to be able to negotiate better with the aircrafts. But in terms of the traffic -- in terms of the routes they should be independent.

嗯，基本上，我對他們合併的理解是，他們會繼續分開、獨立運作，因此這次合併只是讓他們在與飛機（採購）談判時能有更好的條件。但就旅客量——就航線而言，他們應該仍會各自獨立。

Rodolfo Ramos, Bradesco BBI.

Rodolfo Ramos，Bradesco BBI。

Just a couple of follow-ups, allowed if I may. The insurance costs that you mentioned, are these expected be recurring? Or was this a onetime off. So again if we -- if this is a good base to go off? And second, I mean, you started to talk about a recovery in the fourth quarter and the winter season being the next test for Mexican traffic. I mean, do you have any visibility today as to how the winter season is looking? I don't know if it's early, but vis-a-vis other years, either bookings or just conversations with their airlines.

如果可以的話，我有兩個追問。你提到的保險成本，預期會是經常性發生的嗎？還是一次性項目？所以再確認一下——這是否是一個可以作為基準的水準？第二，你開始談到第四季會復甦，以及冬季旺季將是墨西哥旅客量的下一個考驗。你目前對冬季旺季的情況有任何能見度嗎？我不知道是否還太早，但相較於其他年份，不論是訂位情況或只是與航空公司的對話。

Well, in case of insurance, it is not one-time. Basically, and let me give you the number. The cost of insurance increased by 39%. And it's going to be there. It's not going to change. In terms of the recovery, yes, we have some information using the database of the feeds that are published by the airlines. And we see some increase partially with last year for November and December this year. So the winter season, -- the beginning of the winter season.

嗯，就保險而言，這不是一次性。基本上，讓我給你數字。保險成本上升了 39%。而且會持續存在。不會改變。至於復甦，是的，我們透過航空公司公布的航班資料庫（feeds）取得一些資訊。我們看到今年 11 月與 12 月相較去年有部分增加。也就是冬季旺季——冬季旺季的開始。

(Operator Instructions) Gabriel Himelfarb, Scotiabank.

(接線員指示) Gabriel Himelfarb，加拿大豐業銀行。

Just a quick question. You mentioned that the new terminal of the JFK will be on the third quarter 2027, I think I didn't get well and also for the new terminal in Cancun it's fourth quarter this year?

我有個很快的問題。你提到 JFK 的新航廈會在 2027 年第三季，我想我沒有聽清楚；另外，坎昆的新航廈是今年第四季嗎？

Yes. Terminal 1 in Cancun, fourth quarter this year, terminal -- new Terminal 1 at JFK just for next year.

是的。坎昆的第一航廈在今年第四季；JFK 的新第一航廈則是在明年。

(Operator Instructions) Thank you. That concludes our question-and-answer portion of today's conference call. I would like to turn the call back over to Mr. Barlow for closing remarks.

(接線員指示) 謝謝。以上為今天電話會議的問答環節。我想把電話交回給 Barlow 先生作結語。

Thank you, Christine, and we would like to thank you all again for joining us on today's call. We look forward to speaking to you again in the next quarter, and have a nice day. Thank you very much.

謝謝你，Christine，也再次感謝各位參加今天的電話會議。我們期待在下個季度再次與各位交流，祝各位有美好的一天。非常感謝。

Ladies and gentlemen, that concludes ASUR's second-quarter 2026 results conference call. We would like to thank you again for your participation. You may now disconnect.

各位女士、先生，以上為 ASUR 2026 年第二季業績電話會議。再次感謝各位的參與。您現在可以掛線。