Solid Top Line With Gradual Margin Expansion

• The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.
• GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT. The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25. The airport sector’s EBITDA contracted 39 bps, while the strongest performance came from GMXT (+272 bps). Total sales in the transport sector advanced 8.6% in 2Q25, while EBITDA gained 8.7% YoY.
• Although the year-over-year growth rates during the 2H25 would moderate compared to the 1H25, we maintain a positive outlook, considering a better price environment and a gradual margin expansion. For the time being, we are reiterating our Outperform rating in ASUR and Volar, while our previous Mkt. Perform rating in GMXT and GAP is reiterated. For OMA, we are upgrading our rating to Mkt. Perform from Underperform given the 10% potential upside to our 12M PT. Lastly, the TRAXION rating remains in Outperform.

2Q25 in a nutshell. Total revenues in the sector gained 9% YoY (vs. +10% 1Q25), mostly in line with our estimates. On the other hand, total EBITDA was up also 9% YoY, reflecting gradual improvement in costs. The airport companies continue posting attractive growth rates among our transport coverage, being GAP, the company which delivered the highest growth rate (+31% YoY), mainly explained by the company’s tariffs implemented in 2025. In contrast, ASUR and OMA posted more moderate growth rates, supported by the non-aeronautical revenue row. At the EBITDA level, GAP, TRAXION, OMA and GMXT posted the most attractive EBITDA margins expansion (119 bps on average).

We have a positive outlook in the sector. However current prices has incorporated these positive expectations. Although a challenging environment, total PAX has proven to be resilient. For the 2H25, we are projecting again double digit growths but at a lower phase compared to 1H25. The most attractive growths in the sector at EBITDA level would come from GMXT (+27% YoY). GAP (+19% YoY), and OMA (+11%). Our current estimates consider that total air PAX within our coverage may increase 5% YoY, resulting in a gradual recovery after a 1% contraction reported in 2024. We updated our 12M price target for ASUR and TRAXION, while reiterating our PTs for the rest of our coverage.