23 de Octubre 2018

www.banorte.com @analisis_fundam

José Espitia Subdirector Aerolíneas/Aeropuertos/Cemento / Fibras/Infraestructura [email protected]

COMPRA Precio Actual $108.93 PO 2019 $155.00 Dividendo estimado $0.82 Dividendo (%e) 0.6% Rendimiento Potencial 42.3% Máx – Mín 12m (P$) 134.98 – 86.91 Valor de Mercado (US$m) 1,877.8 Acciones circulación (m) 332.5 Flotante 48.4% Operatividad Diaria (P$ m) 74.5 Múltiplos U12M FV/EBITDA 8.5x P/U 27.0x

Rendimiento relativo al IPC 12 meses 40%

30%

20%

10%

0%

-10%

-20% oct-17 ene-18 abr-18 jul-18

MEXBOL GCC*

Equity Research Documento destinado al Mexico público en general

OMA Quarterly Report July 29, 2021

Growth returns with higher profitability www.banorte.com @analisis_fundam § Oma's 2Q21 report reflected a significant recovery that benefited from an easy basis for comparison, as well as more dynamic demand. José Espitia Profitability exceeded expectations Senior Strategist, Equity [email protected] § Although the figures are still below pre-pandemic levels, the recovery pace is favorable, which, combined with the solid fundamentals, BUY encourages us to remain optimistic about Oma Current Price $118.48 PT $146.00 Strong recovery with surprisingly positive profitability. Oma's 2Q21 figures Estimated Dividend $5.13 Dividend Yield (%e) 4.3% registered significant advances due to a very low comparative base ─the Upside Potential 27.6% greatest impact of the pandemic occurred in 2Q20─, but also due to a better ADS Price US$47.37 PT ADS US$57.82 passenger performance. Thus, total traffic showed a 678.8% y/y growth Shares per ADS 8 (+50.0% q/q), which hand in hand with the higher tariffs approved in the Master Max – Min LTM ($) 154.5 – 89.3 Market Cap (US$m) 2,333.27 Development Program 2021-2025 and a better performance in diversification Shares Outstanding (m) 390.11 activities (+114% y/y), led to an increase in the sum of aeronautical and non- Float 69.9% Daily Turnover ($m) 134.6 aeronautical revenues of 404.3% y/y to MXN 1.75 billion, in line. This, Valuation metrics LTM FV/EBITDA 16.4x combined with the higher fixed portion of total expenses, resulted in an FV/EBITDA Adjusted 13.9x Adjusted EBITDA of MXN 1.3 billion, which brought the margin to 74.7pp, P/E 34.4x exceeding expectations, due to cost and expense savings initiatives. Majority MSCI ESG Rating* N.A. net income was MXN 620 million (vs. -MXN 180 million in 2Q20), supported Relative Performance to Mexbol by operating progress. Financial solidity stood out (Adjusted EBITDA of 0.3x). LTM 60% Favorable expectations for the sector. Although the advance was not enough 50% 40% to return to pre-pandemic numbers (-23.9% in passengers, -10.3% in operating 30% revenues and -9.2% in Adj. EBITDA vs. 2Q19), the solid recovery in demand 20% will continue to drive results. With the quarter, Adjusted FV/EBITDA multiple 10% 0% showed a decline from 22.6x to 13.9x, although 2021e would already converge -10% to pre-pandemic levels (Avg. L3y of 10.4x), so we reaffirm our positive view Jul-20 Oct-20 Dec-20 Feb-21 May-21 Jul-21 MEXBOL OMAB for Oma.

Financial Statements Valuation and financial metrics

MXN, million 2019 2020 2021E 2022E 2019 2020 2021E 2022E

Revenues 8,527 5,367 8,277 10,375 FV/Adjusted EBITDA 8.6x 18.9x 10.6x 8.3x

Operating Income 4,855 1,721 3,573 4,876 P/E 14.4x 42.2x 20.2x 14.3x

Adjusted EBITDA 5,563 2,549 4,539 5,752 P/BV 4.8x 4.3x 3.8x 3.3x Ad. EBITDA Mg. 73.5% 62.0% 70.6% 72.1%

Net Income 3,220 1,094 2,293 3,225 ROE 33.1% 10.3% 19.2% 23.8% Net Margin 37.8% 20.4% 27.7% 31.1% ROA 18.6% 6.0% 11.2% 13.9% Ad. EBITDA/ Int. exp. 14.8x 6.1x 9.2x 11.4x

Total Assets 17,277 18,136 20,557 23,260 Net Debt/Ad. EBITDA 0.2x 0.7x 0.4x 0.3x

Cash 3,430 2,959 3,495 3,731 Debt/Equity 0.5x 0.4x 0.4x 0.4x Total Liabilities 7,389 7,310 8,374 9,412 This document is provided for the reader’s convenience Debt 4,764 4,705 4,986 4,986 only. The translation from the original Spanish version Common Equity 9,887 10,826 12,183 13,847 was made by Banorte’s staff. Discrepancies may possibly arise between the original document in Spanish Source: Banorte / Adjusted EBITDA = EBITDA less construction revenue plus constructionexpense and and its English translation. For this reason, the original maintenance provision. Adjusted EBITDA margin = Adjusted EBITDA divided by the sum ofaeronautical revenue research paper in Spanish is the only official document. and non-aeronautical revenue. The Spanish version was released before the English translation. The original document entitled “Vuelven los crecimientos con mayor rentabilidad” was released on 1 July 27, 2021. Document for distribution among public

OMA – Results 2Q21 Revenue & Adjusted EBITDA Margin MXN, million MXN, million Diff % vs Concept 2Q20 2Q21 Var % 2Q21e Estim. Revenue 635 2,181 243.5% 2,081 4.8% 74.7% 2,500 80.0% Operating Income -150 1,037 N.A. 1,052 -1.5% 69.6% 67.9% Adjusted Ebitda 25 1,308 >500% 1,235 5.9% 70.0% 2,000 Net Income -180 620 N.A. 724 -14.4% 52.3% 60.0% Margins 1,500 50.0% Operating Margin -23.6% 47.5% 71.2pp 50.6% -3.0pp 40.0% Adjusted Ebitda Margin 7.3% 74.7% 67.4pp 70.2% 4.5pp 1,000 30.0% Net Margin -28.4% 28.4% 56.8pp 34.8% -6.4pp 20.0% EPS -$0.46 $1.589 N.A. $1.86 -14.4% 500 7.3% 10.0% Income Statement 0 0.0% Year 2020 2021 2021 Change Change 2Q20 3Q20 4Q20 1Q21 2Q21 Quarter 2 1 2 % y/y % q/q Revenue Adjusted EBITDA Margin

Net Revenue 634.9 1,482.6 2,180.8 243.5% 47.1% Cost of goods sold 652.9 737.8 996.5 52.6% 35.1% Gross profit (17.9) 744.8 1,184.3 N.A. 59.0% General expenses 132.0 133.2 147.4 11.7% 10.7% Operating Income (149.9) 611.6 1,036.9 N.A. 69.5% Net Income & ROE Operating Margin -23.6% 41.3% 47.5% 71.2pp 6.3pp MXN, million Depreciation 106.9 118.1 120.0 12.3% 1.6% EBITDA (43.0) 729.7 1,156.9 N.A. 58.5% EBITDA Margin -6.8% 49.2% 53.0% 59.8pp 3.8pp 700 23.2% 25.0% Adjusted EBITDA 25.3 808.0 1,308.2 >500% 61.9% 600 Adjusted EBITDA Margin 7.3% 67.9% 74.7% 67.4pp 6.8pp 500 20.0% Interes income (expense) net (90.1) (33.7) (169.3) 87.8% 402.1% 400 15.5% Interest expense 104.4 110.5 133.8 28.2% 21.1% 300 11.5% 15.0% Interest income 26.8 19.8 27.3 1.9% 38.3% 200 10.3% Other income (expenses) 0.0 0.0 0.0 N.A. N.A. 100 10.0% Exchange Income (loss) (12.6) 57.0 (62.8) 400.0% N.A. 0 4.9% Unconsolidated subsidiaries 0.0 0.0 0.0 N.A. N.A. (100) 5.0% Income before taxes (240.1) 577.9 867.6 N.A. 50.1% (200) Income taxes (58.8) 161.5 247.7 N.A. 53.4% (300) 0.0% Discontinued operations 0.0 0.0 0.0 N.A. N.A. 2Q20 3Q20 4Q20 1Q21 2Q21 Consolidated Net Income (181.3) 416.4 619.9 N.A. 48.9% Net Income ROE Minorities (1.0) 1.4 (0.1) -93.6% N.A. Net Income (180.2) 415.0 619.9 N.A. 49.4% Net margin -28.4% 28.0% 28.4% 56.8pp 0.4pp EPS (0.462) 1.064 1.589 N.A. 49.4%

Balance Sheet (Million pesos) Net Debt & Net debt to Adjusted EBITDA ratio Total Current Assets 4,986.4 5,018.8 6,027.2 20.9% 20.1% MXN, million Cash & Short Term Investments 3,146.1 3,158.5 4,190.6 33.2% 32.7% Long Term Assets 12,791.8 13,689.9 14,068.0 10.0% 2.8% Property, Plant & Equipment (Net) 2,680.1 2,715.3 2,723.9 1.6% 0.3% 2,000 0.8x Intangible Assets (Net) 9,593.1 10,441.0 10,788.8 12.5% 3.3% 0.7x 0.7x 1,800 0.5x 0.7x Total Assets 17,778.1 18,708.8 20,095.1 13.0% 7.4% 1,600 0.6x Current Liabilities 4,355.8 4,320.3 1,518.8 -65.1% -64.8% 1,400 Short Term Debt 3,104.5 3,021.2 23.5 -99.2% -99.2% 0.5x 1,200 0.4x Accounts Payable 476.7 436.1 388.8 -18.4% -10.9% 1,000 0.3x 0.4x Long Term Liabilities 2,895.6 3,145.7 6,713.9 131.9% 113.4% 800 0.3x Long Term Debt 1,625.4 1,665.1 5,169.5 218.0% 210.5% 600 0.2x Total Liabilities 7,251.4 7,466.1 8,232.6 13.5% 10.3% 400 0.1x Common Stock 10,526.7 11,242.7 11,862.5 12.7% 5.5% 200 Preferred Stock 176.3 177.3 177.3 0.5% 0.0% 0 0.0x Total Equity 10,350.4 11,065.4 11,685.3 12.9% 5.6% 2Q20 3Q20 4Q20 1Q21 2Q21 Liabilities & Equity 17,778.1 18,708.8 20,095.1 13.0% 7.4% Net Debt Net Debt to Adjusted EBITDA Net Debt 1,583.8 1,527.8 1,002.4 -36.7% -34.4%

Cash Flow (Million pesos) Cash Flow from Operating Activities (413.7) 736.1 1,117.9 Cash Flow from Investing Activities (480.5) (490.8) (385.6) Cash Flow from Financing Activities (97.5) (103.5) 361.4 FX effect on cash (28.9) 57.9 (61.7) Change in Cash Balance (1,020.5) 199.7 1,032.1

Source: Banorte, MSE. / Adjusted EBITDA does not take into consideration construction revenue and construction expenses, as well as maintenance provision because there are not effects on operating cash flow. Adjusted EBITDA Margin = Adjusted EBITDA / Sum of aeronautical & non-aeronautical revenue

2

Certification of Analysts. We, Gabriel Casillas Olvera, Alejandro Padilla Santana, Delia María Paredes Mier, Juan Carlos Alderete Macal, Manuel Jiménez Zaldívar, Marissa Garza Ostos, Francisco José Flores Serrano, Katia Celina Goya Ostos, Santiago Leal Singer, José Itzamna Espitia Hernández, Víctor Hugo Cortes Castro, Hugo Armando Gómez Solís, Miguel Alejandro Calvo Domínguez, Luis Leopoldo López Salinas, Leslie Thalía Orozco Vélez, Gerardo Daniel Valle Trujillo, Eridani Ruibal Ortega and Juan Barbier Arizmendi, certify that the points of view expressed in this document are a faithful reflection of our personal opinion on the company (s) or firm (s) within this report, along with its affiliates and/or securities issued. Moreover, we also state that we have not received, nor receive, or will receive compensation other than that of Grupo Financiero Banorte S.A.B. of C.V for the provision of our services.

Relevant statements. In accordance with current laws and internal procedures manuals, analysts are allowed to hold long or short positions in shares or securities issued by companies that are listed on the Mexican Stock Exchange and may be the subject of this report; nonetheless, equity analysts have to adhere to certain rules that regulate their participation in the market in order to prevent, among other things, the use of private information for their benefit and to avoid conflicts of interest. Analysts shall refrain from investing and holding transactions with securities or derivative instruments directly or through an intermediary person, with Securities subject to research reports, from 30 calendar days prior to the issuance date of the report in question, and up to 10 calendar days after its distribution date.

Compensation of Analysts. Analysts’ compensation is based on activities and services that are aimed at benefiting the investment clients of Casa de Bolsa Banorte Ixe and its subsidiaries. Such compensation is determined based on the general profitability of the Brokerage House and the Financial Group and on the individual performance of each analyst. However, investors should note that analysts do not receive direct payment or compensation for any specific transaction in investment banking or in other business areas.

Last-twelve-month activities of the business areas. Grupo Financiero Banorte S.A.B. de C.V., through its business areas, provides services that include, among others, those corresponding to investment banking and corporate banking, to a large number of companies in Mexico and abroad. It may have provided, is providing or, in the future, will provide a service such as those mentioned to the companies or firms that are the subject of this report. Casa de Bolsa Banorte or its affiliates receive compensation from such corporations in consideration of the aforementioned services.

Over the course of the last twelve months, Grupo Financiero Banorte S.A.B. C.V., has not obtained compensation for services rendered by the investment bank or by any of its other business areas of the following companies or their subsidiaries, some of which could be analyzed within this report.

Activities of the business areas during the next three months.

Casa de Bolsa Banorte, Grupo Financiero Banorte or its subsidiaries expect to receive or intend to obtain revenue from the services provided by investment banking or any other of its business areas, by issuers or their subsidiaries, some of which could be analyzed in this report.

Securities holdings and other disclosures.

As of the end of last quarter, Grupo Financiero Banorte S.A.B. of C.V. has not held investments, directly or indirectly, in securities or derivative financial instruments, whose underlying securities are the subject of recommendations, representing 1% or more of its investment portfolio of outstanding securities or 1 % of the issuance or underlying of the securities issued.

None of the members of the Board of Grupo Financiero Banorte and Casa de Bolsa Banorte, along general managers and executives of an immediately below level, have any charges in the issuers that may be analyzed in this document.

The Analysts of Grupo Financiero Banorte S.A.B. of C.V. do not maintain direct investments or through an intermediary person, in the securities or derivative instruments object of this analysis report.

Guide for investment recommendations.

Reference

BUY When the share expected performance is greater than the MEXBOL estimated performance. HOLD When the share expected performance is similar to the MEXBOL estimated performance. SELL When the share expected performance is lower than the MEXBOL estimated performance. Even though this document offers a general criterion of investment, we urge readers to seek advice from their own Consultants or Financial Advisors, in order to consider whether any of the values mentioned in this report are in line with their investment goals, risk and financial position.

Determination of Target Prices For the calculation of estimated target prices for securities, analysts use a combination of methodologies generally accepted among financial analysts, including, but not limited to, multiples analysis, discounted cash flows, sum-of-the-parts or any other method that could be applicable in each specific case according to the current regulation. No guarantee can be given that the target prices calculated for the securities will be achieved by the analysts of Grupo Financiero Banorte S.A.B. C.V, since this depends on a large number of various endogenous and exogenous factors that affect the performance of the issuing company, the environment in which it performs, along with the influence of trends of the stock market, in which it is listed. Moreover, the investor must consider that the price of the securities or instruments can fluctuate against their interest and cause the partial and even total loss of the invested capital. The information contained hereby has been obtained from sources that we consider to be reliable, but we make no representation as to its accuracy or completeness. The information, estimations and recommendations included in this document are valid as of the issue date, but are subject to modifications and changes without prior notice; Grupo Financiero Banorte S.A.B. of C.V. does not commit to communicate the changes and also to keep the content of this document updated. Grupo Financiero Banorte S.A.B. of C.V. takes no responsibility for any loss arising from the use of this report or its content. This document may not be photocopied, quoted, disclosed, used, or reproduced in whole or in part without prior written authorization from Grupo Financiero Banorte S.A.B. of C.V. History of PT and Ratings Stock Date Rating PT OMAB 04/28/2021 Buy $146.00 MSCI ESG Rating scale OMAB 02/15/2021 Hold $137.00 CCC B BB BBB A AA AAA OMAB 10/20/2020 Buy $127.00 LAGGARD AVERAGE LEADER

OMAB 04/28/2020 Under Review Under Review *The MSCI ESG Rating is an indicator that evaluates companies in Environment, Society and Governance (ESG) metrics. 3

GRUPO FINANCIERO BANORTE S.A.B. de C.V.

Research and Strategy Gabriel Casillas Olvera IRO and Chief Economist [email protected] (55) 4433 - 4695 Raquel Vázquez Godinez Assistant [email protected] (55) 1670 - 2967 Lourdes Calvo Fernández Analyst (Edition) [email protected] (55) 1103 - 4000 x 2611

Economic Research and Financial Market Strategy Executive Director of Economic Research and Financial Alejandro Padilla Santana [email protected] (55) 1103 - 4043 Markets Strategy Itzel Martínez Rojas Analyst [email protected] (55) 1670 - 2251

Economic Research Juan Carlos Alderete Macal, CFA Director of Economic Research [email protected] (55) 1103 - 4046 Francisco José Flores Serrano Senior Economist, Mexico [email protected] (55) 1670 - 2957 Katia Celina Goya Ostos Senior Economist, Global [email protected] (55) 1670 - 1821 Luis Leopoldo López Salinas Economist, Global [email protected] (55) 1103 - 4000 x 2707

Market Strategy Manuel Jiménez Zaldívar Director of Market Strategy [email protected] (55) 5268 - 1671

Fixed income and FX Strategy Santiago Leal Singer Senior Strategist, Fixed Income and FX [email protected] (55) 1670 - 2144 Leslie Thalía Orozco Vélez Strategist, Fixed Income and FX [email protected] (55) 5268 - 1698

Equity Strategy Marissa Garza Ostos Director of Equity Strategy [email protected] (55) 1670 - 1719 José Itzamna Espitia Hernández Senior Strategist, Equity [email protected] (55) 1670 - 2249 Víctor Hugo Cortes Castro Senior Strategist, Technical [email protected] (55) 1670 - 1800 Eridani Ruibal Ortega Analyst [email protected] (55) 1103 - 4000 x 2755 Juan Barbier Arizmendi, CFA Analyst [email protected] (55) 1670 - 1746

Corporate Debt Hugo Armando Gómez Solís Senior Analyst, Corporate Debt [email protected] (55) 1670 - 2247 Gerardo Daniel Valle Trujillo Analyst, Corporate Debt [email protected] (55) 1670 - 2248

Economic Studies Delia María Paredes Mier Executive Director of Economic Studies [email protected] (55) 5268 - 1694 Miguel Alejandro Calvo Domínguez Senior Analyst, Economic Studies [email protected] (55) 1670 - 2220

Wholesale Banking Armando Rodal Espinosa Head of Wholesale Banking [email protected] (81) 8319 - 6895 Alejandro Aguilar Ceballos Head of Asset Management [email protected] (55) 5268 - 9996 Alejandro Eric Faesi Puente Head of Global Markets and Institutional Sales [email protected] (55) 5268 - 1640 Alejandro Frigolet Vázquez Vela Head of Sólida Banorte [email protected] (55) 5268 - 1656

Arturo Monroy Ballesteros Head of Investment Banking and Structured Finance [email protected] (55) 5004 - 1002 Carlos Alberto Arciniega Navarro Head of Treasury Services [email protected] (81) 1103 - 4091 Gerardo Zamora Nanez Head of Transactional Banking, Leasing and Factoring [email protected] (81) 8318 - 5071 Jorge de la Vega Grajales Head of Government Banking [email protected] (55) 5004 - 5121

Luis Pietrini Sheridan Head of Private Banking [email protected] (55) 5004 - 1453 Lizza Velarde Torres Executive Director of Wholesale Banking [email protected] (55) 4433 - 4676 Osvaldo Brondo Menchaca Head of Specialized Banking Services [email protected] (55) 5004 - 1423 Raúl Alejandro Arauzo Romero Head of Transactional Banking [email protected] (55) 5261 - 4910 René Gerardo Pimentel Ibarrola Head of Corporate Banking [email protected] (55) 5268 - 9004 Ricardo Velázquez Rodríguez Head of International Banking [email protected] (55) 5004 - 5279 Víctor Antonio Roldan Ferrer Head of Commercial Banking [email protected] (55) 5004 - 1454