Grupo Aeroportuario del Sureste Q4 Earnings Call Highlights

Grupo Aeroportuario del Sureste (NYSE:ASR) executives used the company’s fourth-quarter and full-year 2025 earnings call to highlight a “key inflection point” for the airport operator, pointing to new diversification initiatives alongside softer traffic trends in some markets and the impact of currency movements on reported results.

Strategic moves: U.S. acquisition and pending Motiva deal

Chief Executive Officer Adolfo Castro said ASUR completed its expansion into the U.S. airport commercial market with the acquisition of URW Airports, which has been renamed ASUR US. The transaction closed on Dec. 11 at an enterprise value of $295 million and gives ASUR exposure to “non-regulated commercial airport” operations in major U.S. hubs including Los Angeles International Airport, Chicago O’Hare, and New York’s John F. Kennedy International Airport.

From Dec. 11 through Dec. 31, ASUR US contributed approximately MXN 133 million in revenues and MXN 86 million in EBITDA. Management cautioned that the initial period is not representative of a normalized run rate for 2026, noting that the expected opening of the “new Terminal 1” at JFK in the third quarter of the year is “an important element of the equation” and could drive a step-up later in the year. Castro said ASUR US was included within Mexico’s reported results for the quarter, and the company plans to provide more detailed disclosure beginning with its first-quarter 2026 earnings report.

ASUR also reiterated its plan to acquire Motiva’s stake in an airport portfolio with interests in 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao for a purchase price of BRL 5 billion (about $936 million at the time of signing). Castro said the deal would add roughly 45 million annual passengers and provide entry into Brazil, which he called “the largest aviation market in Latin America.” The transaction remains subject to customary closing conditions and regulatory approvals, with closing expected in the first half of 2026. On the call, Castro said the process is going well but acknowledged that some aeronautical approval steps can be slow.

The CEO said ASUR intends to fund the Motiva acquisition with debt and emphasized that the company remains focused on “disciplined, accretive acquisitions” while preserving balance sheet strength.

Traffic trends: Colombia strongest; Cancun pressured

For the fourth quarter, ASUR handled 17.9 million passengers, up nearly 1% year over year. Castro said Mexico was essentially flat, with domestic traffic slightly below prior-year levels and international traffic showing modest improvement. He said Cancun traffic declined 2% during the quarter, while ASUR’s other eight Mexican airports posted mid-single-digit growth.

In Puerto Rico, traffic fell 3%, which management attributed mainly to softness in domestic market demand, while international traffic remained positive.

Colombia delivered the strongest performance in the portfolio, with fourth-quarter traffic rising nearly 6% to 4.7 million passengers. Castro cited high single-digit international growth and mid-single-digit domestic growth, supported by improved connectivity and resilient demand.

By international source market, passenger volumes from the United States decreased 0.6%, while South America contracted 10.9%. Canada and Europe increased 12.9% and 1.1%, respectively.

Looking ahead, management said it expects Mexico traffic to “gradually stabilize” as aircraft availability improves. In Cancun, the company said it continues to monitor competitive dynamics related to Tulum Airport and expects trends to improve as airline networks adjust and comparisons ease. The company also expects continued momentum in Puerto Rico and Colombia, supported by international demand and connectivity improvements.

Financial results: flat quarterly revenue, lower EBITDA and net income

All figures discussed by management excluded construction revenue and costs and were presented in Mexican pesos unless otherwise stated.

Fourth-quarter total revenue was flat at MXN 7.3 billion. Castro attributed the result to a softer traffic environment in Mexico and foreign exchange impacts from Mexican peso appreciation on commercial activity. Aeronautical and non-aeronautical revenues were described as essentially unchanged during the quarter.

By region, Mexico revenue was flat, Puerto Rico revenue declined nearly 6% (affected by foreign exchange impacts), and Colombia revenue increased nearly 5%, which management said was broadly in line with traffic growth and improved commercial performance.

On the cost side, total expenses increased 25% year over year. Mexico expenses rose 10%, driven by professional fees associated with the ASUR US and Motiva projects, as well as higher minimum wages and increased service-related costs. Puerto Rico expenses rose 6% due to security costs and inflationary pressure. Colombia expenses doubled, largely due to a change in concession amortization methodology implemented in the prior quarter.

Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion, and adjusted EBITDA margin fell 330 basis points to 66.4%. Colombia posted EBITDA growth of 2%, while Mexico EBITDA declined 3% and Puerto Rico EBITDA fell 19%, which management attributed to lower traffic and higher operating costs.

Net majority income for the quarter declined 22% to MXN 2.7 billion. Castro cited two main drivers:

• A non-cash foreign exchange loss of MXN 155 million tied to peso appreciation, versus a MXN 773 million gain in the fourth quarter of 2024.
• A MXN 407 million adjustment from the Colombia amortization methodology change introduced in the third quarter of 2025.

Commercial initiatives and CapEx updates

ASUR said it opened 41 additional retail and service units across the network over the past year, including 31 in Colombia, eight in Puerto Rico, and six in Mexico. Management said the additions supported a low single-digit increase in commercial revenues, with solid momentum in Colombia partly offset by softer results in Puerto Rico and Mexico.

Commercial revenue per passenger increased 1% to nearly MXN 132. Colombia led with a 12% increase, Puerto Rico rose nearly 4%, and Mexico was broadly stable at MXN 159 per passenger. In response to an analyst question, Castro said Puerto Rico initiatives in the second half of the year included a new strategy for convenience stores and operational adjustments to improve duty-free performance, while Colombia’s improvement was primarily tied to the new units.

Capital expenditures were MXN 3.9 billion in the fourth quarter, including MXN 3.5 billion in Mexico under the Master Development Plan, with the remainder in Colombia and Puerto Rico. Full-year CapEx totaled MXN 7.8 billion. In Mexico, Castro said the company expects to reopen Terminal 1 in Cancun in the third quarter, which management expects to provide a commercial tailwind by rebalancing passenger flows and improving the passenger experience.

Full-year 2025: revenue up, EBITDA slightly higher, net income lower on FX

For full-year 2025, ASUR reported total revenue up nearly 19% to MXN 37 billion. EBITDA rose 2% to MXN 20.2 billion, with adjusted EBITDA margin of 67.8% compared with 69.7% in 2024. Net income declined 20% to MXN 10.9 billion, which management attributed mainly to a non-cash foreign exchange loss of MXN 1.9 billion in 2025 versus a MXN 2.0 billion gain in 2024.

ASUR ended the year with MXN 11 billion in cash and cash equivalents and MXN 16 billion in net debt, equivalent to 0.8x last twelve months EBITDA. Castro said leverage remains conservative and provides flexibility for regulatory CapEx and future growth. The company also noted that dividend payments during 2025 totaled MXN 24 billion.

About Grupo Aeroportuario del Sureste (NYSE:ASR)

Grupo Aeroportuario del Sureste, SAB. de C.V. (NYSE: ASR) is a leading airport operator in Mexico specializing in the development, operation and management of airports under long-term concession agreements. The company’s core business activities include the operation of passenger and cargo terminals, the administration of retail and service concessions, the provision of parking and ground-support services, and the implementation of security and maintenance programs.

ASR holds concession rights for nine airports across southeastern Mexico, including premier tourism hubs such as Cancún, Cozumel and Huatulco, as well as regional facilities in Mérida, Oaxaca, Veracruz and Minatitlán.