#Mexico #Mexico City #ASUR #airport operator

ASUR Reports Mixed Traffic Results in 2Q25

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) has recently disclosed its financial results for the second quarter of 2025, revealing a complex scenario for passenger traffic across its service areas in Mexico, Puerto Rico, and Colombia.

Passenger Traffic Overview

In the analysis of passenger traffic figures year-over-year (YoY), ASUR witnessed an overall decrease of 0.1%. Individual country results showed varied trends:

• - Mexico experienced a drop of 1.7%, primarily influenced by a 4.1% downturn in international traffic, although domestic traffic recorded a modest increase of 0.8%.
• - In contrast, Puerto Rico reported a solid increase of 3.2%, fueled by a significant rise of 15.2% in international travelers and a 1.7% increase in domestic traffic. This performance highlights the recovering tourism sector in Puerto Rico, prompting hopes for sustained growth.
• - Meanwhile, Colombia slightly edged up by 1.0%. Here, a robust 11.8% surge in international passenger traffic offset a moderate decline of 1.9% in domestic travel.

Financial Performance

Despite the mixed traffic outcomes, ASUR's financial health appears strong. The company reported a substantial revenue increase of 17.9% YoY, totaling approximately Ps. 8,715.4 million. When factoring out construction services, the revenue growth was a more modest 4.8%. This growth trajectory underscores ASUR's resilience in a fluctuating travel market.

Commercial revenue per passenger increased by 6.3% over the previous year, reaching Ps. 135.9. The recorded EBITDA for the quarter was Ps. 5,024.9 million, reflecting a modest increase of 2.3% from the same quarter last year. However, there was a slight decline in the adjusted EBITDA margin, which decreased to 67.6% from 69.2% in Q2 2024.

Cash Position and Dividends

ASUR maintains a robust cash position of Ps. 19,815.9 million as of June 30, 2025, with a notably low Debt to LTM Adjusted EBITDA ratio of 0.1x. In a move that underscores confidence in its business performance, ASUR has approved a generous cash dividend of Ps. 80.00 per share, which was distributed in multiple tranches throughout the year. The first installment of Ps. 50.00 was executed in May, followed by two extraordinary dividends of Ps. 15.00 each scheduled for September and November.

Conclusion

Overall, while ASUR navigates a decreasing trend in its passenger numbers within Mexico, the company demonstrates a strong capacity for revenue generation and financial management. The performance in Puerto Rico signals potential growth areas, and ongoing strategic initiatives could leverage these opportunities. With continued fluctuations in travel demand across its operations, ASUR’s ability to adapt will be pivotal in maintaining its market position.

For investors and stakeholders, the upcoming earnings call on July 23, 2025, will likely delve deeper into these dynamics and outline ASUR's strategic outlook amid evolving market conditions.