#Mexico #Mexico City #ASUR #Passenger Traffic #Grupo Aeroportuario

Overview of ASUR's Fourth Quarter 2025 Results

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR), a prominent player in the international airport sector, recently released its financial performance report for the fourth quarter and full year ending December 31, 2025. This report indicates a mixed bag of outcomes for passenger traffic across its operational regions, including Mexico, Puerto Rico, and Colombia.

Passenger Traffic Insights

Total passenger traffic across ASUR's airport network saw a 0.9% annual increase in the fourth quarter. Notably, the performance varied significantly by region:

• - Mexico: A modest increase of 0.1%, attributed to a 0.7% rise in international traffic which slightly countered a 0.5% decline in domestic traffic.
• - Puerto Rico: Passenger traffic fell by 3.1%, primarily driven by a 4.2% drop in domestic traffic that outweighed a 5.0% increase in international traffic.
• - Colombia: The positive highlight came from Colombia, witnessing a solid 5.7% growth in passenger numbers, buoyed by impressive increases of 9.6% in international traffic and 4.6% in domestic traffic.

Financial Highlights

ASUR reported a 21.6% increase in revenue, totaling Ps.10,969.1 million year-on-year. However, when excluding revenue from construction services, the year-on-year revenue growth flattened. The breakdown of the revenue showed:

• - Mexico accounted for Ps.8,582.2 million, reflecting a 27.9% increase.
• - Puerto Rico's revenues rose to Ps.1,423.0 million, a slight improvement of 2.8%.
• - In Colombia, revenue reached Ps.963.8 million, marking a 3.8% rise.

Interestingly, although total revenue took a leap, commercial revenue per passenger showed a modest improvement of 1.1%, reaching Ps.131.7. Unfortunately, the consolidated EBITDA decreased by 4.8%, pegging it at Ps.4,867.1 million, indicating some operational challenges amidst the revenue growth.

Cash Position and Acquisitions

ASUR's cash holdings stood at Ps.11,116.3 million as of December 31, 2025. Their debt-to-last-twelve-months adjusted EBITDA ratio is noted at a favorable 0.8x, reflecting a solid financial position. A significant event during this quarter was ASUR's acquisition of retail concessions in U.S. airports, including key terminals at John F. Kennedy, Los Angeles International, and Chicago O'Hare. These newly acquired assets contributed Ps.133.1 million in revenues and Ps.86.1 million in EBITDA between acquisition and year-end.

Conclusion

The fourth quarter results reveal that while total passenger traffic trends appear encouraging in select regions, ASUR faces hurdles in maintaining profitability margins amid increased operational costs and competition. The acquisition of U.S. retail concessions marks a strategic expansion, indicative of ASUR's commitment to enhancing its market presence both locally and internationally. Stakeholders are advised to tune into the upcoming earnings call for further insights into these developments and future strategies.

In summary, ASUR's Q4 2025 results highlight a growing yet complex operational landscape, emphasizing both opportunities and challenges ahead.