#Mexico #Mexico City #ASUR #Airport Group #Passenger Traffic

ASUR's Performance Review for Q2 2026

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR), a prominent international airport group operating in Mexico, the United States, and Colombia, has published its financial results for the second quarter of 2026. The report highlights a mixed performance across various operational metrics, particularly concerning passenger traffic and revenue generation.

Key Insights from Q2 2026

During this period, ASUR experienced a decline in total passenger traffic of 2.7% year-on-year. This drop was influenced by contrasting trends in its primary markets:

• - Mexico saw a more significant decline of 5.0%, driven by a decline in international traffic by 8.3% and a modest 1.7% drop in domestic passengers.
• - Puerto Rico followed a similar trend with a 3.5% decrease, attributed to declines in both domestic (3.7%) and international (2.4%) traffic.
• - Conversely, ASUR's operations in Colombia reported a growth of 3.6%, benefiting from increases in both domestic (4.1%) and international (1.8%) traffic.

The company's revenue story, however, took a different path. ASUR saw its revenues increase by 9.9%, reaching Ps. 9,579 million over the year. This growth included contributions from ASUR US Commercial Airports, acquired in late 2025, which significantly enhanced the revenue figures by contributing Ps. 443.8 million; a performance absent in the same quarter of the previous year. When excluding construction services, revenues remained flat, down slightly by 0.3%.

A significant factor in ASUR's performance was the increase in commercial revenue per passenger, which rose 12.6% to Ps. 153.0. This suggests that despite the overall reduction in passenger numbers, the company was able to drive more revenue from each passenger that passed through their airports. This is a positive indicator of ASUR's ability to enhance the retail and passenger experiences at their facilities.

Financial Performance Metrics

ASUR's financial snapshot shows a decrease in Consolidated EBITDA, which fell 8.7% to Ps. 4,589.9 million. The Adjusted EBITDA Margin, which excludes the effects of a new accounting interpretation related to Construction Services (IFRIC 12), declined to 62.0% from 67.6% in the same quarter last year. This reduction in EBITDA margin underscores the challenges faced amid declining passenger numbers and rising costs.

On a more favorable note, the company's net income showed an increase of 5.0%, amounting to Ps. 2,384.6 million. This yielded earnings per share of Ps. 7.65, marking a growth of 7.1% from the previous year.

ASUR’s cash and cash equivalents totaled Ps. 11,641.4 million, with a measured Net Debt to LTM EBITDA ratio of 0.9x, reflecting a manageable level of leverage given the operational landscape.

Operational Data Breakdown

Examining the operational data:

• - Passenger Data: The total number of passengers in Mexico and Puerto Rico declined substantially, while Colombia showed resilience. The specific figures reveal:

- Mexico: 9,511,428 passengers (-5.0%)
- Puerto Rico: 3,455,197 passengers (-3.5%)
- Colombia: 4,286,667 passengers (+3.6%)

This disparity illustrates the varying recovery rates in different regions, hinting at a complex recovery landscape for air travel post-pandemic.

Conclusion

ASUR's mixed results for Q2 2026 paint a picture of challenges and opportunities in the airport management sector. The slight decrease in overall passenger traffic illustrates ongoing difficulties in market recovery, yet ASUR's ability to increase revenue per passenger and maintain net income growth is a testament to its strategic initiatives and operational prowess.

As ASUR continues to navigate this complex environment, stakeholders will be watching closely to see how the company adaptively manages its services and capitalizes on emerging opportunities, especially in its U.S. commercial ventures.

For more detailed information about ASUR's earnings and strategic outlook, interested parties are encouraged to access the full earnings report available on the company's website.