Grupo Aeroportuario del Sureste (ASURB) Q1 2025 earnings summary

Executive summary

• Total passenger traffic was 18.6 million, flat year-on-year, with growth in Puerto Rico (+10.6%) and Colombia (+6.4%) offsetting a 4.8% decline in Mexico.

• Puerto Rico led with nearly 11% traffic growth; Colombia up just over 6%; Mexico down nearly 5% due to Easter shift and Tulum Airport impact.

• Traffic from Europe, U.S., and South America to Mexico declined, while Canada remained flat; domestic traffic affected by Mexico City Airport capacity limits and engine restrictions.

• Consolidated revenues increased 18.2% YoY to Ps.8,787.5 million, driven by strong commercial and construction revenues.

• Anticipates Mexican traffic stabilization next year as operational disruptions fade and Tulum Airport completes ramp-up.

Financial highlights

• Total revenues rose 14% year-on-year to MXN 8.2 billion, with Mexico contributing 73%, Puerto Rico 15%, and Colombia 12%.

• Aeronautical revenues up 12.1% YoY; non-aeronautical revenues up 17.2%.

• Commercial revenue per passenger increased 17.5% YoY to Ps.146.8.

• Consolidated EBITDA increased 12% to MXN 5.7 billion; Adjusted EBITDA margin at 70% (down from 71.4%).

• Net majority income up 14% to MXN 3.5 billion.

Outlook and guidance

• Expects solid remainder of 2025, continued infrastructure investment, and sustainable growth.

• Mexican traffic expected to stabilize as capacity and engine issues resolve; Tulum Airport ramp-up to complete.

• Monitoring global macroeconomic challenges and potential airline frequency reductions, but no current impact seen.