Grupo Aeroportuario del Sureste (ASURB) Q1 2026 earnings summary

Executive summary

• First quarter 2026 marked a transition period with stabilizing traffic in Mexico, Puerto Rico entering maturity, and Colombia showing strong growth momentum; total passenger traffic rose 1.9% year-on-year to 19.0 million, with Colombia up 11%, Mexico flat, and Puerto Rico down 2.2%.

• Security events in Mexico and TSA disruptions in the U.S. impacted traffic, especially late in the quarter.

• Integration of U.S. airports completed, contributing to non-aeronautical revenues; Motiva transaction pending regulatory approval, expected to close in Q2.

• 1Q26 reflects the first full quarter of consolidation of ASUR US Airports, impacting year-on-year comparability.

Financial highlights

• Total revenues rose 2.2% year-on-year to MXN 8.4 billion, driven by a 9% increase in non-aeronautical revenues; consolidated revenues increased 0.8% to Ps.8,858.1 million, with non-aeronautical revenues up 8.6%.

• Aeronautical revenues declined slightly due to FX impacts and lower Puerto Rico traffic.

• Commercial revenues per passenger increased 4.7% year-on-year to Ps.153.6.

• Consolidated EBITDA increased nearly 6% to MXN 5.4 billion in one source, but another source reports a 6.5% YoY decrease to Ps.5,353.6 million, with margin compression due to higher costs and US ramp-up.

• Net income fell 20% year-on-year to MXN 2.8 billion, mainly due to higher depreciation, amortization, and interest expenses; majority net income dropped 20% YoY to Ps.2,813.2 million.

Outlook and guidance

• Expect continued mixed traffic trends and difficult operating conditions, including higher fuel prices, capacity reductions, FX volatility, and cost pressures.

• U.S. commercial operations expected to ramp up with new terminal openings at JFK; Motiva transaction to expand footprint and diversify revenue.

• No significant synergies expected from Motiva, but business is operating well and will balance the portfolio.

• Management highlights ongoing integration costs for US operations.