Grupo Aeroportuario del Sureste (ASURB) Q2 2025 earnings summary

Executive summary

• Served 17.7 million passengers in Q2 2025, with overall traffic flat year-over-year; Mexico down 1.7%, Puerto Rico up 3.2%, Colombia up 1.0%.

• Puerto Rico led with 3% passenger growth, Colombia up 1%, and Mexico down nearly 2% due to international declines and Tulum Airport ramp-up.

• Diversified portfolio and ongoing efficiency improvements supported resilience despite market headwinds.

• Net income fell 39.9% year-over-year to Ps.2,270.2 million, mainly due to a significant foreign exchange loss.

• Cash position at quarter-end was nearly MXN 20 billion, with a net debt to EBITDA ratio of 0.1x.

Financial highlights

• Total revenues rose 17.9% year-over-year to Ps.8,715.4 million, driven by construction services; excluding construction, revenues increased 4.8%.

• Mexico contributed 72% of revenues with a 0.7% increase; Puerto Rico 17.7% with high teens growth; Colombia 12% with 15.4% growth.

• Consolidated EBITDA up 2.3% year-over-year to Ps.5,024.9 million; Puerto Rico and Colombia posted double-digit EBITDA growth, Mexico down 1.6%.

• Adjusted EBITDA margin (ex-construction revenue) at nearly 68%, down from 69% last year, mainly due to margin contraction in Mexico.

• Commercial revenues grew 6.2% year-over-year to Ps.2,435.8 million.

Outlook and guidance

• Expect Mexican traffic to stabilize next year as engine-related aircraft issues bottom out and Tulum normalizes.

• Minimal impact anticipated from potential US DOT restrictions on Mexican carriers due to low exposure.

• Domestic traffic expected to improve as aircraft groundings subside; international traffic recovery depends on broader market and policy factors.

• Commercial revenue in Terminal 2 expected to remain soft for four more quarters until Terminal 1 expansion is complete.

• Two extraordinary dividends of Ps.15.00 per share are scheduled for September and November 2025, following a Ps.50.00 per share payment in May.