Grupo Aeroportuario del Sureste (ASURB) Q3 2025 earnings summary

Executive summary

• Entered a definitive agreement to acquire URW Airports for $295 million, expanding into major U.S. markets with commercial programs at LAX, O'Hare, and JFK, processing 40 million enplanements.

• Operates 16 airports across Mexico, Puerto Rico, and Colombia, with a record 71.3M passengers in 2024, up 1.1% year-over-year.

• Served over 17 million passengers in Q3 2025, with flat overall traffic; growth in Colombia and Puerto Rico offset headwinds in Mexico.

• Strong focus on sustainability, with significant reductions in emissions and waste, and high ESG standards.

• Robust corporate governance with 64% independent board members and 36% women representation.

Financial highlights

• Total revenues rose mid-single digits year-over-year to over MXN 7 billion, driven by Puerto Rico and Colombia.

• 2024 total revenue reached Ps. 20,972M, with 68.9% from regulated (aeronautical) and 31.1% from non-regulated (commercial) sources.

• EBITDA grew just over 1% to MXN 4.6 billion; Puerto Rico and Colombia up nearly 5% and 10%, Mexico down 4%.

• Commercial revenue per passenger increased 1% YoY to MXN 126; Colombia +14%, Puerto Rico +10%, Mexico -4%.

• Net debt to EBITDA ratio at 0.2x; cash position at MXN 16 billion, down 19% from December 2024 due to dividend payments.

Outlook and guidance

• Expect gradual stabilization of Mexican traffic as aircraft availability improves in 2025.

• Continued positive momentum anticipated in Puerto Rico and Colombia, supported by international demand and currency improvements.

• New Cancún terminal expected to open in Q3 2026.

• Capital expenditure requirements through 2028 are clearly defined, with Ps. 30,616M planned for 2024-2028.