Grupo Aeroportuario del Sureste (ASURB) Q3 2025 earnings summary

Executive summary

• Entered a definitive agreement to acquire U.S. airport retail concessions for $295 million, expanding into LAX, JFK, and O'Hare, with closing expected in H2/4Q25.

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

• Q3 2025 passenger traffic was 17.3 million, with growth in Colombia and Puerto Rico offsetting a decline 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

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

• Q3 2025 revenues rose mid-single digits to over MXN 7 billion, driven by Puerto Rico and Colombia.

• EBITDA grew just over 1% to MXN 4.6 billion in Q3 2025; consolidated EBITDA for Q3 2025 was Ps.4,639.4 million, down 1.3% YoY.

• Adjusted EBITDA margin declined to 66.7% in Q3 2025, mainly due to lower margins in Mexico and Puerto Rico.

• Net income dropped 36.4% YoY to Ps.2,211.4 million, mainly due to FX losses and higher depreciation/amortization.

Outlook and guidance

• U.S. airport retail acquisition expected to close in H2/4Q25, expanding commercial operations.

• Expect gradual stabilization of Mexican traffic as aircraft availability improves; continued positive momentum in Puerto Rico and Colombia.

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