Grupo Aeroportuario del Sureste (ASURB) Q3 2026 earnings summary

Executive summary

• Closed CPC Aeroportos acquisition Sept. 1 for BRL 5.5B (~$992M), adding 20 airports; portfolio spans 36 airports in seven countries plus commercial operations at three major U.S. airports.

• Pro forma airports served ~120M passengers in 2025 versus 70M reported the prior year, broadening geographic exposure and reducing reliance on Mexico or any single airport.

• Q3 passenger traffic fell 1.2% to 20.9M; total revenue rose 18.9% to Ps.10,420.5M and EBITDA rose 1.7% to Ps.4,719.3M.

Financial highlights

• 3Q26 revenue excluding construction services rose 12.6% to Ps.7,829.4M; commercial revenue increased 22.2% to Ps.2,703.3M.

• Net income increased 4.4% to Ps.2,307.9M; adjusted EBITDA margin fell to 60.3% from 66.7%.

• Commercial revenue per passenger rose 3.5% to MXN 130.5, reflecting U.S. commercial operations; lower traffic and passenger mix weighed on results excluding that contribution.

• Cash and equivalents were Ps.20,091.8M at Sept. 30, up 80.7% from Dec. 31, 2025.

• 3Q26 CapEx totaled Ps.2,716.6M, including Ps.2,241.5M for Mexican airport modernization; 9M26 CapEx was Ps.5,211.2M.

Segment performance

• Mexico revenue rose 3.1% to Ps.6,679.8M, but fell 6.8% excluding construction; EBITDA declined 9.5% to Ps.3,164.7M and traffic fell 4.6%.

• Puerto Rico revenue fell 4.1% to Ps.1,270.9M; EBITDA rose 7.1% to Ps.602.4M and adjusted margin increased to 52.7% from 49.0%.

• Colombia revenue increased 22.0% to Ps.1,172.2M and EBITDA rose 1.6% to Ps.590.0M; adjusted margin declined to 57.0% from 60.6%.

• U.S. operations contributed Ps.456.4M revenue and Ps.49.0M EBITDA in 3Q26; reported margin was close to 11%, weighed by pre-opening expenses and lease costs.

• Brazil & Others contributed Ps.841.2M revenue and Ps.313.2M EBITDA for September, its first month after acquisition; adjusted EBITDA margin was 46.3%.