Grupo Aeroportuario del Sureste (ASURB) Q4 2024 earnings summary

Executive summary

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

• Colombia led performance with mid-teens passenger growth, while Puerto Rico saw a 10% increase; Mexico experienced an 8% decline in traffic.

• International traffic declined across all regions, with notable drops from Europe, the U.S., and South America.

• Focus on sustainability, with significant ESG achievements, including carbon accreditation and reduced water and carbon intensity in operations.

• Strong corporate governance, with a majority-independent board and robust committee structure.

Financial highlights

• Total revenues rose 19% year-over-year to MXN 7.24 billion in the quarter, with Colombia posting a 30% increase, Mexico a mid-teen increase, and Puerto Rico high 20% growth.

• Consolidated EBITDA increased 23% year-over-year to over MXN 5 billion, with the adjusted EBITDA margin improving 200 basis points to 69.7%.

• Net income for the year rose 33% to MXN 13.6 billion, aided by a MXN 2 billion FX gain from peso depreciation.

• Commercial revenue per passenger increased to MXN 130.2, with Mexico at MXN 151.7 per passenger.

• Cash and cash equivalents at year-end were Ps.20,083.4 million, up 44.8% from the prior year.

Outlook and guidance

• Traffic in Colombia and Puerto Rico is expected to normalize after recent surges, while Mexico will continue to face capacity restrictions and engine issues into 2025.

• Tulum Airport is expected to capture 2.9 million passengers in 2024, with normalization of traffic flows anticipated by 2026.

• Management expects the impact of Pratt & Whitney engine issues to diminish after the first three quarters of 2025.

• Committed capital expenditures of Ps. 30,616M for 2024–2028, with major projects in Cancun and other key airports.

• Strategic objectives include expanding commercial business, improving passenger volumes, and maintaining world-class service.