Grupo Aeroportuario del Sureste (ASURB) Q4 2025 earnings summary

Executive summary

• Fourth quarter marked an inflection point with moderated traffic trends in some markets, continued focus on diversification, and operational excellence.

• Completed acquisition of URW Airports (now ASUR US), expanding into the U.S. commercial airport segment and contributing Ps.133.1 million in revenue and Ps.86.1 million in EBITDA for December.

• Signed agreement to acquire Motiva's airport portfolio, adding 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao.

• Dividend payments for 2025 totaled MXN 24 billion, reflecting strong cash generation.

• Total passenger traffic rose 0.9% YoY in Q4 2025, with growth in Colombia (+5.7%) and Mexico (+0.1%), but a decline in Puerto Rico (-3.1%).

Financial highlights

• Total revenue for Q4 2025 was flat year-on-year at MXN 7.3 billion excluding construction, but including construction services, consolidated revenues increased 21.6% YoY to Ps.10,969.1 million.

• Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion; adjusted EBITDA margin declined 330 bps to 66.4%.

• Net Majority Income for Q4 fell 22% to MXN 2.7 billion, mainly due to FX losses and amortization adjustments.

• Cash and cash equivalents at year-end were MXN 11 billion; net debt at MXN 16 billion (0.8x LTM EBITDA).

• Total debt: Ps.27,486.6 million (+105.7% YoY), reflecting new loans in Mexico.

Outlook and guidance

• Expect more detailed disclosure on ASUR US starting Q1 2026.

• Motiva acquisition expected to close in H1 2026, funded with debt.

• Shareholders approved authorization for further acquisitions and related financing, including potential expansion in Brazil.

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

• Reopening of Cancun Terminal 1 in Q3 2026 expected to boost commercial revenue.