ASR — Grupo Aeroportuario del Sureste, S. A. B. de C. V.

ASUR Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Passenger Traffic: Handled 17.9 million passengers in Q4, up nearly 1% year-on-year; total for 2025 was approximately 72 million.
• Revenue: Flat year-on-year at MXN 7.3 billion; full-year revenue increased nearly 19% to MXN 37 billion.
• EBITDA: Decreased nearly 5% to MXN 4.9 billion in Q4; full-year EBITDA rose 2% to MXN 20.2 billion.
• Net Income: Declined 22% in Q4 to MXN 2.7 billion; full-year net income down 20% to MXN 10.9 billion.
• Adjusted EBITDA Margin: Q4 margin decreased to 66.4%, down 330 basis points year-on-year; full-year margin was 67.8%.
• Cash and Debt: Ended the year with MXN 11 billion in cash and MXN 16 billion in net debt (0.8x last 12 months EBITDA).

2. Strategic Updates and Business Highlights

• U.S. Expansion: Completed acquisition of URW Airports (renamed ASUR U.S.) for $295 million, contributing MXN 133 million in revenue and MXN 86 million in EBITDA for the last 20 days of December.
• Motiva Acquisition: Signed agreement to acquire Motiva's stake in 20 airports across Latin America for BRL 5 billion (~$936 million), expected to close in H1 2026.
• Operational Improvements: Opened 41 new retail and service units across the network, enhancing commercial offerings.
• Dividends: Returned MXN 24 billion to shareholders in 2025.

3. Forward Guidance and Outlook

• Traffic Expectations: Anticipate gradual stabilization in Mexico as aircraft availability improves; expect continued positive momentum in Puerto Rico and Colombia.
• New Terminal Opening: Terminal 1 at JFK Airport expected to open in Q3 2026, anticipated to boost revenue and traffic.

4. Challenges and Points of Concern

• Traffic Declines: Notable declines in Cancun (2%) and Puerto Rico (3%); South American traffic contracted by 10.9%.
• Operating Costs: Total expenses increased 25% year-on-year, driven by professional fees and inflationary pressures, particularly in Colombia.
• Foreign Exchange Loss: Experienced a noncash foreign exchange loss of MXN 155 million in Q4 due to peso appreciation, impacting net income.

5. Notable Q&A Insights

• ASUR U.S. Projections: Management indicated that initial revenue and EBITDA contributions from ASUR U.S. are not indicative of normalized performance; significant growth expected post-opening of JFK Terminal 1.
• Motiva Acquisition Status: The acquisition process is progressing, with expectations to conclude by late Q2 or early Q3 2026.
• Commercial Growth Initiatives: Successful strategies in Puerto Rico and Colombia focused on enhancing convenience stores and duty-free operations, with expectations for continued growth in non-aeronautical revenues.

Overall, ASUR is navigating a mixed operational environment with strategic expansions and a focus on long-term growth, despite facing short-term traffic and cost challenges.