Passenger traffic increased by 5.7% in Colombia and 0.1% in Mexico; and decreased by 3.1% in Puerto Rico
MEXICO CITY, Feb. 24, 2026 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) $(ASUR)$, a leading international airport group with operations in Mexico, the United States, and Colombia, today announced its results for the three- and twelve-month periods ended December 31, 2025.
4Q25 Highlights(1)
-- Total passenger traffic increased 0.9% YoY ("YoY"). By country of
operations, passenger traffic showed the following YoY variations:
-- Mexico: increased 0.1%, as a 0.7% increase in international
traffic offset a 0.5% decrease in domestic traffic.
-- Puerto Rico (Aerostar): decreased 3.1%, as a 4.2% decrease in
domestic traffic more than offset a 5.0% increase in international
traffic.
-- Colombia (Airplan): increased 5.7%, reflecting increases of 9.6%
and 4.6% in international and domestic traffic, respectively.
-- Revenues increased 21.6% YoY to Ps.10,969.1 million. Excluding
construction services, revenues remained flat YoY.
-- Commercial revenue per passenger increased 1.1% YoY to Ps.131.7
-- Consolidated EBITDA decreased 4.8% YoY to Ps.4,867.1 million.
-- Adjusted EBITDA margin (excluding IFRIC 12 effect) decreased to 66.4%
from 69.7% in 4Q24.
-- Cash position of Ps.11,116.3 million at December 31, 2025, with Debt to
LTM Adjusted EBITDA at 0.8x.
-- On December 11, 2025, ASUR completed the acquisition of its ASUR US
airport retail concessions at key terminals within John F. Kennedy
International Airport, Los Angeles International Airport and Chicago
O'Hare International Airport. From the acquisition date through December
31, 2025, these operations contributed revenues of Ps.133.1 million and
EBITDA of Ps.86.1 million.
Table 1: Financial and Operating Highlights(1)
Fourth Quarter
----------------------- -------
%
2024 2025 Chg.
------------------------------ ----------- ---------- -------
Financial Highlights
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Total Revenue 9,020,577 10,969,074 21.6
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Mexico 6,707,511 8,582,210 27.9
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San Juan 1,384,247 1,423,049 2.8
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Colombia 928,819 963,815 3.8
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Commercial Revenues per PAX 130.2 131.7 1.1
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Mexico 158.5 159.0 0.3
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San Juan 153.9 159.4 3.6
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Colombia 50.4 56.4 12.0
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EBITDA 5,111,286 4,867,127 (4.8)
------------------------------ ----------- ---------- -------
Net Income 3,589,717 2,804,945 (21.9)
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Majority Net Income 3,414,581 2,713,713 (20.5)
------------------------------ ----------- ---------- -------
Earnings per Share (in pesos) 11.3819 9.0457 (20.5)
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Earnings per ADS (in US$) 6.3229 5.0251 (20.5)
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Capex 2,532,698 3,899,344 54.0
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Cash & Cash Equivalents 20,083,457 11,116,335 (44.6)
------------------------------ ----------- ---------- -------
Net Debt (6,724,001) 16,370,228 (343.5)
------------------------------ ----------- ---------- -------
Net Debt/ LTM EBITDA (0.3) 0.8 (338.5)
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Operational Highlights
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Passenger Traffic
------------------------------
Mexico 10,105,370 10,114,332 0.1
------------------------------ ----------- ---------- -------
San Juan 3,199,545 3,100,354 (3.1)
------------------------------ ----------- ---------- -------
Colombia 4,433,379 4,684,968 5.7
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(1) Unless otherwise stated, all financial figures are unaudited and prepared in accordance with International Financial Reporting Standards (IFRS). All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. U.S. dollar figures are calculated at an exchange rate of US$1.00 = Ps.18.0012 (source: Diario Oficial de la Federación de México) while Colombian peso figures are calculated at an exchange rate of COP.209.3700 = Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, and Majority Net Income can be found on page 18 of this report.
For a full version of ASUR's Fourth Quarter of 2025 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0
4Q25 Earnings Call
Day: Wednesday, February 25, 2026, at 9:00 AM ET; 8:00 AM Mexico City time
Dial-in: +1 877 407 4018 (U.S. Toll-Free); +1 201 689 8471 (International)
Access Code: 13758364. Please dial-in 10 minutes before the scheduled start time.
Replay: Wednesday, February 25, 2026, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, March 4, 2026. Dial-in: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13758364
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, "Construction Revenues," reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, "Construction Revenues" include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while "Construction Costs" represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.
Majority Net Income reflects ASUR's equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.
EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
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