ASUR ANNOUNCES 1Q26 RESULTS

Resumen Rhea-AI

Grupo Aeroportuario del Sureste (NYSE: ASR) informó los resultados de 1T26 para el trimestre finalizado el 31 de marzo de 2026. El tráfico total de pasajeros aumentó 1,9% interanual, impulsado por Colombia +11,0%; México se mantuvo plano y Puerto Rico cayó 2,2%. Los ingresos comerciales por pasajero alcanzaron Ps.153,6 (+4,7% interanual). El EBITDA consolidado fue Ps.5.353,6M (-6,5% interanual), y el margen de EBITDA ajustado disminuyó hasta 64,1% desde 70,0%. El beneficio neto fue Ps.2.926,4M (-19,6% interanual). El efectivo fue Ps.13.811,7M y la ratio Net Debt/EBITDA (LTM) se situó en 0,8x. El 1T26 incluye el primer trimestre completo consolidando ASUR US Airports, lo que afecta la comparabilidad.

Positivo

• Tráfico de pasajeros en Colombia +11,0% interanual
• Ingresos comerciales por pasajero Ps.153,6 (+4,7% interanual)
• Capex a la baja un 15,7% interanual hasta Ps.544.316

Negativo

• Beneficio neto mayoritario -20,0% interanual hasta Ps.2.813.204
• Beneficio neto -19,6% interanual hasta Ps.2.926.408
• Efectivo y equivalentes de efectivo -39,1% interanual hasta Ps.13.811.729
• Margen de EBITDA ajustado cae 590 pb hasta el 64,1% desde el 70,0%
• Net Debt se sitúa en Ps.13.528.158 y Net Debt/EBITDA (LTM) en 0,8x

Key Figures

Total revenue: Ps.8,858,050 Commercial revenue per passenger: Ps.153.6 EBITDA: Ps.5,353,643 +5 more

8 metrics

Total revenue Ps.8,858,050 1Q26 vs 1Q25, up 0.8% YoY

Commercial revenue per passenger Ps.153.6 1Q26, up 4.7% YoY

EBITDA Ps.5,353,643 1Q26, down 6.5% YoY

Net income Ps.2,926,408 1Q26, down 19.6% YoY

Earnings per share Ps.9.3773 1Q26 EPS in pesos, down 20.0% YoY

Cash & cash equivalents Ps.13,811,729 Balance at March 31, 2026, down 39.1% YoY

Net Debt / LTM EBITDA 0.8x Leverage ratio at March 31, 2026

Colombia passenger traffic 4,493,218 1Q26, up 11.0% YoY

Market Reality Check

Price: $315.15 Vol: Volume 45,022 is about 0....

low vol

$315.15 Last Close

Volume Volume 45,022 is about 0.57x the 20-day average of 78,513, indicating subdued trading ahead of/around the release. low

Technical Shares at 324.57 trade slightly below the 200-day MA of 325.55, near longer-term trend support.

Peers on Argus

ASR is up 1.29% while closest peer PAC shows a similar upward move of about 1.95...

1 Up

ASR is up 1.29% while closest peer PAC shows a similar upward move of about 1.95%, but other airport and services peers are mixed, suggesting the reaction is more stock-specific than a broad sector move.

Historical Context

5 past events · Latest: Apr 16 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 16	Annual report filing	Neutral	-0.5%	Filed 2025 Form 20-F and published 2025 Sustainability Report.
Apr 07	Traffic update	Positive	+6.2%	Reported March 2026 traffic growth with strong gains in Colombia.
Mar 05	Traffic update	Positive	-1.4%	February 2026 traffic rose modestly, led by Colombia; Puerto Rico fell.
Mar 04	Shareholders’ meeting call	Positive	-2.0%	Called AGM with proposed cash dividend and 2026 repurchase program.
Feb 24	Quarterly results	Neutral	+3.1%	4Q25 revenue up strongly while EBITDA and margins declined modestly.

Pattern Detected

Recent news has produced mixed reactions: traffic and results updates sometimes led to gains, while governance and traffic items also saw negative moves.

Recent Company History

Over recent months, ASR has reported steady but modest passenger growth, with Colombia consistently outperforming Mexico and Puerto Rico. A 4Q25 update showed strong revenue growth but softer margins and EBITDA. Regular monthly traffic releases in February and March 2026 highlighted small overall gains and regional divergence, with Colombia strongest. Governance items included a Form 20-F filing and a call for an April 23, 2026 shareholders’ meeting proposing a cash dividend and buyback, framing today’s 1Q26 results within ongoing disciplined capital and traffic trends.

Market Pulse Summary

This announcement details 1Q26 results with total revenue up 0.8%, but EBITDA down 6.5% and net inco...

Analysis

This announcement details 1Q26 results with total revenue up 0.8%, but EBITDA down 6.5% and net income down 19.6%, alongside an adjusted EBITDA margin decline. Traffic growth was modest overall, with strong gains in Colombia offset by flat Mexico and lower Puerto Rico volumes. Investors may watch future quarters for how ASUR integrates its US operations, manages margins, and balances cash levels against a Net Debt / LTM EBITDA ratio of 0.8x.

Key Terms

ifric 12, ebitda, adjusted ebitda margin, ads, +4 more

8 terms

ifric 12 regulatory

"In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include..."

IFRIC 12 is an international accounting rule that tells companies how to record deals where a private firm builds or runs infrastructure (like roads, airports or utilities) on behalf of the public and is paid over time for providing the service. It matters to investors because it determines whether the infrastructure appears as an asset on the company’s balance sheet or as a right to charge users, which affects reported profits, debt levels and the company’s apparent financial health — similar to whether you count a leased house as yours or just the right to collect rent.

ebitda financial

"EBITDA means net income before provision for taxes, deferred taxes..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda margin financial

"Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues..."

Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.

ads financial

"listed in Mexico and on the NYSE through ADSs."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

form 20-f regulatory

"filed its annual report on Form 20-F for the year ended December 31, 2025..."

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

construction revenues financial

"include in its income statement an income line, "Construction Revenues," reflecting..."

Construction revenues are the money a company earns from carrying out building and infrastructure projects, including contract payments, approved changes, and fees for related services like project management. They matter to investors because they show how much work a firm is actually doing and help indicate future profits, cash flow and risk exposure—like seeing how many orders a business is fulfilling, they reveal the company’s operational momentum and earning potential.

construction costs financial

"The same amount is recognized under the expense line "Construction Costs" because..."

Construction costs are the total money needed to build, expand or renovate a physical asset, covering materials, labor, equipment, permits, contractor fees and site work. For investors they matter because swings in these costs change project budgets, financing needs, expected profits and property valuations—like a home renovation that suddenly costs more and delays move-in, reducing returns or increasing the risk of the investment.

concessionaire regulatory

"include the recognition of the revenue to which the concessionaire is entitled..."

A concessionaire is an individual or company granted the right by a property owner or government to operate a specific business, service, or piece of infrastructure for a fixed period under agreed terms, like a tenant or contractor running a kiosk in a mall or a private firm managing a toll road. Investors care because concession agreements create predictable revenue streams, outline costs and risks (maintenance, performance, regulatory rules) and can affect cash flow and valuation much like a long-term lease or outsourced business unit.

AI-generated analysis. Not financial advice.

Total passenger traffic increased 1.9% YoY, driven by 11.0% increase in Colombia, while Mexico remained flat and Puerto Rico decreased 2.2%

MEXICO CITY, April 22, 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-month period ended March 31, 2026.

1Q26 Highlights¹

• Total passenger traffic increased 1.9% YoY ("YoY"). By country of operations, passenger traffic showed the following YoY variations:
  • Colombia (Airplan): increased 11.0%, reflecting increases of 7.7% and 12.1% in international and domestic traffic, respectively.
  • Mexico: remained flat (-0.1%), as a 0.4% increase in international traffic was offset by a 0.8% decrease in domestic traffic.
  • Puerto Rico (Aerostar): decreased 2.2%, as a 2.7% decrease in domestic traffic offset a 1.9% increase in international traffic.
• Commercial revenue per passenger increased 4.7% YoY to Ps.153.6.
• Consolidated EBITDA decreased 6.5% YoY to Ps.5,353.6 million.
• Adjusted EBITDA margin (excluding IFRIC 12 effect) decreased to 64.1% from 70.0% in 1Q25.
• Cash position of Ps.13,811.7 million at March 31, 2026, with Net Debt to LTM EBITDA at 0.8x.
• 1Q26 reflects the first full quarter of consolidation of ASUR US Commercial Airports, LLC ("ASUR US Airports"), ASUR's subsidiary operating the U.S. commercial segment, impacting YoY comparability.

Table 1: Financial and Operating Highlights1
	First Quarter		% Chg
	2025	2026
Financial Highlights
Total Revenue	8,787,475	8,858,050	0.8
Mexico	6,472,205	6,191,990	(4.3)
San Juan	1,321,701	1,258,992	(4.7)
Colombia	993,569	969,342	(2.4)
United States	0	437,726	n/a
Commercial Revenues per PAX	146.8	153.6	4.7
Mexico	169.4	157.3	(7.1)
San Juan	174.0	163.3	(6.2)
Colombia	64.2	61.3	(4.5)
EBITDA	5,724,836	5,353,643	(6.5)
Net Income	3,638,219	2,926,408	(19.6)
Majority Net Income	3,515,784	2,813,204	(20.0)
Earnings per Share (in pesos)	11.7193	9.3773	(20.0)
Earnings per ADS (in US$)	6.5095	5.2087	(20.0)
Capex	645,357	544,316	(15.7)
Cash & Cash Equivalents	22,681,245	13,811,729	(39.1)
Net Debt	(9,758,042)	13,528,158	(238.6)
Net Debt/ LTM EBITDA	(0.5)	0.8	(270.5)
Operational Highlights
Passenger Traffic
Mexico	10,945,137	10,937,975	(0.1)
San Juan	3,608,582	3,529,798	(2.2)
Colombia	4,046,354	4,493,218	11.0

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.18.0033 (source: Diario Oficial de la Federación de Mexico) while Colombian peso figures are calculated at an exchange rate of COP.204.5200 = Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, and Majority Net Income can be found on page 20 of this report.

For a full version of ASUR's First Quarter of 2026 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0

1Q26 Earnings Call

Day: Thursday, April 23, 2026, at 10:00 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: 13759745. Please dial-in 10 minutes before the scheduled start time.

Replay: Thursday, April 23, 2026, at 2:00 PM ET, ending at 11:59 PM ET on Thursday, April 30, 2026. Dial-in: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13759745

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.

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports across the Americas. The Company operates nine airports in southeastern Mexico, including Cancún Airport, the largest tourist gateway in Mexico, the Caribbean, and Latin America; as well as six airports in northern Colombia, including Medellin international airport (Rionegro), the second busiest in Colombia.

ASUR also holds a 60% interest in Aerostar Airport Holdings, LLC, operator of Luis Muñoz Marin International Airport in San Juan, the capital of Puerto Rico, the island's primary international gateway. San Juan Airport was the first and remains the only major airport in the U.S. to have successfully completed a public–private partnership under the FAA Pilot Program. ASUR has recently expanded into airport commercial services through ASUR US Airports, which partners with airports and airlines to deliver enhanced retail and passenger experiences. ASUR US Airports operates at major U.S. hubs, including Los Angeles International, Chicago O'Hare, and John F. Kennedy International, and has historically shown competitive performance against U.S. commercial revenue benchmarks.

Headquartered in Mexico, ASUR is listed on both the Mexican Bolsa (BMV) under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) B-series shares. For further information, visit www.asur.com.mx

Analyst Coverage

In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, BofA Merrill Lynch, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, UBS Casa de Bolsa and Vector.

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

Forward Looking Statements

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

View original content:https://www.prnewswire.com/news-releases/asur-announces-1q26-results-302750724.html

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

FAQ

What were ASR's total passenger traffic and country breakdown in 1Q26?

Total passenger traffic increased 1.9% YoY in 1Q26. According to the company, Colombia rose 11.0%, Mexico was flat at -0.1%, and Puerto Rico decreased 2.2%.

How did ASR's commercial revenue per passenger (1Q26) compare to 1Q25 for ASR?

Commercial revenue per passenger rose to Ps.153.6, a 4.7% increase YoY. According to the company, this reflects higher spend per passenger across consolidated operations.

What were ASR's EBITDA and adjusted EBITDA margin in 1Q26 and how did they change?

Consolidated EBITDA was Ps.5,353.6M, down 6.5% YoY. According to the company, adjusted EBITDA margin fell to 64.1% from 70.0% in 1Q25.

What net income and cash balances did ASR report for 1Q26 (ASR)?

ASR reported net income of Ps.2,926.4M (a 19.6% decline YoY) and cash & equivalents of Ps.13,811.7M. According to the company, these figures reflect quarter timing and consolidation effects.

How did ASR's leverage metric Net Debt/LTM EBITDA change in 1Q26 for ASR?

Net Debt/LTM EBITDA moved to 0.8x in 1Q26 from (0.5x) in 1Q25. According to the company, this reflects the addition of U.S. commercial airports and balance sheet changes.

Will ASR host an earnings call for 1Q26 and when can investors listen (ASR)?

Yes. According to the company, the 1Q26 earnings call is on April 23, 2026 at 10:00 AM ET with replay available through April 30, 2026 via supplied dial-in numbers.