ASUR ANNOUNCES 2Q26 RESULTS

Rhea-AI Summary

Grupo Aeroportuario del Sureste (NYSE: ASR) reported 2Q26 results for the quarter ended June 30, 2026. Total passenger traffic fell 2.7% YoY, with declines of 5.0% in Mexico and 3.5% in Puerto Rico, partly offset by 3.6% growth in Colombia.

Total revenue rose 9.9% YoY to Ps.9,579.0 million, but was broadly flat excluding construction services (-0.3%). 2Q26 includes Ps.443.8 million from ASUR US Airports, acquired in December 2025. Commercial revenue per passenger increased 12.6% to Ps.153.0.

Consolidated EBITDA declined 8.7% YoY to Ps.4,589.9 million, and Adjusted EBITDA margin (excluding IFRIC 12) narrowed to 62.0% from 67.6%. Net income increased 5.0% to Ps.2,384.6 million, with majority net income up 7.1% and EPS at Ps.7.6547. Cash stood at Ps.11,641.4 million and net debt at Ps.15,138.3 million, for a net debt-to-LTM EBITDA ratio of 0.9x.

Positive

• Total revenue up 9.9% YoY to Ps.9,578.96 million
• Majority net income increased 7.1% YoY to Ps.2,296.41 million
• EPS grew 7.1% YoY to Ps.7.6547 per share (US$4.3818 per ADS)
• Commercial revenue per passenger rose 12.6% YoY to Ps.153.0
• ASUR US Airports contributed Ps.443.77 million revenue with no 2Q25 comparable
• Capex increased 40.3% YoY to Ps.1,950.31 million

Negative

• Total passenger traffic declined 2.7% YoY; Mexico -5.0%, San Juan -3.5%
• Consolidated EBITDA decreased 8.7% YoY to Ps.4,589.89 million
• Adjusted EBITDA margin (ex-IFRIC 12) fell to 62.0% from 67.6%
• San Juan revenue declined 9.9% YoY to Ps.1,220.26 million
• Cash & cash equivalents decreased 41.3% YoY to Ps.11,641.38 million
• Net debt rose to Ps.15,138.32 million; net debt/LTM EBITDA at 0.9x vs 0.1x

News Explained

The disclosure adds higher quarterly capital spending and clarifies how construction accounting affects revenue comparisons without changing EBITDA in Mexico and Puerto Rico.

The July 23 results release adds 2Q26 capital spending of Ps.1,950,311 thousand, up 40.3% from 2Q25, giving the completed quarter new spending detail.

Under IFRIC 12, construction-service revenue is paired with an equal construction-cost expense in Mexico and Puerto Rico; it affects reported revenue and margin there but not EBITDA, which explains why excluding construction services produces a different revenue comparison.

Market Context

ASUR's low short-interest signal provides context beyond the release. The earnings report combines h...

Analysis

ASUR's low short-interest signal provides context beyond the release. The earnings report combines higher revenue with lower EBITDA and margin, while traffic weakness remains a risk to monitor.

Key Figures

Passenger Traffic: -2.7% YoY Revenue: Ps.9,579.0 million Commercial Revenue per Passenger: Ps.153.0 +5 more

8 metrics

Passenger Traffic -2.7% YoY 2Q26 total traffic

Revenue Ps.9,579.0 million 2Q26, up 9.9% YoY

Commercial Revenue per Passenger Ps.153.0 2Q26, up 12.6% YoY

Consolidated EBITDA Ps.4,589.9 million 2Q26, down 8.7% YoY

Adjusted EBITDA Margin 62.0% 2Q26 vs. 67.6% in 2Q25

Cash and Cash Equivalents Ps.11,641.4 million As of 2Q26

Net Debt-to-LTM EBITDA 0.9x As of 2Q26

Earnings per ADS US$4.3818 2Q26, up 7.1% YoY

Historical Context

5 past events · Latest: Jul 13 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 13	Shareholder meeting	Neutral	-0.4%	Meeting called for merger, capital increase, dividends, and bylaw amendments.
Jul 06	Passenger traffic	Negative	-6.5%	June traffic declined 5.8% year over year across the network.
Jun 23	Dividend and merger	Positive	+2.1%	Board proposed two extraordinary dividends alongside technical-services internalization.
Jun 08	Passenger traffic	Negative	+0.7%	May traffic fell 1.6% overall despite Colombia growth.
May 06	Passenger traffic	Negative	+0.6%	April traffic decreased 0.7% versus the prior-year month.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Passenger-traffic declines produced mixed historical outcomes, including a -6.47% reaction on July 6 and gains following the April and May updates.

Key Terms

ebitda, adjusted ebitda margin, ifric 12, net debt-to-ltm ebitda

4 terms

ebitda financial

"Consolidated EBITDA decreased 8.7% YoY to Ps.4,589.9 million."

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.

View in glossary

adjusted ebitda margin financial

"Adjusted EBITDA Margin (excluding IFRIC 12) declined to 62.0%"

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.

ifric 12 financial

"Adjusted EBITDA Margin (excluding IFRIC 12) declined to 62.0%"

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.

net debt-to-ltm ebitda financial

"with Net Debt-to-LTM EBITDA at 0.9x."

Net debt-to-LTM EBITDA is a leverage ratio that divides a company’s net debt (total interest-bearing debt minus cash and cash equivalents) by its EBITDA for the last twelve months (LTM), where EBITDA measures operating earnings before interest, taxes, depreciation and amortization. It tells investors how many years of recent operating earnings would be needed to cover the company’s net debt, like estimating how many years of salary it would take to pay off a mortgage, and helps gauge financial risk and debt burden.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Total passenger traffic declined 2.7% YoY, reflecting declines of 5.0% in Mexico and 3.5% in Puerto Rico, partially offset by a 3.6% increase in Colombia

MEXICO CITY, July 23, 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 six-month periods ended June 30, 2026.

2Q26 Highlights¹

• Total passenger traffic decreased 2.7% year-on-Year ("YoY"):
  • Colombia: increased 3.6%, reflecting growth of 4.1% in domestic traffic and 1.8% in international traffic.
  • Mexico: decreased 5.0%, reflecting declines of 8.3% and 1.7% in international traffic and domestic traffic, respectively.
  • Puerto Rico: decreased 3.5%, reflecting declines of 3.7% in domestic traffic and 2.4% in international traffic.
• Revenues increased 9.9% year over year to Ps.9,579.0 million. Excluding construction services, revenues remained relatively flat (-0.3%).
• 2Q26 includes Ps.443.8 million revenues from ASUR US Commercial Airports, LLC ("ASUR US Airports"), acquired in December 2025, with no comparable contribution in 2Q25.
• Commercial revenue per passenger increased 12.6% YoY to Ps.153.0.
• Consolidated EBITDA decreased 8.7% YoY to Ps.4,589.9 million.
• Adjusted EBITDA Margin (excluding IFRIC 12) declined to 62.0% from 67.6% in 2Q25.
• Cash and cash equivalents totaled Ps.11,641.4 million, with Net Debt-to-LTM EBITDA at 0.9x.

Table 1: Financial and Operating Highlights1
	Second Quarter		% Chg
	2025	2026
Financial Highlights
Total Revenue	8,715,432	9,578,964	9.9
Mexico	6,454,700	6,930,559	7.4
San Juan	1,354,837	1,220,259	(9.9)
Colombia	905,895	984,375	8.7
United States	0	443,771	N/A
Commercial Revenues per PAX	135.9	153.0	12.6
Mexico	158.6	145.7	(8.1)
San Juan	165.4	167.5	1.3
Colombia	57.8	63.2	9.3
EBITDA	5,024,921	4,589,887	(8.7)
Net Income	2,270,182	2,384,562	5.0
Majority Net Income	2,144,814	2,296,406	7.1
Earnings per Share (in pesos)	7.1494	7.6547	7.1
Earnings per ADS (in US$)	4.0925	4.3818	7.1
Capex	1,390,393	1,950,311	40.3
Cash & Cash Equivalents	19,815,868	11,641,384	(41.3)
Net Debt	1,934,015	15,138,319	682.7
Net Debt/ LTM EBITDA	0.1	0.9	894.3
Operational Highlights
Passenger Traffic
Mexico	10,016,529	9,511,428	(5.0)
San Juan	3,580,600	3,455,197	(3.5)
Colombia	4,139,442	4,286,667	3.6

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 Second Quarter of 2026 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0

2Q26 Earnings Call

Day: Friday, July 24, 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: 13761602. Please dial-in 10 minutes before the scheduled start time.

Replay: Friday, July 24, 2026, at 2:00 PM ET, ending at 11:59 PM ET on Friday, July 31, 2026. Dial-in: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13761602

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, BBVA, BofA Merrill Lynch, Bradesco BBI, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, Jefferies, J.P. 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-2q26-results-302833686.html

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

FAQ

How did Grupo Aeroportuario del Sureste (ASR) perform financially in 2Q26?

ASUR reported higher revenue and earnings in 2Q26, but lower EBITDA. Total revenue rose 9.9% to Ps.9,578.96 million and net income increased 5.0% to Ps.2,384.56 million, while EBITDA declined 8.7% to Ps.4,589.89 million, according to ASUR.

What happened to passenger traffic for ASR airports in 2Q26?

Total passenger traffic at ASUR airports decreased 2.7% year over year in 2Q26. According to ASUR, Mexico traffic fell 5.0%, Puerto Rico (San Juan) declined 3.5%, while Colombia grew 3.6%, reflecting regional differences in domestic and international travel demand.

How did ASR’s EBITDA and margins change in the second quarter of 2026?

ASUR’s EBITDA decreased and margins compressed in 2Q26. Consolidated EBITDA fell 8.7% to Ps.4,589.89 million, and Adjusted EBITDA margin excluding IFRIC 12 declined to 62.0% from 67.6% in 2Q25, according to ASUR, despite higher total revenues.

What is ASR’s net debt and leverage ratio after the 2Q26 results?

ASUR ended 2Q26 with higher net debt and modest leverage. Net debt reached Ps.15,138.32 million and net debt-to-LTM EBITDA was 0.9x, up from 0.1x a year earlier, according to ASUR, while cash and cash equivalents totaled Ps.11,641.38 million.

How did ASUR US Airports impact ASR’s 2Q26 results?

ASUR US Airports added new revenue to ASUR’s 2Q26 results. According to ASUR, the U.S. commercial airports segment contributed Ps.443.77 million in revenue in the quarter, following its acquisition in December 2025, with no comparable contribution in 2Q25.

What were ASR’s earnings per share and ADS results for 2Q26?

ASUR reported higher per-share earnings in 2Q26. Earnings per share reached Ps.7.6547, up 7.1% year over year, and earnings per ADS were US$4.3818, also up 7.1%, according to ASUR, reflecting growth in majority net income despite lower EBITDA.

When is the ASR 2Q26 earnings conference call and how can investors join?

ASUR’s 2Q26 earnings call is on Friday, July 24, 2026, at 10:00 AM ET. According to ASUR, investors can dial +1 877 407 4018 (U.S. toll-free) or +1 201 689 8471 (international) using access code 13761602 to participate.