ASUR ANNOUNCES 4Q25 RESULTS

Rhea-AI Summary

Grupo Aeroportuario del Sureste (NYSE: ASR) reported 4Q25 results with total revenue of Ps.10,969.1 million, a 21.6% increase year‑over‑year, and consolidated EBITDA of Ps.4,867.1 million, down 4.8% YoY. Adjusted EBITDA margin fell to 66.4% from 69.7% in 4Q24.

Passenger traffic rose 0.9% YoY overall: Colombia +5.7%, Mexico +0.1%, and Puerto Rico −3.1%. Cash was Ps.11,116.3 million at year‑end and Net Debt moved to Ps.16,370.2 million, with Net Debt/LTM Adjusted EBITDA at 0.8x. On Dec 11, 2025, ASR completed a US airport retail concessions acquisition that added Ps.133.1 million revenue and Ps.86.1 million EBITDA.

Positive

• Total revenue +21.6% YoY to Ps.10,969.1 million
• Colombia passenger traffic +5.7% YoY
• Commercial revenue per passenger +1.1% to Ps.131.7
• Acquisition of US airport retail concessions added Ps.133.1M revenue and Ps.86.1M EBITDA

Negative

• Majority net income −20.5% YoY (Earnings per share down 20.5%)
• Adjusted EBITDA margin down 330 bps to 66.4% from 69.7%
• Cash balance −44.6% YoY to Ps.11,116.3 million; Net Debt increased to Ps.16,370.2 million
• Capex +54.0% YoY to Ps.3,899.3 million, increasing cash outflow

News Market Reaction – ASR

+3.14%

4 alerts

+3.14% News Effect

+7.7% Peak Tracked

+$342M Valuation Impact

$11.23B Market Cap

0.2x Rel. Volume

On the day this news was published, ASR gained 3.14%, reflecting a moderate positive market reaction. Argus tracked a peak move of +7.7% during that session. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $342M to the company's valuation, bringing the market cap to $11.23B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total Revenue 4Q25: Ps.10,969,074; +21.6% YoY EBITDA 4Q25: Ps.4,867,127; -4.8% YoY Net Income 4Q25: Ps.2,804,945; -21.9% YoY +5 more

8 metrics

Total Revenue 4Q25 Ps.10,969,074; +21.6% YoY Fourth quarter 2025 vs 4Q24

EBITDA 4Q25 Ps.4,867,127; -4.8% YoY Fourth quarter 2025 vs 4Q24

Net Income 4Q25 Ps.2,804,945; -21.9% YoY Fourth quarter 2025 vs 4Q24

Earnings per ADS US$5.0251; -20.5% YoY Fourth quarter 2025 vs 4Q24

Adjusted EBITDA Margin 66.4% vs 69.7% in 4Q24 Excluding IFRIC 12 effect

Capex 4Q25 Ps.3,899,344; +54.0% YoY Fourth quarter 2025 vs 4Q24

Cash & Equivalents Ps.11,116,335; -44.6% YoY As of December 31, 2025 vs 2024

Passenger Traffic 4Q25 +0.9% YoY Total passenger traffic vs 4Q24

Market Reality Check

Price: $359.55 Vol: Volume 67,437 is effectiv...

normal vol

$359.55 Last Close

Volume Volume 67,437 is effectively in line with the 20-day average of 67,372, suggesting no unusual trading activity around the release. normal

Technical Shares at 358.53 are trading above the 200-day moving average of 322.91, despite a -4.59% move ahead of this report.

Peers on Argus

ASR fell 4.59% while close peer PAC also declined (-3.52%), but other related na...

ASR fell 4.59% while close peer PAC also declined (-3.52%), but other related names like CAAP, ARMK, and UHAL showed gains. Mixed peer moves indicate the reaction skewed toward company-specific earnings factors rather than a broad sector shift.

Historical Context

5 past events · Latest: Feb 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 09	Traffic update	Positive	+0.5%	Reported January 2026 passenger traffic up 3.6% year over year.
Jan 26	Shareholder resolutions	Positive	+2.2%	Approved authority for acquisitions and debt financing flexibility.
Jan 06	Traffic update	Positive	+1.6%	December 2025 traffic rose 0.4% with 0.3% full-year growth.
Dec 11	Acquisition	Positive	-0.4%	Announced $295 million URW Airports acquisition expanding U.S. footprint.
Dec 08	Traffic update	Positive	+0.8%	November 2025 traffic increased 1.5% with solid Colombian growth.

Pattern Detected

Recent history shows ASR generally trading higher on incremental traffic gains and strategic news, with one notable divergence on an acquisition announcement.

Recent Company History

Over the last several months, ASR has reported modest passenger growth, with traffic updates in November 2025, December 2025, and January 2026 all showing low-single-digit increases and typically modest positive price reactions. A December 2025 acquisition of URW Airports for $295 million saw a slight negative move, indicating some market caution on expansion. Governance actions at the January 26, 2026 shareholders’ meeting were received positively. Today’s 4Q25 results combine revenue growth with weaker profitability, contrasting with prior mostly traffic-focused updates.

Market Pulse Summary

This announcement highlights a mixed 4Q25, with total revenue up 21.6% but EBITDA down 4.8% and net ...

Analysis

This announcement highlights a mixed 4Q25, with total revenue up 21.6% but EBITDA down 4.8% and net income lower by 21.9%. Passenger traffic grew only 0.9%, with strength in Colombia offsetting declines in Puerto Rico. Cash fell to Ps.11,116,335 as capex increased 54.0%. Investors may monitor profitability trends, cash generation, and the contribution from new U.S. retail concessions as key indicators in upcoming quarters.

Key Terms

ifric 12, ebitda, adjusted ebitda margin, majority net income, +4 more

8 terms

ifric 12 regulatory

"Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required..."

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, profit sharing..."

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 excluding construction services..."

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.

majority net income financial

"Majority Net Income reflects ASUR's equity interests in each of its subsidiaries..."

Majority net income is the portion of a company’s profit that belongs to the controlling owners or parent company after subtracting any share of profits that belong to minority or outside investors. Think of a whole profit as a pie: majority net income is the slices owed to the principal owners rather than smaller partners. Investors use it to assess the earnings that drive shareholder value, per-share income and corporate profitability from the perspective of the main owners.

ads financial

"Earnings per ADS (in US$) | 6.3229 | 5.0251 | (20.5)"

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.

ltm financial

"Cash position of Ps.11,116.3 million at December 31, 2025, with Debt to LTM Adjusted EBITDA at 0.8x."

Last twelve months (LTM) is a way of measuring a company's financial performance using the most recent 12 months of results rather than a fixed calendar or fiscal year. Investors use LTM to see the company's current trend — like looking at the last 12 months on a rolling odometer — which helps compare firms with different reporting cycles and spot recent improvements or declines in revenue, profit, or cash flow.

construction revenues financial

"ASUR is required by IFRIC 12 to include in its income statement an income line, "Construction Revenues,"..."

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 ASUR hires third parties..."

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.

AI-generated analysis. Not financial advice.

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 Highlights¹

• 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 Highlights1
	Fourth Quarter		% Chg.
	2024	2025
Financial Highlights
Total Revenue	9,020,577	10,969,074	21.6
Mexico	6,707,511	8,582,210	27.9
San Juan	1,384,247	1,423,049	2.8
Colombia	928,819	963,815	3.8
Commercial Revenues per PAX	130.2	131.7	1.1
Mexico	158.5	159.0	0.3
San Juan	153.9	159.4	3.6
Colombia	50.4	56.4	12.0
EBITDA	5,111,286	4,867,127	(4.8)
Net Income	3,589,717	2,804,945	(21.9)
Majority Net Income	3,414,581	2,713,713	(20.5)
Earnings per Share (in pesos)	11.3819	9.0457	(20.5)
Earnings per ADS (in US$)	6.3229	5.0251	(20.5)
Capex	2,532,698	3,899,344	54.0
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)
Operational Highlights
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

¹Unless 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.

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 southeast of 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, which partners with airports and airlines to deliver enhanced retail and passenger experiences. ASUR 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-4q25-results-302696234.html

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

FAQ

What were ASR (ASR) 4Q25 revenues and how did they compare to 4Q24?

ASR reported 4Q25 total revenue of Ps.10,969.1 million, up 21.6% year‑over‑year. According to the company, revenue growth was driven by stronger Mexico commercial activity and newly acquired US retail concessions contribution.

Why did ASR's net income decline in 4Q25 for ASR (ASR)?

Net income fell due to higher costs and one‑time effects, resulting in 4Q25 net income of Ps.2,804.9 million, down 21.9% YoY. According to the company, margin compression and increased depreciation and financing costs weighed on results.

What is ASR's debt position and leverage after 4Q25 results for ASR (ASR)?

ASR reported Net Debt of Ps.16,370.2 million and Net Debt/LTM Adjusted EBITDA of 0.8x at Dec 31, 2025. According to the company, liquidity remained solid with Ps.11,116.3 million in cash on the balance sheet.

What did ASR acquire on December 11, 2025 and what was its 4Q25 contribution?

ASR completed acquisition of US airport retail concessions at key terminals on Dec 11, 2025. According to the company, those operations contributed Ps.133.1 million revenue and Ps.86.1 million EBITDA from acquisition date to Dec 31, 2025.

How did passenger traffic perform by country for ASR in 4Q25 (ASR)?

Total passenger traffic rose 0.9% YoY; Mexico +0.1%, Colombia +5.7%, Puerto Rico −3.1%. According to the company, Colombia growth reflected stronger international and domestic demand, while Puerto Rico showed lower domestic traffic.