Release Date: July 24, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Grupo Aeroportuario del Sureste SAB de CV ASR is expanding into attractive markets, diversifying its geographic and revenue mix, and increasing exposure to commercial revenues.
- The company plans to internalize technical assistance services, which will eliminate recurring external fees and retain future economic benefits within the company.
- ASUR's strong financial position allows for extraordinary cash dividends, reflecting solid cash generation and disciplined capital allocation.
- ASUR US provides direct exposure to non-regulated dollar-denominated commercial revenues at major US airports, with ongoing commercial transformations at JFK and LAX.
- The company maintains a strong balance sheet with a net debt-to-EBITDA ratio of 0.9, providing flexibility for capital programs and strategic growth initiatives.
Negative Points
- Total passenger traffic declined 2.7% year-over-year, with significant declines in Mexico and Puerto Rico.
- Aeronautical revenues contracted due to softer traffic in Mexico and Puerto Rico and the stronger Mexican peso affecting international operations.
- Consolidated EBITDA decreased nearly 9%, with declines in Mexico and Puerto Rico, and the US commercial business operating at a lower margin.
- Administrative expenses in Mexico remain elevated, driven by increased labor costs and medical insurance expenses.
- The operating environment remains challenging, particularly in Mexico, with issues such as jet fuel price increases and airline bankruptcies affecting traffic.
Q & A Highlights
Q: We saw softer implicit tariff in your aeronautical revenues. Can you comment on your maximum tariff compliance and expectations for the year given today's FX? Also, how do you see costs evolving, especially with the internalization and Motiva acquisition?
A: We are experiencing pressure on the maximum tariff due to changes in passenger mix, particularly the decrease in US traffic. Our goal remains 99% compliance by year-end. Regarding costs, we had one-time expenses related to Motiva and the US, including legal fees for internalization, which won't recur in the future. The main issue this quarter was revenue loss due to decreased passenger numbers at Cancun and Puerto Rico airports.
Q: Regarding Motiva's airports, what is the status of regulatory approvals, and are there any expected synergies from the transaction?
A: The delay is primarily in Brazil, but we expect to complete the acquisition in the third quarter. We do not anticipate significant synergies from the transaction and have no plans for partial divestment of these assets at this time.
Q: Administrative expenses in Mexico have increased significantly. Is this the new normal, and what is driving these costs?
A: The increase is due to higher minimum wages and a significant rise in medical insurance costs following a tax reform by the Mexican government.
Q: Can you explain the weakness in Cancun traffic and your expectations for growth?
A: The decline is due to several factors, including a 42% increase in jet fuel prices, Spirit Airlines' bankruptcy, and high levels of sargassum. We expect recovery by the end of the summer season, with improved seat availability by November and December.
Q: What is the expected EBITDA margin for ASUR US once IFRS 16 effects normalize, and is ASUR US considered a platform for future US expansions?
A: The current EBITDA margin for ASUR US is around 9%, which is lower than our other regions. We expect this margin to increase but not to match Mexico's levels. ASUR US is indeed intended as a platform for future expansion in the United States.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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