Grupo Aeroportuario del Sureste (ASURB) Q1 2026 earnings summary

Executive summary

• First quarter 2026 marked a transition period with stabilizing traffic in Mexico, Puerto Rico entering maturity, and Colombia showing strong growth momentum; total passenger traffic rose 1.9% year-on-year to nearly 19 million, with Colombia up 11%, Mexico stable, and Puerto Rico down 2.2%.

• Consolidated revenues increased 0.8% year-on-year to Ps.8,858.1 million, with non-aeronautical revenues up 8.6% and aeronautical revenues down 1.5%.

• Integration of U.S. airports completed, contributing to non-aeronautical revenues; Motiva transaction pending regulatory approval, expected to close in Q2.

• EBITDA margin declined to 64.1% from 70.0% year-on-year, with consolidated EBITDA at Ps.5,353.6 million, down 6.5%.

• Net income fell 19.6% year-on-year to Ps.2,926.4 million, mainly due to higher depreciation, amortization, and interest expenses.

Financial highlights

• Total revenues rose 0.8% year-on-year to Ps.8,858.1 million, driven by an 8.6% increase in non-aeronautical revenues and a 4.7% rise in commercial revenues per passenger to Ps.153.6.

• Aeronautical revenues declined slightly due to FX impacts and lower Puerto Rico traffic.

• Operating expenses (excluding construction) rose 19.2% year-on-year, mainly due to higher personnel, professional fees, and depreciation.

• US segment reported Ps.437.7 million in non-aeronautical revenues, with negative EBITDA of Ps.50.5 million in its first quarter.

• Net income dropped 19.6% year-on-year to Ps.2,926.4 million, with majority net income at Ps.2,813.2 million.

Outlook and guidance

• Expect continued mixed traffic trends and difficult operating conditions, including higher fuel prices, capacity reductions, FX volatility, and cost pressures.

• U.S. commercial operations expected to ramp up with new terminal openings at JFK; Motiva transaction to expand footprint and diversify revenue.

• Focus remains on expanding commercial business, improving passenger volumes, and maintaining world-class service.

• No significant synergies expected from Motiva, but business is operating well and will balance the portfolio.