Grupo Aeroportuario del Sureste (ASURB) Q2 2026 earnings summary

Executive summary

• Strategic initiatives include geographic diversification, commercial revenue growth, operational efficiency, Motiva acquisition, and U.S. airport expansion.

• Proposal to internalize technical assistance services via merger, issuing 7.3 million new shares to ITA shareholders.

• Extraordinary cash dividends of MXN 10 per share each proposed for late 2026, reflecting strong cash generation and capital discipline.

• Consolidated revenues rose 9.9% YoY to Ps.9,579.0 million, driven by construction services and US operations; EBITDA decreased 8.7% YoY to Ps.4,589.9 million, with margin compression.

• Net income increased 7% YoY to MXN 2.3 billion, aided by lower FX loss and tax expenses.

Financial highlights

• Revenues stable at MXN 7.4 billion to Ps.9,579.0 million; non-aeronautical revenues up nearly 10%, driven by US and Colombia, while aeronautical revenues declined mid-single digit.

• Commercial revenues per passenger rose 13% to MXN 153, mainly from US operations.

• Adjusted EBITDA margin fell to 62%–64.1% due to lower Mexico and Puerto Rico revenues and lower-margin US business.

• Cash and equivalents at MXN 12 billion; Net Debt/EBITDA at 0.9x.

• Earnings per share rose 7.1% YoY to Ps.7.6547.

Outlook and guidance

• Motiva acquisition expected to close in third quarter, pending regulatory approval in Brazil.

• Recovery in traffic anticipated for winter season, with more seats expected than last year.

• Terminal 1 at Cancun to open in Q4 2026; JFK Terminal 1 opening delayed to Q1 2027.

• Maximum tariff compliance in Mexico targeted at 99% for the year.

• Board proposed internalizing technical assistance and technology transfer services via merger.