EarningsQ3 2026 Earnings Report
DE:AEDA Q3 2026 EPS Results
Actual EPS€3.43
Consensus EPS€3.91
Beat/MissMissed by -€0.48
One Year Ago EPS€3.42
DE:AEDA Q3 2026 Revenue Results
Actual Revenue€538.67M
Expected Revenue€470.46M
Beat/MissBeat by +€68.21M
YoY Revenue Growth+28.27%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeAfter Close
Conference CallThursday, October 22, 2026
DE:AEDA Upcoming Earnings
Grupo Aeroportuario del Sureste's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:AEDA Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Q3 2026
Earnings Call Date:Oct 22, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call was broadly constructive, with ASUR highlighting major portfolio diversification, strong revenue growth, increased consolidated EBITDA, new commercial opportunities, renewable energy progress, debt refinancing, and a large investment program. However, the company continues to face meaningful challenges from weaker Mexican and Puerto Rican traffic, a cautious international winter outlook, lower adjusted margins, higher leverage following acquisitions, and upcoming operating cost pressures in Mexico.Company Guidance
CPC Aeroportos Acquisition Expanded ASUR’s Portfolio
ASUR completed the acquisition of CPC Aeroportos from Motiva on September 1, adding 20 airports, including 17 in Brazil and one each in Ecuador, Costa Rica, and Curaçao. The final purchase price was BRL 5.5 billion, or approximately $992 million, after customary closing adjustments.
Greater Geographic Scale and Diversification
ASUR now operates 36 airports across seven countries, complemented by commercial operations at three major U.S. airports. The combined airport portfolio served approximately 120 million passengers in 2025 on a pro forma basis, up from 70 million reported last year. Management said the broader portfolio reduces dependence on one market.
U.S. Commercial Platform Expansion
ASUR is building a non-regulated, dollar-denominated commercial platform at JFK, LAX, and Chicago O'Hare. The new Terminal 1 is expected to open toward the end of the first quarter next year, while additional commercial spaces at LAX are being developed for the 2028 Olympic Games.
Cancún Terminal Expansion Program
The remodeled and expanded Terminal 1 at Cancún is expected to be completed during the fourth quarter, with operations targeted to begin in the first quarter. It is intended to redistribute passenger flows, relieve pressure on Terminal 2, add commercial capabilities, and improve passenger experience. Terminal 4 is expected to become operational at year-end 2028 and will provide 12 additional boarding gates, in addition to four added during 2027 and three more associated with Terminal 1 expansion and related infrastructure.
Shareholder Returns Maintained
ASUR announced two extraordinary dividends of MXN 10 each, payable on November 30 and December 23 this year.
Renewable Energy Progress
During the quarter, ASUR began procuring clean energy from a third-party supplier in Mexico, purchasing 13.1 million kilowatt hours, representing more than 40% of electricity consumption at its Mexican airports. Additional solar panels in parking facilities are expected to become operational in 2027 and could generate 8 million kilowatt hours of renewable energy annually. Airports Council International awarded ASUR Green Airport Recognition for its digital renewable energy management system project.
Revenue Growth
Revenues increased nearly 13% to MXN 7.8 billion. Non-aeronautical revenues grew just under 27%, including MXN 456 million from U.S. operations, MXN 362 million from the first month of Brazil and Others consolidation, and 16% growth in Colombia. Aeronautical revenues increased 5% to MXN 4.8 billion, including MXN 315 million from Brazil and Others.
Commercial Revenue per Passenger Increased
Commercial revenue per passenger increased 3.5% to MXN 130.5, mainly reflecting the contribution of U.S. commercial operations. Puerto Rico reported MXN 163.3, up 2%, while Colombia delivered double-digit growth to MXN 65.2.
Commercial Footprint Expanded
ASUR opened 39 new commercial spaces over the past 12 months across Mexico, Puerto Rico, and Colombia: 31 in Colombia, seven in Puerto Rico, and one in Mexico.
Consolidated EBITDA Increased
Consolidated EBITDA increased 1.7% to MXN 4.7 billion. Brazil and Others contributed MXN 313 million in September, U.S. commercial operations added MXN 49 million, Puerto Rico EBITDA increased 7% due to lower operating costs, and Colombia EBITDA increased nearly 2%.
Colombia and Brazil and Others Traffic Growth
Colombia traffic increased just over 5%, reflecting growth in both domestic and international traffic, better connectivity, and healthy demand. Brazil and Others increased just over 1% as low single-digit growth in Brazil and Ecuador more than offset low single-digit declines in Costa Rica and Curaçao, adding nearly 4 million passengers in September.
September Traffic Improvement
Total traffic increased just over 3% in September after declines in July and August. Management also said the improvement in Puerto Rico was encouraging and that Colombia continued to grow.
Debt Refinancing Extended Maturities
Cancún Airport placed $1.8 billion of senior notes in two tranches, with $900 million due in 2031 and $900 million due in 2036. The notes carry investment grade ratings from S&P and Fitch. Proceeds were used to repay bridge facilities for the U.S. and CPC acquisitions, repay the remaining Santander loan, and partially prepay the BBVA loan, extending debt maturities by seven years on average.
Internalization of Technical Assistance Capabilities
Shareholders approved bringing the technical assistance and technology transfer service provided by ITA in-house. Once completed, the merger will bring the capabilities and personnel directly into ASUR, simplify the structure, and eliminate the recurring external technical assistance fee, which was approximately MXN 401 million in 2025. Management said this creates an opportunity for increased EBITDA.
Large Investment Program Planned
Capital expenditures totaled MXN 2.7 billion during the quarter, with the majority directed to Mexico. ASUR expects to invest close to MXN 6 billion in Mexico, MXN 1.8 billion in Costa Rica, MXN 1.7 billion in Puerto Rico, MXN 1.5 billion in Brazil, MXN 414 million in U.S. commercial operations, MXN 230 million in Colombia, and MXN 213 million in Curaçao next year, for a stated total of MXN 11 billion. Management expects these investments to be funded by regional operating resources, except for Puerto Rico.
Brazil Infrastructure Projects Progressing
Planned projects include construction of a second runway at Curitiba Airport targeted for completion in 2029, runway refurbishments at Belo Horizonte, Goiânia, Teresina, and São Luís targeted for completion in 2027, and the first phase of the San José Airport terminal expansion targeted for completion in 2027. The company also plans a hangar relocation to enable the second phase of the San José terminal expansion in 2028.
No Additional Leverage Expected Next Year
Management said the MXN 11 billion of planned capital expenditures should be funded by cash flow generation in each region and that ASUR does not expect any more leverage next year.
Brazil Leadership and Integration Opportunities
ASUR appointed José Formoso as CEO of Brazil, citing his experience managing concessions, more than 20 years in Brazil, and a successful record of making changes in the country. Management said it is focused on commercial revenue opportunities and operational efficiencies in some airports.
Focus on Consolidating Recent Acquisitions
Management said ASUR is currently focused on consolidating the U.S. operations and the 20 airports acquired from CPC rather than pursuing additional portfolio expansion at this time.
DE:AEDA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed