Grupo Aeroportuario del Sureste SA de CV (ASURB) Q3 2026 Earnings Report

ASUR reported strong revenue growth, completed major acquisitions, expanded and diversified its airport portfolio, advanced its U.S. commercial platform, and maintained substantial investment and shareholder distributions. However, these positives were balanced by declining passenger traffic, particularly in Mexico and Puerto Rico, a cautious winter outlook, a 7.4 percentage-point decline in adjusted EBITDA margin, higher leverage, and expected near-term cost pressures. The call conveyed a balanced outlook with meaningful strategic progress but continued operating challenges.

For next year, 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 our U.S. commercial operation, MXN 230 million in Colombia, and MXN 213 million in Curaçao, for a total of MXN 11 billion, funded with resources generated by the operation of the region, except for Puerto Rico; the company does not expect any more leverage next year. The expanded Terminal 1 at Cancún is expected to open toward the end of the first quarter next year, Terminal 4 is expected to be operational at year-end 2028, additional solar panels are expected to become operational in 2027 and could generate an additional 8 million kilowatt hours of renewable energy annually, and the U.S. margin will increase from 11% as Terminal 1 and a new space at Chicago O'Hare begin operations. Tulum is expected to reach 700,000 passengers this year and be around 700,000, 800,000 passengers next year; Brazil CapEx next year is almost the same as 2028, is going to be almost the same as 2027, and then it reduces.