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- **Strategic U.S. Expansion**: $295M URW Airports acquisition to enter 3 major U.S. airports, targeting 14M annual passengers.
- **Mixed Traffic Growth**: Colombia (+3%), Puerto Rico (+1%) offset Mexico decline (-1%), with Canada (+9.3%) and Europe (+1.3%) outperforming.
- **Financial Resilience**: Revenue +mid-single digits to MXN 7.0B, despite EBITDA -1% to MXN 4.6B due to FX losses and cost pressures.
- **Mexico Challenges**: Pratt & Whitney engine issues causing domestic weakness, Cancun-Tulum region traffic down 3.1% YoY.
- **Balance Sheet Strength**: Cash MXN 16.0B, net debt/EBITDA 0.2x, with dividend discipline maintained.

**【CEO Opening Remarks】**
- Announced the acquisition of URW Airports for $295 million, providing a foothold in 3 major U.S. airports (LAX, JFK, O'Hare) with 14M annual enplanements. Expected to close in H2 2025, subject to regulatory approvals.
- Highlighted ASUR's international expansion strategy, building on its U.S. presence starting with Puerto Rico in 2030.

**【Q3 2025 Operational Performance】**
- Total passengers: 17M (flat YoY). Colombia +3% (5M), Puerto Rico +1% (3M), Mexico -1% (10M).
- Mexico traffic decline driven by domestic (-2%) and international (-0.3%) weakness, partially offset by +9.3% Canada and +1.3% Europe growth.
- Colombia international traffic +11%, Puerto Rico international +12%.

**【Financial Results】**
- Total revenue: MXN 7.0B (+mid-single digits). Mexico (-low single digits), Puerto Rico (+high single digits), Colombia (+high single digits).
- EBITDA: MXN 4.6B (-1% YoY). Mexico EBITDA -4%, Puerto Rico +5%, Colombia +10%.
- EBITDA margin: 66.7% (-157bps YoY). Colombia margin +81bps, others -150bps.
- FX loss: MXN 1.0B (due to MXN depreciation vs USD). Colombia saw MXN 333M one-time amortization adjustment.
- Cash: MXN 16.0B (down 19% YoY due to dividends). Net debt/EBITDA: 0.2x.

**【Q&A Highlights】**
- **URW Synergies**: U.S. market represents 22% of global aviation. URW terminals will serve as platform for future U.S. growth.
- **Colombia Amortization**: Changed method to align with 2027 end of regulated revenue period. Adjustment is ongoing, not one-off.
- **Mexico Traffic**: Pratt & Whitney engine issues causing weakness. Cancun-Tulum region traffic down 3.1% YoY.
- **Cancun Expansion**: New terminal expected to open Q3 2026 as planned.
- **Tariffs**: Maximum tariff compliance >99%, no acceleration expected despite traffic decline.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Q3 2025 Earnings Call Transcript

- **Traffic Resilience**: Colombia (+12% intl) and Puerto Rico (+3%) offset Mexico's -2% traffic, with Tulum causing 38% of intl decline.
- **Financial Strength**: 5% revenue growth to MXN 7.4B, 2% EBITDA rise to MXN 5B, despite MXN 1.2B FX loss.
- **Growth Drivers**: Cancun Terminal 1 reconstruction and Tulum expansion targeting 2026 normalization.
- **Dividend Policy**: 2025 total dividend MXN 24B; 2026 outlook to be announced post-results.

**【CEO Summary Section】**
- **Passenger Traffic Overview**: Total passengers reached 17.7 million (flat YoY). Colombia (+1%) and Puerto Rico (+3%) offset Mexico's decline (-2%), driven by international weakness (-4.5% in Mexico). Tulum airport accounted for 38% of Mexico's intl traffic decline.
- **Regional Performance**: Puerto Rico saw high teens revenue growth; Colombia's 15.4% growth (12% intl) outperformed Mexico's 0.7% increase. Cancun's Terminal 1 reconstruction and Tulum expansion are key long-term growth drivers.
- **Traffic Outlook**: Mexico's domestic traffic stabilized due to Pratt & Whitney engine issues bottoming out. Expect gradual normalization in 2026 as Tulum reaches capacity (2.9M passengers vs. current 1.5M).

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Total revenue up 5% to MXN 7.4B; EBITDA +2% to MXN 5B. Adjusted EBITDA margin 68% (down 1% YoY) due to Mexico's 1.6% EBITDA decline. FX loss of MXN 1.2B impacted net income.
- **Balance Sheet & Dividends**: Cash position MXN 20B (up 32% YoY); paid MXN 50/share dividend + two MXN 15/share extras. Net debt-to-EBITDA 0.1x after MXN 9.5B loan drawdown.
- **CapEx**: MXN 1.4B spent on infrastructure (Cancun Terminal 1, Tulum, Puerto Rico taxiway).

**【Q&A Key Highlights】**
- **Non-Aero Revenues**: Sequential decline due to FX (peso strength) and Terminal 2 passenger mix (domestic vs. intl). Colombia and Puerto Rico offset Mexico's 3% growth.
- **FX Impact**: Aeronautical revenue hit by MXN 1.2B loss; commercial revenue affected by duty-free sales and Terminal 2 underperformance.
- **Dividend Policy**: 2025 dividend total MXN 24B; 2026 policy to be determined post-results.
- **Tulum Ramp-Up**: Expected to stop cannibalizing Cancun by 2026 when reaching 2.9M passengers (vs. 1.5M in 12 months).

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 14% YoY to MXN8.2 billion, driven by Puerto Rico (+23%) and Colombia (+38%) on weaker peso and new commercial spaces.
- **EBITDA Expansion**: +12% to MXN5.7 billion, with Puerto Rico and Colombia outperforming Mexico (+8% despite -5% traffic).
- **CapEx Ramp-Up**: MXN7 billion 2025 investments for Cancun Terminal 1 (Q3 2026) and Oaxaca upgrades, easing Terminal 2 capacity constraints.
- **Dividend Bonanza**: MXN24 billion dividend proposal, including MXN50 per share in May and two MXN15 tranches in 2025.
- **Mexico Risks**: Pratt & Whitney engine restrictions and Mexico City Airport capacity limits weigh on traffic, but ASUR expects normalization by 2026.

**【CEO Opening Remarks】**
- **Passenger Traffic Performance**: Q1 2025 total passengers reached 18.6 million, flat year-over-year. Puerto Rico (+11%) and Colombia (+6%) offset Mexico's decline (-5%) due to Easter calendar shift and Pratt & Whitney engine restrictions.
- **Revenue Growth**: Total revenue rose 14% YoY to MXN8.2 billion. Mexico (73% of revenue) grew in low single-digits, Puerto Rico (+23%) and Colombia (+38%) benefited from weaker peso and new commercial spaces.
- **EBITDA**: Consolidated EBITDA increased 12% to MXN5.7 billion. Puerto Rico (+24%) and Colombia (+30%) outperformed Mexico (+8%) despite lower traffic.
- **CapEx**: MXN645 million invested in Q1, with Terminal 1 expansion in Cancun (completion Q3 2026) and Oaxaca Terminal upgrades. 2025 CapEx expected to reach MXN7 billion.
- **Dividend Proposal**: MXN24 billion dividend in three tranches: MXN50 per share in May, MXN15 each in September and November.

**【Q&A Highlights】**
- **Commercial Revenue Drivers**: Puerto Rico and Colombia growth driven by peso depreciation (MXN16.5 to MXN20.4 YoY) and new commercial spaces. Mexico saw low single-digit growth due to passenger mix and duty-free sales.
- **CapEx Impact**: Terminal 1 expansion in Cancun will add 450,000 international passengers annually, easing Terminal 2 capacity constraints. Cost increases from new infrastructure expected post-completion.
- **Mexico City Airport**: Restriction of 43 operations/hour (vs. 52 pre-2024) limits growth. ASUR expects government to lift restrictions by Q3 2025 for World Cup readiness.
- **Tulum Airport**: Projected 2.9 million passengers in 2025, diverting 150,000/month from Cancun. ASUR anticipates traffic stabilization in Mexico by 2026 as Pratt & Whitney issues fade.
- **Sustainability & Governance**: 2024 saw 59% increase in social investment, Scope 3 emissions inventory, and proposed female Board member (36% female representation).

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: 19% YoY to MXN 7.4B, led by Colombia (+31%) and FX gains. Commercial revenue per passenger hit MXN 130.
- **Profitability Boost**: EBITDA up 23% to MXN 5B, margin 69.7% (+200bps), driven by strong regional performance.
- **Key Risks**: Mexico traffic constrained by Pratt & Whitney engine issues and Mexico City capacity limits. Tulum expected to capture 2.9M passengers in 2025.
- **Future Projects**: Terminal 1 expansion (Q2 2026) and Oaxaca/Puerto Rico upgrades to support long-term growth.
- **Dividend Outlook**: Proposal for 2025 dividends to be announced March 14.


**【CEO Operational Overview】**
- **Passenger Traffic**: Q4 2024 total passengers reached 71 million annually, with Colombia (+mid-teens) and Puerto Rico (+10%) offsetting Mexico's decline (-8%). Cancun lost 1.2M passengers to Tulum in 2024, expecting another 1.7M in 2025.
- **Revenue Performance**: Total revenue rose 19% YoY to MXN 7.4B, driven by Colombia (+31%), Mexico (+mid-teens), and FX gains. Commercial revenue per passenger hit MXN 130, up 31% in Colombia and 26% in Puerto Rico.
- **Profitability**: EBITDA increased 23% to MXN 5B, with margins improving 200bps to 69.7%. Colombia led with 61% EBITDA growth, followed by Puerto Rico (+39%).
- **Capital Expenditure**: Q4 CapEx MXN 2.5B (2024 total MXN 4.4B) for Cancun Terminal 1, Oaxaca expansion, and Puerto Rico runway upgrades. Terminal 1 completion expected Q2 2026.

**【Financial Highlights】**
- **Net Income**: Full year net income rose 33% to MXN 13.6B, boosted by MXN 2B FX gain vs. MXN 840M in 2023.
- **Cost Management**: Operating expenses up 13% YoY, driven by Mexico's 80% concession fee hike and wage increases, partially offset by technical fee reductions.

**【Q&A Key Takeaways】**
- **Traffic Outlook**: Mexico traffic constrained by Pratt & Whitney engine issues (Volaris expects 2025-2027 impact) and Mexico City capacity limits (43 ATMs/hour vs. 63 pre-2024). Puerto Rico and Colombia expected to normalize post-2025.
- **Commercial Strategy**: 45 new commercial spaces opened in 12 months, with Terminal 1 expansion to address Terminal 2 bottlenecks. No specific targets for commercial revenue per passenger.
- **Dividends & Expansion**: 2025 dividend proposal to be announced March 14. Dominican Republic project on hold; no immediate plans for international expansion beyond current pipeline.
- **Tulum Impact**: Tulum captured 75% of U.S. traffic in 2024, with 2.9M expected in 2025. Regulatory framework includes Tulum effects but no direct compensation.


Actual								2.5272	-0.0781	0.0168	0.8056	1.582	2.0624	2.9632	3.2826	3.5897	4.4065	4.2246	4.6298	4.6314	4.7556	4.9512	4.9985	6.0447	6.7105	5.7374	5.4757	5.9718	3.7962	3.8288	5.248
Forecast								1.9061	-0.4679	0.0102	0.7277	1.1586	1.8364	2.2078	2.5462	2.9948	3.4163	3.8333	4.1498	4.9253	5.0411	4.9967	5.2091	5.848	5.8154	5.2011	5.2838	5.8478	5.6391	5.1569	5.2102
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+32.58%	+83.31%	+64.71%	+10.70%	+36.54%	+12.31%	+34.22%	+28.92%	+19.86%	+28.98%	+10.21%	+11.57%	-5.97%	-5.66%	-0.91%	-4.04%	+3.36%	+15.39%	+10.31%	+3.63%	+2.12%	-32.68%	-25.75%	+0.73%

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