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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ASR

ASR fundamentals

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