ASUR Revenue Rises 18.9% to 10,420.5 Million Pesos Despite Decline in Passenger Traffic
Key Facts
On October 22, ASUR reported results for the periods ended September 30, 2026, with third-quarter revenue up 18.9% year over year to 10,420.5 million pesos. Revenue growth was 12.6% excluding construction services, showing that the expansion in activity included revenue beyond those services. This came as total passenger traffic fell 1.2% compared with the same period a year earlier. The company attributed the increase in the cost of services to a range of operating expenses, rather than a single factor. The results show a divergence between revenue growth and margin pressure, as passenger traffic varied across the company's markets.
The cost of services was 39.6% higher than a year earlier, an increase of 596.9 million pesos. ASUR said the increase was linked to personnel, security, cleaning, professional fees and insurance costs, as well as airport authority lease payments and allowances for doubtful accounts. This breakdown includes several items, so the company does not attribute cost pressure to a single cause. Comparing revenue with the cost of services alone also does not explain the full movement in profitability, as the results include construction services and other expenses. Cost growth was one of the factors cited in the quarterly report, alongside declining traffic in some markets.
At the operating level, passenger traffic fell 4.6% in Mexico and 3.2% in Puerto Rico, while it rose 5.2% in Colombia and 1.4% in Brazil and other markets. Traffic growth in Colombia, Brazil and other markets partly offset the declines in Mexico and Puerto Rico, but did not prevent a 1.2% drop in the total. Commercial revenue per passenger diverged from the overall traffic trend, rising 3.5% to 130.5 pesos. In Mexico, this metric fell 10.4% to 129.1 pesos, showing that the group's growth in commercial revenue per passenger did not extend to the Mexican market. These differences put revenue results in the context of the market mix and trends in commercial spending per passenger.
Consolidated EBITDA rose 1.7% to 4,719.3 million pesos, while adjusted EBITDA margin, excluding the effect of IFRIC 12, fell to 60.3% from 66.7% in the third quarter of 2025. The figures show limited EBITDA growth alongside a decline in adjusted margin, despite higher revenue. The results did not provide a single explanation for the decline; the picture includes lower passenger traffic in Mexico and Puerto Rico and higher costs of services, as well as differing performance across markets. Net income rose 4.4% to 2,307.9 million pesos, and earnings per share increased 2.1% to 7.1960 pesos. Net income and earnings per share therefore rose during the quarter, alongside a narrowing in adjusted margin.
ASUR is scheduled to hold its third-quarter earnings call on Friday, October 23, 2026, at 10:00 a.m. Eastern Time, corresponding to 8:00 a.m. Mexico City time. The call follows the results announcement on October 22 and is the next scheduled opportunity on the company's calendar to discuss the period's performance. The published results include revenue, passenger traffic, profitability and cost-of-services metrics, as well as differing performance across the group's markets. The announcement did not specify another date in the information available here. The call gives the company an opportunity to present the quarter's results to investors at the announced time.