ASUR Revenue Jumps 18.9% to 10,420.5 Million Pesos in Third Quarter

Key Facts

Grupo Aeroportuario del Sureste (ASUR) reported third-quarter results on October 22, posting revenue of 10,420.5 million Mexican pesos, up 18.9% year over year, according to its filing with the U.S. Securities and Exchange Commission. Excluding construction services, revenue growth was 12.6%, a measure that shows the performance of activities without construction revenue. The period covered the three months ended September 30, 2026, alongside results for the nine months ended on the same date. Part of the increase was tied to recent additions to the group's operations, including its commercial business in the United States and its acquisition in Brazil. In contrast, total passenger traffic fell, as did adjusted EBITDA margin, placing revenue expansion alongside operating pressures in the quarter's results.

Revenue from U.S. commercial operations was 456.4 million pesos during the quarter, following ASUR's acquisition of those operations in December 2025; they had no comparable contribution in the third quarter of 2025. Brazil and other markets added 676.4 million pesos in revenue excluding construction, representing one full month of operations after the acquisition closed on September 1, 2026. These operations also had no comparable contribution in the year-earlier period. An ASUR subsidiary closed the purchase of Motiva's entire stake in CPC Aeroportos for about 5.1 billion Brazilian reais, equivalent to 992.2 million dollars, after customary closing adjustments. CPC Aeroportos operates a portfolio of 20 airports in Latin America, including 17 in Brazil and one each in Ecuador, Costa Rica and Curaçao. As a result, one month of Brazilian operations was reflected in the quarter's results, while the year-over-year comparison contains no comparable contribution from those assets.

Total passenger traffic fell 1.2% year over year, with trends varying across the group's markets. Traffic declined 4.6% in Mexico and 3.2% in Puerto Rico, while rising 5.2% in Colombia and 1.4% in Brazil and other markets on a like-for-like basis. Company data attributed the decline in Mexico to an 11.8% drop in international passenger traffic, partly offset by a 1.6% increase in domestic traffic. In Colombia, domestic traffic rose 6.5% and international traffic 1.0%. The figures show that growth in Colombia, Brazil and other markets offset declines in Mexico and Puerto Rico, but the quarterly total remained negative.

Commercial revenue per passenger was 130.5 pesos, up 3.5% from the year-earlier quarter, according to the filing. But the measure fell 10.4% in Mexico to 129.1 pesos per passenger, compared with 144.2 pesos in the third quarter of 2025. In Colombia, commercial revenue per passenger rose 10.3% to 65.2 pesos. These moves highlight differences among markets in commercial revenue per passenger, alongside differing passenger traffic trends. At the group level, improved commercial revenue per passenger coincided with a decline in total passenger traffic during the quarter.

Third-quarter 2026 EBITDA was about 4,719,290 thousand Mexican pesos, compared with 4,639,368 thousand pesos in the third quarter of 2025, while revenue rose from 8,765,450 thousand pesos to 10,420,538 thousand pesos. At the same time, adjusted EBITDA margin, excluding the impact of IFRIC 12, fell to 60.3% from 66.7% a year earlier. The comparison shows that higher revenue and nominal EBITDA were accompanied by a decline in the adjusted margin. On the balance sheet, cash and cash equivalents totaled 20,091.8 million pesos, and net debt to last-twelve-month EBITDA was 2.6 times. The disclosure of these figures came as the CPC Aeroportos deal was completed, which the filing said was financed with a bridge loan.

ASUR holds concessions to operate 36 airports in the Americas, alongside a commercial services platform in the United States, according to its description in the results filing. The CPC Aeroportos deal expands the group's presence in Brazil through the airport portfolio operated by the company, while U.S. operations added a commercial contribution to quarterly results. The company held its third-quarter results call on October 23, 2026, at 10:00 a.m. Eastern Time, or 8:00 a.m. Mexico City time. The call followed the results announcement the previous day. The reported results covered the periods ended September 30, for both the third quarter and the first nine months of 2026.