ASUR ANNOUNCES 1Q25 RESULTS

Rhea-AI Summary

Grupo Aeroportuario del Sureste (ASR) reported mixed Q1 2025 results with overall passenger traffic increasing 0.2% YoY. While Mexico saw a 4.8% decrease, Puerto Rico and Colombia showed growth of 10.6% and 6.4% respectively.

Financial highlights include:

• Revenue increased 18.2% YoY to Ps.8,787.5 million
• Commercial revenue per passenger up 17.5% to Ps.146.8
• EBITDA grew 11.7% to Ps.5,724.8 million
• Net income rose 14.2% to Ps.3,638.2 million
• Strong cash position of Ps.22,681.2 million
• Negative Debt to LTM Adjusted EBITDA ratio of 0.5x

The company's Adjusted EBITDA margin declined slightly to 70.0% from 71.4% in Q1 2024.

Positive

• Revenue growth of 18.2% YoY to Ps.8,787.5 million
• Commercial revenue per passenger increased 17.5% YoY
• Net income improved 14.2% to Ps.3,638.2 million
• Strong cash position of Ps.22,681.2 million with negative debt ratio
• Solid passenger traffic growth in Puerto Rico (10.6%) and Colombia (6.4%)

Negative

• Mexican passenger traffic declined 4.8% YoY
• Adjusted EBITDA margin decreased to 70.0% from 71.4%
• International traffic in Mexico dropped 7.5%

Insights

Financial Analyst

ASUR delivered 14% earnings growth despite mixed traffic, with strong commercial metrics and exceptional balance sheet strength.

ASUR's Q1 2025 results demonstrate the company's resilience and operational excellence despite regional passenger traffic variations. While overall traffic increased marginally by 0.2%, there's a significant regional divergence: Mexico decreased 4.8% (with international traffic down 7.5%), while Puerto Rico and Colombia posted robust growth of 10.6% and 6.4% respectively.

What's particularly impressive is ASUR's ability to generate substantial financial growth despite essentially flat passenger numbers. Revenue jumped 18.2% to Ps.8,787.5 million, and even excluding construction services, increased by 13.9%. This demonstrates exceptional commercial execution, further evidenced by the 17.5% increase in commercial revenue per passenger to Ps.146.8.

The company's profitability metrics show continued strength with EBITDA rising 11.7% to Ps.5,724.8 million and net income growing 14.2% to Ps.3,638.2 million. While the adjusted EBITDA margin contracted slightly to 70.0% from 71.4%, this remains an exceptionally high margin for the airport sector.

ASUR's balance sheet is remarkably robust with Ps.22,681.2 million in cash and a negative net debt to LTM EBITDA ratio of -0.5x - indicating the company has more cash than debt. This provides substantial financial flexibility. The 253.5% increase in capital expenditure to Ps.645.4 million suggests confidence in future growth prospects.

The regional variation in commercial revenue per passenger is noteworthy, with Colombia showing the highest growth at 27.9%, followed by Puerto Rico at 22.7% and Mexico at 16.6%. This demonstrates ASUR's ability to enhance retail and service offerings across its diverse portfolio, maximizing non-aeronautical revenue streams even in regions with passenger traffic challenges.

Passenger traffic increased 10.6% in Puerto Rico and 6.4% in Colombia; and decreased 4.8% in Mexico

MEXICO CITY, April 22, 2025 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the United States, and Colombia, today announced its results for the three-month period ended March 31, 2025.

1Q25 Highlights¹

• Total passenger traffic increased 0.2% YoY ("YoY"). By country of operations, passenger traffic showed the following YoY variations:
  • Mexico: decreased 4.8%, reflecting decreases of 7.5% in international traffic and 0.7% in domestic traffic.
  • Puerto Rico (Aerostar): increased 10.6%, driven by increases of 10.6% and 9.9% in international and domestic traffic, respectively.
  • Colombia (Airplan): increased 6.4%, reflecting an increase of 15.1% and 3.9% in international and domestic traffic, respectively.
• Revenues increased 18.2% YoY to Ps.8,787.5 million. Excluding construction services, revenues increased 13.9% YoY.
• Commercial revenue per passenger increased 17.5% YoY to Ps.146.8.
• Consolidated EBITDA increased 11.7% YoY to Ps.5,724.8 million.
• Adjusted EBITDA margin (excluding IFRIC 12 effect) declined to 70.0% from 71.4% in 1Q24.
• Cash position of Ps. 22,681.2 million at March 31, 2025, with Debt to LTM Adjusted EBITDA at negative 0.5x.
• On April 10, 2025, ASUR published its 2024 Sustainability Report, filed its 2024 Annual Report in Form 20-F with the US S.E.C and the Circular Unica 2024 with the Mexican Stock Exchange and regulator.

Table 1: Financial and Operating Highlights1
	First Quarter		% Chg.
	2024	2025
Financial Highlights
Total Revenue	7,434,907	8,787,475	18.2
Mexico	5,646,112	6,472,205	14.6
San Juan	1,033,582	1,321,701	27.9
Colombia	755,213	993,569	31.6
Commercial Revenues per PAX	124.9	146.8	17.5
Mexico	145.3	169.4	16.6
San Juan	141.8	174.0	22.7
Colombia	50.2	64.2	27.9
EBITDA	5,122,940	5,724,836	11.7
Net Income	3,186,754	3,638,219	14.2
Majority Net Income	3,082,091	3,515,784	14.1
Earnings per Share (in pesos)	10.2736	11.7193	14.1
Earnings per ADS (in US$)	5.0267	5.7341	14.1
Capex	182,584	645,357	253.5
Cash & Cash Equivalents	16,822,986	22,681,245	34.8
Net Debt	(5,073,921)	(9,758,042)	92.3
Net Debt/ LTM EBITDA	(0.3)	(0.5)	66.0
Operational Highlights
Passenger Traffic
Mexico	11,496,410	10,945,137	(4.8)
San Juan	3,261,896	3,608,582	10.6
Colombia	3,804,232	4,046,354	6.4

For a full version of ASUR's First Quarter of 2025 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0"

1Q25 Earnings Call

Day: Wednesday, April 23, 2025, at 10:00 AM ET; 8:00 AM Mexico City time

Dial-in: +1 877 407 4018 (U.S. Toll-Free); +1 201 689 8471 (International)

Access Code: 13753196.  Please dial in 10 minutes before the scheduled start time.

Replay: Wednesday, April 23, 2025, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, April 30, 2025. Dial-in: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13753196

¹ Unless otherwise stated, all financial figures are unaudited and prepared in accordance with International Financial Reporting Standards (IFRS). All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. U.S. dollar figures are calculated at an exchange rate of US$1.00 = Ps.20.4380 (source: Diario Oficial de la Federación de México) while Colombian peso figures are calculated at an exchange rate of COP 203.3400 = Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, and Majority Net Income can be found on page 17 of this report.

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, "Construction Revenues," reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, "Construction Revenues" include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while "Construction Costs" represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets. 

Majority Net Income reflects ASUR's equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan's Airport is the island's primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

Analyst Coverage
In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, BofA Merrill Lynch, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, UBS Casa de Bolsa and Vector.

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

Forward Looking Statements

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

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SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.

FAQ

What were ASR's key financial metrics for Q1 2025?

ASR reported revenue of Ps.8,787.5 million (+18.2% YoY), EBITDA of Ps.5,724.8 million (+11.7%), and net income of Ps.3,638.2 million (+14.2%).

How did ASR's passenger traffic perform across different regions in Q1 2025?

Total traffic increased 0.2% YoY, with Mexico declining 4.8%, Puerto Rico growing 10.6%, and Colombia rising 6.4%.

What is ASR's current debt position as of Q1 2025?

ASR maintains a strong financial position with Ps.22,681.2 million in cash and a negative Debt to LTM Adjusted EBITDA ratio of 0.5x.

How did ASR's commercial revenue per passenger perform in Q1 2025?

Commercial revenue per passenger increased 17.5% YoY to Ps.146.8, with growth across all regions: Mexico +16.6%, San Juan +22.7%, and Colombia +27.9%.

What caused the decline in ASR's Mexican airport traffic during Q1 2025?

Mexican traffic decreased due to a 7.5% drop in international passengers and a 0.7% decline in domestic traffic.