Grupo Aeroportuario del Sureste (NYSE:ASR) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Company ParticipantsAdolfo Castro Rivas - CEOConference Call ParticipantsAndressa Varotto - Equity AnalystAnton Mortenkotter - Equity Research AnalystOperatorAs a reminder, today's call is being recorded. Now, I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.Adolfo Castro RivasThank you, Dave, and good morning, everyone, and thank you for joining us today to discu ...

Financial Data and Key Metrics Changes - Total revenues were flat year-on-year at MXN 7.3 billion, reflecting softer traffic in Mexico and the FX impact from the appreciation of the Mexican peso [10][11] - Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion during the quarter, with adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year [13] - Net Majority Income for the fourth quarter decreased 22% to MXN 2.7 billion, primarily due to a non-cash foreign exchange loss and an adjustment in amortization methodology [14][15] - For the full year, total revenues increased nearly 19% to MXN 37 billion, while net income declined 20% year-on-year to MXN 10.9 billion [15] Business Line Data and Key Metrics Changes - Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter [10] - Commercial revenue per passenger increased 1% year-on-year to nearly MXN 132, with Colombia posting the strongest performance with a 12% gain [11] - The company opened 41 additional retail and service units across the network over the past year, contributing to a low single-digit increase in commercial revenues [11] Market Data and Key Metrics Changes - Passenger traffic handled was 17.9 million, up nearly 1% year-on-year, with nearly 72 million passengers traveling through airports during the year [8] - Traffic in Mexico was essentially flat, with domestic traffic slightly below prior year levels, while international traffic showed modest improvement [8] - Colombia delivered the strongest performance with a nearly 6% increase in traffic, while Puerto Rico's traffic declined 3% [9] Company Strategy and Development Direction - The company completed its expansion into the U.S. airport commercial market with the acquisition of URW Airports, now ASUR US, at an enterprise value of $295 million [3][4] - A purchase agreement was signed to acquire Motiva's stake in its airport portfolio for BRL 5 billion, which would add approximately 45 million passengers annually to the network [5][6] - The company aims to enhance geographic diversification and create long-term operational opportunities while adhering to a disciplined acquisition strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term traffic trends in some markets have moderated, the structural demand drivers for air travel in the region remain intact [17] - The company expects traffic in Mexico to gradually stabilize as aircraft availability improves, with positive momentum anticipated in Puerto Rico and Colombia [10] Other Important Information - Capital expenditures during the fourth quarter were MXN 3.9 billion, with a total of MXN 7.8 billion invested in CapEx for the full year [16] - The company returned value to shareholders in the form of dividends, totaling MXN 24 billion during 2025 [7] Q&A Session Summary Question: Additional projections about ASUR US acquisitions and Motiva Airports acquisition updates - Management indicated that the first 20 days of ASUR US results are not normalized for the full year 2026, with expectations for a significant jump due to the new Terminal 1 at JFK Airport [19][20] - The Motiva acquisition process is progressing well, though it may take time due to aeronautical approvals [20][21] Question: Clarification on the lower tax rate - Management confirmed that the lower tax rate is related to the results of the year and not a one-off effect [22][23] Question: Initiatives driving commercial performance in Puerto Rico and Colombia - Management highlighted efforts in Puerto Rico to improve convenience stores and duty-free operations, while Colombia's performance was supported by new retail units [27][28]

Grupo Aeroportuario del Sureste (NYSE:ASR) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Speaker3As a reminder, today's call is being recorded. Now, I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.Speaker0Thank you, Dave, and good morning, everyone, and thank you for joining us today to discuss ASUR's results for the 4th quarter and full year 2025. Before I begin discussing our results, let me remind you that certain statements made during the call t ...

Income3,589,7172,804,945(21.9)Majority Net Income3,414,5812,713,713(20.5)Earnings per Share (in pesos)11.38199.0457(20.5)Earnings per ADS (in US$)6.32295.0251(20.5)Capex2,532,6983,899,34454.0Cash & Cash Equivalents20,083,45711,116,335(44.6)Net Debt(6,724,001)16,370,228(343.5)Net Debt/ LTM EBITDA(0.3)0.8(338.5)Operational HighlightsPassenger TrafficMexico10,105,37010,114,3320.1San Juan3,199,5453,100,354(3.1)Colombia4,433,3794,684,9685.71Unless otherwise stated, all financial figures are unaudited and prepare ...

Core Insights - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) reported a total passenger traffic of 6.7 million in January 2026, marking a year-on-year increase of 3.6% compared to January 2025 [1][2]. Passenger Traffic Summary - Passenger traffic in Colombia increased by 15.0%, driven by an 18.3% rise in domestic traffic and a 5.2% increase in international traffic [2][4]. - In Mexico, passenger traffic rose by 0.9%, with international traffic up by 2.5% while domestic traffic saw a decline of 1.2% [2][4]. - Puerto Rico experienced a decrease in total passenger traffic by 2.1%, with domestic traffic down by 2.6% and a slight increase of 1.8% in international traffic [2][4]. Detailed Traffic Breakdown - For Mexico, total passenger traffic was 3,748,437 in January 2026, compared to 3,714,152 in January 2025, reflecting a 0.9% increase [4][6]. - Domestic traffic in Mexico was 1,593,220 in January 2026, down from 1,611,881 in January 2025, a decrease of 1.2% [4][6]. - International traffic in Mexico increased to 2,155,217 in January 2026 from 2,102,271 in January 2025, a rise of 2.5% [4][6]. Colombia Traffic Insights - Total passenger traffic in Colombia reached 1,719,734 in January 2026, up from 1,495,926 in January 2025, representing a 15.0% increase [4][6]. - Domestic traffic in Colombia was 1,315,684 in January 2026, an increase of 18.3% from 1,111,795 in January 2025 [4][6]. - International traffic in Colombia rose to 404,050 in January 2026, up by 5.2% from 384,131 in January 2025 [4][6]. Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [8][9]. - The company holds a 60% interest in Aerostar Airport Holdings, which operates Luis Muñoz Marin International Airport in San Juan, Puerto Rico [9][10]. - ASUR has expanded into airport commercial services through ASUR US, enhancing retail and passenger experiences at major U.S. hubs [9].

Core Viewpoint - Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR) shows potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend reversal [1][4]. Technical Analysis - A "golden cross" occurs when a stock's 50-day simple moving average crosses above its 200-day simple moving average, suggesting a potential bullish breakout [2]. - The successful golden cross event consists of three stages: a price decline bottoming out, the shorter moving average crossing above the longer moving average, and maintaining upward momentum [3]. Performance Metrics - Over the past four weeks, ASR has gained 8.6%, indicating positive momentum [4]. - ASR currently holds a 2 (Buy) rating on the Zacks Rank, suggesting it may be poised for further breakout [4]. Earnings Outlook - The earnings outlook for ASR is positive, with one upward revision in earnings estimates over the past 60 days and no downward revisions, leading to an increase in the Zacks Consensus Estimate [4]. - The combination of the technical indicator and positive earnings estimates makes ASR a candidate for investors' watchlists [6].

Core Viewpoint - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) held a General Ordinary Shareholders' Meeting on January 26, 2026, where significant resolutions were approved regarding acquisitions and financing strategies [1][6]. Group 1: Company Overview - ASUR is a leading international airport operator with a portfolio of 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [3]. - The company operates Cancún Airport, the largest tourist gateway in Mexico and Latin America, and Medellin International Airport, the second busiest in Colombia [3]. - ASUR holds a 60% interest in Aerostar Airport Holdings, LLC, which operates Luis Muñoz Marin International Airport in Puerto Rico, the primary international gateway for the island [4]. Group 2: Recent Developments - The company has expanded into airport commercial services through ASUR US, enhancing retail and passenger experiences at major U.S. hubs such as Los Angeles International and Chicago O'Hare [4]. - ASUR is listed on both the Mexican Bolsa (BMV) and the NYSE, with one ADS representing ten B-series shares [5]. Group 3: Shareholder Meeting Resolutions - Approval was granted for the company to acquire shares and/or airport operators, including Companhia de Participações em Concessões, either directly or through subsidiaries [6]. - The company received approval to contract any type of debt, including bank loans and securities issuances, to facilitate its operational strategies [6].

Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is undergoing a strategic transformation to become a growth-driven airport platform in Latin America, with a current share price of $318.36 and trailing and forward P/E ratios of 12.85 and 14.97 respectively [1][3]. Financial Performance - ASR has historically maintained strong financial discipline, generating over USD 700 million in annual free cash flow and keeping net leverage as low as 0.2x, which allowed for a significant extraordinary dividend of USD 25.71 per ADR in 2025 [3]. - Despite a 25% year-to-date increase in share price, ASR's valuation remains modest at approximately 12.85x earnings [3]. Strategic Initiatives - The company plans to acquire Companhia de Participacoes em Concessoes for USD 936 million, which will add 20 airports across Brazil, Ecuador, Costa Rica, and Curacao, with shareholder approval expected on January 26, 2026 [4]. - This acquisition, along with the recent purchase of URW Airports, will significantly expand ASR's operational footprint and growth potential while introducing leverage [4]. Market Positioning - The strategic shift positions ASR for a potential rerating as a regional airport powerhouse by 2026, presenting an attractive risk-reward profile at current valuation levels [5]. - The company is transitioning from a conservative, cash-rich business model to one focused on growth through acquisitions and expansion [4][6].

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.7 million in December 2025, marking a year-on-year increase of 0.4% compared to December 2024 [1][2] Passenger Traffic Summary - Passenger traffic in Colombia increased by 6.0%, driven by a 6.3% rise in international traffic and a 5.9% increase in domestic traffic [2][4] - In Mexico, passenger traffic decreased by 0.4%, with international traffic down by 0.1% and domestic traffic down by 0.8% [2][4] - Puerto Rico experienced a decline of 4.2% in total passenger traffic, despite a 0.3% increase in international traffic, which was offset by a 4.8% decrease in domestic traffic [2][4] Year-to-Date Traffic - For the year-to-date figures, total passenger traffic in Mexico decreased by 2.0% to 40.6 million, while Colombia's traffic increased by 4.0% to 17.3 million [4][5] - Domestic traffic in Mexico saw a slight decrease of 0.6%, while Colombia's domestic traffic increased by 1.8% [4][5] Airport Operations - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia, with Cancun Airport being the most significant tourist destination [6] - The company is also a 60% joint venture partner in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico [6]

Core Viewpoint - The article discusses the investment insights and research provided by Ian Bezek, a former hedge fund analyst, focusing on high-quality compounders and growth stocks in Latin America and developed markets [2]. Group 1 - Ian Bezek has a decade of experience conducting on-the-ground research in Latin America, specifically in markets such as Mexico, Colombia, and Chile [2]. - The investing group led by Ian, called Ian's Insider Corner, offers features like a Weekend Digest, trade alerts, and direct access to Ian for members [2]. - The group emphasizes the importance of identifying high-quality growth stocks at reasonable prices [2].