Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) reported fourth‑quarter 2025 results that showed total revenue of 10.97 billion Mexican pesos, a 21.6% year‑over‑year increase driven by a 5.7% rise in passenger traffic in Colombia and a 0.1% rise in Mexico. The company’s full‑year 2025 revenue reached 37 billion pesos, up nearly 19% from 30.5 billion pesos in 2024.
Net income for the quarter fell 21.9% to 2.80 billion pesos, while EBITDA declined 4.8% to 4.87 billion pesos. Adjusted EBITDA margin contracted to 66.4% from 69.7% in the same quarter of 2024, reflecting higher operating costs and a 12% increase in the Mexican minimum wage.
The margin compression is largely attributable to a 25% year‑on‑year rise in total expenses, driven by professional fees related to the acquisition of ASUR US and the Motiva Airport project, higher minimum wages, and increased service‑related costs in Mexico. Security expenses and inflationary pressures in Puerto Rico also contributed to the decline.
Capital expenditures for the quarter were 3.90 billion pesos, a 54% increase from 2024, underscoring continued investment in airport modernization. The acquisition of ASUR US added 133.1 million pesos in revenue and 86.1 million pesos in EBITDA from the acquisition date through December 31, 2025, strengthening the company’s non‑regulated revenue mix.
Management highlighted the strategic benefits of the ASUR US acquisition and the pending Motiva Airports deal, noting that these moves diversify revenue streams and position the company for long‑term growth. The company remains cautious about near‑term demand, citing increased leverage and margin pressures as key considerations for the remainder of 2026.
Investors reacted cautiously, citing concerns over declining profitability and increased leverage as key factors influencing market sentiment.
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