ASR

This article first appeared on GuruFocus. - Revenue: Up nearly 13% to MXN7.8 billion, excluding construction revenue. - Aeronautical Revenue: Up 5% to MXN4.8 billion, including MXN315 million from Brazil and Others. - Non-Aeronautical Revenue: Grew just under 27%, including MXN456 million from US operations and MXN362 million from Brazil and Others. - Commercial Revenue per Passenger: Up 3.5% to MXN130.5; Puerto Rico MXN163.3 (+2%), Mexico MXN129 (-10%), Colombia MXN65.2 (double-digit growth), Brazil and Others MXN64.7. - Consolidated EBITDA: Up 1.7% to MXN4.7 billion; Brazil and Others contributed MXN313 million, US operations MXN49 million. - Adjusted EBITDA Margin: Declined 7.4 percentage points to 60.3%; Brazil and Others at 46.3%, US at close to 11%. - Passenger Traffic: Down 1.2% to 20.9 million passengers; Mexico down nearly 5%, Puerto Rico down just over 3%, Colombia up just over 5%, Brazil and Others up just over 1%. - Commercial Spaces: 39 new spaces opened over the past 12 months (31 in Colombia, 7 in Puerto Rico, 1 in Mexico). - Cash and Cash Equivalents: MXN20 billion at quarter end. - Total Debt: Nearly MXN70 billion (26.5% MXN, 46.4% USD, 27.1% BRL). - Net Debt/EBITDA: 2.6 times, up from 0.2 times. - Capital Expenditures: MXN2.7 billion during the quarter; ~MXN11 billion expected next year across regions. - Dividends: Two extraordinary dividends of MXN10 each, payable November 30 and December 23, 2026. - Warning! GuruFocus has detected 3 Warning Signs with OHEL:GLA1V. - Is ASR fairly valued? Test your thesis with our free DCF calculator. Release Date: October 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Grupo Aeroportuario del Sureste SAB de CV (NYSE:ASR) completed the acquisition of CPC Aeroportos, adding 20 airports and expanding its portfolio to 36 airports across seven countries, significantly diversifying its operations. - Non-aeronautical revenues grew nearly 27%, driven by contributions from US operations, the newly acquired Brazil and Others region, and 16% growth in Colombia. - Grupo Aeroportuario del Sureste SAB de CV (NYSE:ASR) is investing in renewable energy, purchasing 13.1 million kWh of clean energy (over 40% of Mexican electricity consumption) and planning additional solar panels to generate 8 million kWh annually by 2027. - The company refinanced acquisition bridge loans with $1.8 billion in senior notes, extending debt maturities by an average of seven years and achieving investment-grade ratings. - Grupo Aeroportuario del Sureste SAB de CV (NYSE:ASR) will pay two extraordinary dividends of MXN10 per share each, demonstrating a commitment to returning value to shareholders. - Total passenger traffic decreased 1.2% to 20.9 million, with Mexico traffic down nearly 5% due to weaker international traffic at Cancun and airline capacity constraints. - Adjusted EBITDA margin declined 7.4 percentage points to 60.3%, pressured by softer revenues in Mexico and the consolidation of lower-margin Brazil and US operations. - Grupo Aeroportuario del Sureste SAB de CV (NYSE:ASR) faces a challenging operating environment, particularly in Mexico, with no near-term improvement expected and winter airline schedules showing only December capacity up year-over-year. - The company incurred one-time expenses related to acquisitions and internalization, and expects additional costs next year from reduced working hours in Mexico and the new Terminal 1 operation. - The US commercial operations reported a low EBITDA margin of around 11%, with new commercial spaces not expected to open until 2027 and 2028, limiting near-term profitability. Q: Rodolfo Ramos (Bradesco BBI) asked about the traffic outlook for the winter season and next year, and what is driving the decline at Cancun, including airline capacity decisions related to Tulum.A: CEO Adolfo Castro Rivas said airline schedules for the winter season show only December with more seat capacity than a year ago, which he called "not encouraging." He cited reduced airline capacity, airlines shifting to better-yield markets, the Spirit Airlines bankruptcy, and weakness in Europe and South America, with Canada the only positive region at 5.7% growth. He noted airlines may still adjust programs, but management is cautious on the pace of recovery. Q: Rodolfo Ramos (Bradesco BBI) asked about the near-doubling of consolidated administrative expenses and which costs in the quarter were nonrecurring, including CPC and the internalization, and what the run rate would be going forward.A: CEO Adolfo Castro Rivas said the quarter included one-time events related to the CPC acquisitions, the internalization of the technical assistance project, and bond-related costs that will not recur. He cautioned that next year Mexico will face additional costs from the government-mandated reduction in working hours from 40 to 38 per week, plus the new Terminal 1 operation, and that management is taking steps to control costs. Q: Guilherme Mendes (JPMorgan) asked whether ASUR is interested in Brasilia airport and regional airports in Brazil, and whether it would consider further portfolio expansion.A: CEO Adolfo Castro Rivas said that for the moment the company is focused on consolidating what it recently acquired the US commercial operations and the 20 additional airports from CPC. Q: Guilherme Mendes (JPMorgan) followed up on how ASUR thinks about leverage going forward and what pace of leverage to expect as it consolidates the operations.A: CEO Adolfo Castro Rivas said the main priority is CapEx of MXN11 billion for next year, which should be funded by cash flow generation in each region, so the company does not expect any more leverage next year. Q: Fernanda Recchia (BTG Pactual) asked whether the 47% EBITDA margin posted by the Motiva airports in September was specific to the month or the recurring level, given historical margins of around 50%.A: CEO Adolfo Castro Rivas said operations just started in September with a 47% EBITDA margin and he believes the company can do better in the future, though he cannot be sure about the 50% level; he said there are clear opportunities. Q: Fernanda Recchia (BTG Pactual) asked about the timing of the tag-alongs involving Infraero and Zurich at Confins Airport and Zurich in Curacao, and whether they will be exercised.A: CEO Adolfo Castro Rivas confirmed the tag-alongs were included in the CPC transaction scheme and the company is in the process, awaiting approvals and final answers from Infraero. He specified Infraero's 49% at Confins and Zurich's 12.5% at Confins and 10.2% in Curacao, to reach 90% there. Q: Pablo Ricalde (Itau BBA) asked for an update on the internalization process, whether it is fair to assume it happens as of January 1, 2027, and whether synergies are quantified as a full impact on margins.A: CEO Adolfo Castro Rivas said the process has started and will take time, requiring approvals from Mexican tax authorities and others. He sees an opportunity given the MXN401 million technical assistance fee paid in 2025, which the company will not spend in the future, implying some EBITDA increase. Q: Jens Spiess (Morgan Stanley) asked how the cost reduction from internalization will be treated in the reference value model during the next MDP cycle and whether it will impact the reference value calculation.A: CEO Adolfo Castro Rivas said the new regulated regime published on October 19, 2023 recognizes all company expenses, so reducing expenses would impact future tariffs or future results from the update of the new MDP. He confirmed it would result in a lower cost in that calculation. Q: Alan Macias (Bank of America) asked for guidance on long-term margins for the US operations.A: CEO Adolfo Castro Rivas said the reported 11% margin will increase, noting the new Terminal 1 delayed since June last year to the end of the first quarter next year is still pending to start operations. He added the company is currently spending money at Chicago O'Hare on an important new space without receiving revenue yet. Q: Anton Mortenkotter (GBM) asked about the new Brazil region director, Jose Formoso, what capabilities he brings, and which metrics will matter most in measuring integration success.A: CEO Adolfo Castro Rivas said the first objective of the CPC acquisition was to use the balance sheet and correct the company's too-healthy equity structure, raising leverage from 0.2 to 2.6 times net EBITDA. Going forward, focus will be on commercial revenues and operational efficiencies at airports outside Brazil. He praised Formoso's concession management experience, more than 20 years in Brazil with a successful track record, and understanding of how Mexicans think. Q: Fernanda Recchia (BTG Pactual) asked about local news that incentives for airlines operating at Tulum might be postponed and whether ASUR believes this will happen.A: CEO Adolfo Castro Rivas said Tulum started operations in December 2023 with 40,000 passengers, reached 1.2 million in 2024 and 1.5 million in the last 12 months through June-July 2025. He expects about 700,000 passengers this year, citing airline capacity reductions affecting Cancun as well as decisions by Aeromexico and Volaris in the domestic market, and expects 700,000 to 800,000 passengers next year. Q: Alberto Valerio (UBS) asked whether there are regulatory CapEx commitments for the newly acquired Brazilian and Central American airports, and whether the amount beyond next year is large or small.A: CEO Adolfo Castro Rivas said next year's CapEx in Brazil is mostly regulatory, with some additional projects that are For the complete transcript of the earnings call, please refer to the full earnings call transcript.

- Interested in Grupo Aeroportuario del Sureste, S.A. de C.V.? Here are five stocks we like better. - ASUR expanded significantly through acquisitions: The September purchase of CPC Aeroportos added 20 airports and helped create a 36-airport network across seven countries, alongside commercial operations at three U.S. airports. The transaction's final price was 5.5 billion Brazilian reais, or approximately $992 million. - Traffic softened despite higher revenue: Third-quarter passenger traffic fell 1.2% to 20.9 million, driven by weakness in Mexico and Puerto Rico, while revenue excluding construction increased nearly 13% to 7.8 billion pesos. EBITDA rose only 1.7%, and the adjusted EBITDA margin narrowed to 60.3%. - ASUR is managing higher leverage and major investments: Net debt-to-LTM EBITDA increased to 2.6 times following the acquisitions, though refinancing extended average maturities by seven years. The company plans approximately 11 billion pesos in 2026 capital spending and expects most regions, except Puerto Rico, to fund investments through operating cash flow. Grupo Aeroportuario del Sureste (NYSE:ASR) reported third-quarter results marked by the September acquisition of CPC Aeroportos, which added 20 airports to its portfolio and expanded the company's presence in Brazil, Ecuador, Costa Rica and Curaçao. Chief Executive Officer Adolfo Castro said the acquisition, together with ASUR's December 2025 purchase of U.S. commercial operations, has reshaped the company into an airport operator spanning 36 airports in seven countries, plus commercial operations at three U.S. airports. On a pro forma basis, the combined airport portfolio served approximately 120 million passengers in 2025, compared with 70 million previously reported by the company. → The AI Buildout Is Only 15% Complete—Here Is Where the Next Dollar Actually Goes The final purchase price for CPC Aeroportos was 5.5 billion Brazilian reais, or about $992 million, after customary closing adjustments. Third-quarter results included only September results from the acquired business, which ASUR reports under its Brazil and Others region. Total passenger traffic declined 1.2% year over year to 20.9 million passengers, including nearly 4 million passengers contributed by Brazil and Others during September. Traffic in Mexico fell nearly 5%, primarily because of weaker international traffic at Cancún, while growth in domestic traffic at the company's other Mexican airports partly offset the decline. → GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Castro cited airline capacity constraints, higher jet fuel prices and the impact of Spirit Airlines' bankruptcy as factors affecting demand, particularly for international travel. Passenger volumes to and from the U.S., Europe and South America declined 14.9%, 14.4% and 7.9%, respectively, while Canadian traffic increased 5.7%. Puerto Rico traffic declined slightly more than 3%, also reflecting Spirit's bankruptcy and softer domestic and international demand. However, Castro said September traffic in Puerto Rico rose just over 3% after declines in July and August. → Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Colombia remained the strongest-performing region, with traffic rising just over 5% on growth in both domestic and international travel. Brazil and Others posted growth of just over 1% for September, as low-single-digit gains in Brazil and Ecuador more than offset declines in Costa Rica and Curaçao. Looking ahead, Castro said ASUR remains cautious on the outlook for Mexico's international market. Based on airline schedules, only December has more planned seat capacity than the prior year during the winter season, he said. Airlines could still adjust their schedules, but the current outlook is "not encouraging" for the broader winter period. Revenue excluding construction revenue increased nearly 13% to 7.8 billion Mexican pesos. Non-aeronautical revenue rose just under 27%, aided by 456 million pesos from U.S. commercial operations, 362 million pesos from Brazil and Others for the month of September, and 16% growth in Colombia. Aeronautical revenue increased 5% to 4.8 billion pesos, including a 315 million-peso contribution from Brazil and Others. Higher passenger traffic supported aeronautical revenue in Colombia, while Puerto Rico benefited primarily from exchange-rate effects. Those gains were partly offset by lower traffic in Mexico. Commercial revenue per passenger increased 3.5% to 130.5 pesos, chiefly reflecting the U.S. commercial business. Puerto Rico generated the highest commercial revenue per passenger at 163.3 pesos, up 2%, followed by Mexico at 129 pesos. Mexico's figure declined 10% year over year, which the company attributed largely to traffic weakness and passenger mix. ASUR opened 39 commercial spaces over the past 12 months: 31 in Colombia, seven in Puerto Rico and one in Mexico. Consolidated EBITDA rose 1.7% to 4.7 billion pesos. Brazil and Others contributed 313 million pesos of EBITDA in September, while U.S. commercial operations added 49 million pesos. EBITDA gains in Puerto Rico and Colombia offset a 10% decline in Mexico. Adjusted EBITDA margin declined 7.4 percentage points to 60.3%. Brazil and Others reported a 46.3% adjusted EBITDA margin for September, while the U.S. commercial business posted a margin near 11%. Castro said the U.S. business has a different cost structure, including lease obligations to airport authorities, and is still incurring expenses for commercial projects that are not yet generating revenue. ASUR is working to integrate the CPC airports but does not expect significant operating synergies. Management said it sees opportunities to improve commercial revenues and operating efficiencies, including at airports outside Brazil. Castro said newly appointed Brazil-region leader José Formoso brings experience managing concessions and more than two decades of experience in Brazil. The company is also moving to bring in-house the technical assistance and technology-transfer services currently provided by ITA. Shareholders approved the move on Aug. 20, although management said the process will require regulatory and tax approvals. Castro said ASUR expects an EBITDA benefit because it will eliminate the external technical-assistance fee, which totaled about 401 million pesos in 2025, although the company will assume the costs of providing the services internally. ASUR ended the quarter with 20 billion pesos in cash and cash equivalents and nearly 70 billion pesos in total debt. Net debt to last-12-month EBITDA was 2.6 times, up from 0.2 times, reflecting the acquisitions and associated financing. During the quarter, Cancún Airport issued $1.8 billion in senior notes split between $900 million due in 2031 and $900 million due in 2036. The company used proceeds to repay acquisition bridge facilities, repay the remaining Santander loan and partially prepay a BBVA loan. Castro said the refinancing extended average debt maturities by seven years. Capital expenditures totaled 2.7 billion pesos during the quarter. For next year, ASUR expects total capital spending of about 11 billion pesos, including nearly 6 billion pesos in Mexico, 1.8 billion pesos in Costa Rica, 1.7 billion pesos in Puerto Rico and 1.5 billion pesos in Brazil. Management said it expects all regional operations except Puerto Rico to fund their planned investments through operating cash flow and does not expect additional leverage next year. Key projects include the expansion of Cancún's Terminal 4, a second runway at Curitiba expected to be completed in 2029, runway refurbishments at several Brazilian airports, and the first phase of terminal expansion at San José Airport in Costa Rica. ASUR also expects to pay two extraordinary dividends of 10 pesos each on Nov. 30 and Dec. 23. Grupo Aeroportuario del Sureste, SAB. de C.V. (NYSE:ASR), commonly known as ASUR, is an airport infrastructure company that develops, operates and maintains airports. Its activities include passenger and aircraft services, terminal operations, commercial facilities, parking, and other services related to airport transportation. ASUR operates a portfolio of airports in southeastern Mexico, including Cancún International Airport, one of the country's major tourism gateways, as well as airports serving Mérida, Cozumel, Oaxaca, Huatulco, Veracruz, Villahermosa, Tapachula and Minatitlán. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What Grupo Aeroportuario del Sureste (ASR) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Total passenger traffic decreased 1.2% YoY, reflecting decreases of 4.6% in Mexico and 3.2% in Puerto Rico, partially offset by increases of 5.2% in Colombia, and 1.4% in Brazil & Others Results include one full month of operations from the acquisition of CPC Aeroportos which operates 20 airports across Brazil, Ecuador, Costa Rica and Curazao MEXICO CITY, Oct. 22, 2026 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group in the Americas, today announced its results for the three- and nine-month periods ended September 30, 2026. 3Q26 Highlights1 - Total passenger traffic decreased 1.2% year-over-year ("YoY"): - Mexico: decreased 4.6%, reflecting a decrease of 11.8% in international traffic, partially offset by an increase of 1.6% in domestic traffic. - Puerto Rico: decreased 3.2%, reflecting decreases of 3.1% and 3.9% in domestic and international traffic, respectively. - Colombia: increased 5.2%, reflecting increases of 6.5% in domestic traffic and 1.0% in international traffic. - Brazil & Others: increased 1.4% YoY pro-forma for the acquisition completed on September 1, 2026, reflecting increases of 2.6% in Brazil and 1.7% in Ecuador, partially offset by decreases of 6.1% in Costa Rica, and 0.9% in Curazao. - Revenues increased 18.9% YoY to Ps.10,420.5 million. Excluding construction services, revenues increased 12.6%. - 3Q26 includes Ps.456.4 million in revenue from the U.S. commercial operations, acquired in December 2025, and Ps.676.4 million excluding construction from one full month of operations in Brazil & Others acquired on September 1, 2026, both with no comparable contribution in 3Q25. - Commercial revenue per passenger increased 3.5% YoY to Ps.130.5. - Consolidated EBITDA increased 1.7% YoY to Ps.4,719.3 million. - Adjusted EBITDA Margin (excluding IFRIC 12) decreased to 60.3% from 66.7% in 3Q25. - Cash and cash equivalents totaled Ps.20,091.8 million, with Net Debt-to-LTM EBITDA at 2.6x. Table 1: Financial & Operational Highlights 1 | Third Quarter | % Chg | 2025 | 2026 Financial Highlights | | | Total Revenue | 8,765,450 | 10,420,538 | 18.9 Mexico | 6,479,089 | 6,679,835 | 3.1 San Juan | 1,325,782 | 1,270,911 | (4.1) Colombia | 960,579 | 1,172,173 | 22.0 U.S. | | 456,421 | 0.0 Brazil & Others | | 841,198 | 0.0 Commercial Revenues per PAX | 126.1 | 130.5 | 3.5 Mexico | 144.2 | 129.1 | (10.4) San Juan | 166.8 | 163.3 | (2.1) Colombia | 59.1 | 65.2 | 10.3 Brazil & Others | | 67.4 | n/a EBITDA | 4,639,368 | 4,719,290 | 1.7 Net Income | 2,211,351 | 2,307,904 | 4.4 Majority Net Income | 2,114,592 | 2,158,798 | 2.1 Earnings per Share (in pesos) | 7.0486 | 7.1960 | 2.1 Earnings per ADS (in US$) | 3.9009 | 3.9825 | 2.1 Capex | 1,872,758 | 2,716,593 | 45.1 Cash & Cash Equivalents | 16,259,294 | 20,091,816 | 23.6 Net Debt | 4,972,580 | 49,878,072 | 903.1 Net Debt/ LTM EBITDA | 0.2 | 2.6 | 953.0 Operational Highlights | | | Passenger Traffic | | | Mexico | 9,519,731 | 9,084,716 | (4.6) San Juan | 3,354,150 | 3,247,661 | (3.2) Colombia | 4,449,600 | 4,679,491 | 5.2 Brazil & Others | 3,872,332 | 3,924,970 | 1.4 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, while Puerto Rico includes transit passengers and general aviation. Passengers in transit to Brazil, Costa Rica, Ecuador, and Curazao are excluded. 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.18.0692 (source: Diario Oficial de la Federación de Mexico) while Colombian peso figures are calculated at an exchange rate of COP.182.3000 = Ps.1.00 (source: Investing), and Brazilian reais figures are calculated at an exchange rate of BRL 1 = Ps.3.4880 (source: Banco Central do Brasil). Definitions for EBITDA, Adjusted EBITDA Margin, and Majority Net Income can be found on page 23 of this report. Operating and financial data for Brazil & Others reflect performance for September 2026, following its September 1, 2026, acquisition, while September 2025 traffic figures are presented for comparison purposes only. For a full version of ASUR's Third Quarter of 2026 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0 3Q26 Earnings Call Day: Friday, October 23, 2026, 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: 13763206. Please dial-in 10 minutes before the scheduled start time. Replay: Friday, October 23, 2026, at 2:00 PM ET, ending at 11:59 PM ET on Friday, October 30, 2026. Replay Dial-in number: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13763206 Definitions Concession Services Agreements (IFRIC 12 interpretation). In Mexico, Puerto Rico, and Brazil & Others, 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, as well as 53.5% in Ecuador, 20.2% in Curazao, 2.5% in Costa Rica and 61.7% in Bello Horizonte. Other than these operations, ASUR owns (directly or indirectly) 100% of its subsidiaries. EBITDA is calculated as consolidated net income plus income tax, share of loss of investments accounted for using the equity method, extraordinary items, comprehensive financing costs and depreciation and amortization. EBITDA should not be considered an alternative to net income as an indicator of our operating performance or an alternative to cash flow 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 is calculated as consolidated EBITDA adjusted by certain items that include the impact of IFRS16 in connection with ASUR Airports and add back extraordinary items. Adjusted EBITDA Margin is calculated by dividing Adjusted Consolidated EBITDA by Total Revenue Excluding Construction Services Revenue for Mexico, Colombia, Puerto Rico and Brazil & Others, and exclude the effect of IFRIC 12 with respect to the construction of, or improvements to, concessioned assets. IFRIC 12 requires ASUR to include in its income statement a revenue line reflecting revenues from the construction or improvement of concession assets during the relevant period. The same amount is recognized under the expense line "Construction Costs," as ASUR engages third parties to provide construction services. In Mexico, Puerto Rico, Colombia and Brazil & Others, construction revenues and construction costs are included in ASUR's income statement as a result of the application of IFRIC 12. Construction revenues therefore have no impact on EBITDA but affect the EBITDA margin, as the increase in revenues attributable to construction revenues does not result in a corresponding increase in EBITDA. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered an indicator of our operating performance or an alternative to cash flow as an indicator of liquidity. It 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 diversified portfolio of 36 airport concessions across the Americas and a commercial services platform in the U.S. ASUR operates nine airports in southeastern Mexico, including Cancún Airport, the largest tourist gateway in Mexico, the Caribbean, and Latin America; and six airports in northern Colombia, including Medellin international airport (Rionegro), the second busiest in Colombia. The Company also holds a controlling interest in Aerostar Airport Holdings, LLC, operator of Luis Muñoz Marin International Airport in San Juan, the capital of Puerto Rico, the island's primary international gateway. San Juan Airport was the first and remains the only major airport in the U.S. to have successfully completed a public–private partnership under the FAA Pilot Program. ASUR has recently acquired 100% of CPC Aeroportos' stake to operate 17 airports in Brazil, Latin America's largest aviation market by passenger traffic, as well as one airport each in Costa Rica, Curazao, and Ecuador. ASUR also operates a commercial services platform in the U.S. through ASUR Airports, which partners with airports and airlines to deliver enhanced retail and passenger experiences. ASUR Airports operates at major U.S. hubs, including Los Angeles International, Chicago O'Hare, and John F. Kennedy International. Headquartered in Mexico, ASUR is listed on both the Mexican Bolsa (BMV) under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) B-series shares. For further 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, BBVA, BofA Merrill Lynch, Bradesco BBI, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, Jefferies, J.P. 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. View original content:https://www.prnewswire.com/news-releases/asur-announces-3q26-results-302917260.html

This article first appeared on GuruFocus. Operating Cash Flow: MXN7.3 billion, up 21% year-on-year. Revenues: MXN7.4 billion, broadly stable. Non-Aeronautical Revenues: Increased nearly 10%, with ASUR US airports contributing MXN444 million. Aeronautical Revenues: Contracted by mid-single digit. Commercial Revenues per Passenger: Increased nearly 13% to MXN153 per passenger. EBITDA: Decreased nearly 9% to MXN4.6 billion. Adjusted EBITDA Margin: Declined 565 basis points to 62%. Net Majority Income: Increased 7% to MXN2.3 billion. Cash and Cash Equivalents: Nearly MXN12 billion. Net Debt-to-EBITDA: 0.9 times last 12 months EBITDA. Capital Expenditures: MXN2.0 billion, primarily in Mexico. Passenger Traffic: Declined 2.7% year-over-year to approximately 17 million passengers. Warning! GuruFocus has detected 3 Warning Sign with ASR. Is ASR fairly valued? Test your thesis with our free DCF calculator. Release Date: July 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Grupo Aeroportuario del Sureste SAB de CV (NYSE:ASR) is expanding into attractive markets, diversifying its geographic and revenue mix, and increasing exposure to commercial revenues. The company plans to internalize technical assistance services, which will eliminate recurring external fees and retain future economic benefits within the company. ASUR's strong financial position allows for extraordinary cash dividends, reflecting solid cash generation and disciplined capital allocation. ASUR US provides direct exposure to non-regulated dollar-denominated commercial revenues at major US airports, with ongoing commercial transformations at JFK and LAX. The company maintains a strong balance sheet with a net debt-to-EBITDA ratio of 0.9, providing flexibility for capital programs and strategic growth initiatives. Total passenger traffic declined 2.7% year-over-year, with significant declines in Mexico and Puerto Rico. Aeronautical revenues contracted due to softer traffic in Mexico and Puerto Rico and the stronger Mexican peso affecting international operations. Consolidated EBITDA decreased nearly 9%, with declines in Mexico and Puerto Rico, and the US commercial business operating at a lower margin. Administrative expenses in Mexico remain elevated, driven by increased labor costs and medical insurance expenses. The operating environment remains challenging, particularly in Mexico, with issues such as jet fuel price increases and airline bankruptcies affecting traffic. Q: We saw softer implicit tariff in your aeronautical revenues. Can you comment on your maximum tariff compliance and expectations for the year given today's FX? Also, how do you see costs evolving, especially with the internalization and Motiva acquisition? A: We are experiencing pressure on the maximum tariff due to changes in passenger mix, particularly the decrease in US traffic. Our goal remains 99% compliance by year-end. Regarding costs, we had one-time expenses related to Motiva and the US, including legal fees for internalization, which won't recur in the future. The main issue this quarter was revenue loss due to decreased passenger numbers at Cancun and Puerto Rico airports. Q: Regarding Motiva's airports, what is the status of regulatory approvals, and are there any expected synergies from the transaction? A: The delay is primarily in Brazil, but we expect to complete the acquisition in the third quarter. We do not anticipate significant synergies from the transaction and have no plans for partial divestment of these assets at this time. Q: Administrative expenses in Mexico have increased significantly. Is this the new normal, and what is driving these costs? A: The increase is due to higher minimum wages and a significant rise in medical insurance costs following a tax reform by the Mexican government. Q: Can you explain the weakness in Cancun traffic and your expectations for growth? A: The decline is due to several factors, including a 42% increase in jet fuel prices, Spirit Airlines' bankruptcy, and high levels of sargassum. We expect recovery by the end of the summer season, with improved seat availability by November and December. Q: What is the expected EBITDA margin for ASUR US once IFRS 16 effects normalize, and is ASUR US considered a platform for future US expansions? A: The current EBITDA margin for ASUR US is around 9%, which is lower than our other regions. We expect this margin to increase but not to match Mexico's levels. ASUR US is indeed intended as a platform for future expansion in the United States. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Grupo Aeroportuario del Sureste, S.A. de C.V.? Here are five stocks we like better. Passenger traffic fell 2.7% in Q2 to about 17 million, as weakness in Mexico and Puerto Rico outweighed growth in Colombia. Cancun remained under pressure, with management blaming lower U.S. demand, airline capacity issues, higher fares and sargassum. Revenue and profitability held up thanks to stronger commercial business and U.S. airport operations. Excluding construction items, revenue was roughly flat at MXN 7.4 billion, while EBITDA rose nearly 9% to MXN 4.6 billion and net majority income increased 7%. ASUR is pushing ahead with growth projects and shareholder returns, including Cancun terminal expansions, the Motiva airport portfolio acquisition, and a proposal to internalize technical-assistance services. The board also proposed two extraordinary cash dividends, supported by strong cash flow and a solid balance sheet. Grupo Aeroportuario del Sureste (NYSE:ASR) said second-quarter passenger traffic declined as softer demand in Mexico and Puerto Rico offset continued growth in Colombia, while the airport operator advanced expansion projects, its proposed acquisition of Motiva’s airport portfolio and a plan to internalize technical-assistance services. Total passenger traffic fell 2.7% year over year to approximately 17 million passengers. Mexico traffic declined 5%, led by continued weakness at Cancun, while Puerto Rico traffic decreased 3.5%. Colombia traffic rose 3.6%, supported by demand and improved connectivity. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Chief Executive Officer Adolfo Castro said Cancun’s international traffic remained under pressure, particularly among U.S. travelers. He cited airline capacity constraints, Spirit Airlines’ bankruptcy, higher airfares associated in part with elevated jet fuel prices, and heavy sargassum conditions as factors affecting demand. Passenger volumes to and from the U.S., Europe, South America and Mexico declined 11.7%, 11.8%, 6.5% and 1.9%, respectively, while Canadian traffic increased 10.5%. “The summer is lost,” Castro said in response to an analyst question on Cancun traffic, adding that the company expects conditions to improve following the summer season. Based on airline-published seat data, ASUR sees increased offered seats for November and December compared with the prior year. → GE Vernova Just Sent a Mixed AI Signal to Investors Excluding construction revenue and costs, quarterly revenue was broadly stable at MXN 7.4 billion. Non-aeronautical revenue increased nearly 10%, aided by MXN 444 million from ASUR’s U.S. airport commercial operations and 30% growth in Colombia. Aeronautical revenue declined by a mid-single-digit percentage, reflecting softer traffic in Mexico and Puerto Rico as well as the impact of a stronger Mexican peso on international operations and local operations with a U.S. dollar component. Commercial revenue per passenger increased nearly 13% to MXN 153. In Mexico, commercial revenue per passenger declined by a single-digit percentage to MXN 145.7, while Puerto Rico and Colombia posted low- and high-single-digit increases, respectively. → D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? The company added 40 commercial spaces over the past 12 months, including 29 in Colombia, eight in Puerto Rico and three in Mexico. During the quarter, ASUR completed a $125 million commercial transformation of JFK Terminal 8, opening more than 60 dining, retail, duty-free and experiential concepts. Consolidated EBITDA rose nearly 9% to MXN 4.6 billion. EBITDA declined 9% in Mexico and 17% in Puerto Rico, while it increased 1% in Colombia. ASUR’s U.S. airports contributed MXN 20 million in EBITDA, which management said does not yet reflect the platform’s earnings potential. The adjusted EBITDA margin declined 560 basis points to 62%, due to lower revenue in Mexico and Puerto Rico and the consolidation of the lower-margin U.S. commercial business. Net majority income increased 7% to MXN 2.3 billion. Castro said lower foreign-exchange losses in Mexico and lower income-tax expenses in Mexico and Colombia helped offset the benefit related to amortization of the fair-value adjustment on the Colombian acquisition loan following its repayment. Management said certain costs during the quarter were one-time expenses connected to the Motiva transaction, U.S. operations and legal work related to the proposed internalization project. Castro said those expenses were not significant relative to the revenue impact from lower passenger traffic, including a loss of roughly 500,000 passengers at Cancun and 135,000 in Puerto Rico. Mexico administrative expenses were also affected by higher minimum wages and a 39% increase in medical insurance costs following a Mexican tax reform, Castro said. He characterized the higher insurance expense as recurring rather than a one-time item. ASUR said changing passenger mix, including lower U.S. traffic, put pressure on its maximum tariff. The company nevertheless expects to achieve approximately 99% maximum-tariff compliance for the full year. Capital expenditures increased to MXN 2 billion during the quarter, primarily in Mexico. At Cancun, ASUR expects its new Terminal 1 to open in the fourth quarter. The facility is intended to help rebalance passenger flows, including moving most South American operations from Terminal 2, easing pressure on that terminal and creating additional commercial capacity. The company is also executing the second phase of Terminal 4’s expansion at Cancun, including four new boarding gates, a connecting taxiway and related airside and roadway infrastructure. The project is expected to be fully operational by the end of 2028. ASUR said it is progressing toward completing its acquisition of Motiva during the second half of 2026, subject to remaining regulatory approvals and customary closing conditions. Castro said Brazil is the region taking longer in the approval process and that the company is now targeting completion in the third quarter. The transaction would add 20 airports across Brazil, Ecuador, Costa Rica and Curaçao, including ASUR’s entry into Brazil. The core portfolio handles approximately 45 million passengers annually. Castro said ASUR does not currently expect significant synergies from the deal and is not considering a partial sale of the acquired assets. ASUR ended the quarter with nearly MXN 12 billion in cash and cash equivalents and net debt equal to 0.9 times last-12-month EBITDA. The company said its balance sheet provides flexibility to fund capital commitments, complete the Motiva transaction and pursue other projects. In the U.S., commercial development at JFK’s New Terminal 1 is continuing ahead of an expected first-quarter 2027 opening, after an originally anticipated July 2026 opening. Castro said the U.S. operation’s current EBITDA margin is about 9% and should improve, though it is not expected to reach the margins generated in Mexico. ASUR also continues to develop commercial space at LAX ahead of the 2027 Super Bowl and the 2028 Olympic and Paralympic Games. ASUR will ask shareholders at an Aug. 20 meeting to approve the internalization of special technical-assistance and technology-transfer services currently provided by strategic partner ITA. The proposed merger would result in the issuance of approximately 7.3 million net new ASUR shares to ITA shareholders, equal to about 2.4% of current shares outstanding. ASUR recognized approximately MXN 401 million in technical-assistance fees during 2025. If approved, the company would assume the related operating costs, eliminate the recurring external fee and retain future economic benefits from those activities internally. The board also proposed two extraordinary cash dividends of MXN 10 per share, with payments proposed for Nov. 24 and Dec. 15. Castro said first-half operating cash flow increased 21% year over year to MXN 7.3 billion, supporting shareholder returns while preserving flexibility for investments and future growth opportunities. Grupo Aeroportuario del Sureste, SAB. de C.V. (NYSE: ASR) is a leading airport operator in Mexico specializing in the development, operation and management of airports under long-term concession agreements. The company’s core business activities include the operation of passenger and cargo terminals, the administration of retail and service concessions, the provision of parking and ground-support services, and the implementation of security and maintenance programs. ASR holds concession rights for nine airports across southeastern Mexico, including premier tourism hubs such as Cancún, Cozumel and Huatulco, as well as regional facilities in Mérida, Oaxaca, Veracruz and Minatitlán. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Grupo Aeroportuario del Sureste Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Total passenger traffic declined 2.7% YoY, reflecting declines of 5.0% in Mexico and 3.5% in Puerto Rico, partially offset by a 3.6% increase in Colombia MEXICO CITY, July 23, 2026 /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- and six-month periods ended June 30, 2026. 2Q26 Highlights1 Total passenger traffic decreased 2.7% year-on-Year ("YoY"): Revenues increased 9.9% year over year to Ps.9,579.0 million. Excluding construction services, revenues remained relatively flat (-0.3%). 2Q26 includes Ps.443.8 million revenues from ASUR US Commercial Airports, LLC ("ASUR US Airports"), acquired in December 2025, with no comparable contribution in 2Q25. Commercial revenue per passenger increased 12.6% YoY to Ps.153.0. Consolidated EBITDA decreased 8.7% YoY to Ps.4,589.9 million. Adjusted EBITDA Margin (excluding IFRIC 12) declined to 62.0% from 67.6% in 2Q25. Cash and cash equivalents totaled Ps.11,641.4 million, with Net Debt-to-LTM EBITDA at 0.9x. 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.18.0033 (source: Diario Oficial de la Federación de Mexico) while Colombian peso figures are calculated at an exchange rate of COP.204.5200 = Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, and Majority Net Income can be found on page 20 of this report. For a full version of ASUR's Second Quarter of 2026 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0 2Q26 Earnings Call Day: Friday, July 24, 2026, 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: 13761602. Please dial-in 10 minutes before the scheduled start time. Replay: Friday, July 24, 2026, at 2:00 PM ET, ending at 11:59 PM ET on Friday, July 31, 2026. Dial-in: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13761602 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 across the Americas. The Company operates nine airports in southeastern Mexico, including Cancún Airport, the largest tourist gateway in Mexico, the Caribbean, and Latin America; as well as six airports in northern Colombia, including Medellin international airport (Rionegro), the second busiest in Colombia. ASUR also holds a 60% interest in Aerostar Airport Holdings, LLC, operator of Luis Muñoz Marin International Airport in San Juan, the capital of Puerto Rico, the island's primary international gateway. San Juan Airport was the first and remains the only major airport in the U.S. to have successfully completed a public–private partnership under the FAA Pilot Program. ASUR has recently expanded into airport commercial services through ASUR US Airports, which partners with airports and airlines to deliver enhanced retail and passenger experiences. ASUR US Airports operates at major U.S. hubs, including Los Angeles International, Chicago O'Hare, and John F. Kennedy International, and has historically shown competitive performance against U.S. commercial revenue benchmarks. Headquartered in Mexico, ASUR is listed on both the Mexican Bolsa (BMV) under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) B-series shares. For further 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, BBVA, BofA Merrill Lynch, Bradesco BBI, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, Jefferies, J.P. 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. View original content:https://www.prnewswire.com/news-releases/asur-announces-2q26-results-302833686.html

This article first appeared on GuruFocus. Release Date: April 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total passenger traffic increased by 1.9% year-on-year, driven by strong growth in Colombia and stabilization in Mexico. The integration of ASR's US airports contributed to non-aeronautical revenues, with expectations for further improvement as the platform scales. The company is focused on completing the Motiva transaction, which will significantly expand its footprint and reinforce long-term growth. Commercial revenues increased nearly 7%, reflecting new commercial operations in the U.S. and organic growth in Colombia. ASR's balance sheet shows significant flexibility for growth with a net debt to EBITDA ratio of 0.8 times. Traffic trends were negatively affected by security-related events in Mexico and TSA-related disruptions in the U.S., impacting Puerto Rico. Total revenues increased only 0.2% year-on-year, with aeronautical revenues declining due to FX conversion impacts and lower traffic in Puerto Rico. Consolidated EBITDA margin declined nearly 600 basis points to 64.1% year-on-year, reflecting the ramp-up of U.S. operations and amortization changes in Colombia. Net majority income declined 20% year-on-year due to higher depreciation, amortization, and increased interest expenses. Operational costs increased by 25% year-on-year, driven by the integration of U.S. operations and inflationary pressures. Warning! GuruFocus has detected 7 Warning Signs with CIVB. Is ASR fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide insights on the expected EBITDA contribution from ASUR's U.S. commercial business, considering the new commercial space at JFK? Also, are there any extraordinary expenses anticipated with the Motiva acquisition? A: Adolfo Castro, CEO, explained that the U.S. operations are still ramping up, with new openings at JFK Terminal 8 and the upcoming Terminal 1. The EBITDA for this year is expected to be around $20 million, with further growth anticipated next year. Regarding the Motiva acquisition, no significant extraordinary expenses are expected in the coming quarter. Q: What are the expectations for traffic trends in Mexico, and how might the World Cup affect routes like Cancun? A: Adolfo Castro, CEO, noted that traffic trends were affected by security events and TSA disruptions but are expected to stabilize. The World Cup is not anticipated to significantly impact Cancun traffic, as Mexico will host only 13 games, with most in Mexico City. Q: Could you elaborate on the investments in Colombia and any potential amendments to the concession agreement? A: Adolfo Castro, CEO, stated that an amendment was signed to allow investments of 165 billion Colombian pesos to improve service levels at the Medellin airport. This will extend the regulated revenue period to the end of 2027. Q: How does the appreciation of the Mexican peso affect maximum tariffs and expenses? A: Adolfo Castro, CEO, explained that maximum tariffs are based on pesos per passenger, so adjustments are made accordingly. There were also one-time expenses related to the U.S. acquisition, including professional fees and adjustments from the previous year. Q: What is the outlook for commercial revenues and passenger profiles, particularly in Puerto Rico? A: Adolfo Castro, CEO, highlighted that TSA delays in Puerto Rico affected commercial revenues, but there is no significant change in passenger spending behavior. The peso's appreciation against the dollar also impacted results. For the complete transcript of the earnings call, please refer to the full earnings call transcript.