Grupo Aeroportuario del Sureste (NYSE:ASR) reported first-quarter 2026 results amid what management described as a “period of transition,” with stabilizing traffic trends in Mexico, a maturing growth phase in Puerto Rico, and continued momentum in Colombia. On the company’s earnings call, Chief Executive Officer Adolfo Castro said the quarter was also affected by two disruptions that increased volatility in passenger trends late in the period: security-related events beginning Feb. 22 and TSA-related screening disruptions at U.S. airports that also impacted Puerto Rico.
Passenger traffic rose 1.9%, with Colombia leading growth
Castro said total passenger traffic increased 1.9% year over year to “nearly 90 million passengers,” supported by strong growth in Colombia, broadly stable traffic in Mexico, and “short-term softness” in Puerto Rico. Colombia remained the fastest-growing market, with traffic up 11%, driven by increased connectivity and demand. Within Colombia, Castro said domestic traffic increased 12%, outpacing 7% growth in international passengers.
Castro attributed the Mexico volatility to two factors. First, “security-related events” beginning Feb. 22 impacted traffic to and from the U.S. through mid-March, and later in March TSA screening disruptions in U.S. airports weighed on demand. He said the company viewed these as temporary and “not reflect[ing] a change in the underlying demand.”
By international source region, passenger volumes from the U.S.—ASUR’s largest international source market—decreased 4.6%, while South America contracted 1.4%. Canada and Europe grew 11% and 11.4%, respectively.
In Puerto Rico, traffic declined in the low single digits, primarily due to domestic demand and the TSA-related disruption, while international traffic continued to grow, according to Castro.
Revenue rose 2.2% as U.S. commercial consolidation boosted non-aeronautical income
Castro said total revenues (excluding construction revenue) increased 2.2% to MXN 8.4 billion. The increase was driven primarily by non-aeronautical revenue, which rose nearly 9% year over year, supported by the “first full consolidation” of ASUR’s U.S. commercial platform. He said the U.S. business added approximately MXN 438 million in non-aeronautical revenue during the quarter.
Aeronautical revenues declined in the low single digits, which Castro attributed mainly to foreign-exchange conversion impacts in Puerto Rico and Colombia and lower traffic in Puerto Rico.
Commercial revenues increased nearly 7%, reflecting new U.S. commercial operations and “middle single digit organic growth” in Colombia, while Mexico and Puerto Rico were softer due to FX headwinds and Puerto Rico traffic. Castro emphasized the company’s strategy of increasing contributions from non-regulated and U.S. dollar-denominated sources.
During the past year, the company opened 47 new retail and service units across the network: 34 in Colombia, eight in Puerto Rico, and five in Mexico, according to management.
Commercial revenue per passenger increased to MXN 153.6, which management said benefited from the full-quarter contribution from U.S. commercial operations despite currency appreciation and a mixed traffic environment. By region, Puerto Rico had MXN 163.3 per passenger, though down 5% due to FX conversion and slightly lower traffic. Mexico’s commercial revenue per passenger declined 4%, reflecting peso appreciation and U.S. dollar-denominated commercial revenue exposure. Colombia also declined mid-single digits despite strong traffic, reflecting FX effects and a higher mix of domestic passengers.
Costs climbed 25%; margins pressured by U.S. ramp-up and Colombia amortization change
Total operating expenses rose 25% year over year, which Castro said was driven by the integration of the U.S. commercial operations, higher depreciation and amortization in Colombia, professional fees related to the U.S. acquisition, and inflationary pressures. He said that excluding these effects, underlying operating cost increases were “moderate.”
- Mexico: Expenses rose 6%. Excluding professional fees associated with the U.S. commercial acquisition, expenses would have increased 0.9%, driven by labor and service costs.
- Puerto Rico: Expenses declined nearly 7%, benefiting from depreciation of the Mexican peso against the U.S. dollar.
- Colombia: Expenses increased 33%, largely due to higher depreciation and amortization following a change in amortization methodology reflecting the expected evolution of the concession, including the phase-out of regulated revenues starting in 2027 and the remaining asset life through 2032. Excluding depreciation and amortization, expenses would have increased 2.6%.
- U.S.: ASUR recorded approximately MXN 368 million in operating costs, including about MXN 70 million related to items attributable to 2025 that were recognized in the quarter (including lease-related adjustments, reconciliation items, provisions for uncollectible accounts, and prior-year bonuses).
Consolidated EBITDA increased nearly 6% to MXN 5.4 billion. However, EBITDA declined across Mexico and Colombia (mid-single digits) and Puerto Rico (high single digits), while the U.S. commercial operation posted negative EBITDA of MXN 50 million. Adjusted EBITDA margin fell nearly 600 basis points to 64.1%, which Castro attributed mainly to the U.S. ramp-up and the Colombia amortization change.
Net income fell 20% to MXN 2.8 billion, which management attributed to higher depreciation and amortization, increased interest expense following recent financings, and lower interest income.
U.S. commercial outlook: contracted space, long leases, and upcoming openings
Castro described the first quarter as the first full quarter of consolidation for the company’s U.S. commercial platform, noting profitability reflected early-stage ramp-up operations. He pointed to commercial openings at JFK Terminal 8 on April 21 and the planned launch of the New Terminal One at JFK, expected to come online during the third quarter of this year.
When asked about the EBITDA outlook for the U.S. commercial business, Castro said the operation is still evolving and indicated EBITDA for 2026 should be “close to” MXN 20 million, adding the company expects to reinvest in the projects underway. In a separate response, he said, “for the moment,” the year’s EBITDA would be around MXN 30 million, and that next year should be higher due to the opening of the New Terminal One.
Castro also noted that on a pro forma basis (as disclosed in the company’s 20-F), the commercial operation generated approximately MXN 2.1 billion in revenue and MXN 711 million in net income for fiscal year 2025.
On occupancy and leasing, Castro told analysts the company has “more than 400 contracts” in the U.S., and while some spaces are temporarily empty due to remodeling or build-outs, “almost all the spaces” are contracted. He said the average lease life is “between 15-17 years.” He also referenced upcoming projects tied to major events, including preparing LAX terminals for the 2028 Olympics and remodeling related to the Super Bowl next year.
Balance sheet, capex, Motiva deal, and dividends
ASUR ended the quarter with MXN 13.8 billion in cash and net debt to EBITDA of 0.8x, which Castro said provides flexibility while maintaining conservative leverage.
Capital expenditures totaled MXN 544 million, primarily in Mexico. Castro said construction of Terminal 1 in Cancún is on track to open in the third quarter of this year, aimed at increasing capacity, improving passenger flow, and optimizing commercial mix. He also noted full-year capex under the Master Development Program is MXN 7.9 billion.
In Colombia, Castro said Airplan signed an addendum to its concession agreement at the end of March authorizing immediate interventions at José María Córdova International Airport, with an estimated investment of approximately COP 165 billion. In Q&A, Castro said the amendment (Otrosí 27) allows investment again in Colombia and, with the investment, management’s calculations suggest regulated revenues could extend “up to the end of 2027,” compared with a prior expectation that they would fade out on Feb. 27.
Castro reiterated that ASUR remains focused on completing the Motiva transaction, which is pending remaining regulatory approvals and is expected to close in the second quarter. When asked about synergies, he said “synergy is not probably the right one,” adding Motiva is operating well and while there are common customers, he does not view synergy as a key piece of the transaction.
Castro also said the company’s shareholder meeting was scheduled for later that day, including a proposed dividend payment of MXN 10 per share to be paid at the end of May.
About Grupo Aeroportuario del Sureste (NYSE:ASR)
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.
