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

Reported figures: revenue was broadly stable at MXN 7.4 billion; consolidated EBITDA increased nearly 9% to MXN 4.6 billion; adjusted EBITDA margin fell 560 basis points year-over-year to 62%; net majority income rose 7% to MXN 2.3 billion; total traffic declined 2.7% to approximately 17 million passengers; Mexico traffic fell 5%; Puerto Rico traffic declined 3.5%; Colombia traffic increased 3.6%; non-aeronautical revenues increased nearly 10%; commercial revenues per passenger increased nearly 13% to MXN 153. The company ended the quarter with nearly MXN 12 billion in cash and cash equivalents and net debt to EBITDA of 0.9x, while first-half operating cash flow reached MXN 7.3 billion, up 21% year-over-year. Guidance/forward-looking commentary: management expects ASUR to remain cautious; it aims for 99% maximum tariff compliance by year-end, sees improvement in traffic during the fourth quarter, and expects stronger winter-season seats in November and December versus last year. Cancun Terminal 1 is expected in the fourth quarter, JFK Terminal 1 in the first quarter next year, and the Motiva transaction is now expected in the third quarter of 2026, pending approvals.

Adolfo Castro framed the quarter as part of a longer strategic buildout rather than a standalone operating story. He emphasized diversification, reduced dependence on any one market, increased commercial revenue exposure, and better operational efficiency through Motiva, ASUR US, Cancun investments, and the proposed internalization of technical assistance services. His tone was constructive but cautious: he repeatedly noted that Mexico and Puerto Rico remain challenged, while saying the company is moving in the right direction and continues to create long-term value.

Management highlighted solid cash generation and a strong balance sheet. ASUR generated MXN 7.3 billion of operating cash flow in the first half, up 21% year-over-year, ended the quarter with nearly MXN 12 billion in cash and cash equivalents, and reported net debt to EBITDA of 0.9x. Castro also noted MXN 2.0 billion of capex during the quarter and said the balance sheet supports the committed capital program, the Motiva transaction, and dividends; the board proposed two extraordinary cash dividends of MXN 10 per share each. He also pointed to recurring cost pressure in Mexico from minimum wage increases and a 39% increase in medical insurance costs.

Analysts focused on Mexico tariff compliance, elevated Mexican administrative costs, Cancun weakness, the timing of Motiva closing, and the early profitability of ASUR US. Management said the tariff issue is driven by passenger mix and lower U.S. traffic, but still expects 99% maximum tariff compliance by year-end. On costs, management said some quarter-specific expenses were related to Motiva and the U.S. internalization process, while the Mexico insurance increase is recurring. On Motiva, Brazil is the hold-up and closing is now expected in the third quarter; management does not expect major synergies or a partial divestment. On ASUR US, management said the $20 million EBITDA level will not be reached this year and that JFK Terminal 1 now should open in the first quarter next year.