Grupo Aeroportuario Del Sureste S.A. - ADR

Major milestone / expansion (good + surprising): CPC Aeroportos added 20 airports (Brazil-heavy) - Acquisition closed Sept 1, 2026: added 20 airports (majority in Brazil), diversifying ASUR beyond Mexico. - Portfolio now: 36 airports in 7 countries + U.S. commercial operations at JFK, LAX, and Chicago O’Hare. - Pro forma 2025 passengers: ~120m (vs 70m last year reported) → scale jump. - CPC price: BRL 5.5bn (~$992m); Q3 results include only one month (September) from CPC (consolidated under Brazil and Others).

Traffic + recovery outlook is cautious (bad): Mexico/PR softness; winter season not encouraging - Q3 total traffic: 20.9m passengers, -1.2% YoY, with one month of Brazil & Others included. - Mexico traffic: ~-5% YoY, mainly due to weaker international demand at Cancún (pressure from airline capacity constraints, including Spirit bankruptcy spillover effects across the region). - Puerto Rico: ~-3% (ongoing impact from Spirit; softer domestic + international). - Improvement recently: September traffic up just over 3%, but management says winter season expectations are limited. - Winter outlook (key negative): based on current airline schedules, only December is up vs last year; other winter months not up → ASUR is cautious on near-term recovery and uncertain risk from Middle East conflict impacting airlines/travel.

Financial performance: revenue growth, but EBITDA margin pressured (mixed) - Revenue: MXN 7.8bn, +~13% YoY. - Non-aeronautical +~27% (includes U.S. commercial MXN 456m, Brazil month MXN 362m, and Colombia +16%). - Aeronautical: MXN 4.8bn, +5% YoY (Brazil contribution +; offset by Mexico softness). - Commercial revenue per passenger: MXN 130.5, +3.5% YoY (U.S. commercial mix a driver). - EBITDA: consolidated MXN 4.7bn, +1.7% YoY, but adjusted EBITDA margin down sharply: - Adjusted EBITDA margin: 60.3%, -7.4pp YoY (management attributes to Mexico revenue pressure plus margin dilution from Brazil & Others and U.S. business mix). - U.S. commercial EBITDA margin cited around ~11% (not directly comparable due to different cost structure and pre-revenue project spending).