Grupo Aero Ser B Sh Stock Earnings Reports

ASUR reported Q3 2025 results with total passenger traffic roughly flat at ~17 million, driven by growth in Colombia (+3%) and Puerto Rico (+1%) offsetting a slight decline in Mexico (-1%). Total revenues rose mid-single digits to >MXN 7 billion, supported by strong performance in Puerto Rico and Colombia while Mexico (70% of revenues) saw a low single-digit decline. Commercial revenue per passenger increased 1% to MXN 126. Consolidated EBITDA fell just over 1% to MXN 4.6 billion and adjusted EBITDA margin contracted 157 bps to 66.7%, pressured by weaker margins in Mexico and Puerto Rico; Colombia expanded margins. Expenses rose ~17% YoY, driven by wage/service costs in Mexico, inflation and activity in Puerto Rico, and an accounting-driven concession amortization change in Colombia (one-time MXN 333m impact but represents a permanent method change). FX losses (~MXN 1 billion) from MXN depreciation vs USD also hit net results. Balance sheet remains strong with MXN 16 billion cash, net debt/EBITDA ~0.2x. Capital deployment included MXN ~1.9 billion of investments (Cancun Terminal 1 reconstruction, Puerto Rico pedestrian bridge, Colombia maintenance). Board approved acquisition of URW Airports for enterprise value $295 million to gain a strategic U.S. footprint (Los Angeles, Chicago Terminal 5, JFK terminals), financed by JPMorgan Chase; closing expected H2 2025, subject to approvals. Extraordinary dividends of MXN 15/share paid in September and another MXN 15/share planned for November. Management expects Mexico traffic to stabilize over the next year as aircraft availability improves and continued momentum in Puerto Rico and Colombia.