0001104659-26-046874
SEC filingASUR reported 1Q26 results with total passenger traffic up 1.9% YoY, total revenue up 0.8% to Ps.8,858 million, but EBITDA down 6.5% to Ps.5,354 million amid first full quarter consolidation of ASUR US Airports.
ASUR's 1Q26 results reflect mixed performance across its airport operations, with total passenger traffic rising 1.9% YoY to approximately 19.96 million passengers, primarily propelled by an 11.0% surge in Colombia (Airplan) where both international (+7.7%) and domestic (+12.1%) traffic grew robustly. Mexico traffic was essentially flat at -0.1%, balancing a slight 0.4% international gain against a 0.8% domestic drop, while Puerto Rico (San Juan, Aerostar) saw a 2.2% decline driven by weaker domestic demand despite international growth. This first full quarter of consolidating ASUR US Commercial Airports, LLC, introduced a new revenue stream of Ps.437.7 million but impacted YoY comparability. Total revenue edged up 0.8% to Ps.8,858 million, though segment declines in Mexico (-4.3%), San Juan (-4.7%), and Colombia (-2.4%) tempered gains. Commercial revenues per passenger improved 4.7% to Ps.153.6, signaling stronger non-aeronautical yields despite volume softness in key markets. EBITDA fell 6.5% to Ps.5,354 million, with the adjusted EBITDA margin contracting to 64.1% from 70.0% in 1Q25, partly due to IFRIC 12 construction revenue effects distorting margins in Mexico, Puerto Rico, and Colombia. Net income dropped 19.6% to Ps.2,926 million, with EPS at Ps.9.38, reflecting higher costs and consolidation impacts. Balance sheet remains solid with Ps.13.8 billion in cash and a low Net Debt to LTM EBITDA of 0.8x, supporting Capex of Ps.544 million (down 15.7% YoY). Investors should note the earnings call on April 23, 2026, for further management insights on U.S. expansion and outlook.