ASUR ANNOUNCES 1Q25 RESULTS

PR Newswire

MEXICO CITY, April 22, 2025

Passenger traffic increased 10.6% in Puerto Rico and 6.4% in Colombia; and decreased 4.8% in Mexico

MEXICO CITY, April 22, 2025 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) $(ASUR)$, a leading international airport group with operations in Mexico, the United States, and Colombia, today announced its results for the three-month period ended March 31, 2025.

1Q25 Highlights(1)

   -- Total passenger traffic increased 0.2% YoY ("YoY"). By country of 
      operations, passenger traffic showed the following YoY variations: 
 
          -- Mexico: decreased 4.8%, reflecting decreases of 7.5% in 
             international traffic and 0.7% in domestic traffic. 
 
          -- Puerto Rico (Aerostar): increased 10.6%, driven by increases of 
             10.6% and 9.9% in international and domestic traffic, 
             respectively. 
 
          -- Colombia (Airplan): increased 6.4%, reflecting an increase of 
             15.1% and 3.9% in international and domestic traffic, 
             respectively. 
 
   -- Revenues increased 18.2% YoY to Ps.8,787.5 million. Excluding 
      construction services, revenues increased 13.9% YoY. 
 
   -- Commercial revenue per passenger increased 17.5% YoY to Ps.146.8. 
 
   -- Consolidated EBITDA increased 11.7% YoY to Ps.5,724.8 million. 
 
   -- Adjusted EBITDA margin (excluding IFRIC 12 effect) declined to 70.0% from 
      71.4% in 1Q24. 
 
   -- Cash position of Ps. 22,681.2 million at March 31, 2025, with Debt to LTM 
      Adjusted EBITDA at negative 0.5x. 
 
   -- On April 10, 2025, ASUR published its 2024 Sustainability Report, filed 
      its 2024 Annual Report in Form 20-F with the US S.E.C and the Circular 
      Unica 2024 with the Mexican Stock Exchange and regulator. 
 
Table 1: Financial and Operating Highlights(1) 
 
                                     First Quarter 
                                ------------------------  ----- 
                                                            % 
                                   2024         2025       Chg. 
------------------------------  -----------  -----------  ----- 
Financial Highlights 
------------------------------ 
Total Revenue                     7,434,907    8,787,475   18.2 
------------------------------  -----------  -----------  ----- 
  Mexico                          5,646,112    6,472,205   14.6 
------------------------------  -----------  -----------  ----- 
  San Juan                        1,033,582    1,321,701   27.9 
------------------------------  -----------  -----------  ----- 
 Colombia                           755,213      993,569   31.6 
------------------------------  -----------  -----------  ----- 
Commercial Revenues per PAX           124.9        146.8   17.5 
------------------------------  -----------  -----------  ----- 
 Mexico                               145.3        169.4   16.6 
------------------------------  -----------  -----------  ----- 
  San Juan                            141.8        174.0   22.7 
------------------------------  -----------  -----------  ----- 
 Colombia                              50.2         64.2   27.9 
------------------------------  -----------  -----------  ----- 
EBITDA                            5,122,940    5,724,836   11.7 
------------------------------  -----------  -----------  ----- 
Net Income                        3,186,754    3,638,219   14.2 
------------------------------  -----------  -----------  ----- 
Majority Net Income               3,082,091    3,515,784   14.1 
------------------------------  -----------  -----------  ----- 
Earnings per Share (in pesos)       10.2736      11.7193   14.1 
------------------------------  -----------  -----------  ----- 
Earnings per ADS (in US$)            5.0267       5.7341   14.1 
------------------------------  -----------  -----------  ----- 
Capex                               182,584      645,357  253.5 
------------------------------  -----------  -----------  ----- 
Cash & Cash Equivalents          16,822,986   22,681,245   34.8 
------------------------------  -----------  -----------  ----- 
Net Debt                        (5,073,921)  (9,758,042)   92.3 
------------------------------  -----------  -----------  ----- 
Net Debt/ LTM EBITDA                  (0.3)        (0.5)   66.0 
------------------------------  -----------  -----------  ----- 
Operational Highlights 
------------------------------  -----------  -----------  ----- 
Passenger Traffic 
------------------------------ 
Mexico                           11,496,410   10,945,137  (4.8) 
------------------------------  -----------  -----------  ----- 
San Juan                          3,261,896    3,608,582   10.6 
------------------------------  -----------  -----------  ----- 
Colombia                          3,804,232    4,046,354    6.4 
------------------------------  -----------  -----------  ----- 
 

For a full version of ASUR's First Quarter of 2025 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0"

1Q25 Earnings Call

Day: Wednesday, April 23, 2025, at 10:00 AM ET; 8:00 AM Mexico City time

Dial-in: +1 877 407 4018 (U.S. Toll-Free); +1 201 689 8471 (International)

Access Code: 13753196. Please dial in 10 minutes before the scheduled start time.

Replay: Wednesday, April 23, 2025, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, April 30, 2025. Dial-in: +1 844 512 2921 (U.S. Toll-Free); +1 412 317 6671 (International). Access Code: 13753196

(1) Unless otherwise stated, all financial figures are unaudited and prepared in accordance with International Financial Reporting Standards (IFRS). All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. U.S. dollar figures are calculated at an exchange rate of US$1.00 = Ps.20.4380 (source: Diario Oficial de la Federación de México) while Colombian peso figures are calculated at an exchange rate of COP 203.3400 = Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, and Majority Net Income can be found on page 17 of this report.

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, "Construction Revenues," reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, "Construction Revenues" include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while "Construction Costs" represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.

Majority Net Income reflects ASUR's equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

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