In This Article:
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Total Revenue: MXN8.2 billion, up 14% year on year.
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Passenger Traffic: 18.6 million passengers, largely flat compared to the same period last year.
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Aeronautical Revenue: Up 9%.
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Non-Aeronautical Revenue: Up 10%.
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Commercial Revenue: Grew in the high single digits.
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Commercial Revenue per Passenger: Nearly MXN147, reflecting strong year-on-year growth in the high teens.
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Total Expenses: Up 18% year on year.
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EBITDA: MXN5.7 billion, up 12% year on year.
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Adjusted EBITDA Margin: 70%, compared to 71.4% a year ago.
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Cash and Cash Equivalents: Nearly MXN23 billion, up 35% year on year.
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Net Debt to EBITDA Ratio: Negative 0.5 times.
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Capital Expenditures: MXN645 million invested during the quarter.
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Net Majority Income: Increased 14% to MXN3.5 billion.
Release Date: April 23, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Grupo Aeroportuario del Sureste SAB de CV (NYSE:ASR) reported a 14% year-on-year increase in total revenues, reaching MXN8.2 billion, driven by solid growth across all operations.
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Puerto Rico and Colombia showed strong performance, with Puerto Rico maintaining a positive trend of nearly 11% in passenger traffic and Colombia experiencing a 6% rise.
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Commercial revenues grew in the high single digits, with Puerto Rico posting a 23% increase and Colombia delivering a 38% year-over-year growth.
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The company opened 40 new commercial spaces over the last 12 months, enhancing its commercial offerings and revenue potential.
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ASR's balance sheet remains strong with nearly MXN23 billion in cash and cash equivalents, up 35% year on year, and a net debt to EBITDA ratio of negative 0.5 times.
Negative Points
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Passenger traffic in Mexico declined nearly 5% during the quarter, impacted by the Easter shift and competition from the new Tulum airport.
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Cancun, ASR's largest airport, continued to experience year-on-year declines in traffic from almost all regions, including a 10.5% decrease from the US.
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Total expenses increased by 18% year on year, driven by higher concession fees, administrative costs, and a 12% increase in minimum wages in Mexico.
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The adjusted EBITDA margin decreased slightly to 70% from 71.4% a year ago, attributed to higher operating costs.
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The company anticipates increased costs as new infrastructure projects, such as the expansion of Terminal 1 in Cancun, become operational.
Q & A Highlights
Q: Can you elaborate on the strong commercial revenue performance during the quarter and its outlook, considering the Mexican peso depreciation? A: Adolfo Castro Rivas, CEO, explained that the strong commercial revenue was significantly influenced by the positive exchange rate effects in Puerto Rico and Colombia. The depreciation of the Mexican peso against the dollar played a crucial role. In Mexico, the good quarter was attributed to passenger needs and some impact from the peso-dollar exchange rate.