Core Insights - Grupo Aeroportuario del Sureste (ASUR) is at a "key inflection point" with new diversification initiatives amid softer traffic trends and currency impacts on results [1] Strategic Moves - ASUR completed its entry into the U.S. airport commercial market by acquiring URW Airports for an enterprise value of $295 million, now renamed ASUR US, providing access to major U.S. hubs [2] - From Dec. 11 to Dec. 31, ASUR US generated approximately MXN 133 million in revenues and MXN 86 million in EBITDA, with expectations for growth linked to the new Terminal 1 at JFK opening in Q3 2026 [3] - ASUR plans to acquire Motiva's stake in a portfolio of 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao for BRL 5 billion (approximately $936 million), which would add around 45 million annual passengers [4] Traffic Trends - In Q4, ASUR managed 17.9 million passengers, a nearly 1% year-over-year increase, with Mexico's traffic remaining flat and Cancun experiencing a 2% decline, while other Mexican airports showed mid-single-digit growth [6]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were flat year-on-year at MXN 7.3 billion, reflecting softer traffic in Mexico and the FX impact from the appreciation of the Mexican peso [10][11] - Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion, with an adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year [13] - Majority net income for Q4 decreased 22% to MXN 2.7 billion, primarily due to a non-cash foreign exchange loss and an adjustment in amortization methodology [14][15] Business Line Data and Key Metrics Changes - Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter, with commercial revenue per passenger increasing 1% year-on-year to nearly MXN 132 [11][12] - Colombia's revenues increased nearly 5%, while Puerto Rico's revenues declined nearly 6% due to FX impacts [11][12] Market Data and Key Metrics Changes - Passenger traffic handled in Q4 was 17.9 million, up nearly 1% year-on-year, with Mexico's traffic essentially flat and international traffic showing modest improvement [8][9] - Traffic in Colombia increased nearly 6%, while Puerto Rico saw a 3% decline, primarily due to domestic market demand softness [8][9] Company Strategy and Development Direction - The company completed the acquisition of URW Airports, now ASUR US, for an enterprise value of $295 million, enhancing its presence in the U.S. airport commercial market [3][4] - A purchase agreement was signed to acquire Motiva's stake in its airport portfolio for BRL 5 billion, expected to add approximately 45 million passengers annually [5][6] - The company aims to pursue disciplined, accretive acquisitions that enhance long-term shareholder value while preserving balance sheet strength [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term traffic trends have moderated, structural demand drivers for air travel in the region remain intact, indicating confidence in long-term value generation [17] - The company expects traffic in Mexico to gradually stabilize as aircraft availability improves, with positive momentum anticipated in Puerto Rico and Colombia [10][17] Other Important Information - Capital expenditures during Q4 were MXN 3.9 billion, with a total of MXN 7.8 billion invested in CapEx for the full year [16] - Dividend payments totaled MXN 24 billion during 2025, reflecting the strength of the company's cash generation model [7] Q&A Session Summary Question: Additional color and projections about the recent ASUR US acquisitions - Management indicated that the first 20 days of ASUR US results are not normalized for the full year, with expectations for significant contributions following the opening of a new terminal at JFK Airport [19][20] Question: Updates on the Motiva Airports acquisition - Management confirmed that the process is progressing well, although it may take time due to aeronautical approvals [20][21] Question: Clarification on the lower tax rate observed this quarter - Management stated that the lower tax rate is related to the results of the year and not expected to be a one-off effect [23][24] Question: Initiatives driving commercial performance in Puerto Rico and Colombia - Management highlighted efforts in Puerto Rico to enhance convenience store strategies and operational performance in duty-free, while Colombia's growth was supported by new retail units [28][29]

Financial Data and Key Metrics Changes - Total revenues increased in the middle single digits, reaching over MXN 7,000,000,000, driven by growth in Puerto Rico and Colombia [9][10] - EBITDA declined just over 1% year on year to MXN 4,600,000,000, with a decline in Mexico's EBITDA close to 4% [14][15] - The adjusted EBITDA margin declined by 157 basis points to 66.7% [15] Business Line Data and Key Metrics Changes - In Puerto Rico, revenues grew in the high single digits, with a 5% increase in aeronautical revenues and a 10% increase in non-aeronautical revenues [11] - Colombia accounted for 20% of total revenues, delivering revenue growth in the high single digits, reflecting a mid single-digit increase in aeronautical revenues and high teens growth in non-aeronautical revenues [11][12] - Mexico's total revenues posted a slight low single-digit decline, with aeronautical revenues practically flat and non-aeronautical revenues down in the middle single digits [10][11] Market Data and Key Metrics Changes - Passenger traffic in Colombia rose 3% to nearly 5,000,000, supported by an 11% increase in international traffic [7] - In Puerto Rico, total traffic was up 1%, reaching over 3,000,000 passengers, driven by a nearly 12% increase in international passengers [7] - In Mexico, traffic declined 1% to nearly 10,000,000 passengers, reflecting a nearly 2% decrease in domestic traffic and a slight contraction of 0.8% in international traffic [8] Company Strategy and Development Direction - The company entered into a tentative agreement to acquire URW airports for an enterprise value of $295,000,000, marking a significant step in its international expansion strategy [4][5] - The acquisition aims to strengthen the company's position in the high-growth non-regulated commercial segment in the U.S. [5][6] Management's Comments on Operating Environment and Future Outlook - Management anticipates a more balanced operating environment across its portfolio, expecting traffic in Mexico to gradually stabilize over the next year [8] - Positive momentum is expected to continue in Puerto Rico and Colombia, supported by healthy international demand and improving credit yields [8] Other Important Information - Total expenses increased nearly 17% year on year, with significant increases in Colombia due to an adjustment in amortization method [13] - The company closed the quarter with a solid cash position of MXN 16,000,000,000, down 19% from the previous year, primarily due to dividend payments [16][17] Q&A Session Summary Question: Can you shed light on the URW acquisition's economics and expected EBITDA contribution? - Management could not share specific numbers until all approvals are in place [20][21] Question: Can you elaborate on the adjustment to the concession amortization method in Colombia? - The adjustment aligns monetization with revenue generation and is expected to be a new level going forward [21][22] Question: What synergies or strategic rationale does the company see behind the URW acquisition? - The acquisition is crucial for establishing a presence in the U.S. market, which represents 22% of the global aviation market [27][28] Question: Is the company looking at all Motiva airports for sale or just a subset? - Management could not comment on this matter [30][32] Question: What are the traffic trends in Mexico, particularly regarding Tulum Airport? - Traffic is currently weak, with a decrease of 3.1% for the region, but improvements are expected in the next year [32][33] Question: Is the new mutual level in Gangloo expected to open around Q3 2026? - The expected opening is during the third quarter of 2026 [34][35] Question: Is there a shift in capacity allocation from Cancun? - No shift in capacity is observed; the demand is weak due to various factors [37][38] Question: Could the decrease in traffic accelerate the pace of driving tariffs towards maximum tariffs? - Management does not foresee a change in maximum tariff compliance, which should remain similar to the previous year [39][40]