Grupo Aeroportuario del Sureste (NYSE:ASR) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Company ParticipantsAdolfo Castro Rivas - CEOConference Call ParticipantsAndressa Varotto - Equity AnalystAnton Mortenkotter - Equity Research AnalystOperatorAs a reminder, today's call is being recorded. Now, I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.Adolfo Castro RivasThank you, Dave, and good morning, everyone, and thank you for joining us today to discu ...

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]