Financial Data and Key Metrics Changes - Passenger traffic decreased by 0.9% in Q4 2025 compared to Q4 2024, with a notable decline in Jamaica due to Hurricane Melissa [3][4] - Combined aeronautical and non-aeronautical service revenues increased by 12.8%, with aeronautical revenues growing by 12.6% and non-aeronautical revenues by 13.3% [5][6] - EBITDA increased by 7.5% to MXN 5.1 billion, with an EBITDA margin of 63.8%, reflecting higher concession fees and increased operational costs [6][7] - Net income declined due to higher financial expenses and lower interest income, alongside deferred tax adjustments [7] Business Line Data and Key Metrics Changes - In Mexico, commercial revenues were strong, particularly in cargo and warehouse operations, with significant contributions from food and beverage, retail, and ground transportation [6] - Non-aeronautical revenue per passenger increased to MXN 152 in 2025 from MXN 123 in 2024, indicating improved commercial execution and pricing optimization [8] Market Data and Key Metrics Changes - The impact of Hurricane Melissa led to a nearly 35% decrease in traffic in Jamaica during the quarter, although recovery is expected by the 2026 winter season [4][5] - The company anticipates passenger traffic growth of 2% to 5% in 2026, with aeronautical revenues projected to increase by 9% to 12% [14] Company Strategy and Development Direction - The company is focused on four growth pillars: strengthening connectivity, expanding commercial revenues, disciplined execution of infrastructure programs, and maintaining a long-term leverage strategy [15] - The business combination with CBX is expected to enhance operational efficiency and expand service capabilities, contributing positively to long-term value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the Jamaican market despite recent challenges, with expectations for hotel capacity recovery [5][10] - The company remains disciplined in capital allocation, focusing on projects that align with strategic and financial return criteria [10][36] Other Important Information - The company closed 2025 with MXN 10.5 billion in cash and cash equivalents, having strengthened its capital structure through bond issuance [8][9] - CapEx for 2025 was MXN 12.4 billion, focusing on major terminal expansions and capacity enhancements [9] Q&A Session Summary Question: Can you provide details on Guadalajara and Puerto Vallarta cancellations and bookings? - Management reported significant cancellations initially but noted a recovery with only four cancellations in Puerto Vallarta and eleven in Guadalajara the following day [18][19] Question: Will there be an expansion in the U.S. beyond CBX? - Management indicated that the CBX platform opens opportunities for new investments in the U.S., with a focus on projects that generate shareholder value [20] Question: What is the expected timing for pending tariff adjustments? - Management outlined a series of tariff increases implemented throughout 2025, with additional increases expected in the summer [26][27] Question: Can you break down traffic increase expectations for Mexico and Jamaica? - Management expects a traffic increase of 2% to 5% in Mexico, while Jamaica is projected to see a recovery with a potential increase of -2% to 0% in passenger numbers [30][33] Question: What are the priorities for capital allocation now that the Turks and Caicos process is over? - Management emphasized a focus on the CBX project and exploring other opportunities in the cargo facilities business, maintaining a disciplined approach to capital allocation [36][37]

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 ...

Grupo Aeroportuario del Sureste (NYSE:ASR) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Speaker3As 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.Speaker0Thank you, Dave, and good morning, everyone, and thank you for joining us today to discuss ASUR's results for the 4th quarter and full year 2025. Before I begin discussing our results, let me remind you that certain statements made during the call t ...

Financial Data and Key Metrics Changes - In 2025, total passenger traffic reached 28.8 million, an increase of 8.5% compared to 2024, with domestic traffic growing by 8% and international traffic by 12% [8][10] - Adjusted EBITDA for the year was MXN 10.2 billion, with an Adjusted EBITDA margin of 74.5% [10] - For Q4 2025, passenger traffic totaled 7.5 million, a 6% increase year over year, with seat capacity increasing by 8% [10][12] - Consolidated net income for Q4 was MXN 1.2 billion, an increase of 3.6% compared to Q4 2024 [18] Business Line Data and Key Metrics Changes - Restaurant revenues grew by 22%, VIP lounges revenues increased by 30%, and parking revenues increased by 13% compared to 2024 [9] - OMA Carga revenues recorded a 9% increase, driven by higher volumes and improved operational efficiencies [10] - Aeronautical and non-aeronautical revenues each grew approximately 12% year over year [10] Market Data and Key Metrics Changes - The approval of the Master Development Program (MDP) for 2026-2030 includes an investment commitment of approximately MXN 16 billion, focusing on capacity expansion and quality enhancements [4][5] - The MDP reflects disciplined capital allocation and greater efficiency in the deployment of capital expenditures [6] Company Strategy and Development Direction - The MDP prioritizes projects that enhance passenger experience, improve operational efficiency, and incorporate technology solutions [5] - Sustainability and decarbonization are embedded in the investment strategy, with initiatives aimed at improving energy efficiency and supporting long-term emission reduction targets [5] - The company aims to strengthen overseas connectivity with additional operations to Madrid and the launch of a Monterrey-Paris route in April 2026 [9] Management's Comments on Operating Environment and Future Outlook - The management noted that traffic levels today are materially higher than five years ago, indicating improved capital efficiency per passenger [6] - For 2026, the company anticipates low to mid-single digit growth in traffic [68] - The management expressed confidence that the tariff increases will not significantly impact traffic elasticity [81] Other Important Information - Total investments in Q4, including MDP investments, amounted to MXN 755 million [13] - The company expects the full-year major maintenance provision cost for 2026 to be approximately MXN 400 million [18] Q&A Session Summary Question: Major maintenance provision details - The MXN 260 million major maintenance provision reflects expected expenditures for 2026-2030 and timing changes [22][23] Question: Passenger fees increase expectations - A 6.9% increase in passenger fees is expected starting April 10th, with an aim to reach 100% of the maximum tariff in 2 to 3 years [32] Question: Timing of investment in Monterrey - The new commercial area in Monterrey is expected to open by mid-next year [36] Question: Major maintenance investments in MDP - Approximately 17% of the total MDP investments for the next five years will be for major maintenance [41] Question: Excess concession tax on aeronautical revenues - The excess was incorporated as an additional reference value for recent negotiations and is being recovered through maximum tariff adjustments [44][45] Question: Traffic expectations for 2026 - The company anticipates low to mid-single digit growth in traffic for 2026 [68] Question: Commercial revenues per passenger and diversification growth - Commercial revenue per passenger ended 2025 at MXN 62, with expectations for similar amounts in 2026 [89]

Financial Data and Key Metrics Changes - In 2025, total passenger traffic reached 28.8 million, an increase of 8.5% compared to 2024, with domestic traffic growing by 8% and international traffic by 12% [6][9] - Adjusted EBITDA for the year was MXN 10.2 billion, with an adjusted EBITDA margin of 74.5% [9] - For Q4 2025, adjusted EBITDA grew by 5.9% to MXN 2.6 billion, with a margin of 73.6% [11][18] - Consolidated net income for Q4 was MXN 1.2 billion, a 3.6% increase year-over-year [18] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by approximately 12% year-over-year, while non-aeronautical revenues also grew by about 12% [9] - Restaurant revenues grew by 22%, VIP lounges revenues increased by 30%, and parking revenues rose by 13% compared to 2024 [8] - OMA Carga revenues recorded a 9% increase, driven by higher volumes and improved operational efficiencies [9][14] Market Data and Key Metrics Changes - Seat capacity across airports increased by close to 11% during 2025, reflecting improved aircraft deployment [5] - The company opened 35 new routes in 2025, with 24 being domestic and 11 international, enhancing connectivity [5][6] - Monterrey Airport has expanded its long-haul connectivity, including new routes to Madrid and Paris [7][8] Company Strategy and Development Direction - The Master Development Program (MDP) for 2026-2030 was approved, with an investment commitment of approximately MXN 16 billion focused on capacity expansion and quality enhancements [3][4] - The MDP emphasizes sustainability and decarbonization, with initiatives aimed at improving energy efficiency and supporting long-term emission reduction targets [4] - The company aims to maximize the use of current assets while ensuring disciplined capital allocation [4] Management's Comments on Operating Environment and Future Outlook - Management noted that traffic levels today are materially higher than five years ago, indicating improved capital efficiency per passenger [4] - The company anticipates low to mid-single-digit growth in traffic for 2026 [66] - Management expressed confidence in the structural growth outlook of their airports, supported by the approved MDP [5] Other Important Information - The company expects a 6.9% increase in passenger fees starting April 10, 2026, with a target to reach close to 100% of the maximum tariff over the next 2-3 years [32][34] - Total investments in Q4, including MDP investments, amounted to MXN 755 million [12] Q&A Session Summary Question: Major maintenance provision details - The MXN 260 million major maintenance provision reflects expected expenditures for 2026-2030 and timing changes [21][22] Question: Passenger fee increases - A 6.9% increase in passenger fees is expected, with 93% of the maximum tariff anticipated to be reached by the end of the year [32][34] Question: Investment timing in Monterrey - The new commercial area in Monterrey is expected to open by mid-next year [35] Question: Major maintenance in MDP - Major maintenance projects represent approximately 17% of the total MDP for the next five years [40][41] Question: Concession tax on aeronautical revenues - The excess concession tax is being recovered through maximum tariff adjustments starting January 1st of this year [44] Question: Traffic expectations for 2026 - The company anticipates low to mid-single-digit growth in traffic for 2026 [66] Question: Demand elasticity and new route additions - The company believes that the tariff increases will not significantly impact traffic elasticity, with 20 new routes confirmed for the year [78][83]

Performance was characterized by a sharp divergence between stable 2.9% traffic growth in Mexico and a 35% quarterly decline in Jamaica following Hurricane Melissa. Revenue growth of 12.8% was primarily decoupled from traffic volume, driven instead by the implementation of new maximum tariffs approved for the Mexican portfolio in 2025. The Jamaican downturn is attributed to the loss of approximately 70% of hotel infrastructure capacity surrounding Montego Bay rather than physical damage to airport fac ...

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported its consolidated results for the fourth quarter of 2025, showing a mixed performance in revenues and passenger traffic, influenced by external factors such as Hurricane Melissa impacting Jamaican airports [1][3]. Financial Performance - Total aeronautical revenues increased by Ps. 626.0 million, or 12.6%, primarily due to new airport tariffs and increased passenger traffic in Mexico [19]. - Non-aeronautical services revenues rose by Ps. 285.3 million, or 13.3%, driven by growth in various business lines [19]. - Total revenues increased by Ps. 267.1 million, or 2.8%, despite a significant decrease in revenues from improvements to concession assets, which fell by Ps. 644.3 million, or 25.6% [19][21]. - The company reported a comprehensive income decrease of Ps. 781.1 million, or 34.3%, from Ps. 2,274.3 million in 4Q24 to Ps. 1,493.3 million in 4Q25 [7]. Passenger Traffic - Total passenger traffic across the 14 airports operated by GAP decreased by 139.6 thousand, or 0.9%, compared to 4Q24 [5]. - The opening of new domestic and international routes contributed to the overall passenger traffic dynamics, although the impact of Hurricane Melissa led to a significant decline in Jamaican airport traffic [3][5][6]. Cost Structure - Cost of services increased by Ps. 426.8 million, or 28.1%, reflecting higher operational costs [7]. - Total operating costs decreased by Ps. 55.0 million, or 0.9%, mainly due to a reduction in costs associated with improvements to concession assets [22]. EBITDA and Income Metrics - EBITDA increased by Ps. 357.3 million, or 7.5%, with an EBITDA margin of 51.7% [15][26]. - Income from operations rose by Ps. 322.1 million, or 8.4%, indicating improved operational efficiency despite rising costs [7][25]. Yearly Overview - For the full year 2025, total revenues increased by Ps. 7,794.2 million, or 23.2%, with significant growth in both aeronautical and non-aeronautical services [34]. - Aeronautical services revenues for the year rose by Ps. 3,711.8 million, or 19.4%, while non-aeronautical services revenues increased by Ps. 2,032.3 million, or 26.5% [34].

Core Viewpoint - Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR) shows potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend reversal [1][4]. Technical Analysis - A "golden cross" occurs when a stock's 50-day simple moving average crosses above its 200-day simple moving average, suggesting a potential bullish breakout [2]. - The successful golden cross event consists of three stages: a price decline bottoming out, the shorter moving average crossing above the longer moving average, and maintaining upward momentum [3]. Performance Metrics - Over the past four weeks, ASR has gained 8.6%, indicating positive momentum [4]. - ASR currently holds a 2 (Buy) rating on the Zacks Rank, suggesting it may be poised for further breakout [4]. Earnings Outlook - The earnings outlook for ASR is positive, with one upward revision in earnings estimates over the past 60 days and no downward revisions, leading to an increase in the Zacks Consensus Estimate [4]. - The combination of the technical indicator and positive earnings estimates makes ASR a candidate for investors' watchlists [6].

Core Insights - The company reported a record year in 2025 for passenger volume across Vienna, Malta, and Košice, as well as cargo throughput in Vienna, indicating strong operational performance [2][4] - The outlook for 2026 is more challenging, with an expected passenger volume of around 30 million [2] - A key strategy for future growth includes the proposal to abolish the current aviation passenger tax of EUR 12 to enhance competitiveness [3] Passenger Volume Performance - Vienna Airport recorded 32.6 million passengers in 2025, reflecting a 2.6% increase [4] - Malta experienced a significant growth of 12%, reaching 10.1 million passengers [4] - Košice also achieved a record with a 12% increase, totaling 825,000 passengers [4]

Core Insights - The global aviation industry is entering a new growth phase, with significant developments in airport rankings and capacity expansion [3] Group 1: Airport Rankings - Hartsfield-Jackson Atlanta International Airport (ATL) remains the busiest airport globally, with a capacity of 63.1 million seats, reflecting a 1% year-over-year growth and nearing pre-pandemic levels [1] - Dubai International Airport (DXB) ranks second with 62.4 million seats, showing a 4% increase from 2024 and a 16% rise compared to 2019, highlighting its status as a leading international aviation hub [1] - Tokyo Haneda Airport (HND) holds the third position with a stable capacity of 55.4 million seats, slightly above pre-pandemic levels [1] Group 2: Growth Trends - Chicago O'Hare International Airport (ORD) and Istanbul Airport (IST) exhibit the most significant year-over-year growth among the top ten airports, with capacities increasing by 8% and 6%, respectively [1] - Istanbul Airport has emerged as one of the fastest-growing major aviation hubs, with a capacity increase of 22% compared to 2019 [1][2] - The rankings reflect the robust strength of the domestic markets in the U.S. and China, as well as the ongoing growth of the aviation industry in the Middle East and the rise of emerging hubs since 2019 [2]