Grupo Aeroportuario del Sureste(ASR) - 2025 Q4 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total revenues 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 during the quarter, with adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year [13] - Net Majority Income for the fourth quarter decreased 22% to MXN 2.7 billion, primarily due to a non-cash foreign exchange loss and an adjustment in amortization methodology [14][15] - For the full year, total revenues increased nearly 19% to MXN 37 billion, while net income declined 20% year-on-year to MXN 10.9 billion [15] Business Line Data and Key Metrics Changes - Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter [10] - Commercial revenue per passenger increased 1% year-on-year to nearly MXN 132, with Colombia posting the strongest performance with a 12% gain [11] - The company opened 41 additional retail and service units across the network over the past year, contributing to a low single-digit increase in commercial revenues [11] Market Data and Key Metrics Changes - Passenger traffic handled was 17.9 million, up nearly 1% year-on-year, with nearly 72 million passengers traveling through airports during the year [8] - Traffic in Mexico was essentially flat, with domestic traffic slightly below prior year levels, while international traffic showed modest improvement [8] - Colombia delivered the strongest performance with a nearly 6% increase in traffic, while Puerto Rico's traffic declined 3% [9] Company Strategy and Development Direction - The company completed its expansion into the U.S. airport commercial market with the acquisition of URW Airports, now ASUR US, at an enterprise value of $295 million [3][4] - A purchase agreement was signed to acquire Motiva's stake in its airport portfolio for BRL 5 billion, which would add approximately 45 million passengers annually to the network [5][6] - The company aims to enhance geographic diversification and create long-term operational opportunities while adhering to a disciplined acquisition strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term traffic trends in some markets have moderated, the structural demand drivers for air travel in the region remain intact [17] - The company expects traffic in Mexico to gradually stabilize as aircraft availability improves, with positive momentum anticipated in Puerto Rico and Colombia [10] Other Important Information - Capital expenditures during the fourth quarter were MXN 3.9 billion, with a total of MXN 7.8 billion invested in CapEx for the full year [16] - The company returned value to shareholders in the form of dividends, totaling MXN 24 billion during 2025 [7] Q&A Session Summary Question: Additional projections about ASUR US acquisitions and Motiva Airports acquisition updates - Management indicated that the first 20 days of ASUR US results are not normalized for the full year 2026, with expectations for a significant jump due to the new Terminal 1 at JFK Airport [19][20] - The Motiva acquisition process is progressing well, though it may take time due to aeronautical approvals [20][21] Question: Clarification on the lower tax rate - Management confirmed that the lower tax rate is related to the results of the year and not a one-off effect [22][23] Question: Initiatives driving commercial performance in Puerto Rico and Colombia - Management highlighted efforts in Puerto Rico to improve convenience stores and duty-free operations, while Colombia's performance was supported by new retail units [27][28]