ASUR Q3 Results Show Revenue Up 18.9%

MEXICO · COMPANY RESULTS

ASUR Q3 results, furnished to the US Securities and Exchange Commission on Thursday 22 October 2026, show revenue up 18.9% to 10.42 billion pesos (about US$557 million) while passenger traffic fell 1.2% to 20.9 million. The Mexican airport group, listed in New York as ASR, owes most of the revenue gain to airports it bought, while its Cancún airport lost 8.8% of its passengers.

For US readers the exposure is direct, because one ASR share certificate (ADS) represents ten Series B shares and the group runs airports in Cancún and San Juan, Puerto Rico, plus commercial operations at US airports acquired in December 2025. Net income rose 4.4% to 2.31 billion pesos (about US$123 million), and ASUR put earnings at US$3.9825 per ADS, up 2.1%.

Our Company Intelligence profile of Grupo Aeroportuario del Sureste gives the background on the group. Our report on July traffic, Mexico’s Airport Traffic Splits Three Ways in July as ASUR Slips, also had ASUR slipping, and the latest quarter shows the weakness continuing in Mexico.

RT

Ask Rio Times

17 years of Latin America reporting, on demand.

Ask

Open the full Ask Rio Times →

RTAsk Rio TimesCost of living, safety, visas across Latin America›

ASUR Q3 Results at a Glance

Revenue rose 18.9% to 10.42 billion pesos (about US$557 million), and without construction services under the accounting rule IFRIC 12 it rose 12.6% to 7.83 billion pesos (about US$419 million). Construction revenue, which is matched by construction costs and does not change EBITDA, jumped 43.0% to 2.59 billion pesos (about US$139 million).

EBITDA, a measure of operating cash earnings, rose 1.7% to 4.72 billion pesos (about US$252 million), and operating profit rose 5.3% to 3.89 billion pesos (about US$208 million). Net income attributable to ASUR shareholders, which excludes minority interests such as the other owners of the Puerto Rico airport operator, rose 2.1% to 2.16 billion pesos (about US$115 million).

Earnings were 7.1960 pesos per share against 7.0486 a year earlier, which ASUR translated into US$3.9825 per ADS against US$3.9009. All other dollar figures here are our arithmetic at the Bank of Mexico rate of 18.7005 pesos per dollar for 22 October, so they differ slightly from ASUR’s own conversion at 18.0692 pesos per dollar.

El Economista reported that revenue came in above analyst expectations and EBITDA in line with them. Expectations are forecasts, and the filed figures are the only results.

Cancún Traffic Drops 8.8%

Cancún handled 6.13 million passengers in the quarter against 6.71 million a year earlier, a fall of 8.8%. International passengers dropped 13.3% to 3.53 million, while domestic passengers fell 1.8% to 2.59 million.

Across Mexico, traffic fell 4.6% to 9.08 million passengers, with international traffic down 11.8% and domestic traffic up 1.6%. The eight other Mexican airports carried 2.96 million passengers, up 5.5%, so the decline is concentrated in Cancún.

ASUR’s monthly table shows Mexican international traffic falling every month from March, by 10.0% in May, 12.1% in June, 11.5% in July and 13.6% in August, then 9.8% in September. For the first nine months, Cancún passengers are down 5.9% and the Mexican total is down 3.1%.

International passengers made up about 58% of Cancún’s traffic in the quarter, by our calculation from ASUR’s table. El Cronista, which calls Cancún Mexico’s second-largest airport, wrote that its traffic has not hit bottom and described it as the group’s worst-performing block.

Puerto Rico traffic fell 3.2% to 3.25 million, though September alone rose 3.1% after months of declines, while Colombia rose 5.2% to 4.68 million. Brazil and the other new airports carried 3.92 million passengers in September, up 1.4% on a pro forma basis, since ASUR owned them for only one month of the quarter.

Revenue Rises on Acquisitions

Acquired businesses supplied about 1.30 billion pesos (about US$69 million) of the 1.66 billion pesos (about US$89 million) revenue increase, our calculation from the filing. That is 456.4 million pesos (about US$24 million) from the US commercial operations, which we profiled in How Cancun’s Airport Group Ended Up Running the Shops at LAX and JFK, and 841.2 million pesos (about US$45 million) from Brazil and the other new airports in September.

Mexico revenue rose 3.1% to 6.68 billion pesos (about US$357 million) on a 32.4% jump in construction revenue, while without construction it fell 6.8% to 4.52 billion pesos (about US$242 million). Mexican EBITDA fell 9.5% to 3.16 billion pesos (about US$169 million).

Commercial revenue in Mexico, which covers shops, parking and similar income, fell 14.6% to 1.18 billion pesos (about US$63 million). ASUR links the drop mainly to lower passenger traffic.

Margins and Debt After the Brazil Deal

The adjusted EBITDA margin, which excludes construction revenue, fell to 60.3% from 66.7% a year earlier. Brazil and the other new airports added 313.2 million pesos (about US$17 million) of EBITDA in September, about 46% of their revenue excluding construction against about 70% in Mexico, our calculation.

On 1 September 2026 ASUR closed the purchase of CPC Aeroportos from Motiva for 5.1 billion reais (US$992.2 million), adding 17 airports in Brazil and one each in Costa Rica, Curaçao and Ecuador. We covered the agreement in Motiva Hands 20 Airports to Mexico’s Asur in a Closed Deal.

Total debt stood at 69.97 billion pesos (about US$3.74 billion) on 30 September, up from 27.49 billion pesos (about US$1.47 billion) at the end of 2025, while cash was 20.09 billion pesos (about US$1.07 billion). Net debt was 2.6 times trailing EBITDA against 0.2 times a year earlier, and interest cover fell to 5.2 times from 12.8 times.

Interest expense almost doubled, rising 95.6% to 871.7 million pesos (about US$47 million), which ASUR ties to two Mexican loans, US lease liabilities and the Brazil debt. A foreign-exchange loss of 803.5 million pesos (about US$43 million) was largely offset by a 719.2 million pesos (about US$38 million) gain on currency forward contracts.

New Bonds and Special Dividends

On 8 October ASUR announced that its Cancún airport subsidiary had placed US$900 million of senior notes at 6.711% due 2031 and US$900 million at 7.491% due 2036, rated BBB by S&P Global Ratings and BBB+ by Fitch Ratings. ASUR said the proceeds repaid in full the US$1.23 billion bridge loan for the Brazil deal and the 6.39 billion pesos (about US$342 million) bridge loan for the US airports, plus a 675 million pesos (about US$36 million) Santander loan and 3.0 billion pesos (about US$160 million) of a BBVA México loan.

Shareholders approved on 20 August two extraordinary cash dividends of 10 pesos per share (about US$0.53) each, payable on 30 November and 23 December 2026. With ten shares to an ADS, that is 100 pesos (about US$5.35) per ADS for each payment by our arithmetic, before any fees or taxes, and the dollar value will depend on the exchange rate at payment.

What It Means for You

For ASR shareholders the ASUR Q3 results combine revenue growth bought through acquisitions, falling Mexican traffic and a debt load that is far higher than a year ago, offset by two special dividends. This is a reading of the filing and not investment advice.

Travellers should note that these figures count passengers, not fares or cancellations, and Cancún still handled 6.13 million passengers in the quarter. Our What to Do in Cancún in October 2026 and Cancún city guide cover planning for the trip.

For wider context on the economy that feeds these airports, see our Mexico 2026 explained guide and our guide to who holds power in Mexico. Both place Mexican airports in the wider economy.

What Is Not Known

The ASUR Q3 results release does not say why international traffic at Cancún fell, or how much came from airline capacity, prices or traveller demand. It also does not break out passengers by country of origin, so the share of US travellers is not known.

Brazil and the other new airports counted for only one month, so a full-quarter picture of their margins and traffic is not yet available. The filing gives no full-year guidance that we found.

We did not review management’s remarks on the 23 October investor call, and the share-price reaction is not known. Dollar figures for pesos are our conversions at the Bank of Mexico rate of 22 October.

Frequently Asked Questions

What do the ASUR Q3 results show?

Revenue rose 18.9% to 10.42 billion pesos (about US$557 million) and net income rose 4.4% to 2.31 billion pesos (about US$123 million). Passengers fell 1.2% to 20.9 million.

How many passengers did Cancún airport lose?

Cancún passengers fell 8.8% to 6.13 million in the quarter, with international passengers down 13.3%. Domestic passengers fell 1.8%.

Why did ASUR revenue rise if traffic fell?

Acquisitions supplied about 1.30 billion pesos (about US$69 million) of the 1.66 billion pesos (about US$89 million) increase, our calculation from the filing. Construction revenue also rose 43.0%, though it is matched by construction costs.

How much debt does ASUR carry after the Brazil deal?

Total debt was 69.97 billion pesos (about US$3.74 billion) on 30 September, and net debt was 2.6 times trailing EBITDA. In October ASUR placed US$1.8 billion of bonds and used the proceeds to repay bridge loans.

Is ASUR paying special dividends?

Shareholders approved two extraordinary dividends of 10 pesos per share (about US$0.53) each, payable on 30 November and 23 December 2026. That equals about US$5.35 per ADS for each payment at the 22 October rate.

Where can I read ASUR’s own report?

ASUR furnished its 3Q26 results to the US Securities and Exchange Commission on 22 October 2026 and posts the full earnings release on its investor website. The release is in pesos, with dollar figures at ASUR’s own rate.

Sources: ASUR 3Q26 earnings release, 22 October 2026; ASUR Form 6-K, US Securities and Exchange Commission, 22 October 2026; El Economista, 22 October 2026; El Cronista, 22 October 2026; Bank of Mexico exchange rate (FIX), 22 October 2026; ASUR, Grupo Aeroportuario del Sureste.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error