Key Highlights

● Total passenger traffic fell 2.7 per cent year over year in the quarter.

● Total revenue grew 9.9 per cent to Ps.9.58 billion, including construction services.

● Net income rose 5.0 per cent to Ps.2.38 billion despite lower passenger volumes.

● Net debt reached 0.9 times EBITDA, up from 0.1 times a year earlier.

Grupo Aeroportuario del Sureste (NYSE:ASR), known as ASUR, operates airports in south-eastern Mexico, San Juan in Puerto Rico and Colombia, and since December 2025 a US commercial airports business. Its American depositary shares trade on the New York Stock Exchange as ASR, and its series B shares trade in Mexico as ASUR. Each ADS represents ten series B shares, a ratio that matters when reading dividends and earnings per share. The company reports in Mexican pesos, converting selected figures to US dollars at Ps.18.0033 per dollar in its second-quarter release. It published second-quarter 2026 results on 23 July 2026, with a conference call the following day.

Second-quarter 2026 results

Total passenger traffic fell 2.7 per cent year on year. Mexico declined 5.0 per cent to 9.5 million passengers and San Juan fell 3.5 per cent, while Colombia rose 3.6 per cent. San Juan handled 3.46 million passengers and Colombia 4.29 million. Total revenue grew 9.9 per cent to Ps.9.58bn, but that included construction services; excluding them, revenue fell 0.3 per cent. By segment, Mexico revenue rose 7.4 per cent to Ps.6.93bn, San Juan revenue fell 9.9 per cent to Ps.1.22bn and Colombia revenue rose 8.7 per cent to Ps.984.4m. The newly acquired US business contributed Ps.443.8m. EBITDA declined 8.7 per cent to Ps.4.59bn, and the adjusted EBITDA margin excluding IFRIC 12 fell to 62.0 per cent from 67.6 per cent. Even so, net income rose 5.0 per cent to Ps.2.38bn, and earnings per share were Ps.7.6547, or US$4.3818 per ADS, up 7.1 per cent. Capital expenditure rose 40.3 per cent to Ps.1.95bn. Cash fell to Ps.11.6bn and net debt reached Ps.15.1bn, or 0.9 times last-twelve-month EBITDA, compared with 0.1 times a year earlier, a result of the acquisition and heavier investment, leaving leverage still relatively modest. Commercial revenue per passenger in Mexico declined 8.1 per cent to Ps.145.7.

Dividends: ordinary shares versus ADS

Dividend arithmetic needs care. At its annual meeting on 23 April 2026, shareholders approved an ordinary net cash dividend of Ps.10.00 per series B and BB share, payable from 28 May 2026. The meeting also set aside remaining 2025 profits for share repurchases during 2026, without a stated peso amount. At an extraordinary meeting on 20 August 2026, shareholders approved two further extraordinary dividends of Ps.10.00 per share each, with payments starting on 30 November and 23 December 2026. Because one ADS is ten shares, each Ps.10.00 share dividend corresponds to Ps.100 per ADS before any depositary fees or withholding, a derived figure not stated in the company release. The US dollar value depends on the exchange rate at payment, and the releases reviewed gave no ADS record or ex-dividend dates. Any spreadsheet figure for yield should be checked against which of these payments it includes, as the August extraordinary dividends are additional and one-off. We did not verify a dollar dividend or yield for this review.

A US Acquisition Reshapes the Leverage Picture

ASUR's Mexico and San Juan airports both saw traffic decline in the quarter, while Colombia grew, and construction-services revenue flattered the headline top line even as underlying revenue slipped 0.3 per cent. The company's recently added US commercial airports business contributed Ps.443.8 million and helped lift net debt to 0.9 times EBITDA from a near-zero base a year earlier, a leverage increase shareholders will want to track alongside the newly approved extraordinary dividends and the pending ITA merger.