Business context and reporting period
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) filed this Form 6-K on September 28, 2026. It reports unaudited results for the six months ended June 30, 2026, compared with the six months ended June 30, 2025, and financial position as of June 30, 2026. Unless noted, amounts below are Mexican pesos (Ps.) millions. The reported historical results exclude CPC Aeroportos, acquired on September 1, 2026, and include ASUR Airports, acquired in December 2025; therefore, comparisons with 2025 are affected by the newly included U.S. business.
Key financial and operating metrics
- Revenue: Total revenue rose 5.0% to Ps.18,377.9 million. Excluding construction-services revenue, it increased 0.6% to Ps.15,698.8 million. Aeronautical revenue declined 3.5% to Ps.9,667.6 million; non-aeronautical revenue rose 8.0% to Ps.6,031.1 million, including Ps.822.4 million from ASUR Airports; construction-services revenue increased 41.2% to Ps.2,679.2 million.
- Profit and margins: Operating profit fell 9.8% to Ps.8,578.0 million; operating margin contracted to 46.7% from 54.4%. Net income declined 10.1% to Ps.5,311.0 million; net income attributable to controlling interest fell 9.7% to Ps.5,109.6 million. Adjusted Consolidated EBITDA, a non-IFRS measure, decreased 7.5% to Ps.9,942.5 million, and Adjusted EBITDA Margin fell to 63.3% from 68.9%.
- Passenger traffic: Total passengers decreased 0.3% to approximately 36.2 million. Mexican airports declined 2.4% and LMM Airport in Puerto Rico declined 2.8%; Colombian airports increased 7.3%.
- Cash flow and investment: Operating cash flow increased 31.6% to Ps.7,646.4 million. Investing activities used Ps.1,830.1 million, versus cash provided of Ps.309.6 million in the prior period. Capital expenditures rose 22.5% to Ps.2,494.6 million. Financing activities used Ps.5,216.4 million; dividends paid were Ps.3,000.0 million, compared with Ps.15,000.0 million a year earlier.
- Liquidity and debt: Cash and cash equivalents were Ps.11,641.4 million at June 30, 2026. ASUR historical Total Debt was Ps.26,779.7 million, down 2.6% from December 31, 2025; Total Net Debt was Ps.15,138.3 million. Total Debt/LTM Adjusted Consolidated EBITDA was 1.4x and net debt/EBITDA was 0.8x. The Debt Coverage Ratio was 7.9x. These historical debt and leverage measures exclude CPC Aeroportos and the subsequent acquisition financing.
- Balance sheet: Total assets were Ps.89,980.6 million, liabilities Ps.41,524.2 million, and stockholders’ equity Ps.48,456.3 million as of June 30, 2026.
Material changes and management commentary
Revenue growth was driven by construction activity and non-aeronautical revenue, while lower passenger traffic and aeronautical revenue weighed on results. Operating expenses rose 22.7% to Ps.9,800.0 million; excluding construction costs, they increased 16.9%. Higher depreciation and amortization, employee benefits, professional fees, and expenses associated with ASUR Airports contributed to the increase. Management attributed the lower operating profit and EBITDA partly to these costs and to weaker performance in Mexico, Puerto Rico, and Colombia.
Regional results were mixed: Mexican operating profit declined 9.0% to Ps.6,473.3 million; Puerto Rico declined 16.7% to Ps.761.7 million; Colombia declined 39.9% to Ps.542.7 million, with higher depreciation and amortization a significant factor. ASUR Airports contributed Ps.206.3 million of operating profit, but had no comparable contribution in the prior-year period.
Interest expense increased to Ps.1,532.3 million from Ps.574.1 million, while interest income declined. A lower foreign-exchange loss and a Ps.87.9 million fair-value gain partly offset those factors; comprehensive financing cost decreased 1.9% to Ps.1,076.9 million. The company reported compliance with financial covenants at June 30, 2026. Management expects, based on current forecasts, to meet obligations as they fall due for at least the next 12 months.
Acquisitions, outlook and risks
On September 1, 2026, ASUR completed its acquisition of 100% of CPC Aeroportos for approximately R$5.1 billion (U.S.$992.2 million), subject to customary closing adjustments. CPC Aeroportos operates or manages interests in 20 airports in Brazil, Ecuador, Costa Rica, and Curaçao. Its results are not included in ASUR’s historical first-half results.
ASUR’s subsidiary drew U.S.$1.230 billion under a CPC Bridge Facility at closing; ASUR is guarantor. The facility matures November 5, 2027, bears interest at Term SOFR plus a margin that increases over time, and remaining unused commitments were terminated effective September 9, 2026. Approximately U.S.$189 million of the draw was intended for potential minority-interest acquisitions; amounts not used for those transactions are to be applied to repay debt.
CPC Aeroportos reported Ps.20,918.7 million of consolidated indebtedness as of June 30, 2026, which is excluded from ASUR’s historical debt figures. Approximately Ps.17,469.3 million related to facilities for which Motiva acted as guarantor; replacement, release, or extinguishment of those guarantees remained subject to best efforts and replacement credit support was under negotiation. Separately, an equity-accounted CPC joint venture had Ps.8,377.1 million of financial liabilities on a 100% basis, not consolidated by CPC Aeroportos. Approximately U.S.$49 million of CPC-related debt was repaid in September after the acquisition.
Additional minority-interest transactions are pending or contemplated, including an expected December 2026 closing for one interest, subject to conditions, and a tag-along acquisition that still requires definitive documentation. The filing also reports shareholder approval of an ITA reorganization expected to issue approximately 7.2 million new ASUR shares; ASUR does not expect a significant consolidated financial-statement impact.
The company identifies risks including passenger-traffic changes, economic and political conditions, regulation and tariffs, currency and interest-rate fluctuations, financing and debt-service needs, operational disruption, natural disasters, cybersecurity, and integration and realization of expected benefits from acquisitions. Pro forma acquisition information is illustrative, uses preliminary purchase-accounting estimates, excludes potential synergies, cost savings, efficiencies, and integration costs, and may differ materially from actual results. The filing provides no specific full-year 2026 earnings or revenue guidance.
Important facts for investors to verify
- Review the unaudited interim statements and pro forma exhibits, particularly the purchase-price allocation, acquisition financing, and resulting combined leverage.
- Monitor the CPC Bridge Facility’s refinancing or repayment before its November 2027 maturity, interest costs, and the implications of ASUR’s guarantee.
- Track CPC Aeroportos’ debt, Motiva-guarantee replacement arrangements, and the status, cost, and financing of planned minority-interest acquisitions.
- Assess the deterioration in operating profit and margins against traffic trends, expense growth, capital spending, and the contribution from ASUR Airports.
- Confirm liquidity and covenant headroom after consolidating CPC Aeroportos; the reported historical ASUR leverage and cash figures do not include the post-period acquisition or its financing.