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Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)

Q4 2025 Earnings Call· Wed, Mar 4, 2026

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Transcript

Operator

Operator

Good day, ladies and gentlemen, and welcome to ASUR's Fourth Quarter 2025 Results Conference Call. My name is Dave, and I'll be your operator. [Operator Instructions] As 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 Rivas

Analyst

Thank you, Dave, and good morning, everyone, and thank you for joining us today to discuss ASUR's results for the fourth quarter and full year 2025. Before I begin discussing our results, let me remind you that certain statements made during the call today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. Additional details of our quarterly and full year 2025 results can be found in our press release, which was issued yesterday after market close, and is available on our website in the Investor Relations sector. Following my presentation, I will be available for Q&A. As usual, all comparisons discussed on this call will be year-on-year, and all figures are expressed in Mexican pesos, unless specified otherwise. Before getting into the discussion of traffic and financial results, let me start today's call with a recap of the key business developments during the fourth quarter and over the course of the year. The fourth quarter marked an important inflection point for ASUR. While traffic trends in certain markets moderated, we remain focused on strengthening our long-term platform through diversification, disciplined capital allocation and continued operational excellence. Strategically, we completed our expansion into the U.S. airport, commercial market and advanced transformational Latin American growth opportunity. As previously discussed, on December 11, we completed the acquisition of URW Airports, renamed as ASUR U.S. at an enterprise value of $295 million. This transaction established ASUR a direct participation in the U.S. nonregulated commercial airport segment, with operations in major U.S. hubs, including Los Angeles International Airport, Chicago O'Hare and New York John F. Kennedy International Airport. From December 11 through December 31, ASUR…

Operator

Operator

[Operator Instructions] The first question comes from Andressa Varotto with UBS.

Andressa Varotto

Analyst

I have 2 questions. I can make the first one and then the next one. Starting with if you could share any additional color and projections about the recent ASUR U.S. acquisitions or if we can try to calculate how much it could add on revenue and EBITDA for the year based on the results showed in this quarter? And also, if you have any update on the process of the Motiva Airports acquisition?

Adolfo Castro Rivas

Analyst

Well, in the case of the U.S., 2 comments. First of all, you have the numbers for the first 20 days, which are, I will say, not something that we can consider as a normalized for the full year in '26. Due to the fact that during the third quarter this year, we're expecting the opening of the new Terminal 1 in New York at the JFK Airport, which is an important element of the equation of this transaction. So more or less the same for the first 3 quarters and then the jump because of the new Terminal 1. In the case of the process for Motiva, everything is -- it's going well. Of course, it's going to take time. There are some process that are slow in the case of aeronautical approvals. But we expect to conclude this during the end, maybe the beginning of the third quarter this year.

Andressa Varotto

Analyst

Very clear. And my other question would be regarding the tax rate. We noticed a lower tax rate this quarter. I would like to understand if this is something that we can expect for upcoming quarters or was more of a one-off effect?

Adolfo Castro Rivas

Analyst

No, that is related to the results of the year.

Operator

Operator

[Operator Instructions] Our next question comes from Anton Mortenkotter with GBM.

Ernst Mortenkotter

Analyst · GBM.

I mean we saw really good performance on the commercial side on Puerto Rico and Colombia operations using local currency. So I was just wondering what kind of initiatives were you pushing in those markets? And should we expect to see that non-aero [ part ] continue growing?

Adolfo Castro Rivas

Analyst · GBM.

Thank you for your question, Anton. Yes, the appreciation of the Mexican peso was for the quarter, 13.4%. So if you see the results in their currency, they were very good. In the case of Puerto Rico, we have worked in the second half of the year very hard on a new strategy into the convenience stores, and there are some other adjustments to improve the operational performance of the duty free. In the case of Colombia, I would say, apart from what I mentioned in terms of the new units we have established there, nothing else.

Operator

Operator

[Operator Instructions] This concludes our question-and-answer portion of today's call. I would like to turn back over to Mr. Castro for closing remarks.

Adolfo Castro Rivas

Analyst

Thank you, Dave. Ladies and gentlemen, that concludes ASUR's Fourth Quarter 2025 Results Conference Call. We would like to thank you again for your participation. You may now disconnect.

Operator

Operator

Ladies and gentlemen, that concludes ASUR's Fourth Quarter 2025 Results Conference Call. We would like to thank you again for your participation. You may now disconnect.