6-K

SOUTHEAST AIRPORT GROUP (ASR)

6-K 2023-10-23 For: 2023-10-23
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2023

GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. de C.V.

(SOUTHEAST AIRPORT GROUP)

(Translation of Registrant’s Name Into English)

México

(Jurisdiction of incorporation or organization)

Bosque de Alisos No. 47A– 4th Floor

Bosques de las Lomas

05120 México, D.F.

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F ____

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ____ No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
By: /s/ ADOLFO CASTRO RIVAS
Adolfo Castro Rivas
Chief Executive Officer

Date: October 23, 2023

EX-99.1

Exhibit 99.1

img52022162_0.jpg

ASUR Reports 3Q23 Financial Results

Total passenger traffic in 3Q23 increased 3.4% YoY

Mexico City, October 23, 2023 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three- and nine-month month periods ended September 30, 2023.

3Q23 Highlights1

Table 1: Financial & Operational Highlights 1
Third Quarter % Chg
2022 2023
Financial Highlights
Total Revenue 6,294,804 6,338,851 0.7
Mexico 4,576,444 4,598,604 0.5
San Juan 1,001,545 1,061,755 6.0
Colombia 716,815 678,492 (5.3)
Commercial Revenues per PAX 116.5 116.5 0.0
Mexico 140.7 135.9 (3.4)
San Juan 161.3 139.2 (13.7)
Colombia 37.3 43.4 16.5
EBITDA 4,067,015 4,198,452 3.2
Net Income 2,678,375 2,807,143 4.8
Majority Net Income 2,546,504 2,709,532 6.4
Earnings per Share (in pesos) 8.4883 9.0318 6.4
Earnings per ADS (in US$) 4.8748 5.1869 6.4
Capex 548,227 367,356 (33.0)
Cash & Cash Equivalents 13,917,369 16,917,191 21.6
Net Debt 2,180,725 (4,530,686) n/a
Net Debt/ LTM EBITDA 0.1 (0.3) n/a
Operational Highlights
Passenger Traffic
Mexico 10,134,035 10,710,221 5.7
San Juan 2,540,779 3,171,077 24.8
Colombia 4,369,335 3,736,301 (14.5)

• Total passenger traffic increased 3.4% compared to 3Q22. By country of operations, 3Q23 passenger traffic showed the following YoY variations:

• Mexico: increased by 5.7%, reflecting an increase of 11.9% in domestic traffic partially offset by a 0.6% decline in international traffic.

• Puerto Rico (Aerostar): increased by 17.8%, resulting from increases of 23.0% and 41.3% in domestic and international traffic, respectively.

• Colombia (Airplan): decreased 14.5%, resulting from a 17.8% decrease in domestic traffic down and a 0.7% increase in international traffic, mainly reflecting the suspension of operations of Viva Air and Ultra Air in 1Q23.

• Revenues increased 0.7% year-over-year to Ps.6,338.8 million. Excluding construction revenue, revenue increased 3.3% compared to 3Q22.

• Consolidated commercial revenue per passenger at Ps.116.5 million.

• Consolidated EBITDA increased 3.2% year-over-year to Ps.4,198.4 million.

• Adjusted EBITDA margin (excluding the effect of IFRIC 12) at 69.6% from 69.7% in 2Q22.

• Cash position of Ps.16,917.2 million, with Net Debt to EBITDA LTM ratio of negative 0.3x.

3Q23 Earnings Call<br><br><br><br>Date & Time: Tuesday, October 24, 2023, at 10:00 AM US ET; 8:00 AM Mexico City time<br><br><br><br>Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)<br><br><br><br>Access Code: 13741649<br><br><br><br>Replay: Tuesday, October 24, 2023, at 2:00 PM US ET, ending at 11:59 PM US ET on Tuesday, October 31, 2023. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 137416491 Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and nine-month periods ended September 30, 2023, and the equivalent three- and nine-month periods ended September 30, 2022. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps. 17.4127 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP233.6800 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.
ASUR 3Q23 Page 1 of 24
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Passenger Traffic

ASUR's total passenger traffic in 3Q23 increased by 3.4% year-over-year to 17.6 million.

Total passenger traffic in Mexico increased by 5.7% year-over-year to 10.7 million in 3Q13, with an 11.9% increase in domestic traffic and a 0.6% decrease in international traffic.

In Puerto Rico, total passenger traffic in 3Q23 increased by 24.8% year-over-year to 3.2 million, reflecting increases of 23.0% in domestic traffic and 41.3% in international traffic.

Total passenger traffic in Colombia for 3Q23 declined 14.5% YoY to 3.7 million passengers, driven by a 17.8% decrease in domestic traffic mainly reflecting the suspension of operations of Viva Air and Ultra Air since 1Q23. International traffic increased 0.7% YoY.

On page 19 of this report you will find the tables with detailed information on passenger traffic for each airport.

Table 2: Passenger Traffic Summary
Third Quarter % Chg Nine-Months % Chg
2022 2023 2022 2023
Total México 10,134,035 10,710,221 5.7 28,971,916 32,481,343 12.1
- Cancun 7,783,576 7,978,078 2.5 22,398,564 24,616,642 9.9
- 8 Others Airports 2,350,459 2,732,143 16.2 6,573,352 7,864,701 19.6
Domestic Traffic 5,104,858 5,710,008 11.9 13,369,220 15,759,432 17.9
- Cancun 3,035,878 3,250,730 7.1 7,676,725 8,853,792 15.3
- 8 Others Airports 2,068,980 2,459,278 18.9 5,692,495 6,905,640 21.3
International traffic 5,029,177 5,000,213 (0.6) 15,602,696 16,721,911 7.2
- Cancun 4,747,698 4,727,348 (0.4) 14,721,839 15,762,850 7.1
- 8 Others Airports 281,479 272,865 (3.1) 880,857 959,061 8.9
Total San Juan, Puerto Rico 2,540,779 3,171,077 24.8 7,714,993 9,276,974 20.2
Domestic Traffic 2,286,307 2,811,581 23.0 7,041,345 8,304,336 17.9
International traffic 254,472 359,496 41.3 673,648 972,638 44.4
Total Colombia 4,369,335 3,736,301 (14.5) 12,048,267 11,011,229 (8.6)
Domestic Traffic 3,589,559 2,950,844 (17.8) 10,056,838 8,850,024 (12.0)
International traffic 779,776 785,457 0.7 1,991,429 2,161,205 8.5
Total traffic 17,044,149 17,617,599 3.4 48,735,176 52,769,546 8.3
Domestic Traffic 10,980,724 11,472,433 4.5 30,467,403 32,913,792 8.0
International traffic 6,063,425 6,145,166 1.3 18,267,773 19,855,754 8.7
Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation.

Table 3: % YoY Change in Passenger Traffic 2023 & 2022

Region January February March April May June July August September TOTAL
Mexico 33.6% 25.6% 11.8% 9.8% 6.8% 10.3% 7.8% 5.9% 2.7% 12.1%
Domestic Traffic 35.0% 29.3% 20.1% 16.8% 13.9% 19.0% 13.3% 13.0% 9.0% 17.9%
International Traffic 32.4% 22.9% 6.2% 4.2% 0.1% 3.0% 3.0% (1.3%) (4.8%) 7.2%
Puerto Rico 37.8% 20.5% 9.3% 6.5% 15.5% 22.3% 26.7% 23.2% 24.1% 20.2%
Domestic Traffic 36.8% 18.1% 6.4% 3.0% 12.6% 20.5% 24.7% 21.8% 22.0% 17.9%
International Traffic 49.6% 50.3% 47.9% 49.9% 50.0% 36.4% 41.7% 37.4% 46.4% 44.4%
Colombia 16.6% 21.7% (9.1%) (18.2%) (14.2%) (19.8%) (16.7%) (13.0%) (13.7%) (8.6%)
Domestic Traffic 10.5% 16.8% (12.2%) (21.2%) (16.5%) (22.9%) (20.0%) (15.7%) (17.6%) (12.0%)
International Traffic 50.8% 51.3% 9.1% (2.7%) (2.9%) (4.9%) (1.8%) (0.5%) 5.2% 8.5%
Total 29.8% 23.9% 6.7% 2.7% 3.2% 4.5% 4.9% 3.8% 0.8% 8.3%
Domestic Traffic 26.6% 22.4% 6.0% 1.2% 4.1% 5.0% 5.2% 5.8% 2.1% 8.0%
International Traffic 34.9% 26.0% 7.6% 4.9% 1.6% 3.8% 4.3% 0.4% (1.7%) 8.7%
ASUR 3Q23 Page 2 of 24
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Review of Consolidated Results

Table 4: Summary of Consolidated Results
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Total Revenues 6,294,804 6,338,851 0.7 18,040,318 18,944,703 5.0
Aeronautical Services 3,648,226 3,790,689 3.9 10,364,032 11,379,083 9.8
Non-Aeronautical Services 2,189,412 2,242,504 2.4 6,376,296 6,979,094 9.5
Total Revenues Excluding Construction Revenues 5,837,638 6,033,193 3.3 16,740,328 18,358,177 9.7
Construction Revenues 457,166 305,658 (33.1) 1,299,990 586,526 (54.9)
Total Operating Costs & Expenses 2,598,979 2,660,317 2.4 7,282,797 7,348,441 0.9
Other Revenues 301 n/a 45,848 n/a
Operating Profit 3,696,126 3,678,534 (0.5) 10,803,369 11,596,262 7.3
Operating Margin 58.7% 58.0% (69 bps) 59.9% 61.2% 133 bps
Adjusted Operating Margin 1 63.3% 61.0% (234 bps) 64.5% 63.2% (137 bps)
EBITDA 4,067,015 4,198,452 3.2 11,783,929 12,889,160 9.4
EBITDA Margin 64.6% 66.2% 162 bps 65.3% 68.0% 272 bps
Adjusted EBITDA Margin 2 69.7% 69.6% (8 bps) 70.4% 70.2% (18 bps)
Net income 2,678,375 2,807,143 4.8 7,896,173 8,058,801 2.1
Net majority income 2,546,504 2,709,532 6.4 7,425,328 7,666,605 3.2
Earnings per Share 8.4883 9.0318 6.4 24.7511 25.5554 3.2
Earnings per ADS in US$ 4.8748 5.1869 6.4 14.2144 14.6763 3.2
Total Commercial Revenues per Passenger 3 116.5 116.5 0.0 118.9 120.7 1.5
Commercial Revenues 2,012,975 2,077,280 3.2 5,862,475 6,440,921 9.9
Commercial Revenues from Direct Operations per Passenger 4 20.9 21.0 0.9 21.9 22.8 4.0
Commercial Revenues Excl. Direct Operations per Passenger 95.6 95.4 (0.2) 97.0 97.9 0.9
1 Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services.
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues.
3 Passenger figures include transit and general aviation passengers Mexico, Puerto Rico y Colombia.
4 Represents ASUR´s operations in convenience stores

Consolidated Revenues

Consolidated Revenues for 3Q23 increased 0.7% YoY, or Ps.44.0 million, to Ps.6,338.8 million, mainly due to the following increases:

• 3.9% in revenues from aeronautical services to Ps.3,790.7 million. Mexico contributed Ps.2,783.1 million, while Puerto Rico and Colombia accounted for Ps.499.4 million and Ps.508.2 million, respectively; and

• 2.4% in revenues from non-aeronautical services to Ps.2,242.5 million. Mexico contributed Ps.1,630.8 million, while Puerto Rico and Colombia accounted for Ps.443.7 million and Ps.168.0 million, respectively.

These increases were partially offset by a 33.1%, or Ps.151.5 million, YoY decline in construction services revenues to Ps.305.6 million, principally in Mexico.

Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 3.3% YoY, to Ps.6,033.2 million.

Excluding revenues from construction services, Mexico represented 73.2% of ASUR´s total revenues in 3Q23, while Puerto Rico and Colombia represented 15.6% and 11.2%, respectively.

Commercial Revenues in 3Q23 increased 3.2% YoY to Ps.2,077.3 million, mainly reflecting the 3.2% increase in passenger traffic (including transit and general aviation passengers). Commercial revenues increased 2.4% to Ps.1,468.0 million in Mexico and 7.7% to Ps.441.3 million in Puerto Rico, and were partly offset by a 1.0% decline to Ps.167.9 million in Colombia.

Commercial Revenues per Passenger remained flat YoY at Ps.116.5 in 3Q23.

ASUR 3Q23 Page 3 of 24

Consolidated Operating Costs and Expenses

Consolidated Operating Costs and Expenses, including construction costs, increased 2.4% YoY, or Ps.61.3 million, to Ps.2,660.3 million in 3Q23.

Excluding construction costs, operating costs and expenses increased 9.9% YoY, or Ps.212.8 million, reflecting the following factors:

• Mexico: increased 9.8%, or Ps.124.4 million, mainly reflecting higher costs in connection to personnel, technical assistance, energy, concession fees, security, maintenance, materials and supplies, professional fees, together with higher cost of sales from directly operated stores.

• Puerto Rico: increased 24.0%, or Ps.116.3 million reflecting difficult comps primarily due to the recovery of expenses under the American Rescue Plan Act for an amount of Ps.175.7 million in 3Q23, partially offset by the FX conversion impact resulting from the appreciation of the Mexican peso against the US dollar.

• Colombia: declined 7.2%, or Ps.27.8 million, mainly reflecting the FX conversion effect from the depreciation of the Colombian peso against the Mexican peso, partially offset by increases in personnel and security and maintenance expenses.

Cost of Services increased 19.5%, or Ps.196.6 million, mainly reflecting YoY increases in personnel costs, surveillance and cleaning services, maintenance and conservation, energy. Higher cost of revenues from concession stores operated directly by ASUR together with a more difficult comps from the Ps.175.7 million recovery in expenses in 3Q22 in connection with the application of the American Rescue Plan Act also contributed to the YoY increase in costs of services. This was partially offset by the foreign exchange conversion impact resulting from the appreciation of the Mexican peso against the US dollar together with the depreciation of the Mexican peso against the Colombian peso.

Construction Costs declined 33.1% YoY, or Ps.151.5 million. This was mainly driven by a YoY decline of 53.6%, or Ps.213.4 million in construction costs in Mexico, which offset the 106.0% or Ps.61 million increases in Puerto Rico and 59.7%, Ps.0.9 million in Colombia.

Administrative Expenses that reflect administrative costs in Mexico increased 13.0% YoY.

Consolidated Technical Assistance increased by 4.3% YoY mainly.

Concession Fees increased 0.7% YoY, principally reflecting a 6.2% increase in Mexico due to higher regulated revenues which is a factor in the calculation of the concession fee. This was partially offset by declines of 6.4% and 1.3% in Colombia and Puerto Rico, respectively reflecting lower revenues in these two countries.

Depreciation and Amortization declined 0.6% YoY, or Ps.2.9 million, principally due to decreases of 8.5%, or Ps.8.9 million in Colombia and 11.7%, or Ps.21.3 million in Puerto Rico, partially offset by an increase of 11.6% or Ps.27.3 million in Mexico.

Consolidated Operating Profit and EBITDA

ASUR reported a Consolidated Operating Profit of Ps.3,678.5 million in 3Q23 representing an operating margin of 58.0%, compared to Ps.3,696.1 million in 3Q22 and an operating margin of 58.7%.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia and Puerto Rico was 61.0% in 3Q23 compared to 63.3% in 3Q22. Adjusted operating margin is calculated as operating profit or loss divided by total revenues less construction services revenues.

EBITDA increased 3.2%, or Ps.131.4 million, to Ps.4,198.4 million in 3Q23, from Ps.4,067.0 million in 3Q22. By country of operations, EBITDA increased YoY by 4.4% or Ps.138.3 million to Ps.3,286.6 million in Mexico, and by 7.9%, or Ps.36.9 million, to Ps.503.6 million in Puerto Rico. In Colombia, EBITDA declined by 9.6%, or Ps.43.9 million, to Ps.411.3 million. Consolidated EBITDA margin in 3Q23 was 66.2% up from 64.6% in 3Q22.

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia, was 69.6% in 3Q23, compared to 69.7% in 3Q22.

ASUR 3Q23 Page 4 of 24

Consolidated Comprehensive Financing Gain (Loss)

Table 5: Consolidated Comprehensive Financing Gain (Loss)
Third Quarter % Chg Nine – Months % Chg
2022 2023 2022 2023
Interest Income 108,646 294,770 171.3 263,143 856,500 225.5
Interest Expense (297,384) (278,445) (6.4) (544,313) (866,115) 59.1
Foreign Exchange Gain (Loss), Net 3,551 126,702 3,468.1 (37,325) (705,190) 1,789.3
Total (185,187) 143,027 n/a (318,495) (714,805) 124.4

In 3Q23 ASUR reported a Ps.143.0 million Consolidated Comprehensive Financing Gain, compared to a Ps.185.2 million loss in 3Q22.

During 3Q23 ASUR reported a foreign exchange gain of Ps.126.7 million, resulting from the 1.6% quarter-end depreciation of the Mexican peso against the U.S. dollar (0.5% average appreciation) during the period, together with a U.S. dollar net asset position. This compares to a Ps.3.5 million foreign exchange gain in 3Q22 resulting from the 0.2% quarter-end appreciation of the Mexican peso (0.5% average depreciation) on a U.S. dollar net asset position.

Interest expense declined Ps.18.9 million, or 6.4% YoY, mainly reflecting FX conversion in Puerto Rico.

Interest income increased 171.3%, or Ps.186.1 million YoY, reflecting a higher cash balance position.

Income Taxes

Income Taxes for 3Q23 increased Ps.175.6 million YoY, principally due to the following increasesariations:

• Ps.125.3 million in income taxes, reflecting mainly a higher taxable income base in Mexico.

• Ps.50.3 million in deferred income taxes, mainly in Mexico resulting from an increase in the taxable base due to a decline in inflation to 1.5% in 3Q23 from of 2.3% in 2Q22.

Majority Net Income

ASUR reported Majority Net Income of Ps.2,709.5 million in 3Q23, compared to Ps.2,546.5 million in 3Q22. This resulted in earnings per common share in 2Q23 of Ps.9.0318, or earnings per ADS of US$5.1869 (one ADS represents ten series B common shares). This compares to earnings per share of Ps.8.4883, or earnings per ADS of US$4.8748 for 3Q22.

Net Income

ASUR reported Net Income of Ps.2,807.1 million in 3Q23, increasing 4.8%, or Ps.128.8 million, from Ps.2,678.4 million in 3Q22.

Consolidated Financial Position

Airport concessions represented 69.6% of ASUR’s total assets on September 30, 2023, with current assets representing 29.7% and other assets 0.7%.

Cash and cash equivalents as of September 30, 2023, amounted to Ps.16,917.2 million, a 28.4% increase from Ps.13,175.0 million as of December 31, 2022. Mexico, Colombia and Puerto Rico contributed with Ps.11,796.9 million, Ps.2,120.6 million and Ps.2,999.8 million in cash and cash equivalents, respectively.

As of September 30, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,670.9 million, (ii) goodwill of Ps.831.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.467.1 million, and (iv) a minority interest of Ps.4,860.7 million in stockholders' equity.

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2023: (i) the recognition of a net intangible asset of Ps.823.5 million, (ii) goodwill of Ps.1,365.9 million, (iii) deferred taxes of Ps.212.4 million, and (iv) a Ps.216.6 million recognition of bank loans at fair value.

ASUR 3Q23 Page 5 of 24

Stockholders’ equity as of September 30, 2023, was Ps. 49,844.4 million and total liabilities were Ps. 21,442.8 million, representing 69.9% and 30.1% of ASUR’s total assets, respectively. Deferred liabilities represented 14.0% of ASUR’s total liabilities.

Total Debt at quarter-end declined 18.5% to Ps.12,358.5 million from Ps.15,204.8 million on December 31, 2022, mainly reflecting (i) the FX conversion impact on the Notes issued by Aerostar in Puerto Rico reflecting peso appreciation against the U.S. dollar, and (ii) payment of principal amounts of outstanding debt of Ps.1,425.0 million in Mexico and Ps.201.2 million in Puerto Rico.

On September 30, 2023, 20.8% of ASUR’s Total Debt was denominated in Mexican pesos, 71.6% in U.S. Dollars (at Aerostar in Puerto Rico) and 7.6% in Colombian pesos.

In July 2022, Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its US$50 million principal amount of 6.75% senior secured notes originally due on June 24, 2015, and extended their maturity through 2035. All long-term debt is collateralized by Aerostar’s assets.

In April 2023, Banco Popular transferred to the Bank of Bogotá its interests under the syndicated loan entered into with Airplan by issuing promissory notes under the same terms and conditions than the original loan.

LTM Net Debt-to-LTM EBITDA stood at negative 0.3x at the close of 3Q23, while the Interest Coverage Ratio was 11.4x. This compares with LTM Net Debt-to-LTM EBITDA of 0.1x and an Interest Coverage Ratio of 10.7x at September 30, 2022, respectively.

Table 6: Consolidated Debt Indicators
September 30, 2022 December 31, 2022 September 30, 2023
Leverage
Total Debt/ LTM EBITDA (Times) 1 1.1 0.9 0.7
Total Net Debt/ LTM EBITDA (Times) 2 0.1 0.1 (0.3)
Interest Coverage Ratio 3 10.7 12.6 11.4
Total Debt 16,098,094 15,204,761 12,386,505
Short-term Debt 1,682,322 1,869,996 1,117,461
Long-term Debt 14,415,772 13,334,765 11,269,044
Cash & Cash Equivalents 13,917,369 13,174,991 16,917,191
Total Net Debt 4 2,180,725 2,029,770 (4,530,686)
1 The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA.
2 Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by EBITDA.
3 The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico, it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service.
4 Total net debt is calculated as Asur´s total debt without cash & cash Equivalents
Table 7: Consolidated Debt Profile (million)*
--- --- --- --- ---
Canun Airport<br><br>Thousand Mexican Pesos Airplan<br>Million COP
Original Amount 50´M BBVA <br>2,000 M Santander 2,650 M Syndicated Loan 440,000 M
Interest Rate 6.75% TIIE + 1.4 pp TIIE +1.5 pp DTF + 4pp
Principal Balance as of September 30, 2023 42.0 1,900.0 675.0 167,897.5
2023 - 50.0 - -
2024 - 200.0 675.0 -
2025 - 275.0 - 57,900.1
2026 - 375.0 - 72,600.0
2027 - 475.0 - 37,397.5
2028 - 525.0 - -
2029 - - - -
2030 - - - -
2031 - - - -
2032 - - - -
2033 - - - -
2034 - - - -
2035 42.0 - - -
*Expressed in the original currency of each loan.
Note: the loans in Mexico were incurred in October 2017 with Bancomer and Santander. The Puerto Rico bonds were issued in March 2013 and June 2015. In both cases, in May, 2022 the maturity date was modified to 2035. The syndicated loan in Colombia was obtained in June 2015 with a grace period of three years. In April 2022, Airplan made principal payments amounting to Cop.150,000 million, and the next principal payment is due in 2025. In July 2022, Aerostar issued US200 million senior secured notes due March 22, 2035. On November 30, 2022 and September 29, 2023 Cancun Airport pre-paid Ps.650 million and Ps.662.5 million of the loan from Santander, respectively.
1 DTF is an average 90-day rate to which the credit facilities in Colombia are pegged.

All values are in US Dollars.

ASUR 3Q23 Page 6 of 24

Strong Liquidity Position and Healthy Debt Maturity Profile

ASUR closed 3Q23 with a solid financial position, with cash and cash equivalents totaling Ps.16,917.2 million and Ps.12,386.5 million in Total Debt. A total of Ps.50.0 million in principal amount of outstanding debt payments is due in 4Q23.

The following table shows the liquidity position for each of ASUR’s regions of operations:

Table 8: Liquidity Position at September 30, 2023
Figures in Thousands of Mexican Pesos
Figures in Thousands of Mexican Pesos Cash & Equivalents Total Debt Short-term Debt Long-term Debt Principal payments (July – September 2023)
Mexico 11,796,864 2,570,699 881,413 1,689,286 50,000
Puerto Rico 2,999,749 8,874,207 229,543 8,644,664 0
Colombia 2,120,578 941,599 6,505 935,094 0
Total 16,917,191 12,386,505 1,117,461 11,269,044 50,000
Table 9: Principal Debt Payments as of September 30, 2023
--- --- --- --- --- ---
Figures in Thousands of Mexican Pesos
Region of Operation 2024 2025 2026/2035
México 875,000 275,000 1,375,000
Puerto Rico 215,705 236,848 8,587,035
Colombia 0 247,775 470,718
Total 1,090,705 759,623 10,432,753
1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.17.4127= US1.00
2 Figures in pesos converted at the exchange rate at the close of the quarter of COP.233.6800= Ps.1.00
Note: Figures only reflects principal payments.
Table 10: Debt Ratios as of September 30, 2023
LTM Interest Expense Debt Coverage<br> Ratio Minimum Coverage Requirement as per Agreements
Mexico 1 464,381 28.9 3.0
Puerto Rico 2 704,595 3.0 1.1
Colombia 3 303,492 3.9 1.2
Total 1,472,468 11.4
1 Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense.
2 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.2.1 billion and LTM Debt Service was Ps.704.6 million.
3 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.1.1 billion and Debt Service was Ps.303.5 million.

All values are in US Dollars.

Accounts Receivables

Accounts receivables increased 4.0% YoY in 3Q23, reflecting higher business activity as passenger traffic increased across ASUR’ s airport network.

ASUR 3Q23 Page 7 of 24

On February 28 and March 29, 2023, Viva Colombia and Ultra Air suspended operations. During 2022, these two companies accounted for 17.4% and 1.9% of passenger traffic in Colombia, respectively. At the end of 3Q23, these two companies owed ASUR Ps.14.2 million and Ps.10.5 million, respectively.

Table 11: Accounts Receivable as of September 30, 2023

Figures in Thousands of Mexican Pesos

Region 3Q22 3Q23 % Chg.
Mexico 1,496,634 1,648,195 10.1
Puerto Rico 92,760 32,188 (65.3)
Colombia 101,000 77,345 (23.4)
Total 1,690,394 1,757,728 4.0

Note: Net of allowance for bad debts.

Capital Expenditures

ASUR made capital expenditures of Ps.367.3 million in 3Q23. Of this amount, Ps.235.6 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.129.6 million were invested by Aerostar in Puerto Rico and Ps.2.1 million were invested by Airplan in Colombia. This compares to Ps.548.2 million invested in 3Q22, of which Ps.482.8 million were invested in Mexico, Ps.64.0 million in Puerto Rico and Ps.1.4 million in Colombia.

During the nine-month period ended September 30, 2023, ASUR invested Ps.663.3 million in capital expenditures, of which Ps.387.1 million were allocated to the modernization of its Mexican airports within the framework of its development plan, Ps.267.3 million to Aerostar in Puerto Rico and Ps.8.9 million to Airplan in Colombia. This compares to Ps.1,300.9 million invested in 3Q22, of which Ps.1,069.2 million were allocated to its Mexican airports, Ps.228.6 million to Puerto Rico and Ps.3.1 million to Colombia.

3Q23 Relevant Events

ASUR Announces Government Action to Change Tariff Base Regulation

On October 4, 2023, ASUR received a notification from the Federal Civil Aviation Agency (Agencia Federal de Aviacion Civil, “AFAC”), a deconcentrated entity of the Secretary of Infrastructure, Communications and Transport (“SICT”), that it has decided to amend with immediate effect the terms of the tariff base regulation set forth in Annex 7 of the concession agreements undertaken with the SICT on June 29, 1998, as amended on March 19, 1999, in connection with the airports ASUR operates in Mexico’s South East region. Section 10.8 of the concession agreements provides that any of the terms of the concession may be amended by mutual agreement between the SICT and ASUR in accordance with applicable law.

On October 18, the Chamber of Deputies approved the initiative to increase the concession fee from 5% to 9%. The increase and the date on which it would enter into force are subject to the approval of the Senate.

On October 19, 2023, ASUR received a notification from the government that modifies the document received on October 4, 2023. The Amended Terms received on October 19, 2023, can be found on ASUR´s website www.asur.com.mx.

ASUR is currently evaluating the tariff changes implemented by AFAC and the impact that it may have on its business, results of operation and financial condition.

ASUR 3Q23 Page 8 of 24

Review of Mexico Operations

Table 12: Mexico Revenues & Commercial Revenues Per Passenger
Third Quarter % Chg Nine – Months % Chg
2022 2023 2022 2023
Total Passengers 10,187 10,800 6.0 29,125 32,699 12.3
Total Revenues 4,576,444 4,598,604 0.5 13,007,845 13,914,883 7.0
Aeronautical Services 2,571,345 2,783,132 8.2 7,251,624 8,415,113 16.0
Non-Aeronautical Services 1,606,981 1,630,781 1.5 4,670,711 5,157,806 10.4
Construction Revenues 398,118 184,691 (53.6) 1,085,510 341,964 (68.5)
Total Revenues Excluding Construction Revenues 4,178,326 4,413,913 5.6 11,922,335 13,572,919 13.8
Total Commercial Revenues 1,433,430 1,468,051 2.4 4,165,795 4,629,062 11.1
Commercial Revenues from Direct Operations 271,660 272,072 0.2 817,157 903,593 10.6
Commercial Revenues Excluding Direct Operations 1,161,770 1,195,979 2.9 3,348,638 3,725,469 11.3
Total Commercial Revenues per Passenger 140.7 135.9 (3.4) 143.0 141.6 (1.0)
Commercial Revenues from Direct Operations per Passenger 1 26.7 25.2 (5.5) 28.1 27.6 (1.5)
Commercial Revenues Excl. Direct Operations per Passenger 114.0 110.7 (2.9) 115.0 113.9 (0.9)
For the purposes of this table, approximately 52.6 and 90.1 thousand transit and general aviation passengers are included in 3Q22 and 3Q23 respectively. while 153.5 and 217.7 thousand transit and general aviation passengers are included in 9M22 and 9M23.
1 Represents the operation of ASUR in its convenience stores in Mexico.

Mexico Revenues

Mexico Revenues increased 0.5% YoY to Ps.4,598.6 million.

Excluding construction, revenues increased 5.6% YoY, mainly reflecting increases of 8.2% in revenues from aeronautical services and 1.5% in revenues from non-aeronautical services, resulting principally from the 5.7% increase in passenger traffic (including transit and general aviation passengers).

Commercial Revenues increased 2.4% YoY, principally reflecting the 6.0% increase in passenger traffic (including transit and general aviation passengers) as shown in Table 12. Commercial Revenues per Passenger for 3Q23 was Ps.135.9 compared to Ps.140.7 in 3Q22.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage operations, parking lot fees, and other.

As shown in Table 14, during the last 12 months, ASUR opened 16 new commercial spaces, 7 of which were opened at Cancun airport, 5 at Merida airport, 3 at Oaxaca airport, and 1 at Huatulco airport. More details of these openings can be found on page 20 of this report.

Table 13: Mexico Commercial Revenue Performance Table 14: Mexico Summary Retail and Other Commercial Space Opened since September 30,2022
Bussines Line YoY Chg Type of Commercial Space 1 # Of Spaces Opened
3Q23 9M23
Advertising 45.4% 49.7% Cancun 7
Car parking 23.5% 30.1% Retail 4
Car rental 20.0% 23.7% Car rental 1
Ground Transportation 13.1% 16.1% Other Revenues 2
Teleservices 6.1% 9.2% 8 Others airports 9
Food and Beverage 4.8% 15.9% Retail 5
Retail (1.0%) 8.6% Car rental 3
Other Revenues (2.5%) 5.7% Ground Transportation 1
Duty Free (5.3%) 4.4% Mexico 16
Banks and foreign exchange (8.5%) (5.7%)
Total Commercial Revenues 2.4% 11.1% 1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
ASUR 3Q23 Page 9 of 24
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Mexico Operating Costs and Expenses

Table 15: Mexico Operating Costs & Expenses
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Cost of Services 604,728 673,343 11.3 1,690,765 1,986,077 17.5
Administrative 74,040 83,647 13.0 216,170 237,213 9.7
Technical Assistance 165,391 172,423 4.3 474,194 537,168 13.3
Concession Fees 189,177 200,941 6.2 536,164 612,768 14.3
Depreciation and Amortization 235,939 263,291 11.6 674,235 780,972 15.8
Operating Costs and Expenses Excluding Construction Costs 1,269,275 1,393,645 9.8 3,591,528 4,154,198 15.7
Construction Costs 398,118 184,691 (53.6) 1,085,510 341,964 (68.5)
Total Operating Costs & Expenses 1,667,393 1,578,336 (5.3) 4,677,038 4,496,162 (3.9)

Total Mexico Operating Costs and Expenses declined 5.3% YoY, or Ps.89 million. Excluding construction costs, operating costs and expenses increased 9.8%, or Ps.124.4 million, mainly reflecting higher personnel expenses, technical assistance, energy, concession fees, security and maintenance costs. Higher cost of sales at stores operated by ASUR also contributed to the increase in costs.

Cost of Services increased 11.3% YoY, primarily due to increases in surveillance and cleaning services, maintenance and conservation, energy, taxes and fees and professional fees; together with higher cost of sales at stores directly operated by ASUR along with personnel expenses.

Administrative Expenses increased 13.0% YoY mainly reflecting an increase in personnel expenses.

The Technical Assistance fee paid to ITA increased 4.3% YoY reflecting higher EBITDA in Mexico, which is used in the calculation of the fee.

Concession Fees, which include fees paid to the Mexican government, increased 6.2%, principally due to the increase in regulated revenues which is used in the calculation of the concession fee.

Depreciation and Amortization increased 11.6% YoY, reflecting the recognition of investments made to date.

Mexico Consolidated Comprehensive Financing Gain (Loss)

Table 16: Mexico Comprehensive Financing Gain (Loss)
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Interest Income 65,638 192,076 192.6 198,264 593,265 199.2
Interest Expense (124,751) (116,736) (6.4) (326,325) (369,796) 13.3
Foreign Exchange Gain (Loss), Net 4,110 125,504 2,953.6 (36,278) (705,867) 1,845.7
Total (55,003) 200,844 n/a (164,339) (482,398) 193.5

ASUR’s Mexico operations reported a Ps.200.8 million Comprehensive Financing Gain in 3Q23, compared to a Ps.55.0 million loss in 3Q22. This was mainly due to a foreign exchange gain of Ps.125.5 million in 3Q23 resulting from the 1.6% quarter-end depreciation of the Mexican peso (0.5% average appreciation) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.4.1 million foreign exchange gain in 3Q22, resulting from the 0.2% quarter-end appreciation of the Mexican peso during that period (0.5% average depreciation) against the U.S. dollar on a foreign currency net asset position.

Interest expenses declined 6.4% YoY, or Ps.8.0 million while interest income increased 192.6% YoY or Ps.126.4 million, resulting from a higher cash balance.

ASUR 3Q23 Page 10 of 24

Mexico Operating Profit (Loss) and EBITDA

Table 17: Mexico Profit & EBITDA
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Total Revenue 4,576,444 4,598,604 0.5 13,007,845 13,914,883 7.0
Total Revenues Excluding Construction Revenues 4,178,326 4,413,913 5.6 11,922,335 13,572,919 13.8
Operating Profit 2,909,051 3,020,268 3.8 8,330,807 9,418,721 13.1
Operating Margin 63.6% 65.7% 211 bps 64.0% 67.7% 364 bps
Adjusted Operating Margin 1 69.6% 68.4% (120 bps) 69.9% 69.4% (48 bps)
Net Profit 2 2,160,099 2,339,130 8.3 6,094,864 6,467,395 6.1
EBITDA 3,145,211 3,283,562 4.4 9,005,888 10,199,944 13.3
EBITDA Margin 68.7% 71.4% 268 bps 69.2% 73.3% 407 bps
Adjusted EBITDA Margin 3 75.3% 74.4% (88 bps) 75.5% 75.1% (39 bps)
1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.
2 This result includes revenues from the participation of Aerostar Ps.168.5 million and 222.4 million in 3Q23 and 3Q22, respectively, for Airplan Ps.237.1 million and Ps.212.8 million in 3Q23 and 3Q22, respectively.
3 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

Mexico reported an Operating Gain of Ps.3,020.3 million in 3Q23 and an Operating Margin of 65.7%. This compares to an Operating Gain of Ps.2,909.0 million and an Operating Margin of 63.6% in 3Q22.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues, was 68.4% in 3Q23, compared to 69.6% in 3Q22.

EBITDA increased 4.4%, or Ps183.3 million, to Ps.3,283.6 million in 3Q23, from Ps.3,145.2 million in 3Q22. EBITDA margin in 3Q23 was 71.4% compared to 68.7% in 3Q22.

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 74.4% in 2Q23, compared to 75.3% in 3Q22.

Mexico Tariff Regulation

The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.

ASUR’s accumulated regulated revenues at its Mexican operations, as of September 30, 2023 totaled Ps.8,755.9 million, with an average tariff per workload unit of Ps.263.3 (December 2022 Mexican pesos), representing approximately 64.5% of total income in Mexico (excluding construction revenues) for the period.

The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the end of each year.

Mexico Capital Expenditures

During 3Q23 ASUR invested Ps.235.6 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.482.8 million in 3Q22. During 9M23, capital investments amounted to Ps.387.1 million compared to Ps.1,069.2 million in 1H22.

Review of Puerto Rico Operations

The following discussion compares Aerostar’s independent results for the three- and six-month periods ended September 30, 2022 and 2023.

As of September 30, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,670.9 million, (ii) goodwill of Ps.831.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.467.1 million, and (iv) a minority interest of Ps.4,860.7 million in stockholders' equity.

ASUR 3Q23 Page 11 of 24
Table 18: Puerto Rico Revenues & Commercial Revenues Per Passenger
--- --- --- --- --- --- ---
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Total Passenger 2,541 3,171 24.8 7,715 9,277 20.2
Total Revenues 1,001,545 1,061,755 6.0 3,015,339 3,109,314 3.1
Aeronautical Services 531,194 499,347 (6.0) 1,588,325 1,536,581 (3.3)
Non-Aeronautical Services 412,748 443,749 7.5 1,215,884 1,337,269 10.0
Construction Revenues 57,603 118,659 106.0 211,130 235,464 11.5
Total Revenues Excluding Construction Revenues 943,942 943,096 (0.1) 2,804,209 2,873,850 2.5
Total Commercial Revenues 409,935 441,319 7.7 1,207,414 1,330,333 10.2
Commercial Revenues from Direct Operations 88,725 103,268 16.4 263,352 312,778 18.8
Commercial Revenues Excluding Direct Operations 321,210 338,051 5.2 944,062 1,017,555 7.8
Total Commercial Revenues per Passenger 161.3 139.2 (13.7) 156.5 143.4 (8.4)
Commercial Revenues from Direct Operations per Passenger 1 34.9 32.6 (6.7) 34.1 33.7 (1.2)
Commercial Revenues Excl. Direct Operations per Passenger 126.4 106.6 (15.7) 122.4 109.7 (10.4)
Figures in pesos at the average exchange rate Ps.17.0572= US. 1.00
1 Represents ASUR´s operations in convenience stores in Puerto Rico.

Puerto Rico Revenues

Total Puerto Rico Revenues increased 6.0% YoY to Ps.1,061.7 million in 3Q23.

Excluding construction services, revenues declined by 0.1%, mainly due to the following YoY variations:

• A 6.0% decline in revenues from aeronautical services, and

• A 7.5% increase in revenues from non-aeronautical services.

Commercial Revenues per Passenger were Ps.139.2 in 3Q23, compared to Ps.161.3 in 3Q22.

Four commercial spaces were opened at Luis Muñoz Marin (LMM) Airport over the last 12 months, as shown in Table 20. More details can be found on page 20 of this report.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and other.

Table 19: Puerto Rico Commercial Revenue Performance Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2022
Bussines Line YoY Chg Type of Commercial Space 1 # of Spaces Opened
3Q23 9M23
Others revenues 33.9% 27.4% Duty Free 1
Food and beverage 17.6% 25.2% Food and beverage 2
Retail 13.3% 16.9% Others revenues 1
Ground Transportation 9.2% 6.4% Total Commercial space 4
Car rentals 4.6% 3.5%
Car parking 4.4% 7.8%
Banks and foreign exchange (9.2%) (4.8%)
Advertising (9.5%) (10.0%) 1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
Duty Free (15.6%) 8.7%
Total Commercial Revenues 7.7% 10.2%
ASUR 3Q23 Page 12 of 24
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Puerto Rico Operating Costs and Expenses

Table 21: Puerto Rico Operating Costs & Expenses
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Cost of Services 256,331 394,542 53.9 619,543 926,222 49.5
Concession Fees 45,585 44,992 (1.3) 135,343 137,758 1.8
Depreciation and Amortization 182,000 160,668 (11.7) 551,105 489,736 (11.1)
Operating Costs and Expenses Excluding Construction Costs 483,916 600,202 24.0 1,305,991 1,553,716 19.0
Construction Costs 57,603 118,659 106.0 211,130 235,464 11.5
Total Operating Costs & Expenses 541,519 718,861 32.7 1,517,121 1,789,180 17.9
Figures in pesos at the average exchange rate Ps.17.0572 = US. 1.00

Total Operating Costs and Expenses in Puerto Rico increased 32.7% YoY to Ps.718.9 million in 3Q23. Construction costs in the quarter increased 106.0% to Ps.118.6 million from Ps.57.6 million in 3Q22.

Excluding construction costs, operating costs and expenses increased 24.0% YoY, or Ps.116.3 million principally reflecting a recovery of expenses for a total of Ps.175.7 million in 3Q22 in connection with the American Rescue Plan Act, partially offset by the appreciation of the Mexican peso against the U.S. dollar in the period.

Cost of Services increased 53.9% or Ps.138.2 million in 3Q23, mainly reflecting a Ps.175.7 expense recovery in 3Q22 in connection with the American Rescue Plan Act. This was partially offset by the appreciation of the Mexican peso against the US dollar.

Concession Fees paid to the Puerto Rican government declined 1.3% YoY, or Ps.0.6 million in 3Q23, consistent with the terms agreed under the concession agreement.

Depreciation and Amortization decreased 11.7% YoY, or Ps.21.3 million, principally reflecting the foreign exchange translation impact as the quarter-end and average Mexican peso exchange rate fluctuated from Ps.17.4127 and Ps.17.0572 per U.S. dollar in 3Q22, to Ps.20.0925 and Ps.20.2334 per U.S. dollar, respectively in 3Q23.

Puerto Rico Comprehensive Financing Gain (Loss)

Table 22: Puerto Rico Comprehensive Financing Gain (Loss)
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Interest Income 27,609 42,569 54.2 33,037 107,497 225.4
Interest Expense (148,892) (132,662) (10.9) (370,555) (418,540) 12.9
Total (121,283) (90,093) (25.7) (337,518) (311,043) (7.8)
Figures in pesos at the average exchange rate Ps.17.0572 = US. 1.00

During 3Q23, Puerto Rico reported a Ps.90.1 million Comprehensive Financing Loss, compared to a Ps.121.3 million loss in 3Q22, principally due to interest accrued from the US$200.0 million bond issuance in July 2022.

On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority, and certain other costs and expenditures associated with it. On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million.

In December 2020, Aerostar entered into a three-year revolving line of credit with Banco Popular de Puerto Rico for the amount of US$20.0 million. Funds have not yet been withdrawn.

In May 2022, Aerostar renegotiated the terms of its US$50.0 million principal amount of 6.75% senior secured notes extending the maturity to March 22, 2035.

In July 2022, Aerostar in Puerto Rico issued US$200.0 million principal amount of 4.92% senior secured notes due March 22, 2035. All long-term debt is collateralized by Aerostar’s assets.

ASUR 3Q23 Page 13 of 24

Puerto Rico Operating Profit and EBITDA

Table 23: Puerto Rico Profit & EBITDA
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Total Revenue 1,001,545 1,061,755 6.0 3,015,339 3,109,314 3.1
Total Revenues Excluding Construction Revenues 943,942 943,096 (0.1) 2,804,209 2,873,850 2.5
Other Revenues 301 n/a 45,848 n/a
Operating Profit 460,327 342,894 (25.5) 1,544,066 1,320,134 (14.5)
Operating Margin 46.0% 32.3% (1367 bps) 51.2% 42.5% (875 bps)
Adjusted Operating Margin1 48.8% 36.4% (1241 bps) 55.1% 45.9% (913 bps)
Net Income 329,679 244,031 (26.0) 1,177,114 980,491 (16.7)
EBITDA 466,602 503,561 7.9 1,547,895 1,557,505 0.6
EBITDA Margin 46.6% 47.4% 84 bps 51.3% 50.1% (124 bps)
Adjusted EBITDA Margin2 49.4% 53.4% 396 bps 55.2% 54.2% (100 bps)
Figures in pesos at the average exchange rate Ps.17.0572 = US. 1.00
1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

Operating Profit at Puerto Rico declined 25.5% to Ps.324.9 million resulting in an Operating Margin of 32.3%, from an operating profit of Ps.460.3 million and an Operating Margin of 46.0% in 3Q22.

EBITDA increased 7.9% to Ps.503.6 million in 3Q23 from Ps.466.6 million in 3Q22. EBITDA Margin, in turn, increased to 47.4% in 3Q23 from 46.6% in 3Q22.

Adjusted EBITDA Margin (which excludes IFRIC 12) increased to 53.4% in 3Q23, from 49.4% in 3Q22.

Puerto Rico Capital Expenditures

During 3Q23, Aerostar made capital expenditures of Ps.129.6 million, compared to investments of Ps.64.0 million in 2Q22. Capital expenditures for the nine-months ended September 30, 2023 amounted to Ps.267.3 million compared to Ps.228.6 million for the same period in 2022.

Puerto Rico Tariff Regulation

The Airport Use Agreement entered into by and among Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority governs the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.

Review of Colombia Operations

The following discussion compares Airplan's independent results for the three- and nine-month periods ended September 30, 2023 and 2022.

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2023: (i) the recognition of a net intangible asset of Ps.823.5 million, (ii) goodwill of Ps.1,365.9 million, (iii) deferred taxes of Ps.212.4 million, and (iv) a Ps.216.6 million recognition of bank loans at fair value.

ASUR 3Q23 Page 14 of 24
Table 24: Colombia Revenues & Commercial Revenues Per Passenger
--- --- --- --- --- --- ---
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Total Passenger 4,553 3,865 (15.1) 12,466 11,408 (8.5)
Total Revenues 716,815 678,492 (5.3) 2,017,134 1,920,506 (4.8)
Aeronautical Services 545,687 508,210 (6.9) 1,524,083 1,427,389 (6.3)
Non-Aeronautical Services 169,683 167,974 (1.0) 489,701 484,019 (1.2)
Construction Revenues 1 1,445 2,308 59.7 3,350 9,098 171.6
Total Revenues Excluding Construction Revenues 715,370 676,184 (5.5) 2,013,784 1,911,408 (5.1)
Total Commercial Revenues 169,610 167,910 (1.0) 489,266 481,526 (1.6)
Total Commercial Revenues per Passenger 37.3 43.4 16.5 39.2 42.2 7.5
Figures in Colombian pesos at an average exchange rate of COP.236.6829 = Ps.1.00 Mexican pesos.
For the purposes of this table, approximately 183.3 and 128.9 thousand transit and general aviation passengers are included in 3Q22 and 3Q23, respectively, while 417.5 and 396.8 thousand transit and general aviation passengers are included in 9M22 and 9M23.

Colombia Revenues

Total Revenues in Colombia declined 5.3% YoY to Ps.678.5 million. Excluding construction services, revenues declined 5.5% YoY, primarily due to the 14.5% decline in passenger traffic resulting from the suspension of operations of Viva Air and Ultra Air as of 1Q23.

Commercial Revenue per Passenger was Ps.43.4 compared to Ps.37.3 in 3Q22.

As shown in Table 26, 46 new commercial spaces were opened in Colombia in the last twelve months. Further detail of these openings can be found on page 20 of this report.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.

Table 25: Colombia Commercial Revenue Performance Table 26: Colombia Summary Retail and Other Commercial Space Opened since September 30, 2022
Bussines Line YoY Chg Type of Commercial Space 1 # of Spaces Opened
3Q23 9M23
Car rental 23.0% 19.1% Food and beverage 8
Banks and foreign exchange 7.2% 10.4% Retail 1
Food and beverage 3.9% 13.1% Car rental 2
Others revenues 2.7% (5.4%) Others revenues 35
Teleservices (0.6%) (13.9%) Total Commercial Spaces 46
Car parking (2.8%) (13.3%)
Retail (8.1%) 3.8%
Duty free (8.1%) 11.2%
Advertising (11.2%) (29.2%) 1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
Ground Transportation (64.7%) (20.5%)
Total Commercial Revenues (1.0%) (1.6%)

Colombia Costs & Expenses

Table 27: Colombia Costs & Expenses
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Cost of Services 148,694 138,489 (6.9) 402,503 414,730 3.0
Technical Assistance
Concession Fees 135,041 126,366 (6.4) 381,135 364,966 (4.2)
Depreciation and Amortization 104,887 95,957 (8.5) 301,650 274,305 (9.1)
Operating Costs and Expenses Excluding Construction Costs 388,622 360,812 (7.2) 1,085,288 1,054,001 (2.9)
Construction Costs 1,445 2,308 59.7 3,350 9,098 171.6
Total Operating Costs & Expenses 390,067 363,120 (6.9) 1,088,638 1,063,099 (2.3)
Figures in pesos at an average exchange rate of COP.236.6829 = Ps.1.00 Mexican pesos.
ASUR 3Q23 Page 15 of 24
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Total Operating Costs and Expenses in Colombia declined 6.9% YoY to Ps.363.1 million. Excluding construction costs, operating costs and expenses declined 7.2% YoY to Ps.360.8 million. This decrease was mainly driven by the foreign exchange conversion of the Colombian peso with respect to the Mexican peso, partially offset by increases in personnel costs, security and cleaning expenses.

Cost of Services declined 6.9% YoY, or Ps.10.2 million.

Construction Costs increased 59.7% YoY, or Ps.0.9 million due to investments in furniture and equipment.

Concession Fees, which include fees paid to the Colombian government, declined 6.4% YoY, mainly reflecting the decrease in regulated and non-regulated revenues during the period.

Depreciation and Amortization declined 8.5%.

Colombia Comprehensive Financing Gain (Loss)

Table 28: Colombia, Comprehensive Financing Gain (Loss)
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Interest Income 15,399 60,125 290.4 31,842 155,738 389.1
Interest Expense (23,741) (29,047) 22.3 152,567 (77,779) n/a
Foreign Exchange Gain (Loss), Net (559) 1,198 n/a (1,047) 677 n/a
Total (8,901) 32,276 n/a 183,362 78,636 (57.1)
Figures in pesos at an average exchange rate of COP.236.6829 = Ps.1.00 Mexican pesos.

During 3Q23, Airplan reported a Ps.32.3 million Comprehensive Financing Gain, compared to an Ps.8.9 million loss in 3Q22.

Colombia Operating Profit (Loss) and EBITDA

Table 29: Colombia Profit & EBITDA
In thousands of Mexican pesos
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Total Revenues 716,815 678,492 (5.3) 2,017,134 1,920,506 (4.8)
Total Revenues Excluding Construction Revenues 715,370 676,184 (5.5) 2,013,784 1,911,408 (5.1)
Operating Profit 326,748 315,372 (3.5) 928,496 857,407 (7.7)
Operating Margin 45.6% 46.5% 90 bps 46.0% 44.6% (139 bps)
Adjusted Operating Margin1 45.7% 46.6% 96 bps 46.1% 44.9% (125 bps)
Net Profit 188,597 223,982 18.8 624,195 610,915 (2.1)
EBITDA 455,202 411,329 (9.6) 1,230,146 1,131,711 (8.0)
EBITDA Margin 63.5% 60.6% (288 bps) 61.0% 58.9% (206 bps)
Adjusted EBITDA Margin2 63.6% 60.8% (280 bps) 61.1% 59.2% (188 bps)
Figures in pesos at an average exchange rate of COP.236.6829 = Ps.1.00 Mexican pesos.
1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

In 3Q23, ASUR's operations in Colombia reported an Operating Profit of Ps.315.4 million, compared to Ps.326.7 million in 3Q22. Operating margin was 46.5% in 3Q23 compared to an operating margin of 45.6% in 3Q22. Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, was 46.6% in 3Q23 compared to an adjusted operating margin of 45.7% in 3Q22.

EBITDA in 3Q23 was Ps.411.3 million resulting in an EBITDA margin of 60.6%. This compares to an EBITDA of Ps.455.2 million and an EBITDA margin of 63.5% in 3Q22.

The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets, was 60.8% in 3Q23, compared to an adjusted EBITDA margin of 63.6% in 3Q22, mainly reflecting the impact in passenger traffic and bad debt provisions resulting from the suspension of two local airlines in Colombia in 1Q23.

Colombia Capital Expenditures

During 3Q23, Airplan made capital investments of Ps.2.1 million compared to Ps.1.4 million in 3Q22. Accumulated capital investments for 9M23 amounted to Ps.8.8 million compared to Ps.3.1 million in 9M22.

Colombia Tariff Regulation

Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights. Airplan's regulated revenues amounted to Ps.508.2 million in 3Q23.

ASUR 3Q23 Page 16 of 24

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.

Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

ASUR 3Q23 Page 17 of 24

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

Analyst Coverage

In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, JP Morgan, Jefferies, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

Forward Looking Statements

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. In particular, the impact of the COVID-19 pandemic on global economic conditions and the travel industry, as well as on the business and results of operations of the Company in particular, is expected to be material, and, as conditions are changing rapidly, is difficult to predict. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

Contacts:

ASUR<br><br>Adolfo Castro<br><br>+52-55-5284-0408<br><br>acastro@asur.com.mx InspIR Group<br><br>Susan Borinelli<br><br>+1-646-330-5907<br><br>susan@inspirgroup.com
  • SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –
ASUR 3Q23 Page 18 of 24
Passenger Traffic Breakdown by Airport
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Mexico Passenger Traffic 1
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Domestic Traffic 5,104,858 5,710,008 11.9 13,369,220 15,759,432 17.9
CUN Cancun 3,035,878 3,250,730 7.1 7,676,725 8,853,792 15.3
CZM Cozumel 56,687 64,665 14.1 131,438 142,592 8.5
HUX Huatulco 228,295 192,141 (15.8 ) 652,082 618,438 (5.2 )
MID Merida 728,051 832,876 14.4 1,945,353 2,445,615 25.7
MTT Minatitlan 28,547 37,573 31.6 74,228 97,285 31.1
OAX Oaxaca 282,758 410,747 45.3 773,972 1,075,145 38.9
TAP Tapachula 119,589 143,588 20.1 354,214 390,730 10.3
VER Veracruz 322,964 432,639 34.0 902,477 1,157,052 28.2
VSA Villahermosa 302,089 345,049 14.2 858,731 978,783 14.0
International Traffic 5,029,177 5,000,213 (0.6 ) 15,602,696 16,721,911 7.2
CUN Cancun 4,747,698 4,727,348 (0.4 ) 14,721,839 15,762,850 7.1
CZM Cozumel 114,275 89,313 (21.8 ) 370,567 356,914 (3.7 )
HUX Huatulco 6,467 5,315 (17.8 ) 65,099 80,422 23.5
MID Mérida 67,838 75,123 10.7 192,759 244,222 26.7
MTT Minatitlan 4,061 2,297 (43.4 ) 9,541 6,245 (34.5 )
OAX Oaxaca 50,727 60,713 19.7 141,204 162,345 15.0
TAP Tapachula 4,313 3,758 (12.9 ) 10,784 13,201 22.4
VER Veracruz 26,641 28,386 6.6 70,317 74,717 6.3
VSA Villahermosa 7,157 7,960 11.2 20,586 20,995 2.0
Total Traffic México 10,134,035 10,710,221 5.7 28,971,916 32,481,343 12.1
CUN Cancun 7,783,576 7,978,078 2.5 22,398,564 24,616,642 9.9
CZM Cozumel 170,962 153,978 (9.9 ) 502,005 499,506 (0.5 )
HUX Huatulco 234,762 197,456 (15.9 ) 717,181 698,860 (2.6 )
MID Merida 795,889 907,999 14.1 2,138,112 2,689,837 25.8
MTT Minatitlan 32,608 39,870 22.3 83,769 103,530 23.6
OAX Oaxaca 333,485 471,460 41.4 915,176 1,237,490 35.2
TAP Tapachula 123,902 147,346 18.9 364,998 403,931 10.7
VER Veracruz 349,605 461,025 31.9 972,794 1,231,769 26.6
VSA Villahermosa 309,246 353,009 14.2 879,317 999,778 13.7
US Passenger Traffic, San Juan Airport (LMM)
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
SJU Total 1 2,540,779 3,171,077 24.8 7,714,993 9,276,974 20.2
Domestic Traffic 2,286,307 2,811,581 23.0 7,041,345 8,304,336 17.9
International Traffic 254,472 359,496 41.3 673,648 972,638 44.4
Colombia, Passenger Traffic Airplan
Third Quarter % Chg Nine - Months % Chg
2022 2023 2022 2023
Domestic Traffic 3,589,559 2,950,844 (17.8 ) 10,056,838 8,850,024 (12.0 )
MDE Medellín (Rio Negro) 2,663,250 2,163,768 (18.8 ) 7,450,389 6,572,034 (11.8 )
EOH Medellín 339,689 339,060 (0.2 ) 928,022 908,002 (2.2 )
MTR Montería 405,996 300,592 (26.0 ) 1,156,661 938,411 (18.9 )
APO Carepa 68,580 51,095 (25.5 ) 199,627 151,936 (23.9 )
UIB Quibdó 99,884 89,866 (10.0 ) 272,244 261,181 (4.1 )
CZU Corozal 12,160 6,463 (46.9 ) 49,895 18,460 (63.0 )
International Traffic 779,776 785,457 0.7 1,991,429 2,161,205 8.5
MDE Medellín (Rio Negro) 779,776 785,457 0.7 1,991,429 2,161,205 8.5
EOH Medellín - - - - - -
MTR Montería - - - - - -
APO Carepa - - - - - -
UIB Quibdó - - - - - -
CZU Corozal - - - - - -
Total Traffic Colombia 4,369,335 3,736,301 (14.5 ) 12,048,267 11,011,229 (8.6 )
MDE Medellín (Rio Negro) 3,443,026 2,949,225 (14.3 ) 9,441,818 8,733,239 (7.5 )
EOH Medellín 339,689 339,060 (0.2 ) 928,022 908,002 (2.2 )
MTR Montería 405,996 300,592 (26.0 ) 1,156,661 938,411 (18.9 )
APO Carepa 68,580 51,095 (25.5 ) 199,627 151,936 (23.9 )
UIB Quibdó 99,884 89,866 (10.0 ) 272,244 261,181 (4.1 )
CZU Corozal 12,160 6,463 (46.9 ) 49,895 18,460 (63.0 )
1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.
ASUR 3Q23 Page 19 of 24
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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
--- --- ---
Commercial Spaces
ASUR Retail and Other Commercial Space Opened since September 30, 20221
Business Name Type Opening Date
MEXICO
Cancun
Wayan Natural Wear, S.A. de C.V. Retail July 2022
Ultra Boutique, S.A. de C.V. Retail August 2022
Comercializadora Lufra (FORZA MX) Retail August 2022
Hotelera Palace Resort Other Revenues September 2022
Global Lounge OP Mex, SA de CV Other Revenues December 2022
Cocos Caribe 770 Retail December 2022
LL Mex, SA de CV Car Rental December 2022
Huatulco
Promotora de Espectáculos Deportivos SA de CV Retail April 2023
Mérida
Comercializadora PIU SA de CV Retail April 2023
Ultra Boutique SA de CV Retail May 2023
Plersa SA de CV Retail May 2023
Unión Masa México SA de CV Retail June 2023
Alquiladora de vehiculos automotores, SA de CV Car Rental July 2023
Oaxaca
Transportes Pochutla, SA de CV Ground Transportation January 2023
Turismo Gargo, SA de CV Car Rental February 2023
Rent A Matic Itza SA de CV Car Rental June 2023
SAN JUAN, PUERTO RICO
Clear Secure Inc Other Revenues November 2022
Udon Food and Beverage January 2023
Ocean Lab Food and Beverage April 2023
PR Arrivals Store Duty Free April 2023
COLOMBIA
Rionegro
Latam Airlines Peru S.A. Other Revenues November 2022
Girag S.A. Other Revenues November 2022
Arajet Other Revenues December 2022
Franquicias y Concesiones S.A Food and Beverage December 2022
Ramirez Arana Y Cia S.A.S. Other Revenues December 2022
Pamay 5 S.A.S Car Rental December 2022
Distribuciones y Licores Juanito S.A.S Food and Beverage December 2022
Lasa - Sociedad de Apoyos Aeronáuticos Other Revenues January 2023
Menzies Aviation Colombia S.A.S Other Revenues January 2023
Menzies Aviation Colombia S.A.S Other Revenues March 2023
Menzies Aviation Colombia S.A.S Other Revenues March 2023
Lasa - Sociedad de Apoyos Aeronáuticos Other Revenues March 2023
Golden Flight LTDA Other Revenues April 2023
Professional Aircraft Cleaning Services SAS Other Revenues May 2023
Asociación Colombiana de Exportadores de Flores Other Revenues May 2023
Efectimedios S.A.S. Other Revenues May 2023
Global Lounge Colombia SAS Other Revenues June 2023
Renting T&T S.A.S Car Rental July 2023
Olaya Herrera
Escuela de Aviación Flying S.A.S Other Revenues November 2022
Colcharter IPS SAS Other Revenues December 2022
Franquicias y Concesiones S.A Other Revenues December 2022
CNV Volar S.A.S. Food and Beverage December 2022
Fondo de Valoración del Municipio de Medellín Other Revenues February 2023
Hector Antonio Velazquez Mira Food and Beverage March 2023
German Arango Other Revenues April 2023
Departamento de Antioquia Other Revenues May 2023
Efectimedios S.A.S. Other Revenues May 2023
Moon Flight Services S.A.S Other Revenues May 2023
Clic Air S.A. Other Revenues June 2023
Los Halcones S.A.S. Other Revenues August 2023
Jorge Honorio Arroyave Soto Other Revenues September 2023
CNV Volar S.A.S. Other Revenues September 2023
Montería
Restcafe S A S Food and Beverage December 2022
Pacifica de Aviación S.A.S. Other Revenues February 2023
Efectimedios S.A.S. Other Revenues May 2023
Aeropuerto DG S.A.S Food and Beverage June 2023
Distribuidora Doña Elena S.A. Food and Beverage June 2023
Corozal
Servicio Aéreo a Territorios Nacionales S.A Other Revenues November 2022
Carolina de las Mercedes Perez Aanaya Food and Beverage March 2023
Efectimedios S.A.S. Other Revenues March 2023
Quibdó
Efectimedios S.A.S. Other Revenues May 2023
Carepa
Satena Other Revenues January 2023
Efectimedios S.A.S. Other Revenues May 2023
Centro de Servicios
Grupo CDM S.A.S. ZOMAC Retail April 2023
Moon Flights S.A.S. Other Revenues June 2023
Icetex Other Revenues June 2023
* Only includes new stores opened during the period and excludes remodelings or contract renewals.
ASUR 3Q23 Page 20 of 24
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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Operating Results per Airport
Thousands of mexican pesos
Item 3Q 2022 3Q 2022 Per Workload Unit 3Q 2023 3Q 2023 Per Workload Unit YoY % Chg. Per Workload Unit YoY % Chg.
Mexico
Cancun 1
Aeronautical Revenues 1,944,588 246.1 1,979,947 245.3 1.8 (0.3 )
Non-Aeronautical Revenues 1,494,453 189.1 1,497,050 185.4 0.2 (2.0 )
Construction Services Revenues 102,423 13.0 47,596 5.9 (53.5 ) (54.6 )
Total Revenues 3,541,464 448.2 3,524,593 436.6 (0.5 ) (2.6 )
Operating Profit 2,430,757 307.6 2,381,474 295.0 (2.0 ) (4.1 )
EBITDA 2,585,106 327.1 2,552,796 316.2 (1.2 ) (3.3 )
Merida
Aeronautical Revenues 208,914 243.8 280,238 287.4 34.1 17.9
Non-Aeronautical Revenues 43,187 50.4 58,292 59.8 35.0 18.7
Construction Services Revenues 131,298 153.2 17,057 17.5 (87.0 ) (88.6 )
Other 2 25 - 24 - (4.0 ) n/a
Total Revenues 383,424 447.4 355,611 364.7 (7.3 ) (18.5 )
Operating Profit 148,334 173.1 202,965 208.2 36.8 20.3
EBITDA 168,289 196.4 224,326 230.1 33.3 17.2
Villahermosa
Aeronautical Revenues 82,920 256.7 102,924 281.2 24.1 9.5
Non-Aeronautical Revenues 16,750 51.9 18,899 51.6 12.8 (0.6 )
Construction Services Revenues 30,646 94.9 19,789 54.1 (35.4 ) (43.0 )
Other 2 22 0.1 24 0.1 9.1 -
Total Revenues 130,338 403.6 141,636 387.0 8.7 (4.1 )
Operating Profit 52,580 162.8 64,620 176.6 22.9 8.5
EBITDA 61,978 191.9 76,616 209.3 23.6 9.1
Other Airports 3
Aeronautical Revenues 334,923 265.2 420,023 282.1 25.4 6.4
Non-Aeronautical Revenues 52,591 41.6 56,540 38.0 7.5 (8.7 )
Construction Services Revenues 133,751 105.9 100,249 67.3 (25.0 ) (36.4 )
Other 2 72 0.1 88 0.1 22.2 -
Total Revenues 521,337 412.8 576,900 387.5 10.7 (6.1 )
Operating Profit 174,230 137.9 249,378 167.5 43.1 21.5
EBITDA 226,679 179.5 307,987 206.8 35.9 15.2
Holding & Service Companies 4
Construction Services Revenues - n/a - n/a n/a n/a
Other 2 115,706 n/a 133,091 n/a 15.0 n/a
Total Revenues 115,706 n/a 133,091 n/a 15.0 n/a
Operating Profit 103,150 n/a 121,831 n/a 18.1 n/a
EBITDA 103,160 n/a 121,837 n/a 18.1 n/a
Consolidation Adjustment Mexico
Consolidation Adjustment (115,825 ) n/a (133,226 ) n/a 15.0 n/a
Total Mexico
Aeronautical Revenues 2,571,345 248.5 2,783,132 255.3 8.2 2.7
Non-Aeronautical Revenues 1,606,981 155.3 1,630,781 149.6 1.5 (3.7 )
Construction Services Revenues 398,118 38.5 184,691 16.9 (53.6 ) (56.1 )
Total Revenues 4,576,444 442.3 4,598,604 421.8 0.5 (4.6 )
Operating Profit 2,909,051 281.2 3,020,268 277.0 3.8 (1.5 )
EBITDA 3,145,211 304.0 3,283,562 301.2 4.4 (0.9 )
San Juan Puerto Rico, US 5
Aeronautical Revenues 531,194 n/a 499,347 n/a (6.0 ) n/a
Non-Aeronautical Revenues 412,748 n/a 443,749 n/a 7.5 n/a
Construction Services Revenues 57,603 n/a 118,659 n/a 106.0 n/a
Total Revenues 1,001,545 n/a 1,061,755 n/a 6.0 n/a
Operating Profit 460,327 n/a 342,894 n/a (25.5 ) n/a
EBITDA 466,602 n/a 503,561 n/a 7.9 n/a
Consolidation Adjustment San Juan
Consolidation Adjustment - n/a - n/a n/a n/a
Colombia 6
Aeronautical Revenues 545,687 n/a 508,210 n/a (6.9 ) n/a
Non-Aeronautical Revenues 169,683 n/a 167,974 n/a (1.0 ) n/a
Construction Services Revenues 1,445 n/a 2,308 n/a 59.7 n/a
Total Revenues 716,815 n/a 678,492 n/a (5.3 ) n/a
Operating Profit 326,748 n/a 315,372 n/a (3.5 ) n/a
EBITDA 455,202 n/a 411,329 n/a (9.6 ) n/a
Consolidation Adjustment Colombia
Consolidation Adjustment - n/a - n/a n/a n/a
CONSOLIDATED ASUR
Aeronautical Revenues 3,648,226 n/a 3,790,689 n/a 3.9 n/a
Non-Aeronautical Revenues 2,189,412 n/a 2,242,504 n/a 2.4 n/a
Construction Services Revenues 457,166 n/a 305,658 n/a (33.1 ) n/a
Total Revenues 6,294,804 n/a 6,338,851 n/a 0.7 n/a
Operating Profit 3,696,126 n/a 3,678,534 n/a (0.5 ) n/a
EBITDA 4,067,015 n/a 4,198,452 n/a 3.2 n/a
1 Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.
2 Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.
3 Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
4 Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.
5 Reflects the results of operation of San Juan Airport, Puerto Rico, US for 3Q23.
6 Reflects the results of operation of Airplan, Colombia for 3Q23.
ASUR 3Q23 Page 21 of 24
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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
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Consolidated Statement of Income from January 1 to September 30, 2023 and 2022
Thousands of Mexican pesos
Item 9M 9M % 3Q 3Q %
2022 2023 Chg 2022 2023 Chg
Revenues
Aeronautical Services 10,364,032 11,379,083 9.8 3,648,226 3,790,689 3.9
Non-Aeronautical Services 6,376,296 6,979,094 9.5 2,189,412 2,242,504 2.4
Construction Services 1,299,990 586,526 (54.9 ) 457,166 305,658 (33.1 )
Total Revenues 18,040,318 18,944,703 5.0 6,294,804 6,338,851 0.7
Operating Expenses
Cost of Services 2,712,811 3,327,029 22.6 1,009,753 1,206,374 19.5
Cost of Construction 1,299,990 586,526 (54.9 ) 457,166 305,658 (33.1 )
General and Administrative Expenses 216,170 237,213 9.7 74,040 83,647 13.0
Technical Assistance 474,194 537,168 13.3 165,391 172,423 4.3
Concession Fee 1,052,642 1,115,492 6.0 369,803 372,299 0.7
Depreciation and Amortization 1,526,990 1,545,013 1.2 522,826 519,916 (0.6 )
Total Operating Expenses 7,282,797 7,348,441 0.9 2,598,979 2,660,317 2.4
Other Revenues 45,848 n/a 301 n/a
Operating Income 10,803,369 11,596,262 7.3 3,696,126 3,678,534 (0.5 )
Comprehensive Financing Cost (318,495 ) (714,805 ) 124.4 (185,187 ) 143,027 (177.2 )
Income from results of Joint Venture Accounted by the Equity Method (6,275 ) n/a (6,275 ) n/a
Income Before Income Taxes 10,484,874 10,875,182 3.7 3,510,939 3,815,286 8.7
Provision for Income Tax 2,444,047 2,675,802 9.5 844,248 969,514 14.8
Deferred Income Taxes 144,654 140,579 (2.8 ) (11,684 ) 38,629 (430.6 )
Net Income for the Year 7,896,173 8,058,801 2.1 2,678,375 2,807,143 4.8
Majority Net Income 7,425,328 7,666,605 3.2 2,546,504 2,709,532 6.4
Non-Controlling Interests 470,845 392,196 (16.7 ) 131,871 97,611 (26.0 )
Earning per Share 24.7511 25.5554 3.2 8.4883 9.0318 6.4
Earning per American Depositary Share (in U.S. Dollars) 14.2144 14.6763 3.2 4.8748 5.1869 6.4
Exchange Rate per Dollar Ps.17.4127
ASUR 3Q23 Page 22 of 24
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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
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Consolidated Statements of Financial Position as of September 30, 2023 and December 31, 2022
Thousands of Mexican pesos
Item September 2023 December 2022 Variation %
Assets
Current Assets
Cash and Cash Equivalents 16,917,191 13,174,991 3,742,200 28.4
Cash and Cash Equivalents Restricted 1,479,616 1,420,728 58,888 4.1
Accounts Receivable, net 1,757,728 2,541,923 (784,195 ) (30.9 )
Document Receivable 100,696 148,618 (47,922 ) (32.2 )
Recoverable Taxes and Other Current Assets 934,895 793,910 140,985 17.8
Total Current Assets 21,190,126 18,080,170 3,109,956 17.2
Non Current Assets
Machinery, Furniture and Equipment, net 167,304 171,004 (3,700 ) (2.2 )
Intangible Assets, Airport Concessions and Goodwill-Net 49,630,197 52,658,081 (3,027,884 ) (5.8 )
investment in Joint Venture 299,609 10,266 289,343 2,818.5
Total Assets 71,287,236 70,919,521 367,715 0.5
Liabilities and Stockholders' Equity
Current Liabilities
Trade Accounts Payable 225,117 307,068 (81,951 ) (26.7 )
Bank Loans and Short Term Debt 1,117,461 1,869,996 (752,535 ) (40.2 )
Accrued Expenses and Others Payables 5,794,129 3,386,909 2,407,220 71.1
Total Current Liabilities 7,136,707 5,563,973 1,572,734 28.3
Long Term Liabilities
Bank Loans 2,624,380 3,442,804 (818,424 ) (23.8 )
Long Term Debt 8,644,664 9,891,961 (1,247,297 ) (12.6 )
Deferred Income Taxes 3,001,771 2,972,522 29,249 1.0
Employee Benefits 35,260 32,654 2,606 8.0
Total Long Term Liabilities 14,306,075 16,339,941 (2,033,866 ) (12.4 )
Total Liabilities 21,442,782 21,903,914 (461,132 ) (2.1 )
Stockholders' Equity
Capital Stock 7,767,276 7,767,276 - -
Legal Reserve 2,542,227 2,285,392 256,835 11.2
Mayority Net Income for the Period 7,666,605 9,986,548 (2,319,943 ) (23.2 )
Cumulative Effect of Conversion of Foreign Currency (1,480,361 ) (717,910 ) (762,451 ) 106
Retained Earnings 26,050,181 22,299,468 3,750,713 16.8
Non-Controlling interests 7,298,526 7,394,833 (96,307 ) (1.3 )
Total Stockholders' Equity 49,844,454 49,015,607 828,847 1.7
Total Liabilities and Stockholders' Equity 71,287,236 70,919,521 367,715 0.5
Exchange Rate per Dollar Ps.17.4127
ASUR 3Q23 Page 23 of 24
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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
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Consolidated Statement of Cash Flow for the periods of January 1, to September 30, 2023 an 2022
Thousands of Mexican pesos
Item 9M 9M % 3Q 3Q %
2022 2023 Chg 2022 2023 Chg
Operating Activities
Income Before Income Taxes 10,484,874 10,875,182 3.7 3,510,939 3,815,286 8.7
Depreciation and Amortization 1,526,990 1,545,013 1.2 522,826 519,916 (0.6 )
Income from rResults of Joint Venture Accounted by the Equity Method 6,275 n/a 6,275 n/a
Interest Income (263,143 ) (856,499 ) 225.5 (108,646 ) (294,769 ) 171.3
Interest Payables 544,313 866,115 59.1 297,384 278,445 (6.4 )
Foreign Exchange Gain (loss), Net Unearned 708,251 n/a (95,257 ) n/a
Sub-Total 12,293,034 13,144,337 6.9 4,222,503 4,229,896 0.2
Trade Receivables (3,375 ) 787,060 n/a 106,059 146,082 37.7
Recoverable Taxes and other Current Assets (614,658 ) 37,023 n/a 21,284 84,645 297.7
Income Tax Paid (1,759,632 ) (2,894,823 ) 64.5 (655,904 ) (791,616 ) 20.7
Trade Accounts Payable 380,167 (524,177 ) n/a 88,644 (18,169 ) n/a
Net Cash Flow Provided by Operating Activities 10,295,536 10,549,420 2.5 3,782,586 3,650,838 (3.5 )
Investing Activities
Initial Recognition Cash Operadora 3,063 n/a 3,063 n/a
Loans Granted to Third Parties (35,100 ) 47,922 n/a
Recovery Investment Joint Venture ADG Airport 6,802 n/a
Investment in Joint Venture ASUR Dominicana (305,885 ) n/a
Restricted Cash (1,450,896 ) (212,036 ) (85.4 ) (233,303 ) (62,498 ) (73.2 )
Investments in Machinery, Furniture and Equipment, net (1,300,909 ) (663,277 ) (49.0 ) (548,227 ) (367,356 ) (33.0 )
Interest Income 229,741 742,428 223.2 80,981 247,312 205.4
Net Cash Flow used by Investing Activities (2,554,101 ) (384,046 ) (85.0 ) (697,486 ) (182,542 ) (73.8 )
Excess Cash to Use in Financing Activities 7,741,435 10,165,374 31.3 3,085,100 3,468,296 12.4
Bank Loans 4,069,700 n/a 4,069,700 n/a
Bank Loans Paid (1,425,000 ) n/a (712,500 ) n/a
Long Term Debt Paid (1,070,644 ) (201,245 ) (81.2 ) (107,109 ) (101,459 ) (5.3 )
Interest Paid (936,886 ) (942,166 ) 0.6 (380,305 ) (392,970 ) 3.3
Dividends Paid (4,509,000 ) (2,979,000 ) (33.9 )
Net Cash Flow used by Financing Activities (2,446,830 ) (5,547,411 ) 126.7 3,582,286 (1,206,929 ) n/a
Net Increase in Cash and Cash Equivalents 5,294,605 4,617,963 (12.8 ) 6,667,386 2,261,367 (66.1 )
Cash and Cash Equivalents at Beginning of Period 8,770,062 13,174,991 50.2 7,331,083 14,474,035 97.4
Exchange Gain on Cash and Cash Equivalents (147,298 ) (875,763 ) 494.6 (81,100 ) 181,789 n/a
Cash and Cash Equivalents at the End of Period 13,917,369 16,917,191 21.6 13,917,369 16,917,191 21.6
ASUR 3Q23 Page 24 of 24
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