6-K
SOUTHEAST AIRPORT GROUP (ASR)
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 2024
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<br> Sureste, S.A.B. de C.V. | |
|---|---|
| By: | /s/ ADOLFO CASTRO RIVAS |
| Adolfo Castro Rivas | |
| Chief Executive Officer |
Date: October 22, 2024
Exhibit 99.1

ASURANNOUNCES 3Q24 RESULTS
TotalRevenue and EBITDA Increased YoY by 18% and 12%, RespectivelyDespite 2% Decrease in Passenger Traffic
MexicoCity, October 22, 2024 - 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 periods ended September 30, 2024.
3Q24Highlights^1^
| · | Total<br> passenger traffic declined 2.1% year-over-year (“YoY”). By country of operations,<br> passenger traffic presented the following YoY variations: | ||
|---|---|---|---|
| · | Mexico:<br> declined 10.1%, reflecting decreases of 12.6% in international traffic and 8.0% in domestic<br> traffic. | ||
| --- | --- | ||
| · | Puerto<br> Rico (Aerostar): increased 4.6%, driven by growth of 2.5% and 20.7% in domestic and international<br> traffic, respectively. | ||
| --- | --- | ||
| · | Colombia<br> (Airplan): increased 15.5%, resulting from increases of 22.5% in international traffic and<br> 13.6% in domestic traffic. | ||
| --- | --- | ||
| · | Revenues<br> increased 18.1% YoY to Ps.7,483.3 million. Excluding construction services, revenues increased<br> 14.1% during the period. | ||
| --- | --- | ||
| · | Consolidated<br> revenues per Passenger increased 7.2% to Ps.124.9. | ||
| --- | --- | ||
| · | Consolidated<br> EBITDA increased 12.0% YoY to Ps.4,700.4 million. | ||
| --- | --- | ||
| Table 1: Financial and Operating Highlights^1^ | |||
| --- | --- | --- | --- |
| Third Quarter | % Chg. | ||
| 2023 | 2024 | ||
| Financial Highlights | |||
| Total Revenue | 6,338,851 | 7,483,293 | 18.1 |
| Mexico | 4,598,604 | 5,386,401 | 17.1 |
| San<br> Juan | 1,061,755 | 1,215,566 | 14.5 |
| Colombia | 678,492 | 881,326 | 29.9 |
| Commercial Revenues per PAX | 116.5 | 124.9 | 7.2 |
| Mexico | 135.9 | 149.0 | 9.6 |
| San<br> Juan | 139.2 | 152.4 | 9.5 |
| Colombia | 43.4 | 52.0 | 19.8 |
| EBITDA | 4,198,452 | 4,700,373 | 12.0 |
| Net<br> Income | 2,807,143 | 3,474,554 | 23.8 |
| Majority Net Income | 2,709,532 | 3,381,190 | 24.8 |
| Earnings<br> per Share (in pesos) | 9.0318 | 11.2706 | 24.8 |
| Earnings<br> per ADS (in US$) | 4.5977 | 5.7374 | 24.8 |
| Capex | 367,356 | 1,042,400 | 183.8 |
| Cash<br> & Cash Equivalents | 16,917,191 | 18,483,601 | 9.3 |
| Net<br> Debt | (4,530,686) | (5,853,192) | 29.2 |
| Net<br> Debt/ LTM EBITDA | (0.3) | (0.3) | 18.3 |
| Operational Highlights | |||
| Passenger<br> Traffic | |||
| Mexico | 10,710,221 | 9,624,910 | (10.1) |
| San<br> Juan | 3,171,077 | 3,316,577 | 4.6 |
| Colombia | 3,736,301 | 4,314,938 | 15.5 |
| · | Adjusted<br> EBITDA Margin (excluding IFRIC12) decreased to 68.3% from 69.6% in 3Q23. | ||
| --- | --- | ||
| · | Cash<br> position of Ps.18,483.6 million at quarter-end with Debt to LTM Adjusted EBITDA at negative<br> 0.3x. | ||
| --- | --- |
3Q24 Earnings Call
Day: Wednesday, October 23, 2024, at 10:00 AM ET; 8:00 AM Mexico City time
Dial-in: 1-877-407-4018 (Toll-Free); 1-201-689-8471 (International)
Access Code: 13749410
Replay: Replay: Wednesday, October 23, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, October 30, 2024. Dial-in number: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 13749410
^1^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, 2024, and the equivalent three- and nine-month periods ended September 30, 2023. 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.19.6440 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP. 213.06200 = 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 3Q24 Page 1 of 24
PassengerTraffic
ASUR's total passenger traffic increased 2.1% YoY to 17.2 million in 3Q24.
In Mexico, total passenger traffic declined 10.1% YoY to 9.6 million in 3Q24, driven by decreases of 12.6% in international traffic and 8.0% in domestic traffic.
In Puerto Rico, total passenger traffic increased 4.6% YoY to 3.3 million in 3Q24, mainly driven by increases of 2.5% in domestic traffic and 20.7% in international traffic.
Total passenger traffic in Colombia for 3Q24 increased 15.5% YoY to 4.3 million passengers, driven by growth of 22.5% and 13.6% in domestic and international traffic, respectively.
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. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Total México | 10,710,221 | 9,624,910 | (10.1) | 32,481,343 | 31,314,960 | (3.6) |
| -<br> Cancun | 7,978,078 | 6,875,035 | (13.8) | 24,616,642 | 23,113,585 | (6.1) |
| -<br> 8 Other Airports | 2,732,143 | 2,749,875 | 0.6 | 7,864,701 | 8,201,375 | 4.3 |
| Domestic Traffic | 5,710,008 | 5,255,435 | (8.0) | 15,759,432 | 14,767,525 | (6.3) |
| -<br> Cancun | 3,250,730 | 2,789,025 | (14.2) | 8,853,792 | 7,653,937 | (13.6) |
| -<br> 8 Other Airports | 2,459,278 | 2,466,410 | 0.3 | 6,905,640 | 7,113,588 | 3.0 |
| International Traffic | 5,000,213 | 4,369,475 | (12.6) | 16,721,911 | 16,547,435 | (1.0) |
| -<br> Cancun | 4,727,348 | 4,086,010 | (13.6) | 15,762,850 | 15,459,648 | (1.9) |
| -<br> 8 Other Airports | 272,865 | 283,465 | 3.9 | 959,061 | 1,087,787 | 13.4 |
| Total San Juan, Puerto Rico | 3,171,077 | 3,316,577 | 4.6 | 9,276,974 | 10,047,837 | 8.3 |
| Domestic<br> Traffic | 2,811,581 | 2,882,815 | 2.5 | 8,304,336 | 8,891,739 | 7.1 |
| International<br> Traffic | 359,496 | 433,762 | 20.7 | 972,638 | 1,156,098 | 18.9 |
| Total Colombia | 3,736,301 | 4,314,938 | 15.5 | 11,011,229 | 12,218,181 | 11.0 |
| Domestic<br> Traffic | 2,950,844 | 3,352,638 | 13.6 | 8,850,024 | 9,551,303 | 7.9 |
| International<br> Traffic | 785,457 | 962,300 | 22.5 | 2,161,205 | 2,666,878 | 23.4 |
| Total Traffic | 17,617,599 | 17,256,425 | (2.1) | 52,769,546 | 53,580,978 | 1.5 |
| Domestic<br> Traffic | 11,472,433 | 11,490,888 | 0.2 | 32,913,792 | 33,210,567 | 0.9 |
| International<br> Traffic | 6,145,166 | 5,765,537 | (6.2) | 19,855,754 | 20,370,411 | 2.6 |
| Note:<br> Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers<br> and general aviation. |
Table3: % YoY Change in Passenger Traffic 2024 & 2023
| Region | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Mexico | 2.6% | 5.7% | 3.4% | (5.6%) | (3.0%) | (5.5%) | (11.1%) | (10.7%) | (8.1%) | (3.6%) |
| Domestic<br> Traffic | (2.2%) | (1.3%) | (6.8%) | (10.7%) | (4.6%) | (5.7%) | (9.4%) | (9.1%) | (4.9%) | (6.3%) |
| International<br> Traffic | 6.3% | 10.9% | 11.1% | (1.0%) | (1.3%) | (5.2%) | (12.7%) | (12.6%) | (12.4%) | (1.0%) |
| Puerto Rico | 8.2% | 12.6% | 16.0% | 9.4% | 4.3% | 11.6% | 10.5% | 1.6% | (0.8%) | 8.3% |
| Domestic<br> Traffic | 6.7% | 12.0% | 14.9% | 9.4% | 3.1% | 10.9% | 9.5% | (0.7%) | (3.9%) | 7.1% |
| International<br> Traffic | 23.1% | 17.9% | 27.1% | 9.2% | 15.4% | 16.1% | 17.4% | 21.6% | 26.0% | 18.9% |
| Colombia | (10.1%) | (3.4%) | 9.4% | 17.9% | 20.2% | 24.5% | 15.4% | 16.3% | 14.7% | 11.0% |
| Domestic<br> Traffic | (14.1%) | (7.8%) | 3.6% | 16.2% | 17.8% | 22.3% | 12.3% | 14.1% | 14.5% | 7.9% |
| International<br> Traffic | 6.6% | 16.9% | 37.7% | 25.3% | 30.1% | 33.1% | 26.9% | 24.8% | 15.2% | 23.4% |
| Total | 0.5% | 4.8% | 6.6% | 1.3% | 3.1% | 3.8% | (1.7%) | (2.8%) | (1.5%) | 1.5% |
| Domestic<br> Traffic | (3.7%) | (0.1%) | 1.6% | 0.9% | 3.1% | 6.0% | 1.0% | (1.2%) | 0.7% | 0.9% |
| International<br> Traffic | 6.9% | 11.7% | 13.9% | 1.9% | 3.0% | 0.2% | (6.4%) | (5.9%) | (6.3%) | 2.6% |
ASUR 3Q24 Page 2 of 24
Reviewof Consolidated Results
| Table 4: Summary of Consolidated Results | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Total Revenues | 6,338,851 | 7,483,293 | 18.1 | 18,944,703 | 22,312,210 | 17.8 |
| Aeronautical<br> Services | 3,790,689 | 4,527,080 | 19.4 | 11,379,083 | 13,784,659 | 21.1 |
| Non-Aeronautical<br> Services | 2,242,504 | 2,355,422 | 5.0 | 6,979,094 | 7,370,287 | 5.6 |
| Total Revenues Excluding Construction Revenues | 6,033,193 | 6,882,502 | 14.1 | 18,358,177 | 21,154,946 | 15.2 |
| Construction<br> Revenues | 305,658 | 600,791 | 96.6 | 586,526 | 1,157,264 | 97.3 |
| Total<br> Operating Costs & Expenses | 2,660,317 | 3,386,119 | 27.3 | 7,348,441 | 9,292,889 | 26.5 |
| Other<br> Revenues | ||||||
| Operating Profit | 3,678,534 | 4,097,174 | 11.4 | 11,596,262 | 13,019,321 | 12.3 |
| Operating<br> Margin | 58.0% | 54.8% | (328<br> bps) | 61.2% | 58.4% | (286<br> bps) |
| Adjusted<br> Operating Margin ^1^ | 61.0% | 59.5% | (144<br> bps) | 63.2% | 61.5% | (162<br> bps) |
| EBITDA | 4,198,452 | 4,700,373 | 12.0 | 12,889,160 | 14,733,187 | 14.3 |
| EBITDA<br> Margin | 66.2% | 62.8% | (342<br> bps) | 68.0% | 66.0% | (200<br> bps) |
| Adjusted<br> EBITDA Margin ^2^ | 69.6% | 68.3% | (129<br> bps) | 70.2% | 69.6% | (57<br> bps) |
| Net income | 2,807,143 | 3,474,554 | 23.8 | 8,058,801 | 10,440,721 | 29.6 |
| Net income majority | 2,709,532 | 3,381,190 | 24.8 | 7,666,605 | 10,136,848 | 32.2 |
| Earnings<br> per Share | 9.0318 | 11.2706 | 24.8 | 25.5554 | 33.7895 | 32.2 |
| Earnings<br> per ADS in US$ | 4.5977 | 5.7374 | 24.8 | 13.0092 | 17.2009 | 32.2 |
| Total Commercial Revenues per Passenger ^3^ | 116.5 | 124.9 | 7.2 | 120.7 | 125.9 | 4.3 |
| Commercial<br> Revenues | 2,077,280 | 2,180,190 | 5.0 | 6,440,921 | 6,810,464 | 5.7 |
| Commercial<br> Revenues from Direct Operations per Passenger ^4^ | 21.0 | 21.1 | 0.3 | 22.8 | 22.3 | (2.1) |
| Commercial<br> Revenues Excl. Direct Operations per Passenger | 95.4 | 103.8 | 8.8 | 97.9 | 103.6 | 5.8 |
^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 and Colombia.
^4^ Represents ASUR´s operations in convenience stores.
ConsolidatedRevenues
ConsolidatedRevenues increased 18.1% YoY, or Ps.1,444.4 million, to Ps.7,483.3 million, mainly due to the following increases:
| · | 96.6%,<br> or Ps.295.1 million, YoY increase in construction services revenues to Ps.600.8 million,<br> principally in Mexico, |
|---|---|
| · | 19.4%,<br> or Ps.736.4 million in aeronautical services revenues to Ps.4,527.1 million. Mexico contributed<br> Ps.3,321.1 million, while Puerto Rico and Colombia accounted for Ps.557.8 million and Ps.648.2<br> million, respectively; and |
| --- | --- |
| · | 5.0%,<br> or Ps.112.9 million non-aeronautical services revenues to Ps.2,355.4 million. Mexico contributed<br> Ps.1,615.3 million, while Puerto Rico and Colombia accounted for Ps.508.2 million and Ps.231.9<br> million, respectively. |
| --- | --- |
Excluding Revenues from Construction Services, for which an equivalent expense is recorded under IFRS accounting standards, total revenues would have increased 14.1% YoY to Ps.6,882.5 million.
Excluding revenues from construction services, Mexico represented 71.1% of ASUR´s total revenues in 3Q24, while Puerto Rico and Colombia accounted for 15.5% and 12.8%, respectively.
CommercialRevenues in 3Q24 increased 5.0% YoY to Ps.2,180.2 million. Commercial revenue growth was driven by revenue increase of 14.5% to Ps.505.4 million in Puerto Rico, 38.1% to Ps.231.9 million in Colombia and a decrease of 1.7% to Ps.1,442.9 million in Mexico.
ASUR 3Q24 Page 3 of 24
CommercialRevenues per Passenger increased 7.2% YoY to Ps.124.9 in 3Q24, from Ps.116.5 in 3Q23.
ConsolidatedOperating Costs and Expenses
ConsolidatedOperating Costs and Expenses, including construction costs, increased 27.3% YoY, or Ps.725.8 million, to Ps.3,386.1 million in 3Q24.
Excluding construction costs, operating costs and expenses increased 18.3%, or Ps.430.7 million, due to the following factors:
| · | Mexico:<br> increased 14.8%, or Ps.206.6 million, mainly due to higher costs in connection to personnel,<br> concession fees, security and cleaning services, and maintenance and conservation, insurance<br> and surety bonds, and professional fees. |
|---|---|
| · | Puerto<br> Rico: increased 20.4%, or Ps.122.3 million, mainly due to a foreign exchange gain related<br> to the Mexican peso depreciation against the US dollar and the increase in personnel costs,<br> electricity, insurance and surety bonds, licenses, security and cleaning services, concession<br> fees and depreciation and amortization. |
| --- | --- |
| · | Colombia:<br> increased 28.2%, or Ps.101.7 million, mainly due to increases in maintenance and conservation,<br> personnel costs, taxes and duties, security and cleaning services, insurance and surety bonds,<br> concession fees, energy costs and depreciation and amortization, and professional fees. |
| --- | --- |
Costof Services increased 15.0%, or Ps.181.0 million, YoY mainly due to increases in personnel costs, surveillance and cleaning services, maintenance and conservation, professional fees, licenses, insurance and bonds, electric energy, and taxes and duties.
ConstructionCosts increased 96.6% YoY, or Ps.295.1 million. This was mainly driven by a YoY increases of 143.7%, or Ps.265.3 million, in construction costs in Mexico, and 26.1%, or Ps.30.9 million, in Puerto Rico, and 48.0%, or Ps.1.1 million, in construction costs in Colombia.
AdministrativeExpenses that reflect administrative costs in Mexico increased 22.2% YoY.
ConsolidatedTechnical Assistance Costs decreased by 46.1% YoY, as the technical assistance fee in Mexico decreased from 5% to 2.5% as of January 1, 2024.
ConcessionFees increased 71.4% YoY, on a consolidated basis, principally due to increases of 108.7% in Mexico due to an increase in the concession fee from 5% to 9% as of January 1, 2024, together with increases of 32.7% in Colombia and 14.0% in Puerto Rico as a result of higher regulated and unregulated revenues.
Depreciationand Amortization increased 15.7% YoY, or Ps.81.6 million, principally due to an increase of 13.1%, or Ps.34.4 million in Mexico, 13.7%, or Ps.13.1 million in Colombia and 21.2%, or Ps.34.1 million, in Puerto Rico.
ConsolidatedOperating Profit and EBITDA
ASUR reported a Consolidated Operating Profit of Ps.4,097.2 million in 3Q24, with an operating margin of 54.8%, compared to Ps.3,678.5 million and an operating margin of 58.0% in 3Q23.
AdjustedOperating Margin was 59.5% in 3Q24 compared to 61.0% in 3Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, which is calculated as operating profit or loss divided by total revenue minus revenue from construction services.
EBITDAincreased 12.0%, or Ps.501.9 million, to Ps.4,700.4 million in 3Q24, from Ps.4,198.4 million in 3Q23. By country of operations, EBITDA increased by 10.7%, or Ps.351.9 million to Ps.3,635.5 million in Mexico, and 6.9%, or Ps.34.7 million, to Ps.538.3 million in Puerto Rico and 28.0%, or Ps.115.3 million, to Ps.526.6 million in Colombia.
ConsolidatedEBITDA margin in 3Q24 was 62.8% compared to 66.2% in 3Q23.
ASUR 3Q24 Page 4 of 24
AdjustedEBITDA 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 68.3% in 3Q24, compared to 69.6% in 3Q23.
ComprehensiveFinancing Gain (Loss)
| Table 5: Consolidated Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Interest<br> Income | 294,770 | 483,133 | 63.9 | 856,500 | 1,264,930 | 47.7 |
| Interest<br> Expense | (278,445) | (230,360) | (17.3) | (866,115) | (591,859) | (31.7) |
| Foreign<br> Exchange Gain (Loss), Net | 126,702 | 653,700 | 415.9 | (705,190) | 1,399,298 | n/a |
| Total | 143,027 | 906,473 | 533.8 | (714,805) | 2,072,369 | n/a |
In 3Q24 ASUR reported a Ps.906.5 million Consolidated Comprehensive Financing Gain, compared to a Ps.143.0 million gain in 3Q23. This variation is mainly attributed to a foreign exchange gain of Ps.653.7 million in 3Q24 compared to a foreign exchange gain of Ps.126.7 million in 3Q23.
The foreign exchange gain in 3Q24 resulted from the 7.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (3.7% average depreciation) during the covered period. The foreign exchange gain in 3Q23 resulted from the 1.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (0.5% average appreciation) during the covered period.
Interest income increased 63.9%, or Ps.188.4 million reflecting a higher cash balance position, while interest expenses declined 17.3%, or Ps.48.1 million resulting from principal payments made in connection to indebtedness incurred in Mexico and Puerto Rico, and the Ps.10.3 million the amortization of the bank facility in Colombia.
IncomeTaxes
IncomeTaxes for 3Q24 increased Ps.520.0 million YoY, principally due to the following variations:
| · | A<br> Ps.398.7 million increase in income taxes, mainly due to a higher taxable income base in<br> Mexico and Colombia. |
|---|---|
| · | A<br> Ps.121.2 million increase in deferred income taxes, mainly in Mexico, resulting from the<br> initial recognition of deferred income tax on untaxed accumulated profits from investments<br> in Puerto Rico and Colombia. |
| --- | --- |
NetMajority Income
During 3Q24, ASUR reported a Net Majority Income of Ps.3,381.2 million, an increase from the Ps.2,709.5 million net majority income in 3Q23. This resulted in earnings per common share in 3Q24 of Ps.11.2706, or earnings per ADS of US$ 5.7374 (one ADS represents ten (10) series B common shares), compared to earnings per share of Ps.9.0318, or earnings per ADS of US$4.5977 in 3Q23.
NetIncome
ASUR reported Net Income of Ps.3,474.5 million in 3Q24, an increase of 23.8%, or Ps.667.4.0 million, from Ps.2,807.1 million in 3Q23.
ConsolidatedFinancial Position
Airport concessions represented 67.2% of ASUR´s total assets as of September 30, 2024, with current assets representing 30.3% and other assets 2.5%.
ASUR 3Q24 Page 5 of 24
As of September 30, 2024, cash and cash equivalents amounted to Ps.18,483.6 million, a 33.2% increase from Ps.13,872.9 million as of December 31 2023. Cash and cash equivalents in México, Colombia and Puerto Rico amounted to Ps.13,379.2 million, Ps.2,900.5 million and Ps.2,203.9 million, respectively.
As of September 30, 2024, 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.5,090.3 million, (ii) goodwill of Ps.938.5 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.509.0 million, and (iv) a minority interest of Ps.5,054.3 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, 2024: (i) the recognition of a net intangible asset of Ps.828.6 million, (ii) goodwill of Ps.1,541.0 million, (iii) deferred taxes of Ps.255.4 million, and (iv) a Ps.98.8
million recognition of bank loans at fair value.
As of September 30, 2024, Stockholders’ equity was Ps.57,896.0 million and total liabilities were Ps.20,534.2 million, representing 73.8% and 26.2% of ASUR’s total assets, respectively. Deferred liabilities represented 18.1% of ASUR’s total liabilities.
As of September 30, 2024, Total Debt increased by 3.3% to Ps.12,630.4 million from Ps. 12,224.8 million as of December 31, 2023, mainly reflecting: (i) the FX conversion impact of the Mexican peso depreciation against the U.S. dollar and the Colombian peso, and (ii) payment of principal amounts of outstanding debt of Ps.127.0 million in Puerto Rico.
As of September 30, 2024, 19.2% of ASUR’s Total Debt was denominated in Mexican pesos, 77.5% in U.S. Dollars (incurred by Aerostar in Puerto Rico) and 3.3% in Colombian pesos (debt incurred by Airplan in Colombia).
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 March 22, 2035. All long-term debt is collateralized by Aerostar’s assets.
On November 15, 2023, Aerostar renewed the US$20.0 million revolving credit facility with Banco Popular de Puerto Rico, with a maturity date of December 29, 2026. As of June 30, 2024, no credit line has been drawn under this facility.
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.
In July 2024, ASUR restructured its line of credit with BBVA Mexico so that the principal amount owed under this facility be paid on the maturity date on July 11, 2029. The annual interest rate is equivalent to the 28-day TIIE rate plus an applicable margin of 1.35 points.
LTM Net Debt-to-LTM EBITDA stood at negative 0.3x as of September 30, 2024, while the Interest Coverage Ratio was 12.1x. This compared to LTM Net Debt-to-LTM EBITDA of negative 0.3x and an Interest Coverage Ratio of 11.4x as of September 30, 2023, respectively.
| Table 6: Consolidated Debt Indicators | |||
|---|---|---|---|
| September 30, 2023 | December 31, 2023 | September 30, 2024 | |
| Apalancamiento | |||
| Total<br> Debt/ LTM EBITDA (Times) ^1^ | 0.7 | 0.7 | 0.7 |
| Total<br> Net Debt/ LTM EBITDA (Times) ^2^ | (0.3) | (0.3) | (0.3) |
| Interest<br> Coverage Ratio ^3^ | 11.4 | 11.4 | 12.1 |
| Total Debt | 12,386,505 | 12,224,770 | 12,630,409 |
| Short-term<br> Debt | 1,117,461 | 1,233,639 | 969,613 |
| Long-term<br> Debt | 11,269,044 | 10,991,131 | 11,660,796 |
| Cash & Cash Equivalents | 16,917,191 | 13,872,897 | 18,483,601 |
| Total Net Debt ^4^ | (4,530,686) | (1,648,127) | (5,853,192) |
| ^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,<br> 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<br> Rico, it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided<br> by LTM debt service. | |||
| ^4^Total net debt is calculated as Asur´s total debt without cash & cash Equivalents. |
ASUR 3Q24 Page 6 of 24
| Table<br> 7: Consolidated Debt (million) | ||||||
|---|---|---|---|---|---|---|
| Cancun<br> Airport M´Mxp | Airplan<br> M Col Ps | |||||
| Original<br> Amount | 200´M | 50´M | Santander<br> 2,650 | Syindicated<br> Loan<br><br> <br>440,000 | ||
| Interest<br> Rate | 4.92% | 6.75% | TIIE +1.50 pp | DTF + 4.00pp | ||
| Principal<br> Balance as of <br> September 30, 2024 | 200.0 | 42.0 | 675.0 | 67,897.2 | ||
| 2024 | - | - | - | - | ||
| 2025 | - | - | 675.0 | - | ||
| 2026 | - | - | - | 30,499.7 | ||
| 2027 | - | - | - | 37,397.5 | ||
| 2028 | - | - | - | - | ||
| 2029 | - | - | - | - | ||
| 2030 | - | - | - | - | ||
| 2031 | - | - | - | - | ||
| 2032 | - | - | - | - | ||
| 2033 | - | - | - | - | ||
| 2034 | - | - | - | - | ||
| 2035 | 200.0 | 42.0 | - | - | ||
| 1<br>DTF is an average 90-day rate to which the credit facilities in Colombia are pegged.<br> The loans from Mexico were made in<br> October 2017, with Bancomer and Santander. The bonds from Puerto Rico were issued in March 2013 and June 2015 (in May 2022 the maturity<br> date was modified to 2035). The syndicated loan from Colombia was obtained in June 2015, with a grace period of three years. In April<br> 2022, Airplan made capital payments for Cop. 100,000 million, and its next principal payment is due in September 2026. In July 2022,<br> Aerostar issued senior secured notes for US200,000 million due March 22, 2035. On November 30, 2022, March 29, 2023, and September<br> 29, 2023 Cancun Airport prepaid Ps.650 million, Ps.662.5 million and Ps.662.5 million of the loan with Santander, respectively. Cancún<br> Airport made capital payments of Ps.50 million of the BBVA loan on each of the following dates: April 14, 2023, July 14, 2023, October<br> 13, 2023, January 15, 2024 and 15 April 2024.<br> *Expressed in the original currency<br> of each loan. |
All values are in US Dollars.
StrongLiquidity Position and Healthy Debt Maturity Profile
ASUR closed 3Q24 with a solid financial position, with cash and cash equivalents totaling Ps.18,483.6 million and Ps.12,630.4 million in Total Debt.
The following table shows the liquidity position for each of ASUR’s regions of operations:
| Table 8: Liquidity Position as of September 30, 2024 | |||||
|---|---|---|---|---|---|
| Figures<br> in thousands of Mexican Pesos | |||||
| Region of Operation | Cash & Equivalents | Total Debt | Short-term Debt | Long-term Debt | Principal Payments (Oct – Dec 2024) |
| Mexico | 13,379,191 | 2,422,232 | 684,881 | 1,737,351 | 0 |
| Puerto<br> Rico | 2,203,881 | 9,788,372 | 282,420 | 9,505,952 | 0 |
| Colombia | 2,900,529 | 419,805 | 2,312 | 417,493 | 0 |
| Total | 18,483,601 | 12,630,409 | 969,613 | 11,660,796 | - |
| Table<br> 9: Debt Maturity Profile as of September 30, 2024 | |||
|---|---|---|---|
| Figures<br> in thousands of Mexican Pesos | |||
| Region<br> of Operation | 2025 | 2026 | 2027/2035 |
| Mexico | 675,000 | 0 | 1,750,000 |
| Puerto<br> Rico | 267,198 | 294,538 | 9,392,857 |
| Colombia | 0 | 143,151 | 175,525 |
| Total | 942,198 | 437,689 | 11,318,383 |
| 1<br> Figures in pesos converted at the exchange rate at the close of the quarter Ps.19.644 = US1.00 | |||
| 2<br> Figures in pesos converted at the exchange rate at the close of the quarter of COP.213.06 = Ps.1.00 | |||
| Note:<br> Figures only reflect principal payments. |
All values are in US Dollars.
ASUR 3Q24 Page 7 of 24
| Table 10: Debt Ratios at June 30, 2024 | ||||
|---|---|---|---|---|
| LTM<br> EBITDA and interest expense figures in thousands of Mexican Pesos | ||||
| Region | LTM EBITDA | LTM Interest Expenses | Debt Coverage Ratio | Minimum Coverage Requirement as per Agreements |
| Mexico<br> ^1^ | 15,066,374 | 320,485 | 47.0 | 3.0 |
| Puerto<br> Rico ^2^ | 1,539,877 | 804,294 | 1.9 | 1.1 |
| Colombia<br> ^3^ | 1,419,596 | 360,839 | 3.9 | 1.2 |
| Total | 18,025,847 | 1,485,618 | 12.1 | |
| ^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.<br> LTM Cash Flow Generation for the period was Ps.1.5 billion and LTM Debt Service was Ps.804.3 million. | ||||
| ^3^Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service.<br> EBITDA minus Taxes for the period amounted to Ps.1.4 billion million and Debt Service was Ps.360.8 million. |
AccountsReceivables
Accounts receivables increased 26.3% YoY in 3Q24, mainly driven by increased activity in Mexico and Colombia.
On February 28 and March 29, 2023, Viva Colombia and Ultra Air in Colombia suspended operations. At the end of 3Q24, these two companies owed ASUR Ps.15.2 million and Ps.10.6 million, respectively and such amounts have been provisioned.
| Table 11: Accounts Receivables at September 30, 2024 | |||
|---|---|---|---|
| Figures<br> in thousands of Mexican Pesos | |||
| Region | 3Q23 | 3Q24 | % Chg. |
| Mexico | 1,648,195 | 2,031,717 | 23.3 |
| Puerto<br> Rico | 32,188 | 78,128 | 142.7 |
| Colombia | 77,345 | 110,624 | 43.0 |
| Total | 1,757,728 | 2,220,469 | 26.3 |
| Note:<br> Net of allowance for bad debts. |
CapitalExpenditures
During 3Q24 ASUR made capital expenditures of Ps.1,042.4 million. Of this amount, Ps.876.7 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.164.5 million were invested by Aerostar in Puerto Rico and Ps.1.2 million were invested by Airplan in Colombia.
This compared to Ps.367.4 million invested in 3Q23, of which Ps.235.6 million were invested in Mexico, Ps.129.7 million in Puerto Rico and Ps.2.1 million in Colombia.
On an accumulated basis, ASUR made capital expenses for a total of Ps.1,861.8 million in 9M24, of which Ps.1,445.5 million were allocated to its Mexican airports, Ps.410.6 million invested by Aerostar in Puerto Rico and Ps.6.6 million invested by Airplan in Colombia.
This compares to a total of Ps.663.3 million invested in 9M23, of which Ps.387.1 million were allocated to its Mexican airports, Ps.267.3 million in Puerto Rico and Ps.8.9 million in Colombia.
ASUR 3Q24 Page 8 of 24
Reviewof Mexico Operations
| Table 12: Mexico Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Total Passenger | 10,800 | 9,682 | (10.4) | 32,699 | 31,486 | (3.7) |
| Total Revenues | 4,598,604 | 5,386,401 | 17.1 | 13,914,883 | 16,461,179 | 18.3 |
| Aeronautical<br> Services | 2,783,132 | 3,321,058 | 19.3 | 8,415,113 | 10,420,313 | 23.8 |
| Non-Aeronautical<br> Services | 1,630,781 | 1,615,332 | (0.9) | 5,157,806 | 5,256,423 | 1.9 |
| Construction<br> Revenues | 184,691 | 450,011 | 143.7 | 341,964 | 784,443 | 129.4 |
| Total Revenues Excluding Construction Revenues | 4,413,913 | 4,936,390 | 11.8 | 13,572,919 | 15,676,736 | 15.5 |
| Total Commercial Revenues | 1,468,051 | 1,442,905 | (1.7) | 4,629,062 | 4,705,227 | 1.6 |
| Commercial<br> Revenues from Direct Operations | 272,072 | 256,292 | (5.8) | 903,593 | 877,082 | (2.9) |
| Commercial<br> Revenues Excluding Direct Operations | 1,195,979 | 1,186,613 | (0.8) | 3,725,469 | 3,828,145 | 2.8 |
| Total Commercial Revenues per Passenger | 135.9 | 149.0 | 9.6 | 141.6 | 149.4 | 5.6 |
| Commercial<br> Revenues from Direct Operations per Passenger ^1^ | 25.2 | 26.5 | 5.1 | 27.6 | 27.9 | 0.8 |
| Commercial<br> Revenues Excl. Direct Operations per Passenger | 110.7 | 122.6 | 10.7 | 113.9 | 121.6 | 6.7 |
| For the purposes of this table, approximately 90.1 and 57.5 thousand transit and general aviation passengers are included in 3Q23 and<br>3Q24 respectively, while 217.6 and 170.9 thousand transit and general aviation passengers are included in 9M23 and 9M24. | ||||||
| ^1^Represents the operation of ASUR in its convenience stores in Mexico. |
MexicoRevenues
MexicoRevenues increased 17.1% YoY to Ps.5,386.4 million, mainly reflecting the new terms of the Master Development Plan published on December 13, 2023, and effectively starting on January 1, 2024.
Excluding construction, revenues increased 11.8% YoY, mainly due to increases of 19.3% in revenues from aeronautical services and 0.9% in revenues from non-aeronautical services.
CommercialRevenues decreased by 1.7% YoY, as shown in Table 12, mainly due to the 10.4% decline in passenger traffic.
CommercialRevenues per Passenger for 3Q24 increased to Ps.149.0 from Ps.135.9 in 3Q23.
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 18 new commercial spaces, 8 at Merida, 2 each at Huatulco, Tapachula, and Veracruz airports, and 1 each at Oaxaca, Cozumel, Minatitlan, and Villahermosa airports. 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 30,2023 | |||
|---|---|---|---|---|
| Bussines Line | YoY Chg | Type of Commercial Space ^1^ | # Of Spaces Opened | |
| 3Q24 | 9M24 | |||
| Advertising | 21.1% | 15.5% | 8 Others airports | |
| Car<br> parking | 11.3% | 8.2% | Retail | 2 |
| Teleservices | 4.7% | (11.7%) | Banks<br> and foreign exchange | 1 |
| Car<br> rental | 2.3% | 17.3% | Food<br> and Beverage | 1 |
| Other<br> Revenues | 0.0% | (2.4%) | Car<br> rental | 14 |
| Retail | (1.7%) | 0.0% | Mexico | 18 |
| Ground<br> Transportation | (1.9%) | 6.1% | ||
| Duty<br> Free | (2.8%) | 0.8% | ||
| Banks<br> and foreign exchange | (8.2%) | (8.2%) | ||
| Food<br> and Beverage | (8.2%) | (2.9%) | ||
| Total Commercial Revenues | (1.7%) | 1.6% | ||
| ^1^Only includes new stores opened during the period and excludes remodelings or contract renewals. |
ASUR 3Q24 Page 9 of 24
MexicoOperating Costs and Expenses
| Table 15: Mexico Operating Costs & Expenses | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Cost<br> of Services | 673,343 | 725,215 | 7.7 | 1,986,077 | 2,158,821 | 8.7 |
| Administrative | 83,647 | 65,107 | (22.2) | 237,213 | 224,879 | (5.2) |
| Technical<br> Assistance | 172,423 | 92,979 | (46.1) | 537,168 | 299,573 | (44.2) |
| Concession<br> Fees | 200,941 | 419,309 | 108.7 | 612,768 | 1,310,820 | 113.9 |
| Depreciation<br> and Amortization | 263,291 | 297,654 | 13.1 | 780,972 | 881,426 | 12.9 |
| Operating Costs and Expenses Excluding Construction Costs | 1,393,645 | 1,600,264 | 14.8 | 4,154,198 | 4,875,519 | 17.4 |
| Construction<br> Costs | 184,691 | 450,011 | 143.7 | 341,964 | 784,443 | 129.4 |
| Total Operating Costs & Expenses | 1,578,336 | 2,050,275 | 29.9 | 4,496,162 | 5,659,962 | 25.9 |
TotalMexico Operating Costs and Expenses increased 29.9% YoY, or Ps.471.9 million. Excluding construction costs, operating costs and expenses increased 14.8%, or Ps.206.6 million, mainly due to higher concession fees, personnel expenses, professional fees, insurance and surety bond expenses, surveillance and cleaning services, and maintenance and conservation costs.
Costof Services increased 7.7% YoY, primarily due to higher costs in connection with personnel, surveillance insurance and surety bond expenses, professional fees, surveillance and cleaning services, maintenance, and conservation
AdministrativeExpenses declined 22.2% YoY.
TheTechnical Assistance fee declined 46.1% YoY, principally due to the reduction in the technical assistance fees charged by ITA to 2.5% from 5.0% of the EBITDA generated by ASUR´s Mexican operations starting January 1, 2024.
ConcessionFees, which include fees paid to the Mexican government, increased by 108.7% YoY, principally due to the increase in the concession fee rate to 9% from 5% starting January 1, 2024 and the increase in the tariff calculation base set forth in the Mexican concession titles.
Depreciationand Amortization increased 13.1% YoY, due to the recognition of investments made to date.
MexicoConsolidated Comprehensive Financing Gain (Loss)
| Table 16: Mexico Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Interest<br> Income | 192,076 | 379,449 | 97.6 | 593,265 | 974,746 | 64.3 |
| Interest<br> Expense | (116,736) | (86,226) | (26.1) | (369,796) | (268,074) | (27.5) |
| Foreign<br> Exchange Gain (Loss), Net | 125,504 | 653,999 | 421.1 | (705,867) | 1,399,721 | n/a |
| Total | 200,844 | 947,222 | 371.6 | (482,398) | 2,106,393 | n/a |
During 3Q24, ASUR’s Mexico operations reported a Ps.947.2 million Comprehensive Financing Gain, compared to a Ps.200.8 million in 3Q23. This was mainly due to a Ps.654.0 million foreign exchange gain reported in 3Q24, resulting from the 7.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a foreign currency net asset position (3.7% average depreciation). This compared to a Ps.125.5 million foreign exchange gain in 3Q23, resulting from the 1.6% quarter-end depreciation of the Mexican peso during that period against the U.S. dollar on a foreign currency net asset position (0.5% average appreciation).
Interest income increased 97.6% YoY, or Ps.187.4 million, mainly resulting from a higher cash balance, while interest expenses declined 26.1%, or Ps.30.5 million YoY mainly due to principal payments in 2023 and 1H24.
ASUR 3Q24 Page 10 of 24
MexicoOperating Profit (Loss) and EBITDA
| Table 17: Mexico Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Total<br> Revenue | 4,598,604 | 5,386,401 | 17.1 | 13,914,883 | 16,461,179 | 18.3 |
| Total<br> Revenues Excluding Construction Revenues | 4,413,913 | 4,936,390 | 11.8 | 13,572,919 | 15,676,736 | 15.5 |
| Operating Profit | 3,020,268 | 3,336,126 | 10.5 | 9,418,721 | 10,801,217 | 14.7 |
| Operating<br> Margin | 65.7% | 61.9% | (374<br> bps) | 67.7% | 65.6% | (207<br> bps) |
| Adjusted<br> Operating Margin ^1^ | 68.4% | 67.6% | (84<br> bps) | 69.4% | 68.9% | (49<br> bps) |
| Net<br> Profit ^2^ | 2,339,130 | 2,931,370 | 25.3 | 6,467,395 | 8,785,776 | 35.8 |
| EBITDA | 3,283,562 | 3,635,458 | 10.7 | 10,199,944 | 11,684,320 | 14.6 |
| EBITDA<br> Margin | 71.4% | 67.5% | (391<br> bps) | 73.3% | 71.0% | (232<br> bps) |
| Adjusted<br> EBITDA Margin ^3^ | 74.4% | 73.6% | (75<br> bps) | 75.1% | 74.5% | (62<br> bps) |
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> and is equal to operating profit divided by total revenues less construction services revenues. | ||||||
| ^2^This result excludes net profit of Ps.167.7 million and Ps.168.5 million from ASUR’s participation of Aerostar in 3Q24<br> and 3Q23, respectively, and Ps.320.8 million and Ps.237.1 million from ASUR’s participation in Airplan in 3Q24 and 3Q23, respectively. | ||||||
| ^3^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Mexico reported an Operating Gain of Ps.3,336.1 million and an Operating Margin of 61.9% in 3Q24. This compared to an Operating Gain of Ps.3,020.3 million and an Operating Margin of 65.7% in 3Q23.
AdjustedOperating Margin for 3Q24 was 67.6% compared with 68.4% in 3Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and is calculated as operating profit divided by total revenues excluding construction services revenues.
EBITDAincreased 10.7%, or Ps.351.9 million, to Ps.3,635.4 million in 3Q24, from Ps.3,283.6 million in 3Q23. EBITDA margin in 3Q24 was 67.5% compared to 71.4% in 3Q23.
AdjustedEBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 73.6% in 3Q24, compared to 74.4% in 3Q23.
MexicoTariff 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, 2024 totaled Ps.10,771.8 million, with an average tariff per workload unit of Ps.311.3 (December 2023 Mexican pesos), representing approximately 68.7% 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.
MexicoCapital Expenditures
During 3Q24 ASUR invested Ps.876.7 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.235.6 million in 3Q23. On an accumulated basis, capital investments in Mexican operations totaled Ps.1,444.5 million, compared to Ps.387.1 million in 3Q23.
Reviewof Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three and nine-month periods ended September 30, 2023 and 2024.
As of September 30, 2024, 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
ASUR 3Q24 Page 11 of 24
Ps.5,090.3 million, (ii) goodwill of Ps.938.5 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.509.0 million, and (iv) a minority interest of Ps.5,054.3 million in stockholders' equity.
| Puerto<br> Rico Revenues & Commercial Revenues Per Passenger | |||||
|---|---|---|---|---|---|
| Figures<br> in thousands of Mexican Pesos | |||||
| % Chg. | Nine-Months | % Chg. | |||
| 2024 | 2023 | 2024 | |||
| Total<br> Passenger | 3,317 | 4.6 | 9,277 | 10,048 | 8.3 |
| Total<br> Revenues | 1,215,566 | 14.5 | 3,109,314 | 3,431,728 | 10.4 |
| Aeronautical<br> Services | 557,791 | 11.7 | 1,536,581 | 1,578,686 | 2.7 |
| Non-Aeronautical<br> Services | 508,195 | 14.5 | 1,337,269 | 1,486,485 | 11.2 |
| Construction<br> Revenues | 149,580 | 26.1 | 235,464 | 366,557 | 55.7 |
| Total<br> Revenues Excluding Construction Revenues | 1,065,986 | 13.0 | 2,873,850 | 3,065,171 | 6.7 |
| Total<br> Commercial Revenues | 505,390 | 14.5 | 1,330,333 | 1,478,828 | 11.2 |
| Commercial<br> Revenues from Direct Operations | 112,133 | 8.6 | 312,778 | 330,182 | 5.6 |
| Commercial<br> Revenues Excluding Direct Operations | 393,257 | 16.3 | 1,017,555 | 1,148,646 | 12.9 |
| Total<br> Commercial Revenues per Passenger | 152.4 | 9.5 | 143.4 | 147.2 | 2.6 |
| Commercial<br> Revenues from Direct Operations per Passenger 1 | 33.8 | 3.8 | 33.7 | 32.9 | (2.6) |
| Commercial<br> Revenues Excl. Direct Operations per Passenger | 118.6 | 11.2 | 109.7 | 114.3 | 4.2 |
| Figures<br> in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221<br> = 1.00 | |||||
| 1<br> Represents ASUR´s operations in convenience stores in Puerto Rico. |
All values are in US Dollars.
PuertoRico Revenues
TotalPuerto Rico Revenues increased 14.5% YoY to Ps.1,215.6 million in 3Q24.
Excluding construction services, revenues increased by 13.0% YoY, mainly due to increases of 14.5% in revenues from non-aeronautical services and 11.7% in revenues from aeronautical services.
CommercialRevenues per Passenger were Ps.152.4 in 3Q24, compared to Ps.139.2 in 3Q23.
Five 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 others.
| Table 19: Puerto Rico Commercial Revenue Performance | Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2023 | |||
|---|---|---|---|---|
| Bussines Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 3Q24 | 3M24 | |||
| Ground<br> Transportation | 44.8% | 29.5% | Food<br> and beverage | 2 |
| Others<br> revenues | 30.3% | 15.0% | Retail | 3 |
| Duty<br> Free | 18.4% | 3.4% | Total Commercial space | 5 |
| Food<br> and beverage | 17.0% | 19.5% | ||
| Advertising | 16.5% | 9.3% | ||
| Car<br> rentals | 15.8% | 14.5% | ||
| Banks<br> and foreign exchange | 14.8% | 2.9% | ||
| Car<br> parking | 11.6% | 6.6% | ^1^Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Retail | 10.0% | 6.6% | ||
| Total Commercial Revenues | 14.5% | 11.2% |
ASUR 3Q24 Page 12 of 24
PuertoRico Costs & Expenses
| Table<br> 21: Puerto Rico Operating Costs & Expenses | |||||
|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | |||||
| % Chg. | Nine-Months | % Chg. | |||
| 2024 | 2023 | 2024 | |||
| Cost<br> of Services | 476,392 | 20.7 | 926,222 | 1,310,161 | 41.5 |
| Concession<br> Fees | 51,312 | 14.0 | 137,758 | 146,739 | 6.5 |
| Depreciation<br> and Amortization | 194,800 | 21.2 | 489,736 | 523,066 | 6.8 |
| Operating<br> Costs and Expenses Excluding Construction Costs | 722,504 | 20.4 | 1,553,716 | 1,979,966 | 27.4 |
| Construction<br> Costs | 149,580 | 26.1 | 235,464 | 366,557 | 55.7 |
| Total<br> Operating Costs & Expenses | 872,084 | 21.3 | 1,789,180 | 2,346,523 | 31.2 |
| Figures<br> in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221<br> = 1.00 |
All values are in US Dollars.
TotalOperating Costs and Expenses for 3Q24 in Puerto Rico increased 21.3% YoY to Ps.872.1 million. Construction costs increased 26.1%, to Ps.149.6 million in 3Q24 from Ps.118.6 million in 3Q23.
Excluding construction costs, operating costs and expenses increased 20.4% YoY, or Ps.122.3 million, mainly due to foreign exchange gain from the Mexican peso depreciation against the US dollar, together with increases in personnel and energy costs, insurance and surety bonds, licenses, security costs, concession fees and depreciation and amortization.
Costof Services increased 20.7%, or Ps.81.8 million in 3Q24, principally reflecting peso devaluation against the US dollar, together with higher personnel and energy costs, insurance and surety bonds, licenses, security services, professional fees, concession fees, and depreciation and amortization.
ConcessionFees paid to the Puerto Rican government in 3Q24 increased 14.0% YoY, or Ps.6.3 million.
Depreciationand Amortization increased 21.2% YoY, or Ps.34.1 million, principally reflecting the foreign exchange translation impact.
PuertoRico Comprehensive Financing Gain (Loss)
| Table<br> 22: Puerto Rico Comprehensive Financing Gain (Loss) | |||||
|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | |||||
| % Chg. | Nine-Months | % Chg. | |||
| 2024 | 2023 | 2024 | |||
| Interest<br> Income | 39,357 | (7.5) | 107,497 | 100,520 | (6.5) |
| Interest<br> Expense | (140,752) | 6.1 | (418,540) | (399,544) | (4.5) |
| Total | (101,395) | 12.5 | (311,043) | (299,024) | (3.9) |
| Figures<br> in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221<br> = 1.00 |
All values are in US Dollars.
During 3Q24, Puerto Rico reported a Ps.101.4 million Comprehensive Financing Loss, compared to a Ps.90.1 million loss in 3Q23, mainly due to principal payments made on Aerostar’s outstanding debt.
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 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.
On November 15, 2023, Aerostar extended the maturity date of the US$20 million revolving credit line with Banco Popular de Puerto Rico, now maturing on December 29, 2026. As of September 30, 2024, no amounts have been drawn under this credit line.
All long-term debt is collateralized by Aerostar’s assets.
ASUR 3Q24 Page 13 of 24
PuertoRico Operating Profit and EBITDA
| Table<br> 23: Puerto Rico Profit & EBITDA | |||||
|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | |||||
| % Chg. | Nine-Months | % Chg. | |||
| 2024 | 2023 | 2024 | |||
| Total<br> Revenue | 1,215,566 | 14.5 | 3,109,314 | 3,431,728 | 10.4 |
| Total<br> Revenues Excluding Construction Revenues | 1,065,986 | 13.0 | 2,873,850 | 3,065,171 | 6.7 |
| Other<br> Revenues | |||||
| Operating<br> Profit | 343,482 | 0.2 | 1,320,134 | 1,085,205 | (17.8) |
| Operating<br> Margin | 28.3% | (404<br> bps) | 42.5% | 31.6% | (1083<br> bps) |
| Adjusted<br> Operating Margin1 | 32.2% | (414<br> bps) | 45.9% | 35.4% | (1053<br> bps) |
| Net<br> Income | 233,409 | (4.4) | 980,491 | 759,682 | (22.5) |
| EBITDA | 538,280 | 6.9 | 1,557,505 | 1,608,270 | 3.3 |
| EBITDA<br> Margin | 44.3% | (314<br> bps) | 50.1% | 46.9% | (323<br> bps) |
| Adjusted<br> EBITDA Margin2 | 50.5% | (290<br> bps) | 54.2% | 52.5% | (173<br> bps) |
| Figures<br> in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221<br> = 1.00 | |||||
| 1<br> Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> and is equal to operating profit divided by total revenues less construction services revenues. | |||||
| 2<br> Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> and is calculated by dividing EBITDA by total revenues less construction services revenues. |
All values are in US Dollars.
OperatingProfit in Puerto Rico increased 0.2% to Ps.343.5 million, resulting in an Operating Margin of 28.3%, compared to an operating profit of Ps.342.9 million and an Operating Margin of 32.3% in 3Q23.
EBITDAincreased 6.9% to Ps.538.3 million in 3Q24 from Ps.503.6 million 3Q23. The EBITDA Margin declined to 44.3% in 3Q24 from 47.4% in 3Q23.
AdjustedEBITDA Margin (which excludes IFRIC 12) declined to 50.5% in 3Q24 from 53.4% in 3Q23.
PuertoRico Capital Expenditures
During 3Q24, capital expenditures totaled Ps.164.5 million, compared to capital expenditures of Ps.129.6 million in 3Q23. On an accumulated basis, total capital expenditures increased to Ps.410.6 million in 9M24, compared to Ps.267.3 million in 9M23.
PuertoRico 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.
Reviewof Colombia Operations
The following discussion compares Airplan's independent results for the three- and nine-month periods ended September 30, 2024 and 2023.
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, 2024: (i) the recognition of a net intangible asset of Ps.828.6 million, (ii) goodwill of Ps.1,541.0 million, (iii) deferred taxes of Ps.255.4 million, and (iv) a Ps.98.8 million recognition of bank loans at fair value.
ASUR 3Q24 Page 14 of 24
| Table 24: Colombia Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | ||||||
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Total Passengers | 3,865 | 4,459 | 15.4 | 11,408 | 12,563 | 10.1 |
| Total Revenues | 678,492 | 881,326 | 29.9 | 1,920,506 | 2,419,303 | 26.0 |
| Aeronautical<br> Services | 508,210 | 648,231 | 27.6 | 1,427,389 | 1,785,660 | 25.1 |
| Non-Aeronautical<br> Services | 167,974 | 231,895 | 38.1 | 484,019 | 627,379 | 29.6 |
| Construction<br> Revenues ^1^ | 2,308 | 1,200 | (48.0) | 9,098 | 6,264 | (31.1) |
| Total Revenues Excluding Construction Revenues | 676,184 | 880,126 | 30.2 | 1,911,408 | 2,413,039 | 26.2 |
| Total Commercial Revenues | 167,910 | 231,895 | 38.1 | 481,526 | 626,409 | 30.1 |
| Total Commercial Revenues per Passenger | 43.4 | 52.0 | 19.8 | 42.2 | 49.9 | 18.2 |
| Figures<br> in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24. | ||||||
| For<br> the purposes of this table, approximately 128.9 and 144.2 thousand transit and general aviation passengers are included in 3Q23 and<br> 3Q24 while 396.8 and 344.7 thousand transit and general aviation passengers are included in 9M23 and 9M24. |
ColombiaRevenues
TotalRevenues in Colombia increased 29.9% YoY to Ps.881.3 million. Excluding construction services, revenues increased 30.2% YoY, principally reflecting the increase in total passenger traffic during the period.
CommercialRevenue per Passenger was Ps.52.0 compared to Ps.43.3 in 3Q23.
As shown in Table 26, during the past twelve-months a total of 31 new commercial spaces were opened in Colombia: 13 in Rionegro, 9 in Olaya Herrera, 3 each in Montería and Quibdó, 2 in the Service Center and 1 in Corozal. Further details 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, 2023 | |||
|---|---|---|---|---|
| Bussines Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 3Q24 | 9M24 | |||
| Duty<br> free | 63.3% | 47.9% | Food<br> and beverage | 6 |
| Retail | 29.9% | 20.2% | Retail | 1 |
| Car<br> rental | (11.2%) | (5.0%) | Banks<br> and foreign exchange | 1 |
| Banks<br> and foreign exchange | 20.0% | 21.5% | Others<br> revenues | 23 |
| Advertising | 40.3% | 53.6% | Total Commercial Spaces | 31 |
| Teleservices | (7.5%) | (7.2%) | ||
| Ground<br> Transportation | 133.5% | 1.5% | ||
| Food<br> and beverage | 43.4% | 33.5% | ||
| Car<br> parking | 24.5% | 25.7% | ^1^Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Others<br> revenues | 38.6% | 30.4% | ||
| Total Commercial Revenues | 38.1% | 30.1% |
ColombiaCosts & Expenses
| Table 27: Colombia Costs & Expenses | ||||||
|---|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | ||||||
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Cost<br> of Services | 138,489 | 185,814 | 34.2 | 414,730 | 513,287 | 23.8 |
| Technical<br> Assistance | 126,366 | 167,677 | 32.7 | 364,966 | 459,155 | 25.8 |
| Concession<br> Fees | 95,957 | 109,069 | 13.7 | 274,305 | 307,698 | 12.2 |
| Depreciation<br> and Amortization | 360,812 | 462,560 | 28.2 | 1,054,001 | 1,280,140 | 21.5 |
| Operating Costs and Expenses Excluding Construction Costs | 2,308 | 1,200 | (48.0) | 9,098 | 6,264 | (31.1) |
| Construction<br> Costs | 363,120 | 463,760 | 27.7 | 1,063,099 | 1,286,404 | 21.0 |
| Total Operating Costs & Expenses | 138,489 | 185,814 | 34.2 | 414,730 | 513,287 | 23.8 |
| Figures<br> in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24. |
ASUR 3Q24 Page 15 of 24
Total Operating Costs and Expenses in Colombia increased 27.7% YoY to Ps.463.8 million. Excluding construction costs, operating costs and expenses increased 28.2% YoY to Ps.462.6 million, principally due to increases in maintenance and conservation, personnel, taxes and duties, security and cleaning, professional fees, insurance and surety bond costs, concession fees and energy costs.
Costof Services increased 34.2% YoY, or Ps.47.3 million, principally resulting from higher maintenance and conservation costs, personnel expenses, professional fees, taxes and duties, as well as security, cleaning, surety bond costs, and energy costs.
ConstructionCosts decreased by 48.0% YoY, or Ps.1.1 million.
ConcessionFees, which include fees paid to the Colombian government, increased 32.7% YoY, principally due to the increase in regulated and non-regulated revenues during the period.
Depreciationand Amortization increased 13.7% YoY.
ColombiaComprehensive Financing Gain (Loss)
| Table 28: Colombia, Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | ||||||
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Interest<br> Income | 60,125 | 64,327 | 7.0 | 155,738 | 189,664 | 21.8 |
| Interest<br> Expense | (29,047) | (3,382) | (88.4) | (77,779) | 75,759 | n/a |
| Foreign<br> Exchange Gain (Loss), Net | 1,198 | (299) | n/a | 677 | (423) | n/a |
| Total | 32,276 | 60,646 | 87.9 | 78,636 | 265,000 | 237.0 |
| Figures<br> in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24. |
During 3Q24, Colombia reported a Ps.60.6 million Comprehensive Financing Gain, compared to a Ps.32.3 million gain in 3Q23. Interest expenses declined by Ps.25.7 million, mainly due to the payment of the principal amounts due under the COP 100,000 million syndicated loan in April 2024, and a Ps.10.3 million benefit obtained from the amortization of the fair value of the loan originated by the acquisition of the Colombia business. Interest income increased 7.0%, or Ps.4.2 million, reflecting a higher cash position and rates.
ColombiaOperating Profit (Loss) and EBITDA
| Table 29: Colombia Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| In<br> thousands of Mexican pesos | ||||||
| Third Quarter | % Chg. | Nine-Months | % Chg. | |||
| 2023 | 2024 | 2023 | 2024 | |||
| Total<br> Revenues | 678,492 | 881,326 | 29.9 | 1,920,506 | 2,419,303 | 26.0 |
| Total<br> Revenues Excluding Construction Revenues | 676,184 | 880,126 | 30.2 | 1,911,408 | 2,413,039 | 26.2 |
| Operating Profit | 315,372 | 417,566 | 32.4 | 857,407 | 1,132,899 | 32.1 |
| Operating<br> Margin | 46.5% | 47.4% | 90<br> bps | 44.6% | 46.8% | 218<br> bps |
| Adjusted<br> Operating Margin^1^ | 46.6% | 47.4% | 80<br> bps | 44.9% | 46.9% | 209<br> bps |
| Net<br> Profit | 223,982 | 309,775 | 38.3 | 610,915 | 895,263 | 46.5 |
| EBITDA | 411,329 | 526,635 | 28.0 | 1,131,711 | 1,440,597 | 27.3 |
| EBITDA<br> Margin | 60.6% | 59.8% | (87<br> bps) | 58.9% | 59.5% | 62<br> bps |
| Adjusted<br> EBITDA Margin^2^ | 60.8% | 59.8% | (99<br> bps) | 59.2% | 59.7% | 49<br> bps |
| Figures<br> in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24. | ||||||
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> 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,<br> and is calculated by dividing EBITDA by total revenues less construction services revenues. |
ASUR's Colombian operations reported an Operating Profit of Ps.417.6 million in 3Q24, compared to Ps.315.4 million in 3Q23. Operating margin was 47.4% in 3Q24, compared to 46.5% in 3Q23. The Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, increased to 47.4% in 3Q24 from 46.6% in 3Q23.
EBITDAin 3Q24 was Ps.536.6 million, resulting in an EBITDA margin of 59.8%. This compared to an EBITDA of Ps.411.3 million and an EBITDA margin of 60.6% in 3Q23.
ASUR 3Q24 Page 16 of 24
The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets was 59.8% in 3Q24, compared to 60.8% in 3Q23, principally reflecting the 30.2% YoY increase in revenues while costs increased 28.2%.
ColombiaCapital Expenditures
Capital expenditures in Colombia amounted to Ps.1.2 million in 3Q24 compared to Ps.2.1 million in 3Q23. During 9M24 capital expenditures totaled Ps.6.6 million compared to Ps.8.8 million in 9M23.
ColombiaTariff 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 generated by 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.
During 3Q24, regulated revenues in Colombia amounted to Ps.648.2 million.
Definitions
ConcessionServices 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 of, 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.
MajorityNet 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.
EBITDAmeans 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, as an alternative to cash flow or 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.
AdjustedEBITDA 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 of, 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 of, 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,
ASUR 3Q24 Page 17 of 24
as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
AboutASUR
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
AnalystCoverage
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, Jefferies, JP Morgan, 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.
ForwardLooking 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. 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> <br>Adolfo<br> Castro<br><br> <br>+52-55-5284-0408<br><br> <br>acastro@asur.com.mx | InspIR Group<br><br> <br>Susan<br> Borinelli<br><br> <br>+1-646-330-5907<br><br> <br>susan@inspirgroup.com |
|---|
-SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –
ASUR 3Q24 Page 18 of 24
| Passenger Traffic Breakdown by Airport | |||||||
|---|---|---|---|---|---|---|---|
| Mexico Passenger Traffic ^1^ | |||||||
| Third Quarter | % Chg | Nine - Months | % Chg | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Domestic Traffic | 5,710,008 | 5,255,435 | (8.0) | 15,759,432 | 14,767,525 | (6.3) | |
| CUN | Cancun | 3,250,730 | 2,789,025 | (14.2) | 8,853,792 | 7,653,937 | (13.6) |
| CZM | Cozumel | 64,665 | 64,134 | (0.8) | 142,592 | 182,858 | 28.2 |
| HUX | Huatulco | 192,141 | 183,825 | (4.3) | 618,438 | 539,971 | (12.7) |
| MID | Merida | 832,876 | 862,495 | 3.6 | 2,445,615 | 2,461,397 | 0.6 |
| MTT | Minatitlan | 37,573 | 39,283 | 4.6 | 97,285 | 106,053 | 9.0 |
| OAX | Oaxaca | 410,747 | 384,293 | (6.4) | 1,075,145 | 1,125,579 | 4.7 |
| TAP | Tapachula | 143,588 | 151,231 | 5.3 | 390,730 | 450,659 | 15.3 |
| VER | Veracruz | 432,639 | 408,120 | (5.7) | 1,157,052 | 1,155,154 | (0.2) |
| VSA | Villahermosa | 345,049 | 373,029 | 8.1 | 978,783 | 1,091,917 | 11.6 |
| International Traffic | 5,000,213 | 4,369,475 | (12.6) | 16,721,911 | 16,547,435 | (1.0) | |
| CUN | Cancun | 4,727,348 | 4,086,010 | (13.6) | 15,762,850 | 15,459,648 | (1.9) |
| CZM | Cozumel | 89,313 | 67,132 | (24.8) | 356,914 | 376,282 | 5.4 |
| HUX | Huatulco | 5,315 | 5,396 | 1.5 | 80,422 | 105,301 | 30.9 |
| MID | Mérida | 75,123 | 86,426 | 15.0 | 244,222 | 275,022 | 12.6 |
| MTT | Minatitlan | 2,297 | 2,239 | (2.5) | 6,245 | 5,633 | (9.8) |
| OAX | Oaxaca | 60,713 | 68,515 | 12.9 | 162,345 | 183,913 | 13.3 |
| TAP | Tapachula | 3,758 | 3,403 | (9.4) | 13,201 | 9,853 | (25.4) |
| VER | Veracruz | 28,386 | 42,367 | 49.3 | 74,717 | 106,823 | 43.0 |
| VSA | Villahermosa | 7,960 | 7,987 | 0.3 | 20,995 | 24,960 | 18.9 |
| Total Traffic México | 10,710,221 | 9,624,910 | (10.1) | 32,481,343 | 31,314,960 | (3.6) | |
| CUN | Cancun | 7,978,078 | 6,875,035 | (13.8) | 24,616,642 | 23,113,585 | (6.1) |
| CZM | Cozumel | 153,978 | 131,266 | (14.8) | 499,506 | 559,140 | 11.9 |
| HUX | Huatulco | 197,456 | 189,221 | (4.2) | 698,860 | 645,272 | (7.7) |
| MID | Merida | 907,999 | 948,921 | 4.5 | 2,689,837 | 2,736,419 | 1.7 |
| MTT | Minatitlan | 39,870 | 41,522 | 4.1 | 103,530 | 111,686 | 7.9 |
| OAX | Oaxaca | 471,460 | 452,808 | (4.0) | 1,237,490 | 1,309,492 | 5.8 |
| TAP | Tapachula | 147,346 | 154,634 | 4.9 | 403,931 | 460,512 | 14.0 |
| VER | Veracruz | 461,025 | 450,487 | (2.3) | 1,231,769 | 1,261,977 | 2.5 |
| VSA | Villahermosa | 353,009 | 381,016 | 7.9 | 999,778 | 1,116,877 | 11.7 |
| US Passenger Traffic, San Juan Airport (LMM) | |||||||
| Third Quarter | % Chg | Nine - Months | % Chg | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| SJU Total ^1^ | 3,171,077 | 3,316,577 | 4.6 | 9,276,974 | 10,047,837 | 8.3 | |
| Domestic<br> Traffic | 2,811,581 | 2,882,815 | 2.5 | 8,304,336 | 8,891,739 | 7.1 | |
| International<br> Traffic | 359,496 | 433,762 | 20.7 | 972,638 | 1,156,098 | 18.9 | |
| Colombia, Passenger Traffic Airplan | |||||||
| Third Quarter | % Chg | Nine - Months | % Chg | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Domestic Traffic | 2,950,844 | 3,352,638 | 13.6 | 8,850,024 | 9,551,303 | 7.9 | |
| MDE | Medellín<br> (Rionegro) | 2,163,768 | 2,545,646 | 17.6 | 6,572,034 | 7,153,886 | 8.9 |
| EOH | Medellín | 339,060 | 310,736 | (8.4) | 908,002 | 909,606 | 0.2 |
| MTR | Montería | 300,592 | 355,256 | 18.2 | 938,411 | 1,076,651 | 14.7 |
| APO | Carepa | 51,095 | 44,468 | (13.0) | 151,936 | 132,117 | (13.0) |
| UIB | Quibdó | 89,866 | 82,415 | (8.3) | 261,181 | 248,976 | (4.7) |
| CZU | Corozal | 6,463 | 14,117 | 118.4 | 18,460 | 30,067 | 62.9 |
| International Traffic | 785,457 | 962,300 | 22.5 | 2,161,205 | 2,666,878 | 23.4 | |
| MDE | Medellín<br> (Rionegro) | 785,457 | 962,300 | 22.5 | 2,161,205 | 2,666,878 | 23.4 |
| EOH | Medellín | - | - | - | - | - | - |
| MTR | Montería | - | - | - | - | - | - |
| APO | Carepa | - | - | - | - | - | - |
| UIB | Quibdó | - | - | - | - | - | - |
| CZU | Corozal | - | - | - | - | - | - |
| Total Traffic Colombia | 3,736,301 | 4,314,938 | 15.5 | 11,011,229 | 12,218,181 | 11.0 | |
| MDE | Medellín<br> (Rionegro) | 2,949,225 | 3,507,946 | 18.9 | 8,733,239 | 9,820,764 | 12.5 |
| EOH | Medellín | 339,060 | 310,736 | (8.4) | 908,002 | 909,606 | 0.2 |
| MTR | Montería | 300,592 | 355,256 | 18.2 | 938,411 | 1,076,651 | 14.7 |
| APO | Carepa | 51,095 | 44,468 | (13.0) | 151,936 | 132,117 | (13.0) |
| UIB | Quibdó | 89,866 | 82,415 | (8.3) | 261,181 | 248,976 | (4.7) |
| CZU | Corozal | 6,463 | 14,117 | 118.4 | 18,460 | 30,067 | 62.9 |
| ^1^Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers<br> and general aviation. |
ASUR 3Q24 Page 19 of 24
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||
|---|---|---|
| Commercial Spaces | ||
| ASUR Retail and Other Commercial Space Opened since September 30, 2023^1^ | ||
| Business Name | Type | Opening Date |
| MEXICO | ||
| Cancun | ||
| Cozumel | ||
| Fleet<br> Car Company Mx | Car<br> Rental | December<br> 2023 |
| Huatulco | ||
| LL<br> Mex, SA de CV | Car<br> Rental | April<br> 2024 |
| LL<br> Mex, SA de CV (Terreno) | Car<br> Rental | April<br> 2024 |
| Mérida | ||
| Máxima<br> Distinción "EMWA" | Retail | October<br> 2023 |
| Cloe<br> Moda | Retail | October<br> 2023 |
| LL<br> Mex, SA de CV | Car<br> Rental | November<br> 2023 |
| LL<br> Mex, SA de CV | Car<br> Rental | January<br> 2024 |
| Corporativo<br> de la Torre & Zambrano | Car<br> Rental | March<br> 2024 |
| Flee<br> Car Company MX, S.A. DE C.V.(EUROPCAR) | Car<br> Rental | September<br> 2024 |
| BBVA<br> México, S.A. | Banks<br> and foreign exchange | September<br> 2024 |
| Mera<br> Aeropuertos | Food<br> and Beverage | September<br> 2024 |
| Minatitlán | ||
| LL<br> Mex, SA de CV (Terreno) | Car<br> Rental | April<br> 2024 |
| Oaxaca | ||
| LL<br> Mex, SA de CV | Car<br> Rental | November<br> 2023 |
| Tapchula | ||
| LL<br> Mex, SA de CV | Car<br> Rental | April<br> 2024 |
| LL<br> Mex, SA de CV (Terreno) | Car<br> Rental | June<br> 2024 |
| Veracruz | ||
| LL<br> Mex, SA de CV | Car<br> Rental | November<br> 2023 |
| LL<br> Mex, SA de CV (Terreno) | Car<br> Rental | April<br> 2024 |
| Villahermosa | ||
| LL<br> Mex, SA de CV (Terreno) | Car<br> Rental | April<br> 2024 |
| SAN JUAN, PUERTO RICO | ||
| To<br> Go | Food<br> and Beverage | November<br> 2023 |
| Landshark | Food<br> and Beverage | January<br> 2024 |
| Morena<br> Mía | Retail | January<br> 2024 |
| Morena<br> Mía | Retail | February<br> 2024 |
| Morena<br> Mía | Retail | July<br> 2024 |
| COLOMBIA | ||
| Rionegro | ||
| Taca<br> nternational Airlines S.A. sucursal Colombia | Other<br> Revenues | October<br> 2023 |
| Avianca<br> Ecuador S.A. sucursal Colombia | Other<br> Revenues | October<br> 2023 |
| Avianca<br> Costa Rica S.A. sucursal Colombia | Other<br> Revenues | October<br> 2023 |
| Pasar<br> Express SAS | Other<br> Revenues | November<br> 2023 |
| Aerorepublica<br> S A | Other<br> Revenues | November<br> 2023 |
| Jetsmart<br> Airlines S.A.S. | Other<br> Revenues | November<br> 2023 |
| Local<br> Co S.A.S | Other<br> Revenues | December<br> 2023 |
| Corporación<br> del lago S.A.S. | Food<br> and Beverage | December<br> 2023 |
| Jetsmart<br> Airlines SPA Sucursal | Other<br> Revenues | January<br> 2024 |
| Avior<br> Airlines Colombia C.A. | Other<br> Revenues | May<br> 2024 |
| Avior<br> Airlines Colombia C.A. | Other<br> Revenues | May<br> 2024 |
| Jetsmart<br> Airlines SPA Sucursal | Other<br> Revenues | June<br> 2024 |
| Primeair<br> S.A. | Other<br> Revenues | June<br> 2024 |
| Olaya herrera | ||
| Corporación<br> del lago S.A.S. | Food<br> and Beverage | December<br> 2023 |
| Aviation<br> Support & MAaintenance Company S.A.S. | Other<br> Revenues | December<br> 2023 |
| Sociedad<br> Aeronautica de Santander S.A.S. | Other<br> Revenues | January<br> 2024 |
| Helisur<br> S.A.S. | Other<br> Revenues | January<br> 2024 |
| Departamento<br> de Antioquia | Other<br> Revenues | February<br> 2024 |
| Fondo<br> de Valorización del Municipio de Medellín | Other<br> Revenues | February<br> 2024 |
| Central<br> Aerospace S.A.S. | Other<br> Revenues | February<br> 2024 |
| Novaventa<br> S.A.S. | Food<br> and Beverage | May<br> 2024 |
| BBI<br> COLOMBIA S.A.S. | Food<br> and Beverage | August<br> 2024 |
| Montería | ||
| Corporación<br> del lago S.A.S | Food<br> and Beverage | December<br> 2023 |
| Sociedad<br> Aeronautica de Integración Tecnica S.A.S. | Other<br> Revenues | February<br> 2024 |
| Grupo<br> Divitae S.A.S. | Food<br> and Beverage | May<br> 2024 |
| Quibdó | ||
| Clic<br> AIR S.A. | Other<br> Revenues | October<br> 2023 |
| Late<br> Choco Fabrica Artesanal de Chocolates | Retail | December<br> 2023 |
| Fundación<br> Patrulla Aerea del Choco | Other<br> Revenues | February<br> 2024 |
| Corozal | ||
| Moon<br> Flights S.A.S. | Other<br> Revenues | July<br> 2024 |
| Centro de Servicios | ||
| Bancolombia<br> S.A. | Banks<br> and foreign exchange | October<br> 2023 |
| Icetex | Other<br> Revenues | December<br> 2023 |
| *<br> Only includes new stores opened during the period and excludes remodelings or contract renewals. |
ASUR 3Q24 Page 20 of 24
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
|---|---|---|---|---|---|---|
| Operating Results per Airport | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | 3Q 2023 | 3Q 2023 Per Workload Unit | 3Q 2024 | 3Q 2024 Per Workload Unit | YoY % Chg. | Per Workload Unit YoY % Chg. |
| Mexico | ||||||
| Cancun ^1^ | ||||||
| Aeronautical<br> Revenues | 1,979,947 | 245.3 | 2,439,789 | 350.6 | 23.2 | 42.9 |
| Non-Aeronautical<br> Revenues | 1,497,050 | 185.4 | 1,456,474 | 209.3 | (2.7) | 12.9 |
| Construction<br> Services Revenues | 47,596 | 5.9 | 330,762 | 47.5 | 594.9 | 705.1 |
| Total Revenues | 3,524,593 | 436.6 | 4,227,025 | 607.4 | 19.9 | 39.1 |
| Operating<br> Profit | 2,381,474 | 295.0 | 2,399,664 | 344.9 | 0.8 | 16.9 |
| EBITDA | 2,552,796 | 316.2 | 2,584,524 | 371.4 | 1.2 | 17.5 |
| Merida | ||||||
| Aeronautical<br> Revenues | 280,238 | 287.4 | 292,302 | 388.7 | 4.3 | 35.2 |
| Non-Aeronautical<br> Revenues | 58,292 | 59.8 | 65,791 | 87.5 | 12.9 | 46.3 |
| Construction<br> Services Revenues | 17,057 | 17.5 | 22,526 | 30.0 | 32.1 | 71.4 |
| Other<br> ^2^ | 24 | - | 25 | - | 4.2 | n/a |
| Total Revenues | 355,611 | 364.7 | 380,644 | 506.2 | 7.0 | 38.8 |
| Operating<br> Profit | 202,965 | 208.2 | 188,973 | 251.3 | (6.9) | 20.7 |
| EBITDA | 224,326 | 230.1 | 224,723 | 298.8 | 0.2 | 29.9 |
| Villahermosa | ||||||
| Aeronautical<br> Revenues | 102,924 | 281.2 | 121,285 | 290.9 | 17.8 | 3.4 |
| Non-Aeronautical<br> Revenues | 18,899 | 51.6 | 21,817 | 52.3 | 15.4 | 1.4 |
| Construction<br> Services Revenues | 19,789 | 54.1 | 9,648 | 23.1 | (51.2) | (57.3) |
| Other<br> ^2^ | 24 | 0.1 | 24 | 0.1 | - | - |
| Total Revenues | 141,636 | 387.0 | 152,774 | 366.4 | 7.9 | (5.3) |
| Operating<br> Profit | 64,620 | 176.6 | 77,088 | 184.9 | 19.3 | 4.7 |
| EBITDA | 76,616 | 209.3 | 89,965 | 215.7 | 17.4 | 3.1 |
| Other Airports ^3^ | ||||||
| Aeronautical<br> Revenues | 420,023 | 282.1 | 467,682 | 135.5 | 11.3 | (52.0) |
| Non-Aeronautical<br> Revenues | 56,540 | 38.0 | 71,250 | 20.6 | 26.0 | (45.8) |
| Construction<br> Services Revenues | 100,249 | 67.3 | 87,075 | 25.2 | (13.1) | (62.6) |
| Other<br> ^2^ | 88 | 0.1 | 62 | - | (29.5) | (100.0) |
| Total Revenues | 576,900 | 387.5 | 626,069 | 181.3 | 8.5 | (53.2) |
| Operating<br> Profit | 249,378 | 167.5 | 278,397 | 80.6 | 11.6 | (51.9) |
| EBITDA | 307,987 | 206.8 | 344,239 | 99.7 | 11.8 | (51.8) |
| Holding & Service Companies ^4^ | ||||||
| Construction<br> Services Revenues | - | n/a | - | n/a | n/a | n/a |
| Other<br> ^2^ | 133,091 | n/a | 398,076 | n/a | 199.1 | n/a |
| Total Revenues | 133,091 | n/a | 398,076 | n/a | 199.1 | n/a |
| Operating<br> Profit | 121,831 | n/a | 392,004 | n/a | 221.8 | n/a |
| EBITDA | 121,837 | n/a | 392,007 | n/a | 221.7 | n/a |
| Consolidation Adjustment Mexico | ||||||
| Consolidation<br> Adjustment | (133,226) | n/a | (398,187) | n/a | 198.9 | n/a |
| Total Mexico | ||||||
| Aeronautical<br> Revenues | 2,783,132 | 255.3 | 3,321,058 | 286.8 | 19.3 | 12.3 |
| Non-Aeronautical<br> Revenues | 1,630,781 | 149.6 | 1,615,332 | 139.5 | (0.9) | (6.8) |
| Construction<br> Services Revenues | 184,691 | 16.9 | 450,011 | 38.9 | 143.7 | 130.2 |
| Total Revenues | 4,598,604 | 421.8 | 5,386,401 | 465.2 | 17.1 | 10.3 |
| Operating<br> Profit | 3,020,268 | 277.0 | 3,336,126 | 288.1 | 10.5 | 4.0 |
| EBITDA | 3,283,562 | 301.2 | 3,635,458 | 314.0 | 10.7 | 4.2 |
| San Juan Puerto Rico, US ^5^ | ||||||
| Aeronautical<br> Revenues | 499,347 | n/a | 557,791 | n/a | 11.7 | n/a |
| Non-Aeronautical<br> Revenues | 443,749 | n/a | 508,195 | n/a | 14.5 | n/a |
| Construction<br> Services Revenues | 118,659 | n/a | 149,580 | n/a | 26.1 | n/a |
| Total Revenues | 1,061,755 | n/a | 1,215,566 | n/a | 14.5 | n/a |
| Operating<br> Profit | 342,894 | n/a | 343,482 | n/a | 0.2 | n/a |
| EBITDA | 503,561 | n/a | 538,280 | n/a | 6.9 | n/a |
| Consolidation Adjustment San Juan | ||||||
| Consolidation<br> Adjustment | - | n/a | - | n/a | n/a | n/a |
| Colombia ^6^ | ||||||
| Aeronautical<br> Revenues | 508,210 | n/a | 648,231 | n/a | 27.6 | n/a |
| Non-Aeronautical<br> Revenues | 167,974 | n/a | 231,895 | n/a | 38.1 | n/a |
| Construction<br> Services Revenues | 2,308 | n/a | 1,200 | n/a | (48.0) | n/a |
| Total Revenues | 678,492 | n/a | 881,326 | n/a | 29.9 | n/a |
| Operating<br> Profit | 315,372 | n/a | 417,566 | n/a | 32.4 | n/a |
| EBITDA | 411,329 | n/a | 526,635 | n/a | 28.0 | n/a |
| Consolidation Adjustment Colombia | ||||||
| Consolidation<br> Adjustment | - | n/a | - | n/a | n/a | n/a |
| CONSOLIDATED ASUR | ||||||
| Aeronautical<br> Revenues | 3,790,689 | n/a | 4,527,080 | n/a | 19.4 | n/a |
| Non-Aeronautical<br> Revenues | 2,242,504 | n/a | 2,355,422 | n/a | 5.0 | n/a |
| Construction<br> Services Revenues | 305,658 | n/a | 600,791 | n/a | 96.6 | n/a |
| Total Revenues | 6,338,851 | n/a | 7,483,293 | n/a | 18.1 | n/a |
| Operating<br> Profit | 3,678,534 | n/a | 4,097,174 | n/a | 11.4 | n/a |
| EBITDA | 4,198,452 | n/a | 4,700,373 | n/a | 12.0 | 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<br> 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 3Q2024. | ||||||
| ^6^Reflects the results of operation of Airplan, Colombia, for 3Q2024. |
ASUR 3Q24 Page 21 of 24
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||
|---|---|---|---|---|
| Consolidated Statements of Financial Position as of September 30, 2024 and December 31, 2023 | ||||
| Thousands<br> of mexican pesos | ||||
| Item | September 2024 | December 2023 | Variation | % |
| Assets | ||||
| Current Assets | ||||
| Cash<br> and Cash Equivalents | 18,483,601 | 13,872,897 | 4,610,704 | 33.2 |
| Cash<br> and Cash Equivalents Restricted | 1,919,764 | 1,615,400 | 304,364 | 18.8 |
| Accounts<br> Receivable, net | 2,220,469 | 2,317,818 | (97,349) | (4.2) |
| Document<br> Receivable | 100,696 | 100,696 | - | - |
| Recoverable<br> Taxes and Other Current Assets | 1,043,403 | 826,386 | 217,017 | 26.3 |
| Total Current Assets | 23,767,933 | 18,733,197 | 5,034,736 | 26.9 |
| Non Current Assets | ||||
| Investment<br> in Financial Instrument | 1,475,849 | 1,818,949 | (343,100) | (18.9) |
| Machinery,<br> Furniture and Equipment, net | 229,621 | 184,016 | 45,605 | 24.8 |
| Intangible<br> Assets, Airport Concessions and Goodwill-Net | 52,666,131 | 49,310,063 | 3,356,068 | 6.8 |
| investment<br> in Joint Venture | 290,712 | 296,199 | (5,487) | (1.9) |
| Total Assets | 78,430,246 | 70,342,424 | 8,087,822 | 11.5 |
| Liabilities and Stockholders' Equity | ||||
| Current Liabilities | ||||
| Trade<br> Accounts Payable | 281,342 | 306,548 | (25,206) | (8.2) |
| Bank<br> Loans and Short Term Debt | 969,613 | 1,233,639 | (264,026) | (21.4) |
| Accrued<br> Expenses and Others Payables | 3,862,788 | 3,287,040 | 575,748 | 17.5 |
| Total Current Liabilities | 5,113,743 | 4,827,227 | 286,516 | 5.9 |
| Long Term Liabilities | ||||
| Bank<br> Loans | 2,154,844 | 2,586,932 | (432,088) | (16.7) |
| Long<br> Term Debt | 9,505,952 | 8,404,199 | 1,101,753 | 13.1 |
| Deferred<br> Income Taxes | 3,721,873 | 2,897,858 | 824,015 | 28.4 |
| Employee<br> Benefits | 37,792 | 35,010 | 2,782 | 7.9 |
| Total Long Term Liabilities | 15,420,461 | 13,923,999 | 1,496,462 | 10.7 |
| Total Liabilities | 20,534,204 | 18,751,226 | 1,782,978 | 9.5 |
| Stockholders' Equity | ||||
| Capital<br> Stock | 7,767,276 | 7,767,276 | - | - |
| Legal<br> Reserve | 2,542,227 | 2,542,227 | - | - |
| Mayority<br> Net Income for the Period | 10,136,848 | 10,203,713 | (66,865) | (0.7) |
| Cumulative<br> Effect of Conversion of Foreign Currency | (130,962) | (1,619,693) | 1,488,731 | (92) |
| Retained<br> Earnings | 29,977,738 | 26,051,825 | 3,925,913 | 15.1 |
| Non-<br> Controlling interests | 7,602,915 | 6,645,850 | 957,065 | 14.4 |
| Total Stockholders' Equity | 57,896,042 | 51,591,198 | 6,304,844 | 12.2 |
| Total Liabilities and Stockholders' Equity | 78,430,246 | 70,342,424 | 8,087,822 | 11.5 |
| Exchange<br> Rate per Dollar Ps. 19.644 |
ASUR 3Q24 Page 22 of 24
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
|---|---|---|---|---|---|---|
| Consolidated Statement of Income from January 1 to September 30, 2024 and 2023 | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | 9M | 9M | % | 3Q | 3Q | % |
| 2023 | 2024 | Chg | 2023 | 2024 | Chg | |
| Revenues | ||||||
| Aeronautical<br> Services | 11,379,083 | 13,784,659 | 21.1 | 3,790,689 | 4,527,080 | 19.4 |
| Non-Aeronautical<br> Services | 6,979,094 | 7,370,287 | 5.6 | 2,242,504 | 2,355,422 | 5.0 |
| Construction<br> Services | 586,526 | 1,157,264 | 97.3 | 305,658 | 600,791 | 96.6 |
| Total Revenues | 18,944,703 | 22,312,210 | 17.8 | 6,338,851 | 7,483,293 | 18.1 |
| Operating Expenses | ||||||
| Cost<br> of Services | 3,327,029 | 3,982,269 | 19.7 | 1,206,374 | 1,387,421 | 15.0 |
| Cost<br> of Construction | 586,526 | 1,157,264 | 97.3 | 305,658 | 600,791 | 96.6 |
| General<br> and Administrative Expenses | 237,213 | 224,879 | (5.2) | 83,647 | 65,107 | (22.2) |
| Technical<br> Assistance | 537,168 | 299,573 | (44.2) | 172,423 | 92,979 | (46.1) |
| Concession<br> Fee | 1,115,492 | 1,916,714 | 71.8 | 372,299 | 638,298 | 71.4 |
| Depreciation<br> and Amortization | 1,545,013 | 1,712,190 | 10.8 | 519,916 | 601,523 | 15.7 |
| Total Operating Expenses | 7,348,441 | 9,292,889 | 26.5 | 2,660,317 | 3,386,119 | 27.3 |
| Other<br> Revenues | ||||||
| Operating Income | 11,596,262 | 13,019,321 | 12.3 | 3,678,534 | 4,097,174 | 11.4 |
| Comprehensive Financing Cost | (714,805) | 2,072,369 | (389.9) | 143,027 | 906,473 | 533.8 |
| Income<br> from investment results Accounted by the Equity Method | (6,275) | (5,492) | (12.5) | (6,275) | (986) | (84.3) |
| Income Before Income Taxes | 10,875,182 | 15,086,198 | 38.7 | 3,815,286 | 5,002,661 | 31.1 |
| Provision<br> for Income Tax | 2,675,802 | 4,047,573 | 51.3 | 969,514 | 1,368,257 | 41.1 |
| Deferred<br> Income Taxes | 140,579 | 597,904 | 325.3 | 38,629 | 159,850 | 313.8 |
| Net Income for the Year | 8,058,801 | 10,440,721 | 29.6 | 2,807,143 | 3,474,554 | 23.8 |
| Majority Net Income | 7,666,605 | 10,136,848 | 32.2 | 2,709,532 | 3,381,190 | 24.8 |
| Non-Controlling Interests | 392,196 | 303,873 | (22.5) | 97,611 | 93,364 | (4.4) |
| Earning<br> per Share | 25.5554 | 33.7895 | 32.2 | 9.0318 | 11.2706 | 24.8 |
| Earning<br> per American Depositary Share (in U.S. Dollars) | 13.0092 | 17.2009 | 32.2 | 4.5977 | 5.7374 | 24.8 |
| Exchange<br> Rate per Dollar Ps. 19.644 |
ASUR 3Q24 Page 23 of 24
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
|---|---|---|---|---|---|---|
| Consolidated Statement of Cash Flow for the periods from January 1, to September 30, 2024 and 2023 | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | 9M | 9M | % | 3Q | 3Q | % |
| 2023 | 2024 | Chg | 2023 | 2024 | Chg | |
| Operating Activities | ||||||
| Income Before Income Taxes | 10,875,182 | 15,086,198 | 38.7 | 3,815,286 | 5,002,661 | 31.1 |
| Depreciation<br> and Amortization | 1,545,013 | 1,712,190 | 10.8 | 519,916 | 601,523 | 15.7 |
| Income<br> from Results of Joint Venture Accounted by the Equity Method | 6,275 | 5,492 | (12.5) | 6,275 | 986 | (84.3) |
| Interest<br> Income | (856,499) | (1,264,930) | 47.7 | (294,769) | (483,133) | 63.9 |
| Interest<br> Payables | 866,115 | 591,859 | (31.7) | 278,445 | 230,360 | (17.3) |
| Foreign<br> Exchange Gain (loss), Net Unearned | 708,251 | (1,352,580) | (291.0) | (95,257) | (723,616) | 659.6 |
| Sub-Total | 13,144,337 | 14,778,229 | 12.4 | 4,229,896 | 4,628,781 | 9.4 |
| Trade<br> Receivables | 787,060 | 258,865 | (67.1) | 146,082 | 310,811 | 112.8 |
| Recoverable<br> Taxes and other Current Assets | 37,023 | (465,427) | (1,357.1) | 84,645 | (56,143) | (166.3) |
| Income<br> Tax Paid | (2,894,823) | (3,643,457) | 25.9 | (791,616) | (1,092,722) | 38.0 |
| Trade<br> Accounts Payable | (524,177) | 178,103 | (134.0) | (18,169) | 4,569 | (125.1) |
| Net Cash Flow Provided by Operating Activities | 10,549,420 | 11,106,313 | 5.3 | 3,650,838 | 3,795,296 | 4.0 |
| Investing Activities | ||||||
| Investment<br> in Financial Instrument | 343,100 | n/a | (174,713) | n/a | ||
| Loans<br> Granted to Third Parties | 47,922 | n/a | ||||
| Recovery<br> investment joint venture ADG Airport | 6,802 | n/a | ||||
| Income<br> from Investment Results Accounted by the Equity Method | (305,885) | n/a | ||||
| Restricted<br> Cash | (212,036) | (57,657) | (72.8) | (62,498) | (48,669) | (22.1) |
| Investments<br> in Machinery, Furniture and Equipment, net | (663,277) | (1,861,764) | 180.7 | (367,356) | (1,042,400) | 183.8 |
| Interest<br> Income | 742,428 | 1,163,831 | 56.8 | 247,312 | 443,488 | 79.3 |
| Net Cash Flow used by Investing Activities | (384,046) | (412,490) | 7.4 | (182,542) | (822,294) | 350.5 |
| Excess Cash to Use in Financing Activities | 10,165,374 | 10,693,823 | 5.2 | 3,468,296 | 2,973,002 | (14.3) |
| Bank<br> Loans | ||||||
| Bank<br> Loans Paid | (1,425,000) | (538,712) | (62.2) | (712,500) | - | n/a |
| Long<br> Term Debt Paid | (201,245) | (224,914) | 11.8 | (101,459) | (126,988) | 25.2 |
| Interest<br> Paid | (942,166) | (844,776) | (10.3) | (392,970) | (385,257) | (2.0) |
| Dividends<br> Paid | (2,979,000) | (6,277,800) | 110.7 | |||
| Net Cash Flow used by Financing Activities | (5,547,411) | (7,886,202) | 42.2 | (1,206,929) | (512,245) | (57.6) |
| Net Increase in Cash and Cash Equivalents | 4,617,963 | 2,807,621 | (39.2) | 2,261,367 | 2,460,757 | 8.8 |
| Cash<br> and Cash Equivalents at Beginning of Period | 13,174,991 | 13,872,897 | 5.3 | 14,474,035 | 14,996,995 | 3.6 |
| Exchange<br> Gain on Cash and Cash Equivalents | (875,763) | 1,803,083 | (305.9) | 181,789 | 1,025,849 | 464.3 |
| Cash and Cash Equivalents at the End of Period | 16,917,191 | 18,483,601 | 9.3 | 16,917,191 | 18,483,601 | 9.3 |
ASUR 3Q24 Page 24 of 24