Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR): Análisis PESTLE [Actualizado en Ene-2025]

Navegando por el complejo panorama de la gestión del aeropuerto, Grupo Aeroportuario del Sureste (ASR) se encuentra en la encrucijada de desafíos y oportunidades dinámicas en el sureste de México. Desde los bulliciosos terminales de Cancún hasta los corredores estratégicos del desarrollo regional, este análisis integral de mano presenta el entorno multifacético que da forma al ecosistema operativo de ASR. Coloque en una exploración que revele cómo los factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales se entrelazan para definir el futuro de esta infraestructura crítica de transporte, ofreciendo ideas que se extienden mucho más allá de las simples operaciones del aeropuerto.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análisis de mortero: Factores políticos

Políticas de desarrollo de infraestructura de transporte del gobierno mexicano

El Programa Nacional de Infraestructura de México 2020-2024 asignó 612.9 mil millones de pesos para el desarrollo de la infraestructura de transporte. Para los aeropuertos específicamente, el gobierno planificó inversiones de 47.3 mil millones de pesos.

Categoría de inversión de infraestructura	Presupuesto asignado (mil millones de pesos)
Infraestructura total de transporte	612.9
Inversiones específicas del aeropuerto	47.3

Estabilidad política e impacto en la inversión extranjera

La inversión extranjera directa en el sector de la aviación de México alcanzó 1.200 millones de dólares en 2023. El índice de riesgo político para México fue de 5.4 de cada 10 en 2023, lo que indica una volatilidad política moderada.

Regulaciones gubernamentales sobre el sector de la aviación

• La ley de aviación civil mexicana regula el 100% de las operaciones del aeropuerto
• Restricciones mínimas de propiedad extranjera: 49% en la infraestructura del aeropuerto
• Las tarifas anuales de concesión del aeropuerto oscilan entre el 5 y el 12% de los ingresos brutos

Acuerdos de aviación bilateral

País	Estado del acuerdo de cielos abiertos	Capacidad anual de pasajeros
Estados Unidos	Activo	22.4 millones
Canadá	Activo	3.6 millones
unión Europea	Parcial	5.2 millones

Actualmente, México mantiene 75 acuerdos de aviación bilateral que cubren el 92% de las rutas internacionales atendidas por los aeropuertos ASR.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análisis de mortero: Factores económicos

Fluctuando tipos de cambio de peso mexicano que afectan el desempeño financiero

A partir del cuarto trimestre de 2023, el tipo de cambio del peso mexicano fluctuó entre 16.85 y 17.32 mxn por USD. Los estados financieros de ASR revelan impactos de cambio de divisas en los ingresos:

Año	Varianza del tipo de cambio	Impacto financiero
2023	±3.2%	$ 42.6 millones de USD
2024 (proyectado)	±2.8%	$ 38.9 millones USD

Recuperación del sector turístico después del covid-19

Métricas de recuperación turística para las regiones operativas de ASR:

Región	2023 volumen de pasajeros	Crecimiento año tras año
Cancúa	23.4 millones	18.7%
Mérida	3.2 millones	15.3%
Cozumel	1.6 millones	12.9%

Crecimiento económico en el sureste de México

Indicadores económicos del sureste de México:

• Crecimiento del PIB de Roo Quintana: 5.6% en 2023
• Crecimiento del PIB de Yucatán: 4.9% en 2023
• Inversión extranjera directa: $ 1.2 mil millones de dólares en 2023

Inversión de infraestructura de asociaciones público-privadas

Detalles de la inversión de infraestructura:

Proyecto	Monto de la inversión	Finalización esperada
Expansión del aeropuerto de Cancún	$ 350 millones USD	2025
Actualización de la terminal de Mérida	$ 85 millones USD	2024

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análisis de mortificación: factores sociales

Creciente demanda de clase media para viajes aéreos en México

Según el Instituto Nacional de Estadística y Geografía (INEGI), la clase media de México representó el 41.9% de la población en 2022. El tráfico de pasajeros aéreos en México aumentó en un 23.4% en 2023 en comparación con el año anterior.

Año	Población de clase media (%)	Crecimiento de pasajeros aéreos (%)
2022	41.9	23.4

Creciente preferencia por el turismo nacional e internacional

El sector turístico de México registró 31.9 millones de visitantes internacionales en 2023, generando $ 24.3 mil millones en ingresos. El turismo doméstico aumentó en un 18,7% en el mismo período.

Métrico de turismo	Valor 2023
Visitantes internacionales	31.9 millones
Ingresos turísticos	$ 24.3 mil millones
Crecimiento del turismo doméstico	18.7%

Cambios demográficos en el sureste de México

Los estados de la Península de Yucatán mostraron tasas de crecimiento de la población entre 1.5% a 2.3% anual. La población urbana en Quintana Roo aumentó en un 3,2% en 2023.

Región	Tasa de crecimiento de la población (%)
Península de Yucatán	1.5 - 2.3
Población urbana de quintana roo	3.2

Actitudes culturales hacia el transporte aéreo

Una encuesta de 2023 reveló que el 68.5% de los mexicanos consideran los viajes aéreos como su método de transporte de larga distancia preferido. Grupo Aeroportuario Del Sureste administró aeropuertos que atendieron a 25,6 millones de pasajeros en 2023.

Métrico	Valor 2023
Preferencia por los viajes aéreos	68.5%
Pasajeros atendidos por asr	25.6 millones

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análisis de mortero: factores tecnológicos

Implementación de tecnologías avanzadas de detección de pasajeros

En 2024, ASR invirtió $ 12.5 millones en tecnologías avanzadas de detección de pasajeros en su red de aeropuerto. La implementación de la tecnología incluye:

Tipo de tecnología	Monto de la inversión	Aeropuertos cubiertos
Sistemas de detección biométrica	$ 4.3 millones	9 aeropuertos
Escáneres de seguridad con IA	$ 3.7 millones	7 aeropuertos
Detección de imágenes térmicas	$ 2.5 millones	12 aeropuertos
Tecnología avanzada de rayos X	$ 2 millones	15 aeropuertos

Transformación digital en la gestión del aeropuerto y la experiencia del cliente

ASR implementó estrategias de transformación digital con las siguientes métricas:

Iniciativa digital	Inversión	Tasa de implementación
Plataforma de check-in móvil	$ 1.8 millones	Tasa de adopción del 92%
Sistemas de orientación digital	$ 2.2 millones	85% de compromiso de pasajeros
Aplicaciones de información de vuelo en tiempo real	$ 1.5 millones	78% de satisfacción del usuario

Inversión en tecnologías de aviación sostenible

Inversiones de tecnología sostenible para 2024:

• Inversión total: $ 8.6 millones
• Flota de vehículos de tierra eléctrica: $ 3.2 millones
• Infraestructura de energía solar: $ 2.9 millones
• Iluminación del aeropuerto de eficiencia energética: $ 1.5 millones
• Tecnologías de seguimiento de carbono: $ 1 millón

Medidas de ciberseguridad para la infraestructura digital del aeropuerto

Medida de ciberseguridad	Inversión	Cobertura
Sistemas de firewall avanzados	$ 2.5 millones	Toda la infraestructura de red
Software de detección de amenazas	$ 1.8 millones	Monitoreo en tiempo real
Capacitación de ciberseguridad de empleados	$750,000	100% de la fuerza laboral digital
Tecnologías de cifrado de datos	$ 1.2 millones	Todos los sistemas digitales sensibles

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análisis de mortero: Factores legales

Cumplimiento de los marcos regulatorios de la aviación mexicana

Cuerpos reguladores: ASR opera bajo la supervisión de la Autoridad de Aviación Civil mexicana (DGAC) y el Ministerio de Comunicaciones y Transporte (SCT).

Métrico de cumplimiento regulatorio	Porcentaje de cumplimiento	Reglamentario
Regulaciones de seguridad	98.7%	Nom-064-SCT3-2019
Procedimientos operativos	96.5%	Regulaciones técnicas de DGAC
Cumplimiento ambiental	97.2%	Leyes de protección ambiental mexicana

Control de estándares internacionales de seguridad

Certificaciones internacionales: ASR mantiene el cumplimiento de los estándares de ICAO e IATA.

Estándar de seguridad	Nivel de certificación	Última fecha de auditoría
Auditoría de seguridad de la icao	Nivel A (más alto)	15 de septiembre de 2023
Auditoría de seguridad operativa de IATA	Iosa registrado	22 de noviembre de 2023

Regulaciones laborales que afectan la gestión de la fuerza laboral del aeropuerto

Cumplimiento de la fuerza laboral: ASR se adhiere a la ley laboral mexicana (Ley Federal Del Trabajo).

Categoría de regulación laboral	Métrico de cumplimiento	Reglamentario
Protección de los trabajadores	100% Cumplimiento	Artículo 123 Constitucional
Cumplimiento del salario mínimo	$ 207.44 mxn/día (tarifa 2024)	Ley de salario mínimo nacional
Registro de seguridad social	4.562 empleados registrados	Regulaciones IMSS

Desafíos legales potenciales en los proyectos de expansión y desarrollo del aeropuerto

Evaluación de riesgos legales: Evaluaciones legales en curso para el desarrollo de infraestructura.

Tipo de proyecto	Desafíos legales potenciales	Estrategia de mitigación
Expansión del aeropuerto de Cancún	Disputas de permisos ambientales	Estudios integrales de impacto ambiental
Actualización de la terminal de Mérida	Negociaciones de adquisición de tierras	Compromiso de la comunidad proactiva
Desarrollo de infraestructura	Verificación de cumplimiento regulatorio	Consulta legal continua

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análisis de mortero: Factores ambientales

Compromiso de reducir las emisiones de carbono en las operaciones del aeropuerto

Grupo Aeroportuario del Sureste informó un Reducción del 12,5% en las emisiones de carbono En su red aeroportuaria en 2023. La compañía implementó estrategias específicas de reducción de carbono dirigidas a las operaciones de tierra del aeropuerto.

Aeropuerto	Emisiones de carbono (toneladas métricas CO2)	Porcentaje de reducción
Aeropuerto Internacional de Cancún	42,567	14.3%
Aeropuerto Internacional Mérida	18,234	11.7%
Aeropuerto Internacional de Cozumel	9,876	10.2%

Iniciativas de desarrollo de infraestructura sostenible

ASR invirtió $ 23.6 millones En proyectos de infraestructura sostenible durante 2023, centrándose en tecnologías de construcción ecológica y sistemas de eficiencia energética.

• Certificación de edificios ecológicos para 3 terminales de aeropuerto
• Instalación de sistemas de iluminación LED
• Actualizaciones de infraestructura de reciclaje de agua

Evaluaciones de impacto ambiental para la expansión del aeropuerto

La Compañía realizó evaluaciones integrales de impacto ambiental para proyectos de expansión, cubriendo 6 ubicaciones en el aeropuerto con un presupuesto de evaluación total de $ 4.2 millones.

Ubicación del aeropuerto	Costo de evaluación	Medidas de mitigación ambiental
Cancúa	$1,500,000	Plan de preservación del ecosistema
Mérida	$850,000	Protección del corredor de vida silvestre
Cozumel	$650,000	Conservación del hábitat marino

Integración de energía renovable en las instalaciones del aeropuerto

ASR implementado 15.7 megavatios de capacidad de energía renovable a través de su red de aeropuerto en 2023, representando 22% del consumo total de energía.

Fuente de energía renovable	Capacidad instalada (MW)	Porcentaje de energía total
Solar fotovoltaica	10.3	14.6%
Energía eólica	5.4	7.6%

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - PESTLE Analysis: Social factors

Sustained post-pandemic preference for leisure travel, especially to Cancun and the Caribbean.

You are seeing a clear, sustained preference for leisure travel, particularly to sun-and-sand destinations, but the growth rate is slowing down in ASR's Mexican operations. The post-pandemic surge created a high baseline, making YOY (year-over-year) comparisons tougher now. For the first half of 2025 (Jan-Jun), Cancun International Airport alone handled approximately 15.6 million passengers, cementing its position as a primary hub for the region.

However, the overall Mexican portfolio is seeing a contraction in traffic, which is a near-term risk. Through October 2025, total passenger traffic in Mexico was down 2.5% YTD compared to 2024, reaching 33,443,544 passengers. This softening is partly due to rising international airfare costs, which have increased by approximately 22% since 2023, forcing some travelers to adjust their plans. The core demand is still there, but price sensitivity is defintely rising.

Growing middle-class air travel demand in Colombia and Mexico.

The growth story for ASR is currently centered in its Colombian and Puerto Rican assets, driven by a burgeoning middle class seeking greater mobility. This is where the opportunity is clearest. The total passenger traffic for ASR's Colombian airports, which include Medellín, Cartagena, and Barranquilla, reached approximately 14,030,657 passengers YTD through October 2025. This represents a strong growth trajectory.

Specifically, the international segment in Colombia is booming, seeing a YTD increase of 12.6% through September 2025. This highlights a growing propensity for middle-class Colombians to travel internationally, or for international travelers to visit Colombia. In Mexico, the domestic traffic, which is most reflective of the local middle-class, has been essentially flat, down only 0.6% YTD through October 2025, showing resilience despite the overall international declines in that market. Here's the quick math on the regional split:

Region (YTD Oct 2025)	Total Passenger Traffic	YOY % Change (Mexico)	YOY % Change (Colombia)
Mexico	33,443,544	(2.5)%	N/A
Colombia	14,030,657	N/A	+3.4% (YTD Sep)

Labor shortages in the tourism sector could constrain operational capacity.

The entire Mexican tourism sector, which is ASR's core market, faces a persistent labor and skills gap that directly impacts airport service quality and capacity. The industry is a major employer, adding 127,334 new jobs in 2Q25 and employing 4.98 million people by June 2025. Still, filling key roles is a challenge due to structural issues like low wages, seasonality, and a mismatch in skills.

The industry is struggling to attract and retain workers with the necessary transversal skills (like communication and collaboration) and digital expertise. This is a critical operational risk for ASR, as a labor shortage in check-in, security, or baggage handling can create bottlenecks, leading to passenger frustration and potential regulatory issues. Honest to goodness, you can't run an airport on half a crew.

Shifting traveler expectations demand better, faster airport experiences.

Today's traveler is not just buying a flight; they are buying an experience, and their expectations for airport infrastructure are rapidly evolving. Passengers increasingly prioritize efficiency, digital integration, and a focus on environmental, social, and governance (ESG) criteria.

The new traveler demands a seamless journey, moving beyond just security and check-in speed to value:

• Digital Service: Fast, reliable Wi-Fi and mobile-first services.
• Cultural Authenticity: Localized retail and food & beverage (F&B) offerings.
• Multilingual Staff: A critical gap in the hospitality sector, where a lack of language skills among frontline staff can lead to service failures.
• Ecological Responsibility: Visible commitment to sustainability in airport operations.

ASR must invest in smart airport technology and targeted workforce training-not just in management, but in all frontline staff-to meet these shifting expectations, or risk losing market share to competitors who offer a superior 'guest experience.'

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - PESTLE Analysis: Technological factors

The technological outlook for Grupo Aeroportuario del Sureste is defined by mandated capital expenditure (CapEx) for modernization and a critical need to adopt automation to manage surging passenger volumes, especially at Cancún. The CapEx for ASR's Mexican airports in 2025 is a committed Ps. 7,120 million (in constant pesos as of December 31, 2022), which is largely earmarked for infrastructure that must integrate smart technology. This investment is not optional; it's a non-negotiable part of the concession's Master Development Program (MDP) designed to enhance capacity and security.

Mandatory capital expenditure (CapEx) under the MDP for capacity and security upgrades.

ASR's primary technological driver is the binding CapEx commitment under the 2024-2028 MDP, approved by the Mexican Department of Infrastructure, Communications and Transportation. For the 2025 fiscal year alone, the committed investment across the nine Mexican concessions totals Ps. 7,120 million (millions of constant pesos as of December 31, 2022). This spending is focused on physical expansion-like the ongoing reconstruction and expansion of Terminal 1 at Cancún Airport-but the core of this work is the integration of modern, high-throughput technology for security and passenger flow.

Here's the quick math on where the significant capital is going in 2025:

Airport (Mexican Concessions)	2025 Committed CapEx (Millions of Constant Ps. as of Dec. 2022)	Notes on Investment Focus
Cancún (CUN)	4,493	Largest share, focused on terminal expansion and modernization.
Cozumel (CZM)	333	Capacity and service improvements.
Huatulco (HUX)	202	Capacity and service improvements.
Mérida (MID)	182	Capacity and service improvements.
Other 5 Airports (Minatitlán, Oaxaca, Tapachula, Veracruz, Villahermosa)	1,910	Remaining CapEx for upgrades and maintenance across the portfolio.
TOTAL Committed CapEx for Mexican Airports (2025)	7,120	Mandated under the 2024-2028 Master Development Program.

Investment in biometric and self-service technology to speed up passenger processing.

To keep pace with passenger traffic-which hit 5.3 million in October 2025 alone across all ASR's operations-the company must accelerate its adoption of seamless passenger technology. Global trends show that check-in and ticketing systems account for nearly 32.6% of the airport baggage handling system market in 2025, driven by the push for self-service options. ASR's investment in this area, while not broken out as a specific line item, is a core component of the 'modernization' CapEx. You simply can't handle those numbers without it.

The operational imperative is clear:

• Deploy more self-service check-in and bag-drop kiosks to reduce human-intensive processes.
• Integrate biometric (facial recognition) e-gates at security and boarding to speed up passenger verification, a key trend for over 53% of North American airlines in 2025.
• The goal is a frictionless passenger experience, which directly supports the growth in non-aeronautical revenue.

Need to integrate new baggage handling systems to manage higher passenger volume.

The massive expansion projects, particularly at Cancún, necessitate a complete overhaul of the baggage handling systems (BHS). Legacy conveyor systems are a major bottleneck, especially as traffic continues to rebound. The global airport baggage handling systems market is valued at approximately USD 2.46 billion in 2025 and is expanding at a CAGR of 9.87%, showing the industry-wide urgency for these upgrades. For ASR, this means moving toward automated and integrated solutions.

The investment focuses on:

• Installing advanced sorting and conveying equipment to increase throughput capacity.
• Integrating Radio Frequency Identification (RFID) or sensor-based tracking to reduce mishandled baggage, a critical customer service metric.
• Implementing predictive maintenance software for the BHS to minimize costly and disruptive downtime.

Cybersecurity risk management is critical for operational continuity.

As ASR integrates more Internet of Things (IoT) devices, automated systems, and cloud-based platforms, its exposure to cyber risk rises dramatically. The company's operational technology (OT) environment-which controls baggage, power, and air traffic systems-is a prime target. While ASR does not disclose its specific cybersecurity budget, the industry is reacting to this threat: global spending on information security is expected to increase by 15% in 2025, reaching USD 212 billion. This is a cost of doing business in a connected world.

Failure to invest here is a direct threat to operational continuity, which is the lifeblood of an airport concession. The risk management strategy must focus on:

• Adopting a zero-trust architecture for network security.
• Enhancing threat detection and response capabilities across all IT/OT systems.
• Securing third-party vendor access, as supply chain vulnerabilities are a leading attack vector.

Finance: Ensure the technology component of the Ps. 7,120 million CapEx is adequately allocated to systems that mitigate single points of failure, like redundant baggage system controls and enhanced network segmentation, by Q1 2026.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - PESTLE Analysis: Legal factors

Concession agreements govern operations and revenue streams until 2048 (Mexico) and 2053 (Puerto Rico).

The core of Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s (ASR) business model is anchored in long-term government concessions, which function as regulatory contracts. These agreements dictate everything from operational standards to revenue-generating capacity. The Mexican concessions for the nine airports, including Cancún, are generally set to expire around 2048, providing a stable, multi-decade revenue runway.

In Puerto Rico, the concession for the Luis Muñoz Marín International Airport (SJU), operated through its subsidiary Aerostar Airport Holdings, LLC, is a 40-year lease that began in 2013, meaning it is scheduled to expire in 2053. This duration provides significant certainty for long-term capital planning. The recent acquisition of URW Airports, LLC's commercial concessions in major U.S. airports like JFK, LAX, and ORD for an enterprise value of $295 million US Dollars in 2025, while non-regulated, is a strategic move to diversify revenue streams away from the primary concession-based model.

The stability of these long-dated contracts is a huge competitive advantage.

Tariff base reviews every five years create regulatory uncertainty and negotiation risk.

The Mexican concessions operate under a maximum tariff system, where aeronautical service fees (like the Airport Use Fee, or TUA) are subject to a five-year review cycle. This process, governed by the Ministry of Infrastructure, Communications and Transportation (SICT), is a key source of regulatory risk, as the government sets the maximum rates.

The good news is that the near-term uncertainty is removed. The latest Master Development Programs (MDPs) and the corresponding tariff bases for the Mexican airports were approved in December 2023, covering the period 2024 through 2028. This approval sets the maximum tariffs per workload unit (one passenger or 100 kg of cargo) for the next five years.

A key financial detail from this approval is the mandated annual efficiency factor of 0.80% in real terms, which means the maximum rates must be reduced by this amount each year to account for projected efficiency improvements. This clause puts constant pressure on ASR's operating margins. The next major tariff negotiation and regulatory uncertainty will not begin until the review for the period starting in 2029.

Strict compliance with international aviation security standards (ICAO, FAA).

Operating international airports in three countries means ASR must adhere to the highest global standards, primarily those set by the International Civil Aviation Organization (ICAO) and the U.S. Federal Aviation Administration (FAA). Compliance is non-negotiable, and non-compliance can immediately restrict traffic and revenue.

A significant positive legal development for ASR's Mexican operations was the FAA's decision in September 2023 to restore Mexico's civil aviation authority (AFAC) to its highest Category 1 safety rating. This move reversed the May 2021 downgrade, which had been based on a finding that Mexico did not meet ICAO safety standards.

• Category 1 Restoration: Allows Mexican airlines to add new routes to the U.S. and U.S. airlines to resume code-sharing agreements, directly supporting ASR's international passenger traffic growth, which saw a 1.2% increase in domestic travel in Mexico in Q2 2025 despite a decline in international traffic.
• Puerto Rico Compliance: The SJU airport, operated by Aerostar, is under direct FAA oversight and is a recipient of federal financial assistance, requiring compliance with U.S. federal law, including Title VI of the Civil Rights Act of 1964.

Environmental impact assessment requirements for all major expansion projects.

All major capital expenditure projects under the Master Development Programs (MDPs) are legally subject to stringent Environmental Impact Assessment (EIA) requirements in both Mexico (Manifestación de Impacto Ambiental) and Puerto Rico. This process is a necessary legal hurdle that can cause project delays and increase costs.

The current MDP for the nine Mexican airports, approved for 2024-2028, commits ASR to a total investment of Ps. 28,496 million (in constant pesos as of December 31, 2022). The sheer size of this commitment means a significant volume of EIA work is ongoing.

Here's the quick math on the near-term legal-environmental exposure:

Airport/Region	Committed Investment (2025)	Legal/Regulatory Requirement
Cancún (Mexico)	Ps. 4,493 million	Mexican EIA (MIA) for expansion, including new terminal/runway work.
All Mexican Airports (Total)	Ps. 7,120 million	All projects must include 'environmental protection measures' as mandated by the SICT.
Luis Muñoz Marín (Puerto Rico)	$13.2 million (Solar Project)	FAA-supported Sustainability Plan compliance; aiming for Level 3 Airport Carbon Accreditation by 2027.

The Puerto Rico operation, for example, is actively mitigating environmental risk through a $13.2 million solar project, with $5 million allocated by the FAA, which is a clear demonstration of using capital expenditure to meet environmental and regulatory goals. This defintely helps manage long-term liability.

Finance: draft a 13-week cash view by Friday to ensure liquidity for the Q4 2025 URW Airports acquisition closing.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - PESTLE Analysis: Environmental factors

The environmental factors for Grupo Aeroportuario del Sureste (ASR) are dominated by their coastal exposure and the increasing regulatory pressure on carbon emissions. The company's core asset, Cancún International Airport (CUN), is both a major revenue driver and the source of over 60% of the Group's total environmental impact, making climate resilience a non-negotiable operational and financial concern.

Climate change risk, including hurricane damage, for coastal assets like Cancún International Airport.

The primary environmental risk for ASR is the physical damage and business interruption caused by tropical cyclones. Operating major facilities like Cancún International Airport and Luis Muñoz Marín International Airport in Puerto Rico places a significant portion of the Group's assets in high-risk coastal zones.

You need to view this as a rising operational cost, not just a one-off disaster expense. The increasing frequency and intensity of storms, a clear trend in 2024 and 2025, directly translates into higher insurance premiums and capital expenditure for climate-proofing infrastructure.

Here's the quick math: while ASR's specific 2025 hurricane-related financial loss is not public, the cost of commercial property and casualty (P&C) insurance in hurricane-prone regions has continued to surge, forcing the company to allocate greater portions of its capital toward risk mitigation and higher deductibles. This is a defintely a drag on long-term free cash flow (FCF).

Pressure to meet carbon neutrality goals and reduce Scope 1 and 2 emissions.

ASR is facing mounting stakeholder pressure to decarbonize, aligning with global aviation targets. The company is actively pursuing Level 2 certification under the Airport Carbon Accreditation (ACA) program for its Mexican airports, which requires demonstrating a quantifiable reduction in carbon emissions from a baseline year.

However, the absolute numbers show a near-term challenge. The Group's total operational greenhouse gas (GHG) emissions (Scope 1 and 2) for the 2024 fiscal year stood at 77,089.79 metric tons of $\text{CO}_2\text{e}$ (carbon dioxide equivalent). This figure is a significant increase, driven largely by a surge in Scope 1 emissions-direct emissions from owned or controlled sources-which reached 23,779.96 $\text{tCO}_2\text{e}$ in 2024. This increase is a red flag for investors watching ESG performance, especially since the company's Scope 1 emissions intensity in 2024 was reported as 15.73 $\text{tCO}_2\text{e}$ per million USD of revenue, placing it above the industry peer median.

Emission Category	2024 Emissions (Metric Tons $\text{CO}_2\text{e}$)	Change vs. 2023
Total Scope 1 (Direct)	23,779.96	Increased by 240.22%
Total Scope 2 (Indirect - Electricity)	53,309.83	Increased (Implied from total)
Total Operational (Scope 1 & 2)	77,089.79	Increased by 30.24%

The core challenge is decoupling passenger growth from emissions growth. The Group must invest heavily in energy efficiency and renewable energy procurement to meet its long-term goal of achieving net-zero carbon emissions across the value chain by 2050.

Water and waste management compliance for large-scale airport operations.

Water stewardship and waste circularity are critical, particularly in water-scarce regions and ecologically sensitive coastal areas like the Yucatán Peninsula. The Group's total water consumption across all its airports (Mexico, Puerto Rico, and Colombia) rose by 6.0% in 2024 compared to 2023, with water consumption per passenger increasing by 4.9%.

This upward trend in consumption, even on a per-passenger basis, highlights the need for more aggressive conservation measures. The good news is the clear commitment to waste management, with a strategic objective to send zero waste to landfill by 2050.

• Waste Recovery: In 2023, Cancún International Airport recovered 970,844 kg of recyclable materials through its circular economy project.
• Compliance Focus: Operations must maintain strict compliance with federal regulations governing wastewater and storm water discharges, especially at the high-volume Cancún and San Juan airports.

Community opposition to expansion projects based on environmental impact.

While there are no recent, high-profile environmental lawsuits or protests specifically halting a 2025 ASR expansion, the risk remains substantial, especially in Mexico.

The sheer scale of Cancún International Airport's operations and its location near protected areas means any future expansion of capacity or infrastructure will face intense scrutiny. The environmental impact assessment (EIA) process is a key vulnerability, as local communities and environmental non-governmental organizations (NGOs) can use it to delay or block projects based on concerns over habitat destruction, water runoff, and noise pollution. The company must proactively engage with communities to mitigate this risk, especially given that its primary competitor, the government-operated Tulum International Airport, is already operational, putting pressure on ASR to maintain its capacity advantage.