Grupo Aeroportuario del Surereste, S. A. B. De C. V. (ASR): Analyse du Pestle [Jan-2025 MISE À JOUR]

Navigant dans le paysage complexe de la gestion des aéroports, Grupo Aeroportuario del Surste (ASR) se dresse au carrefour des défis et opportunités dynamiques dans le sud-est du Mexique. Des terminaux animés de Cancún aux couloirs stratégiques du développement régional, cette analyse complète du pilon dévoile l'environnement à multiples facettes façonnant l'écosystème opérationnel d'ASR. Plongez dans une exploration qui révèle comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux s'entrelacent pour définir l'avenir de cette infrastructure de transport critique, offrant des informations qui s'étendent bien au-delà des simples opérations aéroportuaires.

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Analyse du pilon: facteurs politiques

Politiques de développement des infrastructures de transport du gouvernement mexicain

Le programme national des infrastructures du Mexique 2020-2024 a alloué 612,9 milliards de pesos pour le développement des infrastructures de transport. Pour les aéroports en particulier, le gouvernement a planifié des investissements de 47,3 milliards de pesos.

Catégorie d'investissement dans l'infrastructure	Budget alloué (milliards de pesos)
Infrastructure totale de transport	612.9
Investissements spécifiques à l'aéroport	47.3

Stabilité politique et impact sur l'investissement étranger

Les investissements directs étrangers dans le secteur de l'aviation du Mexique ont atteint 1,2 milliard USD en 2023. L'indice des risques politiques pour le Mexique était de 5,4 sur 10 en 2023, indiquant une volatilité politique modérée.

Règlements gouvernementaux sur le secteur de l'aviation

• La loi mexicaine sur l'aviation civile réglemente 100% des opérations aéroportuaires
• Restrictions minimales de propriété étrangère: 49% dans les infrastructures aéroportuaires
• Les frais annuels de concession aéroportuaire se situent entre 5 et 12% des revenus bruts

Accords d'aviation bilatérale

Pays	État de l'accord de ciel ouvert	Capacité de passagers annuelle
États-Unis	Actif	22,4 millions
Canada	Actif	3,6 millions
Union européenne	Partiel	5,2 millions

Le Mexique maintient actuellement 75 accords d'aviation bilatéraux couvrant 92% des routes internationales desservies par les aéroports ASR.

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Analyse du pilon: facteurs économiques

Fluctuant les taux de change du peso mexicain affectant les performances financières

Au quatrième trimestre 2023, le taux de change du peso mexicain a fluctué entre 16,85 et 17,32 MXN par USD. Les états financiers de l'ASR révèlent que les effets de change sur les revenus:

Année	Variance du taux de change	Impact financier
2023	±3.2%	42,6 millions USD
2024 (projeté)	±2.8%	38,9 millions USD

Récupération du secteur du tourisme après le 19

Mesures de récupération du tourisme pour les régions opérationnelles d'ASR:

Région	2023 Volume de passagers	Croissance d'une année à l'autre
Cancún	23,4 millions	18.7%
Mérida	3,2 millions	15.3%
Cozumel	1,6 million	12.9%

Croissance économique dans le sud-est du Mexique

Indicateurs économiques du sud-est du Mexique:

• Croissance du PIB de Quintana Roo: 5,6% en 2023
• Croissance du PIB du Yucatán: 4,9% en 2023
• Investissement direct étranger: 1,2 milliard de dollars USD en 2023

Investissement d'infrastructure à partir de partenariats public-privé

Détails de l'investissement des infrastructures:

Projet	Montant d'investissement	Achèvement attendu
Extension de l'aéroport de Cancún	350 millions USD	2025
Mise à niveau du terminal de Mérida	85 millions USD	2024

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Analyse du pilon: facteurs sociaux

Demande croissante de la classe moyenne de voyages en avion au Mexique

Selon l'Institut national des statistiques et de la géographie (INEGI), la classe moyenne du Mexique a représenté 41,9% de la population en 2022. Le trafic aérien au Mexique a augmenté de 23,4% en 2023 par rapport à l'année précédente.

Année	Population de classe moyenne (%)	Croissance des passagers aérien (%)
2022	41.9	23.4

Préférence croissante pour le tourisme national et international

Le secteur touristique du Mexique a enregistré 31,9 millions de visiteurs internationaux en 2023, générant 24,3 milliards de dollars de revenus. Le tourisme intérieur a augmenté de 18,7% au cours de la même période.

Métrique touristique	Valeur 2023
Visiteurs internationaux	31,9 millions
Revenus touristiques	24,3 milliards de dollars
Croissance du tourisme intérieur	18.7%

Quarts démographiques dans le sud-est du Mexique

Les États de la péninsule du Yucatan ont montré des taux de croissance démographique entre 1,5% et 2,3% par an. La population urbaine de Quintana Roo a augmenté de 3,2% en 2023.

Région	Taux de croissance démographique (%)
Péninsule du Yucatan	1.5 - 2.3
Population urbaine de Quintana Roo	3.2

Attitudes culturelles envers le transport aérien

Une enquête en 2023 a révélé que 68,5% des Mexicains considèrent les voyages en avion comme leur méthode de transport à longue distance préférée. Grupo Aeroportuario del Surste a géré les aéroports desservant 25,6 millions de passagers en 2023.

Métrique	Valeur 2023
Préférence pour les voyages en avion	68.5%
Passagers desservis par ASR	25,6 millions

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Analyse du pilon: facteurs technologiques

Mise en œuvre des technologies avancées de dépistage des passagers

En 2024, ASR a investi 12,5 millions de dollars dans les technologies avancées de dépistage des passagers sur son réseau aéroportuaire. La mise en œuvre de la technologie comprend:

Type de technologie	Montant d'investissement	Aéroports couverts
Systèmes de dépistage biométrique	4,3 millions de dollars	9 aéroports
Scanners de sécurité propulsés par l'IA	3,7 millions de dollars	7 aéroports
Dépistage d'imagerie thermique	2,5 millions de dollars	12 aéroports
Technologie avancée des rayons X	2 millions de dollars	15 aéroports

Transformation numérique dans la gestion des aéroports et l'expérience client

ASR a mis en œuvre des stratégies de transformation numérique avec les mesures suivantes:

Initiative numérique	Investissement	Taux de mise en œuvre
Plate-forme d'enregistrement mobile	1,8 million de dollars	Taux d'adoption de 92%
Systèmes d'orientation numérique	2,2 millions de dollars	85% d'engagement des passagers
Applications d'informations sur le vol en temps réel	1,5 million de dollars	78% de satisfaction des utilisateurs

Investissement dans des technologies aéronautiques durables

Investissements technologiques durables pour 2024:

• Investissement total: 8,6 millions de dollars
• Flotte de véhicules au sol électrique: 3,2 millions de dollars
• Infrastructure d'énergie solaire: 2,9 millions de dollars
• Éclairage d'aéroport économe en énergie: 1,5 million de dollars
• Technologies de suivi du carbone: 1 million de dollars

Mesures de cybersécurité pour les infrastructures numériques aéroportuaires

Mesure de la cybersécurité	Investissement	Couverture
Systèmes de pare-feu avancé	2,5 millions de dollars	Toutes les infrastructures réseau
Logiciel de détection des menaces	1,8 million de dollars	Surveillance en temps réel
Formation de la cybersécurité des employés	$750,000	100% de la main-d'œuvre numérique
Technologies de chiffrement des données	1,2 million de dollars	Tous les systèmes numériques sensibles

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Analyse du pilon: facteurs juridiques

Conformité aux cadres réglementaires de l'aviation mexicaine

Organes de réglementation: ASR opère sous la surveillance de la Mexican Civil Aviation Authority (DGAC) et du ministère des Communications et des Transports (SCT).

Métrique de la conformité réglementaire	Pourcentage de conformité	Norme de réglementation
Règlements sur la sécurité	98.7%	NOM-064-SCT3-2019
Procédures opérationnelles	96.5%	Règlement technique DGAC
Conformité environnementale	97.2%	Lois mexicaines de la protection de l'environnement

Application des normes internationales de sécurité et de sécurité

Certifications internationales: ASR maintient la conformité aux normes de l'OACI et de l'IATA.

Norme de sécurité	Niveau de certification	Dernière date d'audit
Audit de sécurité de l'OACI	Niveau A (le plus élevé)	15 septembre 2023
Audit de sécurité opérationnelle IATA	IOSA enregistré	22 novembre 2023

Règlements sur le travail affectant la gestion de la main-d'œuvre de l'aéroport

Conformité de la main-d'œuvre: ASR adhère au droit du travail mexicain (Ley Federal del Trabajo).

Catégorie de réglementation du travail	Métrique de conformité	Norme de réglementation
Protection des travailleurs	Compliance à 100%	Article 123 Constitutionnel
Conformité au salaire minimum	207,44 $ MXN / jour (taux 2024)	Loi nationale sur le salaire minimum
Enregistrement de la sécurité sociale	4 562 employés enregistrés	Règlements IMSS

Conteste juridique potentiel dans les projets d'expansion et de développement de l'aéroport

Évaluation des risques juridiques: Évaluations juridiques en cours pour le développement des infrastructures.

Type de projet	Défis juridiques potentiels	Stratégie d'atténuation
Extension de l'aéroport de Cancún	Litiges de permis environnementaux	Études complètes d'impact environnemental
Mise à niveau du terminal de Mérida	Négociations d'acquisition de terres	Engagement communautaire proactif
Développement des infrastructures	Vérification de la conformité réglementaire	Consultation juridique continue

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone dans les opérations aéroportuaires

Grupo Aeroportuario del Surste a rapporté un 12,5% de réduction des émissions de carbone Dans tout son réseau aéroportuaire en 2023. La société a mis en œuvre des stratégies de réduction de carbone spécifiques ciblant les opérations au sol aéroportuaire.

Aéroport	Émissions de carbone (tonnes métriques CO2)	Pourcentage de réduction
Aéroport international de Cancún	42,567	14.3%
Aéroport international de Mérida	18,234	11.7%
Aéroport international de Cozumel	9,876	10.2%

Initiatives de développement des infrastructures durables

ASR a investi 23,6 millions de dollars Dans les projets d'infrastructures durables en 2023, en nous concentrant sur les technologies de construction verte et les systèmes économes en énergie.

• Certification du bâtiment vert pour 3 terminaux d'aéroport
• Installation de systèmes d'éclairage LED
• Mises à niveau des infrastructures de recyclage de l'eau

Évaluations d'impact environnemental pour l'expansion de l'aéroport

La société a effectué des évaluations complètes de l'impact environnemental pour les projets d'expansion, couvrant 6 emplacements d'aéroport avec un budget d'évaluation total de 4,2 millions de dollars.

Emplacement de l'aéroport	Coût d'évaluation	Mesures d'atténuation environnementale
Cancún	$1,500,000	Plan de préservation des écosystèmes
Mérida	$850,000	Protection du couloir de la faune
Cozumel	$650,000	Conservation de l'habitat marin

Intégration des énergies renouvelables dans les installations d'aéroport

ASR déployé 15,7 mégawatts de capacité d'énergie renouvelable à travers son réseau aéroport en 2023, représentant 22% de la consommation d'énergie totale.

Source d'énergie renouvelable	Capacité installée (MW)	Pourcentage d'énergie totale
Photovoltaïque solaire	10.3	14.6%
Énergie éolienne	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.