Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR): 5 Analyse des forces [Jan-2025 MISE À JOUR]

Plongez dans le monde complexe de Grupo Aeroportuario del Surste (ASR), où l'équilibre délicat des forces du marché façonne son paysage stratégique. En tant qu'acteur clé dans la gestion de l'aéroport du Mexique et des Caraïbes, ASR navigue sur un écosystème complexe de fournisseurs, de clients, de concurrents et de défis technologiques. Cette analyse en profondeur des cinq forces de Porter révèle la dynamique critique qui stimule le positionnement concurrentiel de l'entreprise, en découvrant les nuances stratégiques qui déterminent sa résilience et son potentiel de croissance sur le marché des infrastructures aéronautiques en constante évolution.

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Five Forces de Porter: Néarition du pouvoir des fournisseurs

Paysage du fabricant mondial d'avions

En 2024, seuls deux principaux fabricants d'avions commerciaux dominent le marché mondial:

• Boeing: part de marché de 48%
• Airbus: part de marché de 50%

Concentration du marché des fournisseurs

Exigences d'investissement en capital

Équipement d'infrastructure de l'aéroport Gamme d'investissement: 50 à 250 millions de dollars par amélioration de l'aéroport

Fournir des caractéristiques du contrat

• Durée du contrat typique: 7-10 ans
• Clause d'escalade moyenne des prix: 2,5% par an
• Flexibilité de négociation: limitée à 15 à 20% des conditions de contrat

Métriques de dépendance des fournisseurs

Dépendance de l'ASR à l'égard des fournisseurs spécialisés:

• Dépendance de la flotte de Boeing Aircraft: 65%
• Dépendance de la flotte Airbus Aircraft: 35%
• Dépendance des équipements d'infrastructure critique: 80%

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Five Forces de Porter: Power de négociation des clients

Composition de la clientèle

En 2024, Grupo Aeroportuario del Surereste gère 9 aéroports à travers le Mexique et les Caraïbes, desservant plusieurs segments de clients:

• Airlines: 32 transporteurs commerciaux
• Passagers: 24,7 millions de passagers annuels en 2023
• Opérateurs de fret: 78 500 tonnes métriques de fret manipulées chaque année

Analyse de la sensibilité aux prix

Dynamique de la demande du marché

Mesures de demande de service aéroportuaire régional:

• Croissance des passagers de l'aéroport du Mexique: 18,3% en 2023
• Croissance des passagers de l'aéroport des Caraïbes: 15,7% en 2023
• Investissement d'infrastructure aéroportuaire: 276 millions de dollars en 2023

Potentiel de commutation du client

Indicateurs de coût de commutation:

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Five Forces de Porter: Rivalité compétitive

Portefeuille d'aéroport et positionnement du marché

Grupo Aeroportuario del Surste (ASR) gère 9 aéroports à travers le Mexique et les Caraïbes, y compris les emplacements clés dans:

• Aéroport international de Cancún
• Aéroport international de Cozumel
• Aéroport international de Mérida
• Aéroport international de Villahermosa
• Autres aéroports des Caraïbes en Jamaïque et en République dominicaine

Analyse du paysage concurrentiel

Rivals compétitifs dans la direction de l'aéroport au Mexique et dans la région des Caraïbes:

Barrières d'entrée sur le marché

Contraintes réglementaires clés pour les nouveaux entrants du marché:

• Exigence d'investissement initiale: 500 millions de dollars - 1,2 milliard de dollars
• Processus d'approbation de la concession du gouvernement
• Exigences complexes de développement des infrastructures
• Règlements strictes sur la sécurité et la conformité opérationnelle

Métriques d'intensité compétitive

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Five Forces de Porter: Menace de substituts

Modes de transport alternatifs

En 2023, le volume des passagers des bus interurbains du Mexique a atteint 95,2 millions de voyageurs. Le groupe ADO exploite 2 700 bus dans 11 États mexicains, fournissant une concurrence directe aux itinéraires de l'aéroport d'ASR.

Substitution des voyages d'affaires

À l'échelle mondiale, la taille du marché de la vidéoconférence a atteint 6,38 milliards de dollars en 2023, avec un TCAC projeté de 9,7% jusqu'en 2028.

• Zoom a rapporté 300 millions de participants à la réunion quotidienne en 2023
• Les équipes de Microsoft ont atteint 270 millions d'utilisateurs actifs

Infrastructure routière régionale

Le Federal Highway Network du Mexique s'étend sur 51 755 kilomètres à partir de 2023, avec un investissement annuel sur l'infrastructure de 4,2 milliards de dollars.

Technologies de transport émergentes

L'adoption des bus électriques au Mexique est passée à 694 unités en 2023, ce qui représente une croissance de 12% sur l'autre.

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Five Forces de Porter: Menace des nouveaux entrants

Investissement en capital initial élevé

Grupo Aeroportuario del Surste a besoin d'investissement en capital substantiel pour les infrastructures aéroportuaires. En 2024, les dépenses en capital estimées pour le développement des aéroports se situent entre 250 millions à 500 millions de dollars.

Réglementation gouvernementale

Coûts de conformité réglementaire: Dépenses de conformité annuelles estimées de 10 à 15 millions de dollars pour les opérateurs d'aéroport.

• La Mexican Civil Aviation Authority (DGAC) oblige des normes opérationnelles strictes
• Exigences minimales d'investissement en sécurité de 5 à 8 millions de dollars par an
• Coûts de conformité environnementale: 2 à 4 millions de dollars par an

Exigences de licence et opérationnelles

ASR exploite 9 aéroports au Mexique, avec des processus de licence complexes.

Limitations d'expansion géographique

Le réseau aéroportuaire actuel d'ASR couvre le sud-est du Mexique, avec des opportunités d'expansion limitées.

• 9 aéroports actuellement gérés
• Couverture géographique: Quintana Roo, Yucatán, Régions du Chiapas
• Potentiel d'expansion: nouveaux emplacements minimaux disponibles

Barrières technologiques et financières

Investissements technologiques importants requis pour les opérations aéroportuaires modernes.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Porter's Five Forces: Competitive rivalry

You're looking at the core of the competitive battleground for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) right now, and honestly, the numbers from its home market tell a clear story of pressure.

The Mexican airport sector operates as a structured oligopoly, meaning you've got a few big players controlling the space; ASR's main rivals here are Grupo Aeroportuario del Centro Norte, S. A. B. de C. V. (OMA) and Grupo Aeroportuario del Pacífico, S. A. B. de C. V. (PAC). While ASR grapples with softness in its domestic Mexican passenger volumes, OMA has been posting solid, consistent growth across its network. For instance, OMA reported its October 2025 terminal passenger traffic increased 8.5% year-over-year, with international traffic up 10.1%. Compare that to ASR's own Mexico operations for Q3 2025, where total passenger traffic actually decreased 1.1% year-over-year, driven by domestic traffic down 1.8% and international traffic down 0.3%. That difference in performance definitely shows where the rivalry is heating up.

This competitive environment is definitely weighing on ASR's profitability metrics. For the third quarter of 2025, the company's consolidated EBITDA declined 1.3% year-over-year, landing at Ps. 4,639.4 million. Furthermore, the adjusted EBITDA margin, which strips out the construction revenue effect, contracted to 66.7% from 68.3% in the prior year's third quarter. To be fair, the EBITDA in Mexico specifically declined close to 4% in the quarter, which is a significant drag.

Here's a quick look at how the traffic performance contrasts between ASR's Mexico segment and OMA during the late 2025 period, which helps map the rivalry:

Because of this domestic softness, ASR is actively diversifying away from Mexico, using strategic acquisitions to secure revenue streams in more stable currencies and markets. This is a clear action to mitigate local competitive and economic risks. The competition for international carriers among the three major Mexican airport groups is fierce, but ASR is making moves outside of Mexico to counter this.

The diversification strategy involves significant capital deployment outside of its core Mexican concessions:

• Acquisition of URW's airport retail concessions for US$295 million; closing expected in Q4 2025.
• Agreement to acquire CPC, which holds stakes in airports across Brazil, Ecuador, Costa Rica, and Curaçao.
• The CPC deal implies an enterprise value of R$13,700 million (US$2,566 million).
• The CPC portfolio reported proportionate EBITDA of R$1,300 million over the last twelve months.
• This acquisition is set to add over 45 million passengers to ASR's base, which was 71 million in 2024.

Still, even as ASR expands internationally, the competition for high-value international traffic remains a key factor across all its operations. While Mexico saw international traffic contract slightly in Q3 2025, ASR's Colombian operations showed strong international growth of 11.2% in the same period. The US retail acquisition also signals a direct play for high-yield international passenger spending at major US hubs.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Porter's Five Forces: Threat of substitutes

The threat of substitutes for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is highly segmented, depending entirely on the specific route and travel distance involved. For short-to-medium haul regional travel within the Yucatan Peninsula, a new government-backed competitor has emerged, though its immediate impact on ASR's core business appears limited.

The Maya Train is a government-backed regional rail substitute in the Yucatan Peninsula, connecting key tourist and population centers across the southeast states of Tabasco, Chiapas, Campeche, Yucatán, and Quintana Roo. The final section of its 1,554-kilometer route was inaugurated on December 15, 2024. Initial ridership data suggests growing popularity for regional tourism trips.

Initial Maya Train ridership is low relative to air travel volumes, and its inland route is less convenient for tourists whose primary destination is coastal or requires direct airport access. For instance, as of summer 2025, the train broke a record with over 50,000 weekly passengers. The most in-demand corridor, Cancún to Palenque, boasted an average weekend occupancy rate of 92%. However, by July 15, 2025, the total number of passengers transported was 1,359,317. To put this in perspective against ASR's scale, in Q3 2025, ASR's consolidated total passenger traffic was up 0.4% year-over-year, while its Mexican operations saw a 1.1% decrease in total traffic.

Long-haul international air travel, which forms a significant part of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s business across its operations in Mexico, Puerto Rico, and Colombia, has no viable substitute as of late 2025. The high-value, long-distance routes that feed into ASR's hubs simply cannot be replicated by ground or sea transport in terms of speed or directness. This is evidenced by the strong international growth in ASR's non-Mexican operations during Q3 2025, with Colombia seeing a 11.2% increase and Puerto Rico seeing an 11.7% increase in international traffic.

Bus and ferry services are poor substitutes for the long distances ASR's airports cover, especially for the international segment. While buses compete with domestic air travel on shorter routes, the experience is often inferior. For example, the Maya Train has been noted to transform what was a grueling, 12+ hour overnight bus ride to Palenque into a comfortable train journey. Furthermore, the train itself faces infrastructure lag, with reports noting that in Tulum, passengers disembark at a station far from the town center, leading to taxi shortages and fare surges. ASR's financial results reflect the relative strength of air travel; Q3 2025 revenues reached Ps. 8,765.4 million, and the company maintained a strong cash position of Ps. 16,259.3 million at September 30, 2025.

The threat of substitution is therefore concentrated in specific, shorter domestic corridors where the Maya Train operates, but the core, high-yield international traffic remains largely insulated. You should watch the Maya Train's planned freight line, which is slated for a first phase completion by the end of 2026, as that could introduce a new competitive dynamic for cargo, which is a different force entirely. For now, the substitution risk is localized.

• The Maya Train station near Tulum is reportedly located far from the heart of town.
• The Cancún Airport station sold 180,079 tickets by January 21, 2025.
• ASR's consolidated EBITDA for Q3 2025 was Ps. 4,639.4 million.
• The Maya Train is not expected to break even on passenger service alone until 2030.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Porter's Five Forces: Threat of new entrants

You're looking at the barriers to entry for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR), and honestly, the picture is one of entrenched, government-sanctioned dominance, but with a couple of very specific, recent cracks appearing.

Barriers are extremely high due to the long-term, government-granted concession model. This isn't like opening a new coffee shop; ASR operates under agreements that grant exclusive rights to operate, maintain, and develop its airports for a stated time. For its core Mexican assets, these concessions run from 1998 to 2048, a 50-year term. This structure effectively locks out direct competition for decades, as the government retains ultimate ownership of the infrastructure.

However, the threat materializes differently than traditional entry. The new, state-owned Tulum Airport is a direct entrant, diverting an estimated 426,287 passengers (Jan-Aug 2025). This new capacity, even with its reported connectivity issues, represents a direct, government-backed competitor siphoning traffic away from ASR's key Southeast Mexico operations. To put this in context, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) reported a year-to-date total passenger traffic of 27,875,680 passengers as of August 2025, representing a 2.5% decrease compared to the same period in 2024.

The structure of the existing framework means new private concessions in ASR's core Mexican market are virtually impossible right now. The existing agreements are long-term and exclusive, meaning a new operator can't simply bid for a piece of Cancun International Airport tomorrow. The government manages changes through Master Development Plans (MDPs) negotiated every five years, which solidifies the position of the incumbent operator, as seen when ASR secured a favorable MDP recently.

Where the threat is more immediate and tangible is in ASR's diversification efforts. ASR's strategic entry into US commercial airport retail (JFK, LAX) introduces new, established competitors in a different arena. Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) announced a deal to acquire Unibail-Rodamco-Westfield (URW)'s retail concessions at key terminals at John F. Kennedy International Airport (JFK), Los Angeles International Airport (LAX), and Chicago O'Hare International Airport (ORD) for an enterprise value of \$295 million. While this is an acquisition of an existing business, not a greenfield entry, it places ASR directly against established, large-scale airport retail operators who already dominate the concession space at major US gateway airports like JFK and LAX.

Here's a quick look at the competitive landscape shift in the US retail segment:

The threat of new entrants, therefore, is bifurcated. In Mexico, it's a low-probability, high-impact threat from state-backed projects like Tulum, which is already showing traffic diversion effects. In the US, the threat is immediate competition from established players in the retail sector, even as ASR buys into that market.

The key takeaways on this force are:

• Mexican concession model creates near-absolute barriers.
• Concession terms for ASR run until 2048.
• New state entrant (Tulum) diverted an estimated 426,287 passengers (Jan-Aug 2025).
• ASR's US retail expansion cost \$295 million.
• US retail entry means competing with operators at major hubs.

Finance: draft 13-week cash view by Friday