Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR): BCG Matrix [Dec-2025 Updated]

ASR is at a fascinating inflection point right now, moving from a purely Mexican cash machine to an international player. You're looking at a portfolio where the core Mexican business, which still throws off a massive 66.7% Adjusted EBITDA margin, is seeing domestic traffic soften, while the Colombian and Puerto Rican operations are clearly the new Stars, posting growth like 3.1% and 5.2% traffic increases, respectively. Meanwhile, huge, high-investment bets in the U.S. retail concessions and a major Latin American acquisition portfolio are setting up as big Question Marks that will define the next decade. Let's break down exactly where Grupo Aeroportuario del Sureste, S. A. B. de C. V. is allocating its capital and attention across the four quadrants below.

Background of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)

You know Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) as a major player in airport operations across the Americas. This Mexico City-headquartered company holds the concessions to operate, maintain, and develop a portfolio of airports, charging airlines, passengers, and other users fees for facility use. Beyond aeronautical revenue, ASR also pulls in income from commercial activities like leasing space to retailers at its airports. The company was established in 1996 as part of the Mexican government's airport privatization efforts, and it launched its Initial Public Offering in 2000.

ASR's operational footprint is quite broad. It manages nine airports in the southeast region of Mexico, with Cancun International Airport being the most significant, often cited as the most important tourist destination in Mexico, the Caribbean, and Latin America. To be fair, the Mexican portfolio also includes airports in Cozumel, Merida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula, and Minatitlán. Beyond Mexico, ASR operates six airports in northern Colombia, including Medellin International Airport (Rio Negro), which is Colombia's second busiest, and it also operates the Luis Muñoz Marín International Airport in San Juan, Puerto Rico.

Looking at the most recent full-year financials we have, for fiscal year 2024, ASR reported revenue of 31.33 billion Mexican Pesos, which was an increase of 21.34% compared to the prior year's 25.82 billion MXN. Earnings for 2024 reached 13.55 billion MXN, marking a 32.81% jump. For the near-term view, September 2025 passenger traffic totaled 4.8 million passengers, a slight decrease of 1.4% year-over-year, driven by a 4.5% drop in Mexico traffic, partially offset by growth in Colombia and Puerto Rico.

Strategically, ASR is definitely expanding its footprint. On November 18, 2025, the company announced a definitive agreement to acquire Companhia de Participações em Concessões (CPC) from Motiva for a purchase price of R$5,000 million (about US$936 million). This move is a big step, as CPC holds interests in 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao, including major facilities like Quito International Airport and Juan Santamaria International Airport. This acquisition is projected to add more than 45 million passengers to ASR's base, which stood at 71 million in 2024.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - BCG Matrix: Stars

Stars for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) are represented by its high-growth, high-market-share airport operations outside of its core Mexican business, primarily in Colombia and Puerto Rico. These segments require significant investment to maintain their growth trajectory but are positioned to become future Cash Cows as market growth matures.

The Colombian Airport Operations, managed by Airplan, is clearly a high-growth engine for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR). This segment demonstrated strong operational momentum, with passenger traffic showing an increase of 3.1% in the third quarter of 2025. Furthermore, the commercial side of the business in Colombia was exceptionally strong, with commercial revenue surging 38% in the first quarter of 2025. This segment's performance is crucial, as it contributed to the overall consolidated revenue growth of 5% in the second quarter of 2025, helping to offset softer performance in the larger Mexican market.

Luis Muñoz Marín International Airport (SJU) in Puerto Rico also firmly occupies the Star quadrant due to its robust growth metrics. For the year-to-date period ending August 2025, total passenger traffic at SJU was up 5.2%. This growth is supported by strong commercial performance, evidenced by a reported revenue increase of 27.9% in the first quarter of 2025. The high growth rate is sustained by significant international demand.

The international segment is a key driver for both Star assets. You see this clearly when looking at the year-to-date figures through August 2025 for SJU, where international traffic specifically jumped 14.3%. This focus on international connectivity is a hallmark of a high-growth market position, requiring continued investment in placement and promotion to secure future market share.

Here is a quick look at the key growth statistics for these Star operations:

The underlying strength in these markets is further detailed by the international segment performance in Q3 2025, which is what you'd expect from a Star:

• Colombia international traffic increased 11.2% in Q3 2025.
• Puerto Rico international traffic increased 11.7% in Q3 2025.
• Colombia domestic traffic still managed growth of 0.8% in Q3 2025.
• Puerto Rico domestic traffic saw an increase of 0.5% in Q3 2025.

If Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) can sustain this success until the growth rates in these regions naturally slow, these assets will transition into the Cash Cow quadrant, providing reliable returns. Finance: draft investment allocation proposal for Airplan capital expenditure by next Tuesday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - BCG Matrix: Cash Cows

The core Mexican airport operations represent the quintessential Cash Cow for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR). This segment is characterized by its dominant position in a mature market, which translates directly into superior cash generation capabilities. You see this clearly in the revenue contribution figures.

Mexican Airport Operations accounted for the lion's share of the business, representing approximately 72% of total revenues in the second quarter of 2025. This high market share within its established operating territory is the foundation of its Cash Cow status, providing the necessary stability to fund other parts of the portfolio.

Cancun International Airport (CUN) is the crown jewel within this segment. Even with recent traffic softness, CUN continues to deliver a high, stable cash flow. For instance, from January to October 2025, CUN handled 24.25 million passengers, which was a year-to-date decline of 3.8% compared to the same period in 2024. Specifically, international traffic at CUN was down 4.3% year-to-date over that period. This softness is part of a broader trend, as overall passenger traffic in Mexico decreased 1.1% year-over-year in the third quarter of 2025. Still, the underlying profitability of the Mexican portfolio remains exceptionally strong.

The high-margin nature of this mature business is evident in the profitability metrics. The Consolidated Adjusted EBITDA margin, which excludes construction related revenues and costs under IFRIC 12, remained robust at 66.7% in the third quarter of 2025. This margin level is a classic indicator of a business unit that generates significant cash relative to the investment required to maintain its market share. The core concession portfolio in Mexico is a high-market-share leader in the region, and it is this unit that generates the cash for international capital expenditures (Capex), such as the announced US $295 million agreement to acquire URW airport retail concessions.

The financial strength derived from these Cash Cows is clear when you look at the balance sheet and cash deployment in Q3 2025. The company closed the quarter with a solid cash position of MXN 16 billion, and maintained a very healthy net debt-to-EBITDA ratio at 0.2x. This strong cash generation supports shareholder returns, with an extraordinary dividend of MXN 15 per share paid in September 2025, and another MXN 15 per share planned for November 2025. Investments into supporting infrastructure, like the nearly MXN 1.9 billion invested during the quarter, primarily directed to Mexican airports including the expansion of Terminal 1 at Cancun Airport, are aimed at improving efficiency and increasing this cash flow further.

Here are the key financial highlights from the third quarter of 2025 that underscore the Cash Cow performance:

• Total revenues exceeded MXN 7 billion.
• Consolidated EBITDA was MXN 4.6 billion.
• Capital Expenditures (Capex) were nearly MXN 1.9 billion.
• Cash position stood at MXN 16 billion.
• Net Debt/LTM EBITDA ratio was 0.2x.

You can see the profitability metrics in the table below:

The ability to generate this level of cash flow, even with softer traffic in the core market, confirms the strong competitive advantage Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) has achieved here. This cash is what funds the growth ambitions elsewhere.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - BCG Matrix: Dogs

The Mexican operations, particularly the domestic segment, exhibit characteristics aligning with the Dog quadrant: low growth and market share, tying up capital without generating significant returns. This segment is a prime candidate for strategic review regarding divestiture or significant restructuring.

The softness in the core Mexican market is a clear indicator of low growth. For the third quarter of 2025, total passenger traffic in Mexico contracted by 1.1% year-over-year (YoY). This decline in the home market acts as a significant drag on the overall consolidated traffic growth for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR), which only managed a 0.4% increase in total passenger traffic for the same period. You served over 17,000,000 passengers across all airports in 3Q25, meaning the Mexican segment's weakness was substantial enough to nearly negate growth elsewhere.

The domestic side of the Mexican business is under particular pressure, representing the low-growth area that still necessitates maintenance Capital Expenditure (Capex). The data shows this segment is shrinking:

• Mexican Domestic Passenger Traffic declined 1.8% in 3Q 2025 YoY.
• Mexico Domestic Traffic fell 3.1% in September 2025 YoY.

This struggle in the domestic segment is further evidenced by the monthly figures for September 2025, where the Mexican operation saw a 4.5% decrease in total traffic compared to September 2024. The year-to-date figures through September 2025 also reflect this persistent softness, with total Mexico traffic down 2.7% and domestic traffic down 0.6%.

The performance metrics for the Mexican airport group in September 2025 clearly illustrate the Dog profile:

While Colombia saw a 3.2% traffic increase and Puerto Rico grew 1.6% in September 2025, the Mexican segment's contraction of 4.5% is the primary factor pulling down the consolidated result. Any smaller, non-Cancun Mexican airports are likely experiencing even more pronounced negative trends, especially with the emergence of new government-backed infrastructure, such as the Tulum Airport, which adds competitive pressure to an already low-growth market. The requirement to maintain Capex in these low-growth assets, even as they fail to capture market share, solidifies their classification as cash traps within the portfolio.

The domestic segment's struggle is a low-growth area that still requires maintenance Capex, which is a Dog characteristic. Consider the following breakdown of the domestic traffic decline:

• Mexico Domestic Traffic YoY decline in September 2025 was 3.1%.
• Mexico Domestic Traffic Year-to-Date YoY decline through September 2025 was 0.6%.

Honestly, these are not numbers that suggest a quick turnaround is likely. Finance: draft divestiture analysis for the lowest performing Mexican concession by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - BCG Matrix: Question Marks

You're looking at the major, high-stakes bets Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is making right now. These are the Question Marks-business units or potential acquisitions in markets that are growing fast, but where ASR's current presence, or market share, is small or non-existent. They demand significant cash to fuel their growth, hoping they mature into Stars. If they don't gain traction quickly, they risk becoming Dogs.

The primary drivers for ASR's Question Mark quadrant as of late 2025 are two massive, strategic acquisitions designed to diversify revenue streams away from their established Mexican and Colombian operations. These moves are classic Question Mark plays: high investment for potentially high future returns in new, dynamic markets.

U.S. Commercial Airport Retail Concessions Entry

The planned acquisition of airport retail concessions at major U.S. airports represents a strategic entry into a market where Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s current market share is essentially zero. This is a high-growth, nonregulated commercial segment, which is exactly where you want to plant a flag if you can secure prime real estate.

The deal involves acquiring URW Airports, LLC for an enterprise value of \$295 million. Closing was expected in the second half of 2025. This investment is designed to build a foothold in three of the largest U.S. air travel markets.

Here are the key figures related to this specific Question Mark investment:

The marketing strategy here is about getting buyers to discover the new commercial offerings ASR will manage. If successful, this could significantly boost commercial revenue per passenger, which was reported at Ps. 135.9 in Q2 2025.

New Latin American Airport Portfolio Gamble

The second, and perhaps larger, gamble is the planned acquisition of a portfolio of 20 airports in Brazil, Ecuador, Costa Rica, and Curaçao from Motiva Infraestrutura de Mobilidade. This is a high-investment move that immediately scales ASR's footprint into new geographies, with Brazil being Latin America's largest aviation market by passenger volume.

The purchase price for Companhia de Participações em Concessões (CPC) was set at R\$5,000 million, which converts to approximately US\$936 million. The implied enterprise value for this portfolio is substantially higher at R\$13,700 million (about US\$2,566 million). This transaction is a significant cash consumer, but it adds over 45 million passengers to ASR's platform, which managed 71 million in 2024.

You need to look at the underlying economics of what ASR is buying to understand the potential return on this investment, even though it's currently a cash drain:

• The acquired assets reported an EBITDA of R\$2,000 million (100% basis) for the twelve months ending September 30, 2025.
• The proportionate EBITDA to ASR's stake was R\$1,300 million (or about US\$243 million).
• The portfolio carried a net financial debt of R\$6,300 million as of September 30, 2025.
• Seventeen of the 20 airports have more than 15 years remaining on their concession terms.

This new Latin American portfolio represents a high-growth, high-investment gamble that will require significant management focus to integrate and scale. The overall Latin American and Caribbean (LAC) air passenger traffic grew 4.4% in July 2025, suggesting the growth environment is favorable, but ASR must quickly prove it can integrate and monetize these assets to prevent them from becoming Dogs.

These two transactions-the U.S. retail entry and the LATAM airport cluster-are the definition of Question Marks for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) in 2025. They are consuming capital now for market share they do not yet possess in these specific segments.

Finance: draft the projected cash flow impact for H1 2026 integration costs by Friday.