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

You're looking to really understand how Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) makes its money across Mexico, Colombia, and Puerto Rico, so let's cut right to the chase. As someone who's spent two decades mapping out these infrastructure plays, I can tell you their model hinges on controlling high-value, long-term government concessions-think Cancun International Airport-while aggressively growing non-aeronautical income, which hit Ps.126.1 per passenger in Q3 2025. Frankly, seeing their Ps.8,765.4 million in Q3 2025 total revenues, backed by a strong cash position of Ps.16,259.3 million as of September 30, 2025, shows a management team executing on diversification, but it also highlights risks like concession fees and foreign exchange exposure. Dive into the nine blocks below to see exactly where their costs lie and how they keep the planes moving and the retail humming.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem Grupo Aeroportuario del Sureste (ASR) relies on to keep those runways busy and the non-aeronautical revenue flowing. It's a web of government agreements, airline commitments, and commercial deals that define their operational footprint.

The foundation of Grupo Aeroportuario del Sureste's business rests on its relationships with government concession authorities across its operating territories.

• Government Concession Authorities: Grupo Aeroportuario del Sureste, S.A.B. de C.V. operates a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas.
• This portfolio includes nine airports in southeast Mexico, such as Cancun Airport.
• It also includes six airports in northern Colombia, with Medellin international airport (Rio Negro) being the second busiest in Colombia.
• In Puerto Rico, ASR is a 60% Joint Venture partner in Aerostar Airport Holdings, LLC, which operates Luis Muñoz Marín International Airport serving San Juan.

The health of these concessions, especially the one in Puerto Rico being the first and only major US airport to complete a public-private partnership under the FAA Pilot Program, is defintely critical.

Major airlines are the lifeblood, directly impacting the passenger traffic volumes that drive aeronautical revenue. While the specific percentage for Aeromexico isn't public in the latest reports, the performance of the regions where ASR operates shows the scale of the traffic they manage with their airline partners.

Here's a look at the recent passenger traffic performance across ASR's key operational areas, which reflects the volume handled for all partner airlines:

Commercial partners-the retail, food, and service concessionaires-are essential for non-aeronautical revenue. These partners operate under agreements within the same airport infrastructure governed by the primary concession authorities.

• The non-aeronautical revenue stream relies on partners managing duty-free, car rental, and food/beverage concessions across the 16 operated airports.
• For the San Juan airport, ASR's 60% JV stake means a direct partnership in the commercial operations managed by Aerostar Airport Holdings, LLC.

Strategic Mergers and Acquisitions (M&A) targets are key to geographic diversification, as seen in the recent move to acquire a stake in a larger portfolio.

The acquisition of Motiva's stake in an airport business provides immediate scale and new market access:

This deal is projected to add more than 45 million passengers to the 71 million reported in 2024, expanding ASR's footprint into Brazil, Ecuador, Costa Rica, and Curaçao.

Finally, technology and security equipment providers are crucial for maintaining operational efficiency and meeting regulatory standards across the network.

• Partnerships are necessary for implementing and maintaining advanced security screening systems.
• Technology providers supply the core IT infrastructure supporting passenger processing and operational control systems.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Key Activities

You're looking at the core engine of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR), which is all about managing and growing its physical assets. Here are the hard numbers defining those key activities as of late 2025.

Operating and maintaining 16 airports across the Americas.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) holds concessions to operate, maintain, and develop 16 airports in the Americas, spanning Mexico, Puerto Rico, and Colombia. For instance, in the third quarter of 2025, total passenger traffic across its operations showed a 0.4% year-over-year increase.

• Mexico traffic decreased 1.1% YoY in 3Q25.
• Puerto Rico traffic increased 1.1% YoY in 3Q25.
• Colombia traffic increased 3.1% YoY in 3Q25.

Infrastructure development and CapEx for capacity expansion.

The commitment to infrastructure is substantial, with a focus on modernization and expansion projects. For the period 2024 through 2028, the approved Master Development Programs included committed investments totaling Ps.28,496 million (expressed in constant pesos as of December 31, 2022). Specifically, during the first quarter of 2025, the company invested MXN645 million in capital expenditures (CapEx).

Commercial space management; opened 45 new spaces in 12 months.

While the exact count of 45 new spaces over 12 months isn't directly in the latest reports, the commercial performance metrics show strong per-passenger monetization. In the third quarter of 2025, commercial revenue per passenger reached Ps.126.1. This followed a figure of nearly MXN147 per passenger in the first quarter of 2025.

Executing international growth and diversification strategy.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) announced a major strategic move in November 2025 to acquire concessions for 20 airports across Brazil, Ecuador, Costa Rica and Curaçao for a purchase price of US$936 million. This acquisition is set to add more than 45 million passengers to the 71 million reported in 2024, consolidating the group as the leading airport operator in the Americas. The acquired portfolio reported EBITDA for the twelve-month period ending September 30, 2025, of R$2,000 million (US$375 million) on a 100% basis.

Ensuring high security and operational efficiency.

Operational efficiency is tracked closely through margin performance and leverage. For the third quarter of 2025, the consolidated Adjusted EBITDA margin, excluding the IFRIC 12 effect, stood at 66.7%, down from 68.3% in the third quarter of 2024. The company maintained a very low leverage profile, with the Debt to LTM Adjusted EBITDA ratio at 0.2x as of September 30, 2025.

• 3Q25 Adjusted EBITDA Margin (ex-IFRIC 12): 66.7%.
• 3Q24 Adjusted EBITDA Margin (ex-IFRIC 12): 68.3%.
• Debt to LTM Adjusted EBITDA (Sep 30, 2025): 0.2x.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Key Resources

You're looking at the core assets that let Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) generate revenue and maintain its market position as of late 2025. These aren't just line items; they are the durable advantages that underpin the entire operation.

The foundation of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s business rests on its long-term government airport concessions. These are the legal rights to operate, maintain, and develop critical infrastructure. You're seeing a footprint across three distinct countries: Mexico, Colombia, and Puerto Rico. Specifically, the Mexican concessions, which began in 1998, run until 2048, giving a very long runway for capital deployment and return planning. This long-term visibility is a massive barrier to entry for competitors.

The portfolio itself is a key resource, offering geographic and traffic diversification. As of late 2025, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) operates a portfolio of 16 airports in the Americas. This isn't just a number; it's a spread of risk and revenue streams. Here's a quick breakdown of the established operating segments:

The jewel in the crown, without question, is Cancun International Airport. It remains the most important tourist destination in Mexico, the Caribbean, and Latin America. Its status as a primary international gateway means it captures high-value international passenger flows, which often drive better non-aeronautical revenue per passenger.

Financially, the company maintains a strong balance sheet, which is a resource in itself for weathering downturns or funding strategic moves. For the quarter ended September 30, 2025, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) reported a solid cash position of MXN 16 billion. This liquidity allows for strategic flexibility, such as funding the announced extraordinary dividends of Ps.15.00 per share in September and another Ps.15.00 per share in November 2025. That's capital ready to deploy.

Finally, the intangible asset of experienced management team and operational expertise is crucial. This team has successfully navigated the regulatory environment in Mexico, including the recent Master Development Programs for 2024 through 2028, which set maximum tariffs. Furthermore, the management demonstrated strategic foresight by entering an agreement in November 2025 to acquire a stake in 20 additional airports across Brazil, Ecuador, Costa Rica, and Curaçao, signaling an intent to consolidate leadership in the Americas. That's operational rigor applied to aggressive expansion.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) keeps its airports busy and its investors interested. The value proposition centers on connectivity, operational quality, and financial discipline across its network.

Reliable Access to Key Tourist and Business Destinations

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) provides essential connectivity through its concession portfolio. As of the third quarter of 2025, the group served over 17 million passengers across its airports in the nine-month period ended September 30, 2025. This access is critical for both leisure and business travel across its operating regions.

Passenger traffic performance in the third quarter of 2025 demonstrated the group's ability to manage varied regional dynamics:

• Colombia (Airplan) traffic increased 3.1% year-over-year (YoY).
• Puerto Rico (Aerostar) traffic increased 1.1% YoY.
• Mexico traffic decreased 1.1% YoY.

The international segment showed particular strength in Colombia, with an 11.2% increase in international traffic for 3Q25. This network provides reliable gateways to major hubs like Cancun, the most important tourist destination in Mexico, and Medellin Rionegro (MDE) in Colombia.

Modern, High-Quality Airport Infrastructure

The value proposition includes continuous enhancement of the physical assets. Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is actively expanding its footprint into higher-tier markets to enhance its infrastructure offering. A major strategic move was the announcement on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions at key terminals at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for US$295 million. These terminals process around 14 million enplanements annually. This acquisition marks a strategic entry into U.S. commercial airport operations, strengthening the group's position in high-traffic, nonregulated commercial segments.

Geographic Diversification Across Mexico, Colombia, and Puerto Rico

The operational base of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is intentionally spread across three distinct jurisdictions, which helps mitigate risks tied to any single economy or regulatory environment. The group holds concessions for nine airports in southeast Mexico, six in northern Colombia, and one in Puerto Rico.

The revenue contribution highlights this diversification, though Mexico remains the largest segment:

This structure allowed the group to report total revenues of Ps.8,765.4 million in 3Q25, a 17.1% increase YoY.

Enhanced Commercial Offerings for Passengers

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) drives value by improving the non-aeronautical experience. Commercial revenue per passenger increased 1.0% YoY to Ps.126.1 in the third quarter of 2025. This was supported by adding 45 new commercial spaces across the network over the preceding 12 months.

The growth in commercial revenue per passenger varied significantly by region in 3Q25:

• Colombia led with a 14% increase per passenger.
• Puerto Rico followed with a 10% increase per passenger.
• Mexico posted a 4% decline per passenger.

The expansion into the U.S. commercial programs via the URW acquisition is set to significantly bolster this value stream, as these U.S. operations focus on the high-growth nonregulated commercial segment.

Solid Financial Stability with an Attractive Dividend Yield

The financial discipline of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is a core value proposition, evidenced by its balance sheet strength as of September 30, 2025. The company maintained a cash position of Ps.16,259.3 million. Leverage remains extremely low, with the Debt to LTM Adjusted EBITDA ratio standing at 0.2x.

Key financial metrics from recent periods underscore this stability:

• Trailing EPS was $18.86.
• The trailing Price-to-Earnings (P/E) Ratio was 16.24.
• For Q2 2025, the company reported an EBITDA of 5 billion pesos, up 2% YoY.
• The Adjusted EBITDA margin (excluding IFRIC 12 effect) for 3Q25 was 66.7%.

The low leverage and strong cash position provide the financial flexibility to pursue major strategic investments, such as the US$295 million URW acquisition and the pending US$2,566 million Motiva stake acquisition. Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Customer Relationships

Regulated, long-term concession agreements with governments form the foundation of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s operations.

The company's existing portfolio includes operations in Mexico, Puerto Rico (Aerostar), and Colombia (Airplan).

A significant expansion of this relationship structure was announced on November 18, 2025, with an agreement to acquire Companhia de Participações em Concessões (CPC) from Motiva Infraestrutura de Mobilidade S.A. for a purchase price of R$5,000 million (US$936 million).

This acquisition adds 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao, consolidating Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) as a leading operator in the Americas.

Of the 20 airports in the acquired CPC portfolio, 17 have more than 15 years remaining in their concession life.

The company is also marking strategic entry into U.S. commercial airport operations, announcing a deal on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for US$295 million.

Dedicated service and incentives for major airline partners are managed through operational agreements that dictate tariffs and flight schedules.

For Colombian airports, tariffs are established by the Special Administrative Unit of Civil Aeronautics (Aerocivil) through Resolution 04530 of 2007.

Some agreements with principal airline customers at Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s Mexican airports are scheduled to expire in December 2025.

Passenger traffic variations across operations in the nine-month period ending September 30, 2025, show differing levels of reliance on and engagement with airline partners:

Formal, contractual agreements with commercial tenants drive non-aeronautical revenue streams, which are a key focus area for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR).

Consolidated commercial revenue per passenger was reported at Ps. 126.1 for the three months ended September 30, 2025, representing a 1.0% year-over-year increase.

In the first quarter of 2025, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) opened 40 new commercial spaces over the preceding 12 months, including 11 in Mexico, 3 in Puerto Rico, and 26 in Colombia.

This expansion led to strong commercial revenue growth in Q1 2025, with Puerto Rico posting a 23% increase and Colombia delivering growth of 38%.

The acquisition of U.S. retail concessions is expected to significantly enhance the commercial revenue base moving into 2026.

In-terminal and digital customer service for passengers is supported by these commercial relationships and operational performance metrics.

For the first quarter of 2025, commercial revenue per passenger reached Ps. 146.8, marking a 17.5% year-over-year increase.

The company's overall cash position as of September 30, 2025, stood at Ps. 16,259.3 million.

The company reported a cash position of Ps. 22,681.2 million at the end of Q1 2025.

For the second quarter of 2025, commercial revenue per passenger was Ps. 135.9, up 6.3% year-over-year.

The company's Debt to LTM Adjusted EBITDA ratio was 0.2x as of September 30, 2025.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Channels

You're looking at how Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) gets its services to customers, which is mostly through the physical assets they manage and the commercial agreements tied to them.

Physical airport terminals in Mexico, Colombia, and Puerto Rico.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) operates 16 airports across three regions as of late 2025.

• Nine airports in southeast Mexico, including Cancun Airport.
• Six airports in northern Colombia, including Medellin international airport (Rio Negro).
• One airport in Puerto Rico (San Juan).

Here's a look at the passenger traffic moving through these physical channels for the third quarter of 2025, which drives the volume for all other services.

For October 2025, total passenger traffic reached 5.3 million passengers, a 1.0% increase compared to October 2024.

• October 2025 Colombia traffic: increased 5.1% year-on-year.
• October 2025 Mexico traffic: decreased 0.2% year-on-year.
• October 2025 Puerto Rico traffic: decreased 1.7% year-on-year.

Direct sales to airlines for aeronautical services.

Aeronautical revenues accounted for 66.4% of the total revenue mix in 2024.

Commercial retail spaces and food/beverage outlets.

Non-aeronautical revenues made up 33.6% of the total revenue mix in 2024.

In 3Q25, the consolidated commercial revenue per passenger was Ps.126.1, showing a 1.0% year-over-year increase.

ASR announced an agreement on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for US$295 million, with closing expected in 4Q25.

Online platforms for flight information and services.

The company's strategy includes leveraging its digital presence to support customer flow.

In 3Q25, Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASR) reported Total Revenue of Ps.8,765.4 million.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Customer Segments

You're analyzing Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s customer base as of late 2025. This group serves distinct groups across its airport network in Mexico, Puerto Rico, and Colombia. The mix of leisure and business travel, plus the non-passenger revenue generators, defines the operational landscape.

The primary direct users are the travelers themselves, segmented by their travel purpose and origin. For instance, October 2025 saw total passenger traffic reach 5.3 million passengers across the network, a 1.0% increase year-on-year. This traffic is split across the three operating countries, showing varied performance.

International leisure and business travelers are a key driver, especially in high-volume markets like Cancun. In October 2025, international traffic showed strength in Colombia, increasing by 14.8%, and in Puerto Rico, where it grew by 10.8%. Conversely, Mexico's international traffic saw a marginal 0.1% increase, while domestic traffic in Mexico declined by 0.5%.

Domestic travelers form the base load across all three operating countries. In September 2025, domestic traffic in Colombia grew by 1.4%, and in Puerto Rico by a slight 1.6% (though international traffic surged 16.1% there). Mexico's domestic segment saw a 3.1% decrease in September 2025.

The operational structure relies heavily on the airlines using the facilities. Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) charges airlines fees for using the airports' facilities. The mix includes major international carriers serving leisure destinations and domestic carriers connecting regional hubs. For example, in Q2 2025, aeronautical revenues were a component of the total revenue, which reached $7.4 billion pesos, up 5% year-on-year.

The non-aeronautical segment is critical for profitability, serving concessionaires who are themselves a customer segment. These include entities operating retail, food and beverage, and various services. In Q2 2025, Mexico, which accounted for 72% of total revenues, saw its commercial revenue per passenger rise nearly 3% to 259 pesos.

Here's a look at the revenue contribution by region, which reflects the importance of the underlying customer base in each area as of Q2 2025:

Cargo and logistics operators utilize the freight handling capabilities of the airports, though specific cargo volume or revenue data for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) was not detailed in the latest traffic reports, which focused on passenger movements. Still, this segment is served through specific terminal services and handling fees.

The customer segments can be summarized by their primary interaction and contribution:

• International leisure and business travelers: Driving significant international traffic growth, up 24.2% in Colombia in January 2025.
• Domestic travelers across all three operating countries: Forming the core passenger volume, with Colombia showing domestic growth of 8.7% in January 2025.
• Major international and domestic airlines: Customers paying aeronautical fees for landing and gate usage.
• Retail, food and beverage, and service concessionaires: Key partners generating non-aeronautical income, with commercial revenue per passenger in Mexico at 259 pesos in Q2 2025.
• Cargo and logistics operators: Users of freight handling and logistics infrastructure.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s operations as of late 2025, and frankly, the pressure points are clear: infrastructure demands, labor inflation, and currency swings are eating into margins.

The nature of operating airports under concessions means a significant portion of costs are fixed, tied to maintaining and upgrading large-scale infrastructure. While specific total fixed cost figures aren't always broken out separately from operating expenses, the margin compression seen in recent quarters points to costs that don't scale down easily with minor traffic dips. For instance, in the third quarter of 2025 (3Q25), the Consolidated EBITDA declined 1.3% year-over-year to Ps. 4,639.4 million, with the Adjusted EBITDA margin (excluding IFRIC 12 effect) decreasing to 66.7% from 68.3% in 3Q24. This suggests operating costs are rising faster than revenue growth in the core business. The Q2 2025 Adjusted EBITDA margin was 67.6%.

Concession Fees Paid to National Governments

These fees are a direct cost of holding the operating rights. While the structure involves payments to national governments, the financial impact can fluctuate based on regulatory changes. For example, in the first quarter of 2025 (Q1 2025), cost increases in Mexico reflected decreases in concession fees mandated by the Mexican government, which was a temporary offset to other rising expenses.

Personnel Costs, Impacted by Mexico's 12% Minimum Wage Hike

Labor is a key variable cost component, especially with mandated wage increases. The impact of the 12% increase in minimum wages effective January 1st, 2025, was explicitly cited as a factor in rising expenses. In Mexico during Q1 2025, total costs increased 10% year-on-year, partly due to this wage hike, alongside higher administrative fees.

Here's a snapshot of the cost environment based on recent reports:

Capital Expenditures (CapEx) for Expansion Projects

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is actively investing to maintain and expand its asset base, which translates directly into higher depreciation and future fixed costs. You need to watch these CapEx figures closely, as they are currently straining net income.

The investment pace accelerated significantly through mid-2025:

• CapEx in Q1 2025 was MXN 645 million, deployed for modernization and expansion, including Terminal 1 construction at Cancun Airport.
• CapEx in Q2 2025 more than doubled to Ps. 1,390.4 million.

This heavy investment led to a 39.9% decline in net income in Q2 2025, despite revenue growth, due to increased depreciation and other costs associated with these projects.

Foreign Exchange Losses

Operating in multiple currencies (MXN, USD, COP) exposes the company to significant currency risk, which materialized as a substantial non-operating expense. For the second quarter of 2025 (Q2 2025), the company reported a foreign exchange loss of MXN 1,200 million. This loss compressed the Q2 2025 EBITDA of MXN 5 billion (which was up only 2% year-over-year) and contributed to the lower overall margin compared to the prior year.

The currency impact is complex; while the MXN depreciation against the USD benefited commercial revenue per passenger in some regions, the direct foreign exchange loss on the balance sheet was a major cost headwind in Q2 2025.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Revenue Streams

You're looking at how Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) brings in cash from its airport operations, which is a mix of flying-related fees and everything else commercial.

The total revenue for the third quarter of 2025 hit Ps.8,765.4 million. That's the top-line number for the period ending September 30, 2025. Remember, this figure includes the accounting impact of construction services.

When you look at the core business-the money that isn't from construction projects-the revenue growth was much more modest, increasing just 1.0% year-over-year for Q3 2025.

Here is a breakdown of the key revenue components and performance indicators:

• Aeronautical services fees are the bread and butter, covering landing, passenger boarding, and security charges.
• Non-aeronautical or Commercial revenue streams include retail, food and beverage (F&B), parking, and other concessions.
• Construction services revenue is recognized under IFRIC 12 accounting interpretation, which means it's booked as revenue and cost, but often excluded when looking at adjusted operational performance metrics like adjusted EBITDA margin.

The efficiency of the commercial side is tracked closely. For Q3 2025, the commercial revenue per passenger was Ps.126.1, representing a 1.0% year-over-year increase.

To give you a sense of the regional dynamics driving the aeronautical and commercial streams in Q3 2025:

• In Colombia, aeronautical revenues saw a mid-single digit increase, while non-aeronautical revenues were up in the high teens.
• In Puerto Rico, aeronautical revenues grew by 5%, and non-aeronautical revenues grew by 10%.

Here's a table summarizing the key financial metrics we have for Q3 2025:

The IFRIC 12 component, construction services revenue, is significant enough that it impacts the top-line total revenue figure, but analysts typically strip it out to see the underlying airport operations performance. For instance, the adjusted EBITDA margin for Q3 2025 was 66.7%, explicitly excluding these construction revenues and costs.

Also, note the strategic move to bolster commercial revenue streams: Grupo Aeroportuario del Sureste, S. A. B. de C. V. announced an agreement on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions for US$295 million, with closing expected in the fourth quarter of 2025.