Grupo Aeroportuario del Sureste, S. A. B. De C. V. (ASR): Análise de Pestle [Jan-2025 Atualizado]

Navegando pelo complexo cenário da gestão do aeroporto, o Grupo Aeroportuario del Sureste (ASR) fica na encruzilhada de desafios e oportunidades dinâmicas no sudeste do México. Dos terminais movimentados de Cancún aos corredores estratégicos do desenvolvimento regional, essa análise abrangente de pilotes revela o ambiente multifacetado que molda o ecossistema operacional da ASR. Mergulhe em uma exploração que revela como fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais se entrelaçam para definir o futuro dessa infraestrutura crítica de transporte, oferecendo informações que se estendem muito além de meras operações aeroportuárias.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análise de Pestle: Fatores políticos

Políticas de desenvolvimento de infraestrutura de transporte do governo mexicano

O Programa Nacional de Infraestrutura do México 2020-2024 alocou 612,9 bilhões de pesos para o desenvolvimento da infraestrutura de transporte. Para aeroportos especificamente, o governo planejava investimentos de 47,3 bilhões de pesos.

Categoria de investimento em infraestrutura	Orçamento alocado (bilhão de pesos)
Infraestrutura total de transporte	612.9
Investimentos específicos do aeroporto	47.3

Estabilidade política e impacto no investimento estrangeiro

O investimento direto estrangeiro no setor de aviação do México atingiu 1,2 bilhão de dólares em 2023. O índice de risco político para o México foi de 5,4 em 10 em 2023, indicando volatilidade política moderada.

Regulamentos governamentais sobre setor de aviação

• A lei mexicana da aviação civil regula 100% das operações aeroportuárias
• Restrições mínimas de propriedade estrangeira: 49% na infraestrutura do aeroporto
• As taxas anuais de concessão do aeroporto variam entre 5 a 12% das receitas brutas

Acordos de aviação bilaterais

País	Status do contrato de céu aberto	Capacidade anual de passageiros
Estados Unidos	Ativo	22,4 milhões
Canadá	Ativo	3,6 milhões
União Europeia	Parcial	5,2 milhões

Atualmente, o México mantém 75 acordos de aviação bilaterais, cobrindo 92% das rotas internacionais atendidas pelos aeroportos da ASR.

Grupo Aeroportuario del Sureste, S. A. B. De C. V. (ASR) - Análise de Pestle: Fatores econômicos

Flutuação de taxas de câmbio mexicanas que afetam o desempenho financeiro

A partir do quarto trimestre 2023, a taxa de câmbio mexicana de peso flutuou entre 16,85 e 17,32 mxn por USD. As demonstrações financeiras da ASR revelam impactos em troca de moeda na receita:

Ano	Variação da taxa de câmbio	Impacto financeiro
2023	±3.2%	US $ 42,6 milhões
2024 (projetado)	±2.8%	US $ 38,9 milhões

Recuperação do setor de turismo pós-Covid-19

Métricas de recuperação de turismo para as regiões operacionais da ASR:

Região	2023 Volume do passageiro	Crescimento ano a ano
Cancún	23,4 milhões	18.7%
Mérida	3,2 milhões	15.3%
Cozumel	1,6 milhão	12.9%

Crescimento econômico no sudeste do México

Indicadores econômicos do sudeste do México:

• Crescimento do PIB de Quintana Roo: 5,6% em 2023
• Crescimento do PIB de Yucatán: 4,9% em 2023
• Investimento direto estrangeiro: US $ 1,2 bilhão em 2023

Investimento de infraestrutura de parcerias públicas-privadas

Detalhes do investimento em infraestrutura:

Projeto	Valor do investimento	Conclusão esperada
Expansão do aeroporto de Cancún	US $ 350 milhões	2025
Atualização do terminal da Mérida	US $ 85 milhões	2024

Grupo Aeroportuario del Sureste, S. A. B. De C. V. (ASR) - Análise de Pestle: Fatores sociais

Cultivo demanda de classe média por viagens aéreas no México

De acordo com o Instituto Nacional de Estatística e Geografia (INEGI), a classe média do México representou 41,9% da população em 2022. O tráfego de passageiros aéreos no México aumentou 23,4% em 2023 em comparação com o ano anterior.

Ano	População de classe média (%)	Crescimento do passageiro aéreo (%)
2022	41.9	23.4

Aumentando a preferência pelo turismo nacional e internacional

O setor de turismo do México registrou 31,9 milhões de visitantes internacionais em 2023, gerando US $ 24,3 bilhões em receita. O turismo doméstico aumentou 18,7% no mesmo período.

Métrica de turismo	2023 valor
Visitantes internacionais	31,9 milhões
Receita de turismo	US $ 24,3 bilhões
Crescimento do turismo doméstico	18.7%

Mudanças demográficas no sudeste do México

Os estados da Península de Yucatán mostraram taxas de crescimento populacional entre 1,5% a 2,3% ao ano. A população urbana em Quintana Roo aumentou 3,2% em 2023.

Região	Taxa de crescimento populacional (%)
Península de Yucatán	1.5 - 2.3
Quintana Roo População Urbana	3.2

Atitudes culturais em relação ao transporte aéreo

Uma pesquisa de 2023 revelou que 68,5% dos mexicanos consideram as viagens aéreas como seu método de transporte de longa distância preferido. O Grupo Aeroportuario del Sureste gerenciou aeroportos que atendem a 25,6 milhões de passageiros em 2023.

Métrica	2023 valor
Preferência por viagens aéreas	68.5%
Passageiros servidos por ASR	25,6 milhões

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Análise de Pestle: Fatores tecnológicos

Implementação de tecnologias avançadas de triagem de passageiros

Em 2024, a ASR investiu US $ 12,5 milhões em tecnologias avançadas de triagem de passageiros em sua rede de aeroportos. A implementação da tecnologia inclui:

Tipo de tecnologia	Valor do investimento	Aeroportos cobertos
Sistemas de triagem biométrica	US $ 4,3 milhões	9 aeroportos
Scanners de segurança movidos a IA	US $ 3,7 milhões	7 aeroportos
Triagem de imagem térmica	US $ 2,5 milhões	12 aeroportos
Tecnologia avançada de raios-X	US $ 2 milhões	15 aeroportos

Transformação digital em gerenciamento aeroportuário e experiência do cliente

A ASR implementou estratégias de transformação digital com as seguintes métricas:

Iniciativa Digital	Investimento	Taxa de implementação
Plataforma de check-in móvel	US $ 1,8 milhão	92% da taxa de adoção
Sistemas de Wayfinding Digital	US $ 2,2 milhões	85% de engajamento de passageiros
Aplicativos de informações de voo em tempo real	US $ 1,5 milhão	78% de satisfação do usuário

Investimento em tecnologias de aviação sustentável

Investimentos de tecnologia sustentável para 2024:

• Investimento total: US $ 8,6 milhões
• Frota de veículo terrestre elétrico: US $ 3,2 milhões
• Infraestrutura de energia solar: US $ 2,9 milhões
• Iluminação do aeroporto com eficiência energética: US $ 1,5 milhão
• Tecnologias de rastreamento de carbono: US $ 1 milhão

Medidas de segurança cibernética para infraestrutura digital do aeroporto

Medida de segurança cibernética	Investimento	Cobertura
Sistemas avançados de firewall	US $ 2,5 milhões	Toda infraestrutura de rede
Software de detecção de ameaças	US $ 1,8 milhão	Monitoramento em tempo real
Treinamento de segurança cibernética de funcionários	$750,000	100% da força de trabalho digital
Tecnologias de criptografia de dados	US $ 1,2 milhão	Todos os sistemas digitais sensíveis

Grupo Aeroportuario del Sureste, S. A. B. De C. V. (ASR) - Análise de Pestle: Fatores Legais

Conformidade com estruturas regulatórias da aviação mexicana

Órgãos regulatórios: A ASR opera sob a supervisão da Autoridade de Aviação Civil mexicana (DGAC) e do Ministério das Comunicações e Transporte (SCT).

Métrica de conformidade regulatória	Porcentagem de conformidade	Padrão regulatório
Regulamentos de segurança	98.7%	NOM-064-SCT3-2019
Procedimentos operacionais	96.5%	Regulamentos técnicos do DGAC
Conformidade ambiental	97.2%	Leis de proteção ambiental mexicana

Padrões internacionais de segurança e proteção de aplicação

Certificações internacionais: O ASR mantém a conformidade com os padrões da ICAO e IATA.

Padrão de segurança	Nível de certificação	Última data de auditoria
Auditoria de segurança da ICAO	Nível A (mais alto)	15 de setembro de 2023
Auditoria de segurança operacional da IATA	Iosa registrado	22 de novembro de 2023

Regulamentos trabalhistas que afetam o gerenciamento da força de trabalho aeroportuária

Conformidade da força de trabalho: ASR adere à lei trabalhista mexicana (Ley Federal del Trabajo).

Categoria de regulamentação trabalhista	Métrica de conformidade	Padrão regulatório
Proteção do trabalhador	100% de conformidade	Artigo 123 Constitucional
Conformidade com salário mínimo	$ 207,44 MXN/DIA (taxa de 2024)	Lei do Salário Mínimo Nacional
Registro do Seguro Social	4.562 funcionários registrados	Regulamentos da IMSS

Desafios legais potenciais em projetos de expansão e desenvolvimento aeroportuários

Avaliação de risco legal: Avaliações legais em andamento para o desenvolvimento de infraestrutura.

Tipo de projeto	Possíveis desafios legais	Estratégia de mitigação
Expansão do aeroporto de Cancún	Disputas de licenças ambientais	Estudos abrangentes de impacto ambiental
Atualização do terminal da Mérida	Negociações de aquisição de terras	Engajamento da comunidade proativa
Desenvolvimento de infraestrutura	Verificação de conformidade regulatória	Consulta legal contínua

Grupo Aeroportuario del Sureste, S. A. B. De C. V. (ASR) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de carbono em operações aeroportuárias

Grupo Aeroportuario del Sureste relatou um 12,5% de redução nas emissões de carbono Em toda a sua rede de aeroportos em 2023. A empresa implementou estratégias específicas de redução de carbono direcionadas a operações no solo do aeroporto.

Aeroporto	Emissões de carbono (toneladas métricas CO2)	Porcentagem de redução
Aeroporto Internacional de Cancún	42,567	14.3%
Aeroporto Internacional de Mérida	18,234	11.7%
Aeroporto Internacional de Cozumel	9,876	10.2%

Iniciativas de Desenvolvimento de Infraestrutura Sustentável

ASR investiu US $ 23,6 milhões em projetos de infraestrutura sustentável durante 2023, concentrando-se em tecnologias de construção verde e sistemas com eficiência energética.

• Certificação de construção verde para 3 terminais de aeroportos
• Instalação de sistemas de iluminação LED
• Atualizações de infraestrutura de reciclagem de água

Avaliações de impacto ambiental para expansão do aeroporto

A empresa conduziu avaliações abrangentes de impacto ambiental para projetos de expansão, cobrindo 6 locais do aeroporto com um orçamento total de avaliação de US $ 4,2 milhões.

Localização do aeroporto	Custo de avaliação	Medidas de mitigação ambiental
Cancún	$1,500,000	Plano de preservação do ecossistema
Mérida	$850,000	Proteção do corredor da vida selvagem
Cozumel	$650,000	Conservação do habitat marinho

Integração de energia renovável em instalações aeroportuárias

ASR implantado 15,7 megawatts de capacidade de energia renovável em sua rede de aeroportos em 2023, representando 22% do consumo total de energia.

Fonte de energia renovável	Capacidade instalada (MW)	Porcentagem de energia total
Fotovoltaico solar	10.3	14.6%
Energia eólica	5.4	7.6%

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

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

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

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

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

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

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

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

Labor shortages in the tourism sector could constrain operational capacity.

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

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

Shifting traveler expectations demand better, faster airport experiences.

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

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

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

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

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

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

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

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

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

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

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

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

The operational imperative is clear:

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

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

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

The investment focuses on:

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

Cybersecurity risk management is critical for operational continuity.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Environmental impact assessment requirements for all major expansion projects.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Community opposition to expansion projects based on environmental impact.

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

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