ASUR 2Q26: Revenue Climbs 10%, but EBITDA Slips 9% on a 2.7% Traffic Decline

summarizeSummary

ASUR posted 2Q26 revenue of Ps.9.58 billion, up 9.9%, but EBITDA fell 8.7% to Ps.4.59 billion as passenger traffic declined 2.7% year-over-year. The results arrive ahead of an August 20 shareholder vote on a merger expected to dilute existing stakes by roughly 24%.

check_boxKey Events · Earnings and Guidance · ASR

• Revenue Up, Profitability Down

  Total revenue rose 9.9% year-over-year to Ps.9,579 million, fueled by the new ASUR US Airports segment, which contributed Ps.443.8 million. However, EBITDA declined 8.7% to Ps.4,589.9 million, and the adjusted EBITDA margin compressed to 62.0% from 67.6%.

• Passenger Traffic Weakens

  Total passenger traffic decreased 2.7% year-over-year. Mexico saw a 5.0% decline—international down 8.3%, domestic down 1.7%—while Puerto Rico fell 3.5% and Colombia rose 3.6%.

• Cash Position Halved

  Cash and cash equivalents dropped to Ps.11,641.4 million from Ps.19,815.9 million a year ago. Net debt rose to Ps.15,138.3 million, pushing net debt-to-LTM EBITDA to 0.9x.

• Upcoming Dilutive Merger Vote

  These results precede an August 20 shareholder vote on a merger that would internalize technical services, issuing 7.25 million new shares—roughly 2.4% dilution—and potentially diluting existing stakes by about 24% overall.

auto_awesomeAnalysis · ASR · Energy & Transportation

ASUR's second quarter delivered a mixed bag: revenue grew nearly 10%, lifted by the new ASUR US Airports segment, yet core operations weakened. Overall passenger traffic fell 2.7%, with a 5% drop in Mexico—its largest market. EBITDA contracted 8.7% and margins compressed, pointing to cost pressures or an unfavorable mix shift. The balance sheet remains manageable at 0.9x net debt to EBITDA, but the cash position halved from a year ago. This release lands just weeks before a shareholder vote on a dilutive merger that would internalize technical services, adding a layer of uncertainty to the equity story.