ASUR 3Q26: Revenue Up 18.9% but EBITDA Margin Slips to 60.3% as Net Debt Hits 2.6x
ASR is trading near its 52-week low of $226.19 (11% above the low).
Summary
ASUR's 3Q26 revenue rose 18.9% to Ps.10,420.5 million on acquisitions, but adjusted EBITDA margin fell to 60.3% from 66.7% and net debt leverage jumped to 2.6x after the CPC deal and bond refinancing.
Key Events · Earnings and Guidance · ASR
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3Q26 Revenue Up 18.9% to Ps.10,420.5M
Total revenue rose 18.9% YoY to Ps.10,420.5 million, or 12.6% excluding construction services. Acquisitions contributed Ps.456.4 million from U.S. commercial operations and Ps.676.4 million (ex-construction) from one month of CPC Aeroportos.
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EBITDA Margin Compresses to 60.3%
Consolidated EBITDA grew only 1.7% to Ps.4,719.3 million while adjusted EBITDA margin (excluding IFRIC 12) fell to 60.3% from 66.7% in 3Q25.
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Leverage Jumps to 2.6x After CPC Deal
Net debt reached Ps.49,878.1 million with Net Debt/LTM EBITDA at 2.6x, versus 0.2x a year earlier, reflecting the CPC Aeroportos acquisition and the US$1.8 billion senior notes offering completed October 8, 2026.
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Mexico Traffic Falls 4.6%
Total passenger traffic declined 1.2% YoY: Mexico -4.6% (international -11.8%), Puerto Rico -3.2%, offset by Colombia +5.2% and Brazil & Others +1.4% pro-forma. Mexican commercial revenue per passenger fell 10.4% to Ps.129.1.
Analysis · ASR · Energy & Transportation
Revenue growth of 18.9% to Ps.10,420.5 million looks strong, but most of it is bought rather than organic: Ps.456.4 million comes from the U.S. commercial platform acquired in December 2025 and Ps.676.4 million from the first month of the CPC Aeroportos airports acquired September 1, 2026. Strip out construction services and growth is 12.6%. The real story is margin compression — adjusted EBITDA margin fell to 60.3% from 66.7% — and leverage, with net debt at Ps.49,878.1 million and Net Debt/LTM EBITDA at 2.6x versus 0.2x a year ago, the direct result of funding the R$5.1 billion (US$992.2 million) CPC deal and the US$1.8 billion senior notes issued on October 8. Mexico remains the weak spot: traffic down 4.6% with international traffic off 11.8%, which dragged Mexican commercial revenue per passenger down 10.4%.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.3% of the 1526 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ASR was trading at $251.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $7.6B. The 52-week trading range was $226.19 to $381.52. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.