The stock may see short-term momentum from acquisition news and flat revenue growth, but traders should monitor the declining EBITDA margin and the company's ability to integrate the URW acquisition. The pending $936 million Brazil acquisition could be dilutive given the current debt levels. The mixed regional traffic performance suggests continued pressure on core operations despite the expansion into U.S. retail concessions.
Price Chart
Executive Summary
Southeast Airport Group (ASRMF) reported mixed results for 2025, with overall revenue growth driven by a major acquisition and construction services, but offset by declining core aeronautical and commercial revenues. The company acquired URW Airports for $295 million, expanding its U.S. retail concessions, and is pursuing a larger $936 million acquisition in Brazil. However, underlying airport operations showed weakness, with consolidated EBITDA decreasing 4.8% year-over-year despite a 21.6% revenue increase. Passenger traffic growth was mixed across regions, and the company faces ongoing challenges from new airport competition in Mexico and significant debt levels.
Key Facts
- Acquired URW Airports for $295 million, contributing $133.1 million in revenue and $86.1 million in EBITDA from December 11-31, 2025
- Total revenue increased 21.6% YoY to Ps.10,969.1 million, but excluding construction services, revenues were flat YoY
- Consolidated EBITDA decreased 4.8% YoY to Ps.4,867.1 million
- Passenger traffic increased 0.9% YoY overall, but declined 3.1% in Puerto Rico and increased only 0.1% in Mexico
- Adjusted EBITDA margin decreased to 66.4% from 69.7% in 4Q24
- Cash position of Ps.11,116.3 million with Debt to LTM Adjusted EBITDA at 0.8x
- Announced pending acquisition of CPC Aeroportos for $936 million
Financial Impact
Revenue increased 21.6% but EBITDA decreased 4.8% year-over-year; acquisition contributed $133.1 million in revenue and $86.1 million in EBITDA for 20 days
Risk Factors
- Declining EBITDA margin despite revenue growth
- High debt levels with Debt to EBITDA at 0.8x
- New airport competition in Mexico (Felipe Carrillo Puerto International Airport)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-044448 |
| Document: asurb-20251231xex4d22.htm | 0001104659-26-044448 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Jun 8, 2026 20w ago | 6-K | $26.48 $24.59 | ▲ +7.14% | ▲ +11.22% | $23.76 (+10.27%) |
Apr 23, 2026 26w ago | 6-K | $32.67 $27.38 | ▼ −16.19% | ▼ −21.21% | $23.76 (−27.27%) |
Apr 16, 2026 27w ago | 20-F | $35.88 $27.42 | ▼ −23.58% | ▼ −29.72% | $23.76 (−33.78%) |
Apr 7, 2026 29w ago | 6-K | $32.01 $32.64 | ▲ +1.97% | ▼ −8.49% | $23.76 (−25.77%) |
US Market Status
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