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ASRNeutralEarningsShort Term

High materiality8/10

ASUR ANNOUNCES 2Q26 RESULTS

StockNews.AIJul 23, 4:30 PM EDT1 source

Trading thesisImportance 8/10

Bullish on ASR over 1–3 quarters as US Airports contribution offsets domestic traffic headwinds.

AI summary

What happened and why it matters

ASUR reported 2Q26 revenue of Ps9.579b, up 9.9% YoY, helped by ASUR US Airports contribution since its December 2025 acquisition. Total traffic declined 2.7% as Mexico fell 5.0% and Puerto Rico fell 3.5%, while Colombia rose 3.6%. EBITDA dropped 8.7% with margin at 62.0%, signaling near-term profitability headwinds despite a stronger revenue mix.

ASUR US Airports revenue contribution Ps443.8m in 2Q26 signals growth mix shift.
Mexico traffic weakness persists: -5.0% in 2Q26; domestic/international mix matters.
EBITDA margin compression due to IFRIC 12 which may affect profitability bias.
Net debt remains modest at 0.9x LTM EBITDA, supporting liquidity under pressure.

Sentiment rationale

Revenue acceleration from US assets offers positive mix, but traffic declines and EBITDA margin pressure temper upside; likely limited immediate price moves absent stronger US-asset performance or regional traffic recovery.

Key facts

01
Traffic fell 2.7% YoY; Colombia +3.6%, Mexico -5.0%, Puerto Rico -3.5%.
02
Revenues rose 9.9% to Ps9,579.0m; ex-construction nearly flat.
03
ASUR US Airports added Ps443.8m in 2Q26 (Dec 2025 acquisition).
04
EBITDA declined 8.7% to Ps4,589.9m; Adjusted EBITDA Margin 62.0%.

Earnings

Category: Earnings. The release shows revenue expansion driven by a recent US asset acquisition, but ongoing regional traffic softness and margin compression on IFRIC 12 imply mixed profitability momentum; near-term focus will be on US-assets performance and Mexico/PR traffic recovery.