Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASURB.MX) Investment Analysis
1. Executive Summary
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASUR) is a leading international airport operator managing a diverse portfolio of concessions in Mexico, Puerto Rico, Colombia, and the United States.[1, 2] The company operates under a highly defensive dual-till concession model, generating revenue from regulated aeronautical services—such as passenger charges, airfield landing fees, and aircraft parking—and non-regulated commercial services, which include duty-free retail, food and beverage operations, car rentals, advertising, and parking facilities.[3, 4]
Geographic Footprint and Business Segments
ASUR’s operational portfolio is divided into four main geographic and business segments:
* Mexican Concessions (9 Airports): Located in southeast Mexico, this segment includes Veracruz, Villahermosa, Mérida, Oaxaca, Cozumel, Huatulco, Tapachula, Minatitlán, and the group's primary financial engine, Cancún International Airport.[1, 3] Cancún is the main gateway to the Mexican Caribbean (including the Riviera Maya and Tulum) and contributes 73.4% of total Mexican airport revenues.[3, 5]
* Puerto Rico Concession (Aerostar): ASUR holds a 60% controlling interest in Aerostar Airport Holdings, LLC, which operates Luis Muñoz Marín International Airport (SJU) in San Juan.[1, 3] SJU is Puerto Rico’s primary aviation hub and represents the first successful public-private partnership under the FAA Pilot Program.[1]
* Colombian Concessions (Airplan): Operating through its 100% owned subsidiary, Airplan, S.A.S., ASUR manages six airports in northern Colombia, including José María Córdova International Airport in Rionegro (serving Medellín).[1, 3]
* United States Commercial Concessions (ASUR US): Consolidated in late 2025 after the acquisition of URW Airports, LLC for an enterprise value of USD 295 million, this segment operates airport retail concessions across nine terminals at major high-traffic hubs, including Los Angeles International (LAX), Chicago O'Hare (ORD), and John F. Kennedy International (JFK).[3, 6]
Core Value Proposition
ASUR's customers—principally domestic and international airlines and retail passengers—choose its airports because of their status as geographic monopolies. Airlines cannot bypass ASUR's hubs to access high-density leisure markets like Cancún or primary economic regions like San Juan and Medellín.[1, 5] For commercial retailers, ASUR's passenger terminals provide a captive, high-intent consumer base with lengthy dwell times, driving robust non-aeronautical spend per passenger.[3]
2. Business Drivers & Strategic Overview
Product and Service Revenue Mechanics
The fundamental unit of demand for ASUR is passenger traffic (PAX), which drives both regulated and non-regulated revenue streams. Regulated aeronautical revenues are predominantly derived from passenger departure charges (collected by airlines on behalf of ASUR) and airfield services (landing, parking, passenger boarding bridges, and security).[4] In 2024, passenger charges alone represented 46.1% of consolidated revenues.[4]
Non-aeronautical revenues consist of retail concessions, parking, car rentals, and terminal space leases.[3] To increase profitability, ASUR pursues a commercial maximization strategy.[3] This involves optimizing floor layouts, introducing premium global brands, and expanding direct retail operations, resulting in a consolidated commercial revenue per passenger of Ps. 153.6 in Q1 2026.[7]
Under concession agreements, when ASUR invests in concessioned assets (construction of runways, terminal upgrades), it must recognize both construction revenues and construction costs equal to the amount invested, in accordance with IFRIC 12.[8, 9] This construction accounting does not impact operating income or cash flows, but it inflates total revenue, leading analysts to exclude construction revenues to calculate "Adjusted EBITDA" and "Adjusted Operating Margin".[6, 9]
Moat Analysis
ASUR operates with a wide economic moat supported by multiple competitive advantages:
* Regulatory Barriers to Entry: Airport concessions are exclusive, long-term geographic monopolies granted by federal governments.[1, 3] ASUR's Mexican concessions represent highly secure assets, with long-term concession agreements providing high operational visibility.[3]
* High Switching Costs: Airlines establish complex, capital-intensive hubs at ASUR's facilities. Moving operations to a nearby airport is economically unviable due to the absence of comparable airfield infrastructure and local ground-transport connections.[1]
* Network Effects & Tourism Ecosystems: Cancún International Airport is a primary beneficiary of Quintana Roo's vast hotel and leisure ecosystem, which hosts thousands of hotels, restaurants, and tours.[5] The scale of this tourism network creates self-reinforcing passenger demand.[5]
* Cost Advantage: The high fixed-cost nature of runway maintenance and terminal facilities means that incremental passenger additions carry exceptionally high flow-through margins, allowing ASUR to generate high operating cash flows.[3]
Total Addressable Market (TAM) & Strategic Growth Initiatives
The total addressable market is bounded by Latin American and global aviation passenger flows. Historically, air travel penetration in Mexico and Colombia has been relatively low compared to North America and Western Europe, offering long-term structural tailwinds.
ASUR's strategic initiatives focus on expanding its addressable market beyond traditional concession borders:
* The U.S. Retail Footprint Expansion: By acquiring URW Airports, LLC, ASUR expanded its addressable customer base to include over 70 million annual travelers at premier U.S. hubs.[3] This initiative reduces geographic risk and shifts the revenue mix toward higher-margin, non-regulated, USD-denominated cash flows.[3, 10]
* Capital Investment Plans (Master Development Plan 2024–2028): In December 2023, the Mexican government approved ASUR's 2024–2028 Master Development Plan (MDP), committing Ps. 30.6 billion (expressed in December 2024 pesos) to capacity expansion.[3] Approximately 75% of this investment is allocated to Cancún Airport, including terminal expansions, road integrations with the Mayan Train, and runway reconstructions.[11] These capacity enhancements secure ASUR's long-term passenger absorption capacity.[11]
Competitive Landscape
ASUR operates alongside Mexico’s other major private airport operators, Grupo Aeroportuario del Pacífico (GAPB.MX) and Grupo Aeroportuario Centro Norte (OMAB.MX).[12, 13]
| Metric |
ASURB.MX [14, 15] |
GAPB.MX [12, 13] |
OMAB.MX [13, 16] |
| Market Capitalization |
Ps. 147.33 Billion |
Ps. 246.20 Billion |
Ps. 91.90 Billion |
| TTM Revenue (USD) |
$1.67 Billion |
$2.28 Billion |
$0.88 Billion |
| TTM P/E Ratio |
15.34x |
15.60x |
15.20x |
Historically, ASUR has held the strongest margin profile among its peers due to Cancún’s high share of high-spending international travelers.[1, 5] However, the competitive landscape has experienced structural changes:
1. Tulum International Airport (TQO): Located in close proximity to Cancún, this newly opened military-run airport has begun to cannibalize both domestic and international passenger traffic.[17] This has led to a recent shift in market share within the Yucatan peninsula.[17, 18]
2. Capacity Constraints: Competitors like OMA have reported positive passenger growth (+2.4% in early 2026), whereas ASUR has faced near-term traffic declines in Mexico (-2.4% year-to-date as of June 2026) due to carrier groundings and regional capacity adjustments.[19, 20]
3. Financial Performance & Valuation
Latest Reported Quarterly Results (Q1 2026)
ASUR announced its Q1 2026 financial results on April 22, 2026.[7, 21] The quarter was characterized by resilient, although flat, passenger volumes and significant margin compression due to integration costs associated with the recently acquired U.S. commercial segment.[7, 10]
- Revenue Performance: Consolidated revenue reached Ps. 8,858,050 thousand, reflecting a modest growth of 0.8% year-over-year.[7] Mexico revenues fell 4.3% to Ps. 6,191,990 thousand [7], and Puerto Rico declined 4.7% to Ps. 1,258,992 thousand.[7] However, these declines were offset by the new U.S. segment, which contributed Ps. 437,726 thousand in its first full quarter of consolidation.[7] Actual quarterly revenue of USD 504.04 million missed analyst expectations of USD 544.78 million by 7.5%.[21]
- Passenger Traffic trends: Consolidated passenger traffic grew 1.9% overall, driven by Colombia (+11.0%), while Mexico was essentially flat (-0.1%) and Puerto Rico declined 2.2%.[7]
- Earnings per Share (EPS): GAAP Earnings per ADS was reported at USD 5.21 (EPS of Ps. 9.3773) [7], marginally beating Wall Street consensus estimates of USD 5.33 by USD 0.01.[21] However, EPS fell 20.0% year-over-year compared to Ps. 11.7193 in Q1 2025.[7]
- EBITDA and Margin Compression: Consolidated EBITDA decreased by 6.5% year-over-year to Ps. 5,353,643 thousand.[7] The adjusted EBITDA margin (excluding IFRIC 12 construction accounting effects) contracted sharply to 64.1% from 70.0% in Q1 2025.[7, 22] This compression was driven by high integration costs from the U.S. commercial assets and elevated depreciation charges.[10, 23]
- Balance Sheet Leverage Transition: ASUR’s balance sheet transitioned from a net cash position of Ps. 9,758,042 thousand in Q1 2025 to a net debt position of Ps. 13,528,158 thousand in Q1 2026 [7], with cash and cash equivalents dropping 39.1% to Ps. 13,811,729 thousand.[7] This change was primarily due to capital allocations toward the U.S. acquisition.[3] Net debt-to-LTM EBITDA remained highly conservative at 0.8x.[7]
| Segment Performance (Q1 2026 vs Q1 2025) |
Revenue Q1 2026 (Ps. '000) [7] |
YoY Revenue Change (%) [7] |
PAX Q1 2026 [7] |
YoY PAX Change (%) [7] |
Commercial Rev per PAX (Ps.) [7] |
| Mexico |
6,191,990 |
-4.3% |
10,937,975 |
-0.1% |
157.3 |
| San Juan (Puerto Rico) |
1,258,992 |
-4.7% |
3,529,798 |
-2.2% |
163.3 |
| Colombia |
969,342 |
-2.4% |
4,493,218 |
+11.0% |
61.3 |
| United States |
437,726 |
N/A |
Captive retail |
N/A |
N/A |
| Consolidated |
8,858,050 |
+0.8% |
18,960,991 |
+1.9% |
153.6 |
Interestingly, while individual commercial revenues per passenger fell across Mexico (-7.1%), San Juan (-6.2%), and Colombia (-4.5%), the consolidated commercial revenue per passenger actually rose 4.7% to Ps. 153.6.[7] This apparent divergence is driven by the mix effect of consolidating high-spend U.S. operations, which carried higher baseline spending per traveler, lifting the overall average.[6, 7]
Management Commentary and Strategic Updates
During the earnings call, management emphasized progress on key priorities:
1. U.S. Commercial Segment: Management expressed confidence that the early margin dilution represents a short-term ramp-up headwind, noting that the opening of JFK's New Terminal One next year will act as an EBITDA accelerator.[23] The U.S. commercial platform generated USD 30 million in annual EBITDA.[23]
2. ITA Internalization Proposal: On June 23, 2026, ASUR announced plans to merge Inversiones y Técnicas Aeroportuarias (ITA), bringing technical assistance and technology transfer services in-house.[24, 25] This initiative eliminates the 2.5% EBITDA technical assistance fee, improving consolidated margins.[11, 25] Pro-forma for this merger, ASUR will issue approximately 7,251,000 new shares.[26]
3. Capital Allocation: In tandem with the ITA transaction, the board proposed two extraordinary net cash dividends of Ps. 10.00 per share each, payable in November and December 2026, reflecting strong cash generation capacity.[26]
Market and Valuation Multiple Analysis
Following the earnings announcement and subsequent monthly traffic disclosures showing declining June volumes (-5.8% YoY) [20], the stock price declined, trading down 6.5% on the June traffic release.[20]
As of July 11, 2026, ASURB.MX is trading at approximately Ps. 500.19 [27], representing a P/E multiple of 15.34x and a P/Sales ratio of 4.1x.[28] These valuation multiples are linked directly to the regulatory asset base. Historically, the concession model’s defensive margins support P/E multiples of 16.0x to 18.0x.[15, 29] However, multiples have compressed due to near-term regulatory uncertainties, engine recall constraints at partner airlines, and local traffic shifts toward Tulum Airport.[10, 30]
4. Risk Assessment & Macroeconomic Considerations
Company-Specific Execution Risks
- U.S. Concession Integration: The URW acquisition represents ASUR's first foray into the competitive and highly complex U.S. airport retail concessions market.[3] If integration expenses remain elevated, or if passenger traffic at LAX, JFK, and ORD does not support projected spending growth, the acquisition could continue to dilute consolidated EBITDA margins.[6, 10]
- ITA Merger Dilution: While internalizing ITA's technical operations eliminates a recurring expense fee (2.5% of EBITDA) [11, 25], issuing approximately 7.25 million new pro-forma shares will cause immediate earnings-per-share dilution of approximately 2.4%.[26]
Competitive & Demand Risks
- Tulum International Airport (TQO) Headwinds: The primary competitive threat to ASUR's valuation is the newly opened Tulum Airport.[17] Located south of Cancún, TQO is siphoning off leisure travelers bound for the Riviera Maya, reducing Cancún’s passenger absorption potential.[5, 17] Month-on-month data reveals a structural cooling of air traffic at Cancún, with June international traffic down 12.1% YoY [20] and YTD Cancún traffic down 4.7%.[18]
Customer Concentration & Regulatory Constraints
- Airlines Fleet Groundings (Pratt & Whitney GTF Issues): ASUR's primary domestic carriers, Volaris and VivaAerobus, are facing significant capacity constraints due to Pratt & Whitney geared turbofan engine recalls.[30, 31] Volaris expects to have an average of 25 to 27 aircraft grounded (AOG) through late 2026, with capacity restrictions lingering into 2027.[30, 31] This fleet grounding directly restricts domestic seat capacity into Cancún and smaller airports in Mexico.[10]
- Mexican Concession Regulatory Risk: In October 2023, the Federal Civil Aviation Agency (AFAC) unilaterally altered the tariff base regulation with immediate effect.[1] Furthermore, beginning January 1, 2024, the Mexican government increased the concession fee from 5% to 9% of total gross revenues.[11] Unilateral regulatory changes by federal agencies remain a key risk.[1]
Macroeconomic Sensitivities
- FX Volatility: A stronger Mexican Peso reduces peso-denominated international revenues (which are priced in USD), squeezing margins.[23]
- Fuel Price Volatility: Sustained high Brent and WTI crude oil prices raise jet fuel costs, prompting airlines to alter flight capacities.[30]
Risk Chronology: Early Warning Signs vs. Long-Term Thesis Damage
- Early Warning Signs: Monthly operational statistics indicating double-digit passenger traffic drops at Cancún, persistent increases in the number of grounded GTF engine aircraft [30], or continued flat commercial spending metrics.
- Long-Term Thesis Damage: Unilateral federal interventions in concession terms, permanent diversion of international tourists to other Caribbean destinations, or a failure to achieve positive returns on U.S. and Colombian capital expenditures.[1]
5. 5-Year Scenario Analysis
This scenario model integrates ASUR's pro-forma capital structure, including the projected issuance of 7,251,000 new shares via the ITA internalization merger, resulting in a pro-forma outstanding share count of 284,301,000.[14, 26]
Valuation Base Assumptions & Provenance
- Starting Point (2025): Revenues of Ps. 37,237,431 thousand [6], Net Profit Margin of 28.0% [13], and an initial share price of Ps. 500.19.[27]
- Dividends Bridge: Over the next 5 years, ASUR is projected to distribute cumulative dividends of Ps. 100.00 per share in the Base Case (including the proposed Ps. 20.00 extraordinary dividend in late 2026).[26, 32]
Base Case (Probability: 60%)
- Key Drivers: Consolidated revenue grows at a 6.5% CAGR over 5 years, driven by a gradual recovery of Mexican carrier fleet capacity by late 2027 as engine inspections conclude.[31] U.S. commercial airport concessions achieve moderate margin improvements as JFK New Terminal One scales.[23]
- Operating Metrics: Year 5 revenue reaches Ps. 51.02 billion. Net Profit Margin stabilizes at 28.0% [13], as the internalization of ITA’s technical services offsets higher U.S. concession depreciation.[23, 25]
- Earnings & Target Multiple: Pro-forma Net Income is projected at Ps. 14.28 billion, yielding an EPS of Ps. 50.25. Applying a conservative, historical exit P/E multiple of 15.5x [15], the implied share price is Ps. 778.87.
- Total Return Bridge: Adding Ps. 100.00 in cumulative dividends yields a 5-year total value of Ps. 878.87, representing a 75.7% total return (11.9% annualized).
High Case (Probability: 20%)
- Key Drivers: Consolidated revenue grows at a 9.0% CAGR. Volaris and VivaAerobus resolve fleet groundings ahead of schedule.[31] TQO cannibalization of Cancún's traffic proves temporary as regional tourism expansion absorbs both hubs' capacities.[5, 17] JFK New Terminal One drives stronger-than-expected commercial spend.[23]
- Operating Metrics: Year 5 revenue reaches Ps. 57.29 billion. Net Margin expands to 31.0% due to operational leverage and ITA internalization savings.[12, 25]
- Earnings & Target Multiple: Net Income is projected at Ps. 17.76 billion, resulting in an EPS of Ps. 62.47. Multiple expansion occurs on premium non-regulated assets, achieving an 18.0x exit P/E. Implied share price is Ps. 1,124.45.
- Total Return Bridge: Adding Ps. 120.00 in projected cumulative dividends yields a total value of Ps. 1,244.45, reflecting a 148.8% total return (20.0% annualized).
Low Case (Probability: 20%)
- Key Drivers: Consolidated revenue grows at a modest 2.0% CAGR. Tulum Airport siphons significant international passenger volume from Cancún.[17] Fleet groundings persist through 2028.[33] Concession margin degradation occurs due to further regulatory overrides by AFAC.[1]
- Operating Metrics: Year 5 revenue reaches Ps. 41.12 billion. Margins compress to 22.0% due to elevated U.S. lease costs and concession fees.[6, 11]
- Earnings & Target Multiple: Net Income declines to Ps. 9.05 billion, yielding an EPS of Ps. 31.83. Multiple contraction occurs due to regulatory risk, resulting in a 12.0x exit P/E. Implied share price is Ps. 381.99.
- Total Return Bridge: With lower dividend payouts of Ps. 80.00, total value is Ps. 461.99, resulting in a total return of -7.6% (-1.6% annualized).
5-Year Scenario Analysis Matrix
| Scenario |
Revenue / key scale metric in Year 5 |
Margin / earnings assumption |
Valuation multiple assumption |
Current share price (MXN) |
Implied future share price (MXN) |
5-year total return |
Annualized return |
Probability |
| High Case |
Ps. 57.29 Billion [6] |
31.0% Margin / EPS: Ps. 62.47 |
18.0x exit P/E [15] |
Ps. 500.19 [27] |
Ps. 1,124.45 |
148.8% |
20.0% |
0.20 |
| Base Case |
Ps. 51.02 Billion [6] |
28.0% Margin [13] / EPS: Ps. 50.25 |
15.5x exit P/E [15] |
Ps. 500.19 [27] |
Ps. 778.87 |
75.7% |
11.9% |
0.60 |
| Low Case |
Ps. 41.12 Billion [6] |
22.0% Margin / EPS: Ps. 31.83 |
12.0x exit P/E [15] |
Ps. 500.19 [27] |
Ps. 381.99 |
-7.6% |
-1.6% |
0.20 |
Using a probability-weighted distribution, the estimated 5-year target price for ASURB is calculated as:
$\text{Weighted Price Target} = (1,124.45 \times 0.2) + (778.87 \times 0.6) + (381.99 \times 0.2) = 224.89 + 467.32 + 76.40 = \mathbf{Ps.\ 768.61}$
STABILITY AMID CONSOLIDATION
6. Qualitative Scorecard
To evaluate the non-financial quality of ASUR’s franchise, the business has been scored across ten key dimensions on a scale of 1 to 10.
- Management Alignment: 9 / 10
Fernando Chico Pardo, Chairman of the Board of Directors since 2005, maintains a major equity stake of approximately 29.7% in ASUR.[3, 34] This high level of insider ownership ensures strong alignment with minority shareholders. Board and committee compensation are structured with transparent per-meeting fees.[32]
- Revenue Quality: 8 / 10
The dual-till mechanism ensures highly stable regulated aeronautical revenue alongside high-margin commercial spend per passenger.[3] Concessions operate as regional geographic monopolies, limiting alternative routes.[1] However, seasonal volatility in leisure passenger volumes introduces mild variability.
- Market Position: 7 / 10
While Cancún remains Mexico's premier leisure gateway, its regional dominance is currently being challenged by Tulum Airport.[5, 17] SJU continues to hold a strong position in Puerto Rico, and Rionegro serves as a key commercial hub in Colombia.[1]
- Growth Outlook: 6 / 10
Near-term domestic passenger volumes remain constrained by airline fleet groundings and regional capacity adjustments.[10, 30] Medium-term growth hinges on scaling retail concessions across U.S. commercial airport platforms and the recovery of Mexican carrier fleets.[23, 31]
- Financial Health: 8 / 10
Despite transitioning to a net debt position of Ps. 13.53 billion in Q1 2026, ASUR maintains strong financial flexibility.[7] With Net Debt-to-LTM EBITDA of 0.8x, the balance sheet remains highly conservative compared to global peers.[7]
- Business Viability: 9 / 10
ASUR’s core infrastructure assets are highly durable. Concession licenses extend over several decades, and replacement risk remains extremely low due to high regulatory barriers to entry and massive capital requirements.[3]
- Capital Allocation: 9 / 10
Management has a long history of balanced capital allocation, characterized by strong dividend growth and opportunistic buybacks.[13, 32] The internalization of ITA is expected to improve consolidated margins [25], and the board has proposed significant extraordinary cash dividends for late 2026.[26]
- Analyst Sentiment: 8 / 10
Wall Street analysts maintain a consensus "Buy" rating on ASURB, with an average 12-month target price of Ps. 678.94.[35] This indicates strong institutional support, although some sell-side analysts have tempered growth expectations due to near-term traffic deceleration.[19]
- Profitability: 8 / 10
ASUR’s historically strong EBITDA margins (regularly around 67% to 70% ex-IFRIC 12) have compressed to 64.1% due to U.S. integration expenses.[6, 7] However, the group is expected to achieve margin recovery as the U.S. segment scales and the ITA fee is eliminated.[23, 25]
- Track Record: 9 / 10
ASUR has a long-standing track record of compounding shareholder returns, with a 3-year average dividend growth rate of 30.00% [36] and consistent revenue expansion over the past decade.[13, 16]
Overall Blended Score: 8.1 / 10
This high score reflects ASUR's strong competitive positioning, robust corporate governance, and conservative leverage profile, despite facing near-term traffic headwinds in its domestic aviation market.[7, 30]
DURABLE MONOPOLISTIC MOAT
7. Conclusion & Investment Thesis
ASUR represents a high-quality concession business with durable assets. Its valuation is currently experiencing pressure due to transitory headwinds, including domestic airline fleet groundings and the initial ramp-up costs of its U.S. commercial business.[7, 30]
Three key catalysts support the medium-term investment thesis:
1. ITA Internalization Fee Elimination: Eliminating the strategic partner fee is expected to provide structural margin expansion starting in late 2026.[11, 25]
2. U.S. Commercial Scaling: Transitioning the URW acquisitions into stabilized, high-margin, USD-denominated operations will expand non-regulated revenue stream contributions.[3, 10]
3. Carrier Fleet Recovery: Resolving GTF engine recall issues by late 2027 is expected to unlock significant pent-up domestic and international capacity.[31]
While the competitive emergence of Tulum Airport represents a structural risk to Cancún's absolute market share, ASUR's diversified geographic footprint and conservative capital structure limit downside risk.[7, 17] This analysis suggests that the stock is currently undervalued relative to its long-term cash generation potential.[28]
STRUCTURAL COMPRESSION COMPENSATED
8. Technical Analysis, Price Action & Short-Term Outlook
ASURB.MX’s price action is currently trending below its 200-day moving average, trading near its 52-week low of Ps. 479.01.[14, 15] The stock remains in a technical consolidation phase, weighed down by June passenger traffic drops (-5.8% YoY) and market concerns over domestic airline capacity constraints.[20, 30] The short-term outlook suggests continued range-bound accumulation until the market absorbs the share dilution from the pro-forma ITA transaction and observes a stabilization in international tourist traffic.[19, 26]
CONSOLIDATING NEAR LOWS
- ASUR ANNOUNCES GOVERNMENT ACTION TO CHANGE TARIFF BASE REGULATION Mexico City, October 4, 2023, https://www.asur.com.mx/media/Comunicados%20de%20prensa/Comunicados%20a%20Bolsa/2023/10/ASUR-Airport-Cancun-Mexico-Tariff-Base-Oct-23.pdf
- ASUR files 2025 Form 20-F and sustainability report | ASR SEC Filing - Stock Titan, https://www.stocktitan.net/sec-filings/ASR/6-k-southeast-airport-group-current-report-foreign-issuer-8afb94503af7.html
- Presentación de PowerPoint - ASUR, https://www.asur.com.mx/media/Inversionistas/Presentaciones%20Inversionistas/2025/ASUR-Airports-Investor-Relations-Presentation-September-2025.pdf
- ASUR-Airport-20F-Financial-Information-Year-2024.pdf, https://www.asur.com.mx/media/Informes%20Financieros/2024/ASUR-Airport-20F-Financial-Information-Year-2024.pdf
- Mexico Now Teams Up With United States, Canada, Europe and Latin America as Cancun Airport Records Softer International Travel Demand Ahead of Peak Winter Tourism Season, https://www.travelandtourworld.com/news/article/n1g7vez3qwy0/
- ASUR ANNOUNCES 4Q25 RESULTS, https://www.asur.com.mx/media/Informes%20Financieros/2025/4/ASUR-Airport-Cancun-Mexico-Earnings-Release-4Q25.pdf.pdf
- ASUR (NYSE: ASR) posts modest Q1 2026 growth but net income drops 20% - Stock Titan, https://www.stocktitan.net/sec-filings/ASR/6-k-southeast-airport-group-current-report-foreign-issuer-7778f3cd1562.html
- www.sec.gov, https://www.sec.gov/Archives/edgar/data/1123452/000110465926046874/tm2612496d1_ex99-1.htm
- ASUR Reports 1Q24 Financial Results, https://www.asur.com.mx/media/Informes%20Financieros/2024/1/ASUR-Airport-Cancun-Mexico-Earnings-Release-1Q24.pdf
- Grupo Aeroportuario del Sureste, S. A. B. de C. V. Stock Price: Quote, Forecast, Splits & News (ASR) - Perplexity, https://www.perplexity.ai/finance/ASR?comparing=ASR,PAC,KPIL.BO,RVNL.NS,CONCOR.NS,JSWINFRA.NS
- GRUPO AEROPORTUARIO DEL SURESTE 4Q23 ... - ASUR, https://www.asur.com.mx/media/Informes%20Financieros/2023/4/ASUR-Airports-Investor-Relations-Transcript-23Q4.pdf
- Grupo Aeroportuario del Surest SAB de CV (ASURB) Stock Price & News - Google Finance, https://www.google.com/finance/beta/quote/ASURB:BMV
- Grupo Aeroportuario del Sureste S. A. B. de C. V (BMV:ASUR B) - Stock Analysis, https://simplywall.st/stocks/mx/transportation/bmv-asur-b/grupo-aeroportuario-del-sureste-s-a-b-de-c-v-shares
- Grupo Aeroportuario del Sureste SAB de CV, ASURB:MEX summary - FT.com, https://markets.ft.com/data/equities/tearsheet/summary?s=ASURB:MEX
- Asur B Stock Price Today | BMV: ASURB Live - Investing.com, https://www.investing.com/equities/asur--b
- Grupo Aeroportuario del Sureste (ASUR) (ASR) - Revenue - Companies Market Cap, https://companiesmarketcap.com/asur/revenue/
- Grupo Aeroportuario del Sureste, S. A. B. de C. V. Stock Price: Quote, Forecast, Splits & News (ASR) - Perplexity, https://www.perplexity.ai/finance/ASR?comparing=ASR,BIP,AOT.BK,SKYW,LYFT,LTM
- Cancun's Air Traffic Keeps Sliding, With Passenger Volume Down Nearly 5 Percent So Far This Year - Caribbean Journal, https://www.caribjournal.com/2026/07/07/cancun-air-traffic-sliding/
- Mexico Airport Traffic Drops Despite World Cup Boost, https://mexicobusiness.news/aerospace/news/mexico-airport-traffic-drops-despite-world-cup-boost
- ASUR Announces Total Passenger Traffic for June 2026 - Stock Titan, https://www.stocktitan.net/news/ASR/asur-announces-total-passenger-traffic-for-june-qhx3c4405c57.html
- Grupo Aeroportuario del Sureste (ASR) Earnings Date and Reports 2026 - MarketBeat, https://www.marketbeat.com/stocks/NYSE/ASR/earnings/
- asur announces 1q26 results - Fidelity Investments, https://www.fidelity.com/news/article/default/202604221630PR_NEWS_USPR_____NY41259
- Earnings call transcript: ASUR Q1 2026 sees revenue boost from US expansion, https://www.investing.com/news/transcripts/earnings-call-transcript-asur-q1-2026-sees-revenue-boost-from-us-expansion-93CH-4662067
- Press Releases| ASUR, Mexico's Leading Airports, https://www.asur.com.mx/comunicados-1?category=42322kvd17xz14zqpr257rxtwp
- ASUR PROPOSES TO ITS SHAREHOLDERS THE INTERNALIZATION OF TECHNICAL ASSISTANCE SERVICES, AN EXTRAORDINARY DIVIDEND, AND AN AMENDMENT TO THE COMPANY'S BYLAWS - Barchart.com, https://www.barchart.com/story/news/2614698/asur-proposes-to-its-shareholders-the-internalization-of-technical-assistance-services-an-extraordinary-dividend-and-an-amendment-to-the-company-s-bylaws
- ASUR PROPOSES TO ITS SHAREHOLDERS THE INTERNALIZATION OF TECHNICAL ASSISTANCE SERVICES, AN EXTRAORDINARY DIVIDEND, AND AN AMENDMENT TO THE COMPANY'S BYLAWS - PR Newswire, https://www.prnewswire.com/news-releases/asur-proposes-to-its-shareholders-the-internalization-of-technical-assistance-services-an-extraordinary-dividend-and-an-amendment-to-the-companys-bylaws-302808391.html
- Grupo Aeroportuario del Sureste SAB de CV Class B - TradingView, https://www.tradingview.com/symbols/BMV-ASUR/B/
- Asur B Share Price | ASURB Stock - Investing.com UK, https://uk.investing.com/equities/asur--b
- Grupo Aeroportuario del Sureste SAB de CV Class B (ASURB) - Morningstar, https://www.morningstar.com/stocks/xmex/asurb/quote
- Volaris Sees Long-Term Impact From GTF Engine Issues - Mexico Business News, https://mexicobusiness.news/aerospace/news/volaris-sees-long-term-impact-gtf-engine-issues
- Latin American Carrier Forecasts Full Recovery from Engine Groundings by 2027 - afm.aero, https://afm.aero/latin-american-carrier-forecasts-full-recovery-from-engine-groundings-by-2027
- ASUR Announces Resolutions Approved at the General Annual Ordinary Shareholders' Meeting held on April 23rd, 2026 - Stock Titan, https://www.stocktitan.net/news/ASR/asur-announces-resolutions-approved-at-the-general-annual-ordinary-qqmvbb4km3xl.html
- The $42 Million Engine Challenge: How a New Strategy is Beating Global Aviation Delays, https://simpleflying.com/a-42-million-engine-nightmare-how-one-company-is-outsmarting-a-disaster-that-should-have-grounded-them/
- Grupo Aeroportuario del Sureste, S. A. B. de C. V. Insider Trading & Ownership Structure, https://simplywall.st/stocks/mx/transportation/bmv-asur-b/grupo-aeroportuario-del-sureste-s-a-b-de-c-v-shares/ownership
- Asur B (ASURB) Stock Forecast & Price Target - Investing.com, https://www.investing.com/equities/asur--b-consensus-estimates
- Grupo Aeroportuario del Sureste, SAB de CV (ASURB.MX) Dividends - Digrin, https://www.digrin.com/stocks/detail/ASURB.MX/