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  Title	Grupo Aeroportuario del Sureste S A B de C : 3° Trimestre 2024
  ID	3480015
  External ID	7237154105
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  Published Date	Oct. 22, 2024, 4:20 p.m.
  Summary	Total Revenue and EBITDA Increased YoY by 18% and 12%, Respectively Despite 2% Decrease in Passenger Traffic Mexico City, October 22, 2024 - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: A
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  Content	Total Revenue and EBITDA Increased YoY by 18% and 12%, Respectively Despite 2% Decrease in Passenger Traffic Mexico City, October 22, 2024 - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three-and nine-month periods ended September 30, 2024. 3Q24 Highlights Total passenger traffic declined 2.1% year- over-year ("YoY"). By country of operations, passenger traffic presented the following YoY variations: Mexico: declined 10.1%, reflecting decreases of 12.6% in international traffic and 8.0% in domestic traffic. Puerto Rico (Aerostar): increased 4.6%, driven by growth of 2.5% and 20.7% in domestic and international traffic, respectively. Colombia (Airplan): increased 15.5%, resulting from increases of 22.5% in international traffic and 13.6% in domestic traffic. Revenues increased 18.1% YoY to Ps.7,483.3 million. Excluding construction services, revenues increased 14.1% during the period. Consolidated revenues per Passenger increased 7.2% to Ps.124.9. Consolidated EBITDA increased 12.0% YoY to Ps.4,700.4 million. Table 1: Financial and Operating Highlights Adjusted EBITDA Margin (excluding IFRIC12) decreased to 68.3% from 69.6% in 3Q23. Cash position of Ps.18,483.6 million at quarter-end with Debt to LTM Adjusted EBITDA at negative 0.3x. 3Q24 Earnings Call Day: Wednesday, October 23, 2024, at 10:00 AM ET; 8:00 AM Mexico City time Dial-in: 1-877-407-4018(Toll-Free);1-201-689-8471 (International) Access Code: Replay: Replay: Wednesday, October 23, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, October 30, 2024. Dial-in number: 1-844-512-2921(Toll-Free);1-412-317-6671 (International). Access Code: 13749410 Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and nine-month periods ended September 30, 2024, and the equivalent three- and nine-month periods ended September 30, 2023. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.19.6440 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP. 213.06200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.- ASUR 3Q24 Page 1 of 24 Passenger Traffic ASUR's total passenger traffic increased 2.1% YoY to 17.2 million in 3Q24. In Mexico, total passenger traffic declined 10.1% YoY to 9.6 million in 3Q24, driven by decreases of 12.6% in international traffic and 8.0% in domestic traffic. In Puerto Rico, total passenger traffic increased 4.6% YoY to 3.3 million in 3Q24, mainly driven by increases of 2.5% in domestic traffic and 20.7% in international traffic. Total passenger traffic in Colombia for 3Q24 increased 15.5% YoY to 4.3 million passengers, driven by growth of 22.5% and 13.6% in domestic and international traffic, respectively. On page 19 of this report, you will find the tables with detailed information on passenger traffic for each airport. Table 2: Passenger Traffic Summary Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation. Table 3: % YoY Change in Passenger Traffic 2024 & 2023 ASUR 3Q24 Page 2 of 24 Review of Consolidated Results Table 4: Summary of Consolidated Results Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services. Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues. Passenger figures include transit and general aviation passengers Mexico, Puerto Rico and Colombia. Represents ASUR's operations in convenience stores. Consolidated Revenues Consolidated Revenues increased 18.1% YoY, or Ps.1,444.4 million, to Ps.7,483.3 million, mainly due to the following increases: 96.6%, or Ps.295.1 million, YoY increase in construction services revenues to Ps.600.8 million, principally in Mexico, 19.4%, or Ps.736.4 million in aeronautical services revenues to Ps.4,527.1 million. Mexico contributed Ps.3,321.1 million, while Puerto Rico and Colombia accounted for Ps.557.8 million and Ps.648.2 million, respectively; and 5.0%, or Ps.112.9 million non-aeronautical services revenues to Ps.2,355.4 million. Mexico contributed Ps.1,615.3 million, while Puerto Rico and Colombia accounted for Ps.508.2 million and Ps.231.9 million, respectively. Excluding Revenues from Construction Services , for which an equivalent expense is recorded under IFRS accounting standards, total revenues would have increased 14.1% YoY to Ps.6,882.5 million. Excluding revenues from construction services, Mexico represented 71.1% of ASUR's total revenues in 3Q24, while Puerto Rico and Colombia accounted for 15.5% and 12.8%, respectively. Commercial Revenues in 3Q24 increased 5.0% YoY to Ps.2,180.2 million. Commercial revenue growth was driven by revenue increase of 14.5% to Ps.505.4 million in Puerto Rico, 38.1% to Ps.231.9 million in Colombia and a decrease of 1.7% to Ps.1,442.9 million in Mexico. ASUR 3Q24 Page 3 of 24 Commercial Revenues per Passenger increased 7.2% YoY to Ps.124.9 in 3Q24, from Ps.116.5 in 3Q23. Consolidated Operating Costs and Expenses Consolidated Operating Costs and Expenses , including construction costs, increased 27.3% YoY, or Ps.725.8 million, to Ps.3,386.1 million in 3Q24. Excluding construction costs, operating costs and expenses increased 18.3%, or Ps.430.7 million, due to the following factors: Mexico : increased 14.8%, or Ps.206.6 million, mainly due to higher costs in connection to personnel, concession fees, security and cleaning services, and maintenance and conservation, insurance and surety bonds, and professional fees. Puerto Rico : increased 20.4%, or Ps.122.3 million, mainly due to a foreign exchange gain related to the Mexican peso depreciation against the US dollar and the increase in personnel costs, electricity, insurance and surety bonds, licenses, security and cleaning services, concession fees and depreciation and amortization. Colombia : increased 28.2%, or Ps.101.7 million, mainly due to increases in maintenance and conservation, personnel costs, taxes and duties, security and cleaning services, insurance and surety bonds, concession fees, energy costs and depreciation and amortization, and professional fees. Cost of Services increased 15.0%, or Ps.181.0 million, YoY mainly due to increases in personnel costs, surveillance and cleaning services, maintenance and conservation, professional fees, licenses, insurance and bonds, electric energy, and taxes and duties. Construction Costs increased 96.6% YoY, or Ps.295.1 million. This was mainly driven by a YoY increases of 143.7%, or Ps.265.3 million, in construction costs in Mexico, and 26.1%, or Ps.30.9 million, in Puerto Rico, and 48.0%, or Ps.1.1 million, in construction costs in Colombia. Administrative Expenses that reflect administrative costs in Mexico increased 22.2% YoY. Consolidated Technical Assistance Costs decreased by 46.1% YoY, as the technical assistance fee in Mexico decreased from 5% to 2.5% as of January 1, 2024. Concession Fees increased 71.4% YoY, on a consolidated basis, principally due to increases of 108.7% in Mexico due to an increase in the concession fee from 5% to 9% as of January 1, 2024, together with increases of 32.7% in Colombia and 14.0% in Puerto Rico as a result of higher regulated and unregulated revenues. Depreciation and Amortization increased 15.7% YoY, or Ps.81.6 million, principally due to an increase of 13.1%, or Ps.34.4 million in Mexico, 13.7%, or Ps.13.1 million in Colombia and 21.2%, or Ps.34.1 million, in Puerto Rico. Consolidated Operating Profit and EBITDA ASUR reported a Consolidated Operating Profit of Ps.4,097.2 million in 3Q24, with an operating margin of 54.8%, compared to Ps.3,678.5 million and an operating margin of 58.0% in 3Q23. Adjusted Operating Margin was 59.5% in 3Q24 compared to 61.0% in 3Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, which is calculated as operating profit or loss divided by total revenue minus revenue from construction services. EBITDA increased 12.0%, or Ps.501.9 million, to Ps.4,700.4 million in 3Q24, from Ps.4,198.4 million in 3Q23. By country of operations, EBITDA increased by 10.7%, or Ps.351.9 million to Ps.3,635.5 million in Mexico, and 6.9%, or Ps.34.7 million, to Ps.538.3 million in Puerto Rico and 28.0%, or Ps.115.3 million, to Ps.526.6 million in Colombia. Consolidated EBITDA margin in 3Q24 was 62.8% compared to 66.2% in 3Q23. ASUR 3Q24 Page 4 of 24 Adjusted EBITDA Margin , which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia, was 68.3% in 3Q24, compared to 69.6% in 3Q23. Comprehensive Financing Gain (Loss) Table 5: Consolidated Comprehensive Financing Gain (Loss) In 3Q24 ASUR reported a Ps.906.5 million Consolidated Comprehensive Financing Gain , compared to a Ps.143.0 million gain in 3Q23. This variation is mainly attributed to a foreign exchange gain of Ps.653.7 million in 3Q24 compared to a foreign exchange gain of Ps.126.7 million in 3Q23. The foreign exchange gain in 3Q24 resulted from the 7.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (3.7% average depreciation) during the covered period. The foreign exchange gain in 3Q23 resulted from the 1.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (0.5% average appreciation) during the covered period. Interest income increased 63.9%, or Ps.188.4 million reflecting a higher cash balance position, while interest expenses declined 17.3%, or Ps.48.1 million resulting from principal payments made in connection to indebtedness incurred in Mexico and Puerto Rico, and the Ps.10.3 million the amortization of the bank facility in Colombia. Income Taxes Income Taxes for 3Q24 increased Ps.520.0 million YoY, principally due to the following variations: A Ps.398.7 million increase in income taxes, mainly due to a higher taxable income base in Mexico and Colombia. A Ps.121.2 million increase in deferred income taxes, mainly in Mexico, resulting from the initial recognition of deferred income tax on untaxed accumulated profits from investments in Puerto Rico and Colombia. Net Majority Income During 3Q24, ASUR reported a Net Majority Income of Ps.3,381.2 million, an increase from the Ps.2,709.5 million net majority income in 3Q23. This resulted in earnings per common share in 3Q24 of Ps.11.2706, or earnings per ADS of US$ 5.7374 (one ADS represents ten (10) series B common shares), compared to earnings per share of Ps.9.0318, or earnings per ADS of US$4.5977 in 3Q23. Net Income ASUR reported Net Income of Ps.3,474.5 million in 3Q24, an increase of 23.8%, or Ps.667.4.0 million, from Ps.2,807.1 million in 3Q23. Consolidated Financial Position Airport concessions represented 67.2% of ASUR's total assets as of September 30, 2024, with current assets representing 30.3% and other assets 2.5%. ASUR 3Q24 Page 5 of 24 As of September 30, 2024, cash and cash equivalents amounted to Ps.18,483.6 million, a 33.2% increase from Ps.13,872.9 million as of December 31 2023. Cash and cash equivalents in México, Colombia and Puerto Rico amounted to Ps.13,379.2 million, Ps.2,900.5 million and Ps.2,203.9 million, respectively. As of September 30, 2024, the valuation of ASUR's investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.5,090.3 million, (ii) goodwill of Ps.938.5 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.509.0 million, and (iv) a minority interest of Ps.5,054.3 million in stockholders' equity. The valuation of ASUR's investment in Airplan, in accordance with IFRS 3 "Business Combinations", resulted in the following effects on the balance sheet as of September 30, 2024: (i) the recognition of a net intangible asset of Ps.828.6 million, (ii) goodwill of Ps.1,541.0 million, (iii) deferred taxes of Ps.255.4 million, and (iv) a Ps.98.8 million recognition of bank loans at fair value. As of September 30, 2024, Stockholders' equity was Ps.57,896.0 million and total liabilities were Ps.20,534.2 million, representing 73.8% and 26.2% of ASUR's total assets, respectively. Deferred liabilities represented 18.1% of ASUR's total liabilities. As of September 30, 2024, Total Debt increased by 3.3% to Ps.12,630.4 million from Ps. 12,224.8 million as of December 31, 2023, mainly reflecting: (i) the FX conversion impact of the Mexican peso depreciation against the U.S. dollar and the Colombian peso, and (ii) payment of principal amounts of outstanding debt of Ps.127.0 million in Puerto Rico. As of September 30, 2024, 19.2% of ASUR's Total Debt was denominated in Mexican pesos, 77.5% in U.S. Dollars (incurred by Aerostar in Puerto Rico) and 3.3% in Colombian pesos (debt incurred by Airplan in Colombia). In July 2022, Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its US$50 million principal amount of 6.75% senior secured notes originally due on June 24, 2015, and extended their maturity through March 22, 2035. All long-term debt is collateralized by Aerostar's assets. On November 15, 2023, Aerostar renewed the US$20.0 million revolving credit facility with Banco Popular de Puerto Rico, with a maturity date of December 29, 2026. As of June 30, 2024, no credit line has been drawn under this facility. In April 2023, Banco Popular transferred to the Bank of Bogotá its interests under the syndicated loan entered into with Airplan by issuing promissory notes under the same terms and conditions than the original loan. In July 2024, ASUR restructured its line of credit with BBVA Mexico so that the principal amount owed under this facility be paid on the maturity date on July 11, 2029. The annual interest rate is equivalent to the 28-day TIIE rate plus an applicable margin of 1.35 points. LTM Net Debt-to-LTM EBITDA stood at negative 0.3x as of September 30, 2024, while the Interest Coverage Ratio was 12.1x. This compared to LTM Net Debt-to-LTM EBITDA of negative 0.3x and an Interest Coverage Ratio of 11.4x as of September 30, 2023, respectively. Table 6: Consolidated Debt Indicators The Total Debt to EBITDA Ratio is calculated as ASUR's interest-bearing liabilities divided by its EBITDA. Total Net Debt to EBITDA Ratio is calculated as ASUR's interest-bearing liabilities minus Cash & Cash Equivalents, divided by EBITDA. The Interest Coverage Ratio for Mexico is calculated as ASUR's LTM EBIDA divided by its LTM interest expenses. For Puerto Rico, it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service. Total net debt is calculated as Asur's total debt without cash & cash Equivalents. ASUR 3Q24 Page 6 of 24 Table 7: Consolidated Debt (million) DTF is an average 90-day rate to which the credit facilities in Colombia are pegged. The loans from Mexico were made in October 2017, with Bancomer and Santander. The bonds from Puerto Rico were issued in March 2013 and June 2015 (in May 2022 the maturity date was modified to 2035). The syndicated loan from Colombia was obtained in June 2015, with a grace period of three years. In April 2022, Airplan made capital payments for Cop. 100,000 million, and its next principal payment is due in September 2026. In July 2022, Aerostar issued senior secured notes for US$200,000 million due March 22, 2035. On November 30, 2022, March 29, 2023, and September 29, 2023 Cancun Airport prepaid Ps.650 million, Ps.662.5 million and Ps.662.5 million of the loan with Santander, respectively. Cancún Airport made capital payments of Ps.50 million of the BBVA loan on each of the following dates: April 14, 2023, July 14, 2023, October 13, 2023, January 15, 2024 and 15 April 2024. *Expressed in the original currency of each loan. Strong Liquidity Position and Healthy Debt Maturity Profile ASUR closed 3Q24 with a solid financial position, with cash and cash equivalents totaling Ps.18,483.6 million and Ps.12,630.4 million in Total Debt. The following table shows the liquidity position for each of ASUR's regions of operations: Table 8: Liquidity Position as of September 30, 2024 Figures in thousands of Mexican Pesos Region of Operation Cash & Equivalents Total Debt Short-term Debt Long-term Debt Principal Payments (Oct - Dec 2024) Table 9: Debt Maturity Profile as of September 30, 2024 Figures in thousands of Mexican Pesos Region of Operation Figures in pesos converted at the exchange rate at the close of the quarter Ps.19.644 = US$1.00 Figures in pesos converted at the exchange rate at the close of the quarter of COP.213.06 = Ps.1.00 Note: Figures only reflect principal payments. ASUR 3Q24 Page 7 of 24 Table 10: Debt Ratios at June 30, 2024 LTM EBITDA and interest expense figures in thousands of Mexican Pesos Region LTM EBITDA LTM Interest Expenses Debt Coverage Ratio Minimum Coverage Requirement as per Agreements Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense. Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.1.5 billion and LTM Debt Service was Ps.804.3 million. Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.1.4 billion million and Debt Service was Ps.360.8 million. Accounts Receivables Accounts receivables increased 26.3% YoY in 3Q24, mainly driven by increased activity in Mexico and Colombia. On February 28 and March 29, 2023, Viva Colombia and Ultra Air in Colombia suspended operations. At the end of 3Q24, these two companies owed ASUR Ps.15.2 million and Ps.10.6 million, respectively and such amounts have been provisioned. Capital Expenditures During 3Q24 ASUR made capital expenditures of Ps.1,042.4 million. Of this amount, Ps.876.7 million were allocated to modernizing the Company's Mexican airports pursuant to its master development plans, Ps.164.5 million were invested by Aerostar in Puerto Rico and Ps.1.2 million were invested by Airplan in Colombia. This compared to Ps.367.4 million invested in 3Q23, of which Ps.235.6 million were invested in Mexico, Ps.129.7 million in Puerto Rico and Ps.2.1 million in Colombia. On an accumulated basis, ASUR made capital expenses for a total of Ps.1,861.8 million in 9M24, of which Ps.1,445.5 million were allocated to its Mexican airports, Ps.410.6 million invested by Aerostar in Puerto Rico and Ps.6.6 million invested by Airplan in Colombia. This compares to a total of Ps.663.3 million invested in 9M23, of which Ps.387.1 million were allocated to its Mexican airports, Ps.267.3 million in Puerto Rico and Ps.8.9 million in Colombia. ASUR 3Q24 Page 8 of 24 Review of Mexico Operations Table 12: Mexico Revenues & Commercial Revenues Per Passenger For the purposes of this table, approximately 90.1 and 57.5 thousand transit and general aviation passengers are included in 3Q23 and 3Q24 respectively, while 217.6 and 170.9 thousand transit and general aviation passengers are included in 9M23 and 9M24. Represents the operation of ASUR in its convenience stores in Mexico. Mexico Revenues Mexico Revenues increased 17.1% YoY to Ps.5,386.4 million, mainly reflecting the new terms of the Master Development Plan published on December 13, 2023, and effectively starting on January 1, 2024. Excluding construction, revenues increased 11.8% YoY, mainly due to increases of 19.3% in revenues from aeronautical services and 0.9% in revenues from non-aeronautical services. Commercial Revenues decreased by 1.7% YoY, as shown in Table 12, mainly due to the 10.4% decline in passenger traffic. Commercial Revenues per Passenger for 3Q24 increased to Ps.149.0 from Ps.135.9 in 3Q23. ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage operations, parking lot fees, and other. As shown in Table 14, during the last 12 months, ASUR opened 18 new commercial spaces, 8 at Merida, 2 each at Huatulco, Tapachula, and Veracruz airports, and 1 each at Oaxaca, Cozumel, Minatitlan, and Villahermosa airports. More details of these openings can be found on page 20 of this report. Table 14: Mexico Summary Retail and Other Commercial Space Opened since September 30,2023 Only includes new stores opened during the period and excludes remodelings or contract renewals. ASUR 3Q24 Page 9 of 24 Mexico Operating Costs and Expenses Table 15: Mexico Operating Costs & Expenses Total Mexico Operating Costs and Expenses increased 29.9% YoY, or Ps.471.9 million. Excluding construction costs, operating costs and expenses increased 14.8%, or Ps.206.6 million, mainly due to higher concession fees, personnel expenses, professional fees, insurance and surety bond expenses, surveillance and cleaning services, and maintenance and conservation costs. Cost of Services increased 7.7% YoY, primarily due to higher costs in connection with personnel, surveillance insurance and surety bond expenses, professional fees, surveillance and cleaning services, maintenance, and conservation Administrative Expenses declined 22.2% YoY. The Technical Assistance fee declined 46.1% YoY, principally due to the reduction in the technical assistance fees charged by ITA to 2.5% from 5.0% of the EBITDA generated by ASUR's Mexican operations starting January 1, 2024. Concession Fees , which include fees paid to the Mexican government, increased by 108.7% YoY, principally due to the increase in the concession fee rate to 9% from 5% starting January 1, 2024 and the increase in the tariff calculation base set forth in the Mexican concession titles. Depreciation and Amortization increased 13.1% YoY, due to the recognition of investments made to date. Mexico Consolidated Comprehensive Financing Gain (Loss) Table 16: Mexico Comprehensive Financing Gain (Loss) During 3Q24, ASUR's Mexico operations reported a Ps.947.2 million Comprehensive Financing Gain, compared to a Ps.200.8 million in 3Q23. This was mainly due to a Ps.654.0 million foreign exchange gain reported in 3Q24, resulting from the 7.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a foreign currency net asset position (3.7% average depreciation). This compared to a Ps.125.5 million foreign exchange gain in 3Q23, resulting from the 1.6% quarter-end depreciation of the Mexican peso during that period against the U.S. dollar on a foreign currency net asset position (0.5% average appreciation). Interest income increased 97.6% YoY, or Ps.187.4 million, mainly resulting from a higher cash balance, while interest expenses declined 26.1%, or Ps.30.5 million YoY mainly due to principal payments in 2023 and 1H24. ASUR 3Q24 Page 10 of 24 Attachments Disclaimer ASUR - Grupo Aeroportuario del Sureste SA de CV published this content on October 22, 2024 , and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 22, 2024 at
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