ASUR ANNOUNCES 3Q24 RESULTS

PR Newswire

MEXICO CITY, Oct. 22, 2024

Total Revenue and EBITDA Increased YoY by 18% and 12%, Respectively Despite 2% Decrease in Passenger Traffic

MEXICO CITY, Oct. 22, 2024 /PRNewswire/ -- 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(1)

   -- 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. 
 
   -- 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. 
 
Table 1: Financial and Operating Highlights(1) 
 
                                     Third Quarter 
                                ------------------------  ------ 
                                                            % 
                                   2023         2024       Chg. 
------------------------------  -----------  -----------  ------ 
Financial Highlights 
------------------------------ 
Total Revenue                     6,338,851    7,483,293    18.1 
------------------------------  -----------  -----------  ------ 
 Mexico                           4,598,604    5,386,401    17.1 
------------------------------  -----------  -----------  ------ 
 San Juan                         1,061,755    1,215,566    14.5 
------------------------------  -----------  -----------  ------ 
 Colombia                           678,492      881,326    29.9 
------------------------------  -----------  -----------  ------ 
Commercial Revenues per PAX           116.5        124.9     7.2 
------------------------------  -----------  -----------  ------ 
 Mexico                               135.9        149.0     9.6 
------------------------------  -----------  -----------  ------ 
 San Juan                             139.2        152.4     9.5 
------------------------------  -----------  -----------  ------ 
 Colombia                              43.4         52.0    19.8 
------------------------------  -----------  -----------  ------ 
EBITDA                            4,198,452    4,700,373    12.0 
------------------------------  -----------  -----------  ------ 
Net Income                        2,807,143    3,474,554    23.8 
------------------------------  -----------  -----------  ------ 
Majority Net Income               2,709,532    3,381,190    24.8 
------------------------------  -----------  -----------  ------ 
Earnings per Share (in pesos)        9.0318      11.2706    24.8 
------------------------------  -----------  -----------  ------ 
Earnings per ADS (in US$)            4.5977       5.7374    24.8 
------------------------------  -----------  -----------  ------ 
Capex                               367,356    1,042,400   183.8 
------------------------------  -----------  -----------  ------ 
Cash & Cash Equivalents          16,917,191   18,483,601     9.3 
------------------------------  -----------  -----------  ------ 
Net Debt                        (4,530,686)  (5,853,192)    29.2 
------------------------------  -----------  -----------  ------ 
Net Debt/ LTM EBITDA                  (0.3)        (0.3)    18.3 
------------------------------  -----------  -----------  ------ 
Operational Highlights 
------------------------------ 
Passenger Traffic 
------------------------------  -----------  -----------  ------ 
 Mexico                          10,710,221    9,624,910  (10.1) 
------------------------------  -----------  -----------  ------ 
 San Juan                         3,171,077    3,316,577     4.6 
------------------------------  -----------  -----------  ------ 
 Colombia                         3,736,301    4,314,938    15.5 
------------------------------  -----------  -----------  ------ 
 

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: 13749410

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

(1) 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.

For a full version of ASUR's Third Quarter 2024 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, "Construction Revenues," reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, "Construction Revenues" include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while "Construction Costs" represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.

Majority Net Income reflects ASUR's equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

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