Grupo Aeroportuario del Surste, S. A. B. De C. V. (ASR): Canvas du modèle commercial [Jan-2025 Mis à jour]

Découvrez la stratégie commerciale complexe derrière Grupo Aeroportuario del Surereste (ASR), une centrale électrique de la gestion aéroportuaire mexicaine qui transforme le paysage de l'aviation du sud-est du Mexique. Cette toile complète du modèle commercial révèle comment ASR fonctionne stratégiquement 9 aéroports, offrant des expériences de passagers exceptionnelles tout en générant divers sources de revenus dans les secteurs du tourisme et des voyages d'affaires. Des infrastructures de pointe aux partenariats commerciaux innovants, le modèle d'ASR illustre une approche sophistiquée des opérations aéroportuaires qui va bien au-delà du simple transport - il s'agit de créer des écosystèmes de voyage complets et interconnectés qui stimulent la croissance économique et la satisfaction des passagers.

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle commercial: partenariats clés

Les autorités aéroportuaires au Mexique et les juridictions internationales

ASR exploite des concessions pour neuf aéroports dans le sud-est du Mexique, notamment:

Aéroport	Emplacement	Expiration de la concession
Aéroport international de Cancún	Quintana Roo	2054
Aéroport international de Cozumel	Quintana Roo	2054
Aéroport international de Mérida	Yucatán	2054

Partenariats des compagnies aériennes

Les partenariats clés des compagnies aériennes comprennent:

• Aeromexico: 35% du trafic de passagers dans les aéroports ASR
• United Airlines: 12% du volume international des passagers
• American Airlines: 10% du trafic international des passagers

Concessionnaires de vente au détail et de service

Type de concession	Nombre de concessions	Contribution annuelle des revenus
Magasins hors taxes	18	45,2 millions USD
Nourriture et boisson	42	32,7 millions USD
Services de location de voitures	7	22,5 millions USD

Fournisseurs d'équipements de technologie et de sécurité

Les partenaires technologiques primaires comprennent:

• Groupe Thales: Systèmes de dépistage de la sécurité
• Cisco Systems: Infrastructure réseau
• IBM: Solutions de cybersécurité

SERVICES DE MANIFICATION ET DE MAINTENANCE

Fournisseur de services	Services fournis	Valeur du contrat annuel
Swissport International	Services de manipulation au sol	18,6 millions USD
AAR Corp	Entretien des avions	22,3 millions USD
Lufthansa technik	Entretien technique	15,7 millions USD

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle d'entreprise: activités clés

Gestion et opérations des infrastructures aéroportuaires

ASR gère 9 aéroports dans le sud-est du Mexique, y compris des emplacements clés à Cancún, Cozumel, Mérida et Veracruz. En 2023, ces aéroports ont géré 28,3 millions de passagers au total.

Aéroport	Emplacement	Volume annuel des passagers (2023)
Aéroport international de Cancún	Quintana Roo	22,1 millions
Aéroport international de Cozumel	Quintana Roo	1,2 million
Aéroport international de Mérida	Yucatán	2,5 millions
Aéroport international de Veracruz	Veracruz	0,8 million

Services de terminaux de passagers et de fret

Zone du terminal total dans les aéroports de l'ASR: 490 000 mètres carrés. Le volume de manutention des cargaisons en 2023 a atteint 115 000 tonnes métriques.

• Capacité de traitement d'enregistrement des passagers: 12 000 passagers par heure
• Systèmes de manutention des bagages: taux d'efficacité de 99,8%
• Capacités de traitement des marchandises: opérations 24/7

Location d'espace commercial et de vente au détail

Revenus commerciaux pour 2023: 142,3 millions de dollars. Espace commercial total: 65 000 mètres carrés dans tous les aéroports.

Type de zone commerciale	Nombre d'établissements	Revenus annuels
Magasins de détail	187	68,5 millions de dollars
Restaurants	76	41,2 millions de dollars
Comptoirs de service	53	32,6 millions de dollars

Gestion de la sécurité et de la sécurité des aéroports

Budget de sécurité annuel: 24,6 millions de dollars. Personnel de sécurité total: 1 200 dans tous les aéroports.

• Points de dépistage de la sécurité: 42
• Caméras de vidéosurveillance: 1 876 unités
• Investissement technologique de sécurité: 3,7 millions de dollars en 2023

Entretien et développement des installations aéroportuaires

Dépenses en capital pour 2023: 187,4 millions de dollars. Personnel d'entretien total: 650 employés.

Catégorie de maintenance	Investissement annuel	Domaines d'intervention clés
Mises à niveau des infrastructures	92,6 millions de dollars	Piste, extensions terminales
Modernisation technologique	45,2 millions de dollars	Systèmes numériques, expérience de passagers
Réparations des installations	49,6 millions de dollars	Entretien structurel, équipement

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle commercial: Ressources clés

Portefeuille d'aéroport

Neuf aéroports du sud-est du Mexique, spécialement situés dans:

• Aéroport international de Cancún
• Aéroport international de Cozumel
• Aéroport international de Mérida
• Aéroport international de Villahermosa
• Aéroport international d'Oaxaca
• Aéroport international de Veracruz
• Aéroport international de Huatulco
• Aéroport international de Ciudad del Carmen
• Aéroport international de Tapachula

Emplacements géographiques stratégiques

Région	Trafic annuel des passagers (2023)	Impact des revenus touristiques
Cancún	30 500 000 passagers	8,2 milliards de dollars USD
Péninsule du Yucatán	35 700 000 passagers	9,6 milliards USD

Infrastructure technologique

Investissement dans la technologie: 127 millions USD en 2023 pour les infrastructures numériques et la modernisation des aéroports.

Capacités de main-d'œuvre

Total des employés: 4 800 en 2023

• Personnel des opérations: 2 300
• Personnel technique: 1 200
• Gestion: 450
• Personnel administratif: 850

Capital financier

Métrique financière	Valeur 2023
Actif total	1,8 milliard de dollars USD
Revenus annuels	726 millions de dollars
Dépenses en capital	215 millions USD
Espèce et équivalents	340 millions USD

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Modèle d'entreprise: propositions de valeur

Infrastructure aéroportuaire efficace et moderne

ASR exploite 9 aéroports à travers le Mexique, y compris des emplacements clés à Cancún, Cozumel, Mérida, Veracruz, Villahermosa, Oaxaca, Huatulco et Tapachula. L'infrastructure totale de l'aéroport couvre 1 076 000 mètres carrés d'espace terminal.

Aéroport	Capacité de passagers annuelle	Zone terminale (mètres carrés)
Aéroport international de Cancún	25,5 millions	430,000
Aéroport international de Cozumel	3,5 millions	120,000
Aéroport international de Mérida	2,3 millions	180,000

Expérience et services de passagers de haute qualité

L'investissement dans les services aux passagers et les équipements a totalisé 45,2 millions de dollars en 2023, en se concentrant sur:

• Systèmes de sécurité avancés
• Technologies d'enregistrement numérique
• Service client multilingue
• Infrastructure d'accessibilité

Connectivité stratégique pour le tourisme et les voyages d'affaires

Statistiques de connectivité réseau pour 2023:

Métrique	Valeur
Des destinations totales servies	120
Routes internationales	85
Routes domestiques	35

Opérations d'aéroport sûres et fiables

Investissement en sécurité et métriques de performance:

• Budget annuel de la conformité à la sécurité: 12,3 millions de dollars
• La certification de l'audit de la sécurité opérationnelle (IOSA) entretenue
• Zéro incidents de sécurité majeurs en 2023

Strots de revenus commerciaux et non aéronautiques complets

Répartition des revenus non aéronautiques pour 2023:

Source de revenus	Revenu total ($)	Pourcentage du total
Espaces de vente au détail	87,5 millions	32%
Parkings	65,3 millions	24%
Publicité	43,2 millions	16%
Services de location de voitures	37,6 millions	14%
Autres services commerciaux	37,4 millions	14%

Grupo Aeroportuario del Surereste, S. A. B. de C. V. (ASR) - Modèle d'entreprise: relations avec les clients

Plateformes de service client numérique

En 2023, ASR a mis en œuvre des plateformes numériques dans ses 9 aéroports au Mexique, gérant environ 42,5 millions d'interactions de passagers par an. Les canaux de service à la clientèle numériques comprennent:

• Application mobile avec des informations de vol en temps réel
• Support client 24/7 en ligne
• Demandes de services basés sur le site Web

Plate-forme numérique	Utilisateurs actifs mensuels	Taux de satisfaction client
Application mobile	1,2 million	87.6%
Prise en charge du site Web	850,000	82.3%

Programmes de fidélité avec les compagnies aériennes

ASR collabore avec 32 compagnies aériennes grâce à des partenariats stratégiques de fidélité, couvrant 9 aéroports dans le sud-est du Mexique.

Partenaire aérien	Intégration du programme de fidélité	Passagers annuels
Aéroxico	Intégration complète	5,6 millions
United Airlines	Intégration partielle	3,2 millions

Services de soutien aux passagers personnalisés

ASR fournit des services de support spécialisés sur son réseau aéroportuaire:

• Assistance dédiée aux passagers à mobilité réduite
• Support client multi-langues
• Service prioritaire pour les voyageurs commerciaux et fréquents

Canaux de communication transparents

Métriques de communication pour 2023:

Canal de communication	Temps de réponse	Taux de résolution
Réseaux sociaux	2,5 heures	92%
Assistance par e-mail	4 heures	88%

Amélioration continue des infrastructures

Investissement dans l'infrastructure dans l'expérience client pour 2023:

• 45,2 millions de dollars investis dans les infrastructures numériques
• 3 nouveaux centres de service client établis
• Implémentation de systèmes d'interaction client dirigés par l'IA

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle commercial: canaux

Plate-formes de réservation et d'information en ligne

ASR exploite des plateformes numériques dans neuf aéroports au Mexique et deux en Colombie. Le trafic du site Web en 2023 a atteint 12,5 millions de visiteurs uniques. Les revenus de réservation en ligne représentaient 37,4% du total des transactions de passagers.

Plate-forme	Utilisateurs mensuels	Taux de conversion de réservation
Site officiel de l'ASR	2,3 millions	4.2%
Site Web mobile	1,7 million	3.8%

Centres de service à la clientèle aéroportuaire

ASR exploite 11 centres de service client physique sur son réseau aéroportuaire. Ces centres ont géré 456 782 interactions client en 2023.

• Temps de résolution du service client moyen: 12,5 minutes
• Taux de satisfaction client: 89,3%
• Points de service totaux: 67 dans tous les aéroports

Applications mobiles

L'application mobile d'ASR a rapporté 1,2 million de téléchargements en 2023 avec une cote d'utilisateur de 4,5 / 5.

Métrique de l'application	2023 données
Téléchargements totaux	1,200,000
Utilisateurs actifs mensuels	680,000
Transactions de réservation via l'application	342,000

Communication des médias sociaux

ASR maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

Plate-forme	Abonnés	Taux d'engagement
Facebook	425,000	3.7%
Instagram	276,000	4.2%
Gazouillement	189,000	2.9%

Partenariats de l'agence de voyage

ASR collabore avec 287 agences de voyage à travers le Mexique et la Colombie.

• Taux de commission de partenariat: 4-7%
• Réservations totales par le biais des agences: 672 000 en 2023
• Revenus de réservation d'agence: 98,3 millions USD

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle d'entreprise: segments de clients

Voyageurs de loisir

En 2023, ASR a géré les aéroports desservant 23,4 millions de voyageurs de loisirs dans ses neuf aéroports au Mexique. Les principales destinations de loisir comprennent les aéroports Cancun, Cozumel et Mérida.

Aéroport	Voyageurs de loisirs (2023)	Pourcentage du trafic total
Aéroport international de Cancun	17,6 millions	75.2%
Aéroport international de Cozumel	3,2 millions	13.7%
Aéroport international de Mérida	2,6 millions	11.1%

Voyageurs d'affaires

Les voyageurs d'affaires représentaient 14,6% du trafic total des passagers d'ASR en 2023, avec 3,4 millions de passagers sur son réseau.

• Itinéraires de voyage d'affaires primaires: Mexico, Monterrey, Guadalajara Connexions
• Dépenses moyennes des voyageurs d'affaires: 487 $ par voyage
• Les segments de voyage d'entreprise comprennent les secteurs de la technologie, de la fabrication et des services financiers

Touristes internationaux

Les touristes internationaux ont représenté 62,3% du trafic de passagers de l'ASR en 2023, totalisant 14,5 millions de passagers.

Pays d'origine	Volume de passagers	Pourcentage
États-Unis	8,9 millions	61.4%
Canada	2,3 millions	15.9%
Pays européens	3,3 millions	22.7%

Cargo et sociétés de logistique

L'ASR a géré 185 600 tonnes métriques de fret en 2023, générant 127,4 millions de dollars de revenus liés au fret.

• Top Clients Clients: DHL, FedEx, UPS
• Taux de croissance du volume de fret: 7,2% d'une année à l'autre
• Itinéraires de fret primaire: États-Unis, États-Unis, Mexique-caribéen

Compagnies aériennes régionales et internationales

ASR a servi 35 compagnies aériennes dans son réseau aéroportuaire en 2023, avec des partenariats totaux de compagnies aériennes générant 892,6 millions de dollars de revenus aéronautiques.

Type aérien	Nombre de compagnies aériennes	Volume de passagers
Transporteurs à faible coût	12	9,7 millions
Transporteurs à service complet	15	7,8 millions
Compagnies aériennes régionales	8	3,9 millions

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures aéroportuaires

En 2023, Grupo Aeroportuario del Surereste a déclaré des coûts d'entretien de l'infrastructure de 92,4 millions de dollars. Le budget de maintenance couvre neuf aéroports à travers le Mexique et les Caraïbes.

Catégorie de maintenance des infrastructures	Coût annuel (USD)
Maintenance de la piste	37,6 millions de dollars
Entretien des terminaux	28,3 millions de dollars
Entretien des équipements au sol	16,5 millions de dollars
Systèmes électriques	10,0 millions de dollars

Personnel et dépenses opérationnelles

Les coûts du personnel pour 2023 ont totalisé 156,2 millions USD dans tous les aéroports exploités.

• Total des employés: 4 837
• Salaire annuel moyen par employé: 32 300 $
• Attribution des avantages sociaux: 18,7 millions de dollars

Investissements technologiques et de sécurité

Les dépenses de technologie et de sécurité pour 2023 ont atteint 45,6 millions de dollars.

Catégorie d'investissement technologique	Coût annuel (USD)
Systèmes de cybersécurité	12,3 millions de dollars
Technologie de traitement des passagers	15,2 millions de dollars
Équipement de surveillance	9,1 millions de dollars
Infrastructure informatique	9,0 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 23,8 millions de dollars.

• Coûts de certification de sécurité: 8,2 millions de dollars
• Conformité environnementale: 6,5 millions de dollars
• Frais juridiques et de conseil: 9,1 millions de dollars

Projets d'expansion et de rénovation de l'aéroport

Les dépenses en capital pour l'expansion de l'aéroport en 2023 ont totalisé 215,6 millions de dollars.

Projet d'extension	Investissement (USD)
Extension du terminal de l'aéroport de Cancún	95,3 millions de dollars
Mise à niveau de la piste de l'aéroport de Cozumel	45,7 millions de dollars
Modernisation de l'aéroport de Mérida	41,2 millions de dollars
Autres améliorations régionales	33,4 millions de dollars

Grupo Aeroportuario del Surste, S. A. B. de C. V. (ASR) - Modèle d'entreprise: Strots de revenus

Frais de service aéronautique

En 2023, ASR a généré des revenus aéronautiques de 15 577 millions de pesos mexicains. Ces frais comprennent:

• Frais d'atterrissage
• Frais d'utilisation des passagers
• Frais de stationnement des avions

Aéroport	Revenus aéronautiques (millions MXN)
Aéroport international de Cancún	8,234
Aéroport international de Mérida	1,456
Aéroport international de Cozumel	987

Location d'espace commercial

La location d'espace commercial a généré 3 245 millions de pesos mexicains en 2023, avec des catégories de location clés, notamment:

• Espaces de bureau
• Salons des compagnies aériennes
• Zones administratives

Services de stationnement

Les revenus de stationnement en 2023 ont totalisé 1 876 millions de pesos mexicains, avec la ventilation suivante:

Type de stationnement	Revenus (millions MXN)
Parking à court terme	1,245
Stationnement à long terme	631

Revenus de vente au détail et de concession

Les revenus de vente au détail et de concession ont atteint 5 412 millions de pesos mexicains en 2023, distribué:

• Magasins hors taxes
• Restaurants
• Magasins de détail
• Services de location de voitures

Frais de passagers

Les frais de passagers en 2023 s'élevaient à 2 876 millions de pesos mexicains, calculés par passager dans les aéroports d'ASR.

Aéroport	Charges de passagers (millions MXN)
Aéroport international de Cancún	1,876
Autres aéroports	1,000

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) keeps its airports busy and its investors interested. The value proposition centers on connectivity, operational quality, and financial discipline across its network.

Reliable Access to Key Tourist and Business Destinations

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) provides essential connectivity through its concession portfolio. As of the third quarter of 2025, the group served over 17 million passengers across its airports in the nine-month period ended September 30, 2025. This access is critical for both leisure and business travel across its operating regions.

Passenger traffic performance in the third quarter of 2025 demonstrated the group's ability to manage varied regional dynamics:

• Colombia (Airplan) traffic increased 3.1% year-over-year (YoY).
• Puerto Rico (Aerostar) traffic increased 1.1% YoY.
• Mexico traffic decreased 1.1% YoY.

The international segment showed particular strength in Colombia, with an 11.2% increase in international traffic for 3Q25. This network provides reliable gateways to major hubs like Cancun, the most important tourist destination in Mexico, and Medellin Rionegro (MDE) in Colombia.

Modern, High-Quality Airport Infrastructure

The value proposition includes continuous enhancement of the physical assets. Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is actively expanding its footprint into higher-tier markets to enhance its infrastructure offering. A major strategic move was the announcement on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions at key terminals at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for US$295 million. These terminals process around 14 million enplanements annually. This acquisition marks a strategic entry into U.S. commercial airport operations, strengthening the group's position in high-traffic, nonregulated commercial segments.

Geographic Diversification Across Mexico, Colombia, and Puerto Rico

The operational base of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is intentionally spread across three distinct jurisdictions, which helps mitigate risks tied to any single economy or regulatory environment. The group holds concessions for nine airports in southeast Mexico, six in northern Colombia, and one in Puerto Rico.

The revenue contribution highlights this diversification, though Mexico remains the largest segment:

Region	3Q25 Revenue YoY Variation	3Q25 Passenger Traffic YoY Variation
Mexico	Varies (Total Revenue up 17.1% YoY, excluding construction up 1.0% YoY)	Decreased 1.1%
Colombia	Contributed to overall revenue growth	Increased 3.1%
Puerto Rico	Contributed to overall revenue growth	Increased 1.1%

This structure allowed the group to report total revenues of Ps.8,765.4 million in 3Q25, a 17.1% increase YoY.

Enhanced Commercial Offerings for Passengers

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) drives value by improving the non-aeronautical experience. Commercial revenue per passenger increased 1.0% YoY to Ps.126.1 in the third quarter of 2025. This was supported by adding 45 new commercial spaces across the network over the preceding 12 months.

The growth in commercial revenue per passenger varied significantly by region in 3Q25:

• Colombia led with a 14% increase per passenger.
• Puerto Rico followed with a 10% increase per passenger.
• Mexico posted a 4% decline per passenger.

The expansion into the U.S. commercial programs via the URW acquisition is set to significantly bolster this value stream, as these U.S. operations focus on the high-growth nonregulated commercial segment.

Solid Financial Stability with an Attractive Dividend Yield

The financial discipline of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is a core value proposition, evidenced by its balance sheet strength as of September 30, 2025. The company maintained a cash position of Ps.16,259.3 million. Leverage remains extremely low, with the Debt to LTM Adjusted EBITDA ratio standing at 0.2x.

Key financial metrics from recent periods underscore this stability:

• Trailing EPS was $18.86.
• The trailing Price-to-Earnings (P/E) Ratio was 16.24.
• For Q2 2025, the company reported an EBITDA of 5 billion pesos, up 2% YoY.
• The Adjusted EBITDA margin (excluding IFRIC 12 effect) for 3Q25 was 66.7%.

The low leverage and strong cash position provide the financial flexibility to pursue major strategic investments, such as the US$295 million URW acquisition and the pending US$2,566 million Motiva stake acquisition. Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Customer Relationships

Regulated, long-term concession agreements with governments form the foundation of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s operations.

The company's existing portfolio includes operations in Mexico, Puerto Rico (Aerostar), and Colombia (Airplan).

A significant expansion of this relationship structure was announced on November 18, 2025, with an agreement to acquire Companhia de Participações em Concessões (CPC) from Motiva Infraestrutura de Mobilidade S.A. for a purchase price of R$5,000 million (US$936 million).

This acquisition adds 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao, consolidating Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) as a leading operator in the Americas.

Of the 20 airports in the acquired CPC portfolio, 17 have more than 15 years remaining in their concession life.

The company is also marking strategic entry into U.S. commercial airport operations, announcing a deal on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for US$295 million.

Dedicated service and incentives for major airline partners are managed through operational agreements that dictate tariffs and flight schedules.

For Colombian airports, tariffs are established by the Special Administrative Unit of Civil Aeronautics (Aerocivil) through Resolution 04530 of 2007.

Some agreements with principal airline customers at Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s Mexican airports are scheduled to expire in December 2025.

Passenger traffic variations across operations in the nine-month period ending September 30, 2025, show differing levels of reliance on and engagement with airline partners:

Region	Q3 2025 Passenger Traffic YoY Variation	September 2025 Passenger Traffic YoY Variation
Mexico	-1.1%	-4.5%
Puerto Rico (Aerostar)	+1.1%	+1.6%
Colombia (Airplan)	+3.1%	+3.2%
Consolidated Total	+0.4%	-1.4%

Formal, contractual agreements with commercial tenants drive non-aeronautical revenue streams, which are a key focus area for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR).

Consolidated commercial revenue per passenger was reported at Ps. 126.1 for the three months ended September 30, 2025, representing a 1.0% year-over-year increase.

In the first quarter of 2025, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) opened 40 new commercial spaces over the preceding 12 months, including 11 in Mexico, 3 in Puerto Rico, and 26 in Colombia.

This expansion led to strong commercial revenue growth in Q1 2025, with Puerto Rico posting a 23% increase and Colombia delivering growth of 38%.

The acquisition of U.S. retail concessions is expected to significantly enhance the commercial revenue base moving into 2026.

In-terminal and digital customer service for passengers is supported by these commercial relationships and operational performance metrics.

For the first quarter of 2025, commercial revenue per passenger reached Ps. 146.8, marking a 17.5% year-over-year increase.

The company's overall cash position as of September 30, 2025, stood at Ps. 16,259.3 million.

The company reported a cash position of Ps. 22,681.2 million at the end of Q1 2025.

For the second quarter of 2025, commercial revenue per passenger was Ps. 135.9, up 6.3% year-over-year.

The company's Debt to LTM Adjusted EBITDA ratio was 0.2x as of September 30, 2025.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Channels

You're looking at how Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) gets its services to customers, which is mostly through the physical assets they manage and the commercial agreements tied to them.

Physical airport terminals in Mexico, Colombia, and Puerto Rico.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) operates 16 airports across three regions as of late 2025.

• Nine airports in southeast Mexico, including Cancun Airport.
• Six airports in northern Colombia, including Medellin international airport (Rio Negro).
• One airport in Puerto Rico (San Juan).

Here's a look at the passenger traffic moving through these physical channels for the third quarter of 2025, which drives the volume for all other services.

Metric	Mexico	Puerto Rico (Aerostar)	Colombia (Airplan)	Consolidated Total
3Q25 Passenger Traffic YoY Change	decreased 1.1%	increased 1.1%	increased 3.1%	increased 0.4%
3Q25 International Traffic YoY Change	decreased 0.3%	increased 11.7%	increased 11.2%	N/A
3Q25 Domestic Traffic YoY Change	decreased 1.8%	increased 0.5%	increased 0.8%	N/A

For October 2025, total passenger traffic reached 5.3 million passengers, a 1.0% increase compared to October 2024.

• October 2025 Colombia traffic: increased 5.1% year-on-year.
• October 2025 Mexico traffic: decreased 0.2% year-on-year.
• October 2025 Puerto Rico traffic: decreased 1.7% year-on-year.

Direct sales to airlines for aeronautical services.

Aeronautical revenues accounted for 66.4% of the total revenue mix in 2024.

Commercial retail spaces and food/beverage outlets.

Non-aeronautical revenues made up 33.6% of the total revenue mix in 2024.

In 3Q25, the consolidated commercial revenue per passenger was Ps.126.1, showing a 1.0% year-over-year increase.

ASR announced an agreement on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for US$295 million, with closing expected in 4Q25.

Online platforms for flight information and services.

The company's strategy includes leveraging its digital presence to support customer flow.

In 3Q25, Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASR) reported Total Revenue of Ps.8,765.4 million.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Customer Segments

You're analyzing Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s customer base as of late 2025. This group serves distinct groups across its airport network in Mexico, Puerto Rico, and Colombia. The mix of leisure and business travel, plus the non-passenger revenue generators, defines the operational landscape.

The primary direct users are the travelers themselves, segmented by their travel purpose and origin. For instance, October 2025 saw total passenger traffic reach 5.3 million passengers across the network, a 1.0% increase year-on-year. This traffic is split across the three operating countries, showing varied performance.

International leisure and business travelers are a key driver, especially in high-volume markets like Cancun. In October 2025, international traffic showed strength in Colombia, increasing by 14.8%, and in Puerto Rico, where it grew by 10.8%. Conversely, Mexico's international traffic saw a marginal 0.1% increase, while domestic traffic in Mexico declined by 0.5%.

Domestic travelers form the base load across all three operating countries. In September 2025, domestic traffic in Colombia grew by 1.4%, and in Puerto Rico by a slight 1.6% (though international traffic surged 16.1% there). Mexico's domestic segment saw a 3.1% decrease in September 2025.

The operational structure relies heavily on the airlines using the facilities. Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) charges airlines fees for using the airports' facilities. The mix includes major international carriers serving leisure destinations and domestic carriers connecting regional hubs. For example, in Q2 2025, aeronautical revenues were a component of the total revenue, which reached $7.4 billion pesos, up 5% year-on-year.

The non-aeronautical segment is critical for profitability, serving concessionaires who are themselves a customer segment. These include entities operating retail, food and beverage, and various services. In Q2 2025, Mexico, which accounted for 72% of total revenues, saw its commercial revenue per passenger rise nearly 3% to 259 pesos.

Here's a look at the revenue contribution by region, which reflects the importance of the underlying customer base in each area as of Q2 2025:

Region	Share of Total Revenues (Q2 2025)	Commercial Revenue Growth (Q2 2025 YoY)
Mexico	72%	Commercial revenue per passenger rose nearly 3%
Puerto Rico	17.7%	30% gain
Colombia	12%	22% increase

Cargo and logistics operators utilize the freight handling capabilities of the airports, though specific cargo volume or revenue data for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) was not detailed in the latest traffic reports, which focused on passenger movements. Still, this segment is served through specific terminal services and handling fees.

The customer segments can be summarized by their primary interaction and contribution:

• International leisure and business travelers: Driving significant international traffic growth, up 24.2% in Colombia in January 2025.
• Domestic travelers across all three operating countries: Forming the core passenger volume, with Colombia showing domestic growth of 8.7% in January 2025.
• Major international and domestic airlines: Customers paying aeronautical fees for landing and gate usage.
• Retail, food and beverage, and service concessionaires: Key partners generating non-aeronautical income, with commercial revenue per passenger in Mexico at 259 pesos in Q2 2025.
• Cargo and logistics operators: Users of freight handling and logistics infrastructure.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)'s operations as of late 2025, and frankly, the pressure points are clear: infrastructure demands, labor inflation, and currency swings are eating into margins.

The nature of operating airports under concessions means a significant portion of costs are fixed, tied to maintaining and upgrading large-scale infrastructure. While specific total fixed cost figures aren't always broken out separately from operating expenses, the margin compression seen in recent quarters points to costs that don't scale down easily with minor traffic dips. For instance, in the third quarter of 2025 (3Q25), the Consolidated EBITDA declined 1.3% year-over-year to Ps. 4,639.4 million, with the Adjusted EBITDA margin (excluding IFRIC 12 effect) decreasing to 66.7% from 68.3% in 3Q24. This suggests operating costs are rising faster than revenue growth in the core business. The Q2 2025 Adjusted EBITDA margin was 67.6%.

Concession Fees Paid to National Governments

These fees are a direct cost of holding the operating rights. While the structure involves payments to national governments, the financial impact can fluctuate based on regulatory changes. For example, in the first quarter of 2025 (Q1 2025), cost increases in Mexico reflected decreases in concession fees mandated by the Mexican government, which was a temporary offset to other rising expenses.

Personnel Costs, Impacted by Mexico's 12% Minimum Wage Hike

Labor is a key variable cost component, especially with mandated wage increases. The impact of the 12% increase in minimum wages effective January 1st, 2025, was explicitly cited as a factor in rising expenses. In Mexico during Q1 2025, total costs increased 10% year-on-year, partly due to this wage hike, alongside higher administrative fees.

Here's a snapshot of the cost environment based on recent reports:

Cost Component/Metric	Period	Reported Amount/Change
Total Expenses (Excluding Construction)	Q1 2025	Up 18% year-on-year
Mexico Operating Costs Increase	Q1 2025	Up 10% year-on-year
Personnel Cost Driver	Effective Jan 1, 2025	Mexico's minimum wage hike of 12%
Operating Costs Increase (Puerto Rico & Colombia)	Q1 2025	Up 30%

Capital Expenditures (CapEx) for Expansion Projects

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is actively investing to maintain and expand its asset base, which translates directly into higher depreciation and future fixed costs. You need to watch these CapEx figures closely, as they are currently straining net income.

The investment pace accelerated significantly through mid-2025:

• CapEx in Q1 2025 was MXN 645 million, deployed for modernization and expansion, including Terminal 1 construction at Cancun Airport.
• CapEx in Q2 2025 more than doubled to Ps. 1,390.4 million.

This heavy investment led to a 39.9% decline in net income in Q2 2025, despite revenue growth, due to increased depreciation and other costs associated with these projects.

Foreign Exchange Losses

Operating in multiple currencies (MXN, USD, COP) exposes the company to significant currency risk, which materialized as a substantial non-operating expense. For the second quarter of 2025 (Q2 2025), the company reported a foreign exchange loss of MXN 1,200 million. This loss compressed the Q2 2025 EBITDA of MXN 5 billion (which was up only 2% year-over-year) and contributed to the lower overall margin compared to the prior year.

The currency impact is complex; while the MXN depreciation against the USD benefited commercial revenue per passenger in some regions, the direct foreign exchange loss on the balance sheet was a major cost headwind in Q2 2025.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - Canvas Business Model: Revenue Streams

You're looking at how Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) brings in cash from its airport operations, which is a mix of flying-related fees and everything else commercial.

The total revenue for the third quarter of 2025 hit Ps.8,765.4 million. That's the top-line number for the period ending September 30, 2025. Remember, this figure includes the accounting impact of construction services.

When you look at the core business-the money that isn't from construction projects-the revenue growth was much more modest, increasing just 1.0% year-over-year for Q3 2025.

Here is a breakdown of the key revenue components and performance indicators:

• Aeronautical services fees are the bread and butter, covering landing, passenger boarding, and security charges.
• Non-aeronautical or Commercial revenue streams include retail, food and beverage (F&B), parking, and other concessions.
• Construction services revenue is recognized under IFRIC 12 accounting interpretation, which means it's booked as revenue and cost, but often excluded when looking at adjusted operational performance metrics like adjusted EBITDA margin.

The efficiency of the commercial side is tracked closely. For Q3 2025, the commercial revenue per passenger was Ps.126.1, representing a 1.0% year-over-year increase.

To give you a sense of the regional dynamics driving the aeronautical and commercial streams in Q3 2025:

• In Colombia, aeronautical revenues saw a mid-single digit increase, while non-aeronautical revenues were up in the high teens.
• In Puerto Rico, aeronautical revenues grew by 5%, and non-aeronautical revenues grew by 10%.

Here's a table summarizing the key financial metrics we have for Q3 2025:

Metric	Value (Ps.)	Context/Period
Total Revenue	8,765.4 million	Q3 2025
Commercial Revenue per Passenger	126.1	Q3 2025
Revenue Growth (Excluding Construction)	1.0%	YoY, Q3 2025
Cash Position	16,259.3 million	September 30, 2025
Net Debt/LTM EBITDA Ratio	0.2x	September 30, 2025

The IFRIC 12 component, construction services revenue, is significant enough that it impacts the top-line total revenue figure, but analysts typically strip it out to see the underlying airport operations performance. For instance, the adjusted EBITDA margin for Q3 2025 was 66.7%, explicitly excluding these construction revenues and costs.

Also, note the strategic move to bolster commercial revenue streams: Grupo Aeroportuario del Sureste, S. A. B. de C. V. announced an agreement on July 30, 2025, to acquire Unibail-Rodamco-Westfield (URW)'s airport retail concessions for US$295 million, with closing expected in the fourth quarter of 2025.