Oct 23, 2026 earnings call — Major expansion into Brazil and U.S. commercial operations
Completed acquisition of CPC Aeroportos, adding 20 airports, for BRL 5.5 billion (approx $992 million).
Revenue $0.6B (est $0.5B) · EPS $3.89 (est $4.60)
Key quotes
"On September 1, we completed acquisition of CPC Aeroportos from Motiva, which added 20 airports to our portfolio, the majority of which are located in Brazil."
"Airline capacity constraints, including a Spirit Airlines bankruptcy, higher jet fuel prices, continue to weigh on demand, particularly for international travel."
"There are two extraordinary dividends of MXN 10 each, payable on November 30th and December 23rd this year."
Analyst Q&A 10
Why passenger traffic fell
Q (Rodolfo Ramos · Bradesco BBI): They asked what drove the traffic decline (airline capacity, Tulum, etc.) and how traffic will evolve into the first quarter and next year. They also asked which costs in the quarter were one-time and the future run rate after acquisitions.
A: Adolfo said the U.S. is the main problem and that airlines cut capacity, chased higher-yield markets, and were affected by the Spirit bankruptcy, while Canada was the only positive. He also said there were one-time costs for the CPC acquisition, internalization, and bonds, and that Mexico will face higher costs from a government reduction from 40 to 38 working hours and the new Terminal 1 operation.
"In terms of the decline, of course, today we have a cocktail of things that are affecting all of these, as you have mentioned." — Adolfo Castro (CEO)
Plans for new airports, leverage
Q (Guilherme Mendes · JPMorgan): They asked if ASUR is interested in Brasília and other regional Brazil airports, and what other expansion ASUR will consider. As a follow-up they asked how leverage should evolve as operations are consolidated.
A: Adolfo said the priority is to consolidate the recent acquisitions, specifically the U.S. assets and the 20 additional airports from CPC. He said next year's CapEx should be funded by regional cash flows and that they do not expect additional leverage next year.
"For the moment, we are focused on consolidating what we just recently acquired, that is the case of the U.S. and the 20 additional airports from CPC." — Adolfo Castro (CEO)
Motiva margin and tag-along status
Q (Fernanda Recchia · BTG Pactual): They asked whether Motiva's 47% EBITDA margin in September is a temporary result or a new recurring level, and about timing and likelihood of tag-along rights at Confins and Curaçao.
A: Adolfo said Motiva began operations in September with a 47% margin and they think margins can improve but he could not confirm a 50% level. He said tag-alongs were included in the CPC transaction and the process is ongoing awaiting approvals; Infraero is 49% of Confins, Zurich is 12.5% of Confins and 10.2% of Curaçao to reach 90%.
"In terms of tag alongs, yes, those were included in the whole scheme of the operation with CPC." — Adolfo Castro (CEO)
Regulatory CapEx commitments
Q (Alberto Valerio · UBS): They asked if Brazilian and Central American airports have regulatory CapEx commitments and whether the large CapEx continues beyond next year.
A: Adolfo said most of next year's Brazil CapEx is regulatory, with some smaller additional projects. He said next year's CapEx will be almost the same as 2028/2027 and then it reduces.
"Yes, Alberto. As I mentioned, what we are expecting for next year in the case of Brazil, most of this is regulatory." — Adolfo Castro (CEO)
Internalization timing and savings
Q (Pablo Ricalde · Itaú BBA): They asked if the internalization will happen as of January 1, 2027 and whether synergies are quantified and fully flow to margins or have related costs.
A: Adolfo said the internalization process has started but needs approvals from Mexican tax authorities and others, so it will take time. He said they see an opportunity of MXN 401 million in 2025 and that they will not spend that amount in the future, which should increase EBITDA.
"In terms of the costs, we see an opportunity there, as I mentioned, MXN 401 million in 2025." — Adolfo Castro (CEO)
Leadership and integration success metrics
Q (Anton Mortenkotter · GBM): They asked what capabilities the new Brazil director brings and which metrics will be used to measure integration success (commercial revenue per passenger, efficiencies, ROIC, etc.).
A: Adolfo said the CPC acquisition aimed to use the balance sheet and adjust the equity structure, and that leverage increased from 0.2 to 2.6 times last 12 months net EBITDA. He said they will focus on commercial revenues and operational efficiencies, and that José Formoso has long Brazil concession experience and understands how Mexicans think.
"Of course, in terms of things that we're going to be focused on is the case of the commercial revenues." — Adolfo Castro (CEO)
Will cost cuts affect regulators' model?
Q (Jens Spiess · Morgan Stanley): They asked whether reductions in operating costs will be reflected in the regulator's reference value model and affect tariffs in the next MDP cycle.
A: Adolfo said the new regulated regime published on October 19, 2023 recognizes all the company's expenses. He said if they reduce expenses, those reductions will affect future tariffs or results in the MDP update.
"Well, you know that the new regulated regime that has been published on October 19, 2023, recognizes all the expenses that the company has." — Adolfo Castro (CEO)
U.S. margins and key drivers
Q (Alan Macias · BofA): They asked what long-term margins the U.S. operations should reach.
A: Adolfo said the reported U.S. margin was 11% today and that it will increase. He said margin improvement depends on starting Terminal 1 (delayed to end of the first quarter next year) and on new space at Chicago O'Hare while they are currently spending without revenue.
"As I said during the initial remarks, one of the key elements of this is still pending to start operations, which is the case of terminal 1." — Adolfo Castro (CEO)
Tulum incentives and passenger outlook
Q (Fernanda Recchia · BTG Pactual): They asked about local news that incentives for airlines to Tulum might be postponed and whether management expects that to happen.
A: Adolfo reviewed Tulum's passenger history and said the airport has been affected by airline capacity reductions, including domestic cuts by Aeroméxico and Volaris. He said his expectation for this year is 700,000 passengers and that next year it will be around 700,000, 800,000 passengers.
"So my expectation for next year is that this airport will be around 700,000, 800,000 passengers." — Adolfo Castro (CEO)
Does U.S. debt change Mexico WACC
Q (Anton Mortenkotter · GBM): They asked whether the U.S. debt issuance affects the capital structure used in the Mexican regulatory WACC calculation.
A: Adolfo said the Mexican regulatory calculation applies only to Mexico and does not include other operations, other costs, or leverage from outside Mexico. Therefore U.S. debt is not included in the Mexican regulatory equation.
"Mexican regulatory is just for Mexico. That does not include any other operation or any other cost in the equation, nor the leverage as well." — Adolfo Castro (CEO)