ASUR ANNOUNCES 2Q24 RESULTS

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Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Jul 23, 2024, 16:30 ET

Passenger Traffic Increased 2.8% YoY

MEXICO CITY, July 23, 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 six-month periods ended June 30, 2024.

2Q24 Highlights¹

Total passenger traffic increased 2.8% year-over-year ("YoY"). By country of operations, passenger traffic presented the following YoY variations:
- Mexico: declined 4.7%, reflecting decreases of 2.5% in international traffic and 7.0% in domestic traffic.
- Puerto Rico (Aerostar): increased 8.5%, driven by growth of 7.8% and 13.9% in domestic and in international traffic, respectively.
- Colombia (Airplan): increased 20.9%, resulting from increases of 29.6% in international traffic and 18.8% in domestic traffic.
Revenues increased 20.1% YoY to Ps.7,394.0 million. Excluding construction services, revenues increased 17.7% during the period.
Consolidated revenues per Passenger increased 4.6% to Ps.127.9.
Consolidated EBITDA increased 18.0% YoY to Ps.4,909.9 million.
Adjusted EBITDA Margin (excluding IFRIC12) reached 69.2% compared to 69.1% in 2Q23.
Closed 2Q24 with a cash position of Ps.14,997.0 million and Debt to LTM Adjusted EBITDA of negative 0.2x.

Table 1: Financial and Operating Highlights¹

	Second Quarter		% Chg.
	2023	2024	% Chg.
Financial Highlights
Total Revenue	6,156,443	7,394,010	20.1
Mexico	4,541,133	5,428,666	19.5
San Juan	1,036,616	1,182,580	14.1
Colombia	578,694	782,764	35.3
Commercial Revenues per PAX	122.3	127.9	4.6
Mexico	141.7	154.5	9.1
San Juan	146.4	147.2	0.6
Colombia	40.7	47.3	16.2
EBITDA	4,160,306	4,909,874	18.0
Net Income	2,649,413	3,779,413	42.7
Majority Net Income	2,444,711	3,673,567	50.3
Earnings per Share (in pesos)	8.1490	12.2452	50.3
Earnings per ADS (in US$)	4.4658	6.7105	50.3
Capex	152,927	636,780	316.4
Cash & Cash Equivalents	14,474,035	14,996,995	3.6
Net Debt	(1,326,708)	(2,842,542)	114.3
Net Debt/ LTM EBITDA	(0.1)	(0.2)	100.1
Operational Highlights
Passenger Traffic
Mexico	10,697,831	10,193,640	(4.7)
San Juan	3,198,859	3,469,364	8.5
Colombia	3,389,611	4,099,011	20.9

¹Unless 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 six-month periods ended June 30, 2024, and the equivalent three- and six-month periods ended June 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. 18.2478 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP.226.1200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.

2Q24 Earnings Call

Day: Wednesday, July 24, 2024, at 10:00 AM ET; 8:00 AM Mexico City time

Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)

Access Code: 13747378

Replay: Wednesday, July 24, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, July 31, 2024. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 13747378

For a full version of ASUR's Second 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.

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan's Airport is the island's primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

Analyst Coverage

In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

Forward Looking Statements

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.