ASUR Airports (ASURB.MX): 9% miss to consensus EBITDA on softer margins

研报英文原文证据摘录

ASUR Airports (ASURB.MX): 9% miss to consensus EBITDA on softer margins

Flash |

23 Jul 2026 20:13:06 ET │ 11 pages

ASUR Airports (ASURB.MX)

9% miss to consensus EBITDA on softer margins

CITI'S TAKE

Buy ASUR delivered a weak set of 2Q26 results, with EBITDA missing both our

forecast and consensus by 9%, as Cancun traffic deterioration and MXN Price (23 Jul 26 14:00) P$472.50

appreciation continued to compress revenues across Mexico and Puerto Target price P$630.00

Rico. The quarter reinforces our cautious stance on near-term traffic Expected share price return 33.3%

dynamics, particularly for tourist destinations, and raises questions about Expected dividend yield 6.3%

the pace of recovery in 2H26. On the positive side, the pending ITA Expected total return 39.7%

internalization — shareholders vote on August 20 — and the proposed

Market Cap P$130,906M P$20/share extraordinary dividend remain potential catalysts. We

US$7,471M support our Buy mainly on valuation, as ASUR continues to trade at an

implied IRR of ~11% nominal, but a sustained traffic recovery may be

needed to recover momentum and close the gap to our target price.

Andrés CardonaAC

9% miss to both Citi and consensus EBITDA on margin pressure — ASUR reported +57-601-484-0441

EBITDA of P$4,590m (-9% YoY, -14% QoQ), 9% below both our forecast of andres.cardona@citi.com

P$5,031m and consensus of P$5,032m, as weaker-than-expected margins across

Matheus TostesMexico and Puerto Rico more than offset broadly in-line results in Colombia.

+55-21-4009-0406Revenues came in at P$8,858m (+2% YoY, +2% QoQ), broadly in line with

expectations, but weak in ex-construction terms across the board, with YoY comps matheus.tostes@citi.com

only offset by the USA business entry. The adjusted EBITDA margin excluding Filipe Nielsen