Southeast Airport Group, the Mexican airport operator that runs Cancún and the rest of the southeastern Mexico, Puerto Rico, and Colombia portfolio, reported a second quarter that read as two different stories depending on where the reader looked. On the consolidated income statement, total revenue rose 9.9% year over year to Ps.9,579.0 million (about $551 million), and net income grew 5.0% to Ps.2,384.6 million (about $137 million), with earnings per ADS of US$4.38, up 7.1%. Strip out the second full quarter of the newly acquired ASUR US Airports commercial business, which contributed Ps.443.8 million of revenue with no comparable base in 2Q25, and the underlying business was essentially flat, with consolidated revenue excluding construction services down 0.3% to Ps.7,407.8 million. The two segments that were supposed to drive the year, Mexico and Puerto Rico, both shrank in peso terms, while Colombia grew and the new U.S. commercial-services business did the work of filling the gap.
The market had already priced the air pocket. ASR's ADS closed at $267.08 on the report date, down 30% from the 52-week high of $381.16 set in February 2026 and at the 52-week low. The valuation is now roughly 3.2x trailing twelve-month EBITDA of Ps.16.4 billion, 1.4x EV/Sales on LTM revenue of Ps.38.1 billion, and a forward dividend yield of about 0.4% on the two Ps.10.00 per share extraordinary dividends announced in late July, payable in November and December 2026 subject to an August 20 shareholder vote. The market is pricing the Mexican peso tailwind in reverse, the Cancún tourist cycle stalling, and the Colombia concession-amortization reset; it is not yet pricing the U.S. expansion's earnings power or the internalization of the technical-assistance agreement. The thesis the rest of the report tries to falsify is whether the selloff has overshot - and at 3.2x trailing EBITDA against a 10-12x peer band, the gap is wide enough that the question is worth taking seriously.