Q2 FY2026 at Southeast Airport Group, the Mexican airport operator that still trades on BMV under its heritage ticker ASUR and on NYSE as ASR, was a quarter that did two different things at once. On the operating line, the second quarter closed with reported revenue of Ps.9,579.0 million, up 9.9% year on year, and majority net income of Ps.2,296.4 million, up 7.1% - better top-line growth than the year-ago quarter, with a small majority net income gain and a fifth of the consolidated EBITDA being absorbed by the Colombia D&A step-up. Strip out the construction-services revenue the company is required to recognize under IFRIC 12 (an accounting entry, not a cash item), and the underlying business was almost exactly flat: ex-construction revenue fell 0.3% to Ps.7,407.8 million, with Mexico down 7.1% ex-construction, Colombia up 2.2%, and Puerto Rico down 9.2%. Consolidated EBITDA fell 8.7% to Ps.4,589.9 million, and the adjusted EBITDA margin (excluding IFRIC 12) compressed 565 basis points to 62.0% from 67.6% - a year-on-year margin that looks much worse than the underlying operations, because the company spent the quarter absorbing a Ps.176.6 million step-up in Colombia depreciation from a 3Q25 concession-amortization-method change, a Ps.203.6 million total increase in consolidated D&A, and a stronger Mexican peso that took 5.7% off the dollar-translated Puerto Rico line.
The second thing Q2 did, and the reason it is the report frame, was set up the structural unwind of the most consequential single relationship in the company's nineteen-year public history. On June 23, 2026 the Board approved a merger to internalize the technical assistance and technology-transfer services that Inversiones y Técnicas Aeroportuarias (ITA) has supplied since the original 1998 concession. The transaction issues approximately 7.3 million new ASUR shares (a 2.4% share-count increase) to absorb ITA, and the corresponding Ps.403 million annual fee that the company paid ITA in FY2025 (roughly 1.1% of consolidated revenue) simply disappears from the cost line. Same day, the Board also proposed two extraordinary cash dividends of Ps.10.00 per share each, payable November 24 and December 15, 2026, on top of the Ps.80.00 per share the company already returned in FY2025 - Ps.50.00 ordinary in May, Ps.15.00 in September, Ps.15.00 in November. On August 5, the company published July 2026 traffic showing a 1.9% consolidated decline, a 4.0% Mexico decline, and a 5.8% Colombia gain. The shareholder meeting is August 20.
At a reference price of $267.08 per ADS on August 13, 2026, ASR trades at roughly $2.16 billion of equity market cap, $0.87 billion of net debt, and $3.03 billion of enterprise value, against an LTM EBITDA of about Ps.19,449 million ($1.11 billion at the Ps.17.4693 quarter-end reference rate) - a 2.7x trailing EV/EBITDA. The shares have fallen roughly 30% from the 52-week high of $381.52 touched on February 18, 2026, and are now about 3% above the 52-week low of $259.01 set on July 24, 2026, the trading day after the Q2 release. The market is pricing an airport operator with a Ps.38,112 million LTM revenue base, a 62.0% adjusted EBITDA margin, and a Ps.10,925 million FY2025 net income generation - at a multiple reserved for cyclical industrials. The number the market is wrong about is whether the ITA unwind, the Colombian D&A step-up, and the 2027 Mexico debt-refinancing wall together justify a structural de-rating - or whether they together describe a quarter in which the company is unwinding the very things that have compressed the multiple.