ASUR: December traffic remained flat YoY

Total passenger traffic reached 6.8 million users in December 2025, a 0.4% gain compared to December 2024, still having mixed results and below our +1.5% YoY estimate. Domestic passenger traffic (PAX) showed a 0.1% year-over-year gain, while international passenger numbers reported a 0.8% year-over-year expansion. On an accumulative basis, during 4Q25, ASUR’s total PAX increased 0.9% to 17.9 million PAX (improving vs. the 17.3 million level in 3Q25). On the other hand, total PAX in 2025 advanced 0.3%, in line with our 0.3% expectation, but still reflecting negative sentiment toward US immigration policies.

Although we have a positive outlook for the sector, current valuations have already incorporated these expectations. Furthermore, in ASUR, the implicit limited upside to our PT is close to 13%, in line with our expectation for the Mexbol index performance. As a result, we reiterate our Market Perform rating for ASUR.

Main highlights: Mexico’s total PAX (56% of ASUR´s total traffic) decreased by 0.4% vs. the same month of 2024. Cancun’s PAX was down 3%, reflecting an 8% decline on the domestic front (Tulum’s gradual ramp-up is gaining PAX market share), and a 1% drop in the international PAX, which continues to experience a weak performance due to a negative sentiment toward immigration policies implemented in the US, but improving MoM. On the other hand, Puerto Rico posted a 4% YoY contraction in total PAX YoY, representing 18% of ASUR’s total PAX, while Colombia´s total traffic rose 6% YoY to 1.7 million PAX.