ASUR
Tourism-heavy concessions across Mexico, Puerto Rico and Colombia, complemented by U.S. airport commercial operations. Commercial revenue per passenger, airline tariffs and adjusted EBITDA margin show how traffic converts to earnings.
Business at a glance
Tourism-heavy concessions across Mexico, Puerto Rico and Colombia, complemented by U.S. airport commercial operations. Commercial revenue per passenger, airline tariffs and adjusted EBITDA margin show how traffic converts to earnings.
Operating footprint: Nine Mexican airports including Cancún; San Juan; six Colombian airports; U.S. airport commercial operations
Managed airports and airport interests
ASUR’s legacy operating network comprises nine Mexican airports, San Juan in Puerto Rico and six Colombian airports. On 1 September 2026 it completed the acquisition of 20 additional airport interests from Motiva, expanding its portfolio across the Americas.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
Mexico · 9 airportsAirport concession operator
- Cancún (CUN)
- Cozumel (CZM)
- Huatulco (HUX)
- Mérida (MID)
- Minatitlán (MTT)
- Oaxaca (OAX)
- Tapachula (TAP)
- Veracruz (VER)
- Villahermosa (VSA)
Puerto RicoOperating interest through Aerostar
- San Juan Luis Muñoz Marín (SJU) — 60% Aerostar interest
Colombia · 6 airportsAirport concessions through Airplan
- Medellín José María Córdova / Rionegro (MDE)
- Medellín Olaya Herrera (EOH)
- Montería (MTR)
- Corozal (CZU)
- Quibdó (UIB)
- Carepa (APO)
Brazil · 17 airports acquired in September 2026Acquired operating-company / concession interests
- Bagé (BGX)
- Belo Horizonte Confins (CNF)
- Belo Horizonte Pampulha (PLU)
- Curitiba (CWB)
- Bacacheri (BFH)
- Foz do Iguaçu (IGU)
- Goiânia (GYN)
- Imperatriz (IMP)
- Joinville (JOI)
- Londrina (LDB)
- Navegantes (NVT)
- Palmas (PMW)
- Pelotas (PET)
- Petrolina (PNZ)
- São Luís (SLZ)
- Teresina (THE)
- Uruguaiana (URG)
The additional Zurich interest in Confins was still a separate pending transaction at the acquisition announcement; it is not assumed completed here.
Ecuador, Costa Rica and Curaçao · September 2026 acquisitionAcquired airport interests
- Quito, Ecuador (UIO) — 46.5% interest
- San José Juan Santamaría, Costa Rica (SJO)
- Curaçao (CUR)
These airport interests and the 17 Brazilian airports are outside ASUR’s legacy 2025 airport-traffic and financial perimeter.
United States · terminal commercial businessRetail / concessions management
- Los Angeles (LAX) — Terminals 1, 2, 3, 6 and Tom Bradley International Terminal / West
- Chicago O’Hare (ORD) — Terminal 5
- New York JFK (JFK) — Terminal 8 and New Terminal One
Acquired in December 2025. This business manages terminal commercial programmes and does not operate the entire airports.
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| Cancún · CUN | Mexico | Calendar 2025 | 29.346m | 198,630 movements |
| Mérida · MID | Mexico | Calendar 2025 | 3.940m | 59,680 movements |
| Veracruz · VER | Mexico | Calendar 2025 | 1.873m | 24,123 movements |
| Oaxaca · OAX | Mexico | Calendar 2025 | 1.865m | 18,381 movements |
| Villahermosa · VSA | Mexico | Calendar 2025 | 1.447m | 18,733 movements |
| Huatulco · HUX | Mexico | Calendar 2025 | 0.802m | 7,298 movements |
| Cozumel · CZM | Mexico | Calendar 2025 | 0.647m | 11,597 movements |
| Tapachula · TAP | Mexico | Calendar 2025 | 0.519m | 10,326 movements |
| Minatitlán · MTT | Mexico | Calendar 2025 | 0.158m | 4,372 movements |
Separately reported airport financials
Cancún · CUN
Total revenue 21,737.5; operating income 10,974.0. Total revenue includes 4,847.8 of construction-services revenue.
Mérida · MID
Total revenue 1,714.4; operating income 813.1. Total revenue includes 192.5 of construction-services revenue.
Traffic is rounded from figures reported in thousands. The September 2026 acquisition changes the portfolio; the annual group history below is not restated to include these new airport interests.
Portfolio research checked 30 September 2026. An unavailable airport metric is left unreported; group financials are not allocated by passenger share.
Key operating and financial figures
Source: ASUR Q2 2026 results. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Calendar years · year ended 31 December
Consolidated ASUR group: Mexico, Puerto Rico and Colombia. The 2025 financial perimeter also includes US airport retail from December.
Passengers
Revenue excluding construction
EBITDA
Commercial revenue per passenger
Charts use annual results. Gaps indicate unavailable values; the table shows the annual series.
Full-year history
Read across the years to compare traffic, income and the economics of the airport business. Scroll horizontally on smaller screens.
| Indicator / unit | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Passengersmillion · Traffic | 66.3 | 70.6 | 71.3 | 71.6 |
| Traffic growth, calculated% · Traffic | — | 6.4 | 1.1 | 0.3 |
| Reported revenueMXNm · Financial | 25,313.9 | 25,821.6 | 31,332.8 | 37,237.4 |
| Revenue excluding constructionMXNm · Financial | 22,621.2 | 24,519.0 | 28,484.5 | 29,887.1 |
| Aeronautical revenueMXNm · Financial | 14,072.5 | 15,223.1 | 18,589.2 | 19,387.9 |
| Non-aeronautical revenueMXNm · Commercial | 8,548.7 | 9,295.9 | 9,895.3 | 10,499.3 |
| EBITDAMXNm · Financial | 16,211.0 | 17,060.6 | 19,844.5 | 20,256.3 |
| Adjusted EBITDA margin, excluding construction% · Financial | 71.7 | 69.6 | 69.7 | 67.8 |
| Commercial revenue per passengerMXN · Commercial | 117.0 | 120.2 | 127.0 | 135.3 |
| Net income, majority interestMXNm · Financial | 9,986.5 | 10,203.7 | 13,551.4 | 10,488.9 |
Traffic growth is calculated from consecutive years in the traffic series above and may differ slightly from growth rates published using unrounded or adjusted figures. The first year has no preceding year in this table.
What the numbers say
Passenger growth slowed after 2023, but revenue continued to rise. Higher commercial revenue per passenger helps explain how airport income can grow faster than traffic.
Reported revenue rose especially sharply in 2025 because of construction activity. The lower adjusted margin and net income show why operating revenue and profitability should be tracked alongside the headline total.
Historical sources and comparability
- Concession construction revenue is separated from operating revenue. Adjusted EBITDA margin uses ASUR’s construction-excluded definition, rather than EBITDA divided by reported total revenue.
- The commercial revenue-per-passenger denominator includes transit and general aviation under ASUR’s methodology. It differs from the traffic row. US retail acquired in December 2025 changes the financial perimeter.
- Annual history is separate from the latest interim or rolling-period snapshot. Operator definitions and reporting perimeters differ, so these profiles are not a like-for-like league table.
What drives the airport business
Compare Mexican tourist traffic with growth in Colombia and San Juan.
Track U.S. commercial operations and spend per passenger as diversification drivers.
Use adjusted margins to remove concession-construction accounting effects.
Source and method
This profile uses the operator’s own published figures. Group metrics are not assigned to an individual airport. Passenger volume is an activity measure, not revenue; construction-accounting and adjusted-profit labels follow the source. Where a comparable financial measure is not publicly available, it is not estimated.
Read the official ASUR Q2 2026 results ↗