ASUR’s November Traffic Shows Slow, Uneven Recovery — Colombia Leads, Puerto Rico Lags

Quick take: November traffic rose, but the rebound looks patchy

Aeropuertos del Sureste (ASUR) said total passenger traffic for November 2025 was up modestly year over year, led by a stronger performance in its Colombian airports while Puerto Rico lagged. Mexico—the company’s biggest market—posted only small gains. The headline is one of steady, not spectacular, recovery: traffic is growing, but the mix and geography matter for how that translates into revenue and profit.

Numbers snapshot — Colombia outpaced Mexico, Puerto Rico declined

In its November release, ASUR reported the following year-over-year moves in passenger traffic across its portfolio:

• Colombia: solid growth, roughly mid-single-digits year over year, making it the fastest-growing market in the month.
• Mexico: small positive change, around low single-digit growth year over year—enough to show recovery but not a surge.
• Puerto Rico: a decline versus the prior year, with traffic down by a couple of percentage points.

The company also provided month-over-month context: overall November traffic was roughly flat to slightly up versus October, suggesting the seasonal ramp into year-end has so far been modest rather than sharp.

On an airport level, ASUR’s flagship leisure gateway—Cancún—continued to carry the bulk of volumes and showed only small improvement year over year. The Colombian airports (including the coastal and tourist hubs) delivered the stronger percentage gains. Puerto Rico’s main airport remained the underperformer, pressured by fewer international visitors and softer local demand.

How these numbers feed into revenue and margins

For investors, the traffic mix is more important than the headline percentage. Aeronautical revenue—fees airlines pay for takeoffs, landings and passenger charges—moves roughly in step with passenger volumes. Non-aeronautical revenue—retail, parking, car rentals and real estate—depends on visitor type and how long they stay.

That matters because Colombia’s lift is a positive for both revenue streams. The Colombian airports in ASUR’s portfolio skew toward tourist traffic and shorter stays that boost retail and services per passenger. In contrast, Mexico’s slower, broad-based recovery implies steady aeronautical revenue but only incremental growth in shops and services. Puerto Rico’s decline is a direct hit to both aeronautical fees and the higher-margin non-aeronautical receipts typical of airport retail.

Margins will feel the effect: a traffic mix tilted toward Colombia and key leisure hubs helps preserve margins because those travelers spend more in terminals. But if Puerto Rico remains weak into the December quarter, overall revenue growth could come in below market hopes. Expect near-term guidance and quarterly results to reflect modest top-line growth, pressure on retail recovery in underperforming airports, and margin improvement that depends on fixed-cost absorption as passenger volumes climb.

Where this sits in the market and what to watch

ASUR’s result fits a broader pattern in the region: leisure destinations are doing better than business-heavy markets. Investors should watch how ASUR compares with other regional airport operators in coming weeks, especially for signs that Mexico’s international flights recover more strongly or that Puerto Rico’s traffic stabilizes.

Short-term market reactions are likely to follow a simple script. If management signals that Puerto Rico’s weakness is temporary and Colombia’s momentum continues, the stock should be viewed positively because non-aeronautical revenue growth would accelerate. If weakness in Puerto Rico spreads or Mexico stalls, expect more muted investor enthusiasm and pressure on margins.

Data notes, caveats and what to ask ASUR’s IR

These figures come from ASUR’s November passenger traffic release distributed by the company in early December. A few cautions: month-over-month seasonal effects and one-off events (like flight cancellations or local holidays) can distort short windows. Also, headline passenger totals don’t show ticket yields, cargo trends, or non-aeronautical sales per passenger—each matters for revenue quality.

Useful follow-up questions for management or investor relations: What is the split between domestic and international passengers in each market? How did retail and parking revenue perform relative to passenger counts? Are there any one-off operational issues in Puerto Rico explaining the weakness? And finally, how is ASUR thinking about capacity and capital spending if Colombian growth continues?

Photo: Mike Bird / Pexels

Sources

• prnewswire.com