UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2023

GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. de C.V.

(SOUTHEAST AIRPORT GROUP)

(Translation of Registrant’s Name Into English)

México

(Jurisdiction of incorporation or organization)

Bosque de Alisos No. 47A– 4th Floor

Bosques de las Lomas

05120 México, D.F.

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April 24, 2023

ASUR Reports 1Q23 Financial Results

Total passenger traffic in 1Q23 increased 19.2% compared to 1Q22

Mexico City, April 24, 2023 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three-month period ended March 31, 2023.

1Q23 Highlights1

1 Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three-month period ended March 31, 2023, and the equivalent three-month period ended March 31, 2022. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps. 18.0415 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP258.0400 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.

Passenger Traffic

ASUR's total passenger traffic in 1Q23 increased by 19.2% year-over-year to 17.9 million.

Total passenger traffic in Mexico increased by 22.8% year-over-year to 11.1 million in 1Q13, with domestic and international traffic showing increases of 27.7% and 19.2%, respectively.

In Puerto Rico, total passenger traffic in 1Q13 increased by 21.6% year-over-year to 2.9 million, reflecting increases of 19.4% in domestic traffic and 49.2% in international traffic.

Total passenger traffic in Colombia for 1Q23 exceeded 1Q22 levels by 8.8%, reaching 3.9 million passengers, with domestic and international traffic increasing by 4.1% and 36.2%, respectively.

On page 20 of this report you will find the tables with detailed information on passenger traffic for each airport.

Review of Consolidated Results

Consolidated Revenues

Consolidated Revenues for 1Q23 increased 18.9% YoY, or Ps.1,023.6 million, to Ps.6,449.4 million, mainly due to the following increases:

This increase was partially offset by a 40.6%, or Ps.101.9 million, YoY decline in construction services revenues in Mexico to Ps.149.4 million.

Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 21.8% YoY, to Ps.6,300.0 million.

Excluding revenues from construction services, Mexico represented 74.5% of ASUR´s total revenues in 1Q23, while Puerto Rico and Colombia represented 15.1% and 10.4%, respectively.

Commercial Revenues in 1Q23 increased 21.7% YoY to Ps.2,228.4 million, mainly reflecting the 19.2% increase in passenger traffic. This increase was driven by higher commercial revenues across ASUR´s countries of operations: 23.6% to Ps.1,6636.2 million in Mexico, 18.5% to Ps.420.6 million in Puerto Rico and 13.1% to Ps.171.5 million in Colombia.

Commercial Revenues per Passenger was Ps.123.2 in 1Q23, compared with Ps.120.9 in 1Q22.

Consolidated Operating Costs and Expenses

Consolidated Operating Costs and Expenses, including construction costs, increased 16.1% YoY, or Ps.338.2 million, to Ps.2,435.7 million in 1Q23.

Excluding construction costs, operating costs and expenses increased 23.8% YoY, or Ps.440.1 million reflecting the following factors:

Cost of Services increased 38.5%, or Ps.312.4 million, mainly reflecting the impact from the recovery of expenses in 1Q22 in connection with the application of the CRRSAA Act for an amount of Ps.196.4 million. The following costs also increased during the period: personnel costs, surveillance and cleaning services, maintenance and conservation, electricity, materials and supplies, taxes and duties; as well as in the cost of revenues from concession stores operated directly by ASUR.

Construction Costs declined 40.6% YoY, or Ps.101.9 million. This was mainly driven by YoY declines of 52.8%, or Ps.93.2 million in Mexico and 18.5%, or Ps.13.6 million in Puerto Rico, partially offset by an increase of 407.3%, or Ps.4.9 million in Colombia.

Administrative Expenses that reflect administrative costs in Mexico increased 11.5% YoY.

Consolidated Technical Assistance increased by 27.4% YoY mainly reflecting an increase in EBITDA in Mexico during 1Q24.

Concession Fees increased 19.1% YoY, principally due to increases of 29.0% in Mexico, 10.6% in Colombia and 4.7% in Puerto Rico, mainly due to higher regulated revenues which is a factor in the calculation of the concession fee.

Depreciation and Amortization increased 3.7% YoY, or Ps.18.4 million, principally due to an increase of 18.9%, or Ps.40.6 million in Mexico, partly offset by declines of 5.5%, or Ps.5.3 million in Colombia and 9.1%, or Ps.16.9 million in Puerto Rico.

Consolidated Operating Profit and EBITDA

ASUR reported a Consolidated Operating Profit of Ps.4,013.6 million in 1Q23 up from Ps.3,373.8 million in 1Q22, with the operating margin stable year-on-year at 62.2% in 1Q22.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia and Puerto Rico was 63.7% in 1Q23 compared with 65.2% in 1Q22. Adjusted operating margin is calculated as operating profit or loss divided by total revenues less construction services revenues.

EBITDA increased 23.2%, or Ps.854.1 million, to Ps.4,530.4 million in 1Q23 from Ps.3,676.3 million in 1Q22. By country of operations, EBITDA increased YoY by 28.2% or Ps.791.6 million to Ps.3,594.0 million in Mexico, by 3.7%, or Ps.18.7 million, to Ps.520.2 million in Puerto Rico, and by 11.8%, or Ps.43.8 million, to Ps.416.1 million in Colombia. Consolidated EBITDA margin in 1Q23 was 70.2% up from 67.8% in 1Q22.

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia, was 71.9% in 1Q23, compared to 71.0% in 1Q22.

Consolidated Comprehensive Financing Gain (Loss)

In 1Q23 ASUR reported a Ps.527.8 million Consolidated Comprehensive Financing Loss, compared to a Ps.241.6 million loss in 1Q22.

During 1Q23 ASUR reported a foreign exchange loss of Ps.486.9 million, resulting from the 7.3% quarter-end appreciation of the Mexican peso against the U.S. dollar (4.1% average appreciation) during the period, together with a U.S. dollar net asset position. This compares to a Ps.95.9 million foreign exchange loss in 1Q22 resulting from the 0.5% quarter-end appreciation of the Mexican peso (0.2% average depreciation) on a U.S. dollar net asset position.

Interest income increased Ps.184.7 million, or 229.8% YoY reflecting a higher cash balance position.

Interest expense increased Ps.79.9 million, or 35.3% YoY, due to interest payments made under a loan obtained in October 2021 by the Cancun entity in Mexico, and under Aerostar’s senior notes issued in July 2022, in Puerto Rico, respectively.

Income Taxes

Income Taxes for 1Q23 increased Ps.101.1 million YoY, principally due to the following variations:

Majority Net Income

ASUR reported Majority Net Income of Ps.2,512.4 million in 1Q23, compared to Ps. 2,193.7 million in 1Q22. This resulted in earnings per common share in 1Q23 of Ps.8.3745, or earnings per ADS of US$4.6418 (one ADS represents ten series B common shares). This compares to earnings per share of Ps.7.3124, or earnings per ADS of US$4.0531 for the same period in the previous year.

Net Income

ASUR reported Net Income of Ps.2,602.2 million in 1Q23, increasing 10.7%, or Ps.252.6 million, from Ps.2,349.8 million in 1Q22.

Consolidated Financial Position

Airport concessions represented 71.5% of ASUR’s total assets on March 31, 2023, with current assets representing 28.3% and other assets 0.2%.

Cash and cash equivalents as of March 31, 2023, amounted to Ps.15,108.2 million, a 14.7% increase from Ps.13,175.0 million as of December 31, 2022. Mexico, Colombia and Puerto Rico contributed with Ps.11,537.3 million, Ps.1,523.3 million and Ps.2,047.6 million to the increase in cash and cash equivalents, respectively.

As of March 31, 2023, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 “Business Combinations,” had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,921.8 million, (ii) goodwill of Ps.861.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.492.2 million, and (iv) a minority interest of Ps.4,963 million in stockholders’ equity.

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of March 31, 2023: (i) the recognition of a net intangible asset of Ps.899.4 million, (ii) goodwill of Ps.1,415.3 million, (iii) deferred taxes of Ps.236.2 million, and (iv) a Ps.224.4 million recognition of bank loans at fair value.

Stockholders’ equity as of March 31, 2023, was Ps.50,535.8 million and total liabilities were Ps.20,262.4 million, representing 71.4% and 28.6% of ASUR’s total assets, respectively. Deferred liabilities represented 14.2% of ASUR’s total liabilities.

Total Debt at quarter-end declined 11.1% to Ps.13,514.3 million from Ps.15,204.8 million on December 31, 2022, mainly reflecting the issuance of Notes in Puerto Rico, partially offset by principal payments of Ps.662.5 million in Mexico and Ps.99.8 million in Puerto Rico.

On March 31, 2023, 24.7% of ASUR’s Total Debt was denominated in Mexican pesos, 68.7% in U.S. Dollars (at Aerostar in Puerto Rico) and 6.6% in Colombian pesos.

In July 2022, Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its US$50 million principal amount of 6.75% senior secured notes originally due on June 24, 2015, and extended their maturity through 2035. All long-term debt is collateralized by Aerostar’s assets.

LTM Net Debt-to-LTM EBITDA stood at negative 0.09x at the end of 1Q23, while the Interest Coverage Ratio was 11.7x. This compares with LTM Net Debt-to-LTM EBITDA of 0.3x and an Interest Coverage Ratio of 9.2x at March 31, 2022, respectively.

Strong Liquidity Position and Healthy Debt Maturity Profile

ASUR closed 1Q23 with a solid financial position, with cash and cash equivalents totaling Ps.15,108.2 million and Ps.13,514.3 million in Total Debt. A total of Ps.50.0 million in principal amount of outstanding debt payments is due in 2Q23.

The following table shows the liquidity position for each of ASUR’s regions of operations:

Accounts Receivables

Accounts receivables increased 44.4% YoY in 1Q23, reflecting higher business activity as passenger traffic increased across ASUR’ s airport network.

On February 28 and March 29, 2023, Viva Colombia and Ultra Air suspended operations. During 2022, these two companies accounted for 17.4% and 1.9% of passenger traffic in Colombia, respectively. At the end of 1Q23, these two companies owed ASUR Ps.12.8 million and Ps.9.2 million, respectively.

Accounts receivables in Puerto Rico increased primarily due to the recognition in 4Q22 of other revenues of Ps.300.4 million, derived from a judgment ruled in favor of Aerostar in connection with its right to charge a fee for each gallon of aviation fuel that was dispatched at the airport during 2013 until 2021, in accordance with IFRS IAS 37 and USGAAP ASC-450-30-25-1.

Table 11: Accounts Receivable as of March 31, 2023

Figures in Thousands of Mexican Pesos

Note: Net of allowance for bad debts.

Capital Expenditures

ASUR made capital expenditures of Ps.143.0 million in 1Q23. Of this amount, Ps.70.2 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.66.7 million were invested by Aerostar in Puerto Rico and Ps.6.0 million were invested by Airplan in Colombia. This compares to Ps.315.8 million invested in 1Q22, of which Ps.240.1 million were invested in Mexico, Ps.74.8 million in Puerto Rico and Ps.0.9 million in Colombia.

Review of Mexico Operations

Mexico Revenues

Mexico Revenues increased 23.3% YoY to Ps.4,775.1 million.

Excluding construction, revenues increased 26.9% YoY, mainly reflecting increases of 29.4% in revenues from aeronautical services and 23.2% in revenues from non-aeronautical services, resulting principally from the 22.8% increase in passenger traffic.

Commercial Revenues increased 23.6% YoY, principally reflecting the 22.7% increase in passenger traffic as shown in Table 12. Commercial Revenues per Passenger for 1Q23 was Ps.147.0 compared to Ps.145.9 in 1Q22.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage operations, parking lot fees, and other.

As shown in Table 14, during the last 12 months, ASUR opened 13 new commercial spaces, 9 of which were opened at Cancun, and one each at Cozumel and Tapachula airports and two at Cozumel airport. More details of these openings can be found on page 21 of this report.

Mexico Operating Costs and Expenses

Total Mexico Operating Costs and Expenses increased 11.7% YoY, or Ps.150.2 million. Excluding construction costs, operating costs and expenses increased 21.9% or Ps.243.4 million, mainly reflecting higher personnel expenses, technical assistance, energy, concession fees, security and maintenance costs, materials and supplies, insurance and bonds, as well as an increase in insurance and surety bond expenses, taxes and duties, and professional fees. Higher cost of sales at stores operated by ASUR also contributed to the increase in costs.

Cost of Services increased 20.6% YoY, primarily due to increases in surveillance and cleaning services, maintenance and conservation, materials and supplies, insurance and bonds, electricity, taxes and fees, and professional fees; together with higher cost of sales at stores directly operated by ASUR along with personnel expenses.

Administrative Expenses increased 11.5% YoY.

The Technical Assistance fee paid to ITA increased 28.2% YoY reflecting higher EBITDA in Mexico, which is used in the calculation of the fee.

Concession Fees, which include fees paid to the Mexican government, increased 29.0%, principally due to the increase in regulated revenues which is used in the calculation of the concession fee.

Depreciation and Amortization increased 18.9% YoY, reflecting the recognition of investments made to date.

Mexico Consolidated Comprehensive Financing Gain (Loss)

ASUR’s Mexico operations reported a Ps.437.8 million Comprehensive Financing Loss in 1Q23, compared to a Ps.121.3 million loss in 1Q22. This was mainly due to a foreign exchange loss of Ps.486.9 million in 1Q23 resulting from the 7.3% quarter-end appreciation of the Mexican peso (4.1% average appreciation) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.95.9 million foreign exchange loss in 1Q22, resulting from the 0.5% quarter-end appreciation of the Mexican peso during that period (0.2% depreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position.

Interest expenses increased 42.6% YoY, or Ps.40.4 million reflecting interest rate increases. Interest income increased 165.1% YoY or Ps.114.8 million, resulting from a higher cash balance. This mainly reflects the Ps.408.9 million in dividends payments and Ps.1,970.1 million in reimbursement of investments, both received from Aerostar in Puerto Rico in October 2022.

Mexico Operating Profit (Loss) and EBITDA

Mexico reported an Operating Gain of Ps.3,337.8 million in 1Q23 and an Operating Margin of 69.9%. This compares to an Operating Gain of Ps.2,586.3 million and an Operating Margin of 66.8% in 1Q22.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues, was 71.1% in 1Q23, compared to 70.0% in 1Q22.

EBITDA increased 28.2% or Ps.791.6 million to Ps.3,594.0 million in 1Q23, from Ps.2,802.4 million in 1Q22. EBITDA margin in 1Q23 was 75.3% compared to 72.3% in 1Q22.

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 76.6% in 1Q23, compared to 75.8% in 1Q22.

Mexico Tariff Regulation

The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.

ASUR’s accumulated regulated revenues at its Mexican operations, as of March 31, 2023 totaled Ps.2,983.9 million, with an average tariff per workload unit of Ps.262.2 (December 2022 Mexican pesos), representing approximately 63.6% of total income in Mexico (excluding construction revenues) for the period.

The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the end of each year.

Mexico Capital Expenditures

During 1Q23 ASUR invested Ps.70.2 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.240.1 million in 1Q22.

Review of Puerto Rico Operations

The following discussion compares Aerostar’s independent results for the three-month periods ended March 31, 2022 and 2023.

As of March 31, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,921.8 million, (ii) goodwill of Ps.861.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.492.2 million, and (iv) a minority interest of Ps.4,963 million in stockholders' equity.

Puerto Rico Revenues

Total Puerto Rico Revenues increased 6.6% YoY to Ps.1,010.9 million in 1Q23.

Excluding construction services, revenues increased by 8.7%, mainly due to the following YoY increases:

Commercial Revenues per Passenger were Ps.144.7 in 1Q23, compared to Ps.148.5 in 1Q22.

Three commercial spaces were opened at Luis Muñoz Marin (LMM) Airport over the last 12 months, as shown in Table 20. More details can be found on page 21 of this report.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and other.

Puerto Rico Operating Costs and Expenses

Total Operating Costs and Expenses in Puerto Rico increased 36.9% YoY to Ps.660.4 million in 1Q22. Construction costs in the quarter declined 18.5% to Ps.73.4 million from Ps.59.8 million in 1Q22.

Excluding construction costs, operating costs and expenses increased 46.8% YoY or Ps.191.4 million, to Ps.600.5 million. The increase primarily due to the recovery of expenses under the CRRSAA Act for an amount of Ps.196.4 million. Excluding this effect, expenses would have increased 0.8%, or Ps.5.0 million, mainly reflecting increases personnel costs, professional fees, and materials and supplies, partly offset by a decrease in the maintenance provision.

Cost of Services increased by 115.6% or Ps.206.3 million, principally reflecting the recovery of expenses in 1Q22 from the grant received under the CRRSAA Act for an amount of Ps.196.4 million. Excluding this effect, expenses would have increased 2.6% or Ps.9.9 million, driven by higher personnel costs, professional fees, materials and supplies, partially offset by a decrease in the maintenance provision.

Concession Fees paid to the Puerto Rican government increased 4.7% YoY, or Ps.2.1 million in 1Q23, reflecting higher passenger traffic in line with the concession agreement.

Depreciation and Amortization declined 9.1% YoY, or Ps.16.9 million, principally reflecting the FX translation impact as the quarter-end and average Mexican peso exchange rate fluctuated from Ps.19.9112 and Ps.20.5085 per U.S. dollar in 1Q22, to Ps.18.0415 and Ps.18.6711 per U.S. dollar, respectively in 1Q23.

Puerto Rico Comprehensive Financing Gain (Loss)

During 1Q23, Puerto Rico reported a Ps.116.1 million Comprehensive Financing Loss, compared to a Ps.110.9 million loss in 1Q22, principally due to interest accrued from the US$200.0 million bond issuance in July 2022.

On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority, and certain other costs and expenditures associated with it. On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million.

In December 2020, Aerostar entered into a three-year revolving line of credit with Banco Popular de Puerto Rico for the amount of US$20.0 million. Funds have not yet been withdrawn.

In May 2022, Aerostar renegotiated the terms of its US$50.0 million principal amount of 6.75% senior secured notes extending the maturity to March 22, 2035.

In July 2022, Aerostar in Puerto Rico issued US$200.0 million principal amount of 4.92% senior secured notes due March 22, 2035.

All long-term debt is collateralized by Aerostar’s assets.

Puerto Rico Operating Profit and EBITDA

Operating Profit at Puerto Rico declined 31.4% to Ps.350.5 million resulting in an Operating Margin of 34.7%, from an operating profit of Ps.511.3 million and an Operating Margin of 53.9% in 1Q22.

EBITDA increased 3.7% to Ps.520.2 million in 1Q22 from Ps.501.5 million in 1Q22. EBITDA Margin, in turn, declined to 51.5% in 1Q23 from 52.9% in 1Q22.

Adjusted EBITDA Margin (which excludes IFRIC 12) declined to 54.7% in 1Q23, from 57.3% in 1Q22.

Puerto Rico Capital Expenditures

During 1Q23, Aerostar made Ps.66.7 million in capital expenditures, compared to investments of Ps.74.8 million in 1Q22.

Puerto Rico Tariff Regulation

The Airport Use Agreement entered into by and among Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority govern the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.

Review of Colombia Operations

The following discussion compares Airplan's independent results for the three-month period ended March 31, 2023 and 2022.

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of March 31, 2023: (i) the recognition of a net intangible asset of Ps.899.4 million, (ii) goodwill of Ps.1,415.3 million, (iii) deferred taxes of Ps.236.2 million, and (iv) a Ps.224.4 million recognition of bank loans at fair value.

Colombia Revenues

Total Revenues in Colombia increased 9.8% YoY to Ps.663.3 million. Excluding construction services, revenues increased 9.0% YoY, primarily due to increases of 7.2% in aeronautical services and 14.4% in non-aeronautical services.

Commercial Revenues per Passenger was Ps.42.3 compared to Ps.41.2 in 1Q22.

As shown in Table 26, 29 new commercial spaces were opened in Colombia in the last twelve months. Further detail of these openings can be found on page 21 of this report.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.

Colombia Costs & Expenses

Total Operating Costs and Expenses in Colombia increased 3.1% YoY to Ps.338.0 million. Excluding construction costs, operating costs and expenses increased 1.6% YoY to Ps.331.9 million.

Cost of Services declined 0.2% YoY, or Ps.0.2 million.

Construction Costs increased 407.3% YoY, or Ps.4.9 million due to investments in furniture and equipment.

Concession Fees, which include fees paid to the Colombian government, increased 10.6% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.

Depreciation and Amortization declined 5.5%.

Colombia Comprehensive Financing Gain (Loss)

During 1Q23, Airplan reported a Ps.26.1 million Comprehensive Financing Gain, compared to a Ps.9.4 million loss in 1Q22. This resulted mainly from the impact of increased interest rates on financial investments.

Colombia Operating Profit (Loss) and EBITDA

In 1Q23, ASUR's operations in Colombia reported an Operating Profit of Ps.325.3 million, compared to Ps.276.2 million in 1Q22. Operating margin was 49.0% in 1Q23 compared to an operating margin of 45.7% in 1Q22. Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, was 49.5% in 1Q23 compared to an adjusted operating margin of 45.8% in 1Q23.

EBITDA in 1Q23 was Ps.416.1 million resulting in an EBITDA margin of 62.7%. This compares to an EBITDA of Ps.372.3 million and an EBITDA margin of 61.6% in 1Q22.

The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets, was 63.3% in 1Q23, compared to an adjusted EBITDA margin of 61.8% in 1Q22, mainly reflecting revenue growth of 9.8%.

Colombia Capital Expenditures

During 1Q23, Airplan made capital investments of Ps.6.0 million compared to Ps.0.9 million in 1Q22.

Colombia Tariff Regulation

Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights.

Airplan's regulated revenues amounted to Ps.483.5 million in 1Q23.

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.

Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

Analyst Coverage

In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Banorte, Barclays, BBVA Bancomer, BofA Merrill Lynch, Bradesco, BTG Pactual, Citi Global Markets, Credit Suisse, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, JP Morgan, Morgan Stanley, Nau Securities, Punto Research Santander, Scotiabank, UBS Casa de Bolsa and Vector.

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

Forward Looking Statements

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. In particular, the impact of the COVID-19 pandemic on global economic conditions and the travel industry, as well as on the business and results of operations of the Company in particular, is expected to be material, and, as conditions are changing rapidly, is difficult to predict. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

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Passenger Traffic Breakdown by Airport