Grupo Aeroportuario del Sureste S A B de C : ASUR Reports 1Q22 Financial Results - Form 6-K

Grupo Aeroportuario del Sureste S A B de C : ASUR Reports 1Q22 Financial Results - Form 6-K Marketscreener 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, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 65.2% in 1Q22 compared with 47.6% in 1Q21 and 56.2% in 1Q19. 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 70.0% in 1Q22, compared to 53.5% in 1Q21, and 67.7% in 1Q19. Total Operating Costs and Expenses in Colombiaincreased22.4% YoY to Ps.327.8 million. 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.

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Mexico City, April 25, 2022 - 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, 2021.

Travel Restrictions Imposed by Governments to Mitigate the Impact of COVID-19

While various travel restrictions established worldwide since March 16, 2020, to limit the spread of the COVID-19 virus have been lifted, certain requirements remain in place. With respect to the airports ASUR operates:

Starting April 2, 2022, the United States Centers for Disease Control and Prevention (CDC) establishes that fully vaccinated passengers and those who have recovered from COVID-19 over the past three months are not required to test before or after their departure, nor self-quarantine unless their destination requires it. Several Mexican airports have implemented COVID-19 test sites certified by the government, which are operated by third parties, who have been granted the space to provide this service at the airports of Cancun, Cozumel, Mérida, Veracruz and Oaxaca.

In Puerto Rico, as of March 10, 2022, domestic travelers are not required to present proof of vaccination or a negative COVID-19 test prior to arrival, and passengers arriving on international flights must present a negative COVID-19 test taken within one day prior to departure along with proof of vaccination.

In Colombia, as of February 1, 2022, passengers on incoming international flights to Colombia must submit proof of vaccination, and passengers who are not fully vaccinated must present a negative result of a PCR molecular COVID-19 test taken within 72 hours of their departure to Colombia.

México, the United States and Colombia may issue or reissue flight restrictions similar to those issued in other parts of the world, which could cause a significant reduction in our operations.

Passenger traffic has recovered since the significant lows reported in June 2020, as a result of the disruption in the travel industry resulting from the COVID-19 pandemic which began to impact traffic trends in the second half of March 2020.

The table below shows the YoY change in passenger traffic during 1Q22:

ASUR closed 1Q22 with a strong financial position, with cash and cash equivalents at Ps.9,962.2 million and Ps.13,380.6 million in Total Debt (including principal and interest payments). From ASUR's Total Debt (i) Ps.52.3 million in principal payments or 0.4% of Total Debt is due in 2Q22, and (ii) Ps.401.6 million in principal payments, or 3.0% of Total Debt is due in the remainder of 2022.

The following table shows the Company's liquidity position by region of operations.

The following table shows the debt maturity profile of ASUR's debt for each of its regions of operations:

The following table shows the debt coverage included in the debt agreements for each of ASUR's regions of operations:

LTM EBITDA and LTM Interest Expense figures in thousands of Mexican Pesos

Starting in mid-March of 2020, some of the airlines and other clients and tenants that operate in ASUR's airports asked for assistance, either through discounts on payments owed to ASUR or by an extension on those payments. Three of ASUR's principal airline customers, Aeromexico, Avianca Holdings and LATAM Airlines Group, have filed for Chapter 11 bankruptcy protection in the United States, although they have continued making payments in the ordinary course, as permitted by the relevant courts. Avianca Holdings, now Avianca Group, exited Chapter 11 on December 2021 and Aeromexico on March 18, 2022. As of the date hereof, Aeromexico has paid all amounts due under these agreements. The Company remains in commercial discussions with Avianca Group and LATAM Airlines Group regarding their contracts. Notwithstanding these discussions, ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the normal course. Accounts receivables increased 22.2% YoY in 1Q22, reflecting the increasing business activity as passenger traffic recovered across ASUR' s airport network.

During 1Q22, total passenger traffic at ASUR increased 71.4% YoY to 15.0 million passengers, recovering from the impact of the COVID-19 pandemic on travel which began mid-March 2020. Compared to 1Q19 pre-pandemic levels, passenger traffic in 1Q22 increased 8.8%.

Traffic in Mexico increased 76.2% YoY to 9.0 million passengers. In addition, Mexico traffic increased 3.4% compared to 1Q19 levels, driven by increases of 3.7% and 3.2% in domestic and international traffic, respectively.

In Puerto Rico, 1Q22 passenger traffic increased 35.5% YoY to 2.4 million passengers. Traffic exceeded 1Q19 levels by 3.9%, with domestic traffic rising 6.8% and international traffic recovering to 78.0% of 1Q19 activity.

Traffic in Colombia increased 92.3% YoY to 3.6 million passengers in 1Q22. Compared to 1Q19 levels, traffic increased 30.1%, with domestic and international traffic increasing 30.1% and 29.7%, respectively.

Tables with detailed passenger traffic information for each airport can be found on page 20 of this report.

ConsolidatedRevenues for 1Q22 increased 87.1% YoY, or Ps.2,526.1 million, to Ps.5,425.8 million and 32.3%, or Ps.1,324.5 million when compared to 1Q19. Revenue growth on an YoY basis was mainly due to the following increases:

Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 91.2% YoY to Ps.5,174.5 million.

Compared to 1Q19, revenues excluding construction services increased 31.2%, driven by a 27.2% increase in revenues from non-aeronautical services and a 33.9% increase in revenues from aeronautical services. Excluding revenues from construction services, Mexico accounted for 71.4% of total revenues in 1Q22, while Puerto Rico and Colombia represented 16.9% and 11.7%, respectively.

Commercial Revenues in 1Q22 increased 92.3% YoY to Ps.1,830.4 million, mainly reflecting the 87.1% recovery in passenger traffic. Compared to 1Q19, commercial revenues increased 26.1%. Commercial revenues increased YoY across ASUR's regions of operations: 108.2% to Ps.1,323.7 million in Mexico, 52.5% to Ps.355.1 million in Puerto Rico, and 82.2% to Ps.151.6 million in Colombia.

Commercial Revenues per Passenger wasPs.120.9 in 1Q22, compared to Ps.107.9 in 1Q21 and Ps.104.6 in 1Q19.

Consolidated Operating Costs and Expenses, including construction costs, increased 30.1% YoY, or Ps.485.3 million, to Ps.2,097.5 million in 1Q22, and 8.9%, or Ps.171.6 million, when compared to 1Q19.

Excluding construction costs, operating costs and expenses increased 30.1% YoY, or Ps.427.1 million, and 4.5% compared to 1Q19. The YoY increase was mainly due to the following variations:

Cost of Services increased 26.2% YoY, or Ps.168.5 million. This increase was principally due to a 21.3%, or Ps.90.8 million increase in Mexico, mainly reflecting higher energy, security and maintenance expenses, together with higher cost of sales from directly operated stores, and higher social security contributions. In Puerto Rico, cost of services increased 50.9% or Ps.60.2 million mainly reflecting increases in the maintenance provision, cost of sales of directly operated stores, together with higher energy, security, and personnel expenses. Likewise, Colombia reported a 17.6% or Ps.17.5 million increase driven by a higher maintenance provision, taxes and duties, and security fees.

Construction Costs increased 30.2% YoY, or Ps.58.2 million. This was mainly driven by YoY increases of 9.9%, or Ps.15.9 million in Mexico, and 142.6% or Ps.43.1 million in Puerto Rico, partially offset by a decline of 42.2% or Ps.0.9 million in Colombia.

ConsolidatedTechnical Assistance increased 144.7% YoY mainly reflecting higher EBITDA in Mexico in 1Q22.

Concession Fees increased 94.1% YoY, principally due to increases of 103.6% in Mexico, 126.9% in Colombia and 26.0% in Puerto Rico, mainly due to higher regulated revenues, a factor in the calculation of the fee.

Depreciation and Amortization increased 1.9% YoY, or Ps.9.3 million, principally due to increases of 14.8%, or Ps.27.8 million in Mexico and 0.2% or Ps.0.3 million in Puerto Rico, partially offset by a 16.4% decline, or Ps.18.8 million in Colombia.

ASUR reported a Consolidated Operating Profit of Ps.3,373.8 millionin 1Q22 resulting in an Operating Margin of 62.2%, compared to a Ps.1,287.5 million profit and a 44.4% margin in 1Q21 which was impacted by COVID-19. This compares with a Ps.2,216.8 million consolidated operating profit and 54.1% margin in 1Q19.

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, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 65.2% in 1Q22 compared with 47.6% in 1Q21 and 56.2% in 1Q19.

EBITDA increased 130.8%, or Ps.2,083.7 million, to Ps.3,676.3 million in 1Q22 from Ps.1,592.5 million in 1Q21. Compared to 1Q19, EBITDA increased 38.0%. By country of operations, EBITDA increased YoY by 148.9% or Ps.1,676.3 million to Ps.2,802.4 million in Mexico, by 40.6% or Ps.144.9 million, to Ps.501.5 million in Puerto Rico, and by 239.2%, or Ps.262.6 million to Ps.372.3 million in Colombia. Consolidated EBITDA margin in 1Q22 was 67.8% compared to 54.9% in 1Q21 and 64.9% in 1Q19.

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 71.0% in 1Q22, compared to 58.8% in 1Q21, and 67.5% in 1Q19.

During 1Q22 ASUR reported a foreign exchange loss of Ps.95.9 million, resulting from the 0.2% quarterly average depreciation of the Mexican peso against the U.S. dollar (2.7% quarter-end appreciation) during the period together with a U.S. dollar net asset position. This compares to a Ps.52.7 million foreign exchange gain in 1Q21 resulting from the 2.2% quarterly average depreciation of the Mexican peso (2.7% quarter-end) on a U.S. dollar net asset position.

Interest expense increased Ps.0.9 million, or 0.4% YoY, reflecting a Ps.29.4 million, or 45.0%, increase in interest payments in Mexico due to a Ps.690.0 million drawdown in lines of credit in October 2021, nearly offset by a Ps.26.9 million, or 59.4% decline in interest expenses in Colombia on fair value loan repayments recognized under IFRS 3.

Income Taxes for 1Q22 increased Ps.670.2 million YoY, principally due to the following increases:

ASURreported Majority Net Income ofPs.2,193.7 million for 1Q22, compared to Ps.945.0 million in 1Q21 and Ps.1,468.4 million in 1Q19. This resulted in earnings per common share in 1Q22 of Ps.7.3124, or earnings per ADS of US$3.6723 (one ADS represents ten series B common shares). This compares with earnings per share of 3.1500, or earnings per ADS of US$1.5820 for the same period last year, and with earnings per share of Ps.4.8948, or earnings per ADS of USS$2.0843 in 1Q19.

ASUR reported Net Income of Ps.2,349.8 million in 1Q22, an increase of Ps.1,311.6 million or 126.4%, from Ps.1,038.1 million in 2Q11, and above the Ps.1,519.1 million reported in 1Q19.

Airport concessions represented 79.0% of the Company's total assets on March 31, 2022, with current assets representing 20.4% and other assets representing 0.6%.

Cash and cash equivalents at March 31, 2022 amounted to Ps.9,962.2 million, a 13.6% increase from Ps.8,770.1 million at December 31, 2021. Mexico and Colombia contributed with Ps.1,689.8 million and Ps.327.9 million in cash and cash equivalents, respectively, while Puerto Rico reported a Ps.824.7 million decline.

As of March 31, 2022, the valuation of ASUR's investment in Aerostar, in accordance with IFRS 3 "Business Combinations," resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,613.5 million, ii) goodwill of Ps.951.2 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.561.3 million, and iv) a minority interest of Ps.5,247.8 million within 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, 2022: i) the recognition of a net intangible asset of Ps.1,094.4 million, ii) goodwill of Ps.1,562.0.6 million, iii) deferred taxes of Ps.218.9 million, and iv) Ps.468.9 million from the recognition of bank loans at fair value.

Stockholders' equity at March 31, 2021 was Ps.47,757.7 million and total liabilities were Ps.19,582.6 million, representing 70.9% and 29.1% of total assets, respectively. Deferred liabilities represented 16.1% of ASUR's total liabilities.

Total Debt at quarter-end declined 2.9% to Ps.13,380.6 million from Ps.13,779.5 million on December 31, 2021, mainly reflecting principal and interest payments of Ps.398.9 million.

On March 31, 2022, 34.6% of ASUR's total debt was denominated in Mexican pesos, 49.0% in U.S. Dollars (at Aerostar in Puerto Rico) and 16.4% in Colombian pesos.

Principal payments of Ps.52.3 million, or 0.4% of Total Debt mature in 2Q22, and a total of Ps.450.5 million, or 3.4% of Total Debt mature in the remainder of 2022.

LTM Net Debt-to-LTM EBITDA stood at 0.3x at the close of 1Q22, while the Interest Coverage ratio was 9.2x. This compares with LTM Net Debt-to-LTM EBITDA of 2.1x and an Interest Coverage Ratio of 2.9x at March 31, 2021.

ASUR made capital expenditures of Ps.315.8 million in 1Q22. Of this amount, Ps.240.1 million were allocated to modernize the Company´s Mexican airports pursuant to its master development plans, Ps.74.8 million were invested by Aerostar in Puerto Rico and Ps.0.9 million were invested in Colombia. This compares with Ps.356.3 million invested in 1Q21, of which Ps.324.7 million was invested in Mexico, Ps.30.9 million in Puerto Rico and Ps.0.7 million in Colombia.

Mexico Revenues increased 102.8% YoY to Ps.3,873.5 million and 38.7% when compared to pre-pandemic levels of 1Q19.

Excluding construction, revenues increased 111.3% YoY, principally due to increases of 117.7% in revenues from aeronautical services and 102.5% in revenues from non-aeronautical services, resulting mainly from the 76.2% recovery in passenger traffic. Compared 1Q19, revenues excluding construction increased 33.1%, reflecting growth of 25.6% in revenues from non-aeronautical services and 38.6% from aeronautical services.

Commercial Revenues increased 108.2% YoY, principally reflecting the 76.3% increase in passenger traffic, as shown in Table 7. Commercial Revenues per Passenger for 1Q22 were Ps.145.9 compared to Ps.123.5 in 1Q21 and Ps.122.1 in 1Q19.

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 9, during the last 12 months, ASUR opened a total of three new commercial spaces at Cancun Airport. More details of these openings can be found on page 21 of this report.

Total Mexico Operating Costs and Expenses increased 32.1% YoY, or Ps.312.7. Excluding construction costs, operating costs and expenses increased 36.5% or Ps.296.7 million, mainly reflecting higher technical assistance and concession fees, as well as increases in energy, security and maintenance costs. Higher cost of sales at stores operated by ASUR and an increase in social security contributions also contributed to higher costs.

Cost of Services increased 21.3% YoY, mainly reflecting higher energy, security and maintenance expenses, together with higher cost of sales at stores operated directly by ASUR and an increase in social security contributions.

The Technical Assistance fee paid to ITA increased 150.5% YoY reflecting higher EBITDA in Mexico, a factor in the calculation of the fee.

Concession Fees, which include fees paid to the Mexican government, increased 103.6%, principally due to the increase in regulated revenues, a factor in the calculation of the concession fee.

ASUR's Mexico operations reported a Ps121.3 million Comprehensive Financing Loss in 1Q22, compared to a Ps.21.2 million gain in 1Q29. This was mainly due to a foreign exchange loss of Ps.95.9 million in 1Q22 resulting from the 0.2% average quarterly depreciation of the Mexican peso (2.7% appreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares with a Ps.52.7 million foreign exchange gain 1Q21, resulting

from the 2.2% average quarterly depreciation of the Mexican peso during that period (2.7% at quarter-end) and a foreign currency net asset position.

Interest income increased 104.4% YoY reflecting a higher cash balance, while interest expenses increased 45% YoY due to a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021.

Mexico reported an Operating Gain of Ps.2,586.3 million in 1Q22 and an Operating Margin of 66.8%. This compares with an Operating Gain of Ps.935.4 million and an Operating Margin of 49.0% in 1Q21 and 67.4% in 1Q19.

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 70.0% in 1Q22, compared to 53.5% in 1Q21, and 67.7% in 1Q19.

EBITDA increasedPs.148.9%, or Ps.1,676.3 million to Ps.2,802.4 million in 1Q22, from Ps.1,126.1 million in 1Q22 and compared to Ps.2,051.9 million reported in 1Q19. EBITDA margin in 1Q22 was 72.3%, compared with 59.0% in 1Q21 and 73.5% in 1Q19.

During 1Q22, ASUR's operations in Mexico recognized Ps.176.7 million in "Construction Revenues," compared with Ps.160.7 million in 1Q21, reflecting higher capital expenditures and investments in concessioned assets.

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 75.8% in 1Q22, compared with 64.4% in 1Q21, and 73.9% in 1Q19.

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, 2022, totaled Ps.2,304.5 million, with an average tariff per workload unit of Ps.245.3 (December 2021 pesos), accounting for approximately 62.3% of total Mexico income (excluding construction income)

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

Capital investments in connection with the Company's plan to modernize its Mexican airports pursuant to its master development plans amounted to Ps.240.1 million in 1Q22, compared to Ps.324.7 million in 1Q21.

The following discussion compares Aerostar's independent results for the three-month period ended March 31, 2021 and 2022.

Excluding construction services, revenues rose 25.5%, mainly due to the following YoY increases:

Commercial Revenues per Passenger reached Ps.148.5 in 1Q22, compared with Ps.132.0 in 1Q21 and pre-pandemic levels of Ps.118.0 in 1Q19.

Six commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 15. 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.

During 1Q22, total Operating Costs and Expenses at LMM Airport increased 30.5% YoY to Ps.482.5 million. Construction costs in the quarter increased 142.6% to Ps.73.4 million from Ps.30.3 million in 1Q21.

Excluding construction costs, operating costs and expenses increased 20.5% YoY, or Ps.69.6 million, to Ps.409.1 million, principally due to increases in the maintenance provision, in the cost of sales of directly operated convenience stores, and in energy, security, maintenance, personnel costs and concession fees. This increase was partially offset by a Ps. 9.5 million recovery of expenses under the CRRSAA Act in 1Q22 compared with the recovery under the Cares Act in 1Q21. Excluding this effect, costs would have increased 15.0%, or Ps.79.0 million.

Cost of Services increased 50.9% YoY, or Ps.60.2 million, principally reflecting a mainly reflecting a higher maintenance provision, as well as increases in cost of sales in convenience stores directly operated by ASUR, and in energy, security, maintenance, and personnel costs. This increase was partially offset by a higher recovery of expenses of Ps.9.5 million under the CRRSAA Act in 1Q22 compared to the recovery under the Cares Act in 1Q21. Excluding this impact, Cost of Services would have increased 22.8%, or Ps.69.6 million.

Concession Fees paid to the Puerto Rican government increased Ps.9.1 million, in line with the concession agreement.

Depreciation and Amortization increased 0.2% YoY, or Ps.0.3 million, principally reflecting the FX translation impact as the average Mexican peso exchange rate fluctuated to Ps.20.5085 per dollar in 1Q22, from Ps.20.3407 per dollar in 1Q21.

During 1Q22, Puerto Rico reported a Ps.110.9 million Comprehensive Financing Loss, compared with a Ps.115.0 million loss in 1Q21, mainly reflecting the FX conversion impact in connection with the appreciation of the Mexican

peso against the US dollar together with the full repayment of the subordinated term loan with Cancun airport in April 2021.

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 revolving line of credit with Banco Popular de Puerto Rico in the amount of US$20.0 million, with a three-year term. Funds have not yet been withdrawn. All long-term debt is collateralized by Aerostar's total assets.

Operating Profit atPuerto Rico increased to Ps.511.3 million at Puerto Rico resulting in an Operating Margin of 53.9%, mainly reflecting higher non-aeronautical revenues and a marginal reduction in expenses. This compares with operating profit of Ps.357.3 million and an operating margin of 49.1% in 1Q21, and of Ps.260.4million and an Operating Margin of 30.6% in 1Q19.

EBITDA increased 40.6%to Ps.501.5 million in 1Q22 from Ps.356.7 million in 1Q21, and from Ps.420.0 million in 1Q19. EBITDA Margin increased to 52.9% in 1Q22 from 49.1% in 1Q21 and 49.3% in 1Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) was 57.3% in 1Q22, compared with 51.2% in 1Q21, and 57.6% in 4Q19.

During 1Q22, Aerostar made capital investments of Ps.74.8 million compared with investments of Ps.30.9 million in 1Q21.

The Airport Use Agreement signed by 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.

The following discussion compares Airplan's independent results for the three-month periods ended March 31, 2021 and 2022.

Total Colombia Revenues increased 130.0% YoY to Ps.604.4 million and 32.3% against 1Q19. Excluding construction services, revenues increased 131.3% YoY mainly reflecting increases of 155.2% in revenues from aeronautical services, and 81.0% in revenues from non-aeronautical services, mainly the 82.2% increase in commercial revenues.

Commercial Revenues per Passenger was Ps.41.2 compared with Ps.43.5 in 1Q21 and Ps.39.1 in 1Q19.

As shown in Table 21, during the last twelve months, 44 new commercial spaces were opened in Colombia. More details of these openings can be found on page 21 of this report.

Figures in pesos at an average exchange rate of COP190.5193 = Ps.1.00.

Total Operating Costs and Expenses in Colombiaincreased22.4% YoY to Ps.327.8 million. Excluding construction costs, operating costs and expenses increased 22.9% YoY to Ps.326.6 million.

Cost of Services increased 17.6% YoY, or Ps.17.5 million. This was mainly due to an increase in maintenance the maintenance provision and higher security expenses, as well as an increase in taxes and duties.

Construction Costs declined 42.2% YoY, or Ps.0.8 million due to lower complementary works TO concessioned assets compared 1Q21.

Concession Fees,which include feespaid to the Colombian government, increased 126.9% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.

Depreciation and Amortization declined Ps.18.8 million, principally reflecting the FX translation impact from the depreciation of the Colombian peso against the Mexican peso, as per IFRS 3.

Figures in pesos at an average exchange rate of COP190.5193 = Ps.1.00.

During 1Q22, Airplan reported a Ps.9.4 million Comprehensive Financing Loss, compared with a Ps.43.4 million loss in 1Q21. This resulted mainly from a 59.4% decline in interest expenses on fair value loan repayments recognized under IFRS 3, partially offset by a Ps.7.0 million, or 377.9% increase in interest earned.

On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks, with a 3-year grace period and maintained a net balance of Ps.2.195.8 million as of March 31, 2022.

ASUR's operations in Colombia reported an Operating Gain of Ps.276.2 million in 1Q22 compared with an Operating Loss of Ps.5.1 million in 1Q21 which was impacted by COVID-19. Operating Marginwas 45.7% in 1Q22 compared to negative operating margin of 2.0% in 1Q21, and a pre-pandemic operating margin of 16.5% in 1Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets, was 45.8% in 1Q22 compared with negative 2.0% in 1Q21, and positive 17.4% in 1Q19.

EBITDA in 1Q22was Ps.372.3 million resulting in an EBITDA Margin of 61.6%. This compares with EBITDA of Ps.109.7 million in 1Q21. EBITDA Margin was 41.8%, in both 1Q21 and 1Q19.

The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, was 61.8% in 1Q22. This compares to an Adjusted EBITDA Margin of 42.1% in 1Q21 impacted by the decline in revenues resulting from Covid-19, and to 43.9% in 1Q19.

Airplan made capital investments of Ps.0.8 million in 1Q22 compared to Ps.0.7 million in 1Q21.

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.

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico,ASUR is required byIFRIC 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.

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

In accordance with Mexican Stock Exchange Internal Rules Article 4.033.01, 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 regarding 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.

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.

1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.

* Only includes new stores opened during the period and excludes remodelings or contract renewals.

1 Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.

2 Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.

3 Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.

4 Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.

5 Reflects the results of operation of San Juan Airport, Puerto Rico, U.S. for 1Q22.

6 Reflects the results of operation of Airplan, Colombia, for 1Q22.

Consolidated Statement of Income from January 1 to March 31, 2022 and 2021

Consolidated Statements of Financial Position as of March 31, 2022 and 2021

Consolidated Statement of Cash Flow for the Periods of January 1 to March 31, 2022 an 2021.

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