SOUTHEAST AIRPORT GROUP (ASR) operates a portfolio of airports concentrated in Southeast Mexico, Puerto Rico, Colombia, and select U.S. terminals. Its business model balances regulated aeronautical revenues under Mexico’s dual-till system with non-aeronautical commercial activities and construction services related to concession improvements. Historical growth has been strong, fueled by passenger traffic recovery and expanding commercial revenue streams. However, the company faces regulatory rate caps and legal risks that could limit future upside. ASR maintains robust liquidity, invests in infrastructure, and emphasizes sustainability initiatives as part of long-term value preservation.