The following discussion should be read in conjunction with, and is entirely qualified by reference to, our consolidated financial statements and the notes to those financial statements. It does not include all of the information included in our consolidated financial statements. You should read our consolidated financial statements to gain a better understanding of our business and our historical results of operations. Our consolidated financial statements included in this annual report are prepared in accordance with IFRS, as issued by IASB. Overview We operate nine airports in the southeastern region of Mexico under concessions granted by the Mexican government, six airports in Colombia under concessions granted by the Colombian government and the LMM Airport in San Juan, Puerto Rico and as of December 11, 2025, Terminals 1, 2, 3, 6, Tom Bradley International Terminal and Tom Bradley International Terminal West at LAX, Terminal 5 at ORD, and Terminal 8 and New Terminal One at JFK in the mainland United States (Los Angeles, Chicago and New York). The majority of our revenues are derived from providing aeronautical services, which are generally related to the use of our airport facilities by airlines and passengers. For example, in 2023, 2024 and 2025, 59.0%, 59.3% and 52.1%, respectively, of our total revenues were derived from aeronautical services. Changes in our revenues from aeronautical services are principally driven by passenger and cargo volume at our airports. Our revenues from aeronautical services are also affected by the maximum rates we are allowed to charge at our Mexican airports under the price regulation system established by the Ministry of Infrastructure, Communications and Transportation. The system of price regulation that applies to our aeronautical revenues from our Mexican airports allows us to charge up to a maximum rate for each unit of traffic volume (which is measured in workload units) at each airport. Thus, increases in aeronautical services, such as passenger and cargo volume, and therefore the number of workload units that we handle, tend to generate greater revenues. We also derive revenue from non-aeronautical activities, principally related to the commercial services offered at our airports, such as the leasing of space to restaurants, retailers and service providers. At our Mexican airports, revenues from non-aeronautical activities are not subject to the system of price regulation established by the Ministry of Infrastructure, Communications and Transportation. Thus, our non-aeronautical revenues are primarily affected by the mix of commercial services offered at our airports, the contracts that we have with the providers of those commercial services and our ability to increase the rates we charge to those service providers, and to a somewhat lesser extent, passenger traffic at our airports. While we expect that aeronautical revenues will continue to represent a majority of our future total revenues, growth of our revenues from commercial activities has exceeded, and we expect will continue to exceed, the growth rate of our aeronautical revenues. 107 Table of Contents Recent Developments Acquisition of URW Airports, LLC On July 30, 2025, our subsidiary ASUR US Commercial Airports, LLC, entered into a purchase agreement with Unibail-Rodamco-Westfield’s wholly-owned subsidiary Westfield Development, Inc. to acquire all of the issued and outstanding equity interest of URW Airports, LLC for an enterprise value of US$295 million. As of December 11, 2025, the purchase price was adjusted to US$308 million. The acquired business manages select commercial programs at several U.S. airports, including Terminals 1, 2, 3, 6, Tom Bradley International Terminal and Tom Bradley International Terminal West at LAX, Terminal 5 at ORD, and Terminal 8 and New Terminal One at JFK. The transaction closed on December 11, 2025. The acquisition represents our strategic expansion into the U.S. airport retail concessions market. We funded the transaction with cash on hand and a secured financing from JPMorgan Chase Bank, N.A. to maintain liquidity. See “Business Overview—U.S. Mainland Airports” for additional description of the acquired businesses. Pursuant to the purchase agreement between URW Airports and ASUR US Commercial, the buyer may request an adjustment to working capital from the seller. This adjustment would impact the transaction price, and the buyer would be required to pay or receive the amount determined by this adjustment, based on evidence available 90 days after the closing date of the transaction. For additional information on purchase price allocation, see note 1.1 to our Financial Statements. Acquisition of Companhia de Participações em Concessões (CPC Aeroportos) On November 18, 2025, Aeropuerto de Cancún entered into a purchase agreement with Motiva Infraestrutura de Mobilidade S.A. to acquire up to 100% of the shares representing the capital stock of Companhia de Participações em Concessões (CPC Aeroportos), for approximately US$936 million. CPC Aeroportos is an operator of 20 airports in Latin America, including 17 in Brazil, one in Costa Rica, one in Ecuador and one in Curaçao, and is a wholly-owned subsidiary of Motiva de Infraestructura de Mobilidade, S.A. This transaction is expected to expand our international network, increase passenger traffic, and increase its exposure to other regions by adding four new markets in Latin America and the Caribbean, including Brazil, currently the largest aviation market in Latin America in terms of passenger traffic. The closing of the transaction, which is expected to occur during the second quarter of 2026, is subject to customary conditions precedent, including various regulatory approvals related to airport infrastructure and economic competition in Brazil. We expect to secure financing from JPMorgan Chase Bank, N.A. to fund the transaction, in addition to cash on hand. We participated in a tax amnesty program implemented by the Mexican federal government When bidding was concluded for the shares of the Mexican airport group that became ASUR, the Ministry of Infrastructure, Communications and Transportation agreed that the concessionaire could amortize the value of the concession at an annual rate of 15.0% for tax purposes. Contrary to this decision, in February 2012, the Ministry of Finance and Public Credit determined that this agreement was invalid and that the rate should instead be 2.0%. We filed an appeal in April 2012 to overturn this determination. In May 2013, while our appeal was pending, the Mexican federal government implemented a tax amnesty program for federal taxes, in which we participated by paying Ps. 128.3 million to settle the claim with the Ministry of Finance and Public Credit solely with respect to income taxes. Our participation in the tax amnesty program, however, had no impact on our separate appeal of the amount of distributions owed by the Company under the mandatory employee statutory profit - sharing regime established by Mexican federal labor laws. In September 2023, Quintana Roo’s Tax Authority determined that the Company owed Ps. 99.8 million in distributions under the mandatory employee statutory profit - sharing regime. We have appealed this resolution via an annulment action which, as of April 16, 2026, is still pending to be resolved. If we were to lose the appeal, we estimate that we would be required to pay an additional Ps. 99.8 million in distributions under the mandatory employee statutory profit - sharing regime. Note on URW Airports Acquisition On December 11, 2025, we, through our subsidiary ASUR US Commercial Airports LLC completed the acquisition of URW Airports. As a result, the consolidated financial statements of the Company for the year ended December 31, 2025 include the results of operations and financial position of ASUR US Commercial Airports LLC only for the period from December 11, 2025 to December 31, 2025 (the “Stub Period”), representing approximately 20 days of consolidated operations. 108 Table of Contents Given the limited duration of the Stub Period (and therefore the limited contribution of ASUR US Commercial Airports LLC to the Company’s consolidated results of operations, financial position, and cash flows for the year ended December 31, 2025), the discussion and analysis of the Company’s operating and financial results set forth in this Item 5 does not separately address the financial contribution of ASUR US Commercial Airports LLC during the year ended December 31, 2025. Investors should note that the financial results for the year ended December 31, 2025 are therefore not fully reflective of the ongoing consolidated results of the Company following the acquisition, and the results of ASUR US Commercial Airports LLC will be reflected on a full-year basis in the Company’s consolidated financial statements for the year ending December 31, 2026. In accordance with International Financial Reporting Standard 3 “Business Combinations” (IFRS 3), the URW Airports acquisition is considered a business combination and, therefore, has been recorded using the purchase method established in IFRS 3. The acquisition was recorded by allocating the total of the assets acquired and liabilities assumed, based on the fair values determined at the acquisition date. The excess of the acquisition cost over the net fair values of the assets acquired and liabilities assumed has been recorded as goodwill. For additional information on purchase price allocation, see note 1.1 to our Financial Statements. Passenger Traffic Volume and Composition Our principal source of revenues at our Mexican and Colombian airports is passenger charges collected from airlines for each passenger departing from the airport terminals we operate (excluding diplomats, infants and transfer and transit passengers). In 2023, 2024 and 2025, passenger charges represented 77.4%, 77.8% and 79.2% of our aeronautical services revenues and 45.7%, 46.1% and 41.3%, respectively, of our consolidated revenues. Accordingly, the main factor affecting our results of operations is the number of passengers using our airports. Volumes in Mexico In 2023, 2024 and 2025, approximately 48.9%, 47.8% and 48.5%, respectively, of the passengers traveling through our Mexican airports were domestic. The total number of Mexican domestic passengers for 2025 decreased 0.6% as compared to 2024. In 2023, 2024 and 2025, 51.1%, 52.2% and 51.5% of the passengers traveling through our Mexican airports were international. During 2023, 2024 and 2025, 27.8%, 29.6% and 27.3%, respectively, of our total revenues were derived from passenger charges collected from international passengers traveling through our airports. Of the international passengers traveling through our Mexican airports, a majority have historically traveled on flights to or from the United States. In 2023, 2024 and 2025, for example, 31.6%, 32.4% and 31.6% of the total passengers and 61.8%, 62.2% and 61.3%, respectively, of the international passengers traveling through our Mexican airports arrived or departed on flights originating in or departing to the United States. As a consequence, our results of operations are substantially influenced by U.S. political, economic and other conditions, particularly trends and events affecting leisure travel and consumer spending. For more information on the potential influence of U.S. political and economic conditions, see “Item 3—Key Information—Risk Factors—Changes in U.S. immigration and border policy could adversely affect passenger traffic to and from Mexico and Colombia.” In 2025, we had 40.6 million passengers travel through our Mexican airports. Volumes in Puerto Rico The majority of passenger traffic volume in the LMM Airport consists of domestic passengers traveling from the mainland United States. In 2025, 87.3% and 12.7% of the passengers traveling through the LMM Airport were domestic and international, respectively. As with Mexico, our results in Puerto Rico are substantially influenced by economic and political developments in the United States. For more information, see “Item 3—Risk Factors—Risks Related to Our Operations—Hurricanes and other natural disasters have adversely affected our business in the past and could do so again in the future.” In 2025, we had 13.6 million passengers travel through the LMM Airport. 109 Table of Contents Volumes in Colombia The majority of passenger traffic volume in our Colombian airports consists of domestic passengers. In 2025, 76.5% and 23.5% of the passengers traveling through our Colombian airports were domestic and international, respectively. Of the international passengers traveling through our Colombian airports, approximately 34.4% traveled on flights originating in or departing to the United States. Similar to Mexico and Puerto Rico, our results in Colombia may be influenced by economic and political developments in the United States. In 2025, we had 17,320.4 thousand passengers travel through our Colombian airports. Classification of Revenues and Price Regulation For financial reporting purposes, we classify our revenues into three categories: revenues from aeronautical services, revenues from non-aeronautical services and revenues from construction services. Our revenues from aeronautical services are derived from passenger charges, landing charges, aircraft parking charges, charges for airport security services and for the use of passenger walkways. Our revenues from non-aeronautical services are associated with the leasing of space in our airports to airlines, retailers and other commercial tenants, access fees collected from third parties providing complementary services at our airports and related miscellaneous sources. In addition, we derive construction revenues from the services we are deemed to provide by making capital improvements to concessioned assets. Revenues from our Mexican and Colombian airports are subject to a “dual-till” price regulation system. Under this system, a substantial portion of our revenues, such as revenues from passenger charges, landing charges, aircraft parking charges and access fees from third parties providing services at our airports, are regulated. Based on our classification of revenues for financial reporting purposes, all of our revenues from aeronautical services and certain of our revenues from non-aeronautical services, such as access fees charged to third parties providing complementary services in our Mexican airports, are regulated by the relevant authorities. The system of price regulation applicable to our Mexican airports establishes an annual maximum rate in pesos for each airport, which is the maximum annual amount of revenues per workload unit (equal to one passenger or 100 kilograms (220 pounds) of cargo) that we may earn at that airport from regulated services. The maximum rates for our Mexican airports have been determined for each year through December 31, 2024. For a description of the latest amendment to the Mexican tariff base regulation effective as of October 2023, see “Item 3. Key Information—Risk Factors— Risks Related to the Regulation of Our Business— The price regulatory system applicable to our Mexican airports imposes maximum rates for each airport—The price regulatory system does not guarantee that our consolidated results of operations, or that the results of operations of any Mexican airport, will be profitable.” Aerocivil in Colombia establishes the fees and tariffs for the provision of aeronautical revenues at our Colombian airports. Each year, our subsidiary Airplan is required to update the fees and tariffs related to its concession, which are then submitted to Aerocivil for its review and approval. 110 Table of Contents Aeronautical revenues at the LMM Airport are not directly regulated by the government. However, aeronautical revenues at the LMM Airport are limited by the terms of the Airport Use Agreements, which govern the relationship between our subsidiary Aerostar and the principal airlines serving the LMM Airport. Pursuant to the agreement, Aerostar is entitled to an annual contribution of U.S.$62 million during the first five years of the term. From year six onward, 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. In 2023, 2024 and 2025, 61.5%, 62.1% and 52.5%, respectively, of our total revenues from our Mexican operations and 6.5%, 6.5% and 5.7%, respectively, of our revenues from non-aeronautical services at our Mexican airports were earned from regulated sources of revenues. Revenues associated with leased space in our terminals (other than space leased to airlines and other space deemed essential to our Mexican airports by the Ministry of Infrastructure, Communications and Transportation) and construction revenues are currently not regulated under the price regulation system established by the Ministry of Infrastructure, Communications and Transportation in Mexico. In 2025, 71.7% of our total revenues from our Colombian operations were earned from regulated sources of revenues. Aerocivil in Colombia establishes the tariffs applicable to regulated sources of revenue at our Colombian airports. The following table sets forth our revenues for the years ended December 31, 2023, 2024 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Percent ​ ​ ​ Amount ​ ​ ​ Percent ​ ​ ​ Amount ​ ​ ​ Percent Regulated Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Airport Services(1) ​ 15,670.4 ​ 60.7 % 19,050.0 ​ 60.8 % 19,794.8 ​ 53.2 % Non-regulated Revenues: ​ ​ ​ ​ ​ ​ ​ Access fees from non-permanent ground transportation(3) 102.0 0.4 % 108.9 0.3 % 114.0 0.3 % Car parking and related access fees 458.0 1.7 % 508.3 1.6 % 568.6 1.5 % Other fees 18.7 0.1 % 21.4 0.1 % 21.6 0.1 % Commercial Services(3) 8,017.0 31.0 % 8,526.1 27.2 % 9,106.5 24.5 % Other Services 252.7 1.0 % 269.8 0.9 % 281.6 0.7 % Other Revenues: ​ ​ ​ ​ ​ ​ ​ Construction Services(2) 1,302.6 5.1 % 2,848.3 9.1 % 7,350.3 19.7 % Total 25,821.4 100.0 % 31,332.8 100.0 % 37,237.4 100.0 % (1) Includes access fees charged to third parties providing complementary services in our airports, which are classified as non-aeronautical revenues for financial reporting purposes, as well as aeronautical revenues in Puerto Rico, which, although unregulated, are limited by a long-term contract with our airline clients at that airport. (2) We are required to account for the revenues and expenses relating to those services. In our case, because we hire a third party to provide construction and upgrade services, our revenues relating to construction or upgrade services are equal to our expenses for those services. (3) Non-regulated commercial revenues: Access fees from non-permanent ground transportation, car parking and related access fees and commercial services, make up the non-aeronautical commercial revenues and include commercial revenues from ASUR US since December 11, 2025. Aeronautical Revenue Mexican Aeronautical Revenues The system of price regulation applicable to aeronautical revenues at our Mexican airports establishes a maximum rate in Mexican pesos for each airport for each year in a five-year period, which is the maximum annual amount of revenue per workload unit (equal to one terminal passenger or 100 kilograms (220 pounds) of cargo) that we may earn at that airport from aeronautical services. The maximum rates for our Mexican airports have been determined for each year through December 31, 2028. Therefore, our aeronautical revenues are determined largely by the number of workload units at each of our Mexican airports, which is primarily driven by passenger traffic levels. Aeronautical revenues differ among our Mexican airports to the extent that passenger traffic levels differ among these airports. 111 Table of Contents Under the Mexican regulatory system applicable to our aeronautical revenues, we can set the specific price for each category of aeronautical services every six months (or more frequently if accumulated inflation since the last adjustment exceeds 5.0%), as long as the total aeronautical revenue per workload unit each year at each of our Mexican airports does not exceed the maximum rate at that airport for that year. The specific prices we charge for regulated services are based on various factors, including projections of passenger traffic volumes, capital expenditures estimated in our Mexican master development programs, the Mexican producer price index (excluding petroleum) and the value of the peso relative to the U.S. dollar. We currently set the specific price for each category of aeronautical services after negotiating with our principal airline customers. Under these agreements, our specific prices are structured such that the substantial majority of our aeronautical revenues are derived from passenger charges, and we expect this to continue to be the case in future agreements. In 2023, 2024 and 2025, passenger charges at our Mexican airports represented 60.8%, 61.7% and 61.4% of our aeronautical service revenues and 35.8%, 36.6% and 32.0%, respectively, of our consolidated revenues. Historically, we have set our prices for regulated services at our Mexican airports as close as possible to the maximum rates allowed in any given year, and we expect to pursue this pricing strategy in the future. There can be no assurance that we will be able to collect most of the revenue we are entitled to earn from services subject to price regulation in the future. As noted above, our regulated revenues at each Mexican airport are subject to a maximum rate established by the Ministry of Infrastructure, Communications and Transportation. To avoid exceeding the maximum rate established at an airport for any given year, we have historically taken measures to ensure that the maximum rates are not exceeded at year end, including reducing prices during the latter part of the year and issuing credit notes or discounts to customers as price adjustments. These price adjustments or discounts constitute a reduction of the selling prices (i.e., the amounts originally billed to customers for services rendered), and therefore, are characterized as a reduction of the related revenues recognized during the year. All discounts and credit notes are issued and recorded in the same year as the service is provided. In, 2023, 2024, and 2025 we did not issue rebates in significant amounts. Colombian Aeronautical Revenues Our Colombian airports’ revenues from passenger charges for the use of terminals, takeoff, landing and aircraft movement charges, charges for boarding bridges and aircraft parking charges are regulated by the National Infrastructure Agency pursuant to its concession agreement with our subsidiary Airplan. In 2025, passenger charges at our Colombian airports, represented 13.8% of our consolidated aeronautical revenues and 7.2% of our consolidated revenues. Our subsidiary Airplan charges tariffs to airlines (relating to domestic routes, international routes and development). The tariffs are established by Aerocivil, through Resolution 04530 of 2007 and will expire between 2019 and 2032. As of December 31, 2025, the following airlines at our Colombian airports were subject to such tariffs: Clic, Satena, Moon Flight, Avianca, Aerea, America´s Air, Custom Aviation, Hangar 29, Helijet, Heligolfo, Heliservice, Helistar, Helisur, Pacifica de Aviación, SASA, SARPA, SEARCA, Avianca Ecuador, Aerorepública (COPA), Wingo, LATAM, Spirit, American Airlines, Aeroméxico, JetBlue, Air Europa, Ara Jet, Jet Smart Chile, Colombia y Perú, Jet Air, Avoir, Ez Air, United Airlines, Tampa Cargo, Fedex, LAN Cargo, among others. See “Item 4—Information on the Company—Business Overview—Colombia.” Puerto Rican Aeronautical Revenues As noted above, aeronautical revenues from our LMM Airport are limited by the Airport Use Agreements among Aerostar and the principal airlines serving the LMM Airport. Aeronautical revenues include revenues from passenger charges for the use of terminals, landing and aircraft movement charges and aircraft parking charges. We include aeronautical revenues from LMM Airport in our calculation of total regulated revenues. In 2025, passenger charges at our LMM Airport, represented 4.0% of our consolidated aeronautical revenues and 2.1% of our consolidated revenues. 112 Table of Contents The following table sets forth our consolidated revenue from aeronautical services from all airports for the years indicated. Aeronautical Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Percent ​ ​ ​ Amount ​ ​ ​ Percent ​ ​ ​ Amount ​ ​ ​ Percent Aeronautical Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Passenger charges 11,789.9 77.4 % 14,454.6 77.7 % 15,364.5 79.3 % Landing charges 1,391.8 9.1 % 1,568.8 8.4 % 1,418.1 7.3 % Aircraft parking charges 1,196.3 7.9 % 1,594.4 8.6 % 1,662.2 8.6 % Airport security charges 152.1 1.0 % 178.0 1.0 % 181.3 0.9 % Passenger walkway charges 693.0 4.6 % 793.3 4.3 % 761.7 3.9 % Total Aeronautical Revenue 15,223.1 100.0 % 18,589.1 100.0 % 19,387.8 100.0 % ​ The following table sets forth our Mexican revenue from aeronautical services per workload unit for the years indicated. Our Colombian and Puerto Rico airports are not regulated under workload units. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Change(1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total workload units(2) 44.2 42.4 41.5 (2.1) % Aeronautical Revenue 11,247.6 13,915.7 14,273.0 2.6 % Aeronautical Revenue per workload unit(3) 254.5 328.2 343.9 4.8 % (1) As compared to the previous year. (2) In millions. Under the regulation applicable to our aeronautical revenues, a workload unit is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo. (3) Aeronautical revenues per workload unit are expressed in Mexican pesos (not millions of Mexican pesos). The following table sets forth the number of passengers paying passenger charges for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024-2025 ​ ​ (expressed in thousands, except percentages) Cancun 16,162.8 15,072.7 14,497.8 (3.8) % Merida 1,812.4 1,828.7 1,927.8 5.4 % Villahermosa 693.2 732.2 707.1 (3.4) % Other Mexican airports 2,850.3 2,926.1 2,894.3 (1.1) % San Juan 6,084.8 6,615.8 6,819.5 3.1 % Colombia 7,263.0 8,113.9 8,416.0 3.7 % Total 34,866.5 35,289.5 35,262.5 (0.1) % ​ At our Mexican and Colombian airports, we earn passenger charges from each departing passenger at our airports other than transit passengers, diplomats and infants. 113 Table of Contents Non-Aeronautical Revenue Our revenues from non-aeronautical services are principally derived from commercial activities, such as leasing of space in our airports to airlines, leasing of space to, and collection of royalties from, third parties operating stores and providing commercial services at our airports and access fees charged to operators of automobile parking facilities and providers of complementary services, and non-commercial activities, such as leasing of space essential for the operation of airlines and access fees from non-permanent ground transportation and complementary service providers, including providers of ramp and handling services, catering, maintenance services and repair and related activities that support air carriers. Most of our revenues from non-aeronautical services are not subject to price regulation under our dual-till price regulation system. Because non-aeronautical revenues are determined in part by passenger traffic levels, the differences in non-aeronautical revenues between our airports are determined in part by passenger traffic levels. Differences in non-aeronautical revenues are also determined by the mix of commercial services available at an airport. Because international passengers, many of whom are vacation travelers, tend to use more expensive commercial services, like souvenir shops and international food and beverage vendors, airports that have higher levels of international passenger traffic, like our Cancún Airport, tend to generate higher amounts of non-aeronautical revenues. The following table sets forth our revenue from non-aeronautical activities for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Aeronautical Revenues ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Percent ​ ​ ​ Amount ​ ​ ​ Percent ​ ​ ​ Amount ​ ​ ​ Percent Non-aeronautical Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial 8,576.8 92.3 % 9,143.4 92.4 % 9,788.9 93.3 % Leasing of space 7,939.4 85.4 % 8,373.3 84.6 % 8,752.1 83.4 % Access fee 102.0 1.1 % 108.9 1.1 % 114.0 1.1 % Other 535.4 5.8 % 661.2 6.7 % 922.8 8.8 % Non Commercial 719.1 7.7 % 751.9 7.6 % 710.4 6.7 % Leasing of space 176.4 1.9 % 183.4 1.8 % 197.4 1.9 % Access fee 335.7 3.6 % 345.4 3.5 % 277.6 2.6 % Other 207.0 2.2 % 223.1 2.3 % 235.4 2.2 % Total Non-aeronautical Revenue 9,295.9 100.0 % 9,895.3 100.0 % 10,499.3 100.0 % ​ The following table sets forth other information about our passengers and revenues for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Change(1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Terminal Pasengers(2) 70.6 71.3 71.6 0.4 % Total Non-aeronautical revenues 9,295.9 9,895.3 10,499.3 6.1 % Non-aeronautical revenue per terminal passenger(3) 131.6 138.7 146.6 5.7 % (1) As compared to previous year. (2) In millions. Excludes transit and general aviation passengers. (3) Revenue per passenger amounts are expressed in Mexican pesos (not millions of Mexican pesos). 114 Table of Contents Our commercial revenues consist primarily of revenues from duty-free shops, food and beverage establishments, retail stores, advertising revenues, parking lots, car rental companies, banking and currency exchange services, teleservices and ground transportation. The following table sets forth our revenue from commercial activities for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Change Commercial Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ Duty-Free Shops 3,118.1 3,177.7 3,360.7 5.8 % Food and Beverage 1,419.9 1,457.7 1,607.4 10.3 % Retail Stores 1,073.1 1,183.1 1,104.8 (6.6) % Advertising Revenues 206.9 236.6 208.5 (11.9) % Parking Lots 458.0 508.3 568.6 11.9 % Car Rental Companies 1,230.5 1,404.5 1,536.5 9.4 % Banking and Currency Exchange services 103.3 98.5 93.9 (4.7) % Teleservices 16.1 16.1 26.1 62.1 % Ground Transportation 144.7 166.5 187.0 12.3 % Other Services 806.2 894.4 1,095.4 22.5 % Total 8,576.8 9,143.4 9,788.9 7.1 % ​ The Mexican Ministry of Infrastructure, Communications and Transportation does not classify certain of these revenues as “commercial revenues.” Accordingly, the following table sets forth the reconciliation between commercial revenues classified according to the requirements of the Ministry of Infrastructure, Communications and Transportation and commercial revenues classified according to IFRS for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Change Non-aeronautical Services:(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial 8,089.1 8,602.0 9,187.0 6.8 % Commercial Revenues:(2) ​ ​ ​ ​ ​ Parking Lots 458.0 508.3 568.6 11.9 % Other Services 29.7 33.1 33.3 0.6 % Total 8,576.8 9,143.4 9,788.9 7.1 % (1) Classified according to the requirements of the Ministry of Infrastructure, Communications and Transportation. (2) Classified according to IFRS. Construction Services Revenue Under IFRS, an operator of a service concession that is required to make capital improvements to concessioned assets, such as us, is deemed to provide construction or upgrade services. Revenues from construction services are recognized in accordance with the methods prescribed (input method) for measuring progress towards completion of each project, as approved by the grantor. Improvements made are expected to complement the infrastructure of the airports operated by the Company. Revenues from construction services are not subject to regulation under our dual-till price regulation system in Mexico, Colombia and Puerto Rico. 115 Table of Contents Operating Costs The operating costs at our airports are influenced principally by two factors: fixed costs and variable costs. Fixed costs are the costs of operating an airport, such as most of our depreciation and amortization, administrative expenses, maintenance, safety, security and insurance, utilities and employee costs, which are primarily dependent on the size of the airport and do not vary with the number of passengers. Variable costs are dependent on passenger traffic, or, in the case of our technical assistance and concession fees, on financial results that are primarily determined by passenger traffic. We do not believe that there are material differences in these factors among the airports that we operate, other than differences relating to passenger traffic volume (at busier airports, fixed costs may be spread among a greater number of passengers). The following table sets forth our operating costs and certain other related information for the years indicated. Operating Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Change Operating Costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of services: ​ ​ ​ ​ ​ Employee costs 1,326.9 1,513.1 1,717.7 13.5 % Maintenance 815.8 829.5 951.6 14.7 % Safety, security and insurance 705.6 864.0 951.4 10.1 % Utilities 529.0 579.0 624.6 7.9 % Other 1,298.2 1,578.0 1,935.5 22.7 % Total cost of services 4,675.5 5,363.6 6,180.8 15.2 % Costs of construction 1,302.6 2,848.3 7,350.3 158.1 % General and administrative expenses 319.2 319.6 346.0 8.3 % Technical assistance fees 715.5 400.8 400.9 0.0 % Government concession fees 1,496.1 2,557.7 2,704.7 5.7 % Depreciation and amortization: ​ ​ ​ ​ ​ Depreciation(1) 147.1 178.6 406.8 127.8 % Amortization 1,922.1 2,144.4 2,854.0 33.1 % Total depreciation and amortization 2,069.2 2,323.0 3,260.8 40.4 % Total operating costs 10,578.1 13,813.0 20,243.5 46.6 % Other Information: ​ ​ ​ ​ ​ Total workload units(2) 44,220.1 42,375.8 41,512.2 (2.0) % Cost of services per workload unit(3) 61.5 68.4 79.4 16.1 % Cost of services margin(4) 14.3 % 12.5 % 11.8 % (5.6) % (1) Reflects depreciation of fixed assets. (2) In thousands. Under the regulation applicable to our aeronautical revenues at our Mexican airports, a workload unit is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo. Our Colombian and Puerto Rican airports are not regulated by workload unit. (3) Cost of services per workload unit at our Mexican airports are expressed in Mexican pesos (not millions of Mexican pesos). Our Colombian and Puerto Rican airports are not regulated by workload unit. (4) Cost of services at our Mexican airports divided by total revenues, expressed as a percentage. Cost of Services Our cost of services consists primarily of employee, maintenance, safety, security and insurance costs, as well as utilities (a portion of which we recover from our tenants) and other miscellaneous expenses. 116 Table of Contents Employee Statutory Profit Sharing Employee Profit Sharing in Mexico We are subject to the PTU established by Mexican federal labor laws. Under this regime, 10.0% of a company’s unconsolidated annual profits, as calculated for tax purposes, must be distributed among its employees in Mexico other than the chief executive officer. The PTU to be paid to each employee is capped to the sum of three-monthly salaries or the average of the PTU received by the employee in the last three years, whichever is higher. We committed, as part of our 2008 personnel reorganization, to pay each of our unionized employees a minimum payment of Ps. 17,500 per year for continued service. These amounts are paid and expensed at the end of each year and are included in our cost of services. In 2023, 2024 and 2025, we calculated our obligations in respect of employee statutory profit-sharing amount to be Ps. 98.6 million, Ps. 122.6 million and Ps. 131.2 million, respectively. Additionally, the amount of Ps. 22.2 million was paid to unionized employees for the year ended December 31, 2025, and is recorded as a cost of service. Employee Profit Sharing in Puerto Rico The LMM Airport is not subject to an employee profit sharing regime. Employee Profit Sharing in Colombia We are not subject to an employee profit sharing regime in Colombia. Technical Assistance Fee Under a technical assistance agreement in Mexico, ITA provides management and consulting services and transfers technical assistance, technological and industry knowledge, as well as experience to us for a fee. Our results of operations reflect the accrual of the technical assistance fee to ITA under the technical assistance agreement. The technical assistance fee is equal to the greater of U.S.$2.0 million, adjusted for U.S. inflation, or 5.0% of our consolidated earnings before comprehensive financing costs, income taxes and depreciation and amortization (calculated prior to deducting the technical assistance fee) up to December 31, 2023. When calculating our technical assistance fee, we only consider earnings from our Mexican airports. As of January 1, 2025, the technical assistance fee´s rate was reduced to 2.5%. Government Concession Fee Mexican Concession Fee We are subject to the Mexican Federal Duties Law, which requires each of our Mexican airports to pay a concession fee to the Mexican government, which is currently equal to 9.0% of the gross annual revenues (regulated and non-regulated) of each Mexican concession holder obtained from the use of federal airports pursuant to the terms of its concession. The increase of the concession fee from 5.0% to 9.0% of our gross annual regulated revenues determined by the amendments to the Mexican Federal Duties Law in November 2023 impacted our maximum rates approved by the Ministry of Infrastructure, Communications and Transportation for the years 2024 through 2028, and there can be no assurance that this fee may be further increased in the future. Puerto Rican Concession Fee Our subsidiary Aerostar is required to make annual revenue-sharing payments to the PRPA according to the terms of its LMM Lease for the LMM Airport. The LMM Lease was signed on February 27, 2013 and has an initial term of 40 years. Aerostar is required to make fixed payments of U.S.$2.5 million per year for the first five years, 5.0% of gross airport revenues for the sixth through thirtieth years and 10% of gross airport revenues for the thirty-first through fortieth years. 117 Table of Contents Colombian Concession Fee With respect to our Colombian airports, our subsidiary Airplan is required to pay a concession fee to the National Infrastructure Agency pursuant to the terms of its concession agreement. The concession fee is a fixed fee equal to 19% of regulated and non-regulated revenues invoiced by the concession holder. The Colombian government cannot modify the concession fee. Depreciation and Amortization Mexican Assets Our depreciation and amortization expenses in Mexico primarily reflect the amortization of the investments realized in our nine Mexican airports under our master development plans. Our current master development plans went into effect as of January 1, 2024 and expire December 31, 2028. Puerto Rican Assets Our depreciation and amortization expenses in Puerto Rico primarily reflect the amortization of the investments realized in LMM Airport under the concession agreement. The concession agreement is recognized as a service concession because Aerostar does not have the right to control the use of LMM Airport facilities and does not control or receive all the production from the airport’s facilities. Colombian Assets Our depreciation and amortization expenses in Colombia primarily reflect the amortization of the investments in our six Colombian airports. The useful life for amortization purposes was determined according to the duration of the Colombian concession on a straight line basis. Goodwill Impairment As a result of Hurricane Maria, which struck Puerto Rico on September 20, 2017, we carry out a deterioration test of long-term assets at the end of the year. After conducting this test in 2017, we recognized a Ps.4,719.1 million impairment in the valuation of long-term assets. Since 2017, no goodwill impairments were further recognized. Costs of Construction Mexican and Puerto Rican Costs of Construction Costs of construction at our Mexican airports and LMM Airport reflect the cost of improvements to our concessioned assets. In the case of our Mexican airports and LMM Airport, because we hire third parties to provide construction and upgrade services, and we do not recognize a premium on the cost of services, our expenses for those services are equal to our revenues. Colombian Costs of Construction Costs of construction at our Colombian airports reflect the cost of improvements to our concessioned assets. Until December 31, 2017, in the case of our Colombian airports, because we hired third parties to provide construction and upgrade services, and we recognized a premium on the cost of services, our expenses for those services were not equal to our revenues. After December 31, 2017, however, our expenses for those services have been equal to our revenues. Participation in the Results of Joint Ventures We own a 60.0% joint venture interest in Aerostar, which holds a 40-year concession to operate the LMM Airport. We have consolidated Aerostar’s financial results into our financial statements. Prior to June 1, 2017, when we acquired a controlling interest in Aerostar, we accounted for our interest in this investment through the equity method. During these prior periods, we held a 50% interest in Aerostar. For more information on our joint venture interest and the LMM Airport investment, see “Item 4. Information on the Company—History and Development of the Company—Investment in LMM Airport.” 118 Table of Contents In addition, in May 2023, we have entered into an investment agreement with Bávaro International Airport AIB, S.A.S. (AIB), CVC One, Inc., Grupo Abrisa, S.R.L., Muñoz Investment Banking Group Fund, LLC, Abraham Jorge Hazoury Toral and Alberto Alejandro Durán Santana for purposes of developing, constructing and operating an international airport in Bavaro, Dominican Republic. While we had originally expected to maintain a 25% stake in the venture with a total estimated investment amount of U.S.$66.0 million, the concession permits were revoked by Dominican authorities and the related appeal filed by AIB is pending to be resolved. On December 21, 2023, the Dominican Constitutional Court rejected the appeal. As of December 31, 2025, there is still no government approval for the construction of the Airport. Taxation Taxation in Mexico Our provision for taxes consists of solely an income tax (Impuesto Sobre la Renta, or ISR). We were subject to an asset tax, which was discontinued in 2008. We are subject to a 30.0% income tax in Mexico. Dividends paid from a company’s distributable earnings that have been subject to corporate income tax are not subject to a corporate-level dividend income tax. Income tax due on dividends paid in excess of the balance of an entity’s after-tax profit account (“CUFIN”) is levied by applying the 30.0% income tax rate to the product of the amount of such dividends and a factor of 1.4286. Tax due is payable by us and may be credited against income tax for the year or the two immediately following fiscal years. In addition, as a general rule, dividends paid by a Mexican entity to a non-resident are subject to Mexican withholding tax at a rate of 10% on the gross amount of the dividend distributed. We have recognized deferred income tax for Aeropuerto de Cancún, S.A. de C.V., Aeropuerto de Oaxaca, S.A. de C.V, Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Villahermosa, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V., Aeropuerto de Tapachula, S. A. de C. V., Aeropuerto de Cozumel, S.A. de C.V., Cancún Airport Services, S.A. de C.V., Servicios Aeroportuarios del Sureste, S.A. de C.V., RH Asur, S.A. de C.V., Cargo RF, S.A. de C.V. and Caribbean Logistic, S.A. de C.V., and, based on our financial and tax projections, we have estimated that all of these subsidiaries will continue paying income tax in the future. International Tax Reform The Organization for Economic Co-operation and Development (OECD) published the International Tax Reform – Pillar 2 Model Rules - Amendments to IAS 12. These amendments stem from the digitalization of the economy and the global effort to combat tax base erosion and profit shifting (BEPS). The rules are designed to ensure that large multinational companies, subject to these regulations, pay a minimum level of taxes on the income they generate in each jurisdiction where they operate. The rules implement a system of supplementary taxes that increase the total amount of taxes paid on an entity’s excess profits, ensuring it reaches the minimum rate of 15%. The Company operates in the following jurisdictions: Mexico, Colombia, Puerto Rico, New York, California and Illinois, with plans to expand into the Dominican Republic within the next two years. While the Company is not currently subject to the Second Pillar model rules, as the relevant legislation has not yet been enacted, the Company has begun analyzing their potential future impact. However, since Law 2277 of 2022, Colombia has incorporated a Minimum Tax Rate. This rule establishes the obligation of the taxpayer to determine its effective tax rate for corporate income tax purposes. Under this provision, the Minimum Tax Rate (“MTR”) is calculated by dividing the adjusted tax (the tax paid with certain adjustments) by the adjusted profit (the accounting profit with certain adjustments). If the result is less than 15%, the tax must be increased to ensure that a minimum of 15% tax is paid. ​ ​ 119 Table of Contents In Mexico and Colombia, the Company estimates no significant impact, as the effective tax rates in both countries exceed the 15% minimum rate established by the Second Pillar model rules. In Puerto Rico, the tax rate is lower than the stipulated minimum rate (10%) and is set by the concession agreement. The Puerto Rico Treasury Department is currently in the process of contracting international tax consulting services to implement the global minimum corporate tax agreement. Regarding operations in the Dominican Republic, the Company will assess the impact once it begins its activities there. The Company has adopted the mandatory exception to recognize and disclose information about deferred tax assets and liabilities arising from Second Pillar income taxes as provided in the amendments to IAS 12 issued in May 2023. Taxation in Puerto Rico Pursuant to our agreement with the Treasury Department of Puerto Rico and the Public Private Partnership Law, our operations at the LMM Airport are subject to a 10.0% income tax. Earnings distributions and profits derived from the LMM Airport that are covered by the LMM Lease are also subject to a 10.0% tax. In 2024 and 2025, the Company received approximately 50% of the tax losses from previous years from its subsidiary Aerostar for an amount of Ps.126,662 and Ps. 85,442, respectively. As of December 31, 2025, Aerostar still has tax losses for which deferred income tax has not been recognized given that there is still no reasonable certainty of their recovery in future years. Taxation in Colombia Our provision for taxes in Colombia consists of two levels of income taxes: (i) ordinary income tax, and (ii) presumptive income tax. Traditionally, taxpayers determined their tax liability pursuant to the higher of both mechanisms, however the presumptive income tax system is currently not applicable since the presumed income is zero. The corporate income tax rates of the ordinary income tax were gradually reduced from 33% to 30% as follows: 33% in 2019, 32% in 2020%, 31% in 2021 and 30% from 2022 onward. However, in September 2021 the Colombian Congress adopted Law 2155, which changed the corporate income tax rates to 35% from 2022 onward. With respect to presumptive income tax, Section 188 of the Colombian Tax Code provides that, for income tax purposes, it is assumed that a taxpayer’s net income would be at least 3.5% of his or her net worth on the last day of the immediately preceding taxable year. As mentioned above, the percentage of presumptive income referred to in Section 188 was reduced to 0.5% during the taxable year ended December 31, 2020, and indefinitely reduced to 0% starting in 2021. The result of presumptive income being 0% is that taxpayers from 2021 onwards will only pay corporate income tax over their ordinary net income, with taxable income defined as the excess of all operating and non-operating revenue over deductible costs and expenses. However, a minimum 15% tax on adjusted accounting profits applies beginning on January 1, 2023. This minimum tax differs from the presumptive income system and was created to follow Pillar II guidelines set forth by the Organization for Economic Cooperation and Development. On August 8, 2022, the Ministry of Finance submitted a tax reform bill to the Colombian Congress proposing several changes to the Colombian tax regime. The tax reform bill was passed as Law 2277 on December 13, 2022, and became effective starting January 1, 2023. This new law includes, among others: (i) a new equity tax applicable to Colombian individuals and non-residents, which rates vary from 0.5% to 1.5% based on the individual’s net equity as of the first day of January of each year, (ii) an increase in the dividend tax rate for local and foreign shareholders (0% to 39% progressive marginal rates for Colombian individuals, and 20% flat withholding rate for non-resident shareholders), (iii) an increase in the long-term capital gains tax rate, from 10% to 15%, (iv) the elimination of specific tax benefits and exemptions, such as the exempt income applicable for entities that are part of the technological and creative sector (“Economía Naranja”), the tax incentive for the development of the Colombian farming sector, and the 27% preferential income tax rate applicable to large infrastructure investments (“Megainversiones”), among others, (v) a 3% tax benefit on the taxpayer’s net income determined pursuant to Section 259-1 of the Colombian Tax Code, in connection with environmental-related, deductions related to employee trainings, expenses incurred in the conservation of cultural property, among others, (vi) a minimum corporate income tax of at least 15% based on effective tax rate (calculated on book profit with certain adjustments), (vii) taxes based on significant economic presence of certain commercial activities (primarily for non-resident persons and entities that provide digital services), and (viii) the elimination of the possibility to use 50% of the Industry and Commerce Tax (i.e., local tax levied on gross revenue derived from the provision of services, or the performance of commercial and industrial activities in Colombian municipalities) as an income tax credit. 120 Table of Contents Furthermore, the Colombian Government submitted a new tax reform bill to the Colombian Congress in September 2024 which was rejected in December 2024. The bill proposed several changes such as: (i) increasing the equity tax rates up to 2%, reducing the equity tax threshold, (iii) including Colombian entities as taxpayers (but only in respect of their non-productive fixed assets), (iv) increasing long-term capital gains tax rate from 15% to 20%, (v) increasing individual’s maximum income tax rate from 39% to 41%, (vi) increasing the minimum corporate income tax from 15% to 20% and (vi) increasing the national carbon tax. On February 14, 2025, the Colombian Government issued Decree 175 introducing three temporary changes to the tax legislation that applied until December 31, 2025: value added tax on online betting and gambling games, a new tax on the extraction of hydrocarbons and coal and the reintroduction of stamp tax. Stamp taxes will apply to public instruments and private documents that (i) are executed in Colombia outside of Colombia but creating obligations in the country, (ii) are executed by a public entity, a legal entity or a merchant with an income or gross assets exceeding 30,000 UVT in the previous year, (iii) creates, assigns or terminates obligations exceeding 6,000 UVT. The stamp tax rate is 1% of the total amount of the contract, and is deductible for corporate income tax purposes. Also in 2025, the Colombian government issued Executive Decree 1474, which introduced specific and temporary tax measures aimed at addressing a State of Economic Emergency declared by the government in December 2025. Decree 1474 created a number of temporary measures, including: (i) an increase in the top rate for Wealth Tax (up to 5%), (ii) an income tax surcharge for financial institutions of 15%, (iii) the non-deductibility of royalties derived from the exploitation of non-renewable natural resources, and (iv) tax amnesties, among others. Notwithstanding the above, the effects of Decree 1474 were suspended by the Constitutional Court while it conducts its constitutional assessment. The Company’s overall income taxes for 2023, 2024 and 2025 are as follows: Income Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (millions of Mexican pesos) ​ ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Amount ​ ​ ​ Change Income Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Income Tax 3,885.3 5,691.9 4,422.4 (22.3) % Deferred Income Tax 58.8 650.5 (388.1) (159.7) % Total Income Tax 3,944.1 6,342.4 4,034.3 (36.4) % Current Asset Tax 0.0 0.0 0.0 0.0 ​ Total Asset Tax 0.0 0.0 0.0 0.0 ​ Total Income Tax 3,944.1 6,342.4 4,034.3 (36.4) % ​ In 2026, the general VAT tax rate applicable in Colombia is 19% and calculated and paid generally on a bimonthly basis. Companies that engage in the business of selling goods, rendering services, leasing, importing or exporting goods are subject to VAT (subject to certain exemptions and exclusions). The VAT accrued or paid on purchases of goods and services used in income generating activities in Colombia that could be treated as a cost or expense for income tax purposes, can be credited against the VAT invoiced in sales to clients. VAT accrued on purchases of goods and services used in income generating activities that are not subject or are excluded from VAT will not be creditable and will become a higher cost to the company. In the case that the VAT paid exceeds the VAT collected in a given period, companies may offset the VAT favorable balance against future VAT collected from sales to clients. Only in certain cases can the excess can be claimed as a refund. Taxes on dividends in Colombia vary depending on the year in which the profits to be distributed were generated and the recipient of the dividend. 121 Table of Contents Law 1819 of 2016 created a dividends tax that applies to all dividend distributions to Colombian individuals or to any type of non-resident shareholder, absent any specific treaty or exception, regardless of whether dividends are paid from taxed or untaxed profits. According to the aforementioned law, dividend payments made to foreign shareholders out of profits accrued at the corporate level as of 2017 were subject to a 5% withholding tax. That rate was subsequently modified by Law 1943 of 2018, which increased the withholding tax to 7.5% and extended dividend taxation to intercompany dividends between Colombian resident companies (with certain exceptions). From fiscal year 2022 onwards, a withholding tax on dividends paid applies as follows: (a) Dividends paid to non-resident shareholders: (i) a 10% dividend tax on dividends distributed from profits taxed at the corporate level (except that dividends paid to non-resident shareholders out of profits taxed at the corporate level prior to and including December 31, 2016, are not subject to this tax); or (ii) a 35% withholding tax rate on dividends distributed from profits not taxed at the corporate level, plus an additional 10% dividend tax after applying the initial 35% withholding tax rate (i.e., 41.5% in 2022). (b) For Colombian individuals: dividend income in excess of 300 UVT is taxed at a 10% rate in respect of profits taxed at the corporate level; and a 35% withholding tax rate on dividends distributed from profits not taxed at the corporate level, plus an additional 10% dividend tax after applying the initial 35% withholding tax rate. (c) For Colombian corporations, Article 242-1 of the Colombian Tax Code provides that (i) dividends distributed from taxed profits to local corporations during fiscal years 2021 and 2022 were taxed at 7.5%, and (ii) dividends distributed from non-taxed profits were taxed at a 31% withholding tax rate for 2021 and 35% for 2022, plus an additional 7.5% dividend tax on the balance of the dividend amount after the initial withholding was applied. From fiscal year 2023 onwards, dividend taxation will be as follows: (a) Dividends paid to non-resident shareholders: (i) a 20% dividend tax on dividends distributed from profits taxed at the corporate level (except that dividends paid to non-resident shareholders out of profits taxed at the corporate level prior to and including December 31, 2016 are not subject to this tax); or (ii) a 35% withholding tax rate on dividends distributed from profits not taxed at the corporate level, plus an additional 20% dividend tax after applying the initial 35% withholding tax rate (i.e., 48%). (b) For Colombian individuals: dividend income in excess of 1,090 UVT is taxed at progressive rates of up to 39% in respect of profits taxed at the corporate level, and a 35% withholding tax rate on dividends distributed from profits not taxed at the corporate level, plus an additional dividend tax (at the aforementioned progressive rates) after applying the initial 35% withholding tax rate. Additionally, resident individuals may take a marginal 19% discount on the portion of dividend income exceeding 1,090 UVT in the same taxable period. (c) For Colombian corporations, Article 242-1 of the Colombian Tax Code provides that dividends distributed from taxed profits to local corporations accrued during 2023 are subject to a transferable withholding tax of 10% on dividends distributed from taxed profits, which may be credited by the recipient shareholder. Dividends distributed from non-taxed profits are subject to a 35% withholding tax, plus an additional 10% dividend tax on the balance of the dividend amount after the initial withholding is applied. The Double Taxation Treaty in effect between Colombia and Mexico eliminates the aforementioned dividend tax when the recipient of the dividends is a Mexican resident and those dividends are not attributable to a permanent establishment of the recipient in Colombia. However, when the dividends are paid out of profits that were not subject to income tax at the level of the Colombian entity distributing them, they may still be subject to a 33% withholding tax. Effects of Inflation and Economic Changes The following table sets forth, for the periods indicated: ● the Mexican inflation rate; 122 Table of Contents ● the Colombian inflation rate; ● the U.S. inflation rate; ● the percentage that the Mexican gross domestic product, or GDP, changed as compared to the previous period; and ● the percentage that the Colombian GDP changed as compared to the previous period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 Mexican inflation rate(1) 4.7 % 4.2 % 3.7 % Colombian inflation rate 9.3 % 5.2 % 5.1 % U.S. inflation rate(2) 3.4 % 2.9 % 2.7 % Increase (decrease) in Mexican GDP(3) 3.3 % 1.3 % 0.7 % Increase (decrease) in Colombian GDP 1.0 % 1.7 % 2.7 % (1) Based on changes in the Mexican consumer price index from the previous period, as reported by the Banco de Mexico. The Mexican consumer price index at year end was 132.4 in 2023, 137.9 in 2024 and 143.0 in 2025. (2) As reported by the U.S. Department of Labor, Bureau of Statistics. (3) In real terms, as reported by the National Institute of Statistics and Geography (INEGI) as of January 30, 2026. The general condition of the Mexican economy, inflation and high interest rates have in the past adversely affected, and may in the future adversely affect our business and operating results. For a detailed description of the risks associated with changes to the economy, inflation and interest rates, see “Item 3. Key Information—Risk Factors—Risks Related to Our Operations.” Effects of Fluctuation The following table sets forth, for the periods indicated, the percentage that the Mexican peso depreciated or appreciated against the U.S. dollar. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 Depreciation (appreciation) of the Mexican peso as compared to the U.S. dollar(1) (13.1) % 22.9 % (13.4) % (1) Based on the Official Journal Federation exchange rate for Mexican pesos, at the end of each period, which were as follows: Ps. 16.919 as of December 31, 2023 , Ps. 20.786 as of December 31, 2024 and Ps. 18.0012 as of December 31, 2025. Changes in the value of the Mexican peso as compared to the dollar have in the past adversely affected, and may in the future adversely affect, our: ● Passenger charges. Passenger charges for international passengers are currently denominated in dollars, while passenger charges for Mexican domestic passengers are denominated in Mexican pesos. Therefore, our revenues from passenger charges at our Mexican airports (a substantial portion of our business), which are stated herein in Mexican pesos, will be affected by a depreciation or appreciation in the value of the peso as compared as to the dollar. Passengers charges at our Colombian airports are also affected by changes in the value of the Colombian peso. Passenger charges for international and domestic passengers at our Colombian airports are denominated in U.S. dollars and Colombian pesos, respectively. 123 Table of Contents ● Contracts with commercial service providers. Many of our contracts with commercial services providers in Mexico are denominated in U.S. dollars, but are collected or converted into Mexican pesos at the time of payment. Therefore, a depreciation in the peso as against the dollar results in us collecting more pesos for dollar-denominated contracts than before the depreciation, whereas an appreciation of the peso results in us collecting fewer pesos for dollar-denominated contracts. As a result, if the peso depreciates, and our peso-denominated cost of services does not increase at the same rate as the depreciation of the peso, our commercial revenues increase, whereas an appreciation of the peso or an increase in the peso-denominated cost of our services leads to a decrease in our commercial revenues. Our contracts with commercial service providers in Colombia are denominated and collected in Colombian pesos. Our contracts with commercial service providers in Puerto Rico are denominated in and collected in U.S. dollars. ● Comprehensive financing result. Our comprehensive financing reflects gains or losses from foreign exchange, and gains and losses from interest earned or expensed. A portion of our indebtedness is denominated in U.S. dollars. Given that a substantial portion of our revenues are collected or converted into Mexican pesos, a depreciation in the peso as against the dollar would result in us having to spend more pesos for payment of dollar-denominated indebtedness, whereas an appreciation of the peso would result in us spending fewer pesos for dollar-denominated indebtedness payments. ● Maximum rates in pesos. Our tariffs for the services we provide to international flights or international passengers in our Mexican airports are denominated in U.S. dollars, but are generally paid in Mexican pesos based on the average exchange rate for the month prior to each flight. With respect to our Mexican airports, we generally collect passenger charges from airlines 30 to 115 days following the date of each flight. We intend to charge prices that are as close as possible to the maximum rates that we can charge. Since we are usually only entitled to adjust our specific prices once every six months (or earlier upon a cumulative increase of 5.0% in the Mexican producer price index, excluding petroleum), a depreciation of the peso as compared to the dollar, particularly late in the year, could cause us to exceed the maximum rates at one or more of our Mexican airports, possibly leading to the termination of one of our Mexican concessions. In the event that any one of our Mexican concessions is terminated, our other Mexican concessions may also be terminated. In addition, if the peso appreciates as compared to the dollar we may underestimate the specific prices we can charge for regulated services and be unable to adjust our prices upwards to maximize our regulated revenues. For a detailed description of the risks associated with fluctuations in the value of the Mexican peso as compared to the U.S. dollar, see “Item 3. Key Information—Risk Factors—Risks Related to Mexico— Appreciation, depreciation or fluctuation of the peso relative to the U.S. dollar could adversely affect our results of operations and financial condition.” 124 Table of Contents Operating Results by Airport The following table sets forth our results of operations for the periods indicated: Operating Results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ Airport ​ Per ​ Airport ​ Per ​ Airport ​ Per ​ ​ Operating ​ Workload ​ Operating ​ Workload ​ Operating ​ Workload ​ ​ Results ​ Unit(1) ​ Results ​ Unit(1) ​ Results ​ Unit(1) ​ ​ (millions of ​ (Mexican ​ (millions of ​ (Mexican ​ (millions of ​ (Mexican ​ ​ ​ Mexican pesos) ​ ​ pesos) ​ ​ Mexican pesos) ​ ​ pesos) ​ ​ Mexican pesos) ​ ​ pesos) Cancún(2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement(3): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 8,167.8 246.8 10,414.2 337.0 10,544.8 353.9 Non-aeronautical services 6,373.8 192.6 6,424.7 207.9 6,344.9 212.9 Construction services 415.7 12.6 1,488.9 48.2 4,847.8 162.7 Total revenues before solidarity agreement 14,957.3 452.0 18,327.8 593.1 21,737.5 729.5 Expenses before solidarity agreement (4,971.2) (150.2) (6,725.7) (217.7) (10,338.9) (346.8) Net operating income before solidarity agreement 9,986.1 301.8 11,602.1 375.4 11,398.6 382.7 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (375.8) (11.4) (444.9) (14.4) (424.6) (14.2) Net operating income after solidarity agreement 9,610.3 290.4 11,157.2 361.0 10,974.0 368.5 Mérida: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 1,066.4 273.4 1,122.0 280.5 1,230.3 292.9 Non-aeronautical services 232.5 59.6 268.6 67.2 291.6 69.4 Construction services 64.6 16.6 177.3 44.3 192.5 45.8 Total revenues before solidarity agreement 1,363.5 349.6 1,567.9 392.0 1,714.4 408.1 Expenses before solidarity agreement (562.8) (144.3) (797.5) (199.4) (857.5) (204.0) Net operating income before solidarity agreement 800.7 205.3 770.4 192.6 856.9 204.1 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (37.4) (9.6) (41.5) (10.4) (43.8) (10.4) Net operating income after solidarity agreement 763.3 195.7 728.9 182.2 813.1 193.7 Villahermosa: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 404.4 269.6 462.3 288.9 468.3 312.2 Non - aeronautical services 73.9 49.3 85.4 53.4 83.1 55.4 Construction services 76.4 50.9 88.5 55.3 147.3 98.2 Total revenues before solidarity agreement 554.7 369.8 636.2 397.6 698.7 465.8 Expenses before solidarity agreement (276.2) (184.1) (326.1) (203.8) (396.7) (264.4) Net operating income before solidarity agreement 278.5 185.7 310.1 193.8 302.0 201.4 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (14.5) (9.7) (16.4) (10.3) (15.8) (10.5) Net operating income after solidarity agreement 264.0 176.0 293.7 183.5 286.2 190.9 Other Mexican Airports(4): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 1,609.0 282.3 1,917.1 324.9 2,029.8 338.3 Non-aeronautical services 226.6 39.8 277.6 47.1 301.0 50.2 Construction services 316.9 55.6 442.1 74.9 1,373.6 228.9 Total revenues before solidarity agreement 2,152.5 377.7 2,636.8 446.9 3,704.4 617.4 Expenses before solidarity agreement (1,136.3) (199.4) (1,412.4) (239.4) (2,422.4) (403.7) Net operating income (loss) before solidarity agreement 1,016.2 178.3 1,224.4 207.5 1,282.0 213.7 Solidarity agreement revenues ​ ​ 0.0 0.0 0.0 0.0 Solidarity agreement expenses (49.6) (8.7) (60.7) (10.3) (61.4) (10.2) Net operating (loss) income after solidarity agreement 966.6 169.6 1,163.7 197.2 1,220.6 203.5 Asur Airports: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services ​ — ​ — ​ — ​ — ​ 0.0 ​ N/A Non-aeronautical services ​ — ​ — ​ — ​ — ​ 133.1 ​ N/A Construction services ​ — ​ — ​ — ​ — ​ 0.0 ​ N/A Total revenues ​ — ​ — ​ — ​ — ​ 133.1 ​ N/A Expenses ​ — ​ — ​ — ​ — ​ (137.6) ​ N/A Net operating income (loss) ​ — ​ — ​ — ​ — ​ (4.5) ​ N/A ​ 125 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ Airport ​ Per ​ Airport ​ Per ​ Airport ​ Per ​ ​ Operating ​ Workload ​ Operating ​ Workload ​ Operating ​ Workload ​ ​ Results ​ Unit(1) ​ Results ​ Unit(1) ​ Results ​ Unit(1) ​ ​ (millions of ​ (Mexican ​ (millions of ​ (Mexican ​ (millions of ​ (Mexican ​ ​ ​ Mexican pesos) ​ ​ pesos) ​ ​ Mexican pesos) ​ ​ pesos) ​ ​ Mexican pesos) ​ ​ pesos) San Juan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 2,029.9 N/A 2,208.1 N/A 2,371.5 N/A Non-aeronautical services 1,729.9 N/A 1,981.7 N/A 2,284.0 N/A Construction services 414.5 N/A 626.2 N/A 769.9 N/A Total revenues 4,174.3 N/A 4,816.0 N/A 5,425.4 N/A Expenses (2,544.5) N/A (3,287.5) N/A (3,804.6) N/A Net operating income (loss) 1,629.8 N/A 1,528.5 N/A 1,620.8 N/A Colombian Airports(5): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 1,945.6 N/A 2,465.4 N/A 2,743.1 N/A Non-aeronautical services 659.2 N/A 857.3 N/A 1,061.5 N/A Construction services 14.5 N/A 25.4 N/A 19.3 N/A Total revenues 2,619.3 N/A 3,348.1 N/A 3,823.9 N/A Expenses (1,534.9) N/A (1,807.2) N/A (2,826.7) N/A Net operating income (loss) 1,084.4 N/A 1,540.9 N/A 997.2 N/A Holding & Service Companies(6): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other(7) 502.8 N/A 593.5 N/A 603.0 N/A Total revenues before solidarity agreement 502.8 N/A 593.5 N/A 603.0 N/A Expenses before solidarity agreement (55.0) N/A (50.1) N/A (62.8) N/A Net operating income before solidarity agreement 447.8 N/A 543.4 N/A 540.2 N/A Solidarity agreement revenues 477.3 N/A 563.5 N/A 545.8 N/A Solidarity agreement expenses 0.0 N/A 0.0 N/A 0.0 N/A Net non after solidarity agreement 925.1 N/A 1,106.9 N/A 1,086.0 N/A Consolidation Adjustment(8): ​ ​ ​ ​ ​ ​ Total Revenues (980.1) N/A (1,157.0) N/A (1,149.3) N/A Expenses 980.1 N/A 1,157.0 N/A 1,149.3 N/A Total: ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ Aeronautical services 15,223.1 N/A 18,589.1 N/A 19,387.8 N/A Non-aeronautical services 9,295.9 N/A 9,895.3 N/A 10,499.2 N/A Construction services 1,302.6 N/A 2,848.4 N/A 7,350.4 N/A Total revenues 25,821.6 N/A 31,332.8 N/A 37,237.4 N/A Expenses (10,578.1) N/A (13,813.0) N/A (20,243.5) N/A Net operating income 15,243.5 N/A 17,519.8 N/A 16,993.9 N/A (1) Under the regulation applicable to our aeronautical revenues in Mexico, a workload unit is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo. (2) Reflects the results of operations of our Cancún Airport and two Cancún airport services subsidiaries on a consolidated basis. (3) We and only our Mexican subsidiaries have entered into intercompany agreements that affect the revenues, operating costs and income at our individual subsidiaries but not on a consolidated basis. One of these agreements is the “Solidarity Agreement,” pursuant to which each of our Mexican subsidiaries pays a fee to Grupo Aeroportuario del Sureste, S.A.B. de C.V.,, our parent company, in exchange for which our parent guarantees the ongoing viability of that Mexican subsidiary’s concession, including, in the case of certain Mexican subsidiaries, by making payments to those subsidiaries to ensure that they have the resources to comply with their master development plans and other regulatory obligations. Revenues, expenses and income related to the Solidarity Agreement apply only to our Mexican operations. (4) Reflects the results of operations of our airports located in Veracruz, Minatitlán, Oaxaca, Huatulco, Tapachula and Cozumel. (5) Reflects the results of operations of our airports located in Medellín, Rionegro, Montería, Carepa, Quibdó and Corozal. (6) Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our Mexican airports, we do not report workload unit data for these entities. (7) Reflects revenues under intercompany agreements (other than the solidarity agreement) which are eliminated in the consolidation adjustment. (8) The consolidation adjustment affects our consolidated net income by eliminating both revenues and expenses from intercompany transactions from all segments. 126 Table of Contents We and our Mexican subsidiaries have entered into intercompany agreements that affect the revenues, operating costs and income at our individual subsidiaries but not on a consolidated basis. Under the intercompany agreements, our holding company Grupo Aeroportuario del Sureste, S.A.B. de C.V., and our administrative services companies provide certain services and guarantees to the Mexican airport operating subsidiaries (which may include payments to certain of our Mexican airport operating subsidiaries), in exchange for which the Mexican airport operating subsidiaries make payments to our parent and the service companies. One of these agreements is the “Solidarity Agreement,” pursuant to which each of our Mexican subsidiaries pays a fee to our parent company, in exchange for which the parent company guarantees the ongoing viability of that Mexican subsidiary’s concession, including, in the case of certain Mexican subsidiaries, by making payments to those subsidiaries to ensure that they have the resources to comply with their master development plans and other regulatory obligations. The intercompany agreements also include agreements to provide other routine services, including negotiating regulated tariffs and interfacing with regulators, leasing of commercial real estate, trademark license royalties, marketing services and employee costs. The costs of these services and guarantees, including the Solidarity Agreement, are actual costs that are charged to individual airports. In the presentation of our consolidated results, the revenues and expenses generated by these transactions are eliminated because they are intercompany transactions. Summary Historical Results of Operations The following table sets forth our consolidated results of operations for the periods indicated. The financial information included in the table below is derived from our audited consolidated financial statements. Consolidated Operating Results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ (thousands of Mexican pesos) ​ Revenue: ​ ​ ​ ​ ​ ​ Aeronautical services ​ Ps. 15,223,096 ​ Ps. 18,589,161 ​ Ps. 19,387,860 Non-aeronautical services ​ 9,295,915 ​ 9,895,327 ​ 10,499,263 Construction services ​ 1,302,633 ​ 2,848,299 ​ 7,350,308 Total revenue ​ 25,821,644 ​ 31,332,787 ​ 37,237,431 Operating Costs and Expenses: ​ ​ ​ ​ ​ ​ Cost of services ​ (4,675,525) ​ (5,363,551) ​ (6,180,807) Administrative expenses ​ (319,200) ​ (319,638) ​ (346,047) Costs of construction ​ (1,302,633) ​ (2,848,299) ​ (7,350,308) Technical assistance fee(1) ​ (715,462) ​ (400,838) ​ (400,912) Government concession fee(2) ​ (1,496,142) ​ (2,557,671) ​ (2,704,657) Depreciation and amortization ​ (2,069,157) ​ (2,322,984) ​ (3,260,815) Goodwill impairment ​ — ​ — ​ — Total operating expenses ​ (10,578,119) ​ (13,812,981) ​ (20,243,546) Other income(3) ​ — ​ — ​ — Operating profit ​ 15,243,525 ​ 17,519,806 ​ 16,993,885 Comprehensive Financing Result: ​ ​ ​ ​ ​ ​ Interest income, net ​ 223,455 ​ 788,357 ​ (94,825) Exchange gains (losses), net ​ (837,208) ​ 2,072,490 ​ (1,905,839) Fair value (losses) gains, net ​ ​ — ​ ​ — ​ ​ (28,946) ​ Net comprehensive financing income result ​ (613,753) ​ 2,860,847 ​ (2,029,610) Participation in the results of joint ventures accounted for by the equity method ​ (9,685) ​ (7,760) ​ (5,333) Income before taxes ​ 14,620,087 ​ 20,372,893 ​ 14,958,942 Provision for taxes ​ (3,944,143) ​ (6,342,455) ​ (4,034,245) Net income ​ 10,675,944 ​ 14,030,438 ​ 10,924,697 Other Operating Data: ​ ​ ​ ​ ​ ​ Operating margin(3) ​ 59.0 % ​ 55.9 % ​ 45.6 % Net margin(4) ​ 41.3 % ​ 44.8 % ​ 29.3 % (1) We are required to pay ITA a technical assistance fee based on the technical assistance agreement. This fee is described in “Item 5. Operating and Financial Review and Prospects—Operating Costs –Technical Assistance Fee.” 127 Table of Contents (2) Each of our Mexican subsidiary concession holders is required to pay a concession fee to the Mexican government under the Mexican Federal Duties Law. The concession fee is currently 9.0% of each concession holder’s gross annual regulated revenues from the use of federal airports pursuant to the terms of its concession. Our subsidiary Airplan is required to pay a concession fee to the National Infrastructure Agency with respect to concessions for our Colombian airports. The concession fee is a fixed fee equal to 19.0% of regulated revenues and non-regulated revenues invoiced by the concession holder. Our subsidiary Aerostar is required to make fixed payments to the PRPA of U.S.$2.5 million per year for the first five years, 5.0% of gross airport revenues for the sixth through thirtieth years and 10% of gross airport revenues for the thirty-first through fortieth years. These fees are described in “Item 5. Operating and Financial Review and Prospects—Operating Costs—Government Concession Fee.” (3) Operating income divided by total revenues, expressed as a percentage. (4) Net income divided by total revenues, expressed as a percentage. ​ 128 Table of Contents Results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 Revenues Total consolidated revenues for 2025 were Ps. 37,237.4 million, 18.8% higher than the Ps. 31,332.8 million recorded in 2024. The increase in total revenues resulted from an increase of 4.3% in aeronautical revenues, a 6.1% increase in non-aeronautical revenues, and 158.1% increase in construction revenues. Total Mexican revenues per workload unit increased 22.8% from Ps. 546.7 million in 2024 to Ps. 671.2 million in 2025, due mainly to a 205.2% increase in revenues for construction services per workload unit, which are based on capital improvements to concessioned assets and are not directly related to passenger traffic. Our consolidated revenues from aeronautical services increased 4.3% from Ps. 18,589.2 million in 2024 to Ps. 19,387.8 million in 2025, due primarily to a 0.3% increase in passenger traffic. Revenues from passenger charges increased 6.3% from Ps. 14,454.6 million in 2024 (77.8% of our aeronautical revenues during the period) to 15,363.3 million in 2025 (79.2% of our aeronautical revenues during the period), which reflect the increase in passenger traffic. Mexican aeronautical revenues per workload unit increased 4.8% from Ps. 328.2 million in 2024 to Ps. 343.9 million in 2025. Revenues from non - aeronautical services increased 6.1% from Ps. 9,895.3 million in 2024 to Ps. 10,499.3 million in 2025. The primary factor behind the /ncrease in non - aeronautical revenues from 2024 to 2025 was the increase in commercial revenues due to higher passenger traffic during 2025. Higher passenger traffic in 2025 led to, a 5.8% increase in revenues from duty - free shops, and a 22.5% increase in other income, which consisted principally of revenue from tourism services and hotel operators. This increase in revenues from non-aeronautical services was also driven by an increase of 9.4% in revenues from car rental companies, a 10.3% increase in revenues from food and beverages, an 11.9% increase in parking lot revenues, a 12.3% increase in revenues from ground transportation, a 62.1% increase in teleservices revenues partially compensated by a 6.6% decrease in retail stores revenues, a 11.9% decrease in revenues from advertising. Mexican non-aeronautical revenues per workload unit increased 1.7% from Ps. 166.5 million in 2024 to Ps. 169.2 million in 2025. Revenues from construction services increased 158.1% from Ps. 2,848.3 million in 2024 to Ps. 7,350.3 million in 2025, mostly due to an increase in capital improvements and other investments in concessioned assets at our Mexican airports. Our revenues from regulated sources in 2025 were Ps. 19,794.8 million, a 3.9% increase compared to Ps. 19,050.0million in 2024, mainly due to the increase in total passenger traffic and the annual increase in our regulated rates. During 2025, Ps. 10,092.3 million of our revenues was derived from non-regulated sources, a 7.0% increase from the Ps. 9,434.5 million of revenues derived from non - regulated sources in 2024. This increase was primarily due to the 7.1% increase in commercial revenues described above, from Ps. 9,143.4 million in 2024 to Ps. 9,788.9 million in 2025. Revenues by Airport Aeronautical revenues increased by 1.3% from Ps. 10,414.2 million in 2024 to Ps. 10,544.8 million in 2025 at Cancún Airport, mainly due to (i) a 2.7% increase in passenger charges; (ii) a 1.8% increase in passenger walkway charges and (iii) a 1.3% increase in airport security charges. Non-aeronautical revenues decrease at Cancún Airport by 1.2% from Ps. 6,424.7 million in 2024 to Ps. 6,344.9 million in 2025, mainly due to the decrease in passenger traffic in 2025. Construction services revenues at Cancún Airport increased by 225.6% from Ps. 1,488.9 million in 2024 to Ps. 4,847.8 million in 2025, due to an increase in capital improvements and investments in concessioned assets at that airport. Total revenues increased by 18.6% from Ps. 18,327.8 million in 2024 to Ps. 21,737.5 million in 2025 at Cancún Airport, largely due to the increase in aeronautical and construction services revenues. Revenues per workload unit at Cancún Airport increased by 23.0% from Ps. 593.1 in 2024 to Ps. 729.5 in 2025, primarily because of the increase in aeronautical services and construction services revenues. 129 Table of Contents Aeronautical revenues increased by 9.7% from Ps. 1,122.0 million in 2024 to Ps. 1,230.3 million in 2025 at Mérida Airport, mainly due to a 6.5% increase in passenger traffic and a 10.1% in passenger fees charged at that airport. Non-aeronautical revenues increased by 8.6% at Mérida Airport from Ps. 268.6 million in 2024 to Ps. 291.6 million in 2025, principally due to a 8.1% increase in commercial revenues caused by increased passenger traffic, construction services revenues increased from Ps. 177.3 million in 2024 to Ps. 192.5 million in 2025, due to an increase in capital improvements and investments in concessioned assets at Merida Airport. Revenues overall increased by 9.3% from Ps. 1,567.9 million in 2024 to Ps. 1,714.4 million in 2025 at Mérida Airport, due to the increase in aeronautical services, non-Aeronautical services and construction services revenues from 2024 to 2025. Revenues per workload unit at Mérida Airport increased by 4.1% from Ps. 392.0 in 2024 to Ps. 408.1 in 2025, principally due to the increase in aeronautical services and construction services revenues. Aeronautical revenues increased by 1.3% from Ps. 462.3 million in 2024 to Ps. 468.3 million in 2025 at Villahermosa Airport, due to a 1.0% increase in passenger charges, an 8.5% increase in landing charges, a 4.3% increase in documentary baggage inspection and 3.4% increase in other airport services. Non - aeronautical revenues decreased at Villahermosa Airport by 2.7% from Ps. 85.4 million in 2024 to Ps. 83.1 million in 2025, due principally to a decrease of 4.3% in commercial revenues and passenger traffic. Construction services revenues increased by 66.4% from Ps. 88.5 million in 2024 to Ps. 147.3 million in 2025 primarily due to an increase in capital improvements and investments in concessioned assets. Revenues increased by 9.8% from Ps. 636.2 million in 2024 to Ps. 698.7 million in 2025 at Villahermosa Airport, largely due to the increase in construction services and aeronautical revenues. Revenues per workload unit at Villahermosa Airport increased by 17.2% from Ps. 397.6 in 2024 to Ps. 465.8 in 2025, primarily due to the increase in construction services. Aeronautical revenues at our other six Mexican airports increased by 5.9% from Ps. 1,917.1 million in 2024 to Ps. 2,029.8 million in 2025, due to the 2.7% increase in passenger traffic and a 6.8% increase in passenger fees charges, a 6.4% increase in airport security charges and 10.2% in other services at those airports. Non - aeronautical revenues increased by 8.4% from Ps. 277.6 million in 2024 to Ps. 301.0 million in 2025, due principally to a 5.5% increase in commercial revenues and increased passenger traffic. Construction services revenues increased from Ps. 442.0 million in 2024 to Ps. 1,373.6 million in 2025, due to an increase in capital improvements and investments in concessioned assets at the other six Mexican Airports. Revenues increased by 40.5% from Ps. 2,636.8 million in 2024 to Ps. 3,704.4 million in 2025 at the other six Mexican airports, due primarily to the increase in aeronautical revenues and construction services revenues. Revenues per workload unit at our other six Mexican airports increased by 38.2% from Ps. 446.9 in 2024 to Ps. 617.4 in 2025, principally due to the increase in revenues from construction services. Aeronautical revenues at the LMM Airport increased 7.4% from Ps. 2,208.1 million in 2024 to Ps. 2,371.5 million in 2025, primarily due to an 3.0% increase in passenger traffic. Non - aeronautical revenues at the LMM Airport increased 15.3% from Ps. 1,981.7 million in 2024 to Ps. 2,284 in 2025. Construction services revenues at the LMM Airport increased 22.9% from Ps. 626.2 million in 2024 to Ps. 769.9 million in 2025, principally due to renovation works in Terminal D’s parking lot, flight information area and improvements to the airport security system. Aeronautical revenues at our six Colombian airports increased 11.3% from Ps. 2,465.4 million in 2024 to Ps. 2,743.1 million in 2025, primarily due to a 4.0% increase in passenger traffic. Non-aeronautical revenues at our Colombian airports increased 23.8% from Ps. 857.3 million in 2024 to Ps. 1,061.5 million in 2025. Construction services revenues at our Colombian airports decreased 24.0% from Ps. 25.4 million in 2024 to Ps. 19.3 million in 2025, primarily due to lower capital investment. Revenues from our parent holding company and our administrative services companies increased by 1.6% from Ps. 593.5 million in 2024 to Ps. 603.0 million in 2025, due to the increase in payments by our operating subsidiaries under intercompany agreements related to administrative services. These revenues are intercompany and are therefore eliminated in consolidation. Operating Expenses Total operating expenses were Ps. 20,243.5 million in 2025, a 46.6% increase from the Ps. 13,813.0 million recorded in 2024. The increase in operating expenses in 2025 was primarily due to an increase in the costs of construction, depreciation and amortization, and cost of services. As a percentage of total revenues, operating expenses represented 54.4% of total revenues in 2025 as compared to 44.1% of total revenues in 2024. Mexican operating costs per workload unit increased 57.9%, from Ps. 205.6 per workload unit in 2024, to Ps. 324.7 per workload unit in 2025, primarily due to an increase in construction costs. 130 Table of Contents Cost of services increased 15.2% from Ps. 5,363.6 million in 2024 to Ps. 6,180.8 million in 2025 cost of services expenses increased 15.2%, mainly due to (i) a 13.5% increase in employee costs from Ps. 1,513.1 million in 2024 to Ps. 1,717.7 million in 2025, mainly attributed to salary increase in Mexico, Puerto Rico and Colombia, (ii) a 10.1% increase in safety and security costs, from Ps. 864.0 million in 2024 to Ps. 951.4 million in 2025, (iii) a 7.6% increase in electricity services, from Ps. 549.0 million in 2024 to Ps. 590.9 million in 2025, (iv) a 14.7%, increase in maintenance and preservation costs, from Ps. 829.5 million in 2024 to Ps. 951.6 million in 2025, (v) a 63.1% increase in professional services, from Ps. 323.2 million in 2024 to Ps. 527.2 million in 2025. Administrative expenses increased 8.3% from Ps. 319.6 million in 2024 to Ps. 346.0 million in 2025. This increase was primarily attributable to increases in administrative salaries. Technical assistance fees increased from Ps. 400.8 million in 2024 to Ps. 400.9 million in 2025, and government concession fees increased by 5.7% from Ps. 2,557.7 million in 2024 to Ps. 2,704.7 million in 2025, mainly due to an increase in aeronautical and commercial revenues, as a consequence of the increase in passengers as well as the increase in concession fees paid with respect to our Colombian airports and LMM Airport. Construction costs were Ps. 7,350.3 million in 2025 and Ps. 2,848.3 million in 2024. The increase was due to an increase in capital expenditures in Mexico. Because we hire a third party to provide all of our construction and upgrade services, our revenues in Mexico, Colombia and Puerto Rico relating to construction or upgrade services are equal to our expenses for those services. Depreciation and amortization costs increased from Ps. 2,323.0 million in 2024 to Ps. 3,260.8 million in 2025. This increase was principally the result of the adjustment of the concession amortization method at the airports in Colombia and the depreciation of new investments in fixed assets and improvements made to concessioned assets in Mexico and Puerto Rico. 131 Table of Contents Operating Expenses by Airport Operating expenses for Cancún Airport were Ps. 10,763.5 million in 2025, a 50.1% increase from the Ps. 7,170.6 million recorded in 2024. This increase was a result of an 12.1% increase in employee costs, a 225.6% increase in construction costs from Ps. 1,488.9 million in 2024 to Ps. 4,847.8 million in 2025, a 11.5% increase in safety and security costs, a 1.5% increase in maintenance costs, a 0.2% increase in government concession fees, a 7.7% increase in professional services as well as a 8.2% increase in depreciation and amortization, partially offset by a 1.0% decrease in cost of sales from directly operated stores. Operating expenses per workload unit for Cancún Airport were Ps. 361.0 in 2025, a 55.6% increase from the Ps. 232.0 recorded in 2024. Operating expenses for Mérida Airport were Ps. 901.3 million in 2025, a 7.4% increase from the Ps. 839.0 million recorded in 2024. This increase was primarily due to a 8.6% increase in construction costs from Ps. 177.3 million in 2024 to Ps. 192.5 million in 2025, a 3.0% increase in professional services, as well as a 9.4% increase in government concession fees, a 8.7% increase in maintenance costs, a 11.2% increase in safety and security costs and a 3.7% increase in depreciation and amortization, partially offset by a 11.1% decrease in technical assistance fees and a 4.4% decrease in energy costs. Operating expenses per workload unit for Mérida Airport were Ps. 214.4 in 2025, a 2.3% increase from the Ps. 209.6 recorded in 2024. Operating expenses for Villahermosa Airport were Ps. 412.5 million in 2025, a 20.4% increase from the Ps. 342.6 million recorded in 2024. This increase was primarily due to a 66.4% increase in construction costs from Ps. 88.5 million in 2024 to Ps. 147.3 million in 2025, a 14.5% increase in safety and security costs, a 4.8% increase in depreciation and amortization, a 1.0% increase in professional services, and a 0.7% increase in government concession fees. These increases were partially offset by a 10.3% decrease in maintenance services, a 1.7% decrease in energy costs and a 4.9% decrease in technical assistance fees. Operating expenses per workload unit for Villahermosa Airport were Ps. 274.9 in 2025, a 28.4% increase from the Ps. 214.1 recorded in 2024. Operating expenses for our six other Mexican airports were Ps. 2,483.8 million in 2025, a 68.6% increase from the Ps. 1,473.1 million recorded in 2024, principally due to a 210.8% increase in construction costs from Ps. 442.0 million in 2024 to Ps. 1,373.6 million in 2025 in connection with our Mexican master development programs, a 5.9% increase in government concession fees, 5.7% increase in depreciation and amortization, a 14.9% increase in safety and security costs, a 16.3% increase in cleaning cost, a 5.2% increase in professional services, as well as a 4.7% increase in maintenance costs. These increases were partially offset by a 1.1% decrease in technical assistance fees. Operating expenses per workload unit for our other six Mexican airports were Ps. 413.9 in 2025, a 65.8% increase from the Ps. 249.7 recorded in 2024. Operating expenses for the LMM Airport were Ps. 3,804.6 million in 2025, compared to Ps. 3,287.5 million in 2024. The increase was mainly due to a (i) a 17.4% increase in the cost of services from Ps. 1,733.1 million in 2024 to Ps. 2,034.5 million in 2025, a (ii) 10.9% increase in salaries and employer contributions, a 10.5% increase in electricity services, a 82.0% increase in maintenance costs (iii) a 22.9% increase in construction costs from Ps. 626.2 million in 2024 to Ps. 769.9 million in 2025,as a result of the renovation of Terminal D, multilevel parking solar panels, and reconstruction of Runway 8/26, (iv) a 6.2% increase in depreciation and amortization from Ps. 728.6 million in 2024 to Ps. 774.1 million in 2025, and (v) a 13.3% increase in concession fees from Ps. 199.6 million in 2024 to Ps. 226.1 million in 2025, under the concession agreement. Operating expenses for our Colombian airports were Ps. 2,826.7 million in 2025, compared to Ps. 1,807.2 million in 2024. The increase was primarily due to a 194.5% increase in depreciation and amortization, which was driven by the change in the amortization of the expected useful life of Airplan’s concession (which was accelerated to 2027), a 14.7% increase in concession fees from Ps. 629.9 million in 2024 to Ps. 722.7 million in 2025, a 16.2% increase in cost of services due to a 17.3% increase in salaries and employer contributions, a 6.6% increase in electricity services, and a 35.9% increase in expenses in safety and security expenses, These increases were partially offset by the cost of construction decreased 24.4% from Ps. 25.4 million in 2024 to Ps. 19.2 million in 2025, primarily due to a lower capital investment. Operating expenses for our parent holding company and our administrative services companies were Ps. 62.8 million in 2025, a 25.6% increase from the Ps. 50.0 million recorded in 2024, principally due to an increase in insurance costs and increase in employees’ costs. 132 Table of Contents Operating Income Operating income decreased by 3.0% from Ps. 17,519.8 million in 2024 to Ps. 16,993.9 million in 2025. This decrease is mainly attributable to the increase in operating expenses, particularly a 40.4% increase in depreciation and amortization, a 8.3% increase in general and administrative expenses, a 5.7% increase in government concession fees, a 15.2% increase in costs of services,a 4.3% increase in aeronautical revenues and a 6.1% increase in non-aeronautical revenues in 2025. Operating Income by Airport Operating income for Cancún Airport decreased by 1.6% from Ps. 11,157.2 million in 2024 to Ps. 10,974.0 million in 2025, primarily due to a 1.2% decrease in non-aeronautical revenues. Additionally, commercial revenues decreased by 0.4% due to lower passenger traffic, and the increase in operating expenses, particularly professional fees paid in connection with the acquisition of URW Airports, LLC and the acquisition of CPC Aeroportos. Operating income per workload unit at Cancún Airport increased 2.1% from Ps. 361.0 in 2024 to Ps. 368.5 in 2025. Operating income for Mérida Airport increased by 11.6% from Ps. 728.9 million in 2024 to Ps. 813.1 million in 2025, mainly due to a 9.7% increase in aeronautical revenues as a result of higher passenger traffic, as well as a 8.6% increase in non-aeronautical revenues. Operating income per workload unit at Mérida Airport increased 6.3% from Ps. 182.2 in 2024 to Ps. 193.7 in 2025. Operating income for Villahermosa Airport decreased by 2.6% from Ps. 293.7 million in 2024 to Ps. 286.2 million in 2025, this decrease in operating income is mainly attributable to the increase in operating expenses in 20.4% and increase in 1.3% on aeronautical services due to higher passenger traffic. Operating income per workload unit at Villahermosa Airport increased 4.0% from Ps. 183.5 in 2024 to Ps. 190.9 in 2025. Operating income for our six other Mexican airports increased by 4.9% from Ps. 1,163.7 million in 2024 to Ps. 1,220.6 million in 2025, principally due to a 5.9% increase in aeronautical revenues and a 8.4% increase in non-aeronautical revenues due to higher passenger traffic. Operating income per workload unit at the other six Mexican airports increased 3.2% from Ps. 197.2 in 2024 to Ps. 203.5 in 2025. Operating income for the LMM Airport increased by 6.0% from Ps. 1,528.5 million in 2024 to Ps. 1,620.8 million in 2025 due to, a 15.7% increase in operating expenses. Such increase was due to (i) a 17.4% increase in the cost of services from Ps. 1,733.1 million in 2024 to Ps. 2,034.5 million in 2025, (ii) a 2.0% increase in safety, security and insurance, (iii) a 6.2% increase in depreciation and amortization and (iv) a 13.3% increase in concession fees, partially offset by the increase in aeronautical and non-aeronautical revenues as a result of higher passenger traffic. Operating income for our six Colombian airports was Ps. 997.2 million in 2025, compared to Ps. 1,540.9 million in 2024. This decrease was primarily driven by a 56.4% increase in operating expenses resulting from a change in the depreciation and amortization method following management’s review of Airplan’s intangible asset base, which was based on a change in the accounting estimate of the concession’s useful life due to its regulated component. The expected useful life of the intangible assets was adjusted and is now estimated to end in 2027, earlier than originally anticipated, with this component being amortized on an accelerated basis until 2027, reflecting the complete extinction of the benefits associated with the regulated revenue. This was partially offset by a 23.8% increase in non-aeronautical revenues as a result of higher passenger traffic. Operating income for our parent holding company and our administrative services companies decreased by 1.9% from Ps. 1,107.0 million in 2024 to Ps. 1,086 million in 2025, primarily due to an decrease in revenues and the recovery of costs by our operating subsidiaries transferred to our parent company under intercompany agreements. For additional information, see “Operating Results by Airport”. 133 Table of Contents Comprehensive Financing Result Our comprehensive net financing result was a loss of Ps. 2,029.6 million in 2025 compared to a gain of Ps. 2,860.8 million in 2024. This decrease is due in part to a 85.7% increase in interest expense, from Ps. 826.7 million in 2024 to Ps. 1,535.2 million in 2025, mainly due to two loans obtained by the Company in Mexico during 2025: (i) a credit line with BBVA for Ps. 9,500.0 million for general corporate use, bearing interest at the 28-day TIIEF rate plus 1.25%, contracted on May 22, 2025 and drawn on May 27, 2025; and (ii) a senior unsecured bridge credit facility with JPMorgan Chase Bank, N.A. for a total principal amount of Ps. 6,390.0 million, entered into on December 5, 2025 in connection with the acquisition of URW Airports, LLC, bearing interest at the applicable TIIE rate plus a variable margin ranging from 75 to 200 basis points, and maturing eighteen months after the closing date. Additionally, the foreign exchange gain of Ps. 2,072.5 million in 2024 decreased to a foreign exchange loss of Ps. 1,905.8 million in 2025, due to the appreciation of the Mexican peso against the U.S. dollar close and average in 2025, of approximately 13.4% and 7.6%, respectively compared to a depreciation of the Mexican peso against the U.S. dollar average by 22.9% and 8.2% in 2024. Taxes Our current income tax provision decreased 22.3%, from Ps. 5,691.9 million in 2024 to Ps. 4,422.4 million in 2025, mainly due to a decrease in our taxable income base in Mexico and Colombia attributed to the recovery of activity in these countries. Our deferred tax provision decreased from a deferred tax loss of Ps. 650.5 million in 2024 to a gain of Ps. 388.1 million in 2025, mainly due to: (i) the initial recognition of deferred ISR on undistributed accumulated profits of investments in the Puerto Rico and Colombia businesses amounting to Ps. 710.9 million in 2024 and a decrease in the related deferred tax liability in Colombia in 2025 of Ps. 225.0 million; (ii) the favorable impact of the change in the amortization method of the concession in Colombia of Ps. 398 million, and (iii) partially offset by the tax benefit of the activation of tax loss carryforwards by Aerostar in 2024 of Ps. 42.7 million. Our overall effective tax rate in 2025 and 2024 was 32.0%, and 37.0%, respectively, mainly due to the decrease (i) in the deferred tax due the initial recognition of deferred ISR on undistributed accumulated profits of investments in the Puerto Rico and Colombia businesses amounting to Ps. 710.9 million in 2024 and a decrease in the related deferred tax liability in Colombia in 2025 of Ps. 225.0 million, and (ii) the favorable impact of the change in the amortization method of the concession in Colombia of Ps. 398 million, and (iii) partially offset by the initial recognition of Deferred ISR of Cozumel Airport. Net Income Net income decreased 22.1% from Ps. 14,030.4 million in 2024 to Ps. 10,924.7 million in 2025. This decrease was mainly a result of a 15.2% increase in cost of services, a shift from a foreign exchange gain of Ps. 2,072.5 million in 2024 to a foreign exchange loss of Ps. 1,905.8 million in 2025 and an 85.7% increase in interest cost. This was partially offset by a 4.3% and 6.1% increase in aeronautical and non-aeronautical revenues, respectively. Results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 For a comparison of the results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, see “Item 5—Operating and Financial Review and Prospects—Results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023” in our Fiscal Year 2024 Form 20-F, as filed with the SEC on April 10, 2025. 134 Table of Contents Liquidity and Capital Resources Sources of Liquidity Historically, our operations, financing and investing activities were funded through cash flow from operations, which has generally been used to cover operating expenses, to make dividend payments and to increase our cash balances. However, in 2017, we incurred indebtedness to fund our investments in accordance with our Mexican Master Development Plans and to acquire the interest in our Colombian airports and our additional interest in Aerostar. See “—Indebtedness—Indebtedness in Mexico.” In 2025, we used Ps. 24,000.0 million to pay dividends. In 2024, we used Ps. 6,277.8 million to pay dividends. As of December 31, 2023, we had Ps. 13,872.9 million in cash and cash equivalents. As of December 31, 2024, we had Ps. 20,083.4 million in cash and cash equivalents. As of December 31, 2023, we had investments in long-term financial instruments classified as non-recurrent assets equal to Ps. 1,818.9 million, while as of December 31, 2024, we had Ps. 1,537.7 million mainly due to the fact that during 2024 we sold certain financial instruments maturing in March 2027. On December 5, 2025, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A. in the amount of Ps. 6,390 million at an annual interest rate equivalent to the 28-day TIIEF plus an applicable margin of 0.75 basis points, maturing in May 2027, which was used to acquire URW Airports. As of December 31, 2025, other than the credit agreement used to acquire URW Airports, we didn’t have investments in long-term financial instruments, mainly because the company sold the financial instruments maturing on January 23, 2030. As of December 31, 2025, we had Ps. 11,116.3 million in cash and cash equivalents. Cash Flows for the year ended December 31, 2025 as compared to cash flows for the year ended December 31, 2024 In 2025, we generated Ps. 12,348.6 million in cash flow from operating activities, a decrease of 20.7% from Ps. 15,571.0 million in 2024, mainly due to an increase in recoverable taxes, an increase in accounts receivable, partially offset by an increase in income tax payments, a decrease in accounts payable. As of December 31, 2025, income before income taxes was Ps. 14,958.9 million, which reflects an decrease of 26.6% compared to 2024. In 2025 our income taxes payments were Ps. 6,619.4 million, representing a 47.4% increase compared to 2024. In 2025, the cash flow used in financing activities was Ps. 10,119.4 million, which represents an increase of 13.4% with respect to the Ps. 8,918.4 million cash flow used in financing activities in 2024. This increase was mainly due to (i) an increase in the principal amounts paid under our Mexican loans, under which Ps. 5,175.0 million were repaid during 2025, compared to payments amounting to Ps. 538.7 million in 2024, (ii) an increase in a payment of Ps. 1,371.1 million in interests due under the aforementioned outstanding loans, compared to a payment of Ps. 938.2 million in interests due under these loans in 2024, (iii) an increase in dividends paid amounting to Ps. 24,000.0 million compared to dividends paid totaling Ps. 6,277.8 million in 2024, and (iv) a payment of Ps. 263.1 million in principal amounts due under Aerostar’s senior secured notes due 2035, compared to payments amounting to Ps. 224.9 million in 2024. The increase in cash flow was partially offset by the obtainment of various bank facilities for an aggregate amount of Ps. 21,065.0 million, namely (i) a Ps. 9,500.0 bank loan from BBVA Mexico used for capital expenditures in Cancun, (ii) a Ps. 6,400.0 bank loan from JPM used for the URW acquisition, and (iii) a Ps. 5,200.0 bank loan from Santander used for working capital purposes. Cash flow used in investments during 2025 was Ps. 10,111.9 million, representing an increase of 267.3% compared to the Ps. 2,753.3 million in 2024, mainly as a result of: (i) new investments in concession assets of Ps. 7,807.8 million in 2025, a 77.7% increase from Ps. 4,394.5 million in 2024; (ii) a Ps. 5,112.1 million payment for the acquisition of ASUR Airports LLC; (iii) an 36.6% increase in used restricted cash corresponding to the Aerostar’s PFC revenue; and (iv) a $3.0 million escrow deposit by ASUR US Commercial Airports to secure any post-closing purchase price adjustment in connection with the acquisition of the U.S. mainland airports business in 2025. These increases were partially offset by the repayment in full of our outstanding notes issued in U.S. dollars maturing in 2030, in a principal amount of Ps. 1,537.7 million. Cash Flows for the year ended December 31, 2024 as compared to cash flows for the year ended December 31, 2023 For a comparison of the cash flows for the year ended December 31, 2024 as compared to the cash flows for the year ended December 31, 2023, see “Item 5—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Cash Flows for the year ended December 31, 2024 as compared to cash flows for the year ended December 31, 2023” in our Fiscal Year 2024 Form 20-F filed with SEC on April 16, 2025. 135 Table of Contents Indebtedness As of December 31, 2025, we had Ps. 27,486.6 million in consolidated outstanding indebtedness. As of December 31, 2025, we had no contracts for interest rate or foreign currency swaps. Indebtedness in Mexico In the fourth quarter of 2011, Aeropuerto de Cancún obtained authorization for two new bank loans from Banamex and BBVA of U.S.$300.0 million and Ps. 1,500.0 million, respectively. These loans remain subject to certain conditions precedent, including the negotiation of definitive documentation for the loans. To date, ASUR has not yet made use of the authorized credit lines. Aeropuerto de Cancún purchased the initial 92.42% interest in Airplan for an aggregate price of approximately U.S.$201.6 million, subject to pricing adjustments and pursuant to a series of agreements with the respective shareholders of Airplan. We paid U.S.$69.6 million of the purchase price with cash on hand, and obtained an unsecured loan from BBVA in April 2017 to pay the balance of the purchase price. The loan had a term of one year and an interest rate calculated on the basis of the 28-day TIIE plus 0.60% from July 31 to October 31, 2017; TIIE plus 0.85% from October 31, 2017 to January 31, 2018; TIIE plus 1.10% from January 31 to April 30, 2018 and TIIE plus 1.60% from April 30 to July 31, 2018. This loan was repaid in October 2017 with the proceeds of two loans obtained by us, through Aeropuerto de Cancún, of a principal amount of Ps. 2,000.0 million each, one seven-year term loan with BBVA at a 28-day TIIE rate plus 125 basis points maturing in October 2024, and another five-year term loan with Banco Santander at a 28-day TIIE rate plus 125 basis points maturing in October 2022. The remaining balance on the BBVA loan was repaid on October 13, 2021, and on October 15, 2021, we, through our Aeropuerto de Cancún, entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000.0 maturing October 2028, with a 28-day TIIE rate plus an applicable margin. The applicable margin in the BBVA loan is calculated on the following basis: if our net leverage ratio is less than 1.50:1.00, the applicable margin will be 140 basis points; if our net leverage ratio is between 1.50:1.00 and 2.50:1.00, the applicable margin will be 165 basis points, and if our net leverage ratio is greater than 2.50:1.00, the applicable margin will be of 190 basis points. During 2023 we repaid Ps. 150.0 million of the BBVA loan in three equal installments in January, July and October. During 2024 we repaid Ps. 100 million of the BBVA loan in two equal installments in January and April. On June 11, 2024, the Company amended the BBVA loan to extend the maturity date to July 11, 2029 and change the interest rate to a 28-day TIIE rate plus an applicable margin of 1.35 points. On September 29, 2021, we prepaid the remaining Ps. 2,000.0 million balance on the Santander loan and concurrently, through our Aeropuerto de Cancún, we obtained a three-year term loan from Santander for a principal amount of Ps. 2,650.0 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points. In November 2022, we paid Ps. 650.0 million in principal amounts in connection with the Santander loan. During 2023, we repaid Ps. 1,325.0 million of the Santander loan in two equal installments in March and September. On March 26, 2024, the Company amended its debt with Santander to extend the maturity date through September 26, 2025, at a remaining principal of Ps. 675.0 million. On September 26, 2025, the loan was repaid in full. The Company conducted an assessment to determine whether there was a substantial change to the indebtedness due to the amendment, and concluded there was no material impact to such indebtedness. The effective interest rate for this loan was calculated at an annual rate of 9.22%, taking into account all initial fees, additional costs, and other associated expenses. On September 26, 2025, the Company entered into a simple revolving credit line agreement with Banco Santander in the amount of Ps. 675.0 million maturing on September 26, 2027, subject to an annual effective rate of 9.22%. We have guaranteed our Aeropuerto de Cancún obligations under these loans. While the BBVA and Banco Santander loans are outstanding, we and our subsidiaries are not permitted to create any liens upon any of our property, make any fundamental change to our corporate structure or sell any of our assets that exceed more than 10.0% of our consolidated total assets as of the most recent fiscal quarter prior to the sale. These loans require that we and our subsidiaries maintain a consolidated leverage ratio equal to or less than 3.50:1.00 and a consolidated interest coverage ratio equal to or greater than 3.00:1.00 as of the last day of each fiscal quarter. If we fail to comply with these covenants, the loans restrict our ability to pay dividends to our shareholders. As of December 31, 2024, and 2025, the consolidated leverage ratio calculated under the BBVA and Santander agreements was 0.70:1.00 and 1.40:1:00, respectively. On June 29, 2020, we contracted a credit line with BBVA for Ps. 1,500 million. The credit line had a term of eighteen months, maturing December 29, 2021, and an interest rate calculated on the basis of the TIIE plus 1.50%, and could be used for general corporate purposes, and expenses and commissions related to the credit. As of December 31, 2024, we had not used the credit line and the line was terminated. 136 Table of Contents On May 22, 2025, we drew down a credit line with BBVA for Ps. 9,500 million, for general corporate purposes, maturing on May 21, 2027, repayable in a single bullet payment at maturity, bearing interest at the 28-day TIIEF rate plus 1.25%. We used the credit line on May 27, 2025. On November 21, 2025, we entered into a credit agreement with Banco Santander in the amount of Ps. 3.5 million maturing on February 22, 2026, subject to a one-day TIIEF rate plus 0.50 basis points. We repaid this loan on December 11, 2025. On December 3, 2025, we entered into a simple revolving credit line agreement with Banco Santander in the amount of Ps. 1.0 million maturing on March 4, 2026, subject to a one-day TIIEF rate plus 0.50 basis points. We repaid this loan on December 11, 2025. On December 5, 2025, in connection with the acquisition of URW Airports, LLC, our subsidiaries Aeropuerto de Cancún and ASUR US Commercial Airports LLC, as borrowers, and the Company, as guarantor, entered into a senior unsecured bridge credit facility for a total principal amount of Ps. 6,390 million with JPMorgan Chase Bank, N.A. as sole lender, administrative agent, sole bookrunner and sole lead arranger (the “Bridge Credit Agreement”). The Bridge Credit Agreement is governed by New York law contains terms and conditions that are customary for similar financings. The Bridge Credit Agreement matures eighteen (18) months after the closing date, and bears interest at the applicable TIIE rate for each interest period plus a variable margin that increases incrementally over time, ranging from 75 basis points per annum during the first 90 days to 200 basis points per annum from day 451 through maturity. The Bridge Credit Agreement contains several covenants that, among others, (a) restrict the borrowers’ ability to (i) create any lien on any property or asset, other than liens existing on the closing date, liens securing the Bridge Credit Agreement, tax liens being contested, statutory liens, and other customary exceptions; (ii) merge, consolidate, liquidate or dissolve, or dispose of substantially all assets, other than certain subsidiary transactions and dispositions to credit parties; (iii) enter into sale and leaseback transactions exceeding the greater of Ps. $6,200 million or 10% of consolidated total assets; (iv) declare or pay restricted payments if a default or event of default has occurred and is continuing; and (v) enter into transactions with affiliates except in the ordinary course of business on terms no less favorable than arm’s-length terms, subject to certain customary exceptions; and (b) require the borrowers to maintain a consolidated interest coverage ratio of at least 3.00 to 1.00 and a consolidated leverage ratio not exceeding 3.50 to 1.00 as of the last day of each fiscal quarter. Indebtedness in Puerto Rico On March 21, 2013, our subsidiary Aerostar entered into a U.S.$50.0 million capital expenditure facility and a secured U.S.$10.0 million revolving credit facility with RBC Royal Bank, UBS Financial Services and FirstBank Puerto Rico. Additionally, on or about March 21, 2013 Aerostar issued 5.75% senior secured notes due March 22, 2035, in an aggregate principal amount of U.S.$350.0 million through a private placement. On June 24, 2015, Aerostar issued 6.75% senior notes due March 22, 2035 in an aggregate principal amount of U.S.$50.0 million to refinance the aforementioned capital expenditure facility. In May 2022, Aerostar renegotiated the terms of its U.S.$50.0 million principal amount of 6.75% senior secured notes. On November 26, 2024, Aerostar renewed the secured revolving credit line with Banco Popular de Puerto Rico of U.S.$10.0 million maturing December 18, 2027. The interest is calculated at the interest rate that fluctuates between 0.75% and 3.0% plus a default interest rate of 2.0%. Aerostar was financially obligated to keep a debt coverage ratio above 1.00:1.00 at the end of each quarter. As of December 31, 2025, the Company has not used the credit line. On December 30, 2020 Aerostar entered into an unsecured revolving credit line with Banco Popular de Puerto Rico of U.S.$ 20.0 million. The interest is calculated at an interest rate that fluctuates between 0.5% and 3.0% and Aerostar pays a rate of 0.15% for unused credit, which is calculated on the average amount of unused principal during the year. Pre-payments are permitted at any time. To date, Aerostar has not drawn down the credit line. 137 Table of Contents On July 21, 2022, Aerostar issued 4.92% senior secured notes due 2035 in an aggregate principal amount of U.S.$200 million through a private placement. The terms of the notes require that Aerostar and its subsidiaries maintain a debt service coverage ratio of at least 1.10:1.00 through the stated maturity date of the notes. Failure to comply with these covenants would result in all amounts owed under the notes to become due and payable immediately. As of December 31, 2024, and 2025, the debt service coverage ratio calculated under the notes was 2.15:1.00 and 2.00:1:00, respectively. If we fail to comply with these covenants, our ability to pay dividends to our shareholders will be restricted. Aeropuerto de Cancún and its joint venture partner PSP have pledged their share ownership in Aerostar as collateral for all of these senior secured notes. Since June 1, 2017, we have consolidated Aerostar’s assets and liabilities into our financial statements. While the senior secured notes are outstanding, Aerostar is not permitted to create any liens other than permitted liens upon any of our property, make any fundamental change to our corporate structure, or sell more than U.S.$35.0 million of our assets per year. Indebtedness in Colombia On June 1, 2015, our subsidiary Airplan entered into a 12-year syndicated credit agreement of COP$440,000.0 million with Bancolombia S.A., Banco de Bogotá S.A., Banco Corpbanca Colombia S.A., Banco Davivienda S.A., Banco de Occidente S.A., Banco Popular S.A., Banco AV Villas S.A. and Servicios Financieros S.A. Serfinansa Compañía de Financiamiento. The terms include a grace period of three years, quarterly principal and rate payments, an interest rate based on the Tasa de Redescuento, or Rediscount Rate, plus 1.5% for one tranche and an interest rate based on the Depósitos Termino Fijo, or Fixed Term Deposits (“DTF”), plus 4% for a second tranche. Disbursement of funds was subject to certain conditions precedent, including the creation of a trust for the payment of the syndicated credit agreement through its subaccount, Subcuenta de Deuda, and the resources corresponding to the funds for capital and interest payment. The use of the proceeds of this syndicated credit agreement is limited to the payment of debt and the financing of necessary investments for the execution of the obligatory and complementary works under the concession agreement. In addition, the syndicated credit agreement requires Airplan to keep the concession agreement and the trust agreement in force and to make principal and interest payments on time. Failure to comply with these covenants would result in all amounts owed under the facility becoming due and payable immediately. The syndicated credit agreement was amortized by Airplan during 2023, 2024 and 2025. The outstanding amount of the credit agreement was COP$167,897.1 million as of December 31, 2023, COP$67,897.1 million as of December 31, 2024, and COP$67,897.1 million as of December 31, 2025. In April 2023, Banco Popular transferred to Banco de Bogotá its interests under the syndicated loan by issuing promissory notes having the same terms and conditions that those of the original loan. The syndicated credit agreement required Airplan to maintain a debt coverage ratio of at least 2.00:1.20, as calculated pursuant to the terms of such agreement. Lenders granted Airplan a waiver to comply with such debt coverage ratio during the third quarter of 2020 and the first quarter of 2021, which was further extended until the first quarter of 2022. Following the first quarter of 2022, Airplan has complied with the required debt coverage ratio. Furthermore, in 2017 Airplan entered into two short-term loans with Bancolombia S.A. of COP$5,000.0 million and COP$10,000.0 million. The main terms of these short-term loans included the issuance of a blank promissory note, an interest rate based on Colombia’s banking reference index, the Indicador Bancario de Referencia (“IBR”), plus 2.75%, monthly interest payments and an annual principal payment on the due date. Additionally, in 2017 Airplan entered into a short-term loan with Banco de Bogotá of COP$5,000.0 million. The terms of this short-term loan included the issuance of a blank promissory note, an interest rate based on the IBR plus 2.6%, monthly interest payments and an annual principal payment on the due date. These three short-term loans were fully repaid in 2018. In September 2020, Airplan entered into a short-term loan with Bancolombia S.A. for COP$11,612.0 million. The short-term loan has a term of 10 months and an interest rate based on the DTF plus 1.70%, monthly interest payments and quarterly principal payments. These short-term loans were fully repaid in July 2021. 138 Table of Contents Capital Expenditures Under the terms of our Mexican concessions, every five years our Mexican subsidiary concession holders must present a master development plan to the Ministry of Infrastructure, Communications and Transportation for approval. Each master development plan includes concession holders’ investment commitments for the succeeding five-year period, including capital expenditures and improvements. Once approved by the Ministry of Infrastructure, Communications and Transportation, these commitments become binding obligations under the terms of our concessions. In December 2023, the SICT approved each of our current updated master development plans, which went into effect as of January 1, 2024 and will elapse on December 31, 2028. Under the referred master development plans, our total committed investments for the regulated part of our business in all our Mexican Airports during the covered period is equal to Ps. 31,796.5 million. See “Item 4. Information on the Company—Mexican Regulatory Framework—Master Development Plans.” Our subsidiary Aerostar, as part of its LMM Lease with the PRPA, was required to fund and perform certain upgrades at its sole costs and expense, including landscaping improvement work, repair and replacement of jet bridges and repair and replacement of curbs and walkways, among others. Aerostar completed work on the required upgrades pursuant to the LMM Lease by December 31, 2014. Under the Airport Use Agreements, Aerostar is also required to complete certain initial capital projects in order to bring the condition of the LMM Airport to high level consistent with certain standards set forth by Puerto Rican governmental authorities. For more information on Aerostar’s capital expenditure requirements, see “Item 4—Information on the Company—Puerto Rican Regulatory Framework—Capital Expenditures Required under the LMM Lease and Airport Use Agreements.” In 2014 and 2016, our subsidiary Airplan reached an agreement with the Colombian government with respect to investment commitments for certain airports, including José María Córdova International Airport, Enrique Olaya Herrera Airport, Los Garzones Airport and El Caraño Airport. The 2014 and 2016 agreements originally had terms of three years and 33 months, respectively. In 2018 and 2019, we executed amendments to the 2014 and 2016 agreements that extended the term of those agreements but did not modify the amount of investment commitments. Under the agreements, Airplan is required to carry out certain projects at our Colombian airports, including renovations of runways and improvements to passenger terminals. For 2018 and 2019, José María Córdova International Airport had committed investments of U.S.$13.3 million and U.S.$9.1 million, respectively. For 2018, El Caraño Airport had committed investments of U.S.$0.8 million. Enrique Olaya Herrera Airport and Los Garzones Airport do not have any investment commitments with the Colombian government for 2018 and 2019. As of March 6, 2020, all projects have been completed. For additional information see “Item 4—Information on the Company—Colombian Regulatory Framework—Committed Investments.” The following table sets forth our historical investments in Mexico, Puerto Rico and Colombia in the periods indicated. ​ ​ ​ ​ ​ ​ (thousands of Year ended December 31, ​ ​ ​ Mexican pesos) 2023 1,071,715 2024 4,497,204 2025 7,813,549 ​ In 2025, we spent Ps. 6,961.5 million in Mexico on capital expenditures in the nine airports in Mexico, principally attributed to a) the ongoing works for the expansion of Terminal 1 and Terminal 4 and expansion of taxiways at Cancun Airport, b) ongoing works for the terminal building expansions in Oaxaca, Cozumel, Huatulco and Villahermosa, as well as c) equipment renewal at Mexico’s 9 airports. In 2025, we spent Ps. 29.3 million in Colombia on capital expenditures on projects which included, among others: Phase 1 of the Montería Airport internationalization project, the automation of the parking facilities at Rionegro and Medellín airports, the expansion of the parking facility roofing in Montería, and the acquisition of certain assets required for operations. In 2025, we spent Ps. 828.1 million in Puerto Rico on capital expenditures on projects which included the design of the multilevel parking expansion, the construction of multilevel parking solar panels and a multilevel parking pedestrian bridge, the configuration of FIS in Terminal D, and reconstruction of an under-vehicle explosive detection system. 139 Table of Contents In 2024, we spent Ps. 3,805.7 million in Mexico on capital expenditures in the nine airports in Mexico, principally attributed to a) continuing the expansion of Terminal 1, the commercial platform, and roads at Cancun Airport; b) ongoing work to expand Terminals 3 and 4, as well as improvements to taxiways, platforms, and roads at Cancun Airport; and c) expanding Terminal D and enlarging the migration areas in Terminal D at the LMM Airport. In 2024, we spent Ps. 26.3 million in Colombia on capital expenditures on projects which included, among others, the purchase of fixed assets. In 2024, we spent Ps. 665.2 million in Puerto Rico on capital expenditures on projects which included the configuration of FIS in Terminal D, multilevel parking solar panels, and reconstruction of a runway at the LLM Airport. In 2023, we spent Ps. 891.5 million in Mexico on capital expenditures in the nine airports in Mexico, principally attributed to the continuation of the expansion of the terminal building, commercial platform and roads of Merida Airport, as well as the expansion of Terminal 3 and Terminal 4, the platform and the road of Cancun Airport. In 2023, we spent Ps. 14.3 million in Colombia on capital expenditures on projects which included, among others, the purchase of fixed assets. In 2023, we spent Ps. 465.2 million in Puerto Rico on capital expenditures on projects which included the expansion of Terminal D and FIS reconfiguration, Tony Santana Avenue Pavement Rehabilitation and new Transportation Security Administration (TSA) offices. In addition, in connection with our US mainland airports, we are expecting to incur capital investment obligations pursuant to our concession agreements at JFK and LAX. At JFK, the Company is required to (or will require its tenants to) invest at least U.S.$104.0 million in JFK Terminal 8 for the construction and installation of improvements during the first three years of the term, which began on July 1, 2023, in addition to at least U.S.$18.5 million in concession area improvements at JFK T8, U.S.$10.0 million in concession area improvements at JFK T1, and U.S.$2.5 million in other improvements at JFK T8. At LAX, the Company is required to (or will require its tenants to) invest at least U.S.$11.1 million in capital investments for the construction and installation of improvements to be completed by January 31, 2028. We currently intend to fund the investments and working capital required by our business strategy through cash flow from operations and from the indebtedness described above. We may continue to incur debt to finance all or a portion of these investments in the future. We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs.