Grupo Aeroportuario del Sureste (ASUR) operates airports under long-term government concessions across Mexico, Puerto Rico, Colombia, and, as of late 2025, manages commercial concession programs at major U.S. terminals. ASUR's crown jewel is Cancún International Airport, the busiest international airport in Mexico, which drives roughly 72% of Mexican passenger traffic. ASUR also operates eight other southeastern Mexican airports, Luis Muñoz Marín Airport in San Juan (through a 60%-owned JV called Aerostar), and six Colombian airports through its wholly-owned subsidiary Airplan, anchored by José María Córdova International near Medellín. ASUR earns revenue through two streams: regulated aeronautical fees (landing, parking, and per-passenger charges paid by airlines) and unregulated non-aeronautical revenues (retail, duty-free, food & beverage, and parking). In Mexico, aeronautical fees are subject to a government-set revenue cap per passenger, reset every five years. Non-aeronautical revenues are largely unregulated and grow with passenger volumes, international traffic mix, and terminal commercial capacity. In December 2025, ASUR acquired URW Airports (renamed ASUR U.S.) for US$295M, adding purely non-aeronautical, dollar-denominated revenue from retail and food & beverage concessions at terminals in LAX, ORD, and JFK. ASUR is also pursuing a major expansion into Brazil via a pending ~US$936M acquisition of CPC Aeroportos (Motiva), which operates 20 airports across Latin America and would add roughly 45M annual passengers to ASUR's network.