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Good morning, and welcome to GAP's FIBRA Conference Call.

[Operator Instructions] In the next hour, we want to walk you through FIBRA GAP, what it is, why we are doing this now, and what it means for GAP's current shareholders and for investors considering the vehicle itself.

For those who may not be familiar with FIBRA-E structure, let me provide a brief overview. FIBRA-E is a Mexican listed trust vehicle, designed for the energy and infrastructure asset that allows investors to participate in the cash flows, generated by mature operating investments.

In this case, the mature business will be GAP's 12 Mexican airports. The vehicle issued trust certificates listed on the Mexican Stock Exchange and is intended to provide an efficient mechanism to monetize and recycle capital while at the same time, maintaining operational control of the underlying assets. From a tax perspective, the FIBRA-E benefits from a pass-through structure.

It is required that at least 95% of its annual taxable income be distributed to certificate holders. Following the transaction, distributions received at the GAP Holding company level would continue to be subject to taxation, up on subsequent distributions to our shareholders, consistent with the current dividend framework. Importantly, from the perspective of GAP's shareholders, we do not expect a material change in the economic substance of the distributions received. Rather, the transaction will primarily represent an optimization of capital structure of the Mexican airports and funding flexibility, while at the same time, preserving exposures to the cash flow generation of the airport portfolio.

The message is straightforward. GAP has significant infrastructure commitments over the next 4 years under our MDP, and we seek to fund those commitments with a balanced capital structure. FIBRA GAP is one more tool in that strategy, a long-term infrastructure vehicle that matches the asset profile with the right type of capital that retains control, the operating platform does not change. What changed is how we fund the next CapEx commitments.

Before we start, please be advised that the statements made today may not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to this presentation, which is for informational purposes only, and should read together with the operating documents once available.

Certain statements may depend on assumptions, regulatory approvals, market conditions and the financial transaction documents. What I would like to emphasize here is consistency. The same team that has managed GAP through two decades of growth will run FIBRA GAP under the same operating and financial discipline and investor communications standards that have characterized GAP as a listed company. This is the team that you already know. Our speakers today from GAP are: Mr. Raul Revuelta, Chief Executive Officer; Mr. Saul Villarreal, Chief Financial Officer; and me Alejandra Soto, Investor Relations Officer.

At this time, I will turn the call over to Mr. Raul Revuelta.

Thank you, Ale. Good morning, everyone. Thank you for joining us today. Why FIBRA GAP? The logic is simple. We believe it can become a long-term capital recycle vehicle for GAP, one that allow us to gradually unlock value from mature predictable infrastructure assets, but only when we see attractive reinvestment opportunities for the group. Now, at this same time, GAP continues to face significant investment opportunities and capital needs across its platform. The proposed FIBRA allows us to finance mature, regulated and high CapEx infrastructure assets through equity rather than relying only on additional leverage of the holding company level. The 5 achievements, as I want you to take away about why we are creating FIBRA GAP are. The Mexican airports concessions remain the foundation of GAP's cash flow generation.

These are a very resilient and long-duration infrastructure assets, and GAP will continue to own and operate them. FIBRA GAP should be understood as a capital recycling platform not as the investment as 100% of the proceeds will be used to deploy in the master development plan. This allows us to gradually monetize our limited portion of mature infrastructure assets through equity only when we identify attractive reinvestment opportunities. GAP Holding will return control and operation of the current assets.

In our Mexican airports, we have significant investment commitments under the master development plan, and we want to form those commitments with a balanced, efficient and diversified capital spread. FIBRA GAP gives us another long-term funding source that is specifically tailored infrastructure assets.

We want to be clear regarding the perimeter. FIBRA GAP will hold minority stake in each of our 12 Mexican airports concessionary. What is excluded? CBX, our Jamaican airports and any subsidiary that does not hold a Mexican concession titles for airports. GAP remains in control of approximately 96% of the Mexican airport sectors, and the management agreement means that the day-to-day operation will not change.

FIBRA GAP ownership over time may vary depending on future contribution made to the financial capital requirement, nevertheless, FIBRA GAP will have the possibility to restructure a revolving credit facility to fund future capital requirements pro rata to maintain its initial ownership. Relative ownership interest of approximately 4% of Mexican airport is based on the proposed issuance amount divided by the post-money value of Mexican airports. It will change with the final offer size and valuation. GAP will remain the controlling shareholder and for the FIBRA will be the administrator, and accompanied by a technical committee and audit and corporate practices committee. The reason why we are evaluating this now is that we are entering into an important investment cycle. We want to execute the MDP, preserve financial discipline and retain strategic fund. FIBRA GAP provides additional financial flexibility rather than concentrating all the funding pressure in the traditional debt markets.

It matters because excessive leverage will reduce the strategic optionality for future investment opportunities. For investors, diversified 5 components, I want to be direct about how they connect. First, the investors will be buying into a high aviation sector, delivering accelerated and sustainable long-term process of growth of about 6.2% CAGR since 2010, nearly 4 times Mexican GDP growth over the same period.

Second, the portfolio spans 12 airports with meaningfully for all airports with different passengers profiles tourists in Los Cabos, Puerto Vallarta, cross-border dynamics in Tijuana, Guadalajara and business combination in Guadalajara.

Third, the operator, GAP will be the manager of the FIBRA allowing this vehicle to be backed by the leading airport operator, who has handled 21.4% of all passengers in Mexico during 2025 and has the strongest market share growth record in the sector over the last 15 years.

Fourth, the governance structure is built for public markets being leveraged by GAP's outstanding record in corporate governance practices. And fifth, the return profile is based on distributions tied to the operating results in a sector that is clearly regulated in a stable cash flow industry with an operator for giving its shareholders consistent return throughout the last 20 years as a public company compared to other FIBRA vehicles.

The data shows how the airport sector has performed positively in the recent years. Passengers have grown at a sustainable pace of 6.2% CAGR in 2010, while Mexican GDP has only grown at 1.6% CAGR during the same period. That is 3.9x more than the national GDP. That refers structural drivers such as tourists, regional connectivity, domestic air travel penetration, and the expansion of low-cost carriers. With that context, GAP has delivered stable growth of 7.2% CAGR outperforming spirits in the sector, gaining market share at a stable pace.

We believe that the growth outlook is supported by several independent engines. Tourists remain strong with Mexico as one of the most important tourist destination globally and the #1 country Lat Am. Airlines continue to invest in their fleet.

Besides the ending of Pratt & Whitney engines maintenance will bring back offer to the airport sector and potentially expand routes to the United States. These factors create a constructive backdrop for airports with the right capacity and location that bring us to GAP's positions in the market. GAP biggest strength is the diversification. We operate 12 airports in Mexico and 5 of the 10 busiest airports in our country with different demand profile. Tourists visit friends and relatives, business and cross-border dynamics. That mix has helped the platform remains resilient across different sites. And our route development, reflecting the highest market share growth in the country going from 27% market share in 2010 to 31.4% market share in 2025, making us the leading airport operator in Mexican sector.

I want to highlight the quality of the airport assets that will form parts of FIBRA. The Mexican airports combine resilient traffic growth with very strong financial performance. Passenger traffic has grown from 44 million passengers in 2019 to 57 million in 2025, which represents our 4.6% CAGR. This confirms the strength of the demand profile across our airport network. What's more important is not only a traffic growth struggle, it's also a monetization of profitability line. Over the same period, revenue increased from approximately MXN 12 billion to MXN 24.3 billion, representing a 12.4% CAGR.

In other words, revenue growth has outpaced passengers. At the same time, the Mexican airports continue to operate with EBITDA margins of around 70%, which is a very attractive level for infrastructure investor and demonstrate the efficiency and cash flow resilience of the plant.

In despite the change in concession fee that passes from 5% to 9%, FIBRA GAP has offered exposure to a mature, regulated and highly profitable airport infrastructure slot with a proven passengers growth, a strong revenue growth and cash flow generation. The MDP is very concrete. It's about increasing capacity, improving passenger experience, strengthening operational efficiency, and ensuring that our airports are prepared for the future airline growth. The objective is to invest ahead of demand in a disciplined manner, consistent with our concession obligation and long-term service standards.

Our main goal is to improve passenger service quality, provide infrastructure for airlines future growth with greater capacity for simultaneous traffic and larger aircraft operations.

We recognize that governance is critical in any vehicle sponsored by a listed company. FIBRA GAP is designed with a governance structure that includes public market bodies, independent oversight and aligning between GAP shareholdings and FIBRA holders, comprised of the technical committee, which serves as a functional equivalent of our Board of Directors in a public listed company. The Audit and Corporate Practice Committee and the shareholders' meeting with their main goal of protecting shareholder interest. It will include conflict of interest protection with independent oversight, transparent expenses and nonincentive distribution rights. All of this is backed by a structure levers GAP's outstanding corporate governance practices with the end goal to align the interests of GAP and FIBRA GAP holders over the long term.

The logic of both sides of the table is straightforward. FIBRA GAP provides a new and complementary source of long-term capital. Let us optimize the capital structure of the Mexican airport label and broaden the investor base beyond traditional debt and equity investors. This vehicle is designed to reinforce GAP's growth plans and financial flexibility. For FIBRA GAP holders, the vehicle provides unique access to a sector with structural growth, higher barriers to entry, operated by a team with a long track record with an attractive yield profile, with consistent distribution and access to the only FIBRA-E in the airport sector.

It is complementary structure that matches long-term infrastructure assets with long-term infrastructure capital. The key takeaways, I wish you to appreciate about why FIBRA GAP are: First, Mexico aviation sector has compounded at nearly 4 times GDP growth for 15 years, and we see no structural reason to change. Second, GAP portfolio is generally diversified across market, passenger stacks and demand drivers. That diversification reflects the performance throughout multiple cycles. You are not only investing in a high-growth sector.

Third, the operator has 28 years managing this portfolio. The strongest market share growth in the country. EBITDA margin consistently close to 70%. Fourth, the governance work for public market investors, independent oversight, complete protection, no IDRs, transporting costs. Designed to align interests, not manage them. This will be leveraged by GAP's history of superior corporate and governance practices.

Fifth, the return profile is linked to operating results. Distributions come from cash flow generated by the infrastructure assets.

Six, you will have clear visibility with stable future cash flow as this is a higher regulatory sector of the clear visibility to revenue tariff increases that at the end will be reflected to more distribution to our investment.

Let me close this deal recap. FIBRA GAP is complementary financial vehicle, not a corporate restructure. GAP's concessions operating model and strategic direction remain unchanged. The proceeds will be 100% primary and will flow directly into the Mexican infrastructure concessions to fund infrastructure investment under the master development plan and GAP will remain the controlling shareholder and administration preserving operational continuity, governance standards underlining with investors.

In short, FIBRA GAP is designing to fund growth, preserve financial flexibility and provide long-term investors with direct exposure to Mexican airport infrastructure operated by GAP. The presentation ends here, so we will start with the Q&A session. So please, Ale, we will start with the Q&A session.

[Operator Instructions]

So we will start with Guilherme Mendes with JPMorgan.

Now, my question is in terms of the size of the offer, MXN 10 billion for roughly 4% of each of the assets. If the idea was to cap at MXN 10 billion or to have as a small stake on each of the airports. In other words, why not doing something bigger or having a bigger stake at each of the assets? And what is the limit that the FIBRA can ended up having of each of those assets? And lastly, if at some point in time the idea would be to include other non-regulated assets into the FIBRA structure as well, or if it will only stick to the 12 regulated airports in Mexico.

Guilherme, this is Raul. First of all, in terms of the size of the FIBRA, I mean, this is the beginning. It's just the initial offer. For sure, this will be rapidly increasing. Always if we are seeing any other opportunities for the better use and optimize the use of the leverage for other M&As, for instance, that could bring new businesses to our company or bring businesses with even better growth base on the short term. That is like the first part of the question. The second part related with why just the 12 airports. I mean, in terms of the FIBRA-E, it's an entity that was designed mainly for infrastructure vehicles, specific concession ones.

With our airports, we're aligned with that. We think that there is no, I would say, space into the FIBRA for the purely commercial businesses operated directly by us that we are having today. In terms of the long-term size that we'll have, we will need -- we have like a cap of 30% on the concessionaires for going to FIBRA.

Guilherme, this is Saul. Just to complement, it is, we have this cap as Raul mentioned, it's up 30% of the equity of the airport. So obviously, we want to continue after this IPO to see the consolidation of different approvals over this vehicle.

[Operator Instructions] Now we have Gabriel Himelfarb with Scotiabank.

Can you hear me?

Yes, we can. If you can speak louder, that will be better.

Sure. A quick question on the structure. The 12 airports that are entering the FIBRA, the cash flows will be both the regulated and the unregulated or just the aeronautical revenues? Or can you give us a bit of color on how it will work to part, the regulated, unregulated portion of cash flows inside the FIBRA?

Gabriel, this is Saul. Yes, it's for both, for aeronautical and non-aeronautical. So it's averaging related with the concessionaire, the total revenues recognized. As you know, we have other subsidiaries that are, as mentioned -- as Raul mentioned before, it won't be included just the 12 airports and includes the 100% of the total revenues, aeronautical plus non-aeronautical.

So the next one will be for Jens Spiess from Morgan Stanley.

So I just wanted to ask, do you plan to list this in Mexico also doing ADR in the U.S.? And if you could provide a bit more details on the time line, what do you have in mind? I think, I was muted, right?

No, we can hear you, Jens.

We can hear you.

Okay, perfect.

Well, for now, we are going to make some roadshow with the local investors here in Mexico. We are not planning to make it international, probably the follow-ons will be part of that. If there is some relevance or interest, we can follow that, but for now, it's only for locals. But, you can participate if you want through the banks that will be structuring the FIBRA GAP. You can participate if you want, but we don't have any plan to make any roadshow in U.S. or in other country. Related to the timeline for this, we officially will begin with the promotion of the FIBRA today with this conference call. And then, we will begin with some one-on-one meetings in Mexico City. And if there's any interest from some investors, we could hold some meetings besides that. The idea is to be at the end of June, concluding the issuance and the incorporation of the FIBRAs.

All right. Perfect. And if I may, a follow-up question. I was wondering, so you will have basically one-to-one economic participation in the equity of the Mexican assets that are within the scope of the FIBRA. Just wondering, will there be like administrative expenses at the FIBRA level that sort of don't make it one-to-one like the same economic interest that you would otherwise have? I don't know if I'm making myself clear.

Well, yes, I don't know if you're referring to the cost of operation of FIBRA. We do not believe that will be significant. Obviously, FIBRA will have their own administration. We will have to incorporate the audit corporates, the corporate practices committee beside the technical committee. So if the proper operation of the FIBRA will have some expenses, but we do not believe that it will be relevant to the size of the issuance in the size of the FIBRA. I don't know if there's your question because the sound wasn't very clear.

So we will continue with the next question that it is from Francisco Suarez from Scotiabank.

So two questions, if I may. One, will this creation of this vehicle, is there any concern that it may create a structural subordination for bondholders? That's my first question. My second question relates It's actually a follow-up on the question that was asked by my colleague on Morgan Stanley related usually FIBRAs, as an adviser, and there are transaction costs inside and also potentially FIBRAs do charge fees and sort of expenses. So if I understood correctly, you don't expect the creation of this FIBRA vehicle to create fees or other transaction costs that will take away the economics and the potential economics of the FIBRA vehicle as such?

Paco, this is Raul. I mean in terms of expenses, we've not foreseen any really additional changes in overall expenses. We think that the FIBRA will bring some marginal additional costs for the management of the vehicle, but nothing really relevant in terms of what we have seen assets.

Related to the subordination vehicle, we don't expect to have any kind of that. We believe that the FIBRA will remain as part of GAP's portfolio, and we'll not have any additional subordinate to debt or to equity because just to remind, our current debt is at a holding level. There is no debt into the airports or the concessionaires.

Got it. So to make sure you don't plan to create the fee structure in the creation of FIBRA GAP?

No. Additional, no.

So now we are going to pass to Alejandro Anibal.

Alejandro Anibal from Jefferies. A bit of a follow-up to the previous question. Do you expect or are you worried that this kind of new structure can create some kind of structural discount on the holding company versus the FIBRA?

No, we're not foreseeing that. I mean, first of all, we are talking of really this initial offer will be really a small part of our aeronautical business that would be in some way shared to the equity of the FIBRA. So we are not seeing really any kind of decrease of value holding for that. We will say that we are optimizing some even fiscal factors for the holding that will bring value for our equity holders for GAP. So yes, I think that this will optimize first, our financial structure also give us this flexibility to bring additional opportunities to our company in future acquisitions.

Okay. As a bit of a follow-up to that answer, can we expect an acceleration of the kind of chasing those opportunities outside of the 12 airports that you were kind of mentioning then?

I would say that we will continue. As always, GAP is looking for new opportunities. The thing is, we bring to our portfolio only opportunity that makes sense and to be accretive for our shareholders. So we will continue to bring in opportunities, but we also -- it is important to have in mind that we will keep the discipline that we have to bring the correct opportunities for -- to the company with the creation of value for our shareholders. So we will continue, as always, bringing opportunities, but you could be sure that we will continue being really disciplined with the opportunities that we bring that create the correct value in -- value for our shareholders.

So now our next question will be for Andrew Miller.

I have three questions, but hopefully, they're reasonably connected. Number one, don't quite understand how I'm better off as a minority shareholder in the equity of GAP as a result of this? Number two, if I've chosen not to invest in the equity of GAP, why would I choose to invest in the FIBRA? And number three, if you didn't do this, are you effectively saying you would break your debt-to-equity covenants in funding the new MDP?

Thank you, Andrew. Yes, the minority shareholders won't be affected at all. It is at the concessionaires, we are protecting their -- all their interests. So first of all, it's important, GAP will retain the control of the airports with equity more than 96% for this IPO. We do not expect to decrease in that. The management of the FIBRA will be in the side of GAP. So we are considering that already. If you are not invested in equity, why will be FIBRA?

FIBRA has other benefits. It has a pass-through dividend to the shareholders, and it will not reflect any tax benefit for all investors. If you invest in GAP, you will continue having this benefit in terms of dividend, in terms of pricing for GAP.

On the other hand, FIBRA will represent a benefit to GAP Holding in terms of the corporation and long-term visibility and the capacity for additional debt in raising funds for investment opportunities.

So at the end, I would say that this vehicle is more interested for pension funds in Mexico. This is part of the benefits they have. For internationals, probably is really interesting. I would say that it's basically the same if you invest directly to equity or to FIBRA.

FIBRA is in relation to your third question. Equity of -- FIBRA will be providing equity to funding the MDP. That's the main reason of this vehicle. And obviously, at holding level, the GAP will continue leverage other projects, and will continue with that capacity at the balance sheet. So in this, we believe that we have the opportunity to have more benefits to our shareholders, benefits for our tenures of FIBRA GAP and for the market also.

So the next one will be passed to my Michael Galves.

Just a kind of a follow-up from the previous one. I would like to understand what level of debt can be passed to this new structure under the FIBRA-E. And if you can give us more -- a bit of color on the financial covenants, if this type of asset sales or asset transactions are allowed in your loan facilities and also in your local market bonds or if bondholder meetings are going to be required?

Okay. Michael, this is Saul. The level of debt for this vehicle basically is not debt. It will be part of equity. It won't change in terms of capital structure for a GAP Holding. It will help for capital structure, our debt concessionaires, but at the equity level. So related to the financial governance, basically it's not a bond, it's not a bond certificate. It will be part of the equity of the airports and the covenants or the restrictions, you know, in terms of agents, it's not applicable for these instruments. We will have holders' meetings, yes, because we need shareholders structure for future decision at FIBRA level. So basically, we will have another administration over the FIBRA that we will discuss before to operate together with the technical committee and audit committee.

Okay. Yes. But my question was focused if the actual bonds that are outstanding there, if they have any certain financial restrictions or limitations towards these kind of operations. No, or if the actual debt needs to approve this transaction or if it's not needed?

It is not needed. Our debt is a GAP Holding level. It is not at the airport. Airports are the main vehicles of the FIBRA. So we do not expect and do not foresee any restriction or limitation in the -- into the -- to structure the FIBRA from bondholders.

Well, now we're going to pass the call to Samuel Akim.

My questions are, the first one would be, if GAP or a related entity will own any equity in the FIBRA. And the second one would be whether GAP and the FIBRA, actually, the FIBRA will own stakes in GAP's airports, or will they look to invest in other assets such as infrastructure or other assets that are not managed by GAP?

In general, when we talk about invest on other different assets, I mean, the FIBRA was created with the contribution only of the concessions and the rules of the FIBRA is specifically just talk about airport concessions. So any additional acquisitions or new businesses created outside the concessionaries will be part of GAP Holding, not part of the FIBRA. That is one important part of to how to have in mind. The perimeter of the FIBRA only includes the specific concessionary business of airports in Mexico.

Just to put a bit related with your first question, GAP is not planning to hold some or invest into FIBRA.

And regarding the last one that if GAP will own equity in the FIBRA? Yes, they will own around 96%. Then I see you again, Guilherme, do you have a follow-up question?

Yes, I do. Actually, as a follow-up to Samuel's questions, I just wanted to understand why not co-invest on the FIBRA in a way to maybe avoid conflicts of interest of which assets in the future could be included or not, could be included on the FIBRA level. And the second follow-up, it's about the timing of the offering. I understand the whole idea of doing this FIBRA is to help to finance the CapEx, but this MDP's CapEx has been there for a year and a half now. It has to do with the CBX acquisition last year, and this question is about Montego Bay airports last year as well. I just wonder if there's anything else on the timing of the announcement other than the other capital allocation announcements.

I mean, in terms of the timing, for sure it was related with the finalizing all the process for the merge of the CBX. For sure that was an important part of our decision. For sure, as you remember, always, we are trying to keep aside all the company of the GAP Holding, two times the debt-to-EBITDA ratio. The idea is keep that discipline and the best way to keep that discipline in terms of our balance sheet is using other kind of tools as could be the FIBRA. So that was mainly the timing. As you know, we would have paid for 25% of the additional -- of the shares on CBX, and we are just doing that in the next weeks. In terms of general terms, that is the timing of why we are announcing the FIBRA right now. And related to the use of proceeds, yes, we are planning financing part of the MDP of 2026 and complement part of 2027 MDP. It won't be part for capital allocation for dividends. It will be used only for CapEx.

Well, we have a question that was sent directly from Carlos Peyrelongue, and he's asking. Can you talk about how does this affect the Tijuana or maximum charge implementation? Guessing, since the cost of financing in the Mexican airports will be higher, since it will be fully funded with equity rather than a mix of equity debt. There should be a relevant increase in the Tijuana to reach the target IRR.

I mean, just to have in mind, theoretical it could be, but let's put it on some context. Remember that all the debt of GAP is on the holding level. So in the last time that we renegotiate or review the tariff on 2024, at the end of 2024, at that moment, there was 0 debt in the concessionaires. It means that we -- that negotiation will reflect that everything was equity on the WACC. There was no debt on at that moment of the airport.

So always in terms of the maximum tariff, you could have better results or better IRR if you are using only equity. That is correct on how the rules works for the maximum tariff, but it's important to have in mind that at the last time that we renegotiate the tariffs, and at this moment, there is no debt on the level of the airports.

Now Gabriel Himelfarb. I'm seeing you again. I don't know if you have a follow-up question.

Sure. Yes. I have 2 follow-up questions. The first is on the organic growth. You mentioned only Mexican concession type of assets could enter to the FIBRA GAP. So perhaps adding some toll roads or other types of concessions and how they could be financed if the entire amount of the offer will be to the MDP. The second part is on the MDP. I think the CapEx for the MDP is already running up. So you'll be financing the MDP from 2027 and beyond until 2029? Like, 2026 is already being set.

I mean, in terms of the non-organic growth, always, again, the FIBRA, it give us just additional flexibility. So this is -- specifically, the FIBRA-E, the one that we are using, it was created by the government for infrastructure federal concessionary projects. Yes, it could fit a highway, which is a concession of federal rights of a concession. So if we're going to acquire some additional federal concessions on infrastructure, yes, on the FIBRA, it could fit. The other part related with the MDP, again, this is, I would say, a non-linear tool. This is an additional tool for balance, the balance sheet of GAP.

We will see in some low moments going to the debt, to the certificados or debt market in Mexico, even outside Mexico. That we will keep that. But also, we have this additional tool for getting the CapEx on our airports, that is the FIBRA. So it's not complete linear that we will make the future decision on the coming years or go directly to the FIBRA for financing the MDP. It will depend if we have some M&A indoor, or we see some additional opportunities on the business directly operated like that, for instance. That will be -- the decision will be made in terms of what we have in the table.

And now Alejandro Anibal. I'm seeing you again. So maybe you have a follow-up question as well.

Yes. Sorry, thank you very much for taking my follow-up. So a quick question. You're talking about this being good tool -- an extra tool for financing and so on. If for whatever reason, this deal does not go through, can we expect an equity raise at the GAP level? That's the first question. And then as a bit of separate, can we see, let's say, a bigger dilution than the 4% that you're talking about in case the market is not as receptive to this deal as you expect?

I mean, in terms of going through or expand the equity from a follow-on, we don't foresee that today. We have enough space to go to debt. We have enough space even in balance sheet and in cash. We really don't foresee going for other kind of operation. And then, we see the FIBRA as another tool that it makes sense, if the price makes sense, if it's in some way optimize our balance sheet in terms of the price that we could get, we will continue this.

Same in other words, if the price that the market is put into the FIBRA is not the correct one, we will not issue this, the FIBRA. That is, I will say, it's important to put it in the table and make it really clear.

Our cash position, our leverage, it's pretty good to even continue leveraging our MDPs to our balance sheet. The thing is, we think that we could bring additional optimization to our, the financials of the company if we issue the FIBRA on the correct price. If that is not happening, we will not push the FIBRA by -- in any case. And besides that, and just to complement, it won't represent a dilution effect to our shareholders.

Well, this was the last question, Raul. Thank you for your time.

Thank you, everybody, for joining us today. As always, all our IR team will be ready for us for any of your questions. And thank you for your time. Have a great day.

Thank you.

Good morning, everyone, and welcome to GAP's First Quarter 2026 Conference Call. [Operator Instructions]

Now it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Thank you, and welcome to GAP's First Quarter 2026 Conference Call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial disclosure statements. Please be advised that any statements made today may not account for future economic circumstances, industry conditions, the company's future performance or financial results.

As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from current expectations. For a complete note on forward-looking statements, please refer to the quarterly report issued on Monday.

Thank you for your attention. Our speakers today from GAP are Mr. Raul Revuelta, Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer.

At this time, I'll turn the call over to Mr. Revuelta for his opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for joining us today. I'm pleased to report that GAP delivered a solid start to the year on results as I discuss the company operational and financial highlights for the first quarter of 2026. Despite the challenging traffic environment, our performance remained strong, supported by the resilience of our aeronautical revenues as well as the continued growth of the non-aeronautical business, which helped to offset the more complex traffic environment.

Let me begin by discussing passenger traffic. Total passenger traffic across GAP's 14 airports decreased by 5.5% in the first quarter compared to the same period of 2025. This decrease reflects various factors that impacted the Mexican as well as the Jamaican operations. In the Jamaican operations, we continue to face headwinds from the Hurricane Melissa. Despite this, the recovery of hotel capacity has been better than expected along the main TUA corridor.

It is important to note that while as today, passengers volume have not yet reached pre-storm levels. Trends indicate that we will regain this level by the fourth quarter of this year. Traffic declines in Mexico were largely driven by temporary disruptions such as the security incident in Jalisco during the last week of February. This event negatively affected the perception of safety and key leisure destinations in Mexico, such as Puerto Vallarta and Los Cabos, thereby softening demand at these airports.

These dynamics to the typical high season month of March affecting the spring break traffic and causing demand to decline. Tijuana was also impacted given its stronger reliance on cross-border travel as roughly 75% of CBX users are U.S.-based passengers accessing domestic flights to Mexican tourist destination.

Additionally, global macroeconomic volatility impacted operations. This included geopolitical tension and fuel prices, which pressure airlines operation costs, prompting a realignment of capacity to maintain efficiency, as well as the possibility of economic downturn.

Now moving on to the revenues. Total revenues increased by 2.8% compared to the first quarter of 2025. Aeronautical revenues for the group grew by 3.9%, but in Mexico, the increase was 9.3%, primarily driven by the implementation of the maximum tariff for the 2025-2029 regulatory period in Mexico, which are linked to the highest level of the CapEx investments in the history of the company.

Aeronautical revenues increased by 6.1%, supported by strong performance in our Mexican operations, reaching 10.7%, particularly in business operated directly by GAP. This includes the bonded warehouse business, which represents around 21% of total non-aeronautical revenues. This performance underscores the resilience of our business model and the continued success of our increasingly diversified revenue base.

Cost of service increased by 6.5% compared to the same period last year, mainly due to the higher personnel costs, increased security and maintenance expenses and the expansion of operational areas. We work hard to offset this pressure by maintaining rigorous cost control throughout the organization. As a result, EBITDA increased by 6.4%, reaching MXN 6 billion with an EBITDA margin of 68.3%, reflecting both revenue growth and operational efficiency. This despite the reduction of additional concession fee in Montego Bay Airport due to the decrease in passenger traffic and revenues, which is a temporary effect.

Regarding our financial position, GAP maintains a strong liquidity position with a cash and cash equivalents of MXN 23.2 billion during the first quarter of 2026, mainly due to the historic bond issuance of MXN 10.7 billion on March 31. The proceeds we allocate towards our strategic acquisition of 25% of CBX, as well as capital expenditures. Furthermore, during the quarter, we refinanced existing debt, optimizing our balance sheet and strengthening our overall financial flexibility.

In terms of CapEx, we continue to advance our investment program under the current Master Development Plan, deploying during the quarter MXN 1.8 billion, focusing on enhancing capacity as well as the passenger experience across all of our airports.

I would like to briefly update you on our strategic initiatives. As you know, in December 2025, our shareholder approved the business combination related to the CBX as well as internalization of the technical assistance services. This transaction is still in the process of being formalized. Once completed, it will be consolidated in our financial statements, and we expect the conclusion of this process to take place during the second quarter of this year.

We believe this initiative will strengthen our long-term growth platform, specifically by promoting our market cross-border passenger profile as well as unlocking additional commercial opportunities. As we move into the rest of the year, we remain mindful of the macroeconomic environment and short-term traffic volatility. Despite this, we believe structural demand remains strong, supported by the solid fundamentals of our market.

We remain confident that our diversified asset portfolio, strong financial position and disciplined execution to strategically position GAP well to navigate near-term challenges while continuing to generate long-term shareholder value. Later today, we will hold our ordinary shareholders' meeting, in which we will propose a dividend payment of MXN 20.8 per outstanding share during the following 12 months, among others.

Thank you again for your time. Operator, please open the line for questions.

[Operator Instructions] Our first question over the telephone comes from Rodolfo Ramos of Bradesco BBI.

My question is on the aeronautical part of the business, perhaps a 2-parter here. After this tariff implementation, can you let us know what your current maximum tariff compliance is? And how should we think about it towards year-end? And secondly, on the traffic outlook that you have, there's a host of domestic global factors at play negatively impacting demand for air travel. Just can you frame it a little bit in terms of your 2% to 6% guidance? I mean, how you think about it? And when do you think we could see a more meaningful recovery there?

Thank you, Rodolfo. First, related with maximum tariff, we are between 92% and 93% of the fulfillment. We are still having to implement additional passenger fee changes for the summer in 2 of our airports, Vallarta and Cabos. So we're still on the track of what we said originally will be close to 95% for the end of the year. For sure, what is related with maximum tariff, we need to take in account the churn rate that at the end of the day, an important part of that of the revenues are denominated in dollars for the case of passenger tour.

The other part related with traffic, I would say that today is difficult to what could happen on the traffic in terms of the Iran war and the fuel prices. I would say that it's difficult to have today a more clear view of what could happen in the coming months and how big could be the decrease or the possible decrease of the adjustment on offer seats in the market. But the other part that at least we are still seeing is a summer that will come at least on the leisure with some additional seats.

While we are expecting that on past years during some of this kind of geopolitical crisis, the U.S. passengers tend to fly more over the neighbor in the area of the neighbor could be Cabos or Vallarta rather to go to Europe or other kind of more long-haul travel. So what we are expecting in some way is some additional seats for the summer on those markets.

But in general terms, for the moment, we keep without variance what we saw in the pretty first moment as our guidance for the year. we think that some of the temporary effect that could the security could bring in terms of decrease of passengers will be completely behind for the summer. And also, we are seeing better than we expected recovery of Montego Bay hotel capacity. But for sure, for the second quarter, we will review if that is the case, our guidance for the traffic.

Next, we'll move on to Alan Macias of Bank of America.

Just a question on the CBX and TA transaction. What is pending for it to be completed? And I guess, should we expect it to be consolidated in May or in June?

Thank you, Alan. We are doing our best for consolidating the results during May. So yes, we are just in the middle of that but yes, that will be our target.

Next, we have Guilherme Mendes with JPMorgan.

Two questions, the first one being on the commercial front. First of all, congrats on the strong results during the first quarter of the year. Just wondering what is behind the very strong cargo performance, if there's anything in particular to GWTC or something else? And if we can assume these numbers as sustainable going forward? And the second question is on the capital allocation. So now following the upcoming conclusion of the CBX transaction, I understand the Turks and Caicos was put on hold as well, if there's anything else that you'll be evaluating on the inorganic side of growth opportunities?

Thank you, Guilherme. I mean related to the results and specific to the bonded warehouse business, is important to have in mind that this business is mainly moved by the cargo. And in the case of Guadalajara and all the central area of Mexico, we are seeing a really important more than 20% increase of cargo of high value on the area related mainly by electronics. Foxconn, for instance, has a really big movement on Guadalajara for additional plant.

So what we are seeing for the last year is after the announcement of specific tariffs for China and for some different countries of Asia, we see like a shift on production on some electronic parts from Asia to Guadalajara area mainly. So we are seeing this really important increase in volumes of cargo but on real volumes, but value of the cargo. For this bonded warehouse business, you need to take into account that revenue comes from a mix of volume and value of the cargo that you are moving. So what we are seeing is that at the end of the day, all these change of tariffs bring some or shift some of the production from Asia to the Central Mexico and mainly to Jalisco and Guadalajara area.

Hi, Guilherme. In terms of capital allocation, as you know, we are looking for opportunities all the time. So far, we don't have nothing more important or relevant than CBX conclusion and integration to the consolidated financial statements. So for now, we don't have any other project or major projects. We will let know to the market as soon as we have something on the table. For Turks and Caicos, it was canceled by the government so we will not continue on that anymore. And so far, we don't have any other relevant project.

Yes. But complementing just the answer of Saul, for sure, we have an important focus on the development of new business in our airports. I will say we are working in 2 different projects for hotels in airports of Mexico of our efforts in our net. And for sure, the big focus on continue working on the efficiency of the margins in all of our directly operated by us business. So for sure, we will continue to see and review different kind of opportunities to M&A, but also we have like a big focus on how to increase the efficiency of our directly operated by us business.

From Itau Unibanco, we have Pablo Ricalde.

I have one question on the cost side. So we saw depreciation expense remained flattish year-over-year. So I just want to understand why despite all the CapEx you made last year, depreciation remains stable year-over-year.

Pablo, this is Saul. Well, basically, we are aligned. We don't have any other major projects capitalized and depreciated. Also, as you may know, we have more than 25 years of concession. So the major projects that were capitalized and were depreciated within the last years were interrupted due to the term of the depreciation period. That the net effect of the offset of the increase in depreciation, net of those assets that were already 100% depreciated.

Next, we have Gabriel Himelfarb of Scotiabank.

Two quick questions. First, are you seeing any meaningful capacity movements from airlines, mainly domestic or perhaps low-cost U.S. airlines, given the rise of fuel prices and perhaps what happened in Jalisco in the past months? And my second question is about the CBX. I think it was financed 25% in pesos, Mexican pesos. Why was the logic of being financed in pesos rather than in U.S. dollars?

Thank you, Gabriel. First, the size of the seat capacity of airlines, it is important to separate the 2 possible effects. The first one related with the security concerns, I would say that we are not seeing any kind of a structural change on the seat capacity on that area. But related on the fuel cost and what would be the possible reaction of capacity movement of airlines, for sure, it's something that's still on the table in some way.

For the moment, we are seeing some decrease in capacity, at least not so relevant today, but we are seeing the cut of some services. For instance, Interjet just announced the cut of some services on Guadalajara. We are seeing some decrease on services on Tijuana, also in Cancun. So I would say that it's early to have a perfect view of what could happen on this level of close to $110 per barrel of oil. I would say that if you see, for instance, the price on 2022, it was just close of the same level, and we don't see at that moment decrease on capacity.

What's still happening is the openings of these different routes, for instance, Volaris announced the new routes to Guadalajara to Mazatlan or Guadalajara to Zacatecas, Guadalajara to San Luis. So we are still seeing additional capacity. But for sure, it's the moment of decrease of capacity due to the cost of the fuel is still on the table. We need to, in some way, understand how long could take to, in some way, normalize the price, the price of the fuel and on the other hand, how important could be the resilience and the demand for the pass-through of the price of this peak of fuel into the ticket, to the airfare.

So yes, I mean, at least for the moment, we are not seeing an important decrease of capacity. I would say that we are still seeing an increase due to the fact of new routes.

Related to your second question, we decided to take advantage of the level of the exchange rate. As you may know, we are in the lowest levels in the exchange rate. The appreciation of the peso is playing out in our favor. So the idea is to take a long-term debt and trying to finance these assets in Mexican pesos. That avoids some volatility in our balance sheet in the long-term view. As you may know, the effects of this exchange rate will be affecting our P&L. So in this way, we have a little bit higher interest rate, but we have certainty about our long-term view balance sheet.

From Barclays, we have Pablo Monsivais.

Just one question in terms of the traffic expectations for next year, I know we're very early. But have you had any contact or new information of Viva and Volaris? Any color on that or how the potential merger will shape the domestic travel and especially on the routes they overlap, any intel there or something that you would like to share?

Thank you, Pablo. I would say in terms of the merger or the group of airlines with Viva and Volaris, for the moment, we are not seeing any particular change. We are still, I mean, in talks with them and having communication, direct communication with both airlines, they still talk about there will be 2 different companies. And for the moment, they are not talking about the overlapping.

But once antitrust authorities in Mexico has a specific view about the transaction, we could have more color about how going to be this transaction in some way out. But at least with the communication that we are having with the airlines, at least for the moment, they are not communicating anything related with overlapping and they are just talking about the operations for these 2 different companies as still is today.

And we'll move on to Andres Aguirre of GBM.

Congrats on the results. We noticed that accounts payable increased sharply to around MXN 2 billion in the cash flow statement. Could you please elaborate on what is driving this increase?

Andres, yes, we have a significant increase in the effective cash position because the issuance bond at March 31 that was for the proceeds will be used for the acquisition of 25% of CDX, which will be in cash and additionally for CapEx committed into the MDP. So that's basically why we have this significant increase, it was MXN 10.7 billion more in cash that will be used for the CBX and MDP committed.

And we'll move on to Alberto Valerio of UBS.

The first one a follow-up on CapEx. How should we be modeling the CapEx during the year? We know that seasonally, we start a little bit weaker and then increase the CapEx during the year. How should we expect that? And the second one about the jet fuel, anything that concern you guys? We know that different airlines, if I'm not mistaken, have not hedged their fuel. I know that it's not our usual year, but how do you see the supply of seats for Mexico during 2026, which is current price of oil price?

Alberto, Related with the seats in Mexico, I mean, for sure, as you said, the hedging different routes have different levels of hedging. But I would say the important thing to see what's going to happen is the resilience and the specific demand for the pass-through of the tariffs of the cost of this fuel into the airfare. So that will be the first part.

And second is going to be the kilometers that, that specific route could bring. So let me put it this way. I would say that in the first stage, we're going to see some kind of more or additional decrease on seats on some specific routes that have more kilometers when you talk about, for instance, domestic market. This is why we are expecting seeing some kind of effect on Tijuana, for instance, where their shorter flights has like 2.5 hours and their average time in the plane for a Tijuana flight is more around with 3 hours. So on the kind of routes where the demand is not enough resilience to get all the full impact of the fuel cost, we're going to see some decrease of passengers.

But in the other hand, there are some specific routes that has like less than 2 hours of flying that could be Los Angeles to Cabo, 2.5 hours; Cabos to Vallarta, Vallarta to Los Angeles, Florida. All the short, really short routes could be Mexico to Guadalajara, Mexico to Vallarta, Mexico to Cabos, that will be interesting on the mix of the demand that we expect to be resilient on the increase on airfares and in some way, short flights or short kilometer -- short in terms of kilometer flight.

So the mix of both parks and the expected of additional leisure passengers not flying long haul from the U.S. and flying or switching to Mexico beaches all these effects together make us think that our original guidance is still in place for the year. But for sure, it is difficult today to have like the complete crystal ball of what's going to happen in terms of the fuel. But if in general terms, the conditions on the price of the barrel is still, we could say that we're still seeing the same level of guidance for the end of the year.

Alberto, this is Saul. Related to your second or third question, the CapEx will be deployed during the following months. As you may know, our economic cycle in terms of CapEx is more concentrated in the last quarters of the year. In the first months, we are in the process of the bidding process for all these projects. So we are in the middle of that. So we would be more intensive in terms of deployment during the following months.

[Operator Instructions] Next, we have Abraham Fuentes of Santander.

Recently, we have seen some pressure in terms of traffic in Tijuana. I wonder if you can give us more color about what you expect going forward and maybe the main dynamics behind this expectation.

I mean in terms of Tijuana, what we are seeing, Abraham, is for sure, we have like a mix of different things happening over there. The first related that we still lack of capacity related of the Pratt & Whitney in Tijuana, mainly from Volaris are still being there. We think that for the summer, we will begin to see more of these planes flying. That is the first part.

And second, what is related or what we thought that's going to be completely temporary that was related with all these security matters after the major capture operation that in some way going to be, I mean, in the past and we will, in some way, recover fully for that effect on the summer.

In general terms, what we are seeing for Tijuana is that on the summer, we will see a more important revenue and recovery of traffic related for, first, additional seats coming back to the airport. And second, I would say, a softer base of comparison versus last year. But in general terms, I would say that we feel optimistic that Tijuana at the end of the year is going to have a positive result or it will grow in terms of passengers.

There are no further questions at this time. I'll turn the call back over to Mr. Raul Revuelta for closing remarks.

Thank you once again for joining us today. Before concluding, I would like to invite you all to join us on May 13 for GAP Day 2026. The event will start in San Diego at the CBX facilities and will continue at Tijuana International Airport and will include a series of strategic management presentations followed by a guided tool for our airports and the CBX facilities. We believe this is an excellent opportunity to learn more about our strategy, operations and long-term growth outlook. For registration and further details, please reach out to our Investor Relations team. Thank you, and we look forward to seeing you there. Have a great day.

Thank you. This concludes GAP's conference call for today. Thank you for your participation, and you may disconnect.

Good morning, everyone, and welcome to GAP's Fourth Quarter 2025 Conference Call.

[Operator Instructions]

Now it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Thank you, and welcome to GAP's Conference Call. I'd like to take a few moments to review the forward-looking statements as described in the financial disclosure statement. Please be advised that statements made today may not account for future economic circumstances, industry conditions, the company's future performance or financial results.

As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly report.

Thank you for your attention. It is my great pleasure to introduce Mr. Raul Revuelta, GAP Chief Executive Officer; and Mr. Saul Villarreal Chief Financial Officer. The gentlemen will be our speakers today.

At this time, I will turn the call over to Mr. Revuelta for his opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for your time here today. I'm pleased to share with you the company's operational and financial highlights for the fourth quarter of 2025 which concludes a solid year despite the several external challenge that I will discuss today. I will begin with the quarterly passenger traffic and then move on the financial results, followed by a brief review of the full year. Passenger traffic decreased 0.9% during the fourth quarter compared to the same period of 2024. These first 4 months stems from the 2 clear separate dynamics within our portfolio. The first, in Mexico, traffic trends remained relatively stable despite varying performance across the different airports. While passengers growth was 2.9% of revenue was primarily supported by the implementation of the new maximum tariff approved and applied during 2025 as well as the expansion of the works in select markets.

Secondly, as you are aware, Hurricane Melissa struck Jamaica on October 28, leading to the temporary suspension of operations at Montego Bay as well as Kingston Airports. This resulted in a traffic decrease of nearly 35% during the quarter. Although, there was no material damage to either airports, passenger traffic did significantly decline in November and December, mainly in Montego Bay. The main factor was the hurricane impact of the surrounding area as well as the hotel infrastructure were around 70% of the total capacity effect.

On a positive note, the recovery of total capacity or total capacity as well as tourist infrastructure across the region has been better than expected. While the actual timing of a full normalization remain unclear, the Minister of Touring has indicated that hotel capacity is expected to return to 100% by the upcoming 2026 winter season. We remain confident in the long term fundamentals of the Jamaican market and its overall structural growth potential. Now moving on to the revenues. Combined aeronautical and aeronautical service revenues increased by 12.8%, reflecting the sustained structural strength of our business model. Aeronautical revenues grew by 12.6%, primarily driven by the aforementioned maximum tariff that were approved and applied during 2025 in Mexico as well as the continued expansion of our routes.

New aeronautical revenues increased by 13.3% quarter-over-quarter. In Mexico, particular, commercial revenues were strong, mainly supported by the performance of the cargo and bonded warehouse business and the opening and renegotiation of commercial spaces under improved market conditions. The most dynamic segment includes Food & Beverage, Retail, Ground Transportation and Leasing Activities. EBITDA increased by 7.5%, reaching MXN 5.1 billion. EBITDA margin, excluding IFRIC 12, stood at 53.8%, a decrease compared to the fourth quarter '25 as a result of the higher concession fees in Mexico, additional head count and increase in maintenance costs due to the new operations of the jet bridges and Airbuses, a path that must now be operated directly by GAP, but was previously managed by the third party.

In addition, this includes the impact of lower traffic and therefore, lower revenues in Jamaica in the aftermath of the Hurricane Melissa. Net income declined compared to the fourth quarter '24, mainly due to the higher financial expense and decrease in the interest income due to a lower cash average balance the FX effect as well as the lower interest rate. This is in addition to the provision of the deferred tax adjustment in the aggregate balance of the year.

Now let us review the full year performance. 2025 was a year of a strong structural growth for GAP. Aeronautical revenue grew by 19.4% driven mainly by the new tariff applied during 2025 and a 2.7% increase in passenger traffic in Mexico. Non-aeronautical revenue increased by 26.5% for the year, further underscoring the strategic importance of our commercial platform. Non-aeronautical revenue per passenger increased to MXN 152 in 2025 compared to the MXN 123 in 2024, reflecting improved commercial execution, product optimization and a stronger contribution from cargo among the warehouse operations.

The consolidation of the business has become a meaningful contributor to our revenue diversification strategy and strengthen the long-term sustainability of our income streams. EBITDA increased by 17.8% year-over-year, reaching MXN 21.3 billion with an EBITDA margin, excluding IFRIC 12 of 65.6% despite higher concession fee and our cost pressure, profitability remains solid and operational will remain disciplined. From a balance sheet perspective, as of December 31, 2025, we closed the deal with MXN 10.5 billion in cash and cash equivalents.

During the year, we strengthened our capital structure throughout the issuance of bond certificates, while reducing certain bank loans pressures maintaining flexibility to fund our long-term commitments. In terms of CapEx, throughout 2025, we invest MXN 12.4 billion. This was comprised by the first year of execution under the 2025–2029 Master Development Program. CapEx in our Jamaican airports and the commercial investments. The CapEx for the 5 years period in Mexico will be focused on major terminal expansion and capacity enhancements, positioning us strongly for the future passenger growth and expanded commercial opportunities.

Additionally, in December at the Extraordinary Shareholders Meeting the business combination between CBX and Terminal Assistant Agreement was approved. This strategic transaction will allow us to further integrate and strengthen the Cross Border Xpress platform, enhancing operational efficiency, expanding services capabilities and reinforcing our position in the Cross Border Passenger segment. The transaction is currently in the formalization process, and we expect this to contribute possibility to GAP's long-term value creation strategy.

Let me touch on international expansion opportunities. The Parks & Cope standard process was ultimately canceled by the government. And as has been our track record, we remain disciplined in our capital allocation decisions and our remaining focus on projects that meet our strategic and financial return criteria. Therefore, we continue allowing growth opportunities that complement our existing portfolio strength over our shareholders' value.

Before I continue with the presentation, I want to address the recent events concerning to the state of Jalisco, namely Guadalajara and Puerto Vallarta. Certain incidents were prepared throughout different locations of the state of Jalisco on February 22. And I just want to assume that gas facilities, the Guadalajara and Puerto Vallarta Airport remain fully operational on weekend and up until this moment. As many of you may be aware, the terminals rely on the protection of the Mexican National Guard as well as the Ministry of National Defense as part of the permanent coordination and security measures with the Federal Authorities.

From an operational standpoint, we experienced flight cancellations, including 171 flight in Guadalajara and 134 flights in Puerto Vallarta during February '22 and '23. However, this February, February '24, we only had 4 cancellations in Puerto Vallarta and 11 in Guadalajara. And today, all the operations are back to normal. Thus, it has been a steady and consistent improvement from the weekend, as we work to regain normally after the events of the last weekend. The rest of the -- our portfolio continued to operate without disruption at this stage. We don't anticipate any additional impact. We are monitoring the situation, and we'll update the market as necessary.

Back to the results and outlook, I would like to continue with a discussion on guidance. We do not include the CBX business combination and the Technical Assistance Agreement Internalization, which remain the formalization process. Once the final timing of the consolidation is confirmed, we will update you on the results. That being said, we expect 2026 to be another year of moderate growth, supported by the established structural drivers across our portfolio. Passengers traffic is expected to grow between 2% and 5%, reflecting the consolidation of routes developed to date, estimated load factors and the potential increasing frequencies and ship capacity across our network.

On the revenue side, Aeronautical revenues are projected to increase between 9% and 12%, driven by the implementation of current maximum tariff in Mexico and Kingston airports in Jamaica, combined with traffic performance, inflation assumptions and projected exchange rates. Non-aeronautical revenues are expected to continue expanding from 6% to 9%, driven by improved contract condition and traffic growth. As a result, total revenues are expected to grow between 8% and 11% year-over-year. We expect EBITDA to grow between 8% to 11%, while the EBITDA margins will remain solid and approximately 65% or minus 1% reflecting continued operational discipline, while maintaining flexibility to observe external volatilities.

Looking ahead, we remain confident in our strategic direction as we focus on our 4 growth pillars. The strengthening connectivity, expanding commercial revenues, disciplined execution of our infrastructure program and maintaining long-term leverage strategy. While external factors such as exchange rate volatility, natural events and global uncertainty may generate temporary expectations, cap diversified airport portfolio's strong domestic demand base, disciplined capital structure position us solidly to continue generating sustainable long-term value.

We appreciate your continued growth and support in GAP. Thank you for joining us today, and we now open the floor to your questions.

[Operator Instructions]

Our first question comes from Gabriel Himelfarb of Scotiabank.

Just can you give us a bit of color on Guadalajara and Puerto Vallarta, any cancellations seen or any lower bookings? And my second question is also -- is there -- can you give us a bit of color on -- do you think you might be expanding your footprint on the U.S. besides the CBX.

Thank you, Gabriel. In the case of Guadalajara and Puerto Vallarta as we noted, I mean, we saw on the Sunday an important number of cancellations more than 100 in both airports. For the Monday, we began to see an important recovery. Just yesterday, we only had 4 cancellations in Puerto Vallarta and 11 in Guadalajara. And today, we are expecting that all the operations are back to normal.

So what we are seeing for sure has a -- I mean, a major impact for -- on Sunday, but after that, the services from the airlines have gradually normalization process. Saying that, we are expecting that there will not be any additional impact for our airports in the coming days. Making like a big number of the impact of these 2 days, almost 3 days of impact. We are forecasting that -- or we are seeing that the possible impact was around of 50,000 passengers in these both airports.

Jumping to the second question, the footprint in the U.S. beside the CBX, for sure, they align with our discipline for capital allocation, we will continue to looking for other opportunities. And for sure, with the platform, the CBX in the U.S., it opens the possibility for new investments in the U.S. we were still looking for opportunities that we -- that generates value to our shareholders and be completely accretive for the company. But yes, it will open the opportunity for additional -- or review additional projects in the U.S.

And are you expecting the coming months, a decrease in traffic on Guadalajara and Puerto Vallarta from international passengers?

I mean we are expecting that the trends that we have seen in the last months continue. For the case of Guadalajara, as you know, we have a positive number with all the openings of new routes from Canadian market, mainly, and also recompression or recovery from the classic VFR market, so Guadalajara, Los Angeles and South California in general terms. But also in the coming months, we will have the first 2 matches for the last elimination of this for the World Cup.

So yes, we are expecting some additional passengers for sure in the coming months. And I mean, in general terms, connecting with this terrible news of the weekend, we are not expecting any further impact on the traffic.

Our next question comes from Enrique Cantú of GBM.

So regarding the pending tariff adjustments, could you provide more detail on expected timing and visibility around their implementation?

Yes. And then just going back on that. Last year, as you remember, in March of the last year, we have -- we increased 15% of general passengers fee in all of our airports. In September 1, we had another 7.5%, and in January -- on January 1, we increased around 5% to 6% depending on the airport. For all of that, we are seeing that the maximum tariff for the year, for sure, depending on the FX effect of the peso on dollar, we are growing around 95% of fulfillment. And in the summer, we will have 2 additional increases for our 2 airports Vallarta and Cabos. With all these put in place, we think that we could achieve the 95% of fulfillment on time.

We will now move to questions submitted to the webcast platform, and I'll turn the call over to Alejandra Soto, Investor Relations Officer, to read the questions. Please go ahead.

We have one question from Andressa Varotto from UBS. And he's asking regarding your guidance. Can you break down traffic increase expectations for Mexico and Jamaica and how you are seeing a recovery from the Hurricane Melissa in Jamaica and the World Cup impacts in Mexico. Also -- well, and the other question, it was already explained.

In terms of traffic, we are seeing, in our guidance, an increase on traffic that goes from 2% to 5%. In the other terms that we are seeing for Jamaica is, we are seeing at continuous recovery on the hotel capacity for Montego Bay, mainly. What we are seeing is for the end of the year, could be around minus 2% to 0% on increase of passengers. Why is it important to have in mind is that, the 2 main peaks of the terminal of Montego Bay or the 2 moments of increase of passengers for -- is -- the spring season and the winter season. .

On this spring season, I will say that there will be a lack an important impact of the number of available hotel rooms in Jamaica. So we will expect that in this spring, winter -- spring season, the decrease of passengers continue. But for the winter season, that is the second big high season for Montego Bay, we are expecting that a full recovery of the total capacity of hotels on the island. With that in mind, we are expecting that minus 2% to 0% on Jamaica.

Thank you, Raul. It is the only question on the webcast. So I will turn the call again to the questions on the floor.

We do have a question from Julia Orsi of JPMorgan.

So just a question on capital allocation. So now that the Turks and Caicos process is pretty much over. Can you comment a bit on what's the priority on the capital allocation side? And that's it.

Julia, I will say that in the first half of this year, we will be focused on all what means CBX and bring in all the efficiencies to our company, but that would be, I think, one of the biggest new projects bring into the company. But parallel to that, we are working in other projects and looking for other projects that could be interest for us. We will continue reviewing opportunities on the cargo facilities business. But I would say with the discipline that is like the part of the DNA of the company, we will continue only on projects that are completely accretive for our company. With that in mind, we will always continue within different projects. But for the moment, the only focus that we will have to brings additional value is all the process to bring CBX and the synergies to the company.

Got it. And just a follow-up on the CBX. What is the expected timeline for the deal to be fully integrated into GAP? And I mean do you have any updates on let's say expected synergies throughout the year? How much should we capture this year.

Yes. I mean, in general terms, what we are talking about the formalization process, we are in the middle of that. We are expecting that in the second quarter, of the year, we could fully consolidate all the transactions. In terms of the efficiency, it will be gradually on the year. I will say that if we begin with the consolidation in the second quarter, for the fourth quarter, we could show important efficiencies on the CBX consolidation process.

I would say that the full program of what we think that could be the synergies of the company, we're going to fully implement it for the half of this year of '27. That would be -- I mean -- our first view of what we think that could happen for on all these project of CBX.

There are no further questions at this time. I will turn the call back over to Mr. Raul Revuelta for closing remarks.

Thank you once again for joining us today. Please contact our Investor Relations team with an additional questions you may have. Have a great day, and thank you for your attention.

That concludes our meeting today. You may now disconnect.

Good morning, and thank you for joining us today. This is Alejandra Soto, the IRO of the company. Today, we will be presenting the proposed integration of the Cross Border Xpress and internalization of the technical assessment agreement into Grupo Aeroportuario del Pacífico. I am joined by Raul Revuelta, Chief Executive Officer; and Saul Villarreal, Chief Financial Officer, who will walk us through the strategic, operational and financial details of this initiative. Before we begin, I would like to remind everyone that today's presentation may include forward-looking statements regarding the proposed transactions, expected synergies, future performance, strategic initiatives future operations and other projections.

These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. GAP undertakes no obligation to update any forward-looking statement, except as required by applicable law. This presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any securities. For additional information, please refer to the full disclaimer available in today's presentation materials, which are already posted on our website. Thank you, and I will turn the call over to Raul for his remarks. Thank you, Raul.

Good morning, and thank you for joining us. Today, we are presenting a transaction that is a key milestone in GAP's trajectory. The simultaneous integration of Cross Border Xpress and the internalization of the technical assistance agreement currently in existence. Together, these steps represent a pivotal moment for GAP accelerating growth, adding diversification to our revenue and asset portfolio and simplifying our ownership structure. This announcement represents more than just a transaction. It is a strategic evolution to diversify and build trust through long-term vision. The transaction aims to support GAP's strategy on 2 fronts. First, integrating CBX with the Tijuana Airport, our second largest and fastest-growing airport, provides GAP with a unique U.S. asset offering direct exposure to California, a major U.S. market with strong cross-border travel demand.

CBX is a state-of-the-art asset with a story of attractive growth, has been an important driver for the growth of our Tijuana Airport and brings attractive undeveloped land adjacent to both CBX and Tijuana Airport that is strategic for potential projects in the future. CBX brings U.S. denominated non-aeronautical revenues that provides diversification. CBX generates strong free cash flows and is not subject to minimal investment commitments. CBX is a unique asset and highly strategic for Tijuana Airport and could unlock significant value for GAP shareholders. The second leg of this combined transaction is the internalization of the technical assistance agreement currently in existence in GAP, which also helps simplify GAP ownership structure.

GAP will provide technical assistance services directly to its airports, delivering expected pretax annual savings equivalent to approximately 5% of the Mexican airport EBITDA, around $50.8 million in the last 12 months. These transactions will be accomplished by a simultaneous merger of 5 intermediate holding entities into GAP, simplifying its ownership structure. Since some of GAP's strategic shareholders are existing shareholders of CBX and the other entities being merged, it is important to mention that they will receive 100% of their consideration for the transaction in additional GAP Series B shares, increasing their ownership and demonstrating strong support and confidence in GAP's long-term business plan.

Breaking down the transaction into the key components. GAP obtains 100% ownership of CBX, including existing U.S. infrastructure adjacent undeveloped land, 75% through the merger and 25% through the ancillary cash transaction. Internalization of the technical assisting agreement and a simplified ownership structure along with approximately $290 million in cash and $74 million in debt from the consolidation transaction. In exchange, GAP delivers roughly 90 million newly issued Series B shares, which represents an increment of approximately 18% to GAP's current total shares outstanding for 75% of CBX and 100% of the internalization of the technical assistance agreement and the cash. We will pay in cash for the remaining 25% of CBX in a separate but cross-conditional transaction.

Newly issued share received by strategic shareholders will be subject to 365 days lockup period except for 2 portions. One, up to 25% of their shares may be sold after 90 days; and two, an additional 25% may be sold after 180 days after the closing date. Related with the approval process, the decision by GAP's Board of Directors to submit this proposal to our shareholders for approval is based on an initiative by GAP management and was supported by the Audit and Corporate Practice Committee composed of independent directors, which, in turn, was supported by Morgan Stanley, Deloitte Mexico, Cleary Gottlieb Steen & Hamilton and Bufete Robles Miaja as independent external financial and legal advisers.

This proposal is part of a comprehensive development, growth and diversification plan to advance GAP to the next level. This plan seeks to benefit all our shareholders. The substantive terms will be outlined in the information statement, which will be made available shortly once GAP's Extraordinary General Shareholders' Meeting is convened to support shareholders in their decision-making process. We expect to call the shareholders' meeting in the following weeks with a meeting anticipated to take place in December. The transaction requires approval by GAP shareholders with an affirmative vote of majority of all shares issued and outstanding and closing is expecting following customary regulatory approvals.

The transaction was relevant financial metrics that will enhance GAP's financial profile. The enterprise value to the estimate 2026 EBITDA blended multiple of the transaction will be around 12.2x pre-synergies and the transaction will be immediately accretive on a free cash flow per share basis. We expect mid-teens annual EBITDA growth over the next several years, stemming from strong traffic and revenue growth plus margin expansion. On top, additional cost synergies from CBX are expected in the high single-digit millions of U.S. dollars. The integration of CBX and the merger of the intermediate entities simplifies GAP shareholder structure and at scale. CBX is currently 75% owned by entities of our Mexican strategy shareholders. Those shareholders plus AENA owns 100% of AMP, which GAP has the current technical assistance agreement.

In a series of mergers, AMP and the other intermediate entities we all merge into GAP. This achieved by issuing around 90 million additional shares. In a separately bought [ cross conditioned ] transaction, GAP will acquire the remaining 25% of CBX from its U.S. shareholder. On a pro forma basis, using 2024 figures, the transaction will increase our EBITDA by approximately $139 million, an uplift of about 14.3%, bringing pro forma EBITDA to an estimate $1.1 billion. In short, this transaction strength GAP financial profile and streamlines its shareholder structure enhancing alignment. The post-transaction ownership structure will not include any change on the rights of the BB Series according to our bylaws.

Now let's take a closer look at CBX. CBX is a U.S.-based binational terminal that covers the Mexico-U.S. border and is physically connected to Tijuana Airport. The CBX serves the world's busiest border crossing. It allows passengers to cross the border in an estimate time of 20 minutes compared to the waiting times of over 2 hours of an average crossing. It serves as the link between South California and 38 Mexican international destinations. Since its inauguration in December of 2015, CBX has served more than 20 million passengers, clear evidence of its value propositions to travelers. Looking at its revenue mix, 69% comes from ticket sales, 21% from parking and 10% from ancillary services. All of these revenue streams are not regulated. This makes CBX a stronger driver of GAP's revenue diversification.

CBX is a long-life asset operating under a presidential permit with the indefinite term as well as 50 years agreement with U.S. Customs and Border Protection. On this slide, you can see a bird size view of CBX footprint. As this imagine shows, CBX is much more than just a border crossing terminal. It's a fully complex and highly strategic location. It includes parking facility, a rental car center, food and beverage options and about 60 acres of adjacent land for future development. All of this sits at the world business world crossing and is included within the perimeter of the transaction.

Who uses CBX? CBX serves passengers that hold a Tijuana Airport boarding pass for a flight that arrives or departs at the same day. Around 75% of CBX users come from the U.S. and the remaining 25% from Mexico. Most travelers use CBX to visit family for leisure and for business trips. To highlight relevance in 2024, roughly 32% of Tijuana Airport passengers use the CBX. So why do customers choose CBX? The model offers fast price competitive connectivity to 35 destination in Mexico, often beating the Los Angeles San Diego airports on total travel time and cost to the Mexican destination. We will go into more detail about this topic on the next slide.

And how does it work with border authority? CBX is a U.S. land border crossing operating under agreements with the U.S. customer and Border Protection. It works closely with Mexican National Immigration Institute and U.S. CBP to staff officer based on passenger volumes. CBX reimburse U.S. CBP for the cost of officers working at the facility. Let me expand on why travelers prefer using CBX and why it has become such a popular choice for Southern California travelers related to San Diego Airport, Los Angeles Airport and other land crossing. First, connectivity. CBX Tijuana offers access to more than 35 destinations in Mexico, far more than the San Diego or Los Angeles Airport provides. Second, border crossing time. With CBX travelers can cross about 20 minutes compared to hours at other crossings. Third, the all-in cost. Thank to lower airfares and ground transportation costs, CBX Tijuana is by far the most affordable option. Fourth, route access, CBX -- it's easy to reach with on-site parking and car rentals at reasonable price, while other alternatives tend to be expensive and upside.

In summary, CBX offer unmatched connectivity in Mexico, efficiency and seamless border crossing with lower total travel cost and better ground accessibility. This advantage explains why CBX has grown traffic faster than any alternative over the last 5 years with a CAGR of 7% from 2019 to 2024, comfortably outpacing the started growth or even decrease in traffic at the San Diego and Los Angeles Airport. The integration of CBX is an exciting opportunity to create shareholders' value is not just complementary, it's a transformative for GAP's platform and growth strategy. On the table below, we want to highlight how CBX brings unique attributes that will complement and enhance GAP.

CBX is based in the U.S., giving GAP direct exposure to the world's largest economy and opening the door for future growth in the U.S. market. Its revenue are fully dollarized, which help us diversify our currency flows even further. CBX revenues are completely unregulated. CBX operates under an open-ended presidential permit, so its economic life is not tied to [Technical Difficulty] concession term. This business is growing faster than GAP with an impressive 18.2% revenue CAGR from 2019 to '24 and slightly higher EBITDA margin, 66.7% versus 66.3% over the past 12 months. Moreover, CBX cash flow generation stand out with a 63.6% free cash flow margins and 95.3% free cash flow conversion rate as of last 12 months. This highlights its strong ability to generate cash and its low CapEx nature.

Finally, the asset has low net leverage of 0.4x, giving us flexibility to optimize its capital structure with GAP. Getting into more details about the technical system agreement internalization and ownership structure simplification. Starting with the technical assistant agreement internalization, as a quick reminder, AMP currently provides management and consulting services to GAP until this agreement. Accordingly, GAP is required to pay AMP 5% of the GAP's Mexican airport EBITDA and the agreement is renewed every 5 years unless canceled by shareholders. With the internalization of the technical assistant agreement, GAP will absorb the technical assistance functions and provide them directly to our airports, expecting to yield substantial annual savings. The fee under the technical assistance agreement was approximately $50.8 million last 12 months.

As part of the proposed transaction, GAP will streamline its corporate structure by merging 5 entities, creating a simpler and more efficient organization. Strategic shareholders are receiving all the transaction consideration in GAP Class B shares, the same class as the publicly traded shares, reinforcing their alignment with GAP's growth objectives and long-term value creation. As mentioned before, the shares from the strategic shareholders, including the new shares will be subject to a lockup period. In the following slides, we will provide additional detail on the merits that this combined transaction brings to GAP across different fronts.

CBX has a unique infrastructure asset covering Tijuana Airport sustainable growth, a compelling value proposition for travelers, the enhancement to GAP financial profile, portfolio expansion and diversification, commercial alignment and revenue growth acceleration, actional growth opportunities, profitability uplift through technical assistance agreement internalization and benefits from GAP's share performance. Tijuana Airport led Mexico in passenger growth over the last decade, positioning an impressive 11.1% CAGR from 2015 to 2024, well ahead of the rest of the Mexican airports. A big part of this success has been CBX, which has structurally strength Tijuana Airport's ability to attract airline routes, capture passengers and expand its overall share of U.S. Mexico traffic.

To put in this perspective, before CBX, passenger traffic at Tijuana Airport grew at a CAGR of around 5.9% from 2010 to 2015, well below the 11.1% CAGR previously mentioned. Since opening in late 2015, CBX has contributed meaningfully to Tijuana Airport traffic expansion. CBX has delivered impressive double-digit traffic growth, 14.6% CAGR from 2016 to 2024 and steadily increased its capture rate with measured CBX users as a percentage of total Tijuana Airport passengers, reaching 32% in the last 12 months as of September 2025 (sic) [ September 2024 ] . Even during atypical period like COVID and the global engine recall in 2023 and 2024 that heavily impact airlines availability to seat miles, CBX has proven resilience and continue to support Tijuana Airport's growth trajectory.

CBX is a clear winner for cross-border travel, offering unmatched convenience and strategic connectivity. Over 4 million passengers crossing in 2024 access to highly affluent California population, it connects to the fifth largest economy in the world by itself, California. CBX catchment area, primarily Southern California and Arizona, includes the largest Mexican America population in the U.S. Fast and hassle-free, average crossing time of just 20 minutes versus 2 to 3 hours at traditional checkpoints at San Ysidro and Otay borders. Additionally, CBX expands regional and international reach. Direct access to 35 destinations in Mexico more than doubled LAX and far beyond San Diego, ground transportation lease to the Northern California, Las Vegas and Phoenix, competitive alternative to congest and slot-limited Southern California airports.

CBX also offers the lowest total cost offer for flying between Mexico and Southern California. Traveling through the CBX Tijuana alternative often result in a 50% to 75% lower total cost when we compare to the equivalent routes from San Diego and Los Angeles airports. This advantage come from lower airport fees and access to Mexican low-cost carriers. On top of that, ancillary services make CBX a convenient and affordable choice with easy access to parking and rental cars for travelers. CBX integrated ecosystem included over 6,500 paid parking stalls, shuttle and ride-share options, car rentals plus food and retail, drives both traveler satisfaction and incremental non-aeronautical revenues.

CBX attracts significant traffic from key Southern California counties, not just San Diego, but also Los Angeles, Riverside, Orange County and San Bernardino. The map clearly demonstrates that even passengers in the vicinity of Los Angeles Airport up to 4 CBX, showcasing the asset, convenience and relevance as a compelling alternative for American travelers. Congestion South California airports, specific in Los Angeles and San Diego makes CBX a viable solution. A country-by-country view underscores CBX's strong U.S.-Mexico traveler share and growth headroom beyond the immediate San Diego market. Getting into the financial performance, CBX is a high-margin capital-light asset with strong free cash flow conversion.

As seen in the graph, CBX historical performance shows an attractive evolution in terms of revenue growth and EBITDA margin. For the last 12 months ending September 2025, revenue exceed $150 million with an impressive EBITDA margin of 66.7%. Moreover, its free cash flow profile is equally compelling, thanks to robust margins and low CapEx requirements. CBS generated approximately $96 million in free cash flow over the same period, representing a 63.6% free cash flow margin. This combination of high profitability and low capital intensity is unique and highly attractive for value creation.

At the GAP level, this profile will support flexible strategic capital deployment and enhance consolidated cash generation. CBX is not just a strong performance, it's a cash engine that strength GAP ability to deliver sustainable growth and shareholders' value. As mentioned before, the aggregate value to projected 2026 EBITDA multiple of the transaction is 12.2x post synergies, and the transaction is immediately accretive on a free cash flow per share basis.

Turning to the next slide. These transactions advance GAP's long-term strategy to diversify its business beyond regulated Mexican airport concession, creating new revenue streams and reducing exposure to currency risk. On the left side of the slide, you can see how CBX will significantly increase GAP's U.S. dollar-denominated revenues and strengthening our natural currency hedge. GAP's share of U.S. dollar revenue will increase from 20% to 27% on a 2024 pro forma basis. On the right side, we highlight the impact of non-aeronautical revenues, which is 100% unregulated. Approximately 35% of pro forma revenue will come from ancillary services tied to passenger ticket revenue. Non-aero revenues per passenger will increase from MXN 123 to MXN 166 on a 2024 pro forma basis, representing a 35% uplift.

On this slide, we illustrate how CBX integration enables GAP to capture additional revenue by combining grossing tickets income with round trips earnings. On the left, you see the scenario of passengers flying directly from Guadalajara Los Angeles or San Diego. In this case, half of the aeronautical revenue from the trip stay at the U.S. airport, limiting GAP's ability to capture incremental revenues. Now on the right side, you see the scenario enabled by CBX integration, where passengers flying from Guadalajara to Tijuana and then use CBS to cross into San Diego or Los Angeles, this alternative creates a round trip revenue opportunity for Gaps, including outbound and return aeronautical fees, CBX ticket income and ancillary revenues such as parking for U.S. original travelers and car rental for Mexico region travelers.

This model not only strength GAP's revenue stream, but also boost Tijuana Airport market share by positioning it a preferred gateway for cross-border travelers. It is clear example of how commercial alignment with CBX drives incremental revenues and enhance GAP's competitive advantage. The integration of CBX has the potential to unlock several attractive growth opportunities beyond the border crossing. On this slide, we have outlined some potential initiatives that could drive market expansion, customer acquisition, ancillary service and operational efficiency for GAP.

We have structured this initiative into 5 key pillars: market expansion and demand consolidation. We aim to capture traffic from alternate border crossing and implement strategic initiatives to attract new international routes. Additionally, we plan to expand the CBX footprint and modernize it through new infrastructure projects such as rental car centers, hotels and food and beverage offerings. Customer acquisition and revenue optimization, we will focus on new partnerships and digital margin increase online travel agencies visibility like Booking or Expedia via the Tijuana Travel Code and enhance revenue management through dynamic prices, bundles and tactical increases.

Expansion of ancillary services, we see opportunities to optimize parking with long-term state discounts and local promotion as part car rental and ground transportation option and increase destinations choice and hospitality services. Tech-driven operational efficiencies, we will continue investing in technology to streamline the passenger journey, including automatization and self-service immigration eGates and reduce the cost per passenger of U.S. CBP reimbursement as automatization scales.

Finally, long-term projects, we will obtain approximately 60 acres of adjacent land that provides the opportunity to develop hospitality, lodging, parking, additional car rental and/or convention centers. This is a bird view of the current infrastructure and highlights the growth opportunities associated with CBX. In the photo, you can see existing CBX facility strategically located adjacent to Tijuana Airport. You can also see that the 60 acres of undeveloped land in the U.S., which present a significant opportunity for future development and value creation. GAP already owns a land reserve adjacent to the Tijuana Airport, which is outside the scope of the concession title seen here in the lower right corner of the photo. It is essentially directly across the border from the 60 U.S. acres to be obtained in this transaction.

Together, these assets provide GAP with a unique strategic opportunity for further strength and monetize its unique location straddling the border, including a potential future pedestrian border crossing or border cargo facilities. Let's now discuss in detail the internalization of the technical assistance agreement and why is this an important step for GAP. First, this initiative will improve GAP cash flow by internalizing the technical assisting agreement, GAP is expected to save approximately 5% of the EBITDA generated by its Mexican airport concession, which represents about 3% of the consolidated EBITDA. For context, during the last 12 months, this represents $50.8 million. Second, this change support continuity in operational excellence, It allows us to foster greater agility, accountability and control across the organization, which is critical as we continue to grow.

Third, the internalization is consistent with common practice among several operations globally. It also simplifies GAP's ownership structure and enhance governance transparency, which we believe is positive for all shareholders. On the right side of the slide, you can see the historical technical assistant agreement payments. These payments have grown significantly over the time from MXN 462 million in 2019 to MXN 950 million for the last 12 months ending on September 25. By internalizing the technical assistance agreement, we eliminate these recurring payments, which will directly improve margins and strength profitability.

And finally, let's move to this slide, which highlights the favorable backdrop provided by GAP's Share Price Performance for these transactions. Since January 2019, GAP Share Price Performance has outpaced its peers and Mexican index. As you can see in the chart, GAP shares have appreciated by approximately 149%. Currently, GAP shares are trading at about 84% of their all-time high, which provides an attractive environment for equity issuance. All strategic shareholders will receive 100% of their consideration in GAP shares, reinforcing alignment and commitment to the long-term value creation.

In summary, the strong Share Price Performance not only validates GAP's track record, but also create a favorable environment for executing these transactions efficiently. Our vision remains unchanged to connect people and destinations through our world-class airports, managed with integrity, innovation, diversification and long-term commitment to excellence. As CEO, I want to spread my deepest appreciation to our Board, our teams and especially to our investors for your continued trust and partnership.

To work together, we're also simplifying, aligning and enhancing GAP prepares for the long-term sustainable growth and value creation vision. In the coming days, we will publish the call for our extraordinary shareholders' meeting along with the information statement related to this transaction. Our goal is to ensure that our shareholders should make informed decisions freely and without question. Consistent with our historical practice, we respect and will respect the will of our shareholders as expressed in accordance with the applicable law and our bylaws. Thank you very much. I will open the line for questions.

Thank you, Raul. You are going to be able to raise your hand and we are going to be open the mic for each of you. So we are going to start with the first question and the first hand that it is from Rodolfo Ramos from Bradesco.

Can you hear me? Can you hear me?

Yes.

Yes, yes, we can.

Perfect. You know the asset very well. There's no asymmetry here of information. But can you comment a little bit about how this transaction came to be? I mean, who started these discussions? And what about the timing? I asked because we recently saw weaker performance of traffic at CBX, has to do a lot with these U.S. policies and whatnot. But why do this transaction now? So that would be my first question. And second, I mean, from a capital allocation perspective, I mean, how does this transaction impact your appetite for opportunities that you may be currently pursuing or later decide to pursue?

Thank you, Rodolfo. This is Raul. I mean, we have taken more than a year to structure this new vision of GAP to the -- our Board. We begin with this view, what we call GAP 2.0 that I presented 1 year ago in our Board meeting. And the idea is mainly diversify our business, not only geographical but also in currency. And we just began with that view that were presented by the management. As you know and a lot remember that, I used to be the CEO a couple of years ago, the CEO of CBX. So I really have a really deep understanding of this asset. And that's why I think that is the correct base for the company, completely a possible way of additional value creation for the shareholders.

And on the second part, how this decision could change other possible transaction in the future. At the end of the day, what we are seeing on this transaction is mainly equity additional shares. So our position in net debt will still almost the same. So we will have enough room for other additional transaction. The idea here is to align all the shareholders in the same page for a long-term view of our company.

So the next one will be from Fernanda Recchia.

Two topics here from our side. So the first, I just wanted to understand when you internalize the technical assistance fee, are you going to incur any additional cost to do so? Or is it 100% synergy in the savings of expenses? This is the first. And the second, maybe could you elaborate a little bit further on the cost synergy that you expect from CBX integration. Maybe if you could comment on long-term margins profitability that you see or what kind of cost synergy do you consider in the single-digit millions that you mentioned?

Fernanda, in terms of the -- I will begin with the cost -- possible synergies on CBX. I mean, for the moment, CBX as a stand-alone business, they have all, I would say, a corporate office that includes everything, accounting, administrative and all these kind of things. So for sure, as all our subsidiaries, we will run all that part from our headquarters in Guadalajara. So we are seeing there some sorts of synergies for sure. But also, we have other kind of synergies related with how we can bundle package, for instance, in commercial.

As you know, when we negotiate for a car rental, we also make different package of different airports. So it will also have the opportunity to have unique negotiations, for instance, for Cabos, Guadalajara, Vallarta and CBX for car rental companies. That is the kind of synergies that we are also looking on the revenue side that we consider that we can bring even much better revenues and much better ratios to this business.

Hi, Fernanda. This is Saul. Regarding your question related with the internalization, this is very important to understand that it is a transition that will take some time for this internalization. But we are sure that at the end, we will continue providing the same level of services that we had before with a strategic partner. It is important to mention that these costs and these services will be provided to the airports, and we will be collecting the revenues from the airports and also will be part of our cost of operation and our maximum tariff.

I don't know if you can hear us and the mic, it doesn't seem that it is open. You are on mute Gui. Gui, we cannot hear you. So we are going to put you on standby and we will come back to you. So now we are going to take the question from Pablo Monsivais from Barclays. So can you please open the mic to Pablo? Sorry, Pablo, we cannot hear you either. So let me check if it is our mic. Give us a second because the same thing happened with Guilherme.

Okay, can we open again the mic for Guilherme. I believe that he's sending a message that his mic is working now. So maybe we can open again the mic to Guilherme until Pablo is ready as well. Guilherme, we cannot hear you. I can see that your mic is open. No, we cannot hear you either. Okay. Well, let us try with another analyst to see if it is our problem or it is the mics from them. So now we are going to open the mic to Jens Spiess from Morgan Stanley. So Jens, can you please open your mic and ask your question please -- yes, we can hear you Jens. Yes. We can hear you.

Perfect. Okay. So just a few questions in general, just to understand the deal structure fully. What is the implied EBITDA you are using for the blended transaction multiple for 2026? And how much synergies are you assuming there? Secondly, how much are you paying in cash for the 25% stake in CBX? Is it EUR 260 million? I'm not sure if I got it right, just to like understand it correctly. And lastly, on the shareholder vote, who will be voting? Only the B Class shares? And will you be excluding the involved parties? Or will they also be considered for the majority?

Thank you, Jens. In the case of the voting, all the details would be included in the information statement that we will make public in the next week that there's all the details about voting date, tower and all the rules for the voting in terms of our bylaws. Related to the valuation, we are presenting an EBITDA of 2026 of 12.2x as what we are seeing the 2026. And as we saw, we are -- our forecast showing us that 2026, it will be accretive for the first moment, be accretive on free cash flow this transaction.

Yes. And if you could comment on how much you're paying in cash for the 25% stake, I would appreciate it. [Audio Gap]

So we are going to open the mic now to Edson Murguia.

I have 2. Could you elaborate or could you give us more color about this $74 million of debt that's going to be part of the GAP structure? And my second question will be if you have a number of the new amount of shares that will be in total issue. I mean I know it's $90 million, but in total amount, I mean, not necessarily referring to the float, but how can we analyze that number?

This is Saul. Well, about the $74 million debt is part of the financial debt in the CBX balance sheet. So it will be assumed at the moment of the merge. So it's important to consider that it's part of the transaction. We will assume that. That doesn't change our net debt-to-EBITDA ratio. It basically is not significant to the debt that we have integrated in GAP already. So it won't move our debt in general.

And talking about the numbers of the total shares outstanding. Today, as you know, we have 505 million shares. The idea is with this around roughly 90 million new issue shares will arrive to 595 million shares. That is, I mean, the rough numbers that we are expecting to issue.

They are telling me that they couldn't listen to the answer about the 25% that we are going to have in a separate transaction of the CBX. Can you please repeat it?

Yes. The specific number of the transaction of the 25% of -- for the CBX would be informed on the information statement. At that moment, we will make public this specific figure.

Thank you, Raul. Well, now we are going to pass the call to Pablo Ricalde from Itaú. So Pablo, now you can open your mic.

Can you hear me or no?

Yes, we can, Pablo.

So I have 2 questions. The first one is like after this, AENA will have shares B and BB, if there's any intention for maybe AMP, the other shareholders to buy out the BB that AENA has and then AENA only keeping the B shares? And the other one, just trying to confirm that the holding of GAP will be the one buying the CBX.

Yes. Thank you, Pablo. On the first part related with the AMP shareholders, after the mergers, AMP will be part of GAP. So the shareholders -- it is going to be the shareholders of the BB Series. They could sell any of the stakes on Series BB or Series B just as the lockup pass in the coming days. So we don't have any kind of specific information about AENA, but any of the shareholders could sell their shares just after the lockup pass in the terms that we just said the 365 days for -- that's a complete lockup at 25% of the total shares on the first 90 days and additional 25% after the 190 days. That is related with the lockup.

Perfect. And on the holding...

Can you repeat that question, Pablo, please?

Yes. Just wanted to confirm that if the Grupo Aeroportuario del Pacífico the holding company will be the one buying the CBX.

Yes. I mean, just to make it clear, the 5 entities that will be merged are some vehicle that owns the shares of CBX. So CBX would be a subsidiary of GAP, but CBX by itself would not be merged. The merge would come from the different vehicles that today have the shares of CBX.

Thank you, Pablo. So now we are going to open the mic to Francisco Suarez from Scotiabank.

Congrats on this strategic move. I think that I value how you crafted this in the sense of how aligned it is by paying this in stock. However, for the sake of to understand how accretive or not is in year 1, can you walk us a little bit on how -- any tax considerations that we have to incorporate in our models to understand the accretiveness of this transaction? And the second question goes much more as a follow-up from an IRR perspective from an investor's perspective. That is what is the IRR that you expect or you have modeled on this transaction for the investor?

Hi, Francisco. This is Saul. Well, related to the -- if it will be accretive, we believe since the first year we have on free cash flow per share will be increasing. It will be accretive for our shareholders. So it is important to see that this transaction and as you know, we are very prudent in the case of expansion inorganically as this transaction is. And we are expecting accretive transaction. So that's the first.

Your second question related to the IRR. We have a discount rate according to the level of risk, considering the currency and according to the returns that GAP has. So I can say that it is aligned to our discount rate that we have just considering the important asset that we have in U.S. dollar-denominated revenues and that is in another country with a very strong market as is California. So from the first moment, we believe will be accretive for us.

Yes. And complement -- this is Raul. Complementing the answer of Saul, for sure, as he says, we are expecting immediately that it will be accretive on free cash flow per share and dividend per share and will be neutral on GPA and earnings per share. But also, it's important to have in mind that the last 2 years has -- Tijuana Airport has been deeply affected by the problem of the P&W engines, mainly from Volaris. So one of the things that we think is the correct moment for doing that is that we are still seeing the robust, I would say, fundamental of Tijuana and California area.

So as soon as the engines problem ends and Volaris reactivates, there are almost 40 planes rounded in -- that they have -- to they have rounded, we will not see a really important and robust increase in passengers on coming years. So it will, for sure, accelerate any of these numbers that we are running with, I would say, with the information that historical information that we have that is affected over the last 2 years due to the fact of the Pratt & Whitney engine. So we, for sure, are optimistic on the performance of the asset on the coming years, just taking as a base that the recovery of the engines is something coming for the pretty short future.

Well, now we are going to open the mic to [ Anton Mortenkotter from JBM ].

Just trying to understand a little bit better the structure. I mean I understand that AMP was the one holding the BB shares. So it would be really useful if you could further explain the integration structure there. I mean, what's going to happen with the rights that the BB shares used to have? Are those going to remain on AENA and the Mexican shareholders? Just trying to better understand how that integration will play? And also, what kind of approvals are needed for the transaction?

Thank you, Anton. This is Raul. I mean the first and more important is the Series BB is still exactly with the same rights in terms of our bylaws and exactly the same amount of shares that we have today. All the new shares will be Series B all the new issued shares will be Series B. So there's no changes in the ownership of the Series BB. So the owners of the Series BB still being the same with exactly the same amount of shares and exactly with the same rights that are included in bylaws.

In terms of the authorizations, as we were talking, it was regulated -- it will happen all the approvals to the shareholders -- extraordinary shareholders' meeting. After that, we have to go to this customary governance and regulatory approvals, mainly all the approvals that we need to pass for a merger in Mexico, mainly from the SAT, mainly from the Cyprus and U.S. government, all the different approvals that we made to have, and it will happen as soon as the shareholders' meeting would give us the green light about this transaction.

Thank you, Anton. I am going -- before I open the mic again, I am going to read 2 questions from Pablo Monsivais because his mic was not working. He was asking, what was the main rationale of AMP to carry out this transaction? And the second one, what are the synergies you are expecting to achieve from this transaction?

Okay. First, in terms of the synergies, for sure, we are talking at 2 different ways of synergy. The first related with the assistant agreement, the technical assistant agreement, for sure, we will have important savings from that specific fee. For sure, as Saul says, the assistance to the airports will continue happening from GAP to the airports. So for sure, it will have some sort of cost. But for sure, mainly, we will have a big, big increase on the fees that today we are paying to -- for the technical assistance. In terms of CBX, the synergies is related for how we managed the CBX, how we -- how our headquarters on Guadalajara could take control some different, I would say, the administrative decisions. But also we have other kind of synergies related with the maintenance, with the cleaning and the operation of the bridge and all the area of CBX in Mexico side, for instance.

And the other part that was related with the main strategy or the main intention for this transaction from AMP, I would say that first, GAP is always looking for different opportunities on different markets for continued value creation for the company. And for us, the first one that was really just in front of us was related with the CBX. It's an asset that we perfectly know that has a completely, I would say, fundamental alignment with Tijuana Airport and with the rest of our airports. Just think for a second that the origin destination routes in the rest of our net, the Tijuana route is the second most important just after Mexico City route. So we see the CBX as a complete alignment on that.

And related with what was the first thing for that create value on the bank of [indiscernible] related with the technical assistance fee is that, I mean, after 25 days -- 25 years as an operator, we think that we are really -- we have developed a lot of knowledge inside the company, but it's important thinking on the future to have this know-how, expertise, systems, software inside our company and don't be -- I would say, in some way having a third party that all those knowledge owns.

So we prefer to bring them to the company. For sure, it will take a transition. We are talking about systems. We are talking about know-how. We are talking about documents. So it will bring some transition. But after all, all this know-how, all this expertise of how to create value on an airport will be at GAP and will be like long-term know-how to continue creation value for our shareholders.

Thank you, Raul. So we are going to open again the mics. So Alberto Valerio from UBS.

Congrats for the transaction. One very quick -- about MVP. Anything changed for you from the transactions in terms of capital structure as well as [ technical assistance fee ] if there is some different way that we see for the next MVP.

I mean in terms of the regulatory framework and specific about the airports, it will not be changed because at the end of the day, as you remember, all our concession is related to each one of our airports. So it's not considered in any way GAP's as a holding. So we will not have any kind of change not either, I would say, composition of capital and debt for the maximum tariff and not neither in the case of the -- of the technical system fee that will be continued including happening from GAP to the airport. So we are not foreseeing any kind of change related with regulation on maximum tariffs.

Thank you, Alberto. So now we are going to open the mic to Julia Orsi from JPMorgan as well. Julia?

Guilherme Mendes here. Sorry about my mic...

Don't worry, Guilherme.

But I have 2 follow-up questions, if I may. The first is on the deal structure. I'm just wondering the fact that you're doing this issuing shares and not raising leverage or using that, it's only because you want to pursue other growth opportunities or any other reason? And the second point, it's about the CBX business itself. I understand this is an unregulated business that works under a presidential decree.

This presidential decree establishes by the U.S. And if that's the case, if you see any risks on that changing? I'm asking because we have been seeing a lot of news regarding cross-border and the relationship between the U.S. and Mexico. I'm wondering what is the risk associated with the business if the U.S. President decide to change something there?

I mean the first part of why we go to equity and not debt, for sure, we want to continue bringing additional assets and continue our diversification as a company on one hand. So the debt will be the leverage -- the possible leverage to have enough space for possible leverage and bring other assets is something important. But the second and really important is from the view of our strategic partner, they are bringing even more state demonstrating commitment in the company and the view on the long term. At the end of the day, they are saying in some way, bringing this asset with this great value asset to the company to see and align the view for the long term.

So I would say that part of this transaction is directly related with a long-term view with a really demonstrating commitment from the strategic shareholders or the strategic partner to continue in the long term in the company. The second part related with the U.S. presidential, yes, CBX has a U.S. presidential permit on limited one. We passed through the notification process and they support the transaction. For sure, in the coming weeks, as soon as we have the authorization for the shareholders' meeting, we have to continue with several, I would say, steps for obtaining all the permits for this transaction. But on the first, I would say, notification, the U.S. government show us supportive on the transaction.

And then we have another one from [ Federico Galassi ].

Congrats for the acquisition. Two questions. The first one is both with CBX. What's your idea of the land beside the CBX in the future? And the second one, this is a unregulated business in U.S. How was at least in the past, the strategy to increase prices for the tickets to [indiscernible] the tunnel and for the retail business?

Thank you, [ Federico Galassi ]. In terms of the land and the reserve of land, we are seeing, I would say, different is a big piece of land. So I mean, 60 acres. We are seeing, for sure, some business directly related to CBX now that is mainly parking lots, maybe a hotel. But also we are seeing a potential other business related for future developments on border crossing. That is mainly a pedestrian and cargo bridge. I mean, as you know, today, the CBX only could be used by someone that have a boarding pass from Tijuana Airport and arriving to Tijuana Airport or leaving Tijuana Airport.

So for sure, it's a big opportunity for instance to develop an additional bridge, pedestrian general use bridge, just taking in account that for anyone that lives in Tijuana or San Diego that need to cross, they could spend 2 to 3 hours in the car or 2 hours crossing by the pedestrian bridges on San Ysidro and Otay. So for sure, there are some other potential uses of have a pedestrian bridge -- private bridge on this land. So for sure, we are seeing different ways and different opportunity for create value on that land. And for sure, we are seeing that in the last 10 years, that has land receive a great appreciation and increase on value just for the developments that are happening outside that area or over this side on the U.S.

So for sure, there are definitely different ways of bringing value to the land. For sure, we are thinking that some additional business related with border crossing would be interesting for us, and that is an important part on the case for the future. The second part related with the unregulated business, I just say, the revenues and the tariffs are not regulated. So we have or CBX has complete freedom for determine their price. When we saw what has happened in the last 10 years from the beginning, they have really robust double-digit increases CAGR on the last 10 years related with revenues per user.

So what we are seeing is that the demand is almost with 0 elasticity in these crossing services, at least what the studies on the demand show us is that there has not been even any reaction for the increases on the prices of the past. So I think that for the future, for sure, the different -- there are different ways to bring additional value in terms of the prices, dynamic prices, seasonal prices and different ways that to really optimize the result on the revenues for this company.

And we have a last question that was sent by message that they are asking if with all these new mergers that may happen at GAP Holding, will that help with the tax shield that we were looking for?

Well, thank you for your question. This is Saul. Yes, it is important to mention that we are taking care is at the GAP's level, the tax shield, and we are making different actions and different projects to do this. In this case, basically, through the merger, we have no leverage. But for the other 25% to be paid in cash, we are considering to leverage the 100% of that transaction. That's good because we are considering that we could leverage in 1 or 2 or 3 different subsidiaries trying to get 100% of the tax shield of that transaction.

As you may know, since 2023 with the changes in the regulated basis in GAP for the airports, we changed our strategy, but it's not -- it's only for the airports level. At the holding level, we have to take care and to try to convert and take the benefit of the tax shield for any transaction. So the way we are thinking this is to 100% leverage in the cash portion and take the tax shield.

Well, this was the last question that we have. So thank you very much to all the investors and the analysts that were connected today into this call. Just a reminder that we will publish the call for our extraordinary shareholder meeting in the following days with the information statement related with this transaction. So you will find a lot of additional information. And thank you for being connected today, and we will keep in touch. Thank you very much.

Good morning, and welcome to GAP's Third Quarter 2025 Conference Call. [Operator Instructions].

It is now my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Thank you, and welcome to GAP's Third Quarter 2025 Conference Call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial disclosure statements.

Please be advised that any comments made today may not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, any information discussed is based on several assumptions and factors that could change, causing actual events to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly report.

Thank you for your attention. Our speakers today from GAP are Mr. Raul Revuelta, Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer.

At this time, I'll turn the call over to Mr. Revuelta for his opening remarks.

Good morning, everyone, and thank you for joining us today. I am pleased to share with you the operational and financial highlights for the third quarter of 2025.

Overall, and despite the passenger traffic slowdown in this quarter, this was another solid quarter for GAP, marked by continued revenue growth and profitability as well as important progress in terms of the company's investment program and financial strategy.

Let me start with the passenger traffic. During the quarter, international passenger traffic declined, mainly due to the immigration-related challenge and a more restrictive perception under the current U.S. administration, which has affected behavior of VFR and leisure passengers.

In addition, the ongoing Pratt & Whitney engine issues continue to limit Volaris and Viva Aerobus seat capacity recovery, as carriers have indicated they expect to fully recover their fleet by 2027.

Despite this challenge, total passenger traffic across GAP's 14 airports increased by 2.5% compared to the same period of 2024, reaching a total of 15.8 million passengers in the quarter. This growth was supported by new routes and additional frequencies, which helped offset the decline in international traffic and reflect the sustained recovery in domestic demand.

Looking ahead, our strategy remains focused on connectivity and diversifying our network. During the fourth quarter, 8 new international routes to Canada will be launched, 3 from Guadalajara, 3 from Puerto Vallarta and 2 from Montego Bay, which will enhance passenger traffic and support demand during the high winter season.

Furthermore, for the first time in the history of Los Cabos, it will be connected directly to Panama, expanding our network into Central America and thereby strengthening GAP position as a regional hub.

Turning to total revenues. This increased by 17.4% versus third quarter '24, driven by the solid performance of both the aeronautical and non-aeronautical business.

Aeronautical revenue grew by 18.3%, reflecting the new maximum tariff. The original plan was to implement the increase approval in 2 phases, 15% in March of '25 and the remainder during 2026. However, after reviewing traffic performance and load factors trend during the year, we move forward with the second adjustment on an average of 7.5% starting September 1.

Non-aeronautical revenues increased by 15.6%, both by the strong performance in both Mexico and Jamaica. Revenue from business operated directly by GAP rose by 30.1% increase mainly due to the consolidation of the cargo and bonded warehouse business, which contributed with MXN 559 million.

Revenues from third-party operators increased by 4.7% and include the opening of new commercial spaces and the renegotiation of contracts under better market conditions. It is worth noting that the strongest performing business lines were food and beverage, retail, duty-free, ground transportation and timeshares.

Beyond the quarter results, non-aeronautical revenues continue to drive diversification and resilience in our business model. The expansion of commercial areas and the integration of the new services such as cargo operation strengthens GAP long-term revenue base.

Looking ahead, we expect to continue optimizing our commercial offering and leveraging passenger flow growth to enhance value creation across all the airports.

Moving on to the cost. The cost of services increased by 14.1% compared to the same period last year. This increase reflects the impact of operation of jet bridges and airport buses, a task that was previously managed by third parties, but must now be operated directly by GAP due to the change in regulations. Without this cost, cost of services would have increased by around 4.8%.

Despite this increase, our focus on strict cost discipline remains a priority. Our goal is to maximize operational efficiency and long-term sustainability, while ensuring that service quality and safety standards across our airports remain among the highest in the region.

Turning now to profitability. EBITDA grew by 12.8%, reaching MXN 5.1 billion with an EBITDA margin of 64.3%, excluding IFRIC-12. Margin was lower than in 2024, reflecting mainly the impact of the change in concession fees for our Mexican airports from 5% to 9%, which was payable signed 2024, but reflected in our P&L in 2025.

Regarding our financial position, we remain in a strong liquidity position with MXN 11.7 billion in cash and cash equivalents as on September 30.

In the third quarter '25, we paid the second and final dividend installment of MXN 8.42 per outstanding share, which was approved at the Annual General Ordinary Shareholders' Meeting. During the quarter, we successfully issued 2 new bond certifications under our long-term program for a total amount of MXN 8.5 billion. The proceeds are used to finance approximately MXN 7 billion in capital investment and to repay MXN 1.5 billion bank loans with Santander.

We also refinanced a USD 40 million credit line with Banamex, extending its maturity to 2030. Active management of our capital structure strength the balance sheet and provide us with the flexibility required to execute our long-term investment commitments and potential inorganic growth.

In terms of CapEx, during the first 9 months of the year, we invest approximately MXN 7 billion. Most of these investments were related to the early stage of major infrastructure projects under the master development program, including terminal expansions, air site improvement, among others.

Looking ahead, we remain cautiously optimistic. Macroeconomic uncertainty and exchange rate volatility may create a short-term challenge. However, it is important to highlight that GAP's continue to benefit from a resilient domestic market, a diversified portfolio of airports and a disciplined financial management.

Furthermore, our strong financial position and continued growth in both aeronautical and non-aeronautical revenues allows GAPs to maintain its leadership position in the region and thus continue generating long-term value for our shareholders.

Before closing, I would like to provide an update on our strategic expansion opportunities. The process related to Turks and Caicos tender remains ongoing. We submitted our bid last year and while evolution continue, no resolution has been announced yet.

We are still analyzing the potential acquisition of Motiva Airports, including the information available in data room, review the transaction details and developing our financial model. As always, the market will be duly informed of any development, and we will be, as always, continue to focus on value creation.

Thank you again for your time, operator. Please open the line for questions.

[Operator Instructions]. And we'll take our first question from Rodolfo Ramos of Bradesco BBI.

I have a couple, if I may. Can you talk a little bit about the traffic dynamics that you're currently experiencing? I mean international traffic continues to underperform, especially in the VFR routes. You mentioned the immigration stance in the U.S. But yet when you see capacity deployment and the route development that, for example, Volaris is having, it's targeting those very routes. So do you see a more pronounced recovery towards the end of the year in the next few months? And how do you feel about your guidance for the year? So that would be my first question. And I have a second one, if I may.

Thank you, Rodolfo. This is a Raul. I mean in general terms, we are suffering some deacceleration of VFR market mainly. We are seeing that deacceleration for sure directly routes from some of our airports to the U.S. as could happen in the Guanajuato - Chicago or Guadalajara – Sacramento, for instance, or -- Los Angeles, for instance, but also in the routes that go through Tijuana and through the CBX to the U.S.

In both of these markets, VFRs going directly to the U.S. and the VFR market going through Tijuana and through CBX to the U.S., we are seeing deacceleration that comes mainly for some kind of lack of information for the VFR market. Because if we think for a moment, all the passengers flying in a plane or [indiscernible] green car or they have like all the papers to be totally legal.

So the decrease on this market, in our view, will be something, I would say, that will be in place in the short term after the passengers in some way have a complete understand of the possible trends on the migrant policy of the U.S. administration. So what we are seeing is at least for the coming months, some decrease on the specific VFR markets.

But we are seeing and we are optimistic about the coming years just when we review the seat capacity already announced by the different companies as Volaris. So saying that, we are still optimistic that the recovery of the VFR market will happen from the coming year.

Okay. And just secondly, on the commercial side, the businesses that you operate are growing at a very rapid clip, which explains the strong performance that we saw in the non-aeronautical revenue per passenger. When you look at the -- and maybe this is a broader question, but when you look at the different initiatives that you have in the pipeline, how far off are we from seeing this top line revenue growth stabilizing and growing more in line with the more traditional retail, food and beverage businesses?

It was a good question, Rodolfo. I mean, at the end of the day, we are seeing this double-digit growth in almost all our business lines directly operated by GAP. I mean we are really proud about all the efforts of our commercial area is doing to maximize the revenue to -- I mean, play with the prices of the products and the tariffs and for sure, to manage the cost of these services.

What we are seeing on the coming years is that some of these business lines will continue in a higher pace than the rest of the commercial business due to the fact that, for instance, there's new commercial areas that we deploy in the coming 2 or 3 years as soon as we open a new terminal business -- terminal areas.

So for instance, as soon as we open the Puerto Vallarta new terminal building, we will see a jump on some of these specific business lines, but also as soon as we open the rest of the expansion of our terminal buildings in the coming years. So in a general term, I would say that we will begin -- or we will continue to see interesting rates or pace of growing on the directly operated business by GAP because we are seeing that we will continue expanding this business line on different airports and in different areas.

I mean let's, for instance, think for a second that our FBOs, today, we are just running Los Cabos and 3 months ago, we begin with La Paz. But for the next, I would say, 20 months, we will see the first FBO directly operated by GAP in Puerto Vallarta. The same will happen, for instance, with the hotels. We have a plan for a different development of hotels in the coming 5 years. It will give us other additional possibilities there.

But in general terms, Rodolfo, I would say that the business directly operated by us, it will -- at least in the coming 3 to 4 years, we will grow in a faster pace than the other business operated by third parties.

And our next question comes from Guilherme Mendes of JPMorgan.

The first one is a follow-up on costs. You mentioned in the beginning about the additional costs throughout the quarter. Just wondering if the level of cost and expenses that we saw in the third quarter can be assumed for the coming quarters, which according to our calculations would probably put you on the lower end of your guidance for -- in terms of EBITDA margin for the year. Just wondering if the directional makes sense.

And the second one, it's on the MDP maximum tariffs. If you can share at what level you are as of the end of third quarter? And if the base case of increasing prices in early '26 and potentially at some time in the second half of '26, is it still the base case at this point?

Guilherme, this is Saul. Well, related to the cost, we believe that this would be in average, the level of costs that we will see in the following quarters is very important to understand that in the way we increase the facilities in the airports, we increase the headcount, security, cleaning, et cetera. So it is part of the business. So we will see this level in the following quarters.

In terms of the maximum tariff, I mean, first of all, talking about the EBITDA margins, as you remember, we present a guidance for the -- at the beginning of the year, and we are still in our guidance related to the margins. And the other part related with the maximum tariff, let's remember that in 1st of March, we have a 15% increase on passenger fees for all of our airports, domestic and international passengers.

On September 1, we increased an additional 7.5% of increase. For the coming year, we are thinking that on the early February of coming year, we will increase again our tariff. So it will be important to have in mind that for 2026, we want to have in place the effect of 3 different moment of tariff. January and February, for instance, we have the effect of the 15% and the 7% increase. From March to September, we have the effect of the increase of the 7.5% of the tariffs. And during almost all the year from February to December, we will have in place the increase of the additional tariff that we put in place on coming year.

So in terms of tariff for the coming year, we will expect a much better fulfillment of the maximum tariff. And for sure, it will depend, for instance, of what happened with the inflation, the price equation and the second, what happened with the dollar and the exchange rate.

So in general terms, I will say that we are still passing through all the changes on the passenger fleet to have the better possible fulfillment of maximum tariff. And we will see a coming year that will be -- I would say that we will have an important increase on that specific line of the business.

And just to complement your -- answering your question, Guilherme, related to the EBITDA margin, we will be very close to the guidance we really have to...

And our next question comes from Jens Spiess from Morgan Stanley.

Just on the Motiva airport assets, I know it probably is limited what you can comment, but still like hypothetically, are you planning to go for the -- all of the assets or maybe do a partnership with some of the other potential bidders like Aena? And if you're going alone for all the assets, would you be raising equity or mainly finance it via debt?

Thanks Jens. I mean we are still right now working on the different options. I would tell you that today, we are not fully decided which will be the way that we will find our bidding for this opportunity. We are opening for partnership or for going along, I mean, on these steps. But what is important is that we are, I mean, working as always in a really disciplined way to review the numbers, thinking what's going to be accretive for our company. And for sure, in the case that we continue with this opportunity, we are thinking that all the money will come from leverage.

So I mean, I would say that these are our main takes today on this specific opportunity of Motiva. We are still working, and we are open for different ways of participating that means alone or with some kind of partnership and all the money will come from leverage.

Our next question comes from Gabriel Himelfarb of Bank of Nova Scotia.

Just a quick follow-up question. Can you repeat the tariff increase that are expected for 2026? And if you are already -- or when you expect to reach the 100% maximum tariff?

For the coming years, we are still working on which is going to be the increases. I mean, it's under way because we need to work on all the procedure with the AFAC, with the federal agency. So we are just on that, but we are expecting that it will happen on February.

The other part is with all the change that we are expecting for 2026 will be, I mean, depending for sure in inflation and exchange rate, we're going to be around between 93% to 97% of fulfillment of the tariff, I mean, at the end of the '26. And that are mainly the main probs in terms of tariffs.

So it's 95% at the end of 2026, right, what you're expecting?

Yes, in the range of that number.

[Operator Instructions]. And our next question comes from Jorge Vargas of GBM.

Regarding the potential acquisition of Motiva's airport portfolio in Brazil, could you share any color on the expected time line along with the estimated investment size and the main strategic rationale behind your interest? And additionally, could you provide some context on how Brazil's concession structure works and how it differs from the Mexican model?

Thanks, Jorge. I mean, for sure, the rationale is diversification among our main business has been airports. As you know, the airports industry opportunities are little [ small ] ones per year around the world. So for sure, as airport operator always would be interesting for us to analyze any of these opportunities.

Motiva is a group of airports that have different concessions, different countries and different, I would say, frameworks of concession frameworks. We are going in a really quick way. We have a big 4 groups of airports in Brazil with different -- each one of them with different rules of concession. Also, it is in the PAC -- Quito Airport. Also San Jose Costa Rica Airport and [indiscernible] Airports.

What we are seeing in all of this for GAP is we will have a potential opportunity to increase the value of those companies through 2 different ways. The first related with commercial revenues, applying our well-known model of increase the commercial revenues.

And the second, it was related with the discipline of the cost. We think both of these will be an interesting area to explore to bring all the experience of GAP on this air. But again, we are really in, I would say, final analyzing of this opportunity. Today, we will have a complete view if we will participate in the last, the last part of this bidding process. So we are continuing analyzing.

Related with the time line, I would say that this is, I would say, a structure and a project that the time line is rolling directly by Motiva. We are expecting that on the mid of November, could happen the presentation of the final numbers. But again, it will depend completely on the seller because if we see this process has all the past had different moments and changes of the time line. At least for the case of GAP, we are seeing that for the mid of November, we will make our final decision related with this transaction.

[Operator Instructions]. And we have a question from Edson Murguia from SummaCap.

I have 2 of them. I was wondering if you can give us more color about these new routes from Los Cabos. Even looking forward, there is a possibility that other airlines can connect between Los Cabos or maybe Puerto Vallarta to Central America or the ports of or even South America. Could you give us -- I don't know if it's possible to give us the name of the airline who we operated Los Cabos to Panama?

And the second question is regarding to the cargo and bonded warehouse. I was wondering if you have similar initiatives or initiatives related to new buildings or even with the master development plan looking ahead, similar to the food and beverage and new terminal buildings and so on because it seems that cargo and bonded warehouse is on a good growth pace for the following quarters.

In the case of the route for Los Cabos, I mean, it is important. It's really interesting to see for the first time a direct operation in South America. As you perfectly know, all the Panama hub is a great opportunity to capture all the traffic going beyond, I mean, that connect to the rest of South America and Central America. So I think it's a great opportunity for Los Cabos. At the end of the day, it's opening a complete new market and a completely new way of opportunities around that.

For the case of Puerto Vallarta, for the last, I would say, almost at least 9 years, Puerto Vallarta is connected directly to Panama with Copa. We have -- I mean, after the COVID, we have a close of the services and coming back with a less number of frequencies just in some seasons. But at the end of the day, what we know about the direct connections with Panama is that we -- the hub of Panama opens the opportunity for a broader market related with all the [indiscernible] in South America. So in that terms, I think that, yes, it's a great opportunity for Cabos to meet a completely new market to that destination.

Edson, this is Saul. Related with your second question. The cargo bonded warehouse is not a business regulated under the master development program. So it is nothing to do with our new terminal for passengers, but we are interested to replicate this business in other airports if it is possible and according to demand and the opportunity of market in those airports. So it is a great business. It was a great acquisition. We will be following some opportunities in the future in other airports.

Well, we have some questions from the webcast. There is 2 from Rafael Simonetti from UBS. One of them was already explained. So the only one that we have, it is aeronautical tariff declined quarter-over-quarter. Could you elaborate on the main drivers behind this decrease?

Rafael, this is Saul. Yes, it was due to the component and the mix of passenger traffic we have in our airports. International traffic declined and those airports have the highest passenger charges. Therefore, this affects directly to the revenue and also the exchange rate, which the peso appreciated in this quarter around 4.6%. Therefore, that the passenger -- aeronautical revenue per passenger declined slightly.

Thank you, Saul. And well, we have another question from [ Daniela Gutman from OSMO ]. And the question is, what is the expected effect of next year World Cup in traffic figures?

I mean it's hard to know because at the moment, we have like different scenarios related with what could be the impact on the World Cup in specifically in Guadalajara and some different other airports.

We are thinking that for sure, Guadalajara with the 4 games will have a positive effect. And Tijuana that will be through the CBS will be connected to some of the games in South California. In Southern California, we think also that could have some positive effect.

Today, it's really difficult to understand how big could be the effect of that and will depend of the lottery related with the different selection that will be on Guadalajara for the World Cup. So at the beginning of the coming year, it will be this lottery of national teams, and we will know which is going to be the matches that will happen in Guadalajara.

And in that moment, we could have a more clear way to prepare some scenarios of possible increase on traffic. I mean the numbers that, for instance, the FIFA and the government has announced is that could be from the case of Guadalajara, something that goes from 300,000 to 0.5 million passengers that could come to the city. But it's really -- for the moment, it's unclear until we know which national teams will be allocated in Guadalajara.

Well, thank you, Raul. We have another one in the webcast from Enrique Sojo from Fundamenta. He's asking, could you provide even further details on the commercial areas, which will come online in the next few years? And do you have any longer-term vision for what level of non-aeronautical revenue per pax may reach?

Okay. I mean, as you remember, we have touched on that, we will be -- for 2029, our terminal buildings gap in Mexico will increase around 55% in terms of the square meters. So for sure, we will have a great opportunity to deploy additional commercial offer on those new terminal buildings and expansion of terminal buildings.

The biggest one will come from 3 different airports. I mean, 4 different airports will have opportunities for increase the commercial business in terms of really interesting numbers. The first one is the Terminal 2 of Guadalajara that will be operated for 2029 or beginning of 2029. The next one is Puerto Vallarta that will be a second terminal building that will open for January or the first quarter of '27.

The third one is the expansion of the Tijuana Airport that will be ready for begin operation in '28. And the last one is the expansion of the Terminal 2 building of Los Cabos that will be on operation for '27 mainly.

In that sense, we will have a great amount of opportunities to expand commercial business. So yes, for the end of the year, the master plan, we will have this -- like the big number, this expansion that we will see of 55% of increase in square meters in our terminal building. And in that way, we will have that reflection on opportunities to increase our commercial spaces in our terminals.

And we have a question from Alan Macias of Bank of America.

Just a question on international traffic. If you can just go through the 4 main airports and especially Puerto Vallarta has been quite weak year-to-date. Just if you can go through the negative impacts for international traffic.

I will say that in these I would say the first 9 months, we are seeing a decrease on passengers, mainly on international for Puerto Vallarta.

The good news there is that we are seeing a much better winter. We are reviewing the number of seats coming from mainly Canadian markets and some other different international or U.S. routes that are coming back with additional seats for the winter season on this year that will give us a much better first quarter of the coming year in Puerto Vallarta.

But on the first 9 months, what we are seeing is a decrease of passengers mainly due to a decrease of capacity for American Airlines, mainly in the case of of Puerto Vallarta with some other effect coming from [ Spirit. ] But in general terms, what we're seeing in Vallarta is a decrease on passengers, as you say, of 5% on this year on international market. But we are optimistic about the coming year because we are seeing the coming back of some of these seats on this winter season.

And the additional, I would say, increase on passengers from Canadian capacity were also a great news for Puerto Vallarta...

And it appears that we have no further questions at this time. I will now turn the program back to our presenters for closing remarks.

Thank you once again for joining us today. Please contact our Investor Relations team with any additional questions you may have. Have a great day, and thank you for your attention.

Thank you. This does conclude GAP's conference call. Thank you for your participation. You may disconnect at any time.

Good day, everyone, and welcome to GAP's conference call. [Operator Instructions]

Now it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Thank you, and welcome to GAP's Second Quarter 2025 Conference Call. Prior to introducing GAP's management team, I would like to take a few moments to read the forward-looking statements as described in the financial disclosing statements.

Please be advised that the information shared today may include forward-looking statements. These may not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report.

Thank you so much for your attention. I'd like to present our speakers today. Mr. Raul Revuelta, Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer. At this time, I will turn the call over to Mr. Revuelta for his opening remarks. Please begin.

Good morning, everyone, and thank you for joining us today. I'm pleased to be able to share with you GAP's key operational and financial highlights for the second quarter of this year.

Overall, it was a solid quarter marked by a continued growth in revenue, EBITDA and net income. This was achieved despite ongoing headwinds due to the macroeconomics issue and FX volatility. Let me begin with a discussion of total passenger traffic. We reached 15.8 million, representing a 4.1% increase if we compare it to the same quarter of 2024. It is also important to mention that 8 new routes were added this quarter, 7 domestic and 1 international, which brings us to 21 total new routes so far this year.

As we've mentioned that we are still expecting to announce additional routes and frequencies during the second half of 2025. In this regard, we have already announced additional frequencies and new international routes starting November to Canada, including services from Guadalajara to Montreal, Toronto and Calgary, from Puerto Vallarta to Toronto, Ottawa and [indiscernible] and from Montego Bay to Halifax and Ottawa. Canada continues to be an increasingly relevant market to leisure and VFR, especially during the winter season. These new routes will not only expand our network but also enhance our ability to capture seasonal demand and strengthen our position in key international markets.

That said, market conditions changed rapidly, as you know, with [indiscernible] when looking ahead at the upcoming traffic trends. Thus, we will closely watch any changes as they occur and make adjustments as needed. Mainly our concerns include restricted U.S. migration and enforcement policies under the current administration, which tends to discourage travel among the BFR international passengers base. By our estimates, the segment represents approximately 38% of GAP's international traffic. As a result, what we see is that a portion of these travelers may opt not to travel outside the U.S. in order to avoid any potential compensation with their immigration status.

We believe this could impact international traffic, specifically in the U.S. Mexico routes. But overall, we expect to maintain our initial annual guidance of [indiscernible] announced. Having said that, revenues generation, excluding IFRIC-12 grew by 30.6% year-over-year, reaching MXN 8.2 billion, driven by a 26.4% increase in aeronautical revenues and 41.8% increase in aeronautical revenues. And excluding the acquisition of the cargo facility, it represents a solid 14% increase. This strong topline performance was mainly supported by the implementation of tariffs that took effect in March 2025. The continued Peso depreciation, which averaged around 13.6% versus the second quarter of '24, as well as a 41% of total passenger traffic increased across our 14 airports.

On the non-aeronautical side, commercial performance was solid. Revenues from business lines operated directly by GAP increased by 113% driven by the consolidation of the cargo and bonded warehouse business. Third-party operated business also grew by 10.7% with significant contribution from food and beverage, retail, duty-free, ground transportation and timeshares.

EBITDA increased by 31.1%, reaching MXN 5.5 billion with an EBITDA margin of 67.1% excluding IFRIC-12. As we discussed in previous quarters, the margin reflects the operating cost integration of the new business such as bounded warehouse business and the hotel, which while contributing positively in absolute terms, have lower individual margins. The cost increase during the quarter reflects the impact of higher operational expenses. Additionally, maintenance expenses increased by 57.3% related to the airfield improvements, the opening of new operational areas as well as operation with jet bridges and the Airbuses as that was previously managed by third parties, both must now be operated directly by GAP due to the new regulations.

Despite the higher pressure on the cost of services, our focus remains on controlling costs, while at the same time, ensure that service quality across our airports remains top rate. Operating income increased by 30.4% and net income by 17.9%, reflecting GAP's solid underlying fundamentals.

Turning to our financial position. As of June 30, we held by MXN 9.7 billion in cash and cash equivalents. During the quarter, we paid MXN 2.5 billion GAP's 21 bond, the first tranche of dividends approved in the last shareholders meeting, and additional we secured an MXN 3.4 billion credit facility from Banamex. These funds were used to concentrate short-term debt with Banamex and [ BBVA ] on a 5-year loan. We continue to actively manage liabilities and maintain a healthy balance sheet with a net debt-to-EBITDA ratio of 1.8x.

Let me now touch basically on CapEx. During the first half of 2025, GAP execute capital investments of about MXN 12.8 billion in line with our annual plans of MXN 13.3 billion. This quarter, the investments were mainly focused on international of key projects with early-stage construction activities already underway. This includes works on both air sites, infrastructure and commercial areas. Looking ahead, we remain cautiously optimistic while peso volatility and U.S. macroeconomic conditions may impact discretionary travel. We are confident that our diversified portfolio and resilient domestic markets position us well to finish the year strong.

I would like to mention that our shareholders meeting held last April, a dividend of MXN 16.84 per share was approved for payment throughout 2025. The first tranche was already distributed in May with the remainder schedule for the second half of the year, reinforcing our commitment to delivering value to shareholders while supporting growth through our disciplined investment. We are focused on continuing to execute our investment plan we are prudently navigating traffic and maintaining the operational and financial excellence that we are known for.

We are confident that our diversified revenue base and solid financial position will support the creation of long-term value shareholders moving forward.

Before concluding, I wish to mention that as we informed during the previous conference call, we continue to pursue strategic expansion opportunities. As such, the outcome of the Turks and Caicos tender process was not been announced, and we are ready on that. We also continue to evaluate our participation in the potential acquisition of CCR Airports assets.

Thank you again for your time. Operator, please open the line for questions.

[Operator Instructions] Our first question comes from Stephen Trent from Citigroup.

I appreciate the color on the potential inorganic opportunities with Turks and Caicos and CCR. When you look at the broader environment, is there a lot else out there? I recall Barbados was pushing doing something and that seems to have stopped. Or do you see these opportunities is relatively rare in terms of what else you might be able to buy?

Thank you, Stephen. I mean the airport assets, the ones that we are pursuing in some way are always the one that has this potential future growth on passengers, but also, let me say, the correct level of possible profitability on the asset. In that way, I would say that there is -- in all the Latin America and the Caribbean, there will be some different opportunities but not necessarily all of these opportunities will be a -- will have the correct return that we are looking for.

I will close saying that the correct assets would be in some ways, not a lot as we see in the market, say in other words, today, we are analyzing some of the rear assets that, in some way, has the correct return for or could have the correct return for GAP.

Great stuff. That's very helpful, Raul. Appreciate that. Just one quick follow-up question. And apologies if I missed it. I recall that there was some opportunity for you to do something with a hotel and the Guadalajara airport. And if you could just refresh my memory where things stand with that potential?

Thank you, Stephen. I mean the hotel in Guadalajara is doing pretty good. I mean, we have our first year of operation on the first week of April. Let me say that we are achieving really interesting level of tariffs on one hand in average around the MXN 2,500 in average. And also, we are getting the occupancy rate around 80%. So for our first year, I will say that it's a really great beginning of operation of our first hotel.

Our next question comes from Pablo Monsivais of Barclays.

My first one is about the tariffs. As of now, how much of the authorized tariff increase have you already incorporated? And what should we expect in terms of further adjustments going forward?

Pablo, could you repeat it? I mean we have a lot of communication for a second.

Yes. I was referring to the tariffs. As of now, how much of the authorized tariff increase have you already incorporated? And what should we expect in terms of further adjustments going forward of the tariff?

Pablo, this is Saul. Well, as we mentioned in the previous conference calls, we are seeing how is the market trend, and we will try to make it in different stages. The first one was already implemented in last March. We are expecting to have in January '26. We are analyzing it is possible to have another one during 2025, but it's complicated to say now and it's complicated to see because they are decrease in trend in traffic, we are waiting to see what is the trend considering the immigration action from the U.S. government and could imply a little decrease in terms of VFR market to our airport. So we will analyze it. But what is pretty sure to have a second adjustment at the beginning of '26.

Yes. I mean the main idea will be that, I mean trying to close as close as possible of 90% of fulfillment of this year. And for sure, in the coming year, we are trying to do an important adjustment. Just for a reminder of everybody, it's important to mention that the fixed rate and the possible appreciation of the peso in some way are pressured the fulfilling of the maximum tariff. So that is another variable to review really closer in the coming months.

Of course. And kind of a follow-up to this. Have you seen this particular negotiation airlines being much more vocal or pushing back harder in terms of tariff increase or has been business as usual?

I would say that the normal is nothing -- nothing different, I would say, on the market. It's not only of Mexico, it's a national -- it's international, I would say, trend that always in some way, the airlines would be more vocal about any changes on the tariffs of an airport. What I'm seeing, Pablo, that's still in the same way that in the past, I'm not seeing any, I would say, change on how vocal are the -- the airlines about the possible change on tariffs.

Our next question comes from Fernanda Recchia from BTG.

Two here from our side as well. The first, I just wanted to dive deeper on the traffic trends. Yesterday, Volaris mentioned stabilization in the softness of demand in the cross-border region by mid-Q2. Just wondering if you have seen the same trend and if we should anticipate and improve in second half of this year?

And second, I just wanted to dive deeper on the inorganic growth that you mentioned. If you could share with us any timeline for the answers from Turks and Caicos and the CCR process. And also, I wanted to understand if you have appetite for the whole portfolio of CCR or just the international airport?

Thank you, Fernanda, this is Saul. In terms of the traffic trends, yes, we are seeing that after some changes on the migration policies under the Trump's administration, we saw some decrease in number of passengers in BFR routes that could be some of [indiscernible], the most, I would say, biggest BFR routes.

Saying that, I think that day by day, it's more clear for our passengers or for the BFR market, which would be the possible policies. And they are, I think, could begin to fill more, I mean, comfortable to fly on the coming months as soon as they know that clear rules about the coming back to home that the green cards are working as always for coming back that they have not seen cancellation of green cards on the border and these kind of things. So -- and I will say that in the same way that Volaris mentioned in the conference call that we have said that some of the passengers that in some way, change their plans for flying to Mexico because all the changes of the migration policies. For today, they have more clear information and they will finally fly on the coming months.

And again, it's something really changing day by day. So it is -- that is important to have in mind. The other part, I would say that it's in the -- still be the -- I would say, the elephant in the room is that we continue to have complete information about the fleet or the grounding fleet of Volaris, mainly due to the Pratt & Whitney engines. So I will say that one of the key factors to understand the trend in the coming months and the coming year will be when all these planes will come back to fly again. So that will be an important part to understand in coming months.

In terms of the inorganic growth, we are expecting and continue expecting downward for trucks and tankers, and we are expecting that in some moment, during this year, we're going to have the final decision for the government. And for the case of CCR, we are still on the analysis, I mean, for the moment, the way that the company has released the opportunity is for hold the portfolio, but we are analyzing asset by asset, and as soon as we are ready to make a formal position or a possible bid, I mean, all the markets will know. But I would say that we are analyzing all the different assets that are in the portfolio of CCR.

Our next question comes from Guilherme Mendes of JPMorgan.

The first one is a follow-up on the Motiva/CCRs portfolio. You think that assuming that you buy the whole portfolio, that would require some kind of new equity injection or you would be comfortable to increase your leverage for a period of time? And if that's the case, if dividends could be impacted somehow?

And the second point, it's a question related to what Volaris mentioned yesterday on the conference call about unbundling the airport fees. Our understanding is that there is no impact to gaps or any of the airport operators. But I just wanted to confirm this understanding.

Thank you, Guilherme. In terms of the CCR portfolio, I mean, we're still on the analysis. But even with that, I would say that we have a really healthy balance sheet and the numbers that we are working with about this potential transaction would not include injection of capital. We think that we have enough space on our balance sheet. If that is the case, under the number that we are thinking for this possible assets. So in general terms, we are not thinking on any kind of injection of capital for this specific transaction.

In terms of the separation of the 2 are for -- I mean, it's something that, for instance, [indiscernible] have implemented more than 4 years ago and even Volaris having presented for some time ago also. I mean, so it's just another flexible way for our passengers for acquiring a ticket for flying. So we are not seeing any, I would say, any big difference trend on that because it has been on the market for the last years. So we really don't see any kind or potential change on the trend of traffic because this possible change on [indiscernible] way to sell their tickets.

Next, we have Jens Spiess of Morgan Stanley.

So I have basically 2 follow-ups on answers you already gave. One is on the question that Pablo did on the maximum tariff. I mean based on our calculations, we get that you could increase tariffs by around 15% to 20%. Does that number makes sense to you? Just see if we are in the ballpark?

And the second one is on BFR demand. Obviously, the situation remains quite fluid and uncertain, I guess. But -- so first of all, we are seeing quite strong capacity growth in the fourth quarter for you. So almost 10% of seat capacity being allocated according to schedules. That's quite strong. So are you seeing the same? And is here like the key variable maybe the load factors of the airlines. I don't know, what are your thoughts on like the fourth quarter and how much capacity is being allocated to your airports? In Mexico, by the way.

Thank you, Jens. I mean, in terms of the maximum tariffs, we need to perfectly understand on the coming months, how is going to be the -- I mean, the forecasting of the FX of the dollar and also the inflation on the product price index for ending the final number for that -- how it could be the decrease on tariff for the coming year.

But I would say that in some of our airports, remember that the maximum tariff is a tariff independent for each one of the airports. So I would say that for some of our airports, we will try to achieve a double-digit increase on passenger fee. From some other of our airports will be just inflation, but it will depend on the airport. But I would say that in terms -- in general terms, that will be the answer. And in terms of the demand, just when we see OSG and all the -- I mean the asking of the slots for the last quarter, we are seeing a double-digit increase in terms of capacity for the airlines in the Mexico airports.

But I mean it's great that we are really optimistic. But the thing is to really follow the low factors of the airlines on that for those moments. I would say that it will depend of how the Mexican economy is doing at the end of the day. And also, if there are any kind of changes on policies on migration from the U.S. that in someway could affect the BFR market. But in general terms, I will say that we continue to be optimistic about the last quarter of this year seeing the additional capacity of different airlines are bringing to our airports for assuring them the domestic market, but also remained with leisure market and other markets that in the past has not been, I mean, completely slotted in our airports, that could be the additional seats from Canadian markets that we already talked for [indiscernible] for Guadalajara, but also other lines that are beginning to develop for the first time as, for instance, the service of COPA from Panama to Los Cabos that is completely a new market that could be in some way that we're going to see in the coming years, but I would say that it's a great news for Los Cabos that have the opportunity that bringing all these beyond passengers beyond their hubs of Panama and also South America coming to [indiscernible]. So we are still optimistic about the last quarter and the next half year -- half a year of this year.

All right. Perfect. Yes, that's very clear. And just if I may, one quick follow-up on the first question. As of the second quarter, are you at around 85% of the maximum tariffs that you're allowed to charge? Does that make sense for you that number, 85?

Depends on the -- for sure, on the -- on all the mix of the airport, but I mean, if we just see it as a general number, will be correct, yes, just remember that on the first 6 months of the year in January and February, we have 0 increase on tariff. So the next month is going to be a little different.

Next, we have Pablo Ricalde of Itau.

This question is more maybe for Saul because we have seen increase in depreciation in the past couple of years. So I don't know how this affects your dividend policy or your need of leverage to fund your CapEx program? That's my first question. And the other one is on the Madrid route. We have been rumored that Iberia is planning to open [indiscernible] Madrid route. I don't know if you can confirm that?

Pablo, it's correct. The depreciation is increasing due to the capitalization of the assets, but also we have to consider the acquisition of the cargo bonded facility that is included in the full half of this year. That's why the decrease also into depreciation and amortization.

But that should change how you're like fund your CapEx program? Or we should continue to expect that most of the CapEx program will be funded with the debt?

We will continue the same.

Okay. Perfect.

And hype-related, Madrid-Guadalajara, with Iberia, a couple of weeks ago Iberia announced the beginning of the work of several routes in Latin America and for the case of Mexico with Monterrey related with the operation of a new plane, A321 large that could achieve a Monterrey and some other markets with more, I would say, smaller demand.

In that way, also, they announced potential increase -- on potential opening of a route Guadalajara to Madrid. Today, this has not been concluded the negotiation or, I would say, announced by Iberia, but in some moment, the same moment that they announced the Monterrey to Madrid route would they announce also the potential route for Guadalajara, but for the moment, it has not been, I would say, outrated the growth agenda.

Next, we have Jorge Vargas of GBM.

With growing CapEx, higher concession fees and the larger debt balance, how are you thinking about sustainability of distributions in the medium term? Should we expect a more cautious dividend policy? And my second question is, traffic at Montego Bay has continued to soften. Now that you have renegotiated that concession? Are there any initiatives in place to reactivate growth and strengthen its connectivity?

Jorge, this is Raul. Well, the effect of the concession fee affects directly to our EBITDA. And considering the CapEx that we are making -- also the base of our tariff increase, tariff increase related to our revenue increase. So at the end, we believe that our distributions will continue in the same. The effect, obviously, of the concession fee over the EBITDA is affecting directly, that is offset by the acquisition of the new cargo facility. So at the end, I would say that in general terms, EBITDA margin will be around 66%, 67%. So in some way, we are having a little effect on that EBITDA level. In terms of the traffic in MBJ, we are having some effects due to the -- Saul, do you want to add some?

I mean, talking about -- in the last year, we saw -- and it was a trend not only in Montego Bay, but I would say that mainly in all the Caribbean, we saw a decrease of number of seats, mainly from American Airlines was from -- mainly from New York and Miami. If you remember, just after the COVID emergence the biggest airlines in the U.S., the biggest U.S. airlines just push a huge amount of additional fees on leisure generated a really big increase on traffic is mainly on the Caribbean.

What we saw in the last year is, I would say, a reaccommodation on some of these additional offers that they push into the leisure market. But we are seeing and we are optimistic on what we're going to see for the case of MBJ in the coming years. First of all, different announcement of additional hotel and rooms in the area, it's really important, yes, a really important effect coming on coming years, but also the tourist minister and the Tourist Board of Jamaica is doing a really important job trying to bring back some of the different and attacking some of the different markets.

So in general terms, what we are seeing in the coming years of MBJ is after all this, decrease of number of seats that we saw in the last year, we think that we just [indiscernible] and the coming months and years will be of increasing number of seats. And on the long term, we're going to see also an important increase of number of rooms that will win additional tourists to the island. So we are really optimistic on the long term for Jamaica.

[Operator Instructions] Our next question comes from Abraham Fuentes of Santander.

Two questions from my side. The first one, could you give us more color about the non-aeronautical revenue per passenger going forward? How much space is there to continue growing or where we can expect normalization? And the second question is about the U.S. Department of Transportation claiming that Mexico has engaged in anticompetitive behavior. Is there any opportunity or risk are you seeing in this regard?

I mean in terms of commercial revenue per passenger, for sure, Abraham we have a big jump due to the acquisition of JWC, the cargo facility. But also, we have experienced an important increase on cargo per passenger just as we open new infrastructure, for instance, the expansion of terminal Guadalajara, the expansion of Tijuana, the expansion of Los Cabos. So the next, I would say, jump that we're going to see on passengers per traffic, it will depends on the opening of new additional areas that is related with the new master plan.

Let me put it this way. For instance, in the new master plan, we will have a complete brand new terminal 2 for Guadalajara, that will be operating for the -- I mean, for the end of '28, at that moment, we're going to see an important jump on revenue per -- commercial revenue per passenger in that airport. For instance, for example, we are expecting in the first quarter of the 2027, the opening of the new terminal building of Puerto Vallarta airport, that also will bring a great potential for an increase on commercial revenues per passenger.

So in that way, the new additional space that we could generate from the new terminals and expansion that will come on this new master plan, where we completely aligned with the next jumps on the revenue -- commercial revenue per passenger.

In terms of the Mexico U.S. new aviation policies, I mean, hard to see on this between all the different movements that is happening on the bilateral relationship with the U.S. And my point of view, it's not only what could happen on the aviation policy is a more wider discussion about the bilateral relationship between both countries. But in terms of what it was announced, it will depend how many -- how much months will still place the need of an additional authorization for new slots in the U.S. for the Mexican carriers. Because for the moment, I mean, we just heard, we have a big part of the fleet of some of the Mexican airlines rounded for the problem the P&W engine.

So on the really short term, I would not foresee any kind of impact for this change on the aviation policy from U.S. to Mexico. But in the long term, it will depend how is this authorization continues and how hard or difficult will be for the Mexican carriers to opening a new route in the U.S. So -- and for the moment, I really -- I will see more concern about a more broad bilateral relation -- relationship between countries rather than just the U.S. aviation policy.

Next, we have Alan Macias, Bank of America.

Just 2 questions or clarifications. I guess the exposure of GAP airports to the U.S. Mexican airlines just thinking about the restrict -- possible restrictions from the U.S. Department of Transportation, is that 38%? Is that the exposure? And also on your guidance, I guess you are maintaining your guidance, right?

Yes, I mean, we are seeing a possible impact on around 38% as more related to the BFR market because the leisure market is, I mean, completely operated for U.S. and Canadian carriers. So it will be an impact on the leisure market, but for sure, it could be an impact on BFR. But also, it is important to remember that for instance, a couple of years ago with the U.S. government decreased the category for Mexico for the Mexican authority aviation, we saw a really important increase in traffic in Tijuana for the passengers, the VFR passengers walking through the CBX because at the end of the day, all the Southern California area, catchment area that is covered by the Tijuana airport through the CBX could be connected even without the authorization of any additional services to the U.S. for a Mexican carrier.

They could put their fleets or their capacity for all the Southern California market through the Tijuana airport. And that happened a couple of years ago when they decrease on the category. If you remember at that moment, for instance, Tijuana airport, just to be even bigger than Monterrey Airport for a couple of years and was related for that effect. So in some way, again, our portfolio in some matter could help us for any potential slowdown of additional routes or services from Mexican carriers in the U.S.

We have no further questions at this time. Raul and Saul, back over to you for any additional or closing comments.

Thank you once again for joining us today for our second quarter results conference. Please contact our Investor Relations team with any additional questions you may have. Have a great day, and thank you for your attention.

That concludes our meeting today. You may now disconnect.