ASR

Good day, ladies and gentlemen. Welcome to ASUR's second quarter 2026 results conference call. My name is Christine. I will be your operator. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session toward the end of today's conference. If you would like to ask a question, please press star one. If you want to withdraw your question at any time, please press star two. If you are using a speakerphone, please lift the handset before making a selection. As a reminder, today's call is being recorded. Mr. David Barlow, Corporate Governance Strategic Planning Manager and IRO at ASUR, please go ahead, sir.

Thank you, Christine. Thank you everyone for joining us today to discuss ASUR's results for the second quarter of 2026. With me on today's call is Adolfo Castro, Chief Executive Officer. Additional details about our results can be found in our press release, which was issued yesterday after market close and is available on our website. As usual, all comparisons discussed on this call will be year-over-year. All figures are expressed in MXN unless specified otherwise.

As a reminder, certain statements made during the call today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. Please refer to the forward-looking statements disclosure included in this earnings presentation for additional information. With that, I'll turn the call to Adolfo. Please go ahead, Adolfo.

Thank you, David. Good morning, everyone. I'm going to start today's conference call with a discussion on the strategic initiatives that are setting the foundation of ASUR's next stage of development and growth. I will briefly review quarterly results. Our objective is to continue building the leading airport group in the Americas.

We're doing this by expanding into attractive markets, diversifying our geographic and revenue mix, diminishing the dependence in one market, increasing our exposure to commercial revenues, and improving the efficiency of our operational model. The Motiva transaction, ASUR US airports, the investment program at Cancun Airport, and the proposed internalization of the technical assistance services are key components to achieving our goal. Let me begin with the proposal that we propose to the shareholders meeting that is going to take place on August the 20th.

We are asking shareholders to consider approving ASUR's plan to internalize the special technical assistance and technology transfer services currently provided by our strategic partner, ITA. We believe this is an important step in ASUR's evolution. It will bring these capabilities, personnel expertise, and know-how into ASUR, simplify our corporate structure, and better align our operational model with the scale and complexity of our growing international platform. The transaction would be implemented through a merger and would involve the issuance of approximately 7.3 million net new ASUR shares to ITA shareholders, equivalent to approximately 2.4% of the current shares outstanding. For reference, ASUR recognized approximately MXN 401 million in technical assistance fees during 2025. If the transaction is approved, these services will be performed by ASUR.

We will assume the related operating cost, the recurring external fee will be eliminated, and the future economic benefits of these activities would remain within the company. The proposal was reviewed and negotiated under the leadership of the Audit and Corporate Practices Committee, which is composed exclusively of independent directors and supported by independent financial and legal advisors. Separately, the board has proposed two extraordinary cash dividends to be paid, MXN 10 per share on November 24th and December 15th, respectively. The proposal reflects ASUR's strong financial position, solid cash generation, and disciplined approach to capital allocation. During the first half of the year, we generated MXN 7.3 billion in operating cash flow, an increase of 21% year-over-year. This cash-generating capacity allows to return excess capital to shareholders while preserving the flexibility to fund our investment commitments and pursue future growth opportunities.

Shareholders will also be asked to approve amendments to the bylaws. To align them with the current regulatory framework, and second, if the internalization is approved, to reflect the changes resulting from the merger. We encourage shareholders to review the information statement for additional details. Turning to MOTIVA, we are actively progressing to complete acquisition during the second half of 2026.

The transaction remains subject to remaining regulatory approvals and customary closing conditions. Once completed, the transactions will add a portfolio of 20 airports across Brazil, Ecuador, Costa Rica, and Curaçao, including entry into Brazil, the largest aviation market in Latin America. The core portfolio handles approximately 45 million passengers annually and will significantly increase the source of scale and geographic diversification. Our under-levered balance sheet enables to fund these transaction with debt, while at the same time preserving financial flexibility for other high-return projects, including dividend payments.

ASUR US provides directly exposure to the non-regulated dollar-denominated commercial revenues at the three major U.S. airports, with over 35 million annual customers and revenues above U.S. benchmarks. ASUR US also is a platform from which we will continue further developing our commercial capabilities in the U.S. On April 21st, ASUR US completed the $125 million commercial transformation of JFK Terminal eight, opening more than 60 dining, retail, duty-free, and experiential concepts. At JFK new Terminal one, commercial development continues ahead of its expected opening towards the first quarter next year. As a result, the current financial contribution does not yet represent the earning potential of the U.S. platform. At LAX, we continue remodeling and developing commercial spaces ahead of the Super Bowl in 2027 and the Olympics and Paralympic Games in 2028.

In Mexico, construction of the new Terminal 1 continues at Cancun, which we plan to be open during the fourth quarter. Once operational, Terminal 1 will allow to begin rebalancing passenger flows, including moving most of South American operations from Terminal 2. This should reduce pressure on Terminal 2 and improve the passenger experience and create additional commercial capacity. In parallel, we continue executing the broad Master Development Program. This includes the second phase of Terminal 4 expansion, which will add four boarding new gates and a connecting taxiway, together with the related airside and roadway infrastructure. The project is expected to be fully operational by the end of 2028 and is designed to expand capacity, improve passenger and air cargo flows, and support Cancun's longer-term growth.

Together, these initiatives support the same objective: a larger and more geographically balanced airport platform in markets with attractive long-term demand, greater contribution from commercial revenues, and more efficient operating and equity structure. Turning to passenger traffic. Total traffic declined 2.7% year-on-year to approximately 17 million passengers, reflecting softer performance in Mexico and Puerto Rico, partially offset by continued growth in Colombia.

In Mexico, traffic declined 5%, primarily reflecting continued pressure at Cancun, where international traffic remains softer, particularly from the U.S., our largest international source market. Airline capacity constraints, Spirit bankruptcy, and higher airfares partially reflected elevated jet fuel prices also affected demand. In addition, the World Cup did not generate incremental tourism flow into Mexican Caribbean. Most of our other Mexican airports performed better and partially offset the decline at Cancun.

Passenger volumes to and from the U.S., Europe, South America, and Mexico decreased by 11.7%, 11.8%, 6.5%, 1.9% respectively, while Canada increased 10.5%. Puerto Rico traffic declined 3.5%, reflecting the effects of the Spirit bankruptcy together with softer domestic and international demand. Domestic remain affected by airline capacity and fare dynamics in the U.S. market, while international remain comparatively more resilient. It will take time for other airlines to absorb the Spirit passengers lost since May 2nd. Colombia traffic increased 3.6%, supported by a healthy demand and improved connectivity. Growth moderated against a strong comparison base that continued to outperform the rest of our portfolio. While near-term conditions in Mexico and Puerto Rico remain challenging, we continue to view much of the current pressure as capacity and affordability-related rather than a change in the long-term fundamentals of the travel demand.

Fleet availability should gradually improve as aircraft return to service, although the timing remains uncertain. Turning to financial performance, as usual, the figures I will disclose exclude construction revenue and construction costs, unless otherwise noted.

Revenues were broadly stable at MXN 7.4 billion. Non-aeronautical revenues increased nearly 10%, supported by the contribution from our U.S. airport, which added MXN 444 million and 30% growth in Colombia. By contrast, aeronautical revenues contracted by mid-single digit, mainly reflecting the softer traffic in Mexico and Puerto Rico, and the translation effect of the stronger Mexican peso in our international operations and local operations with a U.S. dollar component. Commercial revenues per passenger increased nearly 13% to MXN 153 per passenger, primarily reflecting the addition of the U.S. commercial base. A single-digit decline to MXN 145.7 per passenger in Mexico was offset by a low and high single-digit increases in Puerto Rico and Colombia respectively.

Softer performance in Mexico and Puerto Rico resulted from lower traffic and FX headwinds, given the strength of the Mexican peso. The expansion of our commercial footprint is ongoing, with 40 new commercial spaces, 29 in Colombia, eight in Puerto Rico, and three in Mexico over the last 12 months. As previously mentioned, we completed the commercial transformation of JFK Terminal 8 during the quarter. Consolidated EBITDA increased nearly 9% to MXN 4.6 billion. EBITDA declined 9% in Mexico, 17% in Puerto Rico, while increasing 1% in Colombia. U.S. airports contributed MXN 20 million of EBITDA, reflecting the platform's current development stage.

This contribution is not yet representative of its earnings potential, as JFK Terminal 8 continues to ramp up and JFK new Terminal 1 is expected to open during the first quarter next year, while commercial spaces at LAX and Chicago O'Hare have been expanded and upgraded. Adjusted EBITDA margin declined 560 basis points year-over-year to 62% due to lower revenues in Mexico and Puerto Rico and the consolidation of the U.S. commercial business, which is operating at a lower margin. Net majority income increased 7% to MXN 2.3 billion, as lower foreign exchange loss in Mexico, lower income tax expenses in Mexico and Colombia, was offset by the benefit from the amortization of the fair value adjustment related to the Colombian acquisition loan following its repayment.

We ended the quarter with cash and cash equivalents of nearly MXN 12 billion, and Net Debt to EBITDA of 0.9X last 12 months EBITDA. Our balance sheet remains strong and provides flexibility to execute and fund our committed capital program, complete the Motiva transaction, and continue pursuing our broader strategic priorities. During the quarter, we stepped up capital expenditures to MXN 2.0 billion, with the majority of these funded in Mexico as we advance in our capital program, including the projects at Cancun that I already discussed. While the operating environment remains challenging, particularly in Mexico, as usual, it's moving in the right direction as we are making progress executing our strategic growth initiatives. Better equity structure and diversification.

Our expansion through the Motiva acquisition, our U.S. commercial operations, and the ongoing cost efficiency efforts are strengthening our business and positioning the company for long-term growth. We remain disciplined with the capital allocation and cautious in our outlook while continuing to create long-term, sustainable value for our shareholders, complemented with attractive dividend payments. We are ready to take your questions. Christine, please open the floor for questions.

Thank you. We will now begin the question-and-answer session. To ask a question, dial in by phone and press star one on your telephone keypad. Make sure your mute function is turned off, and if you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, press star, then two. Please limit yourself to one question and one follow-up. Join the queue again if you have additional questions. At this time, we will pause momentarily to assemble our roster. Thank you. Our first question comes from the line of Rodolfo Ramos with Bradesco BBI. Please proceed with your question.

Good morning, Adolfo, David. Thanks for taking my questions. A couple here, if I may, into my follow-up there. We saw softer implicit tariff in your aeronautical revenues. Wanted to check on your maximum tariff compliance and where you expect to end the year given today's FX. The second is on your cost side, whether you think that this quarter represents a good base going forward, and how does the internalization might play there? I don't know if you're seeing still extraordinary expenses on the Motiva acquisition, and how can those evolve going forward? Thank you.

Thank you, Rodolfo. Yes, of course, we are seeing some pressure in the maximum tariff due to the fact that the passenger mix is changing in comparison with last year. The decrease in the U.S. traffic had an impact. Of course, as always, we will have a very clear objective, which is 99% maximum tariff compliance by the end of the year. In terms of the cost, yes, we have one-time costs during the quarter related to Motiva, related to the U.S., some additional fees, legal fees, due to the internalization of the project. Nothing that will be there in the future. It's true.

Any way that we can give us a sense of sizing of these expenses that you expect to

Those are, I would say, in general terms, not so important. The clear problem we had during the quarter was the loss of half a million passengers in the case of Cancun, and 135,000 in the case of Puerto Rico. The problem is in the revenue side.

Okay. Thank you, Adolfo.

You're welcome.

Our next question comes from the line of Guilherme Mendes with JPMorgan. Please proceed with your question.

Yes, good morning, all. Thanks for taking my question. Hi, Adolfo and David. I have a couple regarding Motiva's airports. The first is on the approval. You said the expectation for the second half of the year. I recall on the last call you mentioned about the second quarter of the year. If you can share which of the four regions are taking longer than expected. Also regarding synergies, I recall you guys talking about not expecting a lot of synergies on the transaction, if anything has changed on that front. Lastly, if I may, if you somehow consider a potential partial divestment of those assets once you incorporate them on your portfolio. Thank you.

Yes. The region that is holding up is the case of Brazil. We are very close to an end. I would say, I said second half. I would say third quarter. In the case of synergies, I don't see any important synergy. As I said before, we are basically expecting the same business as usual. In terms of selling some pieces, not for the moment.

Very clear. Thank you, Adolfo.

You're welcome.

Our next question comes from the line of Jens Spiess with Morgan Stanley. Please proceed with your question.

Yes, hello. Thank you, Adolfo, for taking my question. On the administrative expenses in Mexico, they remain quite elevated. I think they increased more than around 30% year-over-year. Should we expect this level to be more or less the new normal, and what's driving it? Is it mostly labor cost, minimum wage increases, and so on, or what is it?

Yeah, it's minimum wages, and also there was an issue with medical insurance costs that had increased significantly in the case of Mexico due to a tax reform by the Mexican government.

Okay. All right. Okay, perfect. Thank you.

You're welcome.

Our next question comes from the line of João Frizo with Goldman Sachs. Please proceed with your question.

Hey, Adolfo. Hey, David. Good morning, guys. I have a quick question around Cancun traffic. Just wanted to hear a bit your thoughts on why the weakness in that airport specifically. In the past, we had the issue with Tulum ramping up. I think that's behind us right now. I just wanted to hear your expectations for growth there going forward and what is driving the weakness we saw in June, but also in the months prior to that. Thank you very much, guys.

Well, the weakness is a cocktail of matters. One of the important ones is, of course, the jet fuel increase. Just to say jet fuel had increased 42% during the month of June due to the conflicts in the Middle East. That's one of the things. The second one, of course, the bankruptcy of Spirit Airlines, and it's going to take time for the other airlines to recuperate this. The case of Sargassum, which has been very high during this year, almost exceeding the levels of last year during the summer. In terms of the recuperation process, my opinion is that the summer is lost, and we are expecting the recuperation process up to the end of the summer season. Winter season, we see a better outlook, and I would say more seats, more offered seats than what we had last year.

That will be up to November, December this year.

That's great. Thank you very much.

You're welcome.

Our next question comes from the line of Abraham Fuentes with Banco Santander. Please proceed with your question. Abraham Fuentes, your line is live.

I think, sorry. I think my question was already answered. Sorry for that.

Our next question comes from the line of Pablo Ricalde with Itaú. Please proceed with your question.

Yes. Good morning, Adolfo. Good morning, everybody. Talking about the recently increasing tariffs in Mexico, which is your maximum tariff that you're charging now after July hike? I don't know if you can comment on that.

The maximum tariff is not what you collect on every single day. To comply the maximum tariff is the whole years from 1st of January up to December last year, at the end of the year. What I said is, what we're expecting is that the maximum tariff compliance for this year should be close to 99%.

Okay. Thank you.

Our next question comes from the line of Enrique Cantu with GBM. Please proceed with your question.

Adolfo, thank you for the call. I just have one quick question. During the quarter, inaudible generated only a modest EBITDA contribution despite a full quarter of consolidation. Could you provide more color on when should we expect the business to reach a more normalized profitability level?

I am really sorry, I cannot hear you well. Could you repeat your question, please?

Can you hear me now?

It's better, but not so better.

Okay, maybe I'll hang up and then call you again.

Okay, thanks.

Thank you.

Our next question comes from the line of Anton Mortenkotter with GBM. Please proceed with your question.

Hi, Adolfo. Thank you for taking my question. One of my questions, I am not sure if you can provide some color on how the current traffic curve looks against the expectations that you set during the last MDP revision. That is one. Another one, which I think is the one that Enrique was trying to ask, is regarding ASUR US EBITDA contribution. I think during previous calls you mentioned you were expecting somewhere closer to $20 million in EBITDA normalized. I am not sure if you are still expecting those same levels. Thank you.

Thank you for your questions. Of course, we are below our expectation of the previous MDP. We were not expecting all of these things that are happening today. In the case of ASUR U.S., the $20 million is not going to happen this year. Moreover, when we are not going to open new terminal one this year. Originally, it was expected to be open as from July the first. Now we are expecting at the end of first quarter next year.

Super useful. Thank you, Adolfo.

You're welcome.

Our next question comes from the line of Gabriel Himelfarb with Scotiabank. Please proceed with your question.

Hi, Adolfo. Good morning, and thanks for the call. Just two questions. What's the EBITDA margin level we should consider sustainable for ASUR US once the IFRS 16 effects normalize? Also, should we think about ASUR US as an asset or as a platform for future U.S. expansions? Thank you.

Gabriel, today's EBITDA margin in the U.S. operations is around 9%. It is a completely different business in comparison with what we have in Mexico, Puerto Rico, and Colombia. Even though I do believe that this margin will increase in the future, of course, will never be comparable with the margin in the case of Mexico. It is important to say also that today we have some expenses in relation with the projects we are progressing. We are doing in the case of new terminal 1. Some of the cost is related to this project that is not generating tax, any revenue. Of course, what we have said is we want this to be a platform to grow in the United States. That is the most important objective we have with this project.

Okay. Thank you very much.

You are welcome.

Our next question comes from the line of Alan Macias with Bank of America. Please proceed with your question.

Hi. Good morning. Thank you for the call, Adolfo. To follow up on Cancun traffic. Focusing on domestic traffic, it has also been weak. The same factors apply for domestic traffic in Cancun? Thank you.

You know, the problem with the domestic has been the engine problem of Pratt & Whitney with Viva and Volaris, basically the case of Volaris. This has been improved. During the quarter, I had the opportunity to meet Enrique Beltranena, and he's saying that now Pratt & Whitney are delivering their aircrafts faster than what they have before. I am confident that we will see some increase in the coming quarters at this respect.

Thank you.

You're welcome.

Our next question is a follow-up from Jens Spiess with Morgan Stanley. Please proceed with your question. Jens Spiess, your line's unmuted. Our next question comes from the line of Alberto Valerio with UBS. Please proceed with your question.

Thank you, Adolfo. Sorry if I am repeating question. My mind dropped it before. If you could provide some details, and when comes the terminal 1 operation, you said in the second half of the year, but should be middle of the third quarter, more to the end, more to the fourth quarter? Should we consider it the second quarter as a bottom for ASUR in terms of traffic, margins, costs, tariffs? Should we see improvement for the following quarters?

Okay, in the case of you are talking about new terminal, well, the terminal 1 in Cancun Airport. I am expecting that for the fourth quarter. New terminal 1 at JFK is first quarter next year. In terms of being this quarter the bottom line, that is what I hope. Not so sure, of course, in terms of the traffic. I do not expect something different for that quarter. I expect some improvement during the fourth quarter.

Perfect. If I may, I follow up. In terms of dynamic of airlines, do you see that change something with Viva and Volaris being one than it was before? Do you see a more bargain power from them to negotiate tariffs or not? Because you are still the cheapest one.

Well, basically, what I understand of their merge is that they will continue working separately, independent, so that the merge is just giving them the power to be able to negotiate better with the aircrafts. In terms of the traffic, in terms of the routes, they should be independent.

Okay. [Non-English content]

[Non-English content]

Our next question is a follow-up from Rodolfo Ramos with Bradesco BBI. Please proceed with your question.

Thank you. Just a couple follow-ups, Adolfo, if I may. The insurance costs that you mentioned, are these expected to be recurring, or was this a one-time off? Again, if this is a good base to go off of. Second, you started to talk about a recovery in the fourth quarter and the winter season being the next test for Mexican traffic. Do you have any visibility today as to how the winter season is looking? I don't know if it's early, but vis-à-vis other years, either bookings or just conversations with the airlines. Thank you.

In the case of insurance, it is not one time. Basically, and let me give you the number, the cost of the insurance increased by 39%. It is going to be there. It is not going to change. In terms of the recovery, yes, we have some information using the database of the seats that are published by the airlines, and we see some increase in comparison with last year for November and December this year. The winter season.

Great. Thank you.

The beginning of the winter season.

Thanks.

As a reminder, if you have a question, please press star then one. We will pause momentarily to assemble our roster. Thank you. Our next question is a follow-up from Gabriel Himelfarb with Scotiabank. Please proceed with your question.

Hi. Hi again. Just a quick question. Did you mention that the new terminal at the JFK will be on the third quarter 2027? I think I didn't get well, for the new terminal in Cancun, it's fourth quarter this year? Thank you.

Gabriel. Yes. Terminal 1 in Cancun, fourth quarter this year. New Terminal 1 at JFK, first quarter next year.

Okay. Thank you.

You're welcome.

Again, if you have a question, please press star then one. One moment while we assemble our roster. Thank you. That concludes our question and answer portion of today's conference call. I would like to turn the call back over to Mr. Barlow for closing remarks.

Thank you, Christine. We would like to thank you all again for joining us on today's call. We look forward to speaking to you again in the next quarter, and have a nice day. Thank you very much.

Ladies and gentlemen, that concludes ASUR's second quarter 2026 results conference call. We would like to thank you again for your participation. You may now disconnect.

Good day, ladies and gentlemen, and welcome to ASUR's first quarter 2026 results conference call. My name is Sashi, and I'll be your operator. At this time, all participants are in listen-only mode. We will conduct a question and answer session toward the end of today's teleconference. If you would like to ask a question, please press star one. If you want to withdraw your question at any time, please press star two. If you are using a speakerphone, please lift the handset before making a selection. As a reminder, today's call is being recorded. Now, Mr. David Barlow, Corporate Governance, Strategic Planning Manager, and IRO at ASUR. Please go ahead, sir.

Thank you, Sashi, and thank you everyone for joining us today to discuss ASUR's results for the first quarter, 2026. With me on today's call is Adolfo Castro, Chief Executive Officer. Additional details about our results can be found in our press release, which was issued yesterday after market close and is available on our website. As usual, all comparisons discussed on this call will be year-on-year, and all figures are expressed in Mexican pesos unless specified otherwise. As a reminder, certain statements made during the call today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. Please refer to the forward-looking statements disclosure included in this earnings presentation for additional information.

With that, I'll now turn the call to Adolfo. Please go ahead, Adolfo.

Thank you, David, and good morning, everyone. Before I begin, I would like to note that David Barlow has assumed the responsibility for investor relations. David has been with ASUR for more than 20 years and knows the company and operations very well. He attends our board of directors meeting and committee sessions. Now, let me start by framing the quarter. We expected the first quarter 2026 to reflect the period of transition for ASUR. We were operating in an environment where the traffic trends on our core Mexican market were stabilizing after a period of normalization, Puerto Rico entering a more mature phase following strong post-pandemic growth, and Colombia in a growth momentum. Recall that the first quarter for Mexico is the seasonality, the strongest.

We were negatively affected by the security-related events beginning on February 22nd, and after that, by the TSA-related disruptions in the U.S. airports, which also impacted Puerto Rico. This effect contributed to increased volatility in traffic trends, particularly toward the end of the quarter. On the positive side, we made progress on two key priorities. The first one, the integration of ASUR's U.S. airports. This makes the first full quarter of consolidation of our U.S. commercial platform. The business contributed to non-aeronautical revenues, while profitability reflects the early ramp-up operations. We expect travel improvement as the platform scales, supported by the new commercial openings in Terminal 8 and the upcoming opening of the Terminal 1 this year, both at JFK. Which will further expand the commercial base. Second, continued execution of our regional expansion strategy.

We remain focused on completing the Motiva transaction, which is now pending remaining regulatory approvals and is expected to close in the second quarter of this year. This transaction will significantly expand our footprint and reinforce our long-term growth profile. This transaction represents a step change in scale and geographic diversification, expanding our presence in new markets and further balancing our portfolio. Our strategy remains consistent, diversifying our revenue base, including a greater focus on non-regulated revenue, selecting expanding into markets with attractive long-term demand, and deploying capital in a disciplined and value-accretive manner. Let me now review ASUR's operational performance for the quarter. Total passenger traffic increased 1.9% year-on-year, reaching nearly 90 million passengers, driven by strong traffic in Colombia, stabilization in Mexico, and short-term softness in Puerto Rico. Colombia remains our fastest-growing market, with traffic up 11%, supported by increased connectivity and solid demand.

Domestic traffic growth 12%, outpacing 7% growth in international passengers. Mexico remained broadly stable, with international traffic showing modest growth while domestic traffic remained slightly below prior years' levels. Traffic in Cancún declined 2% during the quarter, while the other eight airports in Mexico grew by 5%. Positive trends in January and February were offset by weaker March. Beginning on February 22nd, traffic was affected by the security-related events in Mexico, which impacted traffic to and from the United States through mid-March. Later that month, traffic was affected by a TSA-related screening disruptions in the U.S. airports. We believe these factors were temporary and do not reflect a change in the underlying demand. As we move through the year, we expect to see difficult operating conditions, including higher fuel prices and recent capacity reductions.

Passenger volumes from the United States, our largest international source market, decreased 4.6%, while South America contracted 1.4%. On the positive note, Canada and Europe increased by 11% and 11.4% respectively. In Puerto Rico, traffic trends declined low single digits, driven primarily by domestic demand and the effects of TSA, while international traffic continued to grow. Turning now to financial performance. As a reminder, all figures exclude construction revenue and cost, and comparison are year-on-year unless otherwise noted. Total revenues increased 2.2% year-on-year, reaching MXN 8.4 billion. This performance was primarily driven by a nearly 9% increase in non-aeronautical revenues, supported by the first full consolidation of the U.S. airports, which added approximately MXN 438 million in non-aeronautical revenue during the quarter. In turn, aeronautical revenues declined low single digits, mainly reflecting the FX conversion impacts in Puerto Rico and Colombia, together with a lower traffic in Puerto Rico.

Commercial revenues increased nearly 7%, primarily reflecting the new commercial operations in the U.S. and middle single digit organic growth in Colombia. Performance in Mexico and Puerto Rico remained softer during the quarter, reflecting a combination of FX headwinds, given the strength of the Mexican peso against the U.S. dollar, combined with lower traffic in Puerto Rico. We continue to execute on our strategy to enhance and diversify our revenue base, with a growing contribution from non-regulated and dollar-denominated sources. The integration of the U.S. commercial platform is an important step in that direction, and while still in its early stages, it already represents an attractive addition to our portfolio. Over the past year, we also continued to actively expand our commercial footprint across the network, opening 47 new retail and service units, including 34 in Colombia, eight in Puerto Rico, and five in Mexico.

On a per passenger basis, commercial revenue increased mid-single digits to MXN 153.6, benefiting from a full quarter of operations from the U.S. commercial operations, despite the impact of the appreciation of the Mexican and Colombian pesos against the U.S .dollar and a mixed traffic environment. By geography, Puerto Rico delivered the highest levels with MXN 163.3 per passenger, despite the 5% decline driven by FX conversion and the slight reduction in traffic levels. Mexico saw a 4% decline, mainly reflecting the impact of the peso appreciation over the U.S. dollar-denominated commercial revenues. Lastly, Colombia posted a mid-single digit decline despite the strong traffic growth, reflecting FX effects and mixed effects, given higher growth domestic traffic.

Turning to operating costs, total expenses increased 25% year-on-year, mainly driven by the integration of U.S. commercial operations, higher depreciation, and amortization in Colombia, professional fees related to the U.S. acquisition, together with the ongoing inflationary pressures. Excluding these effects, underlying operating costs was moderate. By region, Mexico recorded a 6% increase in expenses. Excluding professional fees associated with the U.S. commercial acquisition, expenses would have grown just 0.9%, mainly reflecting modest increases in labor and service-related costs. In Puerto Rico, expenses declined nearly 7%, benefiting from depreciation of the Mexican peso against the U.S. dollar. Expenses in Colombia increased 33%, largely driven by the higher depreciation and amortization following the change in amortization methodology. Recall this change reflect expected evolution of the concession, including the phase-out of regulated revenues starting in 2027, and the remaining life of the asset through 2032.

Excluding depreciation and amortization, expenses in Colombia would have increased by just 2.6%. In the U.S., we recorded approximately MXN 368 million in operating costs during the quarter. Of these, approximately MXN 70 million related to items attributable to 2025 that were recognized in this period, including lease-related adjustments, account reconciliation items, provisions for uncollectible accounts, and prior-year employees' bonus. Moving on to profitability, consolidated EBITDA increased nearly 6% to MXN 5.4 billion in the quarter. EBITDA was lower across regions, down mid-single digits in Mexico and Colombia, high single digits in Puerto Rico, while our U.S. commercial operation posted a negative EBITDA of MXN 50 million in the quarter. The Adjusted EBITDA margin declined nearly 600 basis points to 64.1% year-on-year, mainly reflecting the ramp-up of the U.S. operations and the impact of amortization changes in Colombia I just mentioned.

Net income declined 20% year-on-year to MXN 2.8 billion, mainly reflecting higher depreciation and amortization, increased interest expenses following the recent financings, and the lower interest income. Importantly, the reported profitability of ASUR's U.S. airport this quarter is not yet indicative of the underlying earnings capacity of the business and costs associated to set up the business. As disclosed in our 20-F report, on a pro forma basis, full year consolidation, this commercial operation generated approximately MXN 2.1 billion in revenues and MXN 711 million in net income in the fiscal year 2025. In addition, the launch of the New Terminal One at JFK Airport, expected to come online during the third quarter of this year, will further support commercial revenue growth as it ramps up, further enhancing the performance of this business.

Moving into the balance sheet, we closed the quarter with cash of MXN 13.8 billion and net debt to EBITDA of 0.8x. Our balance sheet continues to prove significant flexibility to fuel growth while maintaining conservative leverage. Capital expenditures totaled MXN 544 million, primarily focused on Mexico, where our investment under the Master Development Program continued to advance, including the construction of Terminal 1 in Cancún, on track to open in the third quarter this year, which will increase capacity, improve passenger flow, and optimize commercial mix, supporting higher commercial revenues over time. Noted CapEx for the full year as per our Master Development Program totaled MXN 7.9 billion. In Puerto Rico, we remain focused on operational improvements and while capital deployment in Colombia remains limited.

At the end of March, Airplan signed an addendum to its concession agreement authorizing immediate interventions at José María Córdova International Airport to address unexpected demands, with an estimated investment of approximately COP 165 billion. The project covers a series of capacity expansions, a service level improvement works, including domestic and international check-in facilities, a departing baggage handling system, security checkpoints, remote boarding areas, and aircraft stands and immigration facilities. In summary, ASUR is becoming a more diversified platform with increasing exposure to U.S. dollar-denominated revenues and a clear visibility on key growth drivers, including the ramp-up of U.S. commercial operations and expected closing of Motiva transaction. While in the near-term traffic trends remain mixed across regions, we continue to see healthy underlying demand for air travel and remain focused on execution, cost discipline, and long-term value creation.

The final comment is that ASUR's shareholders meeting will take place at 10:00 A.M. Mexico City time today, with a proposed dividend payment of MXN 10 per share to be paid at the end of May. Now, I will open the floor for questions. Sashi, please open the floor.

Thank you. We will now begin the question and answer session. To ask a question, dial in by phone and press star and then one on your telephone keypad. Make sure your mute function is turned off, and if you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, press star, then two. Please limit yourself to one question and one follow-up. Join the queue again if you have additional questions. At this time, we will pause momentarily to assemble our roster. The first question is from Rodolfo Ramos from Bradesco BBI. Please go ahead.

Thank you, Adolfo, and David, congratulations on your new responsibilities, all the success there. I have a couple of questions. The first one is in regards to your U.S. commercial business. I'm assuming there is some level of seasonality. Can you give us a sense of how much ASUR U.S. should be contributing in EBITDA on a 12-month rolling basis, considering the new commercial space in JFK, and if you expect any material extraordinary expenses in the coming quarter as you close the Motiva acquisition? That would be my first one. The second one on traffic, and let me perhaps take a little bit of a different approach here. The Cancún-Mexico route has been an important bottleneck for you guys. Do you see a scenario where we could see a short-term pressure during the World Cup as Guadalajara-Monterrey routes are prioritized? Thank you.

Good morning. It's important to say that the current operation we have is not exactly what we will have, what we expect to have at the end of this year. Just to say, on the 21st of April, new openings took place at John F. Kennedy, Terminal 8, and we are expecting the opening of New Terminal One at the end of this year. New Terminal One today is a project that is under construction. It's a new terminal, so it's not in operation. Even if I tell you the 12-month number, it would not mean anything to give a size representation of what this business could be next year. Basically, I would say the EBITDA this year should be close to, let's say, MXN 20 million, that we will be basically investing or reinvesting in the projects we have.

In the case of the traffic Cancún, yes, you're right, Mexico City Airport is or has been a bottleneck for a while. If they are going to relocate some traffic because of the World Cup, I don't think so. Remember that the World Cup, at the end of the day, Mexico is just 13 games. The most important ones here in Mexico City, and probably there's one that is particularly important in the case of Guadalajara. Apart from that, nothing else. On the other side, I have to say that Cancún Airport is probably the only one in the world that has daily connection to the 16 venues of the World Cup. If that is a different story for some other people that lives outside Mexico.

Interesting. Thank you, Adolfo.

The next question is from Guilherme Mendes from J.P. Morgan. Please go ahead.

Good morning, Adolfo, David. Thanks for taking my question. A follow-up on traffic performance. Adolfo, you mentioned that the trends remain kind of mixed in the near term. If you can help us try to understand what to expect, especially in Mexico. I know there's a lot of moving parts, but it looks like some of the negative impacts of the first quarter seems to be fading away. If it's fair to assume some kind of increase in traffic on a year-by-year basis going forward. The second one is a follow-up on the Motiva's Airport. If you can share what kind of synergies or upside on the commercial front you expect to get once you integrated the business into the group platform. Thank you.

Yes, of course. Well, in the case of traffic, I have to say that in the case of Mexico's traffic, and particularly in the case of the most important source of traffic for the first quarter, which is the U.S., everything went well up to February the 22nd, and then basically collapsed. The collapse up to March 14. After that we were back on track again, and then the TSA thing appeared. I have to say that the quarter was severely affected by these two things. Going forward, the only thing I can say is Holy Week is in a different date as it was last year. Probably the beginning of April is something that we can see on the positive side. On the other side, I'm saying that we will be facing difficult operational conditions going forward, and we don't know how much.

Basically, with the oil price of $100 a barrel, it's not the best for the airlines. We have received some capacity reduction from Spirit so far, the only one. We don't know how much this is going to last. It's not an easy moment to be saying how the year's going to end up. In terms of Motiva, the word synergy is not probably the right one. They have a business that is operating well. We have some common customers, yes, it's true. The large ones, they are also in the U.S. I don't see synergy as an important piece of this operation.

Got it. Thanks, Adolfo. Have a nice day.

You're welcome.

The next question is from Anton Mortenkotter from GBM. Please go ahead.

Hi, Adolfo and David. Thank you for the call, guys. Just two quick ones. One is related to the investment in Colombia. I was wondering if this investment will trigger any amendment to concession or any maybe adjustment or any kind of compensation on that front. The second one is related to the maximum tariff. Just wondering if due to the lower, well, the peso appreciation, maybe there are some places where you are still slightly below the maximum tariff that we should see some adjustments going forward, or if you could give us some color on that one. Thank you.

Absolutely. In the case of Colombia, on March 26th, we signed an amendment to our concession agreement. That was the Otrosí 27. The importance of this document is that, once again, we are able to invest in this country. For the moment, as an emergency plan, for the case of the airport of Rionegro , this will improve the level of service there, which is really bad today. For the moment, what this document allows is to invest COP 165 million. Of course, that will be moving the day when our regulatory revenues will fade out. Far, we were expecting that to happen on February 27th. With this investment, we are making all the calculations with the current conditions, probably will be up to the end of 2027.

Again, this is giving us the opportunity to invest more and to solve some issues that we have there. We will keep you posted on how these things evolve in the future. For the moment, this is a very good news in the case of Colombia. In our maximum tariff, the objective we have for this year is 98%, and for the moment, we do not see why we should not be reaching the 98%.

Thank you.

You're welcome.

The next question is from Alberto Valerio from UBS. Please go ahead.

Morning, Adolfo. Welcome, David. Success on this new role. Adolfo, a follow-up on the maximum tariffs and also on the expenses for this quarter. Remind us how it's the methodology for maximum tariffs from the MDP on the international flights, if you can adjust later because the peso appreciated or not. Also, if you could tell us from the lease that you paid this quarter, if there is any one of those that is not recurring. We saw MXN 90 million in the Mexican airport and as well $120 million for the U.S. operations. Thank you very much.

Yes, Alberto. In the case of maximum tariff, remember the maximum tariff is an amount in pesos on a per passenger basis or on a workload unit basis that we can charge in a year. When you're saying the national traffic, that is part of the maximum tariff. If peso depreciates against the dollar, if dollar against the peso, we will have to adjust in accordance to try to reach the amount in pesos. There is no different treatment for international flights versus domestic flights. It's one basket, and it's peso-denominated. In the case of the one-time events, yes, you're right, $91 million is what we have paid as professional fees to get the U.S. acquisition. Also, I have mentioned that in the case of the U.S., we have recorded things that were related to last year.

One-time events as well of approximately MXN 70 million more.

Perfect. Very clear.

Again, if you have a question, please press star then one. The next question is from Gabriel Himelfarb from Scotiabank. Please go ahead.

Hi. Good morning. Thanks for the call. Just a quick question. Have you seen any shifts on traffic or seats or capacity from airlines, from both perhaps U.S. and domestic airlines? And what could be the outlook or the drivers for the traffic ahead? Thank you.

Hi, good morning. Well, the only shift that we have seen or we have been informed is what I just mentioned, is the case of Spirit. Spirit has decreased its capacity for the case of May in comparison of what they have scheduled before. That is the only one we have so far. As I said before, it's difficult times with the level of fuel prices we have today, and the uncertainty that we have about the situation in the Middle East. I hope that this situation in the Middle East resolves quickly and that just affects, let's say, the end of April and some pieces of May. That's it. Of course, difficult for me to say when is this going to be over.

Okay. Thank you. If I may, another questions. Perhaps in the terms of commercial revenues, what is the trend on the passenger profile? Is there lower expenditure on terminals, lower time on the terminals, or what's driving the trends on the commercial revenues?

Let me start with Puerto Rico, because we were facing difficult times. Let's say the third week of March, the TSA lines over the weekend reached 4.5 hours, plus 1 hour more for the case of the agricultural filter. You had to be there more than 6 hours before your flight. Of course, that has an impact on everything. Also on the commercial side, a lot of people lost their flights, and a lot of flights had to be rescheduled, et cetera. We are not seeing, let's say, low-spending people. It's some other effects that have been affecting the situation. The effects that I have mentioned during my call, during my initial remarks, remember last year, peso versus dollar was 20-something, and today it's 17-something. The difference was always important. It's around 14% difference.

It's very clear, and you can see that in the results of the quarter.

Okay, thank you very much.

The next question is from Andres Cardona from Citigroup. Please go ahead.

Good morning, Adolfo, David. I have one question about the EBITDA contribution of the U.S. business. You can share, how much do you expect on an annual basis from there? Thank you.

Could you repeat your question again? How much?

How much EBITDA contribution you expect from the U.S. business on an annual basis?

For the moment, what I was saying is the year so far, $30 million in EBITDA. Of course, next year should be more as a result of the opening of the New Terminal One.

Thank you.

You're welcome.

The next question is from Francisco Suarez from Scotiabank. Please go ahead.

Hey, Adolfo. Thanks for the call. David, congrats on the new appointments. The question that I have relates also with the U.S. operations. It is about excluding Terminal 1, what would be the overall occupancy rates that you see over there? And also, in a related question, what is the overall outlook, again, excluding Terminal 1, on potential increases in the overall leases that you may see there and your overall strategy to manage those assets?

Well, round numbers, I would say, Francisco, we have more than 400 contracts there. 400 units. If you see some of them, in the case of LAX, are empty, but that doesn't mean that those does not have a contract. Some of them are empty because they're in the process of being remodeled or in the process of new spaces. Basically, I would say we have all or almost all the spaces contracted.

Okay. Also if you can discuss a little bit about your overall average life on those leases and what would be the potential to see further increases in rents. Do you have any idea of how likely is to see an improvement on rents once the leases are expired?

Well, average life, basically, I would say between 15-17 years.

Okay.

I would invite you to see some news related to Terminal 8 at John F. Kennedy, and you can see the new spaces that were opened recently. Those spaces were empty for a long time. Those were in a severe remodeling process. Now we have finished that piece. We are focused now on two major projects. One is, of New Terminal One. the other one we have is a new agreement that we reached with LAX last year, where we will be preparing the terminals for the Olympics in 2028. Some spaces are going to be remodeled for the Super Bowl. That is going to take place there first quarter next year. The most important event, of course, is the Olympics in 2028.

Great color, and thanks for the tip. In other words, I think that the overall tenant improvements and all these investments and the remodeling are linked towards better rents at the end of the day because you will be recovering those investments, isn't it?

Absolutely.

Fantastic. Thank you so much for the color.

You're welcome.

Again, if you have a question, please press star then one. We will pause momentarily to assemble our roster. This concludes the question and answer session of today's conference call. I would like to turn it back over to Mr. Castro for closing remarks.

Thanks, David, and thanks, Sashi. Ladies and gentlemen, that concludes ASUR's first quarter 2026 results conference call. We would like to thank you again for your participation. Now you may disconnect.

Ladies and gentlemen, that concludes ASUR's first quarter 2026 results conference call. We would like to thank you again for your participation. You may now disconnect.

Good day, ladies and gentlemen, and welcome to ASUR's Fourth Quarter 2025 Results Conference Call. My name is Dave, and I'll be your operator. [Operator Instructions] As a reminder, today's call is being recorded. Now I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.

Thank you, Dave, and good morning, everyone, and thank you for joining us today to discuss ASUR's results for the fourth quarter and full year 2025. Before I begin discussing our results, let me remind you that certain statements made during the call today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. Additional details of our quarterly and full year 2025 results can be found in our press release, which was issued yesterday after market close, and is available on our website in the Investor Relations sector. Following my presentation, I will be available for Q&A. As usual, all comparisons discussed on this call will be year-on-year, and all figures are expressed in Mexican pesos, unless specified otherwise. Before getting into the discussion of traffic and financial results, let me start today's call with a recap of the key business developments during the fourth quarter and over the course of the year. The fourth quarter marked an important inflection point for ASUR. While traffic trends in certain markets moderated, we remain focused on strengthening our long-term platform through diversification, disciplined capital allocation and continued operational excellence. Strategically, we completed our expansion into the U.S. airport, commercial market and advanced transformational Latin American growth opportunity. As previously discussed, on December 11, we completed the acquisition of URW Airports, renamed as ASUR U.S. at an enterprise value of $295 million. This transaction established ASUR a direct participation in the U.S. nonregulated commercial airport segment, with operations in major U.S. hubs, including Los Angeles International Airport, Chicago O'Hare and New York John F. Kennedy International Airport. From December 11 through December 31, ASUR U.S. contributed approximately to $133 million in revenues and $86 million in EBITDA. We are excited about what this acquisition brings to ASUR's portfolio. First, it adds exposure to high-traffic dollar-denominated commercial revenues. Second, it diversifies our revenue mix beyond regulated income. And third, creates a scalable platform for future growth in the United States. Revenue and EBITDA for the ASUR U.S. were included within the results of our Mexican operations this quarter. Starting our first quarter 2026 earnings report, we plan to provide more detailed disclosure regarding on the business so that the investment community can better assess revenue profile, margin structure and growth prospectus as fully consolidated operation. In parallel, as disclosed in November, we signed a purchase agreement to acquire Motiva's stake in its airport portfolio, which holds interest in 20 airports across Brazil, Ecuador, Costa Rica and Curacao, for a purchase price of BRL 5 billion, which at the moment represented approximately $936 million. Upon closing this transaction would add approximately 45 million passengers annually to our network, bringing total annual passenger traffic over 116 million. It also provides entrance to Brazil, the largest aviation market in Latin America, while further strengthening our presence in Central and South America. This acquisition enhances our geographic diversification, increases scale and creates long-term operational opportunities, giving ASUR's track record as an efficient airport operator and more important, the opportunity to use the balance sheet. The Motiva transaction remains subject to customary closing conditions and regulatory approvals, while closing expected in the first half of 2026. We intend to fund the acquisition with debt. Together, these initiatives reflect a deliberate expansion, strengthening our position in the U.S. commercial segment while deepening our footprint across high-growth markets in the Americas. Importantly, we continue to adhere to our long-standing strategy of pursuing disciplined accretive acquisitions that increase long-term shareholders' value while preserving balance sheet strength. Lastly, reflecting the strength of ASUR's cash generation model, we returned value to shareholders in form of dividends. During 2025, dividend payment totaled $24 billion. At the same time, we supported our selective expansion strategy and preserve our financial flexibility. Let me now review ASUR's operational performance for the quarter and full year. During the fourth quarter, we handled 17.9 million passengers, up nearly 1% year-on-year with nearly 72 million passengers traveling through our airports during the year. Looking at the quarter performance by region, Mexico was essentially flat with domestic traffic slightly below prior year levels, while international traffic showed modest improvement. We believe this reflects the early stages of normalization following aircraft availability constraints and softer regional demand in earlier year. In addition, traffic in Cancun declined 2% during the quarter, while our 8 other Mexican airports grew middle-single digit. In Puerto Rico, traffic declined 3%, primarily driven by domestic market demand softness, while international traffic remained positive. Colombia once again delivered the strongest performance with our portfolio with fourth quarter traffic increased nearly 6% to 4.7 million passengers, reflecting high single-digit growth in international traffic and mid-single digit in domestic traffic, supported by improving connectivity and resilient demand. Overall, we are seeing gradual stabilization in Mexico and sustained structural growth in Colombia. Passenger volumes from the United States, our larger international source market decreased just 0.6%. While South America contracted 10.9%, on the positive note, Canada and Europe increased by 12.9% and 1.1%, respectively. Looking ahead, we expect a more balanced operation environment across our portfolio. In Mexico, we expect traffic to gradually stabilize over the year as aircraft availability improves. In Cancun, we continue to monitor the dynamic with Tulum Airport. As comparables ease, and airline networks adjust, we believe traffic trends should progressively improve during the year. In Puerto Rico and Colombia, we continue to expect sustained positive momentum, supported by healthy international demand and improved connectivity. Turning now to financial performance. As a reminder, all figures exclude construction revenue and costs and comparisons are all year-on-year, otherwise noted. Total revenue were flat year-on-year at MXN 7.3 billion, reflecting the softer traffic environment in Mexico and the FX impact from the appreciation of the Mexican peso on the commercial activity. Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter. By region, Mexico, revenues were flat due to softer traffic trends and the FX impact from the appreciation of the Mexican peso against the U.S. dollar on commercial revenues. Puerto Rico's revenues declined nearly 6%, affected by the FX impact, while Colombia revenues increased nearly 5%, broadly in line with traffic growth and improved commercial performance. As part of our strategy to increase and enhance commercial offering, we opened 41 additional retail and service units across the network over the past year. This includes 31 in Colombia, 8 in Puerto Rico and 6 in Mexico. These additions contributed to a low single-digit increase in commercial revenues with solid momentum in Colombia, partially offset by softer results in Puerto Rico and Mexico. Commercial revenue per passenger increased 1% year-on-year to nearly MXN 132. By geography, Colombia posted the strongest performance with a 12% gain, followed by Puerto Rico, which rose nearly 4%, while Mexico remained broadly stable at MXN 159 per passenger. Turning to operating costs. Total expenses increased 25% year-on-year. In Mexico, expenses rose 10%, primarily driven by professional fees associated with the ASUR U.S. and the Motiva Airport project, along with the high minimum wages and increased service-related costs. Puerto Rico recorded a 6% increase, mainly due to security expenses and inflationary pressures. In Colombia, expenses doubled largely due to a change in the concession amortization methodology implemented in the previous quarter. As a reminder, we expect the regulated revenues to phase out by 2027 with the concession running through 2032. Starting in the third quarter 2025, we aligned amortization with the updated revenue generation. This is a structural adjustment and will continue going forward. Excluding this account adjustment, costs will have increased just by 1%. Turning to profitability. Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion during the quarter, with adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year, reflecting the dynamics I just explained. Colombia delivered EBITDA growth of 2%, while EBITDA declined by 3% in Mexico and 19% in Puerto Rico, mainly reflecting lower traffic and higher operating costs. Net majority income for the fourth quarter decreased 22% to MXN 2.7 billion, primarily driven by 2 factors: a noncash foreign exchange loss of MXN 155 million in connection with the appreciation of the Mexican peso against the U.S. dollar, while in the fourth quarter 2024 we recorded a MXN 773 million gain. Second, the MXN 407 million adjustment in amortization methodology in Colombia introduced in the third quarter 2025 that I just mentioned. For the full year, total revenues increased nearly 19% to MXN 37 billion. EBITDA rose 2% to MXN 20.2 billion with adjusted EBITDA margin of 67.8% in '25 compared with the 69.7% in '24. In turn, net income declined 20% year-on-year to MXN 10.9 billion, mainly reflecting a noncash foreign exchange loss of MXN 1.9 billion this year versus a MXN 2 billion gain in '24. Moving on to the balance sheet. We closed the year with cash and cash equivalents with MXN 11 billion and net debt of MXN 16 billion, equivalent to 0.8x last 12 months EBITDA. This reflects 2 loans obtained during the second half of 2025, which were secured to pay CapEx projects and fund our strategic U.S. initiative. Even after incorporating these financings, leverage remains at a conservative level and well below global airport peers, presenting ample flexibility to fund regulatory CapEx commitments and future growth. Capital expenditures during the fourth quarter were MXN 3.9 billion invested across our airport network, of which MXN 3.5 billion were invested in Mexico under our master development plan, and the remainder in Colombia and Puerto Rico. For the full year, we invested MXN 7.8 billion in CapEx with a similar geographic breakdown. Investments under our Master Development Programs across our Mexican airports, ensuring the capacity, service quality and regulatory compliance continue to advance. In Puerto Rico and Colombia, we remain focused on operational improvements and commercial optimization initiatives aimed at enhancing non-aeronautical revenue generation. In Mexico, we expect to reopen Terminal 1 in Cancun in the third quarter of this year, which is anticipated to provide a commercial tailwind. New facility will help rebalance passenger flows across terminals and improve the passenger experience, which over time should support higher commercial spending. Wrapping up, ASUR enters 2026 with a strengthened platform, greater diversification, disciplined capital allocation, robust balance sheet and proven operational model. While near-term traffic trends in some markets have moderated, the structural demand drivers for air travel in our region remains intact, and we are confident in our ability to generate long-term value for our shareholders. With that, now we are ready to take your questions. Dave, please open the floor for questions.

[Operator Instructions] The first question comes from Andressa Varotto with UBS.

I have 2 questions. I can make the first one and then the next one. Starting with if you could share any additional color and projections about the recent ASUR U.S. acquisitions or if we can try to calculate how much it could add on revenue and EBITDA for the year based on the results showed in this quarter? And also, if you have any update on the process of the Motiva Airports acquisition?

Well, in the case of the U.S., 2 comments. First of all, you have the numbers for the first 20 days, which are, I will say, not something that we can consider as a normalized for the full year in '26. Due to the fact that during the third quarter this year, we're expecting the opening of the new Terminal 1 in New York at the JFK Airport, which is an important element of the equation of this transaction. So more or less the same for the first 3 quarters and then the jump because of the new Terminal 1. In the case of the process for Motiva, everything is -- it's going well. Of course, it's going to take time. There are some process that are slow in the case of aeronautical approvals. But we expect to conclude this during the end, maybe the beginning of the third quarter this year.

Very clear. And my other question would be regarding the tax rate. We noticed a lower tax rate this quarter. I would like to understand if this is something that we can expect for upcoming quarters or was more of a one-off effect?

No, that is related to the results of the year.

[Operator Instructions] Our next question comes from Anton Mortenkotter with GBM.

I mean we saw really good performance on the commercial side on Puerto Rico and Colombia operations using local currency. So I was just wondering what kind of initiatives were you pushing in those markets? And should we expect to see that non-aero [ part ] continue growing?

Thank you for your question, Anton. Yes, the appreciation of the Mexican peso was for the quarter, 13.4%. So if you see the results in their currency, they were very good. In the case of Puerto Rico, we have worked in the second half of the year very hard on a new strategy into the convenience stores, and there are some other adjustments to improve the operational performance of the duty free. In the case of Colombia, I would say, apart from what I mentioned in terms of the new units we have established there, nothing else.

[Operator Instructions] This concludes our question-and-answer portion of today's call. I would like to turn back over to Mr. Castro for closing remarks.

Thank you, Dave. Ladies and gentlemen, that concludes ASUR's Fourth Quarter 2025 Results Conference Call. We would like to thank you again for your participation. You may now disconnect.

Ladies and gentlemen, that concludes ASUR's Fourth Quarter 2025 Results Conference Call. We would like to thank you again for your participation. You may now disconnect.