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Greetings. Welcome to OMA's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Emmanuel Camacho. Thank you. You may begin.

Thank you, Cleo. Hello, everyone. Thank you for standing by, welcome to OMA's second quarter 2026 earnings conference call. Thank you for joining us today as we discuss our company's performance and financial results for the past quarter.

Joining us today are CEO, Ricardo Dueñas, and CFO, Ruffo Pérez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. Now, I will turn the call over to Ricardo Dueñas for his opening remarks.

Thank you, Emmanuel. Good morning, everyone. Thank you for joining us today. This morning, Ruffo and I will review our quarterly operational and financial results. Then we'll be pleased to answer your questions. During the second quarter of 2026, OMA served 7.2 million passengers, an increase of 0.4% versus the second quarter of last year, while available seat capacity decreased by 0.3%. Domestic passenger traffic grew by 0.6% as compared to the second quarter of 2025.

Our San Luis Potosí International Airport was a main contributor to domestic passenger traffic growth, with increases on the routes to Acapulco and Cancún airports. These routes collectively added over 23,000 passengers during the quarter, representing 61% of the total domestic passenger growth. International passenger traffic decreased by 1.2%, mainly driven by our Monterrey Airport, with lower traffic on the Los Angeles, Dallas, Fort Worth, and San Antonio routes.

In terms of growth by airline, Volaris, which accounted for 25% of our total passenger traffic in the quarter, recorded a 7% growth versus the second quarter of 2025, while Viva, which accounted for 50% of the total passenger traffic, recorded a 2% decline. During the quarter, airlines opened 24 new routes across our airports, including 18 domestic and six international routes. This included the launch of Aeroméxico new route to Paris in April, as well as Iberia's new route to Madrid in June, marking the airline's first-ever operation in Monterrey.

The Paris route generated more than 14,000 passengers during the quarter. Following its strong initial performance, the route was converted from a seasonal to a permanent year-round operation, further increasing Monterrey's connectivity with Europe. Turning to our financial performance, aeronautical revenues increased 4% during the quarter, mainly reflecting the tariff adjustment that became effective in mid-April.

Commercial revenues continued to perform well during the quarter, increasing 7% versus the second quarter of 2025. Commercial revenue per passenger reached MXN 66.4, an increase of 60.3%, while occupancy of commercial space remained at 96% at the end of the quarter. Diversification revenues increased by 17% year-over-year, mainly driven by OMA Carga business, where revenues increased 29%, reflecting new client operations and additional high-value cargo handling in Monterrey, as well as higher activity at our Chihuahua warehouse.

Hotel services revenues grew by 6%, supported by higher occupancy at the NH Collection Terminal 2 hotel and higher average daily rates at both hotels. Industrial services revenues reached MXN 57 million, an increase of 9%, mainly attributable to a greater number of square meters leased.

OMA's second quarter adjusted EBITDA increased 6.6% to MXN 2.7 billion, while the adjusted EBITDA margin expanded to 75.2%, reflecting revenue growth and disciplined cost management despite continued inflationary and labor cost pressures. Total investments in the quarter, including MDP investments, major maintenance, and strategic investments, were MXN 949 million. Before concluding, I would like to highlight two relevant events during the quarter.

First, OMA achieved a sustainability performance target linked to our sustainability-linked bonds, reaching an 88% reduction in Scope 1 and Scope 2 greenhouse gas emissions per passengers by the end of 2025, well above the 58% reduction target set against our 2018 baseline. Finally, on July 16th, we issued MXN 3 billion in long-term notes in the Mexican market.

Proceeds were used to repay MXN 1.7 billion of outstanding short-term bank debt, as well as to repay the MXN 640 million corresponding to our OMA 2023 notes maturing on July 24th. The remaining proceeds will fund committed investments under the Master Development Program and general corporate purposes, including working capital requirements. I would now like to turn the call over to Ruffo Pérez Pliego, who will discuss the financial highlights for the quarter.

Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter before opening the call for questions. Aeronautical revenues increased 3.9% relative to the second quarter of 2025, mainly reflecting the tariff adjustments that took effect in April 2026. Domestic passenger charges grew in line with these new tariffs, while international passenger charges declined, mainly due to the appreciation of the Mexican peso and lower international traffic.

Other aeronautical services grew at a more moderate pace than the tariff increase, reflecting fewer aircraft operations during the quarter. Together, these effects resulted in a 3.5% increase in aeronautical revenue per passenger. Non-aeronautical revenues increased 9.8%. Commercial revenues increased 6.7%, mainly driven by higher parking, restaurants, VIP lounges, and retail revenues.

Parking revenues increased 8.8%, driven by higher passenger traffic as well as higher tariffs from longer stays across our airports. Restaurants and retail revenues were up 11.3% and 4.2% respectively, both mainly as a result of higher penetration rates and opening of new outlets.

VIP lounges increased by 15.8%, driven by higher capture rates in the Monterrey Airport, as well as the recent start of operations of the VIP lounge in Torreón. Diversification activities grew by 17.4% in the quarter, mainly due to the increase in OMA Carga revenues. Total aeronautical and non-aeronautical revenues grew 5.4% to MXN 3.6 billion in the quarter. Construction revenues amounted to MXN 844 million in 2Q 2026.

The cost of airport services and G&A expense increased 3.6% versus 2Q 2025, supporting the expansion of adjusted EBITDA margin. The increase mainly reflected higher payroll, contracted services, and materials and supply expenses. Payroll increased 9.5%, mainly reflecting inflationary adjustments and addition of new positions.

Contracted services increased 10.7%, primarily due to higher security and cleaning expenses resulting from contract renewals and minimum wage increases. Materials and supplies increased 18.7%, mainly reflecting the higher operation requirements in our OMA Carga and our VIP lounge operations. Concession tax increased 3.9% to MXN 294 million. Major maintenance provision was MXN 99 million compared to MXN 50 million in 2Q 2025, reflecting new MDP provisioning requirements.

As a result, adjusted EBITDA increased 6.2% to MXN 2.7 billion, and the margin reached 75.2%. Our financing expense decreased by 17.4% to MXN 337 million in the quarter, mainly as a result of a lower effect from the change in present value of our major maintenance provision, which was partially offset by higher interest expense on debt.

Consolidated net income was MXN 1.5 billion in the quarter, an increase of 10.2% versus 2Q 2025. Turning to our cash position. Cash generated from operating activities in the second quarter amounted to MXN 1.8 billion, while investing and financing activities used MXN 776 million and MXN 2.1 billion respectively.

As a result, our cash position at the end of the quarter was MXN 2.6 billion. At the end of June, total debt amounted to MXN 14.3 billion, and leverage, measured as net debt to adjusted EBITDA ratio, stood at 1.1x. This concludes our prepared remarks. Cleo, please open the call to questions.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we pull for questions. Our first question is from Jens Spiess with Morgan Stanley Investment Management. Please proceed with your question.

Hi. Congrats on the results. I have a question on the maximum tariff completions. What's the expectation throughout the year? Also, if you can give a bit more details on your CapEx. We saw that you have spent so far, like, MXN 1.4 billion in your Mexican airports through the first half of the year. While your MDP investments are MXN 1.2. What's going on there? Are you anticipating some of the investments that are in the MDP plan for 2027?

Sure. For the first part, Jens, we're planning to end the year. We just recently adjusted tariffs mid-April. Considering that, we believe by the end of the year, we're going to be around the 93% compliance with maximum tariffs. As for the second part, maybe, Ruffo, you want to join?

Sure. Remember that we had some carryover investments from the previous MDP that were going to be completed in 2026 and 2027. That has to be added to the actual 2026 commitment. For this year, we are expecting around MXN 3.5 billion-MXN 4 billion total investments for the year.

Okay. Perfect. Yeah, just one additional question on that. It seems like flight schedules are pointing to some seat growth moderation the fourth quarter, a very strong growth in the first quarter of next year. Are you seeing the same?

Not yet. The schedules, or I would say more definitive schedules, for the winter season have yet to be published. Right now we have an indication and, yeah, we see some conservativeness from airlines in Q4. I don't necessarily think that the first quarter yet do reflect the expectations of airlines, and they're just very indicative at this time.

Got it. All right. Thank you.

Thank you. Our next question is from Rodolfo Ramos with Bradesco BBI. Please proceed with your question.

Thank you for taking my question. I have two. The first one is a follow-up on Jens. I do not know if you can talk a little bit about your outlook on traffic growth. I know there is a lot of challenges on the horizon here, but wanted to get your sense of visibility and specifically if you can comment on the potential for developing Monterrey's route network.

It was encouraging to see more regular services to New York, for example. I do not know if there is any other low-hanging fruit on the domestic market. That is my first question on the traffic side. On the second, if I may. It was very interesting to see OMA Carga with very strong upline growth. Just one of your peers has also seen a very active activity on the cargo side.

Wanted to get a little bit of the sense that you get from the industry that you are seeing participating in your volumes. I do not know if there is any other potential for you to go into bonded warehouses or try to capture more value out of this boom in exports that Mexico is having. Thank you.

Sure. Thank you, Rodolfo, for your question. Regarding traffic growth, yes, of course, as a result of the oil spike, jet fuel spike that we have seen in the first half of the year, we are seeing airlines adjusting some of its capacity for the rest of the year. Whereas still, we are anticipating to be in positive numbers. We think traffic is going to be around flat to low single digits. I think that reflects on the resilience of some of the OMA's airport network.

There are some Monterrey routes already announced that are in the pipeline, specifically, with WestJet, Acapulco, Montreal, Chihuahua, Mexico AIFA, Mazatlán, Vancouver, Monterrey, Vancouver. We are currently working with airlines to try to expand and take advantage of Monterrey's strategic location. In terms of cargo, yes, we are seeing very good numbers coming from there. We are currently expanding our warehouse.

We are planning to finish that expansion in the next coming months. Some of the growth you have seen has been driven by new client operations, as well as the handling of additional high-value cargo operations. Chihuahua, there was an interesting spike due to the implementation of handling service for UPS and FedEx. We are investing in OMA Carga, in systems and processes. We expect good growth in the next coming months.

Thank you.

We continue seeing that growth type of growth.

Thank you.

Thank you. Our next question comes from Alberto Valerio with UBS. Please proceed with your question.

Hi team. Thanks for taking my questions. My first question is related to the working capital of the company. We saw a nice growth, nearly double-digit growth from net income. When you go for the cash generation from operations, it's a little bit soft than that. If you can explain the differences in receivables and payables, if they're recurring for the remainder of the year, or if it was spot on for this quarter.

Sure. Hi, Alberto. Yes, we've seen increased utilization of working capital. We are accelerating our CapEx execution versus what we had last year. There are some advance payments of new contracted works that are reflected as advances in the working capital. As construction progresses, those advances will be amortized. They are a signal of our increased CapEx execution. The other one is our tax payments have been higher.

We have a higher factor for calculation of provisional taxes versus what we had in the first half of last year. Even though provisional taxes are based on revenue, and revenues are growing in the low single digits, our factor reflects that higher level of provisional payments, which in the annual tax filings of next year, there will be less of an impact. During the year, we shall see that type of increase in taxes paid.

Fantastic. We should see this normalized construction, at least until the MDP CapEx being on execution. The tax is something more on regular basis. Is that correct?

Yes. Starting next year, a new factor will be recalculated. That will tend to normalize levels versus this year.

Fantastic. One more, if I may. I might need to cut in the first question of our colleague. When should we expect to almost reach the maximum tariff again? Should we draw a linear line into that?

This year, we're expecting around 93%-95% compliance with the maximum tariff for full year. Next year, we should see what the expected growth in traffic is, as well as the adjustments to the inflation. As you know, maximum tariff is adjusted every year with inflation. We'll have to see how those vectors behave and see how we get to our 99% target. As we said, we would probably target between two to three years after implementation of the MDP to get to that level.

Probably we'll be reaching the maximum tariff by the end of 2027, middle of 2028?

Yes. That would be reasonable. Yep.

Fantastic. Thanks so much.

Thank you. Our next question is from Anton Mortenkotter with GBM. Please proceed with your question.

Hi, guys. Thank you for taking my question. This is a bit of a follow-up on the maximum tariff question. Do you think that, if oil pressures remain, should we think that the compliance and the maximum tariff could take longer, or are you indifferent to those pressures? Also on the commercial side, excluding diversification activities, we saw a slight increase in the nominal per pax, slightly above inflation. What kind of growth should we expect on those business lines going forward? Thank you.

On the second part of your question, yes, on the commercial side, I think that we will remain stable relative to current levels of around MXN 66 per pax. We expect to open the new areas in the Monterrey Airport towards and be fully operational by the end of next year. We shall see a pickup in commercial revenue per passenger until 2028.

For the following months, I think the 66 level is reasonable to assume. Regarding the maximum tariff, what you mentioned of increased oil prices and its impact, yes, that could be a headwind towards fully passing through our maximum tariff. We'll see where we are at the beginning of the year and the situation has become more stable and more visible. We can start taking decisions of how to pass through the rest of the increase.

Very useful. Thank you.

Thank you. Our next question is from Gabriel Himelfarb with Scotiabank. Please proceed with your question.

Good morning. Thanks for the call. My question is regarding what's next for OMA beyond the MDP, and how could VINCI support the long-term growth strategy for OMA? Thank you.

I'm sorry, Gabriel. We couldn't catch it. Can you repeat it? The line is not working very well.

Sure. Can you hear me now?

Yes.

Can you hear me? Sorry.

Yes.

Sorry. My question is regarding what's the next value driver for OMA beyond the MDP, and how could VINCI support, or what was the attribution of VINCI for OMA's growth in the next years?

Sure. Thank you, Gabriel, for your question. Regarding the second part, we see many advantages. Just to mention a few, just access to human capital has been a great advantage. Access to a larger network of airports has allowed us to try to bring best practice around the world. We have seen them concretely in the last quarter, in the last six months, with all the technology projects that we have implemented in our network and specifically, in Monterrey.

Our bargaining power with suppliers and with airlines has also been a great advantage. Their knowhow and their expertise in the construction side of the business has also been very valuable. Their knowledge in terms of commercial planning has also been very effective, and you have seen those in the numbers. As for drivers coming forward, we're working in new projects.

We're currently working in two new hotels, an additional one in Monterrey, a new one in Ciudad Juárez. We're expanding our cargo operations as well. We're currently evaluating industrial park expansion as well, and we will continue optimizing our efficiency and trying to improve the commercial revenues per passenger. As you know, by the end of next year, we will have the new terminal in Monterrey that should add new commercial revenue to our airports.

Okay. Thank you very much.

Thank you. This concludes our question and answer session. I would like to turn the floor back over to Ricardo for closing comments.

We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement, and continued support. Ruffo, Manuel, Ayar, and I are available to answer your questions. Thank you once again, and have a great day.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.

Thank you, Christine. Good morning, everyone. Thank you for standing by, and welcome to OMA's First Quarter 2026 Earnings Conference Call. We appreciate you joining us today as we discuss the company's performance and financial results for the past quarter. Joining us today are our CEO, Ricardo Dueñas, and CFO, Ruffo Pérez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. Now I'll turn the call over to Ricardo Dueñas for his opening remarks.

Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our quarterly operation and our financial results, and then we will be pleased to answer your questions. In the first quarter of 2026, OMA passenger traffic totaled 6.7 million, a 4.7% increase versus last year. Seat capacity increased by 3.9% during the quarter. Domestic passenger traffic grew by 5.7%, driven primarily by the Monterrey Airport, with increases on routes to the metropolitan area of Mexico City, mainly to Toluca and Mexico City airports, Bajío, Puerto Vallarta, Mérida, and Cancún. These routes collectively added over 265,000 passengers during the quarter, representing 87% of the total domestic passenger growth. International passenger traffic decreased by 0.5%.

The decrease was mainly driven by Monterrey, with lower traffic on the routes to San Francisco, Chicago, and Los Angeles, and Mazatlán on the route to Minneapolis, Dallas, and Los Angeles. These decrease were partially offset by a positive performance in San Luis Potosí, which saw higher passenger activity on the routes to Dallas, San Antonio, and Houston. In terms of growth by airline, Volaris, which accounted for 25% of our total passenger traffic in the quarter, recorded a 15% increase in passenger traffic compared to the first quarter of 2025. Viva, which accounted for 48% of our total passenger traffic, recorded a 3% passenger increase during the quarter. Turning around to our financial performance, aeronautical revenues increased 4.3%. Domestic passenger charges revenue increased by 9%, driven by passenger growth of 55.7%.

Our international passenger charges revenue declined by 11% year-over-year, mostly due to the appreciation of the Mexican peso against the dollar. Commercial revenues grew by 4.9% compared to the first quarter of 2025, and commercial revenue per passenger stood at MXN 66.4. Commercial revenue growth was mainly driven by retail, parking, OMA Premium Lounges, and restaurants as we continued to benefit from higher penetration levels and increased passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter. On the diversification front, revenues decreased 1.1% year-over-year, reflecting a mixed performance across our portfolios. Hotel services declined 7.8%, mainly driven by our Hilton Garden Inn hotel, where results were impacted by the appreciation of the Mexican peso against the dollar and lower occupancy.

Other services decreased by MXN 13 million, mainly due to a one-time effect in the first quarter of 2025 related to industrial park activities, which did not repeat this quarter. These effects were partially offset by strong performance in OMA Cargo, which grew by 8%, supported by a more than threefold increase in operations at our Chihuahua warehouses as the business continued to scale. While industrial services grew 19%, driven by a higher number of leased sq m. OMA's first quarter adjusted EBITDA increased by 2.1% to MXN 2.4 billion with a margin of 73.4%. On the capital expenditure front, total investments in the quarter, including MDP investment, major maintenance, and strategic investments, were MXN 605 million.

Before concluding, I would like to highlight that during the quarter, we agreed with the Mexico City International Airport to extend the lease term of the NH Collection Hotel at Terminal 2 by another five years from its original maturity of 2029 to April 2034, under the same terms and conditions as the existing lease agreement. This extension allow us to secure revenues over a longer period from a business that has proven to be highly successful within our diversification strategy while providing greater visibility on the long-term contributions of this asset to our non-aeronautical revenues. On April 24th, we held our 2026 annual shareholders meeting, where shareholders approved, among other matters, the declaration and payments of a MXN 4.9 billion cash dividend.

I would now like to turn the call over to Ruffo Pérez Pliego, who will discuss the financial highlights for the quarter.

Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter before opening the call for questions.

Aeronautical revenues increased 4.3% relative to 1Q 2025, mainly due to the increase in domestic passenger traffic despite a 10.5% decrease in international passenger revenues as a result of appreciation of the Mexican peso. Non-aero revenues increased by 3.8%. Commercial revenues increased 4.9%, the line items with the highest growth were car parking, retail, restaurants, and OMA Premium Lounges. Parking increased 8.5%, driven by higher passenger traffic as well as higher tariffs. Retail and restaurants grew by 8.9% and 5.0% respectively, both mainly as a result of higher passenger traffic, higher penetration rates, and the opening or replacement of outlets from previous quarters. OMA Premium Lounges increased by 8.1%, driven by a higher capture rate.

In March, we opened a new VIP lounge at our Torreón Airport, and we currently operate OMA Premium Lounges in 11 of our 13 airports. Diversification activities decreased 1.1% in the quarter. Total aeronautical and non-aeronautical revenues grew 4.1% to MXN 3.3 billion in the quarter. Construction revenues amounted to MXN 519 million in 1Q 2026. Cost of airport services and G&A expense increased 20.0% versus 1Q 2025, primarily due to the following line items. Minor maintenance increased 54.2%, driven by timing effect of works performed. Contracted services expenses rose 20.8%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting inflationary pressures and tight labor market conditions.

Other costs and expenses, which increased by MXN 24 million as a result primarily of higher transportation costs, retirement provision, and budget expense, among others. Concession tax increased 2.2% to MXN 265 million. Major maintenance provision was MXN 109 million compared to MXN 53.4 million in 1Q 2025. The increase reflects the reassessment of our maintenance requirements in line with the investments included in our 2026, 2030 MDP, consistent with guidance provided in the previous quarter. OMA's first quarter adjusted EBITDA grew 2.1% to MXN 2.4 billion and adjusted EBITDA margins stood at 73.4%. Our financing expense decreased by 0.6% to MXN 310 million.

Consolidated net income was MXN 1.2 billion in the quarter, a decrease of 4.1% versus 1Q 2025. Turning to our cash position. Cash generated from operating activities in the first quarter amounted to MXN 1.7 billion. Investing and financing activities used MXN 791 million and MXN 376 million respectively. As a result, our cash position at the end of the quarter was MXN 3.7 billion. At the end of March, total debt amounted to MXN 13.6 billion, and leverage, measured as net debt to adjusted EBITDA, stood at 1.0x. This concludes our prepared remarks. Christine, please open the call for questions.

Our first question comes from the line of Rodolfo Ramos with Bradesco. Please proceed with your question.

Good afternoon, well, good morning to you guys, Ricardo, Ruffo, Emmanuel. Thanks for taking my question. Just a couple from my side. The first one is to see if you can help us get a sense of the potential for route development and the timeline. It was interesting to hear during your remarks that 87% of domestic traffic during the quarter came from new routes. When you look at these recently opened routes, if you can remind us what kind of maturation curves, do you expect in these routes? Maybe if you can quantify, as a % of your total traffic, what do you see in terms of, route development?

Not sure how these discussions are going with airlines in the current context of, more constrained seat supply. The second, if you can remind us where you stand on your maximum tariff execution, what should we expect at the end of this year? Thank you.

Sure. Hi, Rodolfo, this is Ruffo. As you know, we have a very good dialogue with all of our airline partners. We have right now 19 confirmed routes for the rest of the year. Most of them opening in June. Primarily with Viva Aerobus and Volaris. Also we have one confirmed route to Madrid with Iberia. As we announced recently, we continue to position Monterrey as a long-haul connecting point. We have now a direct flight to Paris as of last week. Also we see some recovery in the Canadian market for the winter season, so especially in Mazatlan as well.

I think that will also help our results towards 4Q. With respect to maximum tariff compliance, we currently are around 91%-92%. We started our pass-through of the tariff increase starting this month. We would expect to end of the year close to 95%.

Thank you.

Our next question comes from the line of Alberto Valerio with UBS. Please proceed with your question.

Thank you for the opportunity to make the question. It's a follow-up on the first question as well. We have a guidance that MDP tariff would be start pointing in April. I would like to know how it's proceeding this increasing price for tariffs. Another question is about the international operations due to strength of Mexican peso. How have been the pass-through, or you think that Mexican peso may weaken further in the year, you might be holding to pass through tariffs on these routes? Just a follow-on tariffs as well. Thank you very much.

Yes. So, during the first three months, we made little adjustments to our regulated tariffs. Most of the tariffs increased in April 10th of this month. We have already implemented that as of April 10th. I think that we are not right now holding any tariff increase in considering the FX potential variation. So we'll have to assess that in the future, depending on the peso exchange rate. Right now, we did implement the contemplate tariff increase this earlier this month.

Thank you.

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

Yes, hello. Thank you for taking my questions. Just on the April tariff increase, if you could give just some additional color on how much you increased it for domestic versus international. I mean, in peso terms. Just to get a better understanding of how much room there is to increase it further. My sense is that with the appreciation of the Mexican peso, you could probably do a bit more pronounced increases on the international side. Just to confirm, a follow-up on your response earlier. The 92%, that's based on first quarter numbers, right? Or how should we understand that 92%? Thank you.

Okay. Jens, thank you for your question. In terms of the increase, it was, as of April 10th, it was a 6.9% across the board for domestic and for international, TUA and airport services, as well. That was a nominal increase of 6.9%.

Regarding the maximum tariff, yes, the 91%-92% is in the 1Q. We would expect to go higher, around 95%, towards the end of the year.

Okay. When is the next step up planned for this year?

We don't have any other step up contemplated for the rest of the year. Any increase would be until the next year. It's still TBD.

Okay.

The timing of that.

Okay. Even if the Mexican peso appreciates further, any adjustment would be implemented next year?

Correct. Yes.

All right. Perfect. Thank you.

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

Hi, guys. Thank you for taking my question. On the commercial side, commercial revenue per pax was quite stable year-on-year. I was just wondering, as you look ahead, how are you thinking about the next phase of monetizing the commercial side across the portfolio? Where do you see the biggest opportunities structurally to increase the spend per passenger? Thank you.

We did have flat, flattish per pax income this quarter versus last year. Most of that is explained because of reconfiguration of Commercial spaces in our Monterrey airport as a result of the terminal expansion works that we're doing in that airport. As we open new areas and works in certain areas are completed, we should see the benefit of those works probably starting mid 2027 and kicking in in full in 2028. In addition, we have a couple of line items that are also quite peso linked, sorry, the US dollar linked. Primarily the VIP lounge operation is basically fully dollarized, as well as the duty-free.

Appreciation of the peso also affected those two particular line items.

Thank you.

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

Hi, thank you for the call and congratulations on the results. My question is on profitability. We saw a meaningful increase in operating costs, particularly in service costs, which pressure margins. How much of this cost increase will you consider as a one-off, and how should we think about the margin trends in the coming quarters?

Hi, hi, Enrique. We had some advanced minor maintenance expenses that were advanced in the first quarter due to timing execution of the works. We should expect that line item to normalize going forward. Also in the other costs and expenses, we did have some non-recurring items related to patent provisioning, certain litigation provisions and IT expenses that should level off in coming quarters. Now, regarding the Major Maintenance Provision, I will just highlight it's a non-cash item, so even though it does affect the margin, it is not affecting the cash position of the company.

Perfect. Thank you.

Our next question comes from the line of Pablo Monsivais with GBM. Please proceed with your question. Pablo Monsivais, your line is live. Our next question comes from the line of Alan Macías with Bank of America. Please proceed with your question.

Hi, good morning, thank you for the call. Just a question on jet fuel. Any risks there of availability in Mexico? Any scarcity have you seen? What have jet fuel prices been doing in Mexico? Any risk of airlines such as Delta that suspended some flights from the U.S. to Mexico? Anything you've seen from U.S. airlines or in that case, Mexican? Thank you.

Thank you, Alan. Yes, as we are fortunately, we're not having the issue that you're seeing in Europe, where you've seen shortages of jet fuel. Fortunately, in Mexico, we don't see a problem of shortage. We also have spoken directly with the FAA authorities, and there's no sign that there is a problem of shortage. We do have the price of oil where it is, that it's probably having an impact across the board.

Thank you.

As a reminder, if you would like to ask a question, press star one on your telephone keypad. One moment, please, while we repoll for any additional questions. Thank you. Our next question comes from the line of Vanessa Quiroga with Eternal Capital. Please proceed with your question.

Hi. Thank you. A follow-up regarding the increase in tariffs that are due in April that you are going to implement. What exchange rate for the Mexican peso did you assume to decide to increase by 6.9% the tariffs? Thank you.

That increase was based or planned earlier in the year. It does reflect both inflationary expectations for this year, as well as some catch-up of the MDP tariff increase that we obtained in December of last year. It's consistent with our expectation of passing through the MDP increase in two-three years.

Okay. A question about the sorry, the commercial revenues and what we saw for the hotels. Are you expecting that the hotel performance will remain as we saw in the first quarter with declines?

Part of the decline that you saw in the first quarter was mostly due to FX. Especially the Hilton Garden Inn in Monterrey, mostly our 2/3 are Hilton Honors, which are American-based. The currency would have played an impact there. We expect it to normalize going forward. And we're also exploring two additional new hotels.

Okay. Thank you.

Our next question comes from the line of Julia Orsi with JPMorgan. Please proceed with your question.

Yes, hello, everyone. Thanks for taking my question. Just a question on your outlook for traffic for this year. Any changes on your previous estimates of a low to mid-single-digit growth rate due to, airlines reducing capacity and some sort of demand hit due to higher jet fuel costs, and how you're seeing the breakdown across domestic and international demand as well? Thank you.

Hi, Julia. Even though there is a lot of uncertainty on the number of seats after the summer season, we think that the low to mid-single digit estimate is still valid. We do see better performance on the domestic side than in international. Yes, in the 1Q of this year, U.S. demand has been soft, but it has been compensated by higher dynamism of the Monterrey industrial market.

Perfect. Thank you.

Our next question comes from the line of Federico Galassi with The Rohatyn Group. Please proceed with your question.

Hi. Thank you, Ruffo, for taking my question. Maybe this is a follow on, when I checked the growth in cost, we see two or three lines as minor maintenance, other costs, and in particular, contracted service. Was something in particular for this quarter? This is a number that you can continue to grow, and in particular for the project that you are running today? Just to understand how is the increase in cost? Only that.

Sure. Hi, Federico. Maintenance cost was impacted by timing effects, it should trend down in the following quarters. The same with other costs. On the contracted services line item, it does reflect primarily security and cleaning contracts that we have, and those levels are expected to of that particular line item to be maintained for the remainder of the year.

Okay. Clear. Other costs are unexpected?

Yeah. Other costs also we did have some timing effects as well as some extraordinary events in the 1Q. That number should also be slightly lower in future quarters.

Okay. It's fair to say that today, no? In the next quarters, the cost over revenues should be decreased for all these one-off effects.

Yes. That is correct.

Okay.

Yes. That is correct.

Okay. Thanks.

We're, we're.

Perfect. Very clear. The second one, Ruffo, if I can, is we saw in the last quarter OMA Cargo growing again almost double digits if you see the two quarters. How do you see the activity in cargo, thinking in the rest of the year?

It continues to be strong. What is driving right now the first Q numbers is primarily our Chihuahua warehouse results, which is picking up in terms of client penetration and operations. We still see a lot of potential in the Monterrey airport, and we see dynamism to continue for the coming quarters on that line item.

Okay. Ruffo, thank you so much.

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

Hi. Good morning. Thanks for the call. Just a quick reminder or a quick follow-up on the MDP CapEx. I believe it's the core of the MDP, it's based on expanding the Monterrey commercial areas. I think you mentioned last quarter that you expect a ramp up between 10% and 15% on revenue per passengers by 2028. It's this number still in line, or there's an update, or perhaps can you give us in terms of EBITDA, how much can this be incremental for OMA? Thank you.

Yes, that number is based on in real terms. We expect that spend per pax in the Monterrey Airport to go up by 15% by 2028 as compared to baseline of 2024 in real terms.

Okay. How much in terms of EBITDA will be the step up?

Let me, let me confirm, I'll get back to you because I'll have to check what the expected passengers are for that airport. I will get back to you. I don't have the numbers in front of me.

Sure. Thank you very much.

We have no further questions at this time. I'd now like to turn the floor back over to management for closing comments.

We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement, and continued support. Ruffo, Emmanuel, and I are available to answer your questions. Thank you. Thank you once again, and have a great day.

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Greetings. Welcome to OMA's Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.

Thank you, Sherri. Hello, everyone. Thank you for standing by. And welcome to OMA's Fourth Quarter 2025 Earnings Conference Call. We are delighted to have you join us today as we discuss our company's performance and financial results for the past quarter. Joining us today are CEO, Ricardo Duenas; and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. And now I'll turn the call over to Ricardo Duenas for his opening remarks.

Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, I will briefly discuss the approval of our master development program, then Ruffo and I will review our annual and quarterly operational performance and financial results. And finally, we will be happy to answer your questions. During December, we received approval from the Federal Civil Aviation Agency for a master development program covering the '26-'30 period. The approved investment commitment amounts to approximately MXN 16 billion expressed in December 2024 pesos. This new 5-year program is focused on capacity expansion and quality enhancements at our largest airports in terms of passenger contribution while further strengthening the efficiency of our network. Investments are allocated across terminal expansions, airside infrastructure, equipment upgrades, pavement, rehabilitation, modernization works, environmental initiatives as well as safety and certification programs. Capacity and quality improvements, infrastructure optimization, airport equipment and sustainability-related CapEx represent the main drivers of the program. In this context, our MDP prioritizes projects that enhance passenger experience, improve operational efficiency and incorporate technology solutions that support long-term service quality and cost optimization. Sustainability and decarbonization are embedded in our investment strategy with initiatives aimed at improving energy efficient and supporting our long-term emission reduction targets. Importantly, the total investment commitment of 2026-2030 is comparable in real terms to the investment considered in the 2021-2025 cycle. However, traffic levels today are materially higher than 5 years ago. This implies an improvement in capital efficiency per passenger and reflects the scalability of our existing infrastructure. In other words, this MDP reflects disciplined capital allocation, greater efficiency in the deployment of CapEx and a focus on maximizing the use of current assets. The approval also provides long-term regulatory visibility and reinforces the structural growth outlook of our airports. Moving now to our full year 2025 results. This was a year marked by the continued recovery in operational capacity and a strong performance in our main airport of Monterrey. While the Pratt & Whitney engine inspection program continued to affect certain fleets during the year, capacity constraints eased compared to 2024. This allowed Mexican airlines to progressively restore frequencies and reintroduce routes that had been limited or suspended due to aircraft availability. As a result, seat capacity across our airports increased close to 11% during 2025, reflecting improved aircraft deployment and network adjustments. During 2025, we opened 35 new routes, of which 24 were domestic and 11 were international, further strengthening connectivity across our airports. Supported by higher seat availability and route expansion, total passenger traffic reached 28.8 million passengers in 2025, representing an 8.5% increase as compared to 2024, with domestic passenger traffic growing by 8% and international passenger traffic by 12%. The expansion reflects a continued diversification of Monterrey's international footprint. In addition to consolidating its position as a key gateway to the United States, Monterrey has progressively expanded its long-haul connectivity in recent years, including overseas service to Europe and Asia. The consolidation of long-haul routes such as Monterrey-Madrid, Monterrey-Tokyo and Monterrey-Seoul reinforces our long-term vision of positioning Monterrey not only as a regional hub within Mexico, but as an increasingly relevant international connecting point linking Northern Mexico with major global destinations. In 2026, we will continue strengthening overseas connectivity with additional operations to Madrid and the launch of Monterrey-Paris route in April 2026, further expanding our presence across diversified international markets. Beyond traffic growth, 2025 was also a year of solid execution across our commercial and diversification businesses. On the commercial front, we recorded growth across three key revenue line items, driven primarily by the opening of new outlets and continued commercial mix optimization. Restaurant revenues grew by 22%. VIP lounges revenues increased by 30% and parking revenues increased by 13% as compared to 2025. From our diversification lines of business, our industrial park was one of the strongest contributions to growth with 44% increase in revenues versus 2024, supported by higher leased square meters. OMA Carga revenues recorded strong results as well with a 9% increase in revenues, mainly as a result of higher volumes and improved operational efficiencies. Regarding our financial performance, aeronautical and non-aeronautical revenues each grew approximately 12% year-over-year. As a result, our adjusted EBITDA for the year was MXN 10.2 billion, and we recorded an adjusted EBITDA margin of 74.5%. I will now move on to our fourth quarter 2025 performance. In the quarter, OMA's passenger traffic totaled 7.5 million, a 6% increase year-over-year. Seat capacity increased by 8% during the quarter. On the domestic front, passenger traffic grew by 6%, driven primarily by the Monterrey Airport, which saw increase on routes to the metropolitan areas of Mexico City, mainly to Toluca and Mexico City airports, Bajio, Puerto Vallarta, Merida and Guadalajara. These routes collectively added for over 300,000 passengers during the quarter, representing 79% of the total domestic passenger growth. International passenger traffic increased by 4%, mainly driven by Monterrey with higher traffic on the routes to Bogotá, Toronto and Panama and San Luis Potosi on the routes to Dallas-Fort Worth, Atlanta and San Antonio. Together, these routes added more than 67,000 passengers during the quarter. In terms of growth by airline, Volaris, which accounted for 24% of our total passenger traffic in the quarter, recorded a 17% increase in passenger traffic compared to the fourth quarter of 2024, while Viva, which accounted for 51% of our total passenger traffic recorded a 5% traffic increase during the quarter. Turning to our financial performance. Aeronautical revenues increased 6%. Commercial revenues grew by 8% compared to the fourth quarter of '24 and commercial revenue per passenger stood at MXN 62. Commercial revenue growth was mainly driven by parking, restaurants, VIP lounges and retail, mainly as a result of higher penetration and the increase in passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter. On the diversification front, revenues increased 5% with OMA Carga contributing most of the growth, mainly due to -- because of higher revenues from our bonded warehouses in Chihuahua, given our successful strategy to further develop this warehouse in previous quarters. OMA's fourth quarter adjusted EBITDA increased by 6% to MXN 2.6 billion with a margin of 73.6%. On the capital expenditures front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN 755 million. I would now like to turn the call over to Ruffo Perez Pliego, who will discuss our financial highlights for the quarter.

Thank you, Ricardo, and good morning, everyone. I will briefly review our financial results for the quarter, and then we will open the call for your questions. Aeronautical revenues increased 5.6% relative to 4Q '24, mainly due to the increase in passenger traffic. It is worth noting that the peso appreciation against the dollar resulted in a 1.3% decline in international passenger charges despite a 4.2% increase in international passengers. Non-aero revenues increased 7.5%. Commercial revenues increased 8.4%. The line items with the highest growth were parking, restaurants, VIP lounges and retail. Parking grew by 18.4%, mainly as a result of higher passenger traffic as well as higher penetration across our airports and increased tariffs. Restaurants and retail increased 11.3% and 7.0%, respectively, both driven by higher passenger traffic as well as previously opened or replaced outlets. VIP lounges grew by 17%, mainly due to the higher capture rate, primarily in Monterrey Airport as well as the increase in passenger traffic, partially offset by a stronger peso against the U.S. dollar. Diversification activities increased 4.8%. OMA Carga contributed most to the growth in the quarter, increasing by 14.2%, resulting from a higher level of operation and tons handled during the quarter. Total aeronautical and non-aeronautical revenues grew 6.1% to MXN 3.5 billion in the quarter. Construction revenues amounted to MXN 613 million during the fourth quarter. The cost of airport services and G&A expense increased 11.6% versus 4Q '24, primarily due to the following line items. Contracted services expenses rose 14.7%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting inflationary pressures and tight labor market conditions. Minor maintenance increased 24.1%, primarily due to the timing effect of works performed. However, maintenance for the full year increased by 4.0%. Basic services increased by MXN 11 million, mainly due to higher utility costs, particularly electricity. This includes a onetime MXN 6 million impact related to the temporary use of an alternative power supply line at the Monterrey Airport, which carries a higher tariff than our power purchase agreement. This temporary situation was caused by construction works related to the subway line near the airport. And since the end of December, electricity supply has reverted to our regular PPA contract. Other costs and expenses increased by 9.9% due primarily to higher IT-related requirements and transportation services. Concession tax increased 8.0% to MXN 286 million, in line with revenue growth. Major maintenance provision was MXN 216 million compared to MXN 39 million in 4Q '24. It is important to highlight that this is a noncash item. During the quarter, we reassessed our major maintenance requirements to reflect expenditures included in the recently approved 2026-2030 master development program. This reassessment resulted in an increase in the provision liability. Approximately 17% of the total investments under the 2026-2030 MDP corresponds to major maintenance projects. For 2026, we expect the full year major maintenance provision cost to be approximately MXN 400 million. OMA's fourth quarter adjusted EBITDA grew 5.9% to MXN 2.6 billion and the adjusted EBITDA margin reached 73.6%. Our financing expense decreased 12.7% to MXN 290 million, mainly driven by lower interest expense associated to the major maintenance provision as well as higher interest income resulting from a higher average cash position. Consolidated net income was MXN 1.2 billion in the quarter, an increase of 3.6% versus 4Q '24. Turning to our cash position. Cash generated from operating activities in the fourth quarter amounted to MXN 1.9 billion. Investing and financing activities used MXN 663 million and MXN 2.5 billion, respectively. As a result, our cash position at the end of the quarter was MXN 3.1 billion. At the end of December, total debt amounted to MXN 13.6 billion and leverage measured as net debt to adjusted EBITDA ratio stood at 1.0x. This concludes our prepared remarks. Sherri, please open the call to questions.

[Operator Instructions] Our first question is from Juan Ponce with Bradesco.

On the MXN 260 million major maintenance provision recognized this quarter, does this reflect higher maintenance intensity or just timing shifts? Any additional color on the change would be helpful.

Sure. Juan, it does reflect the next 5 year -- well, the 2026-2030 expected expenditures as well as timing changes versus what we had assumed in the past.

Okay. And just to clarify, the expectation is that the full year number is going to be around MXN 400 million, correct?

That is correct, noncash. And the P&L impact is noncash, yes.

Yes, yes.

Our next question is from Jens Spiess with Morgan Stanley.

Yes. I have a question regarding the passenger fleet. And how do you expect to increase them throughout the year. And -- in order to reach close to 100% of your maximum tariff, what's your expectation there?

Yes. Thank you, Jens. So the announced increase is 6.9% increase starting April 10. And we anticipate it will take a couple of years, 2 to 3 years to reach the 100% maximum tariff.

Okay. So by the end of this year, what percentage do you expect to have completed of the maximum tariff of this year?

Something around the 93%.

93%. Okay. Perfect. Okay. If I may, just a second question, like any update on the timing of the investments in Monterrey? Yes, it would be much appreciated.

Investment in Monterrey.

Our next...

Yes. For the main -- our main works, as you know, are focused on Monterrey and Culiacan. Monterrey, we are anticipating to finish what we've been mentioning, which is by mid-next year, we should be opening the new commercial area of Monterrey. And for Culiacan, we're expecting to open the new commercial area by the end of this year.

Our next question is from Vanessa Quiroga with Eternal Capital Group.

So I would like to ask if you can provide the following details. How much of the master development plan investments for the next 5 years is major maintenance? And whether the rule -- the accounting rule is to provision 100% of that major maintenance during the 5-year period?

Sure. The total investments related to major maintenance in the approved MDP represents approximately 17% of the total MDP for the next 5 years. And the accounting rule is to provision the present value of such expenditure from today until the day the project is expected to start its execution.

Our next question is from Abraham Fuentes with Santander.

I wonder if you can give us more color about the excess of concession tax on aeronautical revenues that we had during this quarter. If this is something that could be recurrent going forward or not?

So the excess pursuant to 2023 tariff-based regulation, that excess was incorporated as additional reference value that was used in the recent negotiation that occurred in December. So that excess is already being recovered through a maximum tariff starting January 1 of this year.

Our next question is from Gabriel Himelfarb with Scotiabank.

If I may, I have two questions. First, the MDP CapEx on Monterrey, how much do you expect such commercial revenues to ramp in percentage terms -- in terms of EBITDA, how much EBITDA do they -- do you expect they might ramp up for OMA? And the second is, have you seen any -- or what's your view or your color on the Viva-Volaris consolidation in terms of routes and seat allocation?

In terms of the second part of your question, we're still assessing the potential impact. So it's still an analysis, the impact. And in terms of the first part, Ruffo?

Yes. So we do expect a bump after the commercial areas of the expanded Terminal A are opened towards the -- starting the second half of next year, and it's a full year effect being reflected in full in 2028. We do expect about a 10% to 15% increase in spending per pax in Monterrey in real terms on an annualized basis once these stores and new outlets are opened.

Okay. And if I may, I have an additional question. Have you been -- well, how is your view towards asset acquisitions like perhaps involving VINCI and the MDP or the future acquisitions, making, I don't know, OMA a consolidation vehicle?

In terms of new acquisitions, we're always looking for opportunities to expand locally or internationally. At the moment, there's no specific transaction that we're looking at. If there were in the future, that was something that will be discussed internally between VINCI and ourselves. We do -- we are -- look, one thing we are looking it at expanding our hotels presence. So we're evaluating a new hotel in Monterrey and another one in Ciudad Juarez. And we're also looking to expand our industrial park in Monterrey.

Our next question is from Alberto Valerio with UBS.

I have two here. If you could provide a little bit more details on the line of revenues as well on cost revenues, if -- do you guys have an impact from FX on the international traffic? And on cost, if you could provide a little bit more details on maintenance. You mentioned that will be a big portion of your next MDP. How can we forecast this for the future? And if you could provide any more details on what would expand it?

Yes. So the first part of your question was related to the FX impact, correct? Okay.

Perfect. Yes.

So we basically -- on the revenue line, we have four items that are very closely related to FX, which are international passenger charges VIP lounge, duty-free and industrial park. We estimate that the impact of the peso appreciation in the fourth quarter of '25 as compared to the fourth quarter of '24, which was about an 8% appreciation was between MXN 50 million to MXN 60 million. That was our estimate of the effect of such appreciation. Regarding the second part of your question, we do expect at least for 2026 that the full year provisioning would be around MXN 400 million, and we're still assessing what the impact would be for the following years. And it will depend on both construction costs as well as the interest rate -- long-term interest rates used to discount that provision.

And if I may, just one more about the violence that we have seen. I know that the region Jalisco is a little bit different from OMA airports region. But do you have any sort of impact on your airports or cancellation routes and so forth?

All our 13 airports are operating normally. We did see on Sunday during the event, a few cancellations from Guadalajara and Puerto Vallarta Airport. There were some yesterday, but today is operating normally, and it is not something that -- it's not a traffic that we believe will have an impact in our numbers.

Our next question is from Anton Mortenkotter with GBM.

Just a quick one. We've heard and we've seen in some newspaper, some of your peers are considering some alternative financing methods such as maybe FIBRA. I was just wondering if you guys are considering something -- an alternative to funding your CapEx similar to those or any special vehicles that you may be looking at?

So right now, we are not necessarily considering other type of structures different to what we have used in the past few years. We do have some refinancings of debt that is due this year, and we would expect to tap the CEBURES market as we have done so in the past 4 or 5 years.

Our next question is from [ Julia Arce ] with JPMorgan.

So can you comment a bit on your traffic expectations for the year? So on previous call, you were mentioning a low to mid-single-digit growth rate for 2026. Is this still the case?

Yes. For the year, we're anticipating somewhere in the low to mid-single-digit growth in traffic.

Our next question is a follow-up from Vanessa Quiroga with Eternal Capital.

My question is regarding the increase in the tariffs. The 7% in real terms that you mentioned, what is the base for that? Is the base the average in peso terms achieved in 2025? Or do you assume any FX? What is the base that you're using?

Sure. The MDP approved maximum tariff was a 6.9% real increase in all of the airports, and that reflects the 2025 maximum tariff. So 2026...

So that will increase a few...

It's the 2026 maximum tariff as compared to the 2025 maximum tariff. That increase in real terms, that's excluding inflation, is 6.9%.

So the part that maybe I need clarification, you are in 2026, you are going to have that increase or that's targeting 3 years?

Yes. The increase that we're going to pass through this year is 6.9% starting in 10th of April. That includes inflation as well. So it's a nominal 6.1% increase.

Our next question is from Enrique Cantú with GBM.

So as you implement tariff increases under the new MDP, how are you assessing demand elasticity, particularly in routes like Monterrey and tourist destinations? And could you share your outlook for further route additions and whether you see scope for continued expansion based on your ongoing discussions with carriers and route additions?

Sorry, could you repeat the question, Enrique? Sorry.

Yes, of course. So it's about demand elasticity. How are you assessing the demand elasticity, particularly in routes like Monterrey and tourist destinations as you implement your tariff increases under the new MDP?

Yes. So in terms of elasticity, we believe that the pass-through that we're implementing this year is not going to have a major impact in terms of elasticity -- traffic elasticity.

Yes. Just regarding new route openings, so far, 20 routes have been confirmed. 17 of them are domestic and 3 are international. And they start the vast majority of them in June of this year from airports such as Monterrey, San Luis Potosí primarily.

Our next question is from Andres Radin with TRG.

I was curious about commercial revenues per passenger and revenue from diversification for 2026. What kind of growth should we be expecting in any particular lines? Do you see any for this year?

Okay. So in terms of commercial revenue per pax, they ended 2025 around MXN 62 per pax. We expect similar amounts for the next few quarters in 2026. And regarding diversification revenues, we don't look at them on a per pax basis, but rather as a whole. We have, as you know, both 2 mature hotels, the NH in Mexico and the Hilton Garden in our Monterrey Airport. So we should expect inflationary increases in the results of those 2 units. And the driver of this year of diversification would be our OMA Carga unit which should have double digit growth.

[Operator Instructions] There are no further...

We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement and continued support. Ruffo, Emmanuel and I remain available to answer your questions. Thank you once again, and have a great day.

Thank you. This does conclude today's conference. You may disconnect at this time, and thank you for your participation.