PAC

Good day, everyone. You're on hold for today's GAP conference call. At this time, we're admitting additional participants. Please stand by, we'll begin shortly. Good morning and Welcome to GAP's second quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time, instructions will be given if you would like to ask a question. It is now my pleasure to turn the call over to GAP's investor relations team. Please go ahead.

Thank you. Welcome to GAP's second quarter 2026 conference call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial report. Please be advised that any comments made today may not account for future economic circumstances, industry conditions, the company's future performance, or financial results.

Any information discussed is based on several assumptions and factors that could change, causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly report issued previously. Thank you for your attention. It is my pleasure to introduce our speakers from GAP today, who will be discussing with you the operational and financial highlights for the second quarter of 2026.

These are Mr. Raul Revuelta, Chief Executive Officer, and Mr. Saul Villarreal, Chief Financial Officer. Mr. Revuelta, please proceed with your opening remarks.

Thank you, Maria. Good morning, everyone. Thank you for joining us today. The second quarter of 2026 shows the resilience of GAP's business model. Passengers traffic declined by 5.6% compared with the second quarter of 2025. Revenue, excluding construction services, increased by 4.9%, EBITDA grew by 8.4%, and EBITDA margin expanded by 230 basis points to 69.3%.

The results reflect the combined strength of our diversified airport portfolio, the continued growth of business operated directly by GAP, the initial contribution from the Cross Border Xpress, the global implementation of approved tariffs, and the internationalization of technical assistance services. While we are not satisfied with the current traffic performance, this quarter demonstrates that GAP is increasingly capable of protecting earnings and generating growth through multiple complementary revenue streams.

Let me begin with passenger traffic. During the second quarter, total passengers traffic across GAP's network of 14 airports declined by 5.6% versus the second quarter of 2025, reflecting a combination of factors affecting both our Mexican and Jamaican operations. In Jamaica, we continue to experience the impact of Hurricane Melissa. While the recovery of hotel capacity along the main tourist corridor gradually continues, it has not yet returned to the pre-storm levels.

However, we think hotel reopening points to extended recovery throughout the second half of this year. If this continues, we expect passenger traffic will continue to turn in the coming months. The operating environment in Mexico remained challenging throughout the quarter. While airlines proactively managed capacity in response to the current economic environment, rising jet fuel costs continued to pressure airfare prices.

In addition, international leisure demand for some of our beach destinations are affected by security concerns. Including the security incident in Puerto Vallarta during the previous quarter, as well as various travel advisory issues by the U.S. government as a result. International traffic dropped, the quarter decline highlighted by the 27% reduction in international passengers at Puerto Vallarta.

We are actively partnering with airlines and regional tourist stakeholders to rebuild route connectivity and boost travel and confidence in this area. In the month of June, the city of Guadalajara hosted four of five FIFA World Cup matches. We are proud to highlight that this demonstrates the operational strength of the Guadalajara Airport. Throughout the tournament, the airport successfully handled additional charter flights, as well as the arrival of national teams, official delegations, and fans.

Despite heightened security protocols, operation remained normal, preserving excellent standard service level for both daily passengers and airline partners. As a result, traffic at Guadalajara Airport rose by 6%. This was partially offset by a temporary softening in business and leisure travel at other GAP airports during the World Cup. We expect this demand to normalize in July following the completion of the tournament. We believe that a significant portion of the headwinds affecting traffic is temporary.

Also, the pace of normalization will vary by market. Our revised guidance does not assume an immediate or complete recovery. Instead, it reflects a gradual improvement supported by 19 new routes launched during the quarter, the contribution of new frequencies that began operation in June, the gradual restoration of hotel capacity in Jamaica, and more favorable year-over-year comparison during the second half.

Turning to financial results, aeronautical revenues decreased by 3.2%, primarily due to the lower passenger traffic both in Mexico and Jamaica, as well as a 10.9% appreciation of the Mexican peso, which negatively affect the translation of revenue generated in U.S. dollars, as well as international passenger charges. It is important to highlight that those effects were partially offset by the gradual implementation of maximum tariffs approved for the 2025-2029 regulatory periods in Mexico.

Non-aeronautical revenues increased by 23.9%, supported by continued growth across the business lines operated directly by GAP, as well as the consolidation of the Cross Border Xpress beginning on the first of May of this year. Without considering the consolidation of the CBX, revenue from the business lines operated directly by GAP once again delivered strong growth, increasing by 17%, despite lower passenger traffic.

The cargo and bonded warehouse operations grew by 22%, advertising by 58%, hotel operations by 27%, convenience store by 11%, and parking by 9%. Let's just take a pause here because this demonstrates that GAP's commercial strategy does not solely depend on passengers volume. The commercial strategy we have in place increasingly reflects our ability to improve monetization, expand directly operated platforms, and capture a greater share of passengers and logistic-related spending.

Thus, these measures are becoming a more significant source of recurring earnings and central to our strategy of building a more diversified infrastructure platform. At the same time, businesses that are more directly exposed to international leisure traffic and foreign exchange, including duty-free and VIP lounge, remain under pressure. We expect these categories to improve as international traffic gradually recovers.

In terms of CBX, this operation generated revenue of MXN 168 million during the months of May and June, when we experienced over 626,000 passengers using the facility going in both directions. This generates an average revenue of $42.8 per passenger, which is aligned with the GAP expectations. Although CBX traffic figures remain below those of the prior year, this initial financial contribution demonstrates the strength and resilience of pricing and commercial model.

We continue to see opportunities in dynamic pricing, ancillary services, passenger experience, and improved connectivity between Tijuana and Southern California. Moving on, total operating costs did remain relatively stable compared to the same period of the last year. This result includes the positive effect of the reversal of the technical assistance fee provision due to the internalization. It also includes two months of CBX operation expenses and the one-off merger-related expenses.

Excluding these effects, operating expenses increased by 3% compared to the second quarter of 2025. Cost of service primarily increased due to the higher personnel expenses, maintenance costs, and security expenses across our airports network. As a result, EBITDA increased by 8.4%, reaching MXN 6 billion during the quarter, an EBITDA margin of 69.3%. In terms of our financial position, we continue to maintain a solid liquidity profile.

The business combination contributed by MXN 5.4 billion in cash and cash equivalents and further strengthened the scale and diversification of our asset base. Moving on to the CapEx, we continue to execute our investment program under the 2025-2029 Master Development Plan in Mexico and our capital development programs in Jamaica.

Our investment remains focused on expanding airport capacity, improving operational infrastructure, enhancing passenger experience throughout, all while supporting the long-term growth of our airport network. Let me now turn on the revised 2026 growth guidance. Considering the consolidation of CBX, internalization of technical assistance services, current passengers traffic trends, and the progress of the company investment projects, we have updated our annual expectations.

Currently, we expect passengers traffic to land at a range of between -3% and flat growth. I just want to mention that this outlook reflects a gradual improvement during the second half, but does not assume that all airports return to the growth at the same time, or that Puerto Vallarta and Montego Bay achieve a complete recovery during 2026. Our aeronautical revenues are expected to increase between 1% and 4%, supported by the implementation of tariffs approved by the authority for our airports in Mexico.

Non-aeronautical revenue are expected to grow between 21% and 24%, driven by the performance of GAP-operated business as well as the consolidation of CBX. EBITDA is expected to grow between 10%-12%. This would yield an EBITDA margin of approximately 67%, ±1%. This reflects, among other factors, the internalization of technical assistance and technology transfer service.

Finally, CapEx is expected to be around MXN 4 billion, this includes MXN 9 billion for committed investment at airports in Mexico under the Master Development Plan, MXN 2 billion for investment at airports in Jamaica, and MXN 1 billion for commercial investments. As follow-up, we continue to undergo the approval process with the relevant authorities to incorporate FIBRA GAP, with the objective of subscribing a minority equity interest in the 12 Mexican airport concession areas.

We expect this to go out throughout during the third quarter of this year, and we will keep you informed of any update on this process. Before concluding, I would like to emphasize three points. First, despite the 5.6 overall decline in passenger traffic, the stronger underlying airport business protect the company earnings capacity. Note that the reported EBITDA increased by 8.4%, and the EBITDA margin expanded to 69.3%. Second, our diversification strategies are already producing measurable results.

Excluding CBX, business operated directly by GAP grew by 17%, while CBX contributed MXN 216 million in EBITDA during the first two months of the consolidation. Third, our long-term strategy remains unchanged. We continue investing in airport capacity, commercial platform, logistics, and across border mobility while maintaining disciplined capital allocation. This quarter demonstrate that GAP is no longer dependent on a single growth driver.

Traffic remains fundamental to our business, but approved tariffs, directly operating commercial business, logistics, CBX, and internalization of technical assistance service provide complementary source of earnings and revenues. Thank you again for your time. Operator, please open the line for questions.

If you'd like to ask a question over the phone, please press star one on your keypad, and you'll be placed into the queue in order received. You may remove yourself from the queue at any time by pressing pound one. As a reminder, participants joining via webcast may submit questions at any time using the Q&A function. For a question on the phone, press star one, and we'll pause briefly. Our first question comes from Rodolfo Ramos of Bradesco BBI.

Good morning. Thank you, Raul, Saul, and Jesús for the call. I've got two questions, if I may. The first one is about your traffic guidance. We were never too optimistic on the World Cup effect, but we were surprised by how weak performance was during the month of June, not just for you, but for the system. Looking at your guidance, it implies better performance in this second half, as you mentioned some of these factors.

Can you elaborate, how do you see them playing out in that recovery, and perhaps some thoughts on your expectations for 2027? Second, if I may, can you update us on the FIBRA listing, and if you can, just to shed a little bit of visibility and clarity on the rationale. Can you put a ballpark figure? I know it might be difficult, but how should we look at your effective tax rate post this FIBRA transaction? Thank you.

Thank you, Rodolfo. This is Raul. In terms of our traffic guidance, what we saw during the World Cup or during the month of June, we saw a really important change on the airfares, that in some way decelerated the demand for many domestic travelers, leisure and businessmen, that in a normal month will come to some of the different airports. So what we saw is, I would say, a temporary effect of some passengers that didn't fly during the World Cup because of the airfares, for sure.

And we are seeing some kind, I would say, a substitution of seats. Let me put it this way. The passengers, the business traffic that usually comes to Guadalajara or even Tijuana was in some way changed. The seat was changed or taken by fans or by people coming for the matches. What we are seeing for the coming months is. We are seeing a July that will bring some of this lack of domestic passengers that will come or will make leisure domestic passengers, mainly in Mexico.

And in some way that they avoided to fly during June for the World Cup, but we are seeing that will fly on July. For the rest of the months, what we are seeing is some additional seats coming for some of our mainly leisure destinations. We are seeing also different openings happening on domestic market, mainly by Volaris. So in general terms, we are seeing that the end of the year is going to be, I would say, a flat result for the 12 months of this 2026.

Hi, well, this is all related to FIBRA. As you know, this is a different vehicle from that. This is our first time on this. We are in the process of the incorporation of the trust. We are not really advanced. We are in the final process for meetings with the different investors. As you may know, as a new instrument for financing the MDP, there are several concerns on this. And obviously, we are trying to move forward, and we believe that in the following weeks, we'll be ready to launch the FIBRA.

On the other hand, related to the expected tax rate, this vehicle will be transparent for tax purposes, but it will be only at the Mexican airports. At the end, we will be transferring dividends directly to GAP without paying taxes at the airports level. But at the GAP's level, we will be paying taxes as a regular company. There won't be any expected benefit on tax. What we will expect is the same tax rate, basically.

We will have a period of transition, probably during 2026, 2027, in which we could obtain a little decrease in terms of tax, because the tax shield of the interest, it will be only a temporary effect that won't be permanent. In general terms, I would say that won't be any change in the effective tax rate for GAP.

Thank you.

Next we have Julia Orsi of J.P. Morgan.

Yes. Hello, everyone. Good morning. Thanks for taking my questions. We have two topics on our side. The first one, can you comment a bit on the maximum monetary compliance level that you reached on second quarter, and what do you expect to reach by year-end? The second one is a follow-up on traffic trends. Can you comment on 2027 trends? I know that it's still early, but would be good to have your color on this. Thank you.

Thank you. This is Raul. I mean, on the first six months of the year, we have 90% of fulfillment of the maximum tariff. We are expecting that for the end of the year will be something around 95%. We just changed on the 1st of July, again, tariff in Cabos and Puerto Vallarta. Mainly the passenger seat of domestic passengers will increase an additional 7% from beginning July 1st. What we are seeing in general terms is that we will be really close to this number of 95% to the end of the year.

For sure, taking account what could happen with the fixed rate, with the dollars and pesos, with exchange rate. In general terms, it's our view on that. For 2027, I would say that it's pretty early to have some kind of view on the number. I would say that we have two big effects to have in mind. The first one is related with the price on oil and the war in Iran, how would this continue impacting in some way the cost of the airlines, and in that way, the possible and available offer in the leisure destinations.

The second one is related with the domestic market. We need to have some kind of additional visibility of what will happen with the merger transaction of Viva and Volaris. That could affect, in some way, the growth for the coming year. I would say that in general terms, for sure, we are expecting some growth on the coming years.

We will not have the effect of Hurricane Melissa in the coming years, or at least what we are seeing on the trend of the recovery on hotels capacity in Jamaica is that for end of this year, everything going to be normalized. In general terms, we think that the coming year will be positive, but today it's difficult to see which is the range of growth that we will see.

Got it. Thank you.

Next, we have Pablo Ricalde of Itaú Unibanco.

Hi. Good morning, Raul. Good morning, team. I have two questions. The first one is an update on Jamaica. How are you seeing traffic trends all in Jamaica for second half of the year? I know you will face easier comps November and December, but maybe you can provide some color on how you're seeing hotels and the airports and logistics in the island. The second one is on your guidance. Which FX assumption you are using for the construction of the new guidance? That's it on my side.

Hi, Pablo. This is Raul. In case of Jamaica, what we are seeing is that the number of seats for the case of, for instance, of MJ, just on November of last year, when the hurricane hit, we were dealing with, let's say, a decrease of seats of almost 80%. By month of the 26th, we see a really robust recovery. For July, we are still having a -20% in terms of seats versus July 2025.

What is interesting is when we see the slots and all the capacity that is today planned for the winter, we are seeing, at least in terms of seats, a full recovery for November and December, and all the winter season for Jamaica. For sure, it will be interesting to see how the demand reacts. At least in terms of the offer, we are seeing almost a full recovery for the end of the year in terms of seat capacity.

Hi, Pablo. This is Saul. Related to guidance. Well, first of all, beginning with the passenger traffic, as Raul Revuelta mentioned, we are expecting the second half much better than the first half. In fact, we have a huge challenge moving from a -5.6% to our guidance that will be -3% to flat growth. It is very relevant to see that at the end, we are expecting a better half. In terms of the aeronautical revenues, you know that we have been gradually updated our aeronautical tariffs in Mexico.

We continue with that in January, and we made another adjustment, a little adjustment, in mid-July. In the second half, we will have that little effect that will be only for Puerto Vallarta and Cabos. Secondly, non-aeronautical revenues. You know the integration of CBX is very relevant for this business line. The consolidation for me will support the comps for the second half of the year. At the end, those are the major assumptions that are considered, or were considered, to build the guidance.

We are providing, now we have more visibility about the CAPEX, and obviously, the number that we are providing, and that we are expecting. That's basically the assumption for the guidance.

Maybe, Saul, a follow-up on that. Which FX assumption for the Mexican peso is embedded on this 10%-12% EBITDA growth guided for 2026?

We are not seeing any change on that. We have seen there is still a change rate during the last months. We are expecting second half on average MXN 17.5 per USD. It's nothing relevant on that.

In comparison base, it is important.

Yeah, we'll be basically the same in the changing, just to consider in the guidance, right?

Okay. Perfect. Thanks, Saul.

Just a reminder, participants joining via webcast may submit questions by using the Q&A function on your screen. We'll proceed with our next phone question from Enrique Cantu de GBM.

Hello, everyone. Thank you for your time. I just have one question. Could you provide more detail on the transaction-related expenses of the CBX acquisition that impacted profitability this quarter? Should we expect these costs to be fully behind us starting in the third quarter, or are there any additional integration-related expenses we should keep in mind over the coming quarters?

Hi, Enrique. This is Raul. In terms of the CBX acquisitions, the expenses related with the merger, it's already reflect on the results. Talking about what will come on coming months for the CBX, for sure, we are working on integration. That means, for sure, bringing some savings. When we are looking, at the end of the day, CBX used to be a business. It runs like a standalone. It's some different opportunities for us bringing some efficiencies due to the merger.

What we are expecting is that on the last quarter of this year, we're going to see an increase on the margin of CBX related with savings, and related with this new kind of operation directly from our headquarters in Guadalajara. That is in general terms.

Okay. Thank you.

From Scotiabank, we have Gabriel Alfaro.

Hi, good morning, thanks for the call. Quick question. Traffic figures have been a bit soft, they're expected to continue a bit softer during the end of this year. Could this be somehow compensated with some higher tariffs beyond what is expected on the MDP? Or perhaps a faster pace on reaching the 100% maximum tariff? Or should we wait until the next MDP for seeing a compensation for this? Thank you.

Hi, Gabriel. In terms of our concession titles, all the risk of traffic is for the concessionaire, is for GAP. Directly will not be some kind of compensation if for the five years we've not get the original forecasting of passengers. What is important to take into account for that is the 2029 or 2030, at the moment of the new Master Plan, we have a lower base of passengers, for sure. The reaction in the tariff is first is a lower need of CAPEX because the capacity we have already in place for our airports.

The result could be a more, I would say, a neutral or even an increase on tariff related with the number of passengers. Again, we are going a lot of time on the future. Just going into the next year and talking about the maximum tariff, the idea will be to have, for sure, an increase in our passenger fees in January of the coming year. We are beginning the process with the [inaudible] Communications and Transportation. For sure, what we are expecting for the coming year is be close to 100% of fulfillment.

It will be some kind of offset on the result on coming year. We are expecting some kind of increase on passengers. We don't have all the detail to understand how big could be that on 2027. For sure, we will have a positive effect on the increase on tariff on coming year.

Okay, thank you. If I may, what are your expectations for the rest of the year in terms of dividends and distributions?

Hi, Gabriel. This is Saul. Well, we are continuing distributing at the same level with the other years. As you know, GAP is one of the higher payer deals. We had already the shareholders meeting that approved the distribution of MXN 0.2080 per ordinary share. We are now trying to conclude the consolidation of the new releases to make the next dividend payment. We do expect to make two distributions or two payments in two different dates. The first one, we believe that probably in this quarter, and the last one in the last quarter of the year.

Cool. Thank you. Thank you very much.

That was our final question from the phone. We will now move to questions submitted through the webcast. I'll turn the call over to Alejandra Soto, Investor Relations Officer, to read the questions.

Thank you. We only have one follow-up question on passenger growth, from Francisco Suarez from Scotiabank, and he's asking. Thanks for the color on how a relief from higher airfares after the World Cup ends could improve traffic and your outlook on seats capacity. Very appreciated. There are another additional factors playing the weak demand within the domestic passengers, namely affordability issues from customers or all the macro data that points to weak consumption in Mexico.

Sure. Hi, Paco. This is Raul. We are in the middle of different effects happening right now. We have the cost of the oil impacting the efforts and increasing the efforts for directly impact the demand on passengers. Some decrease on offer related also with the cost of the fuel. We have the impact on the Hurricane Melissa in Jamaica, and we have this impact of the security concerns happening in Puerto Vallarta. That, for us, is one of the big concerns right now in our passenger threat.

We also know that the consumption in Mexico is decreasing and the macroeconomics is negative or flatter in terms of the growth of the GDP. What is interesting to understand is that the GDP is growing on different paces in different parts of Mexico. We think that Jalisco, Guadalajara mainly, will continue with a increase of spend on the consumption and the economy. We are seeing this kind of similar factors on Baja California Sur, for instance.

On the other hand, we are seeing some negative impacts on the macroeconomics of Baja California and all the manufacturing in Tijuana that is having some kind of future possible negative effects on our traffic. I would say, in general terms, yes, I think that we are today in a flatter economy that for sure will have some kind of impact on our passengers growth on the coming months.

It will be interesting to have a more deep understanding on the growth of the GDP and the local GDP on the different states of Mexico to understand how could be the growth of passengers on the coming months or even years.

Thank you, Raul. This is the last one from the webcast, I will turn off the call to the normal call.

Raul, we have one more question on the phone line from Anton Mortenkotter of GBM.

Hi, guys. Thank you for the call. Just a quick one. Considering all of these external effects, like the pressures on oil prices, would you ever consider granting some concessions to airlines in order to relieve the possible pressure on the traffic demand, meaning maybe lowering tariffs or granting some discounts to boost overall traffic, kind of like to share the effect of all of those external pressures? Thank you.

Thank you, Anton. For the moment, we are not seeing that kind of concessions or discounts to the airlines for all this environment on the economics. For sure, as we already made in some specific routes that are suffering for the low factors, for instance, we will make some specific supports. I would say this is not for this year. All the history in GAP, we have specific supports when we have some kind of risk of losing connectivity in our airport.

We will review case by case, but for the moment, we are not seeing any of these discounts in general terms for all of our airlines.

Super. Thank you.

We have no further questions on the phone lines. Raul, back over to you for any additional or closing comments.

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

That concludes today's GAP's conference call. Thank you for your participation. You may now disconnect.

Good morning, everyone, and welcome to GAP's first quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time, instructions will be given if you would like to ask a question. Now it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Thank you, and welcome to GAP's first quarter 2026 conference call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial disclosure statements. Please be advised that any statements made today may not account for future economic circumstances, industry conditions, the company's future performance, or financial results. As such, any information discussed is based on several assumptions and factors that could change, causing actual results to materially differ from current expectations. For a complete note on forward-looking statements, please refer to the quarterly report issued on Monday. Thank you for your attention. Our speakers today from GAP are Mr. Raul Revuelta, Chief Executive Officer, and Mr. Saul Villarreal, Chief Financial Officer. At this time, I'll turn the call over to Mr. Revuelta for his opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for joining us today. I'm here to report that GAP delivered a solid start to the year with results as I discuss the company's operational and financial highlights for the first quarter of 2026. Despite the challenging traffic environment, our performance remains strong, supported by the resilience of our aeronautical revenues, as well as the continued growth of the non-aeronautical revenues, which helped to offset the more complex traffic environment. Let me begin by discussing passenger traffic. Total passenger traffic across GAP's 14 airports decreased by 5.5% in the first quarter compared to the same period of 2025. These decreases reflect various factors that impacted the Mexican as well as the Jamaican operations. In the Jamaican operations, we continue to face headwinds from the Hurricane Melissa.

Despite this, the recovery of hotel capacity has been better than expected along the main tourist corridor. It is important to note that as of today, passenger volume has not yet reached pre-storm levels. Trends indicate that we will regain these levels by the fourth quarter of this year. Traffic declines in Mexico were largely driven by temporary disruptions, such as the security incident in Jalisco during the last week of February. This event negatively affected the perception of safety and key leisure destinations in Mexico, such as Puerto Vallarta and Cancún, thereby softening demand at these airports. These dynamics extended to the typical high season month of March, affecting the spring break traffic and causing demand to decline. Tijuana was also impacted given its strong reliance on cross-border travel, as roughly 75% of CBX users are U.S.-based passengers accessing domestic flights to Mexican tourist destinations.

Additionally, global macroeconomic volatility impacts operations. This included geopolitical tension and fuel prices, which pressures airlines operating costs, prompting a realignment of capacity to maintain efficiency, as well as the possibility of economic downturn. Now moving on to the revenues. Total revenues increased by 2.8% compared to the first quarter of 2025. Aeronautical revenues for the group grew by 3.9%, but the Mexican increase was 9.3%, primarily driven by the implementation of the maximum tariff for the 2025-2029 regulatory period in Mexico, which is linked to the highest level of the CapEx investments in the history of the company. Non-aeronautical revenues increase by 6.1%, supported by strong performance in our Mexican operations, reaching 10.7%, particularly in businesses operated directly by GAP. This includes the bonded warehouse business, which represents around 21% of total non-aeronautical revenues.

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

Regarding our financial position, GAP maintains a strong liquidity position with cash and cash equivalents of MXN 23.2 billion during the first quarter of 2025, mainly due to the historic bond issuance of MXN 10.7 billion on March 31. The proceeds we allocate towards our strategic acquisition of 25% of CBX, as well as capital expenditures. Furthermore, during the quarter, we refinanced existing debt, optimizing our balance sheet and strengthening our overall financial flexibility. In terms of CapEx, we continue to advance our investment program under the current master development plan, deploying the required MXN 1.8 billion, focusing on enhancing capacity as well as the passenger experience across all our airports. I would like to briefly update you on our strategic initiatives. As you know, in December 2025, our shareholders approved the business combination related to the CBX, as well as internalization of the technical assistance services.

This transaction is still in the process of being formalized. Once completed, it will be consolidated in our financial statements, and we expect the conclusion of this process to take place during the second quarter of this year. We believe this initiative will strengthen our long-term growth platform, specifically by promoting our market cross-border passenger profile, as well as unlocking additional commercial opportunities. As we move into the rest of the year, we remain mindful of the macroeconomic environment and short-term traffic volatility. Despite this, we believe structural demand remains strong, supported by the solid fundamentals of our market. We remain confident that our diversified asset portfolio, strong financial position, and disciplined execution to strategy position GAP well to navigate near-term challenge while continuing to generate long-term shareholder value.

Later today, we will hold our ordinary shareholders meeting, in which we will propose a dividend payment of MXN 20.8 per outstanding share during the following 12 months, among other items. Thank you again for your time. Operator, please open the line for questions.

Yes, if you'd like to ask a question, please press star one on your telephone now, and you'll be placed into the queue in the order received. You may remove yourself at any time by pressing pound one. As a reminder, participants joining via the webcast may submit questions at any time using the Q&A function. We'll pause for a moment to form our queue. Our first question over the telephone comes from Rodolfo Ramos of Bradesco BBI.

Thank you, Raul Revuelta, Saul Villarreal, Ale, and team for taking my question. My question is on the aeronautical part of the business because it's a two-parter here. After this tariff implementation, can you let us know what your current maximum tariff compliance is, and how should we think about it towards year-end? Secondly, on the traffic outlook that you have, there's a host of domestic global factors at play negatively impacting demand for air travel. Just can you frame it a little bit in terms of your 2%-6% guidance? How you think about it, and when do you think we could see a more meaningful recovery there? Thank you.

Thank you, Rodolfo. First, related with maximum tariff, we are between 92%-93% of the fulfillment. We are still having to implement additional air passenger fee changes for the summer in two of our airports, Vallarta and Cabos. We're still on track of what we said originally, a bit close to 95% for the end of the year. For sure, what is related with maximum tariff, we need to take in account the exchange rate, that at the end of the day, an important part of the revenues are denominated in dollars for the case of passenger TUA. The other part related with traffic, I would say that today is difficult to recall what could happen on the traffic in terms of the Iran war and the fuel prices.

I would say that it's difficult to have today a more clear view of what could happen on coming months, and how big could be the decrease or the possible decrease of the adjustment on offer of seats in the market. The other part that, at least we are still seeing, is a summer that will come, at least on the leisure, with some additional seats. What we are expecting that on past years, during some of this kind of geopolitical crisis, the U.S. passengers tend to fly more to the neighbor, the area of the neighbors could be Cabos or Vallarta, rather than go to Europe or other kind of more long-haul travel. What we are expecting in some way is some additional seats for the summer on those markets.

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

Thank you, Raul.

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

Hi, good morning, and thank you for the call, Raul. Just a question on the CBX and TA transaction. What is pending for it to be completed? I guess, should we expect it to be consolidated in May or in June? Thank you.

Thank you, Alan. We are doing our best to consolidate the results during May. Yeah, we are just in the middle of that. Yeah, that will be our target.

Thank you.

Next, we have Guilherme Mendes of J.P. Morgan.

Yes. Good morning. Thanks. How are you, Saul? Thanks for taking the question. 2 questions. The first one on the commercial front. First of all, congrats on the strong results during the first quarter of the year. Just wondering what is behind the very strong cargo performance, if there's anything particular to GWTC or something else. If we can assume these numbers as sustainable going forward. The second question is on capital allocation. So now, following the upcoming conclusion of the CBX transaction, I understand the Turks and Caicos was put on hold as well. If there's anything else that you'll be evaluating on the inorganic side of growth opportunities. Thank you.

Thank you, Guilherme. Related to the results, specifically for the bonded warehouse business, it is important to have in mind that this business is mainly moved by the cargo. In the case of Guadalajara and all the central area of México, we are seeing a really important, more than 20% increase of cargo of high value on the area, related mainly by electronics. Foxconn, for instance, has a really big movement on Guadalajara for an initial plant. What we are seeing for the last year is after the announcement of specific tariffs for China and for some different countries of Asia, we see a shift on production on some electronic parts from Asia to Guadalajara area mainly. We are seeing this really important increase in volumes of cargo, but not only of volumes, but high value of the cargo.

For this bonded warehouse business, you need to take into account that revenue comes from a mix of volume and value of the cargo that you are moving. What we are seeing is that, at the end of the day, all these change of tariffs bring some, or shift some of the production from Asia to central Mexico, and mainly to Jalisco and Guadalajara area.

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

So far, we don't have any other relevant project.

Complementing just the comments of Saul, for sure, we have an important focus on the development of new business in our airports. I will say, we are working in two different projects for hotels in airports of Mexico, of our airports in our net. For sure, the big focus on continued work, working on the efficiency of the margins in all of our directly operated by us business. For sure, we will continue to see and review different kind of opportunities to M&A, but also we have a big focus on how to improve the efficiency of our directly operated by us business.

Amazing. Very clear. Thank you both.

From Itaú BBA, we have Pablo Ricalde.

Hi, good morning, everyone. I have one question on the cost side. We saw depreciation expense remain flattish year-over-year. I just want to understand why, despite all the CapEx you made last year, depreciation remains stable year-over-year.

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

Okay, Saul. Thanks a lot.

Next we have Gabriel Himelfarb of Scotiabank.

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

Thank you, Gabriel. First, from the side of the seat capacity of airlines, it is important to separate the two possible effects. The first one related with the security concerns, I would say that we are not seeing any kind of structural change on the seat capacity on that area. Related on the fuel cost, on what would be the possible reaction or capacity movement of airlines, for sure it's something that's still on the table in some way. For the moment, we are seeing some decrease in capacity, at least not so relevant today. We are seeing the cut of some services. For instance, uncertain just announced the cut of some services on Guadalajara. We are seeing some decrease on services on Tijuana also, in Cancún.

I would say that it's early to have a perfect view of what could happen on this level of close to $110 per barrel of oil. I would say that if you see, for instance, the price in 2022, it was just close to the same level, and we don't see at that moment a decrease in capacity. What's still happening is the openings of different routes. For instance, Volaris announced the new routes to Guadalajara to Mazatlán or Guadalajara to Zacatecas, Guadalajara to San Luis. We are still seeing additional capacity. For sure, if the movement of decrease of capacity due to the cost of the fuel is still on the table, we need to, in some way, understand how long it could take to, in some way, normalize the price of the fuel.

On the other hand, how important could be the resilience in the demand for the pass-through of the price of this peak in fuel into the ticket to the airport. At least for the moment, we are not seeing an important decrease in capacity. I would say that we are still seeing an increase due to the fact of new routes. Related to your second question, we decide to take advantage of the level of the exchange rate. As you may know, we are in the lowest levels in the exchange rate. The appreciation of the peso is playing out in our favor. The idea is to take a long-term debt, and trying to finance this asset in Mexican pesos. That avoids some volatility in our balance sheet in the long-term view. As you may know, the effects of this exchange rate will be affecting our P&L.

In this way, we have a little higher interest rate, but we have certainty about our long-term view balance sheet.

Okay, very clear. Thank you very much.

From Barclays, we have Pablo Monsivais.

Hi, Saul, Raul, Ale, Keith. Good morning. Just one question. In terms of traffic expectations for next year, I know we're very early, but have you had any contact or new information of Viva Aerobus-Allegiant? Any color on that, or how the potential merger will shape the domestic travel, and especially on the routes they overlap? Any intel there or something that you would like to share? Thank you.

Thank you, Pablo. I would say in terms of the merger or the new group of airlines with Viva and Volaris, for the moment, we are not seeing any particular change. We still talk with them and having direct communication with both airlines. They still talk about there will be two different companies, and for the moment, they are not talking about the overlapping. Once COFECE has a specific view about the transaction, we could have more color about how could be this transaction in some way authorized. At least with the communication that we are having with the airlines, at least for the moment, they are not communicating anything related with overlapping, and they are just talking about the operation of these two different companies would still as it is today.

Okay, fair enough.

Thank you. We'll move on to Andres Aguirre of GBM.

Hi, guys. Thanks for the call and congrats on the results. We noticed that accounts payable increased sharply to around MXN 2 billion in the cash flow statement. Could you please elaborate on what is driving this increase? Thank you.

Hi, Andres. Yes, we have a significant increase in the effective or cash position because the bond issuance on March 31st, the proceeds will be used for the acquisition of 25% of CBX, which will be in cash. And additionally, for CapEx committed into the MDP. That's basically why we have this significant increase. It was MXN 10.7 billion more in cash that will be used for the benefit of CBX and MDP committed.

Great. Thanks for the input.

We'll move on to Alberto Valerio of UBS.

Thank you. Good morning, Raul. Raul, AMAG. Thank you for taking my questions. The first one on a follow-up on topics, how should we be modeling the CapEx during the year? We know that seasonally, we start a little bit weaker, and then increase the CapEx during the year. How should we expect that? The second one about the jet fuel. Anything that concern you guys? We know that different airlines, if I'm not mistaken, have not hedged the fuel. I know that it's not our usual year, but how do you see the supply of seats for Mexico during 2026 with this current price of oil price? Thank you very much.

Hi, Alberto. Related with the seats in Mexico, I mean, for sure, as you say, different airlines have different levels of hedging. I would say the important thing to see what's gonna happen is, the resilience and the specific demand for the pass-through of the cost of this fuel into the airfare. That would be the first part, and second, it's gonna be the kilometers that a specific route could bring. Let me put it this way. I would say that in a first stage, we're gonna see some kind of more or additional decrease on seats on some specific routes that have more kilometers when you talk about, for instance, domestic market.

This is why we are expecting to see some kind of effect on Tijuana, for instance, where their shorter flight has 2.5 hours, and their average time in the plane for a Tijuana flight is more like three hours. On these kind of routes where the demand is not resilient enough to get the full impact of the fuel cost, we're gonna see some decrease of passengers. On the other hand, there are some specific routes that have less than two hours of flying. That could be Los Angeles to Cabo, 2.5 hours, Cabo to Vallarta. Vallarta to Los Angeles, for instance, or all the really short routes. That could be Mexico to Guadalajara, Mexico to Vallarta, Mexico to Cabo.

That will be interesting on the mix of the demand that we expect to be resilient to the increase in airfares, and in some way, short flights or short in terms of kilometer flight. The mix of both parts and the expected additional leisure passengers, not flying long haul from the U.S. and flying or switching to Mexico beaches. All these effects together make sense that our original guidance was still in place for the year. For sure, it is difficult today to have the complete crystal ball of what would happen in terms of the fuel. If in general terms, the conditions and the price of the barrel is still, we could say that we are still seeing the same level of guidance for the end of the year. Hi, Alberto. This is Raul. Related to your third question.

The CapEx will be deployed. Even in the following months, as you may know, our economic cycle in terms of CapEx is more concentrated in the last quarters of the year. In the first months, we are in the bidding process for all these projects. We are in the middle of that. We will be more intensive in terms of deployment during the following months.

Makes sense. Very helpful. Thank you very much.

As a reminder, everyone, participants joining via the webcast may submit questions at any time using the Q&A function, and we'll proceed with the phone questions. Next we have Abraham Fuentes of Santander.

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

I mean, in terms of Tijuana, what we are seeing, Abraham, is for sure we have a mix of different things happening over there. The first related that we are still with a lack of capacity related to the Pratt & Whitney engines in Tijuana, mainly from Volaris, are still being there. We think that for the summer, we will begin to see more of these planes flying. That is first part. Second, what is related, is what we thought that's going to be completely temporary, that was related with all these security matters after the El Mencho capture operation. That in some way are going to be in the past, and we will in some way recovering fully from that effect on the summer.

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

Thank you.

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

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

Thank you. This concludes GAP's conference call for today. Thank you for your participation, and you may disconnect. The host has ended this call. Goodbye.

Good morning, everyone, and welcome to GAP's Fourth Quarter 2025 Conference Call. [Operator Instructions] Now it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Thank you, and welcome to GAP's Conference Call. I'd like to take a few moments to review the forward-looking statements as described in the financial disclosure statement. Please be advised that statements made today may not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly report. Thank you for your attention. It is my great pleasure to introduce Mr. Raul Revuelta, GAP Chief Executive Officer; and Mr. Saul Villarreal Chief Financial Officer. The gentlemen will be our speakers today. At this time, I will turn the call over to Mr. Revuelta for his opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for your time here today. I'm pleased to share with you the company's operational and financial highlights for the fourth quarter of 2025 which concludes a solid year despite the several external challenge that I will discuss today. I will begin with the quarterly passenger traffic and then move on the financial results, followed by a brief review of the full year. Passenger traffic decreased 0.9% during the fourth quarter compared to the same period of 2024. These first 4 months stems from the 2 clear separate dynamics within our portfolio. The first, in Mexico, traffic trends remained relatively stable despite varying performance across the different airports. While passengers growth was 2.9% of revenue was primarily supported by the implementation of the new maximum tariff approved and applied during 2025 as well as the expansion of the works in select markets. Secondly, as you are aware, Hurricane Melissa struck Jamaica on October 28, leading to the temporary suspension of operations at Montego Bay as well as Kingston Airports. This resulted in a traffic decrease of nearly 35% during the quarter. Although, there was no material damage to either airports, passenger traffic did significantly decline in November and December, mainly in Montego Bay. The main factor was the hurricane impact of the surrounding area as well as the hotel infrastructure were around 70% of the total capacity effect. On a positive note, the recovery of total capacity or total capacity as well as tourist infrastructure across the region has been better than expected. While the actual timing of a full normalization remain unclear, the Minister of Touring has indicated that hotel capacity is expected to return to 100% by the upcoming 2026 winter season. We remain confident in the long term fundamentals of the Jamaican market and its overall structural growth potential. Now moving on to the revenues. Combined aeronautical and aeronautical service revenues increased by 12.8%, reflecting the sustained structural strength of our business model. Aeronautical revenues grew by 12.6%, primarily driven by the aforementioned maximum tariff that were approved and applied during 2025 in Mexico as well as the continued expansion of our routes. New aeronautical revenues increased by 13.3% quarter-over-quarter. In Mexico, particular, commercial revenues were strong, mainly supported by the performance of the cargo and bonded warehouse business and the opening and renegotiation of commercial spaces under improved market conditions. The most dynamic segment includes Food & Beverage, Retail, Ground Transportation and Leasing Activities. EBITDA increased by 7.5%, reaching MXN 5.1 billion. EBITDA margin, excluding IFRIC 12, stood at 53.8%, a decrease compared to the fourth quarter '25 as a result of the higher concession fees in Mexico, additional head count and increase in maintenance costs due to the new operations of the jet bridges and Airbuses, a path that must now be operated directly by GAP, but was previously managed by the third party. In addition, this includes the impact of lower traffic and therefore, lower revenues in Jamaica in the aftermath of the Hurricane Melissa. Net income declined compared to the fourth quarter '24, mainly due to the higher financial expense and decrease in the interest income due to a lower cash average balance the FX effect as well as the lower interest rate. This is in addition to the provision of the deferred tax adjustment in the aggregate balance of the year. Now let us review the full year performance. 2025 was a year of a strong structural growth for GAP. Aeronautical revenue grew by 19.4% driven mainly by the new tariff applied during 2025 and a 2.7% increase in passenger traffic in Mexico. Non-aeronautical revenue increased by 26.5% for the year, further underscoring the strategic importance of our commercial platform. Non-aeronautical revenue per passenger increased to MXN 152 in 2025 compared to the MXN 123 in 2024, reflecting improved commercial execution, product optimization and a stronger contribution from cargo among the warehouse operations. The consolidation of the business has become a meaningful contributor to our revenue diversification strategy and strengthen the long-term sustainability of our income streams. EBITDA increased by 17.8% year-over-year, reaching MXN 21.3 billion with an EBITDA margin, excluding IFRIC 12 of 65.6% despite higher concession fee and our cost pressure, profitability remains solid and operational will remain disciplined. From a balance sheet perspective, as of December 31, 2025, we closed the deal with MXN 10.5 billion in cash and cash equivalents. During the year, we strengthened our capital structure throughout the issuance of bond certificates, while reducing certain bank loans pressures maintaining flexibility to fund our long-term commitments. In terms of CapEx, throughout 2025, we invest MXN 12.4 billion. This was comprised by the first year of execution under the 2025–2029 Master Development Program. CapEx in our Jamaican airports and the commercial investments. The CapEx for the 5 years period in Mexico will be focused on major terminal expansion and capacity enhancements, positioning us strongly for the future passenger growth and expanded commercial opportunities. Additionally, in December at the Extraordinary Shareholders Meeting the business combination between CBX and Terminal Assistant Agreement was approved. This strategic transaction will allow us to further integrate and strengthen the Cross Border Xpress platform, enhancing operational efficiency, expanding services capabilities and reinforcing our position in the Cross Border Passenger segment. The transaction is currently in the formalization process, and we expect this to contribute possibility to GAP's long-term value creation strategy. Let me touch on international expansion opportunities. The Parks & Cope standard process was ultimately canceled by the government. And as has been our track record, we remain disciplined in our capital allocation decisions and our remaining focus on projects that meet our strategic and financial return criteria. Therefore, we continue allowing growth opportunities that complement our existing portfolio strength over our shareholders' value. Before I continue with the presentation, I want to address the recent events concerning to the state of Jalisco, namely Guadalajara and Puerto Vallarta. Certain incidents were prepared throughout different locations of the state of Jalisco on February 22. And I just want to assume that gas facilities, the Guadalajara and Puerto Vallarta Airport remain fully operational on weekend and up until this moment. As many of you may be aware, the terminals rely on the protection of the Mexican National Guard as well as the Ministry of National Defense as part of the permanent coordination and security measures with the Federal Authorities. From an operational standpoint, we experienced flight cancellations, including 171 flight in Guadalajara and 134 flights in Puerto Vallarta during February '22 and '23. However, this February, February '24, we only had 4 cancellations in Puerto Vallarta and 11 in Guadalajara. And today, all the operations are back to normal. Thus, it has been a steady and consistent improvement from the weekend, as we work to regain normally after the events of the last weekend. The rest of the -- our portfolio continued to operate without disruption at this stage. We don't anticipate any additional impact. We are monitoring the situation, and we'll update the market as necessary. Back to the results and outlook, I would like to continue with a discussion on guidance. We do not include the CBX business combination and the Technical Assistance Agreement Internalization, which remain the formalization process. Once the final timing of the consolidation is confirmed, we will update you on the results. That being said, we expect 2026 to be another year of moderate growth, supported by the established structural drivers across our portfolio. Passengers traffic is expected to grow between 2% and 5%, reflecting the consolidation of routes developed to date, estimated load factors and the potential increasing frequencies and ship capacity across our network. On the revenue side, Aeronautical revenues are projected to increase between 9% and 12%, driven by the implementation of current maximum tariff in Mexico and Kingston airports in Jamaica, combined with traffic performance, inflation assumptions and projected exchange rates. Non-aeronautical revenues are expected to continue expanding from 6% to 9%, driven by improved contract condition and traffic growth. As a result, total revenues are expected to grow between 8% and 11% year-over-year. We expect EBITDA to grow between 8% to 11%, while the EBITDA margins will remain solid and approximately 65% or minus 1% reflecting continued operational discipline, while maintaining flexibility to observe external volatilities. Looking ahead, we remain confident in our strategic direction as we focus on our 4 growth pillars. The strengthening connectivity, expanding commercial revenues, disciplined execution of our infrastructure program and maintaining long-term leverage strategy. While external factors such as exchange rate volatility, natural events and global uncertainty may generate temporary expectations, cap diversified airport portfolio's strong domestic demand base, disciplined capital structure position us solidly to continue generating sustainable long-term value. We appreciate your continued growth and support in GAP. Thank you for joining us today, and we now open the floor to your questions.

[Operator Instructions] Our first question comes from Gabriel Himelfarb of Scotiabank.

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

Thank you, Gabriel. In the case of Guadalajara and Puerto Vallarta as we noted, I mean, we saw on the Sunday an important number of cancellations more than 100 in both airports. For the Monday, we began to see an important recovery. Just yesterday, we only had 4 cancellations in Puerto Vallarta and 11 in Guadalajara. And today, we are expecting that all the operations are back to normal. So what we are seeing for sure has a -- I mean, a major impact for -- on Sunday, but after that, the services from the airlines have gradually normalization process. Saying that, we are expecting that there will not be any additional impact for our airports in the coming days. Making like a big number of the impact of these 2 days, almost 3 days of impact. We are forecasting that -- or we are seeing that the possible impact was around of 50,000 passengers in these both airports. Jumping to the second question, the footprint in the U.S. beside the CBX, for sure, they align with our discipline for capital allocation, we will continue to looking for other opportunities. And for sure, with the platform, the CBX in the U.S., it opens the possibility for new investments in the U.S. we were still looking for opportunities that we -- that generates value to our shareholders and be completely accretive for the company. But yes, it will open the opportunity for additional -- or review additional projects in the U.S.

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

I mean we are expecting that the trends that we have seen in the last months continue. For the case of Guadalajara, as you know, we have a positive number with all the openings of new routes from Canadian market, mainly, and also recompression or recovery from the classic VFR market, so Guadalajara, Los Angeles and South California in general terms. But also in the coming months, we will have the first 2 matches for the last elimination of this for the World Cup. So yes, we are expecting some additional passengers for sure in the coming months. And I mean, in general terms, connecting with this terrible news of the weekend, we are not expecting any further impact on the traffic.

Our next question comes from Enrique Cantú of GBM.

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

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

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

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

In terms of traffic, we are seeing, in our guidance, an increase on traffic that goes from 2% to 5%. In the other terms that we are seeing for Jamaica is, we are seeing at continuous recovery on the hotel capacity for Montego Bay, mainly. What we are seeing is for the end of the year, could be around minus 2% to 0% on increase of passengers. Why is it important to have in mind is that, the 2 main peaks of the terminal of Montego Bay or the 2 moments of increase of passengers for -- is -- the spring season and the winter season. . On this spring season, I will say that there will be a lack an important impact of the number of available hotel rooms in Jamaica. So we will expect that in this spring, winter -- spring season, the decrease of passengers continue. But for the winter season, that is the second big high season for Montego Bay, we are expecting that a full recovery of the total capacity of hotels on the island. With that in mind, we are expecting that minus 2% to 0% on Jamaica.

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

We do have a question from Julia Orsi of JPMorgan.

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

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

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

Yes. I mean, in general terms, what we are talking about the formalization process, we are in the middle of that. We are expecting that in the second quarter, of the year, we could fully consolidate all the transactions. In terms of the efficiency, it will be gradually on the year. I will say that if we begin with the consolidation in the second quarter, for the fourth quarter, we could show important efficiencies on the CBX consolidation process. I would say that the full program of what we think that could be the synergies of the company, we're going to fully implement it for the half of this year of '27. That would be -- I mean -- our first view of what we think that could happen for on all these project of CBX.

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

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

That concludes our meeting today. You may now disconnect.