Grupo Aeroportuario Del Pacifico, S.A. B. de C.V.

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 statement as described in the financial disclosure statement. 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 GAAP are Mr. Raul Revuelta, Chief Executive Officer, and Mr. Saúl 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. FTC reports that GAAP delivered a solid start to the year on results, as I discussed the company 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 analytical revenues, as well as the continued growth of the new analytical piece, which helped us to offset the more complex traffic environment. Let me begin by discussing passenger traffic. Total passenger traffic across GAP 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, while as today, passengers volume have not yet reached a pretty strong level. Trends indicate that we will regain this level by the fall quarter of this year. Trafficking clients 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 Euskal, 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, in fact, given its stronger reliance on a 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 impacted operations. This included geopolitical tension and subterranean fuel prices, which pressured airline operation costs, prompting a realigning of capacity to maintain efficiency, as well as the possibility of economic downturn. Now moving on to the revenues, total revenues increased by 2.8% compared to the first quarter of 2025. Aeronautical revenues for the group grew by 3.9%, but in Mexico increased by 9.3%, primarily driven by the implementation of maximum tariffs of the 2035-2029 regulatory period in Mexico, which are linked to the highest level of CAPEX investments in the history of the company. Aeronautical revenues increased by 6.1%, supported by strong performance in our Mexican operation, reaching 10.7%. particularly in business operated directly by GAP. This includes the bonded warehouse business, which represents around 21% of total non-organical revenues. This performance underscores the resilience of our business model and the continued success of our increasingly diversified revenue base. Cost of service increased by 6.5% compared to the same period last year, mainly due to the higher personnel costs increased security and maintenance expenses, and the expansion of operational areas. We worked hard to offset this pressure by maintaining rigorous cost control throughout the organization. As a result, EBITDA increased by 6.4%, reaching 6 billion pesos, with an EBITDA margin of 68.3%. Reflected both revenue growth and operational efficiency. This despite the reduction of an additional concession fee in Montego Airport, due to the decrease in passenger traffic and revenues, which is a temporary effect. Regarding our financial position, CAP maintains a strong liquidity position with a cash and cash equivalence of 23.2 billion pesos during the first quarter of 2026, mainly due to the historic bond issuance of 10.7 billion pesos on March 31. Per sales we allocated towards our strategic acquisition of 25% of CVX, 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. The plan will require 1.8 billion pesos, focusing on enhancing capacity as well as the passenger experience across all of our airports. I would like to briefly update you on our strategy initiatives. As you know, in December 2025, our shareholder approved the business combination related to the CDX, 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 to close border customers profile, as well as unlocking additional commercial opportunities. As we move into the rest of the year, we remain mindful of the macroeconomics 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 structure the 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 20.8 pesos per outstanding share during the following 12 months, among other events. Thank you again for your time. Operator, please open the line for questions.