Ladies and gentlemen, this is the conference operator. Thank you for standing by. The call will begin in a few moments. Again, this is the conference operator. Thank you for standing by. The call will begin in a few moments. Thank you. Good morning and Welcome to GAP 's Third Quarter 2025 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 and Welcome to GAP's Third Quarter 2025 conference call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial disclosure statements. Please be advised that any comments made today may not account for future economic circumstances, industry conditions, the company's future performance, or financial results. As such, any information discussed is based on several assumptions and factors that could change, causing actual events to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly report. Thank you for your attention. Our speakers today from GAP are Mr. Raúl 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. I am pleased to share with you the operational and financial highlights for the third quarter of 2025. Overall, and despite the passenger traffic slowdown in this quarter, this was another solid quarter for GAP, marked by continued revenue growth and profitability, as well as important progress in terms of the company's investment program and financial strategy. Let me start with the passenger traffic. During the quarter, international passenger traffic declined, mainly due to the immigration-related challenge and a more restrictive perception under the current U.S. administration, which has affected the behavior of VFR and leisure passengers. In addition, the ongoing Pratt & Whitney engine issues continue to limit Volaris and Viva Aerobus seat capacity recovery, as carriers have indicated they expect to fully recover their fleet by 2027. Despite this challenge, total passenger traffic across GAP 's 14 airports increased by 2.5% compared to the same period of 2024, reaching a total of 15.8 million passengers in the quarter. This growth was supported by new routes and additional frequencies, which helped offset the decline in international travel and reflect the sustained recovery in domestic demand. Looking ahead, our strategy remains focused on connectivity and diversifying our network. During the fourth quarter, eight new international routes to Canada will be launched, three from Guadalajara, three from Puerto Vallarta, and two from Montego Bay, which will enhance passenger traffic and support demand during the high winter season. Furthermore, for the first time in the history of Los Cabos, it will be connected directly to Panama, expanding our network into Central America and thereby strengthening GAP 's position as a regional hub. Turning to total revenues, this increased by 17.4% versus third quarter 2024, driven by the solid performance of both the aeronautical and non-aeronautical business. Aeronautical revenue grew by 18.3%, reflecting the new maximum tariff. The original plan was to implement the increase approved in two phases, 15% in March of 2025 and the remainder during 2026. However, after reviewing traffic performance and load factor trend during the year, we moved forward with the second adjustment on an average of 7.5% starting September 1st. Non-aeronautical revenues increased by 15.6%, boosted by the strong performance in both Mexico and Jamaica. Revenue from business operated directly by GAP rose by 30.1% increase, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed with MXN 559 million pesos. Revenue from third-party operators increased by 4.7% and included the opening of new commercial spaces and the renegotiation of contracts under better market conditions. It is worth noting that the strongest performing business lines were food and beverages, retail, duty-free, ground transportation, and timeshares. Beyond the quarterly results, new aeronautical revenues continue to drive diversification and resilience in our business model. The expansion of commercial areas and the integration of the new services, such as cargo operations, strengthen GAP's long-term revenue base. Looking ahead, we expect to continue optimizing our commercial offering and leveraging passenger flow growth to enhance value creation across all the airports. Moving on to the cost, the cost of services increased by 14.1% compared to the same period of last year. This increase reflects the impact of operation of jet bridges and airport buses, a task that was previously managed by third parties but must now be operated directly by GAP due to the change in regulations. Without this cost, cost of services would have increased by around 4.8%. Despite this increase, our focus on strict cost discipline remains a priority. Our goal is to maximize operational efficiency and long-term sustainability while ensuring that service quality and safety standards across our airports remain among the highest in the region. Turning now to profitability, EBITDA grew by 12.8%, reaching MXN 5.1 billion pesos, with an EBITDA margin of 64.3%, excluding high-freight flows. Margin was lower than in 2024, reflecting mainly the impact of the change in concession fees for our Mexican airports from 5% - 9%, which was pre-event signed in 2024 but reflected in our P&L in 2025. Regarding our financial position, we remain in a strong liquidity position with MXN 11.7 billion in cash and cash equivalents as on September 3rd. In the third quarter 2025, we paid the second and final dividend installment of MXN 8.42 per share, which was approved at the annual general ordinary shareholders meeting. During the quarter, we successfully issued two new bond certifications under our long-term program for a total amount of MXN 8.5 billion pesos. The proceeds are used to finance approximately MXN 7 billion pesos in capital investment and to repair MXN 1.5 billion pesos bank loans with Santander. We also refinanced a $40 million credit line with Banamex, extending its maturity to 2030. Active management of our capital structure strengthens the balance sheet and provides us with the flexibility required to execute our long-term investment commitments and potential in organic growth. In terms of CapEx, during the first nine months of the year, we invest approximately MXN 7 billion pesos. MXN 7 billion pesos. Most of these investments were related to the early stage of major infrastructure projects under the Master Development Program, including terminal expansions, airside improvement, among others. Looking ahead, we remain cautiously optimistic. Macroeconomic uncertainty and exchange rate volatility make real short-term challenges. However, it is important to highlight that GAP continues to benefit from a resilient domestic market, a diversified portfolio of airports, and disciplined financial management. Furthermore, our strong financial position and continued growth in both aeronautical and non-aeronautical revenues allow GAP to maintain its leadership position in the region and thus continue generating long-term value for our shareholders. Before closing, I would like to provide an update on our strategic expansion opportunities. The process related to Turks and Caicos tender remains ongoing. We submitted our bid last year, and while the evolution continues, no resolution has been announced yet. We are still analyzing the potential acquisition of Motiva Airports, including the information available in the data room, reviewing the transaction details, and developing our financial model. As always, the market will be duly informed of any development, and we will, as always, continue to focus on value creation. Thank you again for your time, operator. Please open the line for questions. At this time, we will open the question and answer session. If you would like to ask a question, please press star and one on your telephone keypad, and you'll be placed into the queue in the order received. You may remove yourself from the queue at any time by pressing pound and one. Once again, to ask a question, please press star and one on your phone now. We will take our first question from Rodolfo Ramos of Bradesco BBI. Thank you, Raúl, Saúl, Ale, for taking my question. I have a couple, if I may. Can you talk a little bit about the traffic dynamics that you're currently experiencing? I mean, international traffic continues to underperform, especially in the VFR routes. You mentioned all the immigration stunts in the U.S., yet when you see capacity deployment and the route development that, for example, Volaris is having, it's targeting those very routes. Do you see a more pronounced recovery towards the end of the year in the next few months? How do you feel about your guidance for the year? That would be my first question, and I have a second one, if I may. Thank you, Rodolfo. This is Raúl. In general, we are suffering from the acceleration of the VFR market mainly. We are seeing that acceleration for sure in the direct routes from some of our airports to the U.S., as could happen in the Guadalajara-Chicago or the Guadalajara-Sacramento, for instance, or Bahía Los Angeles, for instance, but also in the routes that go through Tijuana and through the CBX to the U.S. In both of these markets, VFR is going directly to the U.S. and the VFR market going through Tijuana and through CBX to the U.S., we are seeing the acceleration. That comes mainly from some kind of lack of information for the VFR market. Because if we think for a moment, all the passengers flying in a plane are citizens or green card holders, or they have all the papers to be totally legal. The decrease on deals on this market, in our view, will be some pill, I would say, that will be in place in the short term after the passengers in some way have a complete understanding of the possible trends on the migrant policy of the U.S. administration. What we are seeing is, at least for the coming months, some decrease on these specific VFR markets. We are optimistic about the coming years just when we review the seat capacity already announced by the different companies as Volaris. Saying that, we are still optimistic that the recovery of the VFR markets will happen some coming year. Okay. Thank you, Raúl. Just secondly, on the commercial side, the businesses that you operate are growing at a very rapid clip, which explains this strong performance that we saw in the non-aeronautical revenue per passenger. When you look at the, and maybe this is a broader question, when you look at the different initiatives that you have in the pipeline, how far off are we from seeing this top-line revenue growth stabilizing and growing more in line with the more traditional retail, food, and beverage businesses? It's a good question, Raúl. At the end of the day, we are seeing these double-digit growths in almost all our business lines directly operated by GAP. We are really proud about all the efforts our commercial area is doing to maximize the revenue, to play with the prices of the products and the tariffs, and for sure to manage the cost of these services. What we are seeing in the coming years is that some of these businesses will continue in a higher pace than the rest of the commercial business due to the fact that, for instance, there's new commercial areas that we deploy in the coming two or three years as soon as we open a new terminal business, terminal areas. For instance, as soon as we open the Puerto Vallarta new terminal building, we will see a jump on some of these specific business lines, but also as soon as we open the rest of the expansion of our terminal buildings in the coming years. In a general term, I would say that we will begin or we will continue to see interesting rates or pace of growing on the directly operated business by GAP because we are seeing that we will continue expanding these business lines on different airports and in different areas. For instance, think for a second that our FBOs today we are just running Los Cabos, and three months ago we began with La Paz. For the next, I would say, 20 months, we will see the first FBO directly operated by GAP in Puerto Vallarta. The same will happen, for instance, with the hotels. We have a plan for different developments of hotels in the coming five years. It will give us other additional possibilities there. In general terms, I would say that the business directly operated by us, at least in the coming three to four years, we will grow in a faster pace than the other business operated by third parties. Very interesting. Thank you, Raúl. Our next question comes from Guilherme Mendes of JPMorgan. Good morning. How's it? Thanks for taking my question. The first one is a follow-up on costs. Raúl, you mentioned in the beginning about these additional costs throughout the quarter. Just wondering if the level of costs and expenses that we saw in the third quarter can be assumed for the coming quarters, which, according to our calculations, would probably put you on the lower end of your guidance in terms of EBITDA margin for the year. Just wondering if the rationale makes sense. The second one is on the MDP maximum tariffs, if you can share at what level you are as of the end of third quarter. If the base case of increasing prices in early 2026 and potentially at some time in the second half of 2026 is still the base case at this point? Thank you. Hi, Guilherme. This is Saúl. Related to the costs, we believe that they will be enlarged. The level of costs that we will see in the following quarters is very important to understand that in the way we increase the facilities in the airports, we increase the headcount, security, cleaning, etc. It is part of the business. We will see this level in the following quarters. In terms of the maximum tariff, I mean, first of all, talking about the EBITDA margins, as you remember, we presented guidance at the beginning of the year, and we are still in our guidance related with the margins. The other part related with the maximum tariff, let's remember that on 1st of March, we have a 15% increase on passenger fees for all of our airports, domestic and international passenger fees. On September 1st, we increased an additional 7.5% of increase. For the coming year, we are thinking that in early February of the coming year, we will increase again our tariffs. It will be important to have in mind that for 2026, we want to have in place the effect of three different moments of tariffs. In January and February, for instance, we have the effect of the 15% and the 7% increase. From March to September, we have the effect of the increase of the 7.5% of the tariffs. During almost all the year, from February to December, we will have in place the increase of the additional tariff that we'll put in place in the coming year. In terms of tariffs for the coming year, we will expect a much better fulfillment of the maximum tariff. For sure, it will depend, for instance, on what happened with the inflation, the price product inflation, and the second, what happened with the dollar and the exchange rate. In general terms, I would say that we are still passing through all the changes on the passenger fees to have the better possible fulfillment of maximum tariff. We will see a coming year that will be, I would say, that we will have an important increase on that specific line of the business. Just to complement your answer and your question, Guilherme, related to the EBITDA margin, we will be very close to the guidance we release at the. Okay. That's clear. Thank you both. Appreciate it. Our next question comes from Jens Spiess of Morgan Stanley. Hello. Raúl, Saúl, Alejandra, thank you for taking my question. Just on the Motiva Airports assets, I know it probably is limited to what you can comment, but still, like hypothetically, are you planning to go for all of the assets or maybe do a partnership with some of the other potential bidders like AENA? If you're going alone for all the assets, would you be raising equity or mainly financing via debt? Thank you. Thank you, Jen. We are still right now working on the different options. I would tell you that today we are not fully decided on which will be the way that we will final bid for this opportunity. We are opening for partnership or for going alone at this stage. What is important is that we are working as always in a really disciplined way to review the numbers, thinking what's going to be created for our company. For sure, in the case that we continue with this opportunity, we are thinking that all the money will come from leverage. I would say that these are our main takes today on this specific opportunity of Motiva. We are still working, and we are open for different ways of participating. That means alone or with some kind of partnership, and all the money will come from leverage. Perfect. All right. Thank you. Our next question comes from Gabriel Himelfarb of Bank of Nova Scotia. Hi. Good morning. Just a quick follow-up question. Can you repeat the tariff increase that are expected for 2026? If you are already, or when you expect to reach what the 100% maximum tariff? Thank you. For the coming years, we are still working on which going to be the increases. I mean, it's on the way because we need to work on all the procedures with AFAC, with the federal agency. We are just on that, but we are expecting that it will happen on February. The other part is with all the change that we are expecting for 2026 will be, I mean, depending for sure in inflation and exchange rate, we're going to be around between 93% - 97% of fulfillment of the tariff, I mean, at the end of 2026. They are mainly the main points in terms of tariffs. It's 95% at the end of 2026, right? What you're expecting? Yeah, I mean in the range of that number. Okay, thank you. As a reminder, if you would like to ask a question, please press star and one on your phone now. Our next question comes from Jorge Vargas of GBM. Hi. Good morning. Thank you for taking my questions. Regarding the potential acquisition of Motiva Airports' airport portfolio in Brazil, could you share any color on the expected timeline along with the estimated investment size and the main strategic rationale behind your interest? Additionally, could you provide some context on how Brazil's concession structure works and how it differs from the Mexican model? Thank you. Okay. I mean, for sure, the rationale is diversification among our main business at the airports. As you know, the airport industry opportunities are a little, they are small ones per year around the world. For sure, as airport operators, it will always be interesting for us to analyze any of these opportunities. Motiva Airports is a group of airports that have different concessions, different countries, and different, I would say, concession frameworks. Just going in a really quick way, we have a big four groups of airports in Brazil, each one of them with different rules of concession. Also, it is in the Pacas, Quito Airport, also San José, Costa Rica airports, and Curaçao airports. What we are seeing in all of these for GAP is we will have a potential opportunity to increase the value of those companies through two different ways. The first related with commercial revenues and applying our well-known model of increasing the commercial revenues. The second is related with the discipline of the cost. We think both of these will be an interesting area to explore, to bring all the experience of GAP onto this. Again, we are really in a, I would say, a final analyzing of this opportunity. Today, we don't have a complete view if we will participate in the last or the last part of this bidding process. We are continuing analyzing. Related with the timeline, I would say that this is a structure and a project that the timeline is running directly by Motiva. We are expecting that in the middle of November could happen the presentation of the final numbers. Again, it will depend completely on the seller because we see this process in the past has different moments and changes of the timeline. At least for the case of GAP, we are seeing that for the middle of November, we will make our final decision related with this transaction. Thank you. Thank you. As a reminder, you can also ask questions through the webcast. Please, if you are on the webcast, go ahead and submit your questions now. We have a question from Edson Margul from Sumacap. Yes. Morning. Thank you for taking my questions. I have two of them. I was wondering if you can give us more color about these new routes from Los Cabos. Even looking forward, there is a possibility that other airlines can connect between Los Cabos or maybe Puerto Vallarta to Central America or the ports of or even South America. Could you give us, I don't know if it's possible to give us the name of the airline who operated Los Cabos to Panama. The second question is related to the cargo and bonded warehouse. I was wondering if you have similar initiatives or initiatives related to new buildings or even with the Master Development Program looking ahead, similar to the food and beverage and new terminal buildings and so on, because it seems that cargo and bonded warehouse, it's on a good growth pace for the following quarters. Thank you. Thank you, sir. In the case of the routes of Los Cabos, I mean, it is important. It's really interesting to see for the first time a direct operation to South America. As you perfectly know, all the Panama hub is a great opportunity to capture all the traffic going beyond, I mean, that connects to the rest of South America and Central America. I think it's a great opportunity for Los Cabos. At the end of the day, it's opening a completely new market and a completely new way of opportunities around that. For the case of Puerto Vallarta, for the last, I would say, almost at least nine years, Puerto Vallarta is connected directly to Panama with Copa. After the COVID, we have a close of the services. Now coming back with a less number of frequencies just in some seasons. At the end of the day, what we know about the direct connections with Panama is that the hub of Panama opens the opportunity for a broader market related with all the region on South America. In general terms, I think that yes, it's a great opportunity for Los Cabos to reach a completely new market to that destination. Hi, Edson. This is Saúl related with your second question. The cargo and bonded warehouse is not a business regulated under the Master Development Program. It is nothing to do with our new terminal for passengers. We are interested to replicate this business in other airports if it's possible and according to the demand and the opportunity of market in those airports. It is a great business. It was a great acquisition. We will be following some opportunities in the future in other airports. Okay, thank you so much. We have some questions from the webcast. There are two from Rafael Simonetti from UBS. One of them was already explained. The only one that we have is aeronautical tariff declines quarter over quarter. Could you elaborate on the main drivers behind these decrees? Hi, Rafael. This is Saúl. Yes. It was due to the component in the mix of passenger traffic we have in our airports. International traffic declined, and those airports have the highest passenger charges. Therefore, this affects directly to the revenue. Also, the exchange rate, which the peso appreciated in this quarter, around 4.6%. Therefore, the aeronautical revenue per passenger declined slightly. Thank you, Saúl. We have another question from Daniela Guzmán from Ashmore, and the question is, what is the expected effect of next year's World Cup in traffic figures? I mean, it's hard to know because at the moment, we have different scenarios related with what could be the impact on the World Cup specifically in Guadalajara and some different of our airports. We are thinking that for sure Guadalajara with the four games will have a positive effect. Tijuana, that will be through the CBX, will be connected to some of the games in Southern California. We think also that we could have some positive effect. Today, it's really difficult to understand how big could be the effects of that and will depend on the lottery related with the different selections that will be on Guadalajara for the World Cup. At the beginning of the coming year, it will be this lottery of national teams, and we will know which are going to be the matches that will happen in Guadalajara. In that moment, we could have a more clear way to prepare some scenarios of possible increase on traffic. The numbers that, for instance, FIFA and the government have announced is that could be from the case of Guadalajara, something that goes from 300,000 to half a million passengers that could come to the city. For the moment, it's unclear until we know which national teams will be allocated in Guadalajara. Thank you, Raúl. We have another one in the webcast from Enrique Sojo from Fundamental. He's asking, could you provide even further details on the commercial areas which will come online in the next few years? Do you have any longer-term vision for what level of non-aeronautical revenue per pass may reach? Okay. I mean, as you remember, we have a tracking on that. We will be, for 2029, our terminal buildings at GAP in Mexico will increase around 55% in terms of the square meters. For sure, we will have a great opportunity to deploy additional commercial offers on those new terminal buildings and expansion of terminal buildings. The biggest one will come from four different airports. Four different airports will have opportunities for increasing the commercial business in terms of really interesting numbers. The first one is the Terminal 2 of Guadalajara that will be open for the beginning of 2029. The next one is Puerto Vallarta. That will be a second terminal building that will open for January or the first quarter of 2027. The third one is the expansion of the Tijuana airport that will be ready for beginning operation in 2028. The last one is the expansion of the Terminal 2 building of Los Cabos that will be on operation for 2027 mainly. In that sense, we will have a great amount of opportunities to expand commercial business. For the end of the year, the master plan, we will have this, like the big number, this expansion that will be of 55% of increase in square meters in our terminal building. In that way, we will have that reflection on opportunities for increasing our commercial spaces in our terminals. We have a question from Alan Macias of Bank of America. Hi. Good morning. Thank you for the call. Just a question on international traffic. If you can just go through the four main airports, and especially Puerto Vallarta has been quite weak year to date. If you can go through the negative impacts for international traffic. Thank you. Thank you. I would say that in these two, I would say that the first nine months, we are seeing a decrease on passengers, mainly on international for Puerto Vallarta. The good news there is that we are seeing a much better winter. We are reviewing the number of seats coming from mainly Canadian markets and some other different international or U.S. routes that are coming back with additional seats for the winter season of this year that will give us a much better first quarter of the coming year in Puerto Vallarta. On the first nine months, what we are seeing is a decrease on passengers mainly due to a decrease on capacity for American Airlines, mainly in the case of Puerto Vallarta, with some other effects coming from Spirit. In general terms, what we're seeing in Vallarta is a decrease on passengers, as you say, of 5% on this year on international markets. We are optimistic about the coming year because we are seeing the coming back of some of these seats on this winter season. The additional, I would say, increase on passengers from Canadian capacity will also be great news for Puerto Vallarta Airport. Thank you. It appears that we have no further questions at this time. I will now turn the program back to our presenters for closing remarks. Thank you once again for joining us today. Please contact our Investor Relations team with any additional questions you may have. Have a great day, and thank you for your attention. Thank you. This does conclude Grupo Aeroportuario del Pacífico's conference call. Thank you for your participation. You may disconnect at any time.