Good morning, and welcome to GAP's FIBRA 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. In the next hour, we want to walk you through FIBRA GAP, what it is, why we are doing this now, and what it means for GAP's current shareholders and for investors considering the vehicle itself. For those who may not be familiar with FIBRA-E structure, let me provide a brief overview. A FIBRA-E is a Mexican-listed trust vehicle designed for the energy and infrastructure asset that allows investors to participate in the cash flows generated by mature operating business. In this case, the mature business will be GAP's 12 Mexican airports. The vehicle issues trust certificates listed on the Mexican Stock Exchange, and is intended to provide an efficient mechanism to monetize and recycle capital, while at the same time maintaining operational control of the underlying assets. From a tax perspective, the FIBRA-E benefits from a pass-through structure. It is required that at least 95% of its annual taxable income be distributed to certificate holders. Following the transaction, distributions received at the GAP Holding company level would continue to be subject to taxation upon subsequent distributions to our shareholders, consistent with the current dividend framework. Importantly, from the perspective of GAP shareholders, we do not expect a material change in the economic substance of the distributions received. Rather, the transaction will primarily represent an optimization of capital structure of the Mexican airports and funding flexibility, while at the same time preserving exposure to the cash flow generation of the airport portfolio. The message is straightforward. GAP has significant infrastructure commitments over the next four years under our MD, and we seek to fund those commitments with a balanced capital structure. FIBRA GAP is one more tool in that strategy, a long-term infrastructure vehicle that matches the asset profile with the right type of capital. GAP retains control. The operating platform does not change. What change is how we fund the next CapEx commitments. Before we start, please be advised that the 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 this presentation, which is for informational purposes only and should be read together with the offering documents once available. Certain statements may depend on assumptions, regulatory approvals, market conditions, and the financial transaction documents. What I would like to emphasize here is consistency. The same team that has managed GAP through two decades of growth will run FIBRA GAP under the same operating and financial discipline and investor communications standards that have characterized GAP as a listed company. This is the team that you already know. Our speakers today from GAP are Mr. Raúl Revuelta, Chief Executive Officer, Mr. Saúl Villarreal, Chief Financial Officer, and me, Alejandra Soto, Investor Relations Officer. At this time, I will turn the call over to Mr. Raúl Revuelta. Thank you, Ale, good morning, everyone. Thank you for joining us today. Why FIBRA GAP? The logic is simple. We believe it can become a long-term capital recycle vehicle for GAP, one that allows us to gradually unlock value from mature, predictable infrastructure assets, but only when we see attractive reinvestment opportunities for the group. At the same time, GAP continues to face significant investment opportunities and capital needs across its platform. The proposed FIBRA allows us to finance mature, regulated, and high CapEx infrastructure assets through equity, rather than rely only on additional leverage at the holding company level. The five key messages I want you to take away about why we are creating FIBRA GAP are: The Mexican airports concessions remain the foundation of GAP's cash flow regeneration. These are regular, resilient, and long-duration infrastructure assets. GAP will continue to own and operate them. FIBRA GAP should be understood as a capital recycling platform, not a de-investment, as 100% of the proceeds will be used to deploy in the Master Development Plan. This allows us to gradually monetize a limited portion of mature infrastructure assets through equity, only when we identify attractive reinvestment opportunities. The GAP will retain control and operation of the current assets. In our Mexican airports, we have significant investment commitments under the Master Development Plan, and we want to fund those commitments with a balanced, efficient, and diversified capital spread. FIBRA GAP give us another long-term funding source that is specifically tailored to infrastructure assets. We want to be clear regarding the perimeter. FIBRA GAPs will hold minority stake in each of our 12 Mexican airports concessionaire. What is excluded? CBX, our Jamaican airports, and any subsidiary that does not hold a Mexican concession title for airports. GAP remains in control of approximately 96% of the Mexican airport equity. The management agreement means that the day-to-day operation will not change. FIBRA GAP ownership over time may vary depending on future contribution made to the financial capital requirement. Nevertheless, FIBRA GAP will have the possibility to structure a revolving credit facility to fund future capital requirements pro rata to maintain its initial ownership. The indicative ownerships in terms of approximately 4% of Mexican airport equity is based on the proposed issuance amount divided by the post-money value of Mexican airports. It will change with the final offer size and valuation. GAP will remain the controlling shareholder and for the FIBRA will be the administrator and accompanied by a technical committee and audit and corporate practices committee. The reason why we are evaluating this now is that we are entering into an important investment cycle. We want to execute the MDP, preserve financial discipline, and retain a strategic fund. FIBRA GAP provides additional financial flexibility rather than concentrating all the funding pressure in the traditional debt markets. It matters because extensive leverage will reduce the strategic optionality for future investment opportunities. For investors, the thesis has five components. I want to be direct about how they connect. First, the investors will be buying into a high aviation sector, delivering accelerating and sustained long-term passenger growth of about 6.2% CAGR since 2010, nearly 4 x Mexican GDP growth over the same period. Second, the portfolio spans 12 airports with meaningfully different passengers profiles. Tourism Los Cabos and Puerto Vallarta, cross-border dynamics in Tijuana, VFR and business passengers in Guadalajara. Third, the operator, GAP, will be the manager of the FIBRA, allowing this vehicle to be backed by the leading airport operator who has handled 31.4% of all passengers in Mexico during 2025, and has the strongest market share growth record in the sector over the last 15 years. Fourth, the governance structure is built for public markets being leveraged by GAP's outstanding record in corporate governance practices. Fifth, the return profile is based on distributions tied to the operator results in a sector that is clearly regulated in a stable cash flow industry with an operator known for giving its shareholders consistent return throughout the last 20 years as a public company compared to other FIBRA vehicles. The data shows how the airport sector has performed positively in the recent years. Passengers have grown at a sustainable pace of 6.2% CAGR since 2010, while Mexican GDP has only grown at 1.6% CAGR during the same period. That is 3.9 times more than the national GDP. That refers structural drivers such as tourists, regional connectivity, domestic air travel penetration, and the expansion of low-cost carriers. With that context, GAP has delivered stable growth of 7.2% CAGR, outperforming spirits in the sector, gaining market share at a stable pace. We believe that the growth outlook is supported by several independent engines. Tourists remain strong, with Mexico as one of the most important tourist destination globally and the number one country Latin. Airlines continue to invest in their fleet. Besides the ending of Pratt & Whitney engines, maintenance will bring back offer to the airport sector and potentially spur routes to the United States. These factors create a constructive backdrop for airports with the right capacity and location that bring us to GAP's positions in the market. GAP biggest strength is the diversification. We operate 12 airports in Mexico and five of the 10 busiest airports in our country with different demand profile. Tourists, visit friends and relative, business, and cross-border dynamics. That mix has helped the platform remains resilient across different cycles. Our route development reflecting the highest market share growth in the country, going from 27% market share in 2010 to 31.4% market share in 2025, making us the leading airport operator in the Mexican sector. I want to highlight the quality of the airport assets that will form parts of FIBRA GAP. The Mexican airports combine resilient traffic growth with very strong financial performance. Passengers traffic has grown from 44 million passengers in 2019 to 57 million in 2025, which represent a 4.6% CAGR. This confirms the strength of the demand profile across our airport network. More important is not only a traffic growth story. It's also a monetization and profitability one. Over the same period, revenue increased from approximately MXN 12 to MXN 24.3 billion, representing a 12.4% CAGR. In other words, revenue growth has outpaced passengers. At the same time, the Mexican airports continue to operate with EBITDA margins of around 70%, which is a very attractive level for infrastructure investor and demonstrate the efficiency and cash flow resilience of the asset, in spite the change in concession fee that passes from 5%-9%. FIBRA GAP offers exposure to a mature, regulated and highly profitable airport infrastructure asset with a proven passengers growth, a strong revenue growth and cash flow generation. The MDP is very concrete. It's about increasing capacity, improving passenger experience, strengthening operational efficiency, and ensuring that our airports are prepared for the future airline growth. The objective is to invest ahead of demand in a disciplined manner, consistent with our concession obligation and long-term service standards. Our main goal is to improve passenger service quality, provide infrastructure for airlines future growth with greater capacity for simultaneous traffic and larger aircraft operations. We recognize that governance is critical in any vehicle sponsored by a listed code. FIBRA GAP is designed with a governance structure that includes public market bodies, independent oversight and alignment between GAP shareholdings and FIBRA holders, comprised of the technical committee which serves as a functional equivalent of board of directors in a public listed company. The audit and corporate practice committee and the shareholders meeting with their main goal of protecting shareholder interests. It will include conflict of interest protection with independent oversight, transparent expenses and non-incentive distribution fees. All of this is backed by a structure levers GAP's outstanding corporate governance practices with the end goal to align the interests of GAP and FIBRA GAP holders over the long term. The logic of both sides of the table is straightforward. FIBRA GAP provides a new and complementary source of long-term capital. Let us optimize the capital structure of the Mexican airport label and broaden the investor base beyond traditional debt and equity investors. This vehicle is designed to reinforce GAP's growth plans and financial flexibility. For FIBRA GAP holders, the vehicle provides unique access to a sector with structural growth, higher barriers to entry, operated by a team with a long track record with an attractive yield profile, with consistent distribution and access to the only FIBRA-E in the airport sector. It is complementary structure that matches long-term infrastructure assets with long-term infrastructure capital. The key takeaways I wish you to appreciate about why FIBRA GAP are: First, Mexico aviation sector has compounded at nearly 4 x GDP growth for 15 years, and we see no structural re-reason to change. Second, GAP portfolio is generally diversified across market, passenger stacks and demand drivers. That diversification reflects the performance throughout multiple cycles. You are not only investing in a high growth sector. Third, the operator has 28 years managing this portfolio. The strongest market share growth in the country. EBITDA margin consistently close to 70%. Fourth, the governance work for public market investors. Independent oversight, conflict protection, no side deals, transparent costs. Designed to align interests, not manage them. This will be leveraged by GAP's history of superior corporate and governance practices. Fifth, the return profile is linked to operating results. Distributions come from cash flow generated by the infrastructure assets. Sixth, you will have clear visibility with stable future cash flow, as this is a highly regulated sector with clear visibility into revenue tariff increases that at the end will be reflected to more distribution to our investors. Let me close with this recap. FIBRA GAP is complementary financing vehicle, not a corporate restructuring. GAP's concessions operating model and strategic direction remain unchanged. The proceeds will be 100% primary and will flow directly into the Mexican airports concessions to fund infrastructure investment under the Master Development Plan. GAP will remain the controlling shareholder and administration, preserving operational continuity, governance standards and alignment with investors. In short, FIBRA GAP is designed to fund growth, preserve financial flexibility and provide long-term investors with direct exposure to Mexican airport infrastructure operated by GAP. The presentation ends here, so we will start with the Q&A session. Thank you, Raúl. Right now we will have the time for any of your questions. It's time to raise your hand, and we will open the mic for your questions. We are start seeing some raised hands. We will start with Guilherme Mendes, JPMorgan. Guilherme, your line has been on mute right now, so please can you unmute it? Un-unmute. Hey. Hello, everyone. Thanks Raúl, Saúl, Ale for the time. Now, my question is in terms of the size of the offer, MXN 10 billion for roughly 4% of each of the assets. If the idea was to cap at MXN 10 billion or to have as a small stake on each of the airports. In other words, why not doing something bigger or having a bigger stake at each of the assets? What is the limit that the FIBRA can ended up having of each of those assets? Lastly, if at some point in time the idea would be to include other non-regulated assets into the FIBRA structure as well, or if it will only stick to the 12 regulated airports in Mexico. Thank you. Thank you, Guilherme. This is Raúl. First of all, in terms of the size of the FIBRA, I mean, this is the beginning. It's just the initial offer. For sure, this will be rapidly increasing. Always if we are seeing any other opportunities for the better use and optimize the use of the leverage for other M&As, for instance, that could bring new businesses to our company or bring businesses with a even better growth base on the short term. That is like the first part of the question, of the question. The second part related with why just the 12 airports. I mean, in terms of the FIBRA, it's an entity that was designed mainly for infrastructure vehicles, specific concession ones. With our airports, we're aligned with that. Within that there's no, I would say, space into the FIBRA for the purely commercial businesses operated directly by us that we are having to today. In terms of the long term, size that we'll have, we will need or we have like a cap of 30% on the concessionaries for going to FIBRA. Hi Guilherme, this is Saúl. Just to complement, it is, we have this cap, as Raúl mentioned, it's 30% of the equity of the airport. Obviously we want to continue after this IPO to see the consolidation of different flows over this vehicle. Perfect. Thank you. Got it. Thank you both. Thank you. Thank you. Remember, if you want to ask a question, you can raise your hand and we will open your mic. Can we see who else? Yeah, now we have Gabriel Dechaine from National Bank. Please, Gabriel, your mic is already open. Hi. Can you hear me? Yes, we can. If you can speak louder, that will be better. Sure. Quick question on the structure. The 12 airports that are entering the FIBRA, the cash flows will be both the regulated and the unregulated or just the aeronautical revenues or can you give us a bit of color on how it will work the part, the regulated, unregulated portion of cash flows inside the FIBRA? Hi, Gabriel. This is Saúl. Yes, it's for both, for aeronautical and non-aeronautical. It's averaging related with the concessionaire, the total revenues recognized. As you know, we have other subsidiaries that are, as mentioned, as Raúl mentioned before, it won't be included just the 12 airports and includes the 100% of the total revenues, aeronautical plus non-aeronautical. Okay. Thank you. You're welcome. The next one will be for Jens Spiess from Morgan Stanley. Please, Jens Spiess, your mic is already open. Yes. Hello. Thank you, guys. just wanted to ask, do you plan to list this in Mexico or also do an ADR in the U.S.? if you could provide a bit more details on the timeline, what you have in mind. Hi. I'm muted, right? No, we can hear you, Jens Spiess. We can hear you. Thank you. Oh, perfect. Yeah. All right. Thank you. Hi, Jens Spiess. Well, for now, we are going to make a roadshow with the local investors here in Mexico. We are not planning to make it international. Probably the follow-ons will be part of that. If there is some relevance or interest, we can follow that, but for now it's only for locals. You can participate if you want through the banks that will be structuring the FIBRA GAP. You can participate if you want, but we don't have any plan to make any roadshow in U.S. or in other country. Related to the timeline and for this, we officially begin with the promotion of the FIBRA today with this conference call. We will begin with some. One-on-one meetings in Mexico City. If there's any interest from some investors, we could hold like some meetings besides that. The idea is to be at the end of June, concluding the issuance and the incorporation of the FIBRAs. All right. Perfect. If I may, a follow-up question. I was wondering, assume you will have basically one-to-one economic participation in the equity of the Mexican assets that are within the scope of the FIBRA. Just wondering, will there be, like, administrative expenses at the FIBRA level that sort of, don't make it a one-to-one, like the same economic interest that you would otherwise have? I don't know if I'm making myself clear. Well, yes, I don't know if you're referring to the cost of operation of FIBRA. We do not believe that will be significant. Obviously, FIBRA will have their own administration. We will have to incorporate the audit corporates, the corporate practices committee beside the technical committee. The proper operation of the FIBRA will have some expenses, but we do not believe that it will be relevant to the size of the issuance in the size of the FIBRA. I don't know if there's You got your question because the sound wasn't very clear. No, that's clear. Thank you. Thank you. Okay. Thank you, Jens. We will continue with the next question, that it is from Francisco Suárez from Scotiabank. Paco, your mic is going to be open. Thank you so much for this call, and thank you, Alejandra Soto. Two questions, if I may. One, will this creation of this vehicle, is there any concern that it may create a structural subordination for bondholders? That's my first question. My second question relates It's actually a follow-up on the question that was asked by my colleague on Morgan Stanley related usually FIBRAs, as an advisor, and there are transaction costs inside and also potentially FIBRAs do charge fees and sort of expenses. If I understood correctly, you don't expect the creation of this FIBRA vehicle to create fees or other transaction costs that will take away the economics and the potential economics of the FIBRA vehicle as such? Thank you, Paco. This is Raúl. I mean, in terms of expenses, we're not foreseeing any really additional changes in overall expenses. We think that the FIBRA will bring some marginal additional cost for the management of the vehicle, but nothing really relevant in terms of what we have seen on the assets. Related to the subordination vehicle or we don't expect to have any kind of that. We believe that the FIBRA will remain as part of GAP's portfolio and will not have any additional subordinate to debt or to equity because just to remind, our current debt is at a holding level. There is no debt into the airports or the concessionaires. Got it. To make sure, you don't plan to create a fee structure in the creation of FIBRA GAP? No. Additional, no. Okay. Thank you so much. Thank you, Franco. Now we are going to pass through Alejandro Anibal. Please, Alejandro, your line should be now open. Yes. Hello. Alejandro Anibal from Jefferies. Thank you for the question. A bit of a follow-up to the previous question. Do you expect or are you worried that this kind of new structure can create some kind of structural discount on the holding company versus the FIBRA? No, we're not foreseeing that. I mean, first of all, we are talking of really this initial offer will be really a small part of our aeronautical business that would be in some way shared to the equity of the FIBRA. We are not seeing really any kind of decrease of value holding for that. We will say that we are optimizing some even fiscal factors for the holding that will bring value for our equity holders. For GAP. Yeah, I think that this will optimize first our financial structure, but also will give us this flexibility to bring additional opportunities to the company in future acquisitions. Okay. As a bit of a follow-up to that answer, can we expect an acceleration of the kind of chasing those opportunities outside of the 12 airports that you were kind of mentioning then? I would say that we will continue. As always, GAP is looking for new opportunities. The thing is, we bring to our portfolio only opportunity that makes sense and to be accretive for our shareholders. We will continue to bring in opportunities, but It is important to have in mind that we will keep the discipline that we have to bring the correct opportunities to the company with the creation of value for our shareholders. We will continue as always bringing opportunities, but you could be sure that we will continue being really disciplined with the opportunities that we bring that create the correct value in value for our shareholders. Fantastic. Thank you. Thank you, Alejandro. Now our next question will be for Andrew Miller. Andrew, your line should be unmuted right now. Hi, everyone. I have three questions, but hopefully they're reasonably connected. Number one, don't quite understand how I'm better off as a minority shareholder in the equity of GAP as a result of this. Number two, if I'd chosen not to invest in the equity of GAP, why would I choose to invest in the FIBRA? Number three, if you didn't do this, are you effectively saying you would break your debt-to-equity covenants in funding the new MDP? Thank you. Thank you, Andrew. Yes, Minority shareholders won't be affected at all. It is at the concessionaires, we are protecting their, you know, all their interests. First of all, it's important, GAP will retain the control of the airports with equity more than 96% for this IPO. We do not expect to decrease in that. The management of the FIBRA will be in the side of GAP. We are considering that already. If you are not invested in equity, why will be FIBRA? FIBRA has other benefits. It has a pass-through dividend to the shareholders and will not reflect any tax benefit for all investors. If you invest in GAP, you will continue having this benefit in terms of dividend, in terms of pricing for GAP. On the other hand, FIBRA will represent a benefit to GAP Holding in terms of the corporation and long-term visibility and the capacity for additional debt in raising funds for investment opportunities. At the end, I would say that this vehicle is more interested for pension funds in Mexico. That is part of the benefits they have. For internationals, probably is really interesting. I would say that it's basically the same if you invest directly to equity or to FIBRA. FIBRA is in relation to your third questions. Equity of FIBRA will be providing equity to funding the MDP. That's the main reason of this vehicle. Obviously, at holding level, the GAP will continue leverage other projects, and will continue with that capacity at the balance sheet. In this, we believe that we have the opportunity to have more benefits to our shareholders, benefits for our tenures of FIBRA GAP and for debt market also. Okay. Thank you. Thank you, Andrew. The next one will be passed to Michael Galvez. Michael, your phone should be unmuted right now. Thank you so much. just a kind of a follow-up from the previous one. I would like to understand what level of debt can be passed to this new structure under the FIBRA-E. If you can give us more, a bit of color on the financial covenants, if this type of asset sales or assets transactions are allowed in your loan facilities and also in your local market bonds, or if bondholder meetings are going to be required. Okay. Hi, Michael. This is Saúl. The level of debt for this vehicle basically is not debt. It will be part of equity. It won't change the in terms of capital structure for a GAP Holding. It will help for capital structure our debt concessionaires, but at the equity level. Related to the financial governance, basically it's not a bond, it's not a bond, it's not a bond certificate. It will be part of the equity of the airports and the covenants or the restrictions, you know, in terms of agents, it's not applicable for these instruments. We will have holder meetings, yes, because we need shareholders structure for future decision at FIBRA level. Basically, we will have another administration over the FIBRA that we will discussing before to operate together with the technical committee and audit committee. Okay. Yeah, my question was focused if the actual bonds that are outstanding, they if they have any certain financial restrictions or limitations towards these kind of operations. No? Yeah. If the actual debt needs to approve this transaction or if it's not needed. It's not needed. Our debt is at GAP Holding level. It's not at the airport. Airports are the main vehicles of the FIBRA. We do not expect and do foresee any restriction or limitation into the to structure the FIBRA from bondholders. Okay. Thank you. Thank you, Michelle. Now we are going to pass the call to Samuel Alkim. Samuel, your line is already on mute. Hello, guys. Thanks for the call. My questions are, the first one would be, if GAP or a related entity will own any equity in the FIBRA. The second one would be whether GAP, the FIBRA, actually, the FIBRA will own stakes in GAP's airports, or will they look to invest in other assets such as infrastructure or other assets that are not managed by GAP? In general, when we talk about invest on other different assets, I mean, the FIBRA was created with the contribution only of the concessions and the rules of the FIBRA specifically just talk about airport concessions. Any additional acquisitions or new businesses created outside the concessionaries will be part of GAP Holding, not part of the FIBRA. That is one important part of to have in mind. The perimeter of the FIBRA only includes the specific concessionary business of airports in Mexico. Yes. Just to put a bit related with your first question, GAP is not planning to hold some or invest into FIBRA. Regarding the last one, that if GAP will own equity on the FIBRA. Yes, they will own around 96%. Yes. Thank you, Samuel. Thank you. I'm seeing you again, Guilherme. Do you have a follow-up question? Yes, I do. Thanks, Ale. Actually, as a follow-up to Samuel's questions, I just wanted to understand why not co-invest on the FIBRA in a way to maybe avoid conflicts of interest of which assets in the future could be included or not could be included on the FIBRA level. The second follow-up, it's about the timing of the offering. I understand the whole idea of doing this FIBRA is to help to finance the CapEx. This MDP's CapEx has been there for a year and a half now. It has to do with the CBX acquisition last year, and this question is about Montego Bay airports last year as well. I just wonder if there's anything else on the timing of the announcement other than the other capital allocation announcements. Thank you. Thank you, Guilherme. I mean, in terms of the timing, for sure it was related with the finalizing all the process for the merge of the CBX. For sure that was an important part of our decision. For sure, as you remember, always we are trying to keep aside all the company of the GAP Holding, two times debt-to-EBITDA ratio. The idea is keep that discipline. The best way to keep that discipline in terms of our balance sheet is using other kind of tools as could be the FIBRA. That was mainly the timing. As you know, we wanna pay for 25% of the additional, of the shares on CBX, and we are just doing that on the next weeks. Yeah, in terms of general terms, that is the timing of why we are announcing the FIBRA right now. Related to the use of proceeds, yes, we are planning financing part of the MDP of 2026 and complement part of 2027 MDP. It won't be part for capital allocation for dividends. It will be used only for CapEx. Thank you, Guilherme. Okay, Yeah, thank you. Well, we have a question that was sent directly from Carlos de Legarreta, and he's asking: Can you talk about how does this affect the TUA or maximum charge implementation? Guessing, since the cost of financing in the Mexican airports will be higher, since it will be fully funded with equity rather than a mix of equity debt. There should be a relevant increase in the TUA to reach the target IRR. Thank you, Carlos. I mean, just to have in mind, theoretical it could be, but let's put it on some context. Remember that all the debt of GAP is on the holding level. In the last time that we renegotiate or review the tariff on 2024, at the end of 2024, at that moment, there was zero debt in the concessionaires. It means that we That negotiation will reflect that everything was equity on the WACC. There was no debt on at that moment of the airport. Always in terms of the maximum tariff, you could have better results or better IRR if you are using only equity. That is correct on how the rules works for the maximum tariff. But it's important to have in mind that at the last time that we renegotiate the tariffs, and at this moment, there is no debt on the level of the airports. Thank you, Raúl. Now, Gabriel Dechaine, I'm seeing you again. I don't know if you have a follow-up question. Sure, yeah. I have two follow-up questions. The first is on the organic growth. You mentioned only Mexican concession type of assets could enter to the FIBRA GAP. Perhaps adding some toll roads or other types of concessions and how they could be financed if the entire amount of the offer will be to the MDP. The second part is on the MDP. I think the CapEx for the MDP is already running up. You'll be financing the MDP from 2027 and beyond until 2029? Like, 2026 is already being set. Yeah. Thank you, Gabriel. I mean, in terms of the non-organic growth, always, again, the FIBRA, it give us just additional flexibility. Specifically, the FIBRA-E, the one that we are using, it was created by the government for infrastructure federal concessionary projects. Yes, it could fit a highway, which is a concession of federal rights of a concession. If we're going to acquire some additional federal concessions on infrastructure, yes, on the FIBRA, it could fit. The other part related with the MDP, again, this is, I would say, a not linear tool. This is an additional tool for balance, the balance sheet of GAP. We will see in some low moments going to the debt, to the certificados bursátiles or debt market in Mexico, even outside Mexico. That we will keep that. Also we have this additional tool for getting the CapEx on our airports, that is the FIBRA. It's not complete linear that we will make the future decision on the coming years or go directly to the FIBRA for financing the MDP. It will depends if we have some M&A in door, or we see some additional opportunities on the business directly operate like that, for instance. That will be the decision will be made in terms of what we have in the table. Okay. Thank you very much. Thank you, Gabriel. Now, Alejandro Anibal, I'm seeing you again, so maybe you have a follow-up question as well? Oh. There you go. Well, maybe not. Oh, yes. Okay. Sorry, I was muted. Perfect. Thank you very much for taking my follow-up. quick question. You're talking about kind of, you know, this being kind of good to an extra tool for financing and so on. If for whatever reason this deal does not go through, can we expect an equity raise at the GAP level? That's the first question. As a bit of separate, can we see, let's say, a bigger dilution than the 4% that you're talking about in case the market is not as receptive to this deal as you expect? I mean, in terms of going through or expand the equity from a follow-on, we don't foresee that today. We have enough space to go to debt. We have enough space even in balance sheet and in cash. We really don't foresee going for other kind of operation. We see the FIBRA as another tool that if makes sense, if the price makes sense, if it's in some way optimize our balance sheet in terms of the price that we could get, we will continue this. Same in other words, if the price that the market is put into the FIBRA is not the correct one, we will not issue this, the FIBRA. That is I will say it's important to put it in the table and make it really clear. Our cash position, our leverage, it's pretty good to even continue leveraging our MDPs to our balance sheet. The thing is, we think that we could bring additional optimization to our, the financials of the company if we issue the FIBRA on the correct price. If that is not happening, we will not push the FIBRA by in any case. It besides that, and just to complement, it won't represent a dilution effect to our shareholders. Okay, that's very clear. Thank you. Thank you, Alejandro. Well, this was the last question, Raúl and Saúl. Thank you for your time. Thank you, everybody, for joining us today. As always, all our IR team will be ready for any of your question. Thank you for your time. Have a great day. Thank you.