Good morning and welcome to GAP's third quarter 2026 conference call. At this time all lines are 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 for you 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 third quarter 2026 conference call. Prior to introducing the management team, I would 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 performance, or financial results. As such, any information discussed It 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 release issued yesterday. Thank you for your attention. It is my pleasure to introduce our speakers from GAAP, who will be discussing with you the operational and financial results for the third quarter of 2026. They 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, and thank you for joining us today. I want to start with the fact that GAP delivered a solid financial performance in the third quarter of 2026. Despite persistent challenge across our airport network, demonstrating the valuable and increasing contribution of our diversified business model. Passenger traffic declined by 1.4% compared to the third quarter of 2025, which was a significant improvement versus the 5.6% decline experienced in the second quarter of 2026. At the same time, revenues, including construction services, increased by 13.2%. EBITDA grew by 19.2%, reaching 6.1 billion pesos. And EBITDA margins expanded by 350 basis points to 67.8%. These results are the result of three different drivers. First, the consolidation of Cross Border Express. Second, the structural benefits from the internalizing of GAP technical assistance services. And thirdly, the growth in directly operated business together with the gradual implementation of the approved maximum tariffs, excluding CVX, Revenues from aeronautica and non-aeronautica services increased by 3.4%, while EBITDA grew by approximately 8.3%. While these figures highlight the strength of our operating model, they also indicate that underlying passenger demand remains challenging. We are prioritizing working on the factors we can control. Such as strengthening our airport network while at the same time building complementary business that diversify and expand our capacity to create long-term value. However, we are aware that international leisure traffic is recovering at an inconsistent pace due to several external factors. Let me begin with the passenger traffic. During the third quarter, GAS 14 airports handled approximately 18.4 million passengers, representing a 1.4% decrease compared to the same period last year. Although traffic stayed below 2025 levels, the third quarter declined as low as compared to the previous quarter. However, we do not view this stabilization as a sign of broader base recovery across all our markets as of yet. Domestic traffic increased by 0.6%, while international traffic declined by 4.5%, primarily reflecting the continued weakness of certain leisure destinations throughout Mexico and Jamaica. Guadalajara, on the other hand, remains as a primary performance driver, with an 8% passenger traffic increase, supported by growth in both domestic and international volume. It is worth noting that international passengers in Guadalajara grew by 13.1%, reflecting the resilience of the airport diversified passengers mix across visiting friends and relatives, business and leisure segments. During the quarter, traffic in Guadalajara declined slightly by 0.5%, while CVX users increased by 8.4%, reaching approximately 1 million passengers during this period. Additionally, the CBX capture rate improved from 29.7% in the third quarter of 25 to 32.4% in the third quarter of 26. These results highlight the growing importance of cross-border connectivity and the strategic benefits of integration of CBX into GAS Airport Network.

Puerto Vallarta-Los Cabos, however,

continue to experience softer demand with passenger traffic declined by 11% and 6.8% respectively. International traffic at Puerto Vallarta remains weak, declined by 24.8%, primarily due to the secure concerns following events in Jalisco in February. To counter this, we are actively co-working with airlines, tourism stakeholders to promote connectivity and passenger demand in the region. Montego Bay continues to navigate the aftermath of Cuba Camino de Iza, with a 23% declining positive news traffic during the quarter. While hotel capacity and tourist activity is recovering, the normalization pair remains tied to the hotels reopening an international airline connectivity. Looking ahead, we remain cautious about how quickly traffic will recover. We anticipate that airlines' capacity, passengers' demand, and the restoration of tourist infrastructure will return at different speeds across our destinations. The traffic disruption caused by Hurricane Melissa should ease and as conditions normalize. However, airlines' capacity limits and weekly issue demand may persist longer. We are addressing this challenge by working closely with airline partners and tourism stakeholders to strengthen existing routes, enhance connectivity, and support sustainable traffic routes. Turning now to our financial performance. Aeronautical services increased by 2.6% compared to the third quarter of 2025. At our Mexican airports, aeronautical revenue grew by 5.3%, primarily due to the gradual implementation of the maximum tariffs approved for the 2025-2029 regulatory period. This growth was partially offset by the 7.5% appreciation of the Mexican pesos versus the U.S. dollar, which negatively affect dollar denominated international tariffs. In Jamaica, aeronautical revenues declined by 12.7%, reflecting lower passenger traffic and the negative translation effect resulting from the stronger Mexican peso. GAAP's regulated target framework contributes to the revenue resilience during periods of softer passenger traffic. However, it does not completely offset the impact for lower volumes or exchange rate movement. No aeronautical revenues increased by 37% compared to the third quarter of last year. These performance were largely supported by the consolidation of CVX, as well as the continued growth in the several business lines operated directly by GAP. Excluding CVX, revenues from directly operated business increased by approximately 13.7%. Cargo operations and mounted warehouse business grew by 20.7% Reaching approximately 674 million pesos in quarterly revenues. This performance deserves particular attention because cargo and logistics represent an important growth platform beyond passenger related activities. Advertising grew 18.2%, convenience stores 11.6%, and VIP lounges 5.6%. The results show that our diversification strategy is producing measurable contributions. We see opportunities to expand our logistics services and our directly operated businesses subject to discipline, investment, decisions, and execution. Meanwhile, third-party businesses face a more challenging environment, particularly those categories exposed to international tourism and foreign exchange locations, for example, due to free revenues declined by 12.3% reflected the continued international passenger traffic weakness, especially at certain destinations. Despite the temporary setback, we anticipate that business lines will benefit from gradual recovery of international traffic. Let me now provide an update on the cross-border express. During the third quarter, CVS generated revenues of 775 million pesos, with approximately 1 million passengers using They facilitate in both directions. Average revenue per passenger reaches $43 compared to the $42.8 during the second quarter of 26. Therefore, CVX contributed to $5.58 million to our consolidated EBITDA during the quarter. Beyond its immediate financial contribution, CVX is an important cross-border mobility platform User growth by 8.4% despite a sliding contraction in traffic at the Tijuana airport, driving the capture rate up from 29.7% in the third quarter of 25 to 32.4% in the third quarter of 26. These positive trends underscored clear opportunities to deepen customer penetration, advance commercial integration, optimize pricing strategies, and expand complimentary passenger service. The early stage of CVX integration. As such, our priority is to convert these opportunities into sustainable learning growth while maintaining the operational discipline and strong passing experience that we value at CAP. Moving on to the operating cost and profitability. Excluding the effect of the VAR-312, total operating expenses increased by 3.8% compared to the third quarter of 2025. Cost of services increased by 12.6%, excluding the contribution from CVX operations. Primary driven by personnel, maintenance, and security expense across our airport network. Personnel expenses increased mainly due to additional operating staff, the integration of technical assistance employees, salary adjustment, and benefits. This increased together with the consolidation of CVX were partially offset by a significant reduction on technical assistance fee, followed with the internalization of the services, as well as lower concession fees in Jamaica. The internalized technical assistance services represent a structural change in our cost base, allowing GAP to remain more of the value generated by its operations. As a result, consolidated evidence increased by 19.2% reaching 6.1 billion pesos while the EBITDA margin, excluding AFRIC 12, spans from 64.3% in the third quarter of 2025 to 67.8% in this quarter. At the net income level, the stronger operating performance was partially offset by higher financial expenses associated with our investment program and the CDX transaction. This day, we continue to closely monitor our cost of debt, maintaining our financial flexibility and cash flows generation while executing our capital program. Regarding our investment program and financial position, we remain committed to executing the infrastructure projects, including our 2025-2029 pastoral development programs in Mexico and the capital development programs in Jamaica. with a total expenditure of 8.6 billion pesos during the first nine months of 2026. Our current investment cycle represents the largest infrastructure expansion program undertaken by GAP's concession framework. The results are designed to increase airport capacity, increase operational efficiency, and support the long-term development of our network. Although traffic was below our initial 2026 expectation, Our regulated infrastructure commitments address long-term capacity and service requirements. For discretionary growth projects, we continue to evaluate expected returns, execution risk, and capital needs before committing resources. Expansions to Guadalajara, Puerto Vallarta, and Tijuana airports, along with additional infrastructure improvements across our network, will position a gap to accommodate future growth while improving passenger experience and service quality. We expect that these expansions projects will generate continued commercial opportunity as new terminal capacity comes online over the next few years. Our focus remains on discipline capital allocation, distinguish between non-discretionary concession commitments and strategic growth opportunities. In this matter, we affected the islands our infrastructure demands, financial structures, and shareholder distributions. Regarding dividends, as appropriate as our annual shareholders meeting in April 2026, we intend to distribute a cash dividend of 20 pesos and 80 cents per share in a single installment. We are currently in the final stage of updating our outstanding share count within the bank. Once this process is complete, We will formally announce the payment date. Regarding our full year 2026 guidance, we are maintaining our previously announced passenger traffic range of negative 3 to 0, achieving the range required to mean full improvement in forecast traffic relative to the year-to-date rate. And it goes without saying that our outlook remains subject to our capacity Thank you very much for your attention. The transaction remains subject to the applicable process and conditions and we will communicate in definite terms when appropriate. We will continue to keep the market informed as the process advances. Before opening the line for questions, I would like to emphasize three key measures. First, our third quarter results demonstrate financial resilience. Even while passenger traffic remains under pressure, we are not assuming that recovery will be uniform or immediate, and we remain focused on improving connectivity and competitiveness across our airport network. Second, diversification is delivering measurable results. CVX cargo and logistics directly operating business and the internalization of technical systems are contributing to a broader and more profitable earning space. Our long-term vision remains unchanged. We continue to execute our full infrastructure investment, expanding our commercial capabilities and strengthening our position in cross-border mobility, all while maintaining disciplined capital allocation. Passenger traffic is fundamental to GAP. At the same time, our third quarter performance illustrates how a more diversified infrastructure and mobility platform is able to strengthen profitability and reduce reliance of any single growth driver. Thus, our focus remains on execution, operational efficiency, and the creation of long-term value for our shareholders. Thank you again for your time. Operator, please open the line for questions.

Thank you, Raul. At this time, we will open for questions and answers. If you'd like to ask a question, please press star one on your phone now and you'll be queued in order. You may remove yourself from the queue at any time by pressing pound one. And as a reminder, participants joining via the webcast may submit questions at any time using the Q&A function. Our first question over the phone today comes from Rodolfo Ramos of Radesco BBI.

Good morning, Raul, Saul, Heath. Thank you for taking my questions and comments on the results. I have a couple, if I may. The first one is on traffic. I mean, you talked about the challenges that the industry is facing. Just wanted to get a little bit more sense, a little bit more color on how you feel within that guidance range that you just reiterated. Since, as you mentioned, this implies an important uptick in traffic in the coming months. So just if you can talk a little bit about how you see perhaps the winter season shaping up this time around. And the second question is a bit on CBX. When you think about the pricing actions that you've taken there since taking control of the asset, how much more uplift do you think you could see to the current $43 per user, especially since you're also targeting to increase that capture rate? So it would be useful to see how you see that panning out in 2027. Thank you.

Thank you, Dr. Raul. Talking about the traffic, what we are expecting for the winter season is for sure a really important increase on seats for the case of Jamaica. I think that just on the last week of October, one year ago, Jamaica was hit by the hurricane. So the recovery of the hotel infrastructure has been doing pretty good. We are seeing an important comeback of seeds for this winter season. So what we want to have for Jamaica is, in one hand, a really important recovery. I would say almost 90% of the total original seeds that we used to have one year ago will be in place for the winter. But also, you will have a softer compare base as soon as you get on the last week of October. So that is one key driver for the recovery of the fourth quarter. And in the other hand, we are seeing that for Puerto Vallarta and for the case of Cabo, an increase of number of seats that are offering for the winter season just after the Thanksgiving day. So we are really Thank you very much. Thank you very much. Just began the operation of Washington and Nashville. So it's the beginning of something that would look like a really interesting winter season also for Guadalajara Airport. Going to CBS, we are still working on the pricing actions here. We are continually increasing the capture rate Through marketing efforts in some specific groups, but also what we are seeing is that we will begin to work with different pricing strategies in terms of the low season and high season in the infrastructure. We know that all the services and the big difference It's crossing to the U.S. through CVX. It has a really important value for our passengers. And we also understand that in particularly high seasons, the demand will be more, I would say, we will have the chance to increase some dollars on that specific That is for the season. So what we are expecting is for the coming year an increase on the revenue per passenger on CVX that will come for sure mainly from pricing action, but also for commercial development. We are working in a new food and beverage area for CVX that It will be in place at the end of the coming year, but I will say that we are already working on that. So in general terms, we are still like high potential on the increase on the revenues for CVS, bringing some of the new developments on the commercial side, the food and beverage mainly, but also in the price strategy.

Thank you, Raul.

Our next question comes from Fernanda Recchia, BTG Pactual.

Hey, Raul, Saul. Thank you for taking my question. Just to follow up here from my side, The first, talking about traffic, so maybe if you could elaborate a little bit further on the outlook for next year. You already provided an outlook for the winter season, but looking for next year, can we work with maybe a mid-single digit of year-over-year growth? Is this feasible? And the second, on the CVX, looking at the nine-month figure, we already saw that the division is running with close to 70% of EBITDA margin, which is above the high 60% when we announced the transaction. So we already see some synergies from the integration. But maybe looking forward with these commercial activities that you mentioned, what is a running EBITDA margin that it's feasible for us to assume looking to the medium to long term in CBX? Thank you.

Thank you, Fernanda. This is Raul. I mean, talking about the 2027, we don't have like all the visibility because some of the seats, I mean, The airlines are still putting on for sale but I would say like in a first glance we're expecting something in the middle of mid single digit for sure and the numbers we want to have like some effects on weaker comps when we talk about the February of 26 for instance for all the security matters on Mexico And on the other hand, we also want to have, we'll say, easy comps on Jamaica for almost all the year. So in our really first view, we will see something on the mid-single digit for sure for coming year. For the case of CBX margin, yes, we are beginning to see some of the synergies that the group is bringing. What we are looking for the long-term something will be close to the 72 to 73 percent is what we think that would be on a pretty first moment achievable for CVX. For sure, it will be even higher if we could I would say that this number between 72 to 73 will be like the natural number that we are expecting for CVX. All right, thank you very much.

From JP Morgan, we have Gileadma Mendez.

Yes, thank you so much. Hi, Raul and Saul. Thanks for taking my question. I have a follow-up on the traffic for next year. Just wanted to understand how are you guys thinking about the Volaris and Viva potential M&A conclusion? If this is concluded by later this year, this mid-secondary year traffic, that you were projecting at this point should be impacted by this or is something that you already take into account when think about traffic into next year? And the second one is a follow-up on the initial remarks, Raul, you mentioned about the investments and the CAPEX plan. You mentioned that you continue to evaluate the expected returns, execution risks. Just wondering if you have any flexibility on the investments given the traffic has been Thank you, Guillermo.

In terms of the traffic and the possible merge on the new group of Viva Volaris, it was already taking account on the numbers that we would say. Let me put it this way. At least from the summer of this year with the beginning of the price of the oil and the war in Iran, what we have looked is a really important change on the offer of seeds from Viva and Morales. So what we are seeing is that part of the possible effect on decrease on the offer, it's already happening. So on the number, but on the single digit that we are expecting, we are already taking account some of that effect of the possible merge. In terms of the CAPEX plan, I will say that we have flexibility for the case of not committed investment as it could be on commercial new services or a new hotel or this kind of thing that we are I was reviewing the correct moment and the correct profitability. But for the case of a committed investment, we don't have, at least for the moment, any change on the plans. Seeing that, for instance, our concessions contracts in Mexico, it gives us a chance to open the master plan for some cases. One of that is a decrease of the GDP of Mexico of at least 5%. We are far, far away from that. So for the moment, we don't have, like, I would say, any kind of option for change the original plan of CAPEX for the committed area of the master plans in Mexico.

Yeah, that is super good. Thank you, Eduardo.

Thank you.

Next, we have Jens Spies of Morgan Stanley.

Yes, hello, Raul. So my first question is on tariff increases in Mexico. So when do you expect to do the next implementation of an increase and by what amount? And what's your completion versus maximum tariff Would increase to what level after such an increase? Thank you.

Thank you, James. What we are expecting is to increase the tariffs on the first week of January, on the coming year. We are expecting around, I mean, each airport will change in different ways because the fulfillment of the tariff Airport by airport, but I will say that we will have a compound increase around 7% is what we are expecting. With that put in place, we are expecting a 95% fulfillment of the target for the coming year. But what is important to have in mind that the appreciation of the peso Thank you very much. Thank you very much. Thank you.

Do you still feel comfortable with the minus three to zero percent growth or is there some downside to that number given like the year-to-day performance and how flight schedules are looking like?

Yeah, now we are still in the same guidance for this year. For sure there is like a lot of noise and a lot of adjustments on the offer from From our seats of the airlines, but at the moment we are still comfortable with the same guidance on traffic.

Okay, perfect. And just one last question, if I may. On the internalization of the technical assistance fee, I mean, all is equal when you're negotiating your MDP with the regulator. This results in a lower cost, right? So, would it all at equal result in a lower tariff? Just keeping everything equal.

Sorry, sorry, please repeat.

No, no, that's fine.

Okay, thank you, this is Saul. You are correct, we have already a determination of the TA. And it's already included in the calculation of the maximum tariff. If they don't change, and I'm referring to the authority, if they don't change the basis for tariff regulation, we will continue including TA as part of the calculation of the maximum tariff. Obviously, if this is not included, we won't be able to include it as part of the maximum tariff and we won't be recovered through the maximum tariff. It also represents that we won't be able to collect because we will continue providing the service. So probably it won't be as part of the TA, but it will be part of the operational expenses of the airports and will be included as our operating expense.

Okay, perfect. Thank you, Saul, Raul.

Next, we have Pablo Ricalde of Itaú Unibanco.

Hi, good morning, Gap. Maybe thinking about the synergies on the CVX, I don't know if you can provide an update on how much, now that you have consolidated it, How much do you expect to achieve from synergies coming from the CVX, and when do you think synergies will be tangible on the P&L?

Thank you, Pablo. I mean, the synergies have begun to pass through CVX. It will be a gradual, I would say, for instance, The maintenance of the elevators. We have like a common contract for all the net of gas and will be included in that contract. But it will be gradually because you need to wait until the financial session of the contract that has in place today to the CVA. But what we're expecting is to fully implement all the possible synergies On the coming 24 months, it will be like when we are thinking that everything will be, I will say all the plans will be in place in the specific case of the senior district.

Okay, perfect.

Thank you, Abraham.

Next, we have Anton Morton-Cotter of HEB AMA.

Hi, team. Thank you for taking my question. Just a quick one. It's related to the removal of restrictions from the U.S. in the Mexico City airport and the IFA. I mean, does it have any spillover effect on your operations? Maybe this will negatively impact because they capture some routes or maybe it improves because of more connectivity. If you could give us your take on this. Thank you.

Thank you, Anton. No, for the moment we are not seeing really any change or any impact on our net. I mean, I think that it's really good news for all the industry in Mexico, but we really don't see any kind of impact. Our capture areas in the different airports of GAP are really strong, the economy is around For instance, Jalisco are doing pretty good. So we really think that we will not have any kind of impact for this pretty well of road restrictions.

Super. Thank you.

Also from PBM, we have Enrique Cantu.

Hi, Raul and Saul. Thank you for taking my question. Duty-free car rentals and several other commercial categories remain weak this quarter. Beyond lower international traffic and currency effects, are you seeing weaker spending per passenger?

At the moment we are not seeing like a change of the trend of the spending, but for sure the volumes on this kind of business land that could be duty-free of car rental are really important. So when you see an airport that is purely leisure as could be Vallarta and even Cabos, the effect on these specific lines as could be duty free and car rental are really deep and related with the polling for sure. And in the second hand, we have some effects on, as you say, the appreciation of the peso because all the contacts are duty free. Our basis in dollars and also in some of the cases for the issue, the potentials could be baguette and cabos are the current RROs for the dominating dollars. So we have the two effects, but I would say that the biggest effect is really the volume of the volume decrease on international traffic mainly for baguette.

Perfect. Thank you.

From UPS, we have Alberto Valerio.

Nice morning, Raul, Saul. Thank you for taking my question. I have a couple here. The first one about the potential downgrade for Category 2. We had the good news this month that Mexico was downgraded, S.A. asks some measures to authorities and we should have a new appraisal in December. How is your expectation for this new appraisal in December? You see that it's possible to do what the US is asking for Mexico and how is your expectation again? The second one About the, I know it's far away from now, but the next MDP, how should we see CAPEX for the next one? We should see more maintenance CAPEX, or you think there's still some room for a small growth CAPEX, if you can give some numbers per passenger, 60 pesos per passenger, or 90 pesos per passenger, or 120, like the old one, would be very helpful. Thank you very much.

Thank you, Alberto and Raul. I mean, related with the potential bandwidth in Mexico, last week, the US government communicated to the Mexican government that they have some results from the audit process, and it gives 90 days to the authority to fix Those specific observations are from the audit process. The Mexican government, and they're not the senior aviation authority, have made a really strong work on the last month. They present changes on the aviation law, on the airport law. They are trying to modernize all the Thank you very much. Thank you. Thank you very much. In the other question related of how could look the CAPEX on the new master plan? For sure it's really early to think on that, but I will say that for 2029, on the last year of this master plan, we will put in place an expansion of 60%, six zeros, The number of square meters in our terminals in Mexico. Saying that, I will say that the capacity will not be a problem on the coming master plan. So for sure, we think that it will be a master plan much more related with reference or reposition of the treatment. We are just ending the biggest, or this master plan 2529 will be the biggest master plan in all our concessions, the biggest one in terms of the expansion of all the facilities, all the square meters of the terminal building, and for sure all the capacity. We are doubling the capacity of Guadalajara. We are doubling the capacity of the terminal building on Cabo. We are increasing almost 45% of the capacity of the terminal building in Cabo. We are almost increasing 40% of the capacity in Tijuana. So, saying that, what we are painting for the coming master plan will be more reposition rather than capacity. For sure it's selling, but it's like the general view today.

Very clear, very clear. So just a follow-up. We should expect something half what we did in the past MDP in real terms. And remind me, what is your exposure on international routes to the U.S. from local carriers?

Sorry, Adepto, can you please repeat it?

Thank you. Sure, sure, sure. The first one was just a follow up on the second question about the MDP. If you could expect half what we deploy in CAPEX of previous MDPs, 2025, hopefully something close to 20 billion pesos for the next one in real terms. And the other one is if you could remind me your exposure for the U.S. routes done by local carriers.

Raul, your line is open.

I was in mute. Sorry, sorry, sorry. Yes, I was saying that for the case of the master plan, again, it's really early to talk about these numbers, but I would say both parking with the information that we have today, something that goes between 50% or 60% of the master plan that we are doing today could be a number that makes sense. I mean, there's like a couple of years to see how would be the demand of that moment. And in some ways, it's difficult to put in a ton what could be the size of the investment. Let me say that with all the capacity that we are putting right now on the airports, it sounds that the master plan would be, so the new master plan could be something like that could move on behalf or a little more from the master plan that we are doing today. In terms of the exposure of the roads to the Donman Mexican Airlines, I mean, in general terms and big numbers, around 40% of the total passengers on the network on GAP, Conference International Trophy, I would say that from that, around 40% coming from Mexico Airlines and are really focused on PFR markets, mainly In Guadalajara, San Bajio, and San Maria. But going mainly to California. So that would be like the general numbers of the exposure to U.S. roads done by Mexican immigrants.

Thank you so much. Very helpful.

Thank you.

We have a follow-up question from Rodolfo Ramos. So before your line is open, please go ahead.

Maybe we can move to the webcast question.

All right, hearing no response, we'll mute the line. And we'll proceed with the online questions. I'll turn it over to Maria.

Thank you. So the first question is from Gabrielle. She asks, how does the current interest rate environment of SACS GAP Funding and Capital Allocation Strategy.

Hi, Gabriel. Obviously, we have seen a rate increase in U.S. dollars. Our debt position in U.S. is pretty low. It's around 10% of our total debt. So basically, in Mexico, the interest rates are stable. So we don't foresee any kind of risk or affectation in terms of injury rates. Obviously, we have been increasing our debt for CapEx program and for the CVX acquisition. So we feel very comfortable with the rates and the debt strategy from that. And in terms of the capital allocation, we will continue Looking forward to future inorganic growth, but we will continue also delivering distributions to our shareholders according to our results and according to our growth of our results. With the integration of CVX, obviously we are expanding our debt, our net income, and obviously we will be

And then the second and final question is regarding cargo and free trade zones. How much of the strong growth is coming from existing customers expanding versus new ones? And how long are the contracts typically?

And in terms of all the cargo facilities, the results come from Guadalajara Airport, the JWTC company. And it's an important increase that comes from electronic industry. The AI industry is really going really Really fast next in Guadalajara, Mali area, I would say the manufacturing, traditional microcomponents manufacturing in Guadalajara is bringing like a lot of additional manufacturers related with AI. So what we are seeing is two things happening in Guadalajara, an increase on the volume that goes Andres Alonso. Thank you very much. Thank you very much. Increase on semiconductors continues on the coming months and years to Guadalajara. We will see a continued increase on value and for sure an increase on the revenue on this facility. There's no like, I would say the contract that we have with the government for this Cargo facilities typically come from 10 years plus an expansion or addition of 10 years. That would be like the typical concession duration on this kind of business.

We have no further questions at this time. Raul, 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 today and thank you for your attention.

That concludes today's meeting. Thanks everyone for joining. You may now disconnect.