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 reports.

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 is based on several assumptions and factors that could change, causing actual results to materially differ from current expectations.

For the complete notice 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 GAP, who will be discussing with you the operational and financial results for the third quarter of 2026. They are Mr.

Raúl Revuelta, Chief Executive Officer, and Mr. Saúl 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 challenges across our airport network, demonstrating the value of a continuous 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, excluding construction services, increased by 13.2%, EBITDA grew by 19.2%, reaching 6.1 billion pesos, and the EBITDA margin expanded by 350 basis points to 67.8%. These results are the result of three distinct drivers: first, the consolidation of Cross Border Xpress; 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 CBX, revenues from aeronautical and non-aeronautical 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 earnings 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, GAP's 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 decline slowed compared to the previous quarter. However, we do not view this stabilization as a sign of broader-based recovery across all our markets as of yet.

Domestic traffic increased by 0.6%, while international traffic declined by 4.4%, primarily reflecting the continued weakness at certain leisure destinations throughout Mexico and Jamaica. Guadalajara, on the other hand, remains as a premier 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's diversified passenger mix across visiting friends and relatives, business, and leisure segments. During the quarter, traffic in Tijuana declined slightly by 0.5%, while CBX 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 2025 to 32.4% in the third quarter of 2026. These results highlight the growing importance of cross-border connectivity and the strategic benefits of integrating CBX into GAP's airport network.

Puerto Vallarta and Los Cabos, however, continue to experience softer demand, with passenger traffic declined by 11% and 6.8%, respectively. International traffic at Puerto Vallarta remained weak, declined by 24.8%, primarily due to the security 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 Hurricane Beryl, with a 23% decline in passenger traffic during the quarter.

While hotel capacity and tourist activity is recovering, the normalization pace remains tied to hotel reopening and international airline connectivity. Looking ahead, we remain cautious about how quickly traffic will recover.

We anticipate that airline capacity, passenger demand, and the restoration of tourist infrastructure will return at different speeds across our destinations. The traffic disruption caused by Hurricane Beryl should ease as conditions normalize.

However, airline capacity limits and weak leisure 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 growth.

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 tariff approved for the 2025-2029 regulatory period. This growth was partially offset by the 7.5% appreciation of the Mexican peso 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.

GAP's regulatory tariff framework contributes to the revenue resilience during periods of softer passenger traffic. However, it does not completely offset the impact from lower volumes or exchange rate movements.

Non-aeronautical revenues increased by 37% compared to the third quarter of last year. This performance was largely supported by the consolidation of CBX, as well as the continued growth in the several business lines operated directly by GAP.

Excluding CBX, revenues from directly operated business increased by approximately 13.7%. Cargo operations and bonded warehouse business grew by 20.7%, reaching approximately 674 million pesos in quarterly revenues.

This performance deserves particular attention, because cargo logistics represent an important growth platform beyond passenger-related activities. Advertising grew 18.2%, convenience stores 11.6%, and VIP lounges 5.6%.

These results show that our diversification strategy is producing measurable contribution. We see opportunities to expand our logistics services and our directly operated businesses, subject to disciplined investment decisions and execution.

Meanwhile, third-party business face a more challenging environment, particularly those categories exposed to international tourists and foreign exchange pressures. For example, duty-free revenues declined by 12.3%, reflecting 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 Cross Border Xpress.

During the third quarter, CBX generated revenues of 775 million pesos, with approximately 1 million passengers using the facility in both directions. Average revenue per passenger reached $43 compared to the $42.80 during the second quarter of 2026.

Therefore, CBX contributed 558 million pesos to our consolidated EBITDA during the quarter. Beyond its immediate financial contribution, CBX is an important cross-border mobility platform.

User growth by 8.4% despite a slight contraction in traffic at Tijuana Airport, driving the capture rate up from 29.7% in third quarter 2025 to 32.4% in the third quarter 2026. This positive trend underscores clear opportunities to deepen customer penetration, advance commercial integration, optimize pricing strategies, and expand complementary passenger services.

This is still the early stage of CBX integration. As such, our priority is to convert these opportunities into sustainable earnings growth, while maintaining the operational discipline and strong passenger experience that we value at GAP.

Moving on to operating costs and profitability. Excluding the effect of IFRIC 12, total operating expenses increased by 3.8% compared to the third quarter of 2025.

Cost of service increased by 12.6%, excluding the contribution from CBX operation, primarily 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 increase, together with the consolidation of CBX, were partially offset by a significant reduction on technical assistance fee, following the internalisation of the services, as well as lower concession fees in Jamaica. The internalised technical assistance services represent a structural change in our cost base, allowing GAP to retain more of the value generated by its operations.

As a result, consolidated EBITDA increased by 19.2%, reaching 6.1 billion pesos, while the EBITDA margin, excluding IFRIC 12, expand 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 CBX transaction.

This said, we continue to closely monitor our cost of debt, maintaining our financial flexibility and cash flow generation while executing our capital program. Regarding our investment program and financial position, we remain committed to executing the infrastructure projects included in our 2025-2029 master 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. These 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 at Guadalajara, Puerto Vallarta, and Tijuana airports, along with additional infrastructure improvements across our network, will position GAP to accommodate future growth while improving passenger experience and service quality. We expect that these expansion projects will generate continuous commercial opportunity as new terminal capacity comes online over the next few years.

Our focus remains on disciplined capital allocation, distinguish between non-discretionary concession commitments and strategic growth opportunities. In this manner, we effectively balance our infrastructure demands, financial structures, and shareholder distributions.

Regarding dividends, as approved at 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 with Indeval.

Once this process is completed, we will formally announce the payment date. Regarding our full-year 2026 guidance, we are maintaining our previously announced passenger traffic range of -3% to 0%.

Achieving this range require a meaningful improvement in fourth-quarter traffic relative to the year-to-date trend. It goes without saying that our outlook remains subject to airline capacity, demand conditions, and the pace of recovery in our leisure markets.

Before concluding, I would also like to provide an update on Fibra GAP. We continue advancing through the process required for the establishment of Fibra GAP.

Based on the current progress, we expect that the transaction to be completed during November. Fibra GAP is part of the long-term capital strategy.

We view it as a potential tool to broaden funding alternatives, improve capital efficiency, and preserve flexibility to finance our airport investment programs. The transaction remains subject to the applicable process and conditions, and we will communicate its definitive 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 messages.

First, our third-quarter results demonstrate financial resilience, even while passenger traffic remained 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. CBX, cargo and logistics, directly operated business, and the internalization of technical assistance are contributing to a broader and more profitable earnings base.

Third, our long-term vision remains unchanged. We continue to execute airport 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 sustain profitability and reduce reliance on 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.

Good morning, Raúl, Saúl. Thank you for taking my questions, and congrats on the results.

I had a couple, if I may. The first one is on traffic.

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.

Just if you can talk a little bit about how you see, perhaps, the winter season shaping up this time around. The second question is a bit on CBX.

When you think about the pricing actions that you've taking there since taking control of the asset, how much more uplift you think you could see to the current $43 per user, especially since you're also targeting to increase that capture rate? It would be useful to see how you see that panning out in 2027.

Thank you.

Thank you, Rodolfo. This is Raúl.

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, seeing that just on the last week of October, one year ago, Jamaica was hit by the hurricane. The recovery of the hotel infrastructure had been pretty good.

We are seeing a important comeback of seats for this winter season. What we will have for Jamaica is, in one hand, a real important recovery, I would say almost 90% of the total, original seats that we used to have one year ago will be in place for the winter.

Sure, also, you will have a softer compare base as soon as you get on the last week of October. That is one key driver for the recovery of the fourth quarter.

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. We are really optimistic about the good or really good winter season for the case of these both airports.

Other airports will be interesting to talk about the new opening of international routes on Guadalajara, mainly from Volaris, which just began the operation of Washington and Nashville. It's the beginning of something that would look like a really interesting winter season also for Guadalajara Airport.

Going to CBX, we're still working on the pricing actions here. We are continually increasing the capture rate through marketing efforts in some specific routes.

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 infrastructure. We know that all the services and the big difference that is crossing to the U.S.

through CBX has a real important value for our passengers, and we also understand that, in particularly high seasons, I would say we will have the chance to increase some dollars on that specific tariffs for the season. What we are expecting is, for the coming year, an increase on the revenue per passenger on CBX 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 CBX that it will be in place at the end of the coming year, but I would say that we are already working on that. In general terms, we are seeing high potential on the increase on the revenues for CBX, bringing some of the new developments on the commercial side, the food and beverage mainly, but also in the pricing strategy.

Thank you, Raúl.

Hey, Raúl, Saúl. Thank you for taking my question.

Just two follow-ups here from my side. The first, talking about traffic still, 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?

The second on the CBX, looking at the nine months figure, we already saw that the division is running with close to 70% of EBITDA margin, which is above the high 60s when you announced the transaction. We already see some synergies from the integration.

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 Raúl.

Talking about the 2027, we don't have all the visibility because the airlines are still putting on for sale, but I would say, in a first glance, we're expecting something in the middle of mid-single digit, for sure. In the numbers, we're going to have some effects on weaker comps when we talk about the February of 2026, for instance, for all the security matters on Mexico.

The other hand, we also are going to have, we would say, easy comps on Jamaica for almost all the year. In a 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 is something will be close to the 72% to 73%.

It's what we think that would be on a pretty first moment achievable for CBX. For sure, it will be even higher if we could deploy some of our commercial efforts in a really quick time, but I would say that this number between 72% to 73% will be the natural number that we are expecting for CBX.

All right, thank you very much.

Thank you, Fernanda.

Yes, thank you so much. Hi, Raúl and Saúl, 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-single-digit traffic that you are projecting at this point should be impacted by this or is something that you're already taking into account when thinking about traffic into next year? The second one is a follow-up on the initial remarks.

Raúl, 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 that traffic has been relatively weaker than what it was expected when you signed the MDP plan. Thank you.

Thank you, Guilherme. In terms of the traffic and the possible merger on the new group of Viva and Volaris, it was already taken in account on the numbers that we say.

Let me put it on 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 seats from Viva and Volaris.

What we are seeing is that part of the possible effect on decrease on the offer it's already happening. On the single digit that we are expecting, we already taking account some of that effect of the possible merger.

In terms of the capex plans, I would say that we have flexibility for the case of not committed investments, as it could be on commercial new services or a new hotel or this kind of things that we are, I would say, reviewing the correct moment and the correct profitability. For the case of the committed investment, we don't have, at least for the moment, any change on the plans, seeing that, for instance, our concession contracts in Mexico, it give us the chance to open the master plan for some cases, but one of that is a decrease of the GDP of Mexico of at least 5%.

We are far, far away from that. For the moment, we don't have, I would say, any kind of option for change the original plan of capex for the committed area of the master plans in Mexico.

That is super clear. Thank you, Raúl.

Thank you.

Yes, hello, Raúl, Saúl. My first question is on tariff increases in Mexico.

When do you expect to do the next implementation of an increase, and by what amount? What's your completion versus maximum tariff would increase to what level after such an increase?

Thank you.

Thank you, Jens. What we are expecting is to increase the tariff on the first week of January on the coming year.

Each airport will change on different ways because the fulfillment of the tariff is airport by airport. I would say that we will have a compound increase around 7%.

It's what we are expecting. With that put in place, we are expecting a 95% fulfillment of the tariff for the coming year.

What is important to have in mind that the appreciation or depreciation of the peso has a really important weight on the final fulfillment on the maximum tariff. At least what we are for seeing today is that, coming year, we will be around 95% of fulfillment on the maximum tariff.

Perfect. On your full-year traffic guide, do you still feel comfortable with the -3% to to to 0% growth, or is there some downside to to that number given like the year-to-date year-to-date performance and how flight schedules are looking like?

Yeah. No, we're still in the same guidance for this year.

For sure, there is a lot of noise. A lot of adjustments on the offer from offer seats of the airlines.

At the moment, we are still comfortable with the same guidance on traffic.

Perfect. Just one last question, if I may, on the internalization of the technical assistance fee.

All else equal, when you're negotiating your MDP with the regulator, this results in a lower cost, right? Would it, all else equal, result in a lower tariff, just keeping everything else equal, yeah?

Hi, Jens. Saúl,

sorry. Please, Saúl.

No, that's it.

Hi, Jens. Thank you.

This is Saúl. Yes, you're correct.

We have already the internalization of the TA, and it's already included in the calculation of the maximum tariffs. 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 the TA as part of the calculation of the maximum tariff.

Obviously, if this is not included, we won't be able to include as part of the maximum tariff, and we won't be recovered through the maximum tariff. It doesn't represent that we won't be able to collect, because we will continue providing the service.

Probably it won't be as part of the TA, but it will be part of that operational expenses of the airports, and will be included as an operating expense.

Perfect. Thank you, Saúl, Raúl.

hi. Good morning, GAP.

Maybe thinking about the synergies on the CBX, 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 CBX, and when do you think synergies will be tangible on the P&L?

Thank you, Pablo. The synergies have begin to pass through CBX.

It will be gradually, I would say, for instance, the maintenance of the elevators. We have a common contract for all the network GAP, and will be included on that contract.

It will be gradually, because you need to wait until the finalization of the contract that has in place today CBX. What we are expecting is to fully implement all the possible synergies on the coming 24 months.

It will be when we are thinking that everything would be, I would say, all the plans will be in place in the specific case of the synergies.

Perfect.

Thank you, Pablo.

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 AIFA. Does this 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 think that it's a 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 economies around, for instance, Jalisco, are doing pretty good. We really think that we will not have any kind of impact for this removal of restrictions.

Super, thank you.

Thank you, Anton.

Hi, Raúl, Saúl. Thank you for taking my question.

Duty-free, car rentals, and several other commercial categories remained weak this quarter. Beyond lower international traffic and currency effects, are you seeing weaker spending per passenger?

At the moment, we are not seeing a change of the trend of the spending. For sure, the volumes on this kind of business line, like could be duty-free or car rental, are really important.

When you see an airport that is purely leisure, as could be Vallarta and even Cabos, the effect on this specific lines, as could be duty-free and car rental, are really big and really related with the volume, for sure. In a second hand, we have some effects on, as you say, the appreciation of the peso, because all the contracts of duty-free are based in dollars.

Also, in some of the cases for leisure destinations, could be Vallarta, Cabos, the car rental are also denominated in dollars. We have the two effects.

I would say that the biggest effect is related with the volume decrease on international traffic, mainly for Vallarta.

Perfect, thank you.

good morning, Raúl, Saúl. Thank you for taking my question.

I had a couple here. The first one, about the potential downgrade for Category 2.

We had the good news this month that Mexico wasn't downgraded, but FAA asked 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 U.S. is asking for Mexico?

How is your expectation at the end? 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 a maintenance capex or you think that is 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. This is Raúl.

Related with the potential downgrade in Mexico, last week, the U.S. government communicated Mexican government that they have some results from the audit process, and it gives 90 days to the authority to fix those specific observations of the audit process.

The Mexican government, and the civil aviation authority, has made a really strong work on the last months. They present changes on the aviation law, on the airports law.

They are trying to modernize all the legal framework from security, safety process, and operational process. At least on my view, I think that Mexico, and the Mexican government, are deploying a really great effort to avoid any kind of potential downgrade on coming year.

In my personal view, I think that there will not be a problem, the downgrade on coming year. 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 would say that, for 2029, on the last year of this master plan, we will put in place an expansion of 60%, 6-0, 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. For sure, we think that it would be a master plan much more related with revamp or repositioning of equipment rather than additional capacity in our airports.

This master plan 2025-2029 will be the biggest master plan in all our concession, the biggest one in terms of the expansion of all the facilities, all the square meters on terminal and 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% the capacity of terminal building in Cabo.

We are almost increasing 40% the capacity in Tijuana. Saying that, what we are expecting for the coming master plan would be more reposition rather than capacity.

I would say that, for sure, it's early, but it's the general view today. Very clear,

very clear. Just a follow-up.

We should expect something half what we did in the past MDP in real terms? Remind me what is your exposure on international routes to the U.S.

from local carriers?

Sorry, Alberto, can you please repeat it? Thank you.

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 MDP, 2025, hopefully something close to 20 billion pesos for the next one in real terms?

The other one, it's if you could remind me your exposure for the U.S. routes done by local carriers?

I was in mute. 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 ballparking with information that we have today, something that could be between 50% or 60% of the master plan that we are doing today could be a number that make sense.

There's couple of years to see how would be the demand on that moment and, in some way, it's difficult to put in a stone 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 new master plan could be something that could move on the half or a little more from the master plan that we are doing today.

In terms of exposure of the routes done by Mexican airlines, in general terms and big numbers, around 40% of the total passengers on the network on GAP comes from international traffic. I would say that, from that, around 40% coming from Mexican airlines and are really focused on VFR markets, mainly in Guadalajara, some Bajío, Aguascalientes, and Morelia, but going mainly to California.

That would be the general numbers of the exposure to U.S. routes done by Mexican airlines.

Thank you so much. Very helpful.

Thank you.

Maybe you can move to the webcast questions.

Thank you. The first question is from Gabriel.

He asks: How does the current interest rate environment affect GAP's funding and capital allocation strategy?

Hi, Gabriel. This is Saúl.

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.

Basically in Mexico, the interest rates are stable, we don't foresee any kind of risk or a potential in terms of interest rates. Obviously, we have been increasing our debt for capex program and for the CBX acquisition.

We feel very comfortable with the rates and the debt strategy from GAP. In terms of the capital allocation, we will continue looking for future organic 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 CBX, obviously we are expanding our net income, and obviously we will be expanding our distributions. That's more of our position on that.

Good. Then the second and final question is regarding cargo and free trade zone.

How much of the strong growth is coming from existing customers expanding versus new ones, and how long are the contracts typically?

In terms of all the cargo facility is the results come from Guadalajara Airport, the GWT company. It's an important increase that comes from electronic industry.

The AI industry, it's really going really really fast on Guadalajara main area. I would say the manufacturing, traditional microcomponents manufacturing in Guadalajara, is bringing a lot of additional manufacturer related with AI.

What we are seeing is two things happening in Guadalajara: an increase on the volume that goes around 6% on volume, but also and the most important is the increase of the value of the cargo. It's important to have in mind that the invoicing or the revenues from our cargo facility is directly related with the value of the cargo that we are moving.

As this increase on semiconductors, electronics continuous on the coming months and years to Guadalajara, we will see a continue increase on value, and for sure, an increase on the revenue on this facility. I would say the contract that we have with the government for exploit this cargo facility typically comes from 10 years plus an expansion of additional 10 years.

That would be the typical concession duration on this kind of business.

Thank you all again for joining us today. Please contact our Investor Relations team with any additional question you may have.

Have a great day, and thank you for your attention.