Thank you, and welcome to GAP's conference call. I'd like to take a few moments to review the forward-looking statements as described in the financial disclosure statement.

Please be advised that 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 the quarterly report. Thank you for your attention.

It is my great pleasure to introduce Mr. Raúl Revuelta, GAP Chief Executive Officer, and Mr.

Saúl Villarreal, Chief Financial Officer. The gentlemen will be our speakers today.

At this time, I will turn the call over to Mr. Revuelta for his opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for your time here today.

I am pleased to share with you the company's operational and financial highlights for the fourth quarter of 2025, which concludes a solid year despite the several external challenges that I will discuss today. I will begin with the quarterly passenger traffic and then move on the financial results, followed by a brief review of the full year.

Passenger traffic decreased 0.9% during the fourth quarter compared to the same period of 2024. This performance stems from the two clearly separate dynamics within our portfolio.

The first, in Mexico, traffic trends remained relatively stable despite varying performance across the different airports. While passenger growth was 2.9%, revenue was primarily supported by the implementation of the new maximum tariffs approved and applied during 2025, as well as the expansion of the routes in select markets.

Secondly, as you are aware, Hurricane Melissa struck Jamaica in October 28, leading to the temporary suspension of operations at Montego Bay as well as Kingston airports. This resulted in a traffic decrease of nearly 35% during the quarter.

Although there was no material damage to either airport, passenger traffic did significantly decline in November and December, mainly in Montego Bay. The main factor was the hurricane impact of the surrounding area as well as the hotel infrastructure where around 70% of the total capacity affected.

On a positive note, the recovery of hotel capacity as well as tourist infrastructure across the region has been better than expected. While the actual timing of a full normalization remain unclear, the Minister of Tourism has indicated that hotel capacity is expected to return to 100% by the upcoming 2026 winter season.

We remain confident in the long-term fundamentals of the Jamaican market and its overall structural growth potential. Now moving on to the revenues, combined aeronautical and non-aeronautical service revenues increased by 12.8%, reflecting the sustained structural strength of our business model.

Aeronautical revenues grew by 12.6%, primarily driven by the aforementioned maximum tariffs that were approved and applied during 2025 in Mexico, as well as the continued expansion of our routes. Non-aeronautical revenues increased by 13.3% quarter-over-quarter.

In Mexico particularly, commercial revenues were strong, mainly supported by the performance of the cargo and bonded warehouse business and the opening and renegotiation of commercial spaces under improved market conditions. The most dynamic segment include food and beverage, retail, ground transportation, and leasing activities.

EBITDA increased by 7.5%, reaching 5.1 billion pesos. EBITDA margin excluding IFRIC 12 stood at 63.8%, a decrease compared to the fourth quarter '24, as a result of the higher concession fees in Mexico, additional headcount, and increase in maintenance costs due to the new operations of the jet bridges and airbuses, a task that must now be operated directly by GAP, but was previously managed by the third party.

In addition, this include the impact of lower traffic and therefore lower revenues in Jamaica in the aftermath of the Hurricane Melissa. Net income declined compared to the fourth quarter '24, mainly due to a higher financial expense and decrease in the interest income due to a lower cash average balance, the FX effect, as well as the lower interest rates.

This is in addition to the provision of the deferred taxes adjustment in the aggregated balance of the year. Now let us review the full year performance.

2025 was a year of a strong structural growth for GAP. Aeronautical revenues grew by 19.4%, driven mainly by the new tariff applied during 2025 and a 3.7% increase in passenger traffic in Mexico.

Non-aeronautical revenue increased by 26.5% for the year, further underscoring the substantial importance of our commercial platform. Non-aeronautical revenue per passenger increased to 152 pesos in 2025 compared to the 123 pesos in 2024, reflecting improved commercial execution, product optimization, and stronger contribution from cargo and bonded warehouse operations.

The consolidation of the business has become a meaningful contributor to our revenue diversification strategy and strengthens the long-term sustainability of our income streams. EBITDA increased by 17.8% year-over-year, reaching 21.3 billion pesos with an EBITDA margin excluding IFRIC 12 of 65.6%.

Despite higher concession fee and a cost pressure, profitability remained solid and operationally we remained disciplined. From a balance sheet perspective, as of December 31 of 2025, we closed the year with 10.5 billion pesos in cash and cash equivalents.

During the year, we strengthened our capital structure throughout the issuance of bond certificates while reducing certain bank loans exposures, maintaining flexibility to fund our long-term commitments. In terms of CAPEX, throughout 2025, we invest 12.4 billion pesos.

This was comprised by the first year of execution under the 2025-2029 Master Development Program, CAPEX in our Jamaican airports, and the commercial investments. The CAPEX for the five-year period in Mexico will be focused on major terminal expansion and capacity enhancements, positioning us strongly for the future passengers growth and expanded commercial opportunities.

Additionally, in December, at Extraordinary Shareholders Meeting, the business combination between CBX and Technical Assistance Agreement was approved. This strategic transaction will allow us to further integrate and strengthen the Cross Border Xpress platform, enhancing operational efficiency, expanding services capabilities, and reinforcing our position in the cross-border passenger segment.

The transaction is currently in the formalization process, and we expect it to contribute positively to GAP's long-term value creation strategy. Let me touch on the international expansion opportunities.

The Turks and Caicos tender process was ultimately cancelled by the government. As has been our track record, we remain disciplined in our capital allocation decisions and remain focused on projects that meet our strategic and financial return criteria.

Therefore, we continue evaluating growth opportunities that complement our existing portfolio strength, overall shareholder value. Before I continue with the presentation, I want to address the recent events concerning to the State of Jalisco, namely Guadalajara and Puerto Vallarta.

Certain incidents were reported throughout different locations of the State of Jalisco on February 22, and I just want to affirm that GAP's facilities, the Guadalajara and Puerto Vallarta airports, remained fully operational all weekend and up until this moment. As many of you may be aware, the terminals are under protection of the Mexican National Guard as well as the Ministry of National Defense as part of the permanent coordination and security measures with the federal authorities.

From operational standpoint, we experienced flight cancellations including 171 flights in Guadalajara and 134 flights in Puerto Vallarta during February 22 and 23. However, yesterday, February 24, we only had 4 cancellations in Puerto Vallarta and 11 in Guadalajara, and today all the operations are back to normal.

Thus, it has been a steady and consistent improvement from the weekend as we work to regain normally after the events of the last weekend. The rest of our airport portfolio continue to operate without disruption at this stage.

We don't anticipate any additional impact. We are monitoring the situation and will update the market as necessary.

Back to the results and outlook. I would like to continue with a discussion on guidance, which not include the CBX business combination and the Technical Assistance Agreement internalization, which remain the formalization process.

Once the final timing of the consolidation is confirmed, we will update you on the results. That being said, we expect 2026 to be another year of moderate growth supported by the established structural drivers across our portfolio.

Passenger traffic is expected to grow between 2% and 5%, reflecting the consolidation of routes developed to date, estimated load factors, and the potential increase in frequencies and seat capacity across our network. On the revenue side, aeronautical revenues are projected to increase between 9% and 12%, driven by the implementation of current maximum tariffs in Mexico and Kingston Airport in Jamaica, combined with traffic performance, inflation assumptions, and projected exchange rates.

Non-aeronautical revenues are expected to continue expanding from 6% to 9%, driven by improved contract condition and traffic growth. As a result, total revenues are expected to grow between 8% and 11% year-over-year.

We expect EBITDA to grow between 8% to 11% while the EBITDA margins will remain solid at approximately 65% plus or minus 1%, reflecting continued operation discipline while maintaining flexibility to absorb external volatility. Looking ahead, we remain confident in our strategic direction as we focus on our four growth pillars: strengthening connectivity, expanding commercial revenues, disciplined execution of our infrastructure program, and maintaining long-term leverage strategy.

While external factors such as exchange rate volatility, natural events, and global uncertainty may generate temporary fluctuations, GAP's diversified airport portfolio, strong domestic demand base, disciplined capital structure position us solidly to continue generating sustainable long-term value. We appreciate your continued trust and support in GAP.

Thank you for joining us today, and we now open the floor to your questions.

Hi, good morning. Just can you give us a little bit of color on Guadalajara and Puerto Vallarta, any cancellations seen, or any lower bookings?

My second question, can you give us a little bit of color on do you think you might be expanding your footprint on the U.S. besides the CBX?

Thank you.

Thank you, Gabriel. In the case of Guadalajara, Vallarta, as we noted, we saw on the Sunday an important number of cancellations, more than 100 in both airports.

For the Monday, we begin to see a important recovery. Just yesterday, we only had 4 cancellations in Puerto Vallarta and 11 in Guadalajara.

Today, we are expecting that all the operations are back to normal. What we are seeing for sure has a major impact on the Sunday.

After that, still the services from the airlines have gradually normalization process. Saying that, we are expecting that there will not be any additional impact for our airports in the coming days.

Mentioned the big number of the impact of this 2 days, almost 3 days of impact, we are seeing that the possible impact was around of 50,000 passengers in this both airports. Jumping to the second question, the footprint in the U.S.

beside the CBX, for sure, in the line with our discipline for capital allocation, we will continue to looking for other opportunities. For sure, with the platform of the CBX in the U.S., it opens the possibilities for new investments in the U.S.

We will still looking for opportunities that generates value to our shareholders and be completely accretive for the company. Yes, it will open the opportunity for review additional projects in the U.S.

Thank you. Are you expecting in the coming months a decrease in traffic on Guadalajara and Puerto Vallarta from international passengers?

We are expecting that the trends that we have seen in the last months continue. For the case of Guadalajara, as we have a positive number with all the openings of new routes from Canadian market mainly, and also a recovery from the classic of our markets of Guadalajara-Los Angeles and South California in general terms.

Also, on the coming months, we will have the first two matches for the last elimination of teams for the World Cup. We are expecting some additional passengers for sure in the coming months.

In general terms, connecting with this terrible news of the weekend, we are not expecting any further impact on the traffic.

Thank you very much.

Hi, thank you for taking my question. Regarding the pending tariff adjustments, could you provide more detail on expected timing and visibility around their implementation?

Yes, just going back on that last year, as you remember, in March of the last year, we increase 15% of general passenger fee in all of our airports. In September 1st, we add another 7.5%.

On January 1st, we increase in general terms around 5 5% to 6% depending of the airport. For all of that, we are seeing that the maximum tariff for the year for sure depending on the FX effect of the peso and dollar, we are going around 95% of fulfillment.

In the summer, we will have two additional increases for two of our airports, Vallarta and Cabos. With all this put in place, we think that we will achieve the 95% of fulfillment on tariff.

Perfect. Thank you very much.

Thank you. We have one question from Andrés Abadía from UBS, and he's asking: Regarding your guidance, can you break down traffic increase expectations for Mexico and Jamaica, and how you are seeing the recovery from the Hurricane Melissa in Jamaica and the World Cup impacts in Mexico?

Also, well, and the other questions it was already explained.

In terms of traffic, we are seeing in our guidance an increase in traffic that goes from 2% to 5%. In general terms, what we are seeing to Jamaica is we are seeing a continuous recovery on the hotel capacity for Montego Bay mainly.

What we are seeing is that for the end of the year could be in around -2% to 0% on increase of passengers. What is important to have in mind is that the two main peaks of the terminal of Montego Bay the spring season and the winter season.

On this spring season, I would say that there would be an important impact of the number of available hotel rooms in Jamaica. We will expect that in this spring season, the decrease of passengers continue.

For the winter season, that is the second high season for Montego Bay, we are expecting that a fully recovery of the total capacity of hotels on the island. With that in mind, we are expecting that -2% to 0% on Jamaica.

Thank you, Raúl. It is the only question on the webcast, I will turn the call again to the questions from the floor.

Yes, hello everyone. Good morning.

Just a question on capital allocation. Now that the Turks and Caicos process is pretty much over, can you comment a bit on what's the priority on the capital allocation side?

That's it.

Thank you, Julia. I would say that in the first half of the year, we will be focused on all what means CBX and bringing all the efficiencies to our company, that would be, I think, one of the biggest projects bringing to the company.

Parallel to that, we are working in other projects and looking for other projects that could be interest for us. We will continue reviewing opportunities on the cargo facilities business.

I would say with the discipline that is the part of the DNA of the company, we will continue only on projects that are completely accretive for our company. With that in mind, we will, as always, continue reviewing different projects, but for the moment, the only focus that we will have to bring additional value is all the process to bring CBX and the synergies of CBX to the company.

Got it, thank you. Just a follow-up on the CBX.

What is the expected timeline for the deal to be fully integrated into GAP? Do you have any updates on let's say the expected synergies throughout the year, how much should we capture this year?

Yes, in general terms what we are talking about the formalization process, we are on the middle of that. We are expecting that in the second quarter of the year, we could fully consolidate all the transaction.

In terms of efficiency, it will be gradually on the year. I would say that if we begin with the consolidation in the second quarter, for the fourth quarter we could show important efficiencies on the CBX consolidation process.

I would say that the fully program of what we think that could be the synergies of the company, we're going to fully implemented for the half of the year of 2027. That would be our first view of what we think that could happen on all these project of CBX.

Got it, thank you.

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

Have a great day and thank you for your attention.