Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, significantly outpacing passenger traffic growth of 9.3% [12] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [5][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, driven primarily by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [12][13] - Commercial revenues grew by 18%, supported by strong performance in cargo, VIP lounges, and other passenger-related services [12][13] - Cargo revenues were up 20% year-over-year, with Argentina seeing a 23% increase [10] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [4][6] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Brazil and Italy also reported strong traffic growth, with Brazil's total traffic up over 8% [8][9] Company Strategy and Development Direction - The company is advancing its investment plans, with CAPEX program approvals underway in Armenia and Italy [5][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on maintaining a competitive cost structure while enhancing cargo capabilities [11] - Overall, management expressed confidence in the resilience of the business model and the quality of assets [21] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and commercial revenues outlook - Management confirmed progress in discussions regarding the rebalance of the concession agreement but could not provide a specific timetable [23][24] - Commercial revenues were reported to be up 8% versus last year, with expectations of continued positive trends [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment approval has been obtained, with the next steps expected to commence towards the end of the first quarter [27][28] - Discussions regarding investment opportunities in Armenia are ongoing, with no specific timeline provided [28] Question: Size of the opportunity at Baghdad Airport - Management indicated a constructive view on potential traffic growth in the region, with further details to be provided once the concession agreement is finalized [33][34]

Financial Data and Key Metrics Changes - Total passenger traffic increased by 2.5% year-over-year, reaching 15.8 million passengers in Q3 2025 despite a decline in international traffic [4][3] - Total revenues grew by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [5][6] - EBITDA increased by 12.8%, reaching $5.1 billion pesos, with an EBITDA margin of 64.3% [8][9] Business Line Data and Key Metrics Changes - Aeronautical revenue rose by 18.3%, influenced by a new maximum tariff implementation [5] - Non-aeronautical revenues increased by 15.6%, with significant contributions from food and beverages, retail, duty-free, ground transportation, and timeshares [6][7] - Revenue from business operated directly by the company surged by 30.1%, primarily due to the consolidation of cargo and bonded warehouse operations [5] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a restrictive perception under the current U.S. administration [3] - Domestic demand showed sustained recovery, helping to offset the decline in international travel [4] Company Strategy and Development Direction - The company plans to launch eight new international routes to Canada in Q4 2025, enhancing connectivity and supporting demand during the winter season [4] - The focus remains on diversifying the network and optimizing commercial offerings to enhance long-term value creation [7][10] - The company is actively managing its capital structure to support long-term investment commitments and potential organic growth [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future performance, citing macroeconomic uncertainty and exchange rate volatility as short-term challenges [10] - The company continues to benefit from a resilient domestic market and disciplined financial management, maintaining its leadership position in the region [10] Other Important Information - The company remains in a strong liquidity position with $11.7 billion in cash and cash equivalents as of September 30, 2025 [9] - The ongoing process related to the Turks and Caicos tender and potential acquisition of Motiva Airports is under analysis [11] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a decline in international traffic, particularly in VFR routes, but expressed optimism for recovery in the coming months as airlines increase capacity [13][15] Question: What is the expected level of costs and expenses for the coming quarters? - Management indicated that the current cost levels are expected to persist due to increased facilities and headcount, impacting EBITDA margins [21][23] Question: Can you elaborate on the Motiva Airports assets acquisition plans? - Management stated they are exploring options for the acquisition, considering both partnerships and independent bids, with financing likely to come from leverage [27][28] Question: What is the expected effect of next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effects depend on the lottery of national teams [46][47] Question: Can you provide details on the commercial areas coming online in the next few years? - Management outlined plans for significant expansions in terminal buildings, which will increase commercial space and opportunities for revenue growth [48][49]