Financial Data and Key Metrics Changes - Total passenger traffic reached 15.8 million, representing a 4.1% increase compared to the same quarter of 2024 [6] - Revenues excluding IFRIC 12 grew by 30.6% year over year, reaching ARS 8.2 billion, driven by a 26.4% increase in aeronautical revenues and a 41.8% increase in non-aeronautical revenues [9][10] - EBITDA increased by 31.1%, reaching ARS 5.5 billion, with an EBITDA margin of 67.1% excluding IFRIC 12 [11] - Operating income increased by 30.4% and net income by 17.9% [12] - Cash and cash equivalents stood at ARS 9.7 billion as of June 30 [12] Business Line Data and Key Metrics Changes - Revenues from business lines operated directly by the company increased by 113%, driven by the consolidation of the cargo and bonded warehouse business [10] - Third-party operated business grew by 10.7%, with significant contributions from food and beverage, retail, duty-free, ground transportation, and timeshares [10] Market Data and Key Metrics Changes - The company added eight new routes this quarter, including seven domestic and one international, bringing the total to 21 new routes for the year [6] - Canada is becoming an increasingly relevant market, especially during the winter season, with new international routes announced [6] Company Strategy and Development Direction - The company remains cautiously optimistic about the future, focusing on controlling costs while ensuring service quality across airports [12][15] - The company is pursuing strategic expansion opportunities, including the Turks and Caicos tender process and potential acquisition of CCR Airports assets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about stricter U.S. migration and enforcement policies potentially impacting international traffic, particularly on U.S.-Mexico routes [8] - Despite macroeconomic headwinds and FX volatility, the company expects to maintain its initial annual guidance [9][15] Other Important Information - The company executed capital investments of about ARS 12.8 billion in the first half of 2025, in line with annual plans [13] - A dividend of ARS 16.84 per share was approved for payment throughout 2025, with the first tranche already distributed [15] Q&A Session Summary Question: Potential inorganic opportunities with Turks and Caicos and CCR - Management indicated that while there are opportunities in Latin America and the Caribbean, not all will yield the desired returns [20] Question: Status of the hotel in Guadalajara Airport - The hotel has achieved an average tariff of ARS 2,500 and an occupancy rate of around 80% in its first year of operation [22] Question: Tariff increases and airline negotiations - The first tariff increase was implemented in March 2025, with a second adjustment expected in early 2026 [27][30] - Airlines have been vocal about tariff changes, but management noted no significant change in their behavior [31] Question: Traffic trends and demand stabilization - Management noted a decrease in passengers on BFR routes due to migration policy changes but expects demand to stabilize as clarity improves [36] Question: CCR portfolio acquisition and leverage - Management stated that a potential acquisition of the CCR portfolio would not require capital injection, as the balance sheet remains healthy [44] Question: Impact of U.S. Department of Transportation claims - Management sees potential impacts on the BFR market but believes the diversified airport portfolio can mitigate risks [82]