Financial Data and Key Metrics Changes - Total revenues increased in the middle single digits, reaching over MXN 7,000,000,000, driven by growth in Puerto Rico and Colombia [9][10] - EBITDA declined just over 1% year on year to MXN 4,600,000,000, with a decline in Mexico's EBITDA close to 4% [14][15] - The adjusted EBITDA margin declined by 157 basis points to 66.7% [15] Business Line Data and Key Metrics Changes - In Puerto Rico, revenues grew in the high single digits, with a 5% increase in aeronautical revenues and a 10% increase in non-aeronautical revenues [11] - Colombia accounted for 20% of total revenues, delivering revenue growth in the high single digits, reflecting a mid single-digit increase in aeronautical revenues and high teens growth in non-aeronautical revenues [11][12] - Mexico's total revenues posted a slight low single-digit decline, with aeronautical revenues practically flat and non-aeronautical revenues down in the middle single digits [10][11] Market Data and Key Metrics Changes - Passenger traffic in Colombia rose 3% to nearly 5,000,000, supported by an 11% increase in international traffic [7] - In Puerto Rico, total traffic was up 1%, reaching over 3,000,000 passengers, driven by a nearly 12% increase in international passengers [7] - In Mexico, traffic declined 1% to nearly 10,000,000 passengers, reflecting a nearly 2% decrease in domestic traffic and a slight contraction of 0.8% in international traffic [8] Company Strategy and Development Direction - The company entered into a tentative agreement to acquire URW airports for an enterprise value of $295,000,000, marking a significant step in its international expansion strategy [4][5] - The acquisition aims to strengthen the company's position in the high-growth non-regulated commercial segment in the U.S. [5][6] Management's Comments on Operating Environment and Future Outlook - Management anticipates a more balanced operating environment across its portfolio, expecting traffic in Mexico to gradually stabilize over the next year [8] - Positive momentum is expected to continue in Puerto Rico and Colombia, supported by healthy international demand and improving credit yields [8] Other Important Information - Total expenses increased nearly 17% year on year, with significant increases in Colombia due to an adjustment in amortization method [13] - The company closed the quarter with a solid cash position of MXN 16,000,000,000, down 19% from the previous year, primarily due to dividend payments [16][17] Q&A Session Summary Question: Can you shed light on the URW acquisition's economics and expected EBITDA contribution? - Management could not share specific numbers until all approvals are in place [20][21] Question: Can you elaborate on the adjustment to the concession amortization method in Colombia? - The adjustment aligns monetization with revenue generation and is expected to be a new level going forward [21][22] Question: What synergies or strategic rationale does the company see behind the URW acquisition? - The acquisition is crucial for establishing a presence in the U.S. market, which represents 22% of the global aviation market [27][28] Question: Is the company looking at all Motiva airports for sale or just a subset? - Management could not comment on this matter [30][32] Question: What are the traffic trends in Mexico, particularly regarding Tulum Airport? - Traffic is currently weak, with a decrease of 3.1% for the region, but improvements are expected in the next year [32][33] Question: Is the new mutual level in Gangloo expected to open around Q3 2026? - The expected opening is during the third quarter of 2026 [34][35] Question: Is there a shift in capacity allocation from Cancun? - No shift in capacity is observed; the demand is weak due to various factors [37][38] Question: Could the decrease in traffic accelerate the pace of driving tariffs towards maximum tariffs? - Management does not foresee a change in maximum tariff compliance, which should remain similar to the previous year [39][40]