Financial Data and Key Metrics Changes - Total revenues were flat year-on-year at MXN 7.3 billion, reflecting softer traffic in Mexico and the FX impact from the appreciation of the Mexican peso [10][11] - Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion, with adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year [13] - Majority net income for the fourth quarter decreased 22% to MXN 2.7 billion, primarily due to a non-cash foreign exchange loss and an adjustment in amortization methodology [13][14] Business Line Data and Key Metrics Changes - Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter [10] - Commercial revenue per passenger increased 1% year-on-year to nearly MXN 132, with Colombia posting the strongest performance with a 12% gain [11] - Total expenses increased 25% year-on-year, with significant increases in Mexico, Puerto Rico, and Colombia due to various operational costs [12] Market Data and Key Metrics Changes - Passenger traffic handled was 17.9 million, up nearly 1% year-on-year, with Mexico's traffic essentially flat and Colombia showing a nearly 6% increase [8][9] - Traffic in Puerto Rico declined 3%, while international traffic remained positive [8] - Passenger volumes from the United States decreased just 0.6%, while South America contracted 10.9% [9] Company Strategy and Development Direction - The company completed the acquisition of URW Airports, now ASUR US, for an enterprise value of $295 million, establishing direct participation in the U.S. non-regulated commercial airport segment [3][4] - A purchase agreement was signed to acquire Motiva's stake in its airport portfolio for BRL 5 billion, expected to add approximately 45 million passengers annually [5][6] - The company aims to enhance geographic diversification and create long-term operational opportunities while adhering to a disciplined acquisition strategy [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term traffic trends have moderated, structural demand drivers for air travel in the region remain intact [17] - The company expects traffic in Mexico to gradually stabilize as aircraft availability improves, with positive momentum anticipated in Puerto Rico and Colombia [10][17] - The reopening of Terminal 1 in Cancun is expected to provide a commercial tailwind and improve passenger experience [17] Other Important Information - Dividend payments totaled MXN 24 billion during 2025, reflecting the strength of the company's cash generation model [6] - Capital expenditures during the fourth quarter were MXN 3.9 billion, with a focus on investments across the airport network [16] Q&A Session Summary Question: Additional insights on ASUR US acquisitions and revenue/EBITDA projections - Management indicated that the first 20 days of ASUR US operations are not normalized for the full year, with expectations for significant contributions following the opening of a new terminal at JFK Airport [19][20] Question: Clarification on the lower tax rate observed this quarter - Management confirmed that the lower tax rate is related to the results of the year and not expected to be a recurring effect [22][23] Question: Initiatives driving commercial performance in Puerto Rico and Colombia - Management highlighted efforts in Puerto Rico to enhance convenience stores and operational performance in duty-free, while Colombia saw strong performance from new retail units [27][28]