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 passenger traffic [5][4] - Total revenues grew by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [7] - Aeronautical revenue increased by 18.3%, while non-aeronautical revenues rose by 15.6% [7][8] - EBITDA grew by 12.8%, reaching $5.1 billion pesos, with an EBITDA margin of 64.3% [9][10] - Cash and cash equivalents stood at $11.7 billion as of September 3, 2025 [10] Business Line Data and Key Metrics Changes - Revenue from business operated directly by the company rose by 30.1%, mainly due to the consolidation of the cargo and bonded warehouse business [7] - Revenue from third-party operators increased by 4.7%, supported by new commercial spaces and renegotiated contracts [8] - The strongest performing business lines included food and beverages, retail, duty-free, ground transportation, and timeshares [8] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a more restrictive perception under the current U.S. administration [4] - Domestic demand showed sustained recovery, helping to offset the decline in international travel [5] 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 [5][6] - The company is focused on diversifying its network and expanding commercial areas to strengthen its long-term revenue base [8][10] - The ongoing process related to the Turks and Caicos tender and potential acquisition of Motiva Airports indicates the company's strategic expansion efforts [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, despite macroeconomic uncertainties and exchange rate volatility [11] - The company continues to benefit from a resilient domestic market and disciplined financial management [11] - Management anticipates a recovery in the VFR markets in the coming years, driven by increased seat capacity from airlines [16] Other Important Information - The company paid a dividend of $8.42 per share in Q3 2025 and issued two new bond certifications totaling $8.5 billion pesos [10] - The company invested approximately $7 billion pesos in capital expenditures during the first nine months of 2025, focusing on major infrastructure projects [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 as airlines increase capacity [14][15] Question: On the commercial side, how far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth in directly operated businesses is expected to continue, with new commercial areas contributing to revenue growth [17][18] Question: Can you clarify the expected level of costs and expenses for the coming quarters? - Management confirmed that the current level of costs is expected to persist due to increased facilities and headcount [23][24] 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 effect will depend on the lottery of national teams [52][54] 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 by 55% by 2029 [55][56]