Financial Data and Key Metrics Changes - In Q3 2025, OMA's passenger traffic reached 7.6 million, an 8% year-over-year increase, with seat capacity rising by 11% [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an adjusted EBITDA margin of 74.8% [5][10] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [10] - Cash generated from operating activities amounted to MXN 1.9 billion, with a cash position of MXN 4.4 billion at the end of the quarter [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing significantly to overall growth [3] - International passenger traffic increased by 11%, with notable contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with commercial revenue per passenger at MXN 60, driven by parking, restaurants, VIP lounges, and retail [4][8] - Industrial services revenues surged by 53%, mainly due to increased leased square meters in the industrial park [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space was 96% at the end of the quarter, indicating strong demand [4] - The overall investment level for the next Master Development Program is expected to remain similar in real terms to the previous program [7] Company Strategy and Development Direction - The company plans to allocate around half of its Master Development Program (MDP) investment to Monterrey, focusing on capacity expansion and commercial opportunities [23] - OMA is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single-digit growth for the following year [14] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing efforts to manage costs effectively [19] Other Important Information - Total debt at the end of September was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x, indicating a solid financial position [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year to be between 7% and 8%, with expectations for next year in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management analyzing alternatives to maintain costs [19] Question: Capital allocation for the next MDP and potential international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - The company reported net income of $4,900,000, a decrease of $16,900,000 or 77.5% compared to the previous quarter [13] - Diluted earnings per share were $0.16 for the third quarter, down from $0.56 per share linked quarter [13] - Net interest income increased by $1,450,000 or 2.7% compared to the linked quarter [19] - The tax equivalent net interest margin was 2.94%, a decrease of one basis point from 2.95% [19] - Non-interest expense was $37,500,000, a decrease of $1,700,000 or 4.4% on a linked quarter basis [19] Business Line Data and Key Metrics Changes - Loans increased to $4,770,000,000, a linked quarter increase of $163,400,000 or 3.5% [13] - The increase in loans was driven by $82,600,000 in commercial real estate loans, $49,300,000 in commercial loans, and $49,100,000 in construction loans [14] - Non-performing assets increased by approximately $2,700,000, remaining at 0.42% of total assets [11][14] Market Data and Key Metrics Changes - The Texas economy is anticipated to grow at a faster pace than the overall U.S. growth rate [6] - The loan pipeline rebounded to approximately $1,800,000,000, indicating strong market conditions [10] Company Strategy and Development Direction - The company is focusing on repositioning its available-for-sale securities portfolio to enhance future net interest income and provide balance sheet flexibility [4][5] - There is an interest in potential acquisitions and hiring due to market disruptions caused by larger banks acquiring smaller institutions [27] - The company plans to explore wealth management opportunities in metro markets, aiming for double-digit revenue growth in trust fees [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about net interest income growth due to favorable market conditions and loan growth expectations [6][24] - The company anticipates a slight increase in net interest margin for the fourth quarter, driven by loan growth and securities restructuring [23][24] - Future rate cuts are expected, with management anticipating at least two cuts in the next year [47][48] Other Important Information - The company repurchased 26,692 shares of common stock at an average price of $30.24 during the third quarter [18] - The allowance for credit losses increased to $48,500,000, while the allowance for loan losses as a percentage of total loans decreased to 0.95% [14] Q&A Session Summary Question: What is the expected margin for the fourth quarter considering the recent restructuring? - Management expects the net interest margin to be up slightly in the fourth quarter, with loan growth anticipated [23][24] Question: Any updates on potential acquisitions or hiring opportunities? - Management indicated interest in a few institutions potentially for sale and mentioned ongoing hiring efforts due to market disruptions [27] Question: How is the loan pipeline looking entering the fourth quarter? - The loan pipeline is strong, rebounding to $1,800,000,000, with a good pull-through rate expected [10][34] Question: What is the pricing competition like in the current market? - There is significant competition in both commercial real estate and commercial loans, but the company is maintaining a disciplined pricing approach [35] Question: What are the expectations for trust fee growth? - Management anticipates double-digit revenue growth in trust fees due to a strong team and new client acquisitions [45][46]

Financial Data and Key Metrics Changes - The company generated net income of $3,200,000 or $0.32 per diluted share in Q3 2025, representing a 45% increase from the same quarter last year [5] - Tangible book value per share increased by 1.2% this quarter [5] - Gross revenue increased by 8.7% from the prior quarter and 15.5% year over year [11] - Net interest income increased for the fourth consecutive quarter, up 8.9% from the prior quarter and 25% year over year [12] - Non-interest income increased by more than $500,000 or 8.5% from the prior quarter [13] Business Line Data and Key Metrics Changes - Loans held for investment increased by $50,000,000 from the end of the prior quarter, with new loan production of $146,000,000 in Q3 [6][8] - Total deposits increased by $320,000,000 from the end of the prior quarter, driven by new accounts and existing client balance growth [9] - Trust and investment management assets under management decreased by $64,000,000, primarily due to net withdrawals [10] Market Data and Key Metrics Changes - The average rate on new loan production was 6.38% in the quarter [8] - The spot rate on deposits at the end of the quarter was 3.04% [30] - The company achieved a beta of approximately 63% on money market accounts in Q3 [31] Company Strategy and Development Direction - The company maintains a conservative approach to new loan production while focusing on service quality rather than competing on pricing [4] - The management is optimistic about continued growth opportunities in the Colorado market due to ongoing M&A activity [16] - The company is focused on creating operating leverage by growing revenues faster than expenses, aiming for improved efficiency ratios [50] Management's Comments on Operating Environment and Future Outlook - Management sees healthy economic conditions in their markets and expects solid balance sheet growth in Q4 [17] - There are no indications of meaningful deterioration in asset quality, with positive trends expected to continue [17] - The company plans to leverage investments made in technology and team restructuring to drive future growth [79] Other Important Information - The company was named one of 16 KBW Bank honor roll members in 2025 for its performance [86] - The management is optimistic about finishing the year strong and delivering shareholder value into 2026 [87] Q&A Session Summary Question: Insights on deposit growth and its sustainability - Management indicated that the deposits seen in Q3 are expected to remain and provide a higher deposit base for Q4 [21] Question: Details on the newly added non-performing asset (NPA) - The NPA was a commercial and industrial loan that had performance issues, with a specific provision set aside for it [22][23] Question: Expectations for net interest margin (NIM) in Q4 - Management anticipates NIM expansion due to liquidity on the balance sheet being redeployed into loans, estimating a potential increase of five basis points [24][26] Question: Update on wealth management and assets under management (AUM) - The company is focused on fee income growth rather than AUM, with recent progress noted in agency accounts [33] Question: Thoughts on future loan demand and liquidity deployment - Management expects loan demand trends to continue, with a focus on gradually redeploying excess liquidity into the loan portfolio over the next year [73][75]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic increased by 8% year over year, totaling 7.6 million passengers [4] - Aeronautical revenues rose by 11%, with aeronautical revenue per passenger increasing by 3% [6] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an EBITDA margin of 74.8% [7][13] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [13] - Total debt at the end of the quarter was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9 times [14] Business Line Data and Key Metrics Changes - Commercial revenues increased by 7%, driven by parking, restaurants, VIP lounges, and retail, with occupancy rates for commercial space at 96% [6][10] - Industrial services revenue surged by 53%, attributed to higher square meters leased and contractual rent increases [11] - Non-aeronautical revenues grew by 7.3%, with significant contributions from parking and retail [9][10] Market Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily due to increased routes from Monterrey Airport [5] - International passenger traffic increased by 11%, with notable growth on routes to San Francisco, Atlanta, and Dallas [5] Company Strategy and Development Direction - The company is focusing on expanding capacity and commercial opportunities at Monterrey Airport, which accounts for half of its traffic [30] - The Master Development Program (MDP) is under negotiation, with expectations for final resolution in December [7][8] Management Comments on Operating Environment and Future Outlook - Management anticipates overall traffic growth for the year to be between 7% to 8%, with expectations for low to mid-single-digit growth in 2026 [19] - Cost pressures from SG&A and utility costs are viewed as temporary, with management exploring alternatives to maintain cost control [24] Other Important Information - Total investments in Q3 amounted to MXN 472 million, including major maintenance and strategic investments [7] - Cash generated from operating activities was MXN 1.9 billion, with cash position at MXN 4.4 billion at the end of the quarter [13][14] Q&A Session Summary Question: Traffic expectations for Q4 and 2026 - Management expects overall traffic growth for the year to be between 7% to 8%, with low to mid-single-digit growth anticipated for next year [19] Question: Decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in the following quarters [22] Question: SG&A and utility cost pressures - Management views these cost pressures as temporary and is analyzing alternatives to maintain cost control [24] Question: Capital allocation for the next MDP - Half of the capital will be allocated to Monterrey for capacity expansion and commercial opportunities [30]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic reached 7.6 million, an 8% increase year over year, with seat capacity rising by 11% [3][4] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4][10] - Total aeronautical and non-aeronautical revenues grew by 9.8% to 3.5 billion pesos [9] - Adjusted EBITDA increased by 9% to 2.7 billion pesos, with a margin of 74.8% [5][10] - Consolidated net income was 1.5 billion pesos, reflecting a 9.1% increase compared to the same quarter last year [10][11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing to 68% of total domestic growth [3][4] - International passenger traffic increased by 11%, with significant contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with notable increases in parking (9.4%), restaurants (9.8%), VIP lounges (9.9%), and retail (8.2%) [8][9] - Industrial services revenues surged by 53%, driven by higher leased square meters and contractual rent increases [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [4] - Cash generated from operating activities amounted to 1.9 billion pesos, with a cash position of 4.4 billion pesos at the end of the quarter [11] Company Strategy and Development Direction - The company is focused on its Master Development Program (MDP) for 2026-2030, with expectations for a similar investment level to the previous MDP [5][6] - Approximately half of the MDP will be allocated to Monterrey, reflecting its significant traffic share [22] - The company is exploring international expansion opportunities, although no concrete plans have been disclosed [22] Management's Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single digits growth for 2026 [14] - Cost pressures from AG&E and utility costs are viewed as temporary, with expectations for cost management strategies to mitigate these pressures [18] Other Important Information - Total investments in Q3 2025 amounted to 472 million pesos, including major maintenance and strategic investments [5] - The company maintains a solid financial position with a net debt to adjusted EBITDA ratio of 0.9 times [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year between 7% and 8%, with next year's growth expected in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [16] Question: Outlook on AG&E and utility cost pressures - Cost pressures are seen as temporary, with management analyzing alternatives to maintain costs in check [18] Question: Capital allocation for the next MDP and international expansion - Half of the MDP will focus on Monterrey, with ongoing exploration of international expansion opportunities [22]

Financial Data and Key Metrics Changes - Third quarter NAIRI FFO increased to $89.3 million, or $0.64 per diluted share, reflecting year-over-year per share growth of 6.7% [12] - Third quarter Core FFO increased to $90.6 million, or $0.65 per diluted share, reflecting year-over-year per share growth of 4.8% [12] - The company has approximately $977 million of liquidity to support acquisition plans, with a net debt to trailing 12-month annualized adjusted EBITDA of 5.3 times as of September 30, 2025 [12][13] Business Line Data and Key Metrics Changes - Neighbor retention remained high at 94% in the third quarter, with record-high comparable renewal rent spreads of 23.2% [9] - Comparable new leasing rent spreads for the quarter were strong at 24.5%, with average annual rent bumps of 2.6% [9] - Portfolio occupancy remained high at 97.6% leased, with anchor occupancy at 99.2% and same-store inline occupancy at 95% [10] Market Data and Key Metrics Changes - The market for grocery-anchored shopping centers remains competitive, with the company being selective in acquisitions due to economic stability concerns [5][45] - The company has acquired 18 assets this year for $376 million, with plans to sell $50 million to $100 million of assets in 2025 [15][61] Company Strategy and Development Direction - The company is focused on recycling lower IRR properties into higher IRR properties to drive strong earnings growth [16] - The development and redevelopment pipeline includes 22 projects with an estimated total investment of $75.9 million, targeting average estimated yields between 9% and 12% [11] - The company plans to share more details on its long-term growth strategy during a business update on December 17 [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the grocery-anchored portfolio, noting that 70% of annual base rent comes from necessity-based goods and services, providing predictable cash flows [3][4] - The company expects same-center NOI growth between 3% and 4% annually on a long-term basis, with a forecast for the fourth quarter of 2025 reflecting same-center NOI growth between 1% and 2% [13][14] - Management remains optimistic about the resilience of grocers and their ability to pass on cost increases to consumers [53] Other Important Information - The company has a healthy pipeline for development and redevelopment, including a grocery-anchored retail development in Ocala, Florida [8] - The company is actively expanding its joint ventures, with a recent acquisition of a grocery-anchored shopping center in Columbia, South Carolina [7] Q&A Session Summary Question: Can you share more on acquiring development land at this point in the cycle? - Management highlighted a partnership with a national grocer interested in the growth aspects of Southern Ocala, with 10,000 new homes expected in the next five years [19][20] Question: Can you provide more detail on the current acquisition pipeline? - Management indicated they are comfortable being at the bottom end of their acquisition guidance range, with $376 million in acquisitions year-to-date and plans for more before year-end [21][22] Question: What is the upper level on leverage and how do you think about it as a funding source? - Management aims to maintain net debt to EBITDA at 5.5 times or below, with a willingness to adjust if clear opportunities arise [26][27] Question: What is your view on grocery-anchored cap rates? - Management noted that the supply-demand dynamic for grocery-anchored properties is stabilized, with no major compression in cap rates expected [78] Question: How do you think about funding your acquisition pipeline for next year? - Management emphasized maintaining a strong balance sheet and using a mix of free cash flow and dispositions to fund acquisitions [85]

Financial Data and Key Metrics Changes - The company generated net income of $3.2 million or $0.32 per diluted share in Q3 2025, a 45% increase from the same quarter last year [5] - Tangible book value per share increased by 1.2% this quarter [6] - Gross revenue increased by 8.7% from the prior quarter and 15.5% year over year [9] - Net interest income increased by 8.9% from the prior quarter and 25% year over year [10] - Non-interest income increased by 8.5% from the prior quarter, primarily due to increases in all major fee categories [11] Business Line Data and Key Metrics Changes - Loans held for investment increased by $50 million from the end of the prior quarter, with new loan production of $146 million in Q3 [6][7] - Total deposits increased by $320 million from the end of the prior quarter, driven by new accounts and existing client balances [8] - Trust and investment management assets under management decreased by $64 million, primarily due to net withdrawals in low-fee product categories [9] Market Data and Key Metrics Changes - The average rate on new loan production was 6.38% in the quarter [7] - The spot rate on deposits at the end of the quarter was 3.04% [22] - The company achieved a 63% beta on money market accounts in Q3, which is expected to remain reasonable for Q4 [23] Company Strategy and Development Direction - The company aims to leverage its investments in technology and product teams to drive shareholder value and improve efficiency [66][68] - The focus remains on maintaining a conservative approach to new loan production while expanding deposit relationships [4][5] - The company is optimistic about growth opportunities arising from market disruptions and M&A activity in Colorado [12][35] Management's Comments on Operating Environment and Future Outlook - Management sees healthy economic conditions in their markets and expects continued solid balance sheet growth in Q4 [12][13] - There are no indications of meaningful deterioration in asset quality, with positive trends expected to continue [13] - The company anticipates NIM expansion in Q4 due to liquidity deployment into the loan portfolio [18][19] Other Important Information - The company has been recognized as one of the KBW Bank Honor Roll members in 2025 for its performance [68] - The management team has made significant investments in technology and operational efficiency, which are expected to yield positive results [66][68] Q&A Session Summary Question: Insights on deposit growth and its sustainability - Management indicated that the deposits seen in Q3 are expected to remain and provide a higher deposit base for Q4 [16] Question: Details on the MPA and related provisions - A specific provision was made for a downgraded C&I loan, which management expects to resolve over time [17] Question: Expectations for NIM in Q4 - Management anticipates NIM expansion, potentially achieving around five basis points of improvement [19] Question: Thoughts on deposit pricing and beta - The beta on money market accounts was around 63% in Q3, with expectations for it to decline over time [23] Question: Update on wealth management and AUM - Management is focused on improving fee income and has seen progress in agency accounts despite a decrease in AUM [25] Question: Future growth and balance sheet strategy - Management views the recent deposit influx as part of an ongoing effort to align loan-to-deposit ratios and expects continued growth into 2026 [30][35] Question: Opportunities from M&A disruptions - Management believes that market disruptions create opportunities for talent acquisition and client growth [34][40]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net income of $4.9 million, a decrease of $16.9 million or 77.5% compared to the previous quarter [12] - Diluted earnings per share were $0.16, down from $0.72 in the linked quarter [12] - Net interest income increased by $1.45 million or 2.7% compared to the linked quarter [16] - The tax equivalent net interest margin decreased by one basis point to 2.94% [16] Business Line Data and Key Metrics Changes - Loans increased to $4.77 billion, a linked quarter increase of $163.4 million or 3.5% [12] - The average rate of loans funded during the quarter was approximately 6.7% [12] - Non-interest income, excluding the net loss on the sales of available-for-sale (AFS) securities, increased by $260,000 or 2.1% [17] Market Data and Key Metrics Changes - The company’s securities portfolio was $2.56 billion, a decrease of $174.2 million or 6.4% from the previous quarter [13] - Deposits increased by $329.6 million or 5% on a linked quarter basis [15] - Non-performing assets increased to approximately $2.7 million, but remained low at 0.42% of total assets [10][13] Company Strategy and Development Direction - The company is focusing on repositioning its available-for-sale (AFS) securities portfolio to enhance future net interest income and provide balance sheet flexibility [4] - The company anticipates continued growth in the Texas economy, which is expected to outpace the overall U.S. growth rate [6] - The company is exploring potential acquisitions and hiring opportunities due to market disruptions caused by larger banks [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about net interest income growth due to favorable market conditions and loan growth [5][21] - The company expects net interest margin to improve slightly in Q4 2025, driven by loan growth and securities restructuring [21] - Management noted that competition in the market remains intense, particularly in commercial real estate and C&I lending [30] Other Important Information - The company issued $150 million of subordinated notes at a 7% fixed to floating rate in mid-August [15] - The company repurchased 26,692 shares of common stock at an average price of $30.24 during the third quarter [16] - The effective tax rate for Q3 was 3.7%, a decrease from 17.8% in the prior quarter [18] Q&A Session Summary Question: What is the expected net interest margin for Q4? - Management expects the net interest margin to be up slightly due to the impact of subordinated notes and loan growth [21] Question: Any updates on potential acquisitions? - Management indicated interest in a few institutions that might be for sale and mentioned ongoing hiring efforts due to market disruptions [24] Question: How is the loan pipeline looking entering Q4? - The loan pipeline rebounded to $1.8 billion, indicating strong future growth potential despite a dip mid-quarter [28] Question: What is the outlook for trust fees? - Management anticipates double-digit revenue growth in trust fees due to a strong team and increasing client base [37] Question: How many rate cuts are anticipated through year-end and into 2026? - Management anticipates at least two rate cuts next year, depending on inflation and employment conditions [39]

Financial Data and Key Metrics Changes - Consolidated volume declined 0.6% to 1.04 billion unit cases, showing sequential improvement compared to the second quarter [8] - Total revenues grew 3.3% to MXN 71.9 billion, with a currency-neutral increase of 4.7% [9] - Gross profit increased 0.9% to MXN 32.4 billion, leading to a margin contraction of 100 basis points to 45.1% [9] - Operating income rose 6.8% to MXN 10.3 billion, with operating margin expanding 50 basis points to 14.3% [9] - Adjusted EBITDA increased 3.2% to MXN 14.4 billion, with EBITDA margin remaining flat at 20.1% [10] - Majority net income slightly increased to MXN 5.9 billion, driven mainly by operating income growth [10] Business Line Data and Key Metrics Changes - In Mexico, volumes declined 3.7% due to a soft macroeconomic backdrop, while Coca-Cola Zero grew 23% year on year [10][12] - Guatemala saw a volume increase of 3.2% to 50.8 million unit cases, with Coca-Cola Zero growing 16.9% [16] - In Brazil, volumes increased 2.6% year on year, with Coca-Cola Zero growing volumes by 38% [18] - Colombia's volumes grew 2.9%, reflecting a gradually recovering economy [20] Market Data and Key Metrics Changes - Mexico faced a soft macroeconomic environment impacting consumer preferences and demand [7] - South America experienced a more resilient macro and consumer environment, supporting positive volume performance [7] - The House of Representatives approved an 87% increase in the excise tax on soft drinks in Mexico, effective January 2026 [14] Company Strategy and Development Direction - The company focuses on a sustainable growth model, RGM affordability initiatives, and cost control measures to navigate challenging operating conditions [8] - The strategy includes maintaining household penetration and volume base while addressing short-term headwinds with productivity initiatives [15][24] - The company aims to incentivize low and non-caloric products in response to the new excise tax [15][86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to challenging conditions, particularly in Mexico due to the excise tax increase [7][15] - The company anticipates a challenging year for volume performance in Mexico in 2026 but expects positive brand equity impacts from the World Cup [15] - Management highlighted the importance of maintaining competitive positioning and adapting strategies in Argentina, Colombia, and Guatemala [40] Other Important Information - The company has implemented cost control measures and productivity initiatives to improve profitability [39] - The supply chain team has achieved significant savings, generating $90 million year to date [32] Q&A Session Summary Question: Insights on profitability improvement in Mexico and Central America - Management noted that profitability improvements were driven by savings initiatives and operational adjustments rather than solely volume recovery [37][39] Question: Strategies for Argentina, Colombia, and Guatemala - Management discussed the importance of maintaining household penetration and adapting strategies to local market conditions in these regions [40][44] Question: CapEx plans for next year - Management indicated a rethinking of CapEx, primarily delaying investments in response to expected volume declines due to the excise tax [50][52] Question: Volume outlook for Mexico next year - Management provided a preliminary outlook of low to mid-single-digit volume declines for Mexico, considering the impact of the excise tax [62][67] Question: Pricing strategies in light of new taxes - Management confirmed plans to pass through the excise tax and adjust pricing strategies to maintain consumer choice while incentivizing low-calorie options [86]

Corporación Inmobiliaria Vesta (NYSE:VTMX) Q3 2025 Earnings Call October 24, 2025 11:00 AM ET Company ParticipantsMaria Fernanda Bettinger Davo - Investor Relations OfficerJuan Achutegui - CFOLorenzo Dominique Berho - CEOConference Call ParticipantsAnton Mortenkota - AnalystFrancisco Suarez - AnalystHelena Ruiz - AnalystAdrian Huerta - AnalystFrancisco Suarez - AnalystJuan Achutegui - AnalystJorel Guilloty - Senior AnalystAlan Macias - Equity Research AnalystAlejandra Obregon - Equity Research AnalystPablo ...