Daniel Rojas Vielman

Daniel Rojas Vielman from Bank of America requested more detail on the pricing situation, asking if it was driven by a strategic shift in a low-inflation environment or purely by competitors not raising prices. He also asked about the potential impact of the government's announced public works and privatization program.

Answer

Diego Jalón, Manager of Investor Relations, confirmed it was a combination of both factors. The sudden drop in inflation altered pricing strategies in terms of amount and timing, and as price adjustments became more spaced out, competitive timing differences impacted the market. On public works, he stated that while there is significant potential, the necessary frameworks for private investment will take time, making a large impact in H2 2025 unlikely but presenting a strong driver for 2026 and beyond.

Daniel Rojas from Bank of America requested an update on the airport expansion projects in Italy, asking about the current status and the expected timeline for commencing the works.

Answer

CEO Martin Francisco Eurnekian explained that the Environmental Impact Approval (EIA) for the Florence master plan is a complex bureaucratic process. He noted that the process is moving forward as expected with no major issues or red flags identified so far. While an exact date is difficult to predict, the company hopes to have final news by the third quarter, which would then allow for the commencement of the works.