Enrique Cantu

Enrique Cantú requested more details on the expected timing and visibility surrounding the implementation of pending tariff adjustments.

Answer

CEO Raúl Revuelta outlined the tariff increases implemented in the past year, including a 15% general passenger seating increase in March 2025, an additional 7.5% on September 1st, and a 5-6% increase on January 1st, 2026, depending on the airport. He indicated that GAP expects to achieve approximately 95% fulfillment of the maximum price for the year, with two additional increases planned for Vallarta and Los Cabos in the summer.

Enrique Cantú from GBM sought clarification on the expected timing and implementation visibility for GAP's pending tariff adjustments across its airport portfolio.

Answer

CEO Raúl Revuelta outlined the tariff increases implemented in March and September 2025, and January 2026, projecting approximately 95% fulfillment of the maximum tariff for the year. He also noted upcoming summer increases for Vallarta and Los Cabos airports.

Enrique Cantú asked about OMA's assessment of demand elasticity, particularly in Monterrey and tourist routes, as new MDP tariff increases are implemented, and sought an outlook on further route additions and expansion scope based on carrier discussions.

Answer

CFO Rufino Pérez Pliego stated that OMA believes the current year's pass-through will not have a major impact on traffic elasticity. He added that 20 new routes have been confirmed for this year, with 17 domestic and 3 international, primarily starting in June from airports like Monterrey and San Luis Potosi.

Enrique Cantú inquired about OMA's assessment of demand elasticity, particularly in routes like Monterrey and tourist destinations, as new tariff increases under the MDP are implemented. He also asked for the outlook on further route additions and the scope for continued expansion based on discussions with carriers.

Answer

CFO Rufino Pérez Pliego believes the tariff pass-through implemented this year will not have a major impact on traffic elasticity. He added that 20 new routes have been confirmed so far, with 17 domestic and 3 international, primarily starting in June from airports like Monterrey and San Luis Potosi.

Enrique Cantu inquired about the drivers behind the decline in commercial revenue per passenger, the first contraction since early 2023, and OMA's strategy to re-accelerate non-aeronautical growth. He also asked if rising AG&E and utility costs, which eroded margins, are temporary or indicative of a structurally higher cost phase for 2026.

Answer

CFO Ruffo Pliego explained that the commercial revenue per passenger decline was due to one-time revenues in the prior year, expecting gradual increases in line with inflation going forward. Regarding costs, he noted specific pressures in cleaning and security but emphasized OMA's cost-conscious history and expectation that pressures would not be permanent, with alternatives being analyzed.

Enrique Cantu inquired about the main drivers behind the decline in commercial revenue per passenger and plans to re-accelerate non-aeronautical growth. He also asked if rising AG&E and utility costs are temporary or indicate a structurally higher cost phase.

Answer

CFO Ruffo Pliego explained that the commercial revenue per passenger decline was mainly due to one-time revenues recorded in the previous year, with expectations for gradual increases in line with inflation. Regarding cost pressures, Mr. Pliego noted specific pressures in cleaning and security from contract renewals and inflation, but stated OMA is analyzing alternatives to maintain cost control and does not expect these pressures to be permanent.

Enrique Cantú of GBM asked about the main drivers behind Vesta's 2026 revenue growth guidance, specifically whether it's primarily due to additional GLA from developments, rent increases, or higher occupancy from leasing vacant space.

Answer

Lorenzo Dominique Berho Carranza, CEO of Vesta, explained that the guidance considers rents from buildings leased by December 2025, stabilization of currently unoccupied buildings with a strong pipeline, successful mark-to-market rent renewals on existing portfolios, and annual inflation indexing of leases. He emphasized that a combination of these factors, including new development, contributes to the forecast.

Enrique Cantú asked about the main drivers behind Vesta's revenue growth guidance, specifically whether it's primarily from additional GLA from developments, rent increases, or higher occupancy from leasing vacant space.

Answer

Lorenzo Dominique Berho Carranza, Vesta's CEO, explained that the guidance is a combination of new leases commencing rent in early 2026, stabilization of unoccupied buildings with a strong pipeline, mark-to-market adjustments on lease renewals, and inflation indexing on existing leases.