Question · Q3 2025
Guilherme G. Mendes asked if the Q3 cost and expense levels are sustainable for future quarters, potentially impacting EBITDA margin guidance. He also sought an update on the Master Development Program's maximum tariffs, specifically the current fulfillment level and the base case for price increases in 2026.
Answer
Saúl Villarreal, CFO of GAP, confirmed that Q3 cost levels are expected to continue, as they are linked to increasing airport facilities, headcount, security, and cleaning, and reiterated that GAP expects to meet its EBITDA margin guidance. Regarding tariffs, Mr. Villarreal noted a 15% increase on March 1 and an additional 7.5% on September 1. He anticipates another increase in early February 2026, aiming for better maximum tariff fulfillment, which will depend on inflation and exchange rates.