Julia Orsi

Julia Orsi inquired about GAP's capital allocation priorities now that the Turks and Caicos tender process has concluded. She also followed up on the expected timeline for the full integration of the CBX deal and the anticipated capture of synergies throughout the year, including the timeline for full synergy program implementation.

Answer

CEO Raúl Revuelta stated that the primary focus for the first half of the year will be on integrating CBX and realizing its efficiencies. He mentioned that GAP continues to review other projects, including cargo facilities, while maintaining capital allocation discipline. Regarding CBX, Mr. Revuelta expects full consolidation in the second quarter of the year, with efficiencies gradually materializing and becoming significant by the fourth quarter. He projected the full synergy program to be implemented by mid-2027.

Julia Orsi of JPMorgan Chase & Co. inquired about GAP's updated capital allocation priorities following the conclusion of the Turks and Caicos tender process, and sought further details on the integration timeline and expected synergy realization from the Cross Border Xpress (CBX) transaction.

Answer

CEO Raúl Revuelta stated that the primary capital allocation focus for the first half of the year is the integration and efficiency realization from the CBX transaction, while also exploring other opportunities, particularly in cargo facilities. He projected full CBX consolidation by Q2, with gradual synergies throughout the year, and the complete synergy program implemented by mid-2027.

Jullia Orsi asked for an update on OMA's traffic expectations for the current year, specifically if the previously mentioned low to mid-single-digit growth rate for 2026 is still the case.

Answer

CFO Rufino Pérez Pliego confirmed that OMA is anticipating low to mid-single-digit growth in traffic for the year.

Jullia Orsi asked for an update on OMA's traffic expectations for the current year, specifically confirming if the previously mentioned low to mid-single-digit growth rate for 2026 remains unchanged.

Answer

CFO Rufino Pérez Pliego confirmed that for the year, OMA is still anticipating somewhere in the low to mid-single digits growth in traffic.

Julia Orsi inquired about the tracking of yields across regions, the evolution of the booking curve and macro environment, and any specific regions outperforming or underperforming.

Answer

CEO Roberto Alvo noted generally strong and stable demand across all business areas, with domestic Chilean being slightly slower in late 2025 but recovering in early 2026. He highlighted that international has been the fastest-growing segment, consistent with 2025 capacity and 2026 guidance, and expressed no concerns regarding demand for Q1 2026.

Julia Orsi asked about the tracking of yields across regions, the evolution of the booking curve and macro environment, and which regions were outperforming or underperforming based on recent trends.

Answer

CEO Roberto Alvo stated that demand was strong and stable across all business areas, with domestic Chilean showing a slight slowdown in late 2025 but recovering in early 2026. He noted that international segments have been the fastest-growing, and the booking curve for early 2026 looks healthy, with no immediate concerns regarding demand.