Q3 2025 Grupo Aeroportuario del Sureste SAB de CV Earnings Call
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Now I'd like to turn the call over to Mr. Adolfo Castro Chief Executive Officer. Please go ahead Sir.
Thank you Danielle and good morning, everyone.
Before I begin discussing our results let me remind you that certain statements made during the call today may constitute forward looking statements, which are based on current management expectations and beliefs and are strong.
Good day, ladies and gentlemen, and welcome to source third quarter 2025 results Conference call. My name is Latanya and I'll be your operator at this time all participants are in a listen only mode. We will conduct a question answer session towards the end up todays conference if you will.
Subject to certain risks and uncertainties that could cause actual result to differ materially.
Including factors that may be beyond our company's control.
Additional details about our third quarter 2025 results can be found in our approach to lease which was issued yesterday after market close.
Like to ask a question please press star one.
If you want to withdraw your question at any time, Please press star two.
If you're using a speaker phone please lift the handset before making a selection as a reminder, today's call is being recorded.
And is available on our website in the Investor Relations section.
Following my presentation I will be available for Q&A.
Now I'd like to turn the call over to Mr. Adolfo Castro Chief Executive Officer. Please go ahead Sir.
As usual all comparisons discussed on this call may be.
Thank you my opinion and good morning, everyone.
We will be year on year and figures are expressed in Mexican vessels unless specified otherwise.
Before I begin discussing our results, let me remind you that certain statements made during the call today.
Today may constitute forward looking statements, which are based on current management expectations and beliefs.
Before discussing our results I would like to begin today's call with an important strategic development.
Subject to certain risks and uncertainties that could cause actual results to differ.
As recently announced we entered into a temporary directory meant to acquire U or W. Airports.
Not too bad.
Including factors that may be beyond our company's control.
Enterprise value of $295 million.
Additional details about our third quarter totaled 25 it shows.
This transaction marks a significant step forward in our stores international expansion strategy.
You know approach lease which was issued yesterday after market close.
Building our.
And he's available on our website in the Investor Relations section.
Established presence in the U S, which began with the operation of San Juan Puerto Rico Airport in 2013.
Yeah.
What do we in my presentation I will be available for Q&A.
Sure W. Airports managed commercial programs at three most iconic and high traffic airports in the United States.
Our solution all comparisons discussed on this call maybe.
We'll be your year end figures are expressed in Mexican pesos unless.
George W. Airports managed commercial programs at three.
Despite all the wash.
Of the terminals.
The airports in the United States, Los Angeles International Airport with six terminals, Chicago O'hare International Airport terminal one.
Before discussing our results I would like to begin today's call with an important strategic development.
As recently.
We entered into a definitive agreement to acquire U or W. Airports for an enterprise value of $295 million.
In the case of German entity International Airport covering terminals eight at the upcoming new terminal one.
Together these terminals process around $14 million payment side alone.
This transaction marks a significant step forward in our sweets international expansion strategy.
This acquisition provides us with the strategic on tools and the three of the largest U S air travel markets.
Building out where.
Established presence in the U S, which began with the operation.
<unk> strengthens our position in the high growth non regulated commercial segment in the U S Airport industry.
Four airports in 2013.
George W. Airports managed commercial programs are pretty most iconic and high traffic airports in the United States.
Yeah.
The acquisition will be financed.
By Jpmorgan Chase.
George W airports managed commercial programs.
As with all our strategic positions, we are approaching this opportunity with the financial discipline and operational rigor that has long defined vessels execution.
After 10 minutes.
By putting out the airports in the United States, The second International Airport, which seeks stimulus Chicago O'hare International Airport.
Alright.
Closing is expected during the second half of the 2020.
In the case of Germany.
Airports covering.
Eight new terminal one.
Subject to customary regulatory approvals, we look forward to keeping you updated on our progress in the quarters ahead.
Together these stimulus persist from 14 million patients at home.
This acquisition provides us with a strategic tool the three of the largest U S air travel markets and strengthen our position.
Okay.
Now turning to our third quarter performance.
We serve over 17 million passengers across our.
Non related commercial segment in the U S and 14.
With traffic remaining black practically flat as continued growth in Colombia.
The acquisition will be financed.
Puerto Rico, helping to offset persistent headwinds in Mexico.
Hi, JP Morgan Chase.
Starting with Colombia passenger traffic rose, 30% to close to 5 billion supported by solid 11%.
As with all our strategic decisions, we are approaching this opportunity.
Discipline and operational rigor that has long defined as far as execution.
The vessel traffic and a modest growth just under 1% in domestic volumes.
Closing is expected during the second half of the 'twenty to 'twenty.
In Puerto Rico total traffic was up 1%.
Subject to customary regulatory approvals.
<unk> over 3 million passengers.
Growth was driven by international passengers, which increased nearly 12% year on year offsetting the cedar 0.5% decrease.
Forward to keeping you updated on our progress in the quarters ahead.
Okay.
Now turning to our third quarter performance.
In domestic traffic.
In Mexico traffic declined 1% to nearly 10 million passengers for the quarter.
We sure over 17 million passengers across outward.
When traffic remaining practically flat as continued growth in Colombia.
The decrease reflects softer demand.
Domestic traffic, which was down nearly 2% and international so a slight contraction of <unk>, 3%.
Puerto Rico helped to offset persistent headwinds in Mexico.
Starting with Colombia passenger traffic rose, 30% to close to 5 million.
Passenger importance from the United States, our largest international source market decreased <unk>, 2%, while South America contracted seven two on the <unk>.
Supported by solid 11%.
Shall traffic and a mortgage from just under 1% in domestic volumes.
In Puerto Rico.
Positive note, Canada, and Europe increased $9 three at one three.
Traffic was up 1%.
Reaching over 3 million passengers.
Respectively.
Growth was driven by international passengers, which increased nearly 12% year on year upsetting to see your 0.5% decrease.
Looking ahead, we anticipate a more balanced operating environment across our portfolio.
In Mexico, we expect traffic to gradually stabilize over the next year.
In domestic traffic.
In Mexico traffic declined 1% to nearly 10 million passengers for the quarter.
Our ability improves.
In Puerto Rico, and Colombia, We expect continued positive momentum supported by the healthy international demand.
The decrease reflects softer demand.
Domestic traffic, which was down nearly 2% and international which saw a slight contraction of <unk>, 3%.
Improving credit teams.
Yes.
Now turning to review our financial results as a reminder.
Yes.
Passenger importance from the United States, our largest international source market decreased just 0.2%, while South America contracted 72.
All figures exclude construction revenues and cost unless otherwise noted.
Comparisons are.
Year over year, unless otherwise noted.
Total revenues increased in the mid single digits, reaching over $7 billion versus driven by growth in Puerto Rico and Colombia.
Positive note, Canada, and Europe increased $9 313.
Respect.
Looking ahead, we anticipate a more balanced operating environment across our portfolio.
Mexico at seven 2% of total revenues posted slight low single digit decline.
In Mexico, we expect traffic to gradually gradually stabilize over the next year.
Without adding multi temp revenues.
[laughter] ability improves.
Non aeronautical revenues down in the mid single digits.
In Puerto Rico and Colombia.
Revenue growth was limited by softer passenger volumes and a stronger peso.
We expect continued positive momentum supported by the healthy international demand.
Which continues to weight on the U.
And improving.
Yes.
<unk> linked revenue streams.
Now turning to review our financial results. So reminder, all.
Puerto Rico at nearly 18% of total revenues reported revenue growth in the high single digit.
All figures exclude construction revenue and cost unless otherwise noted.
Driven by increasing 5% in aeronautical revenues and 10% in non aeronautical revenues.
Comparisons are on a year.
Unless otherwise.
Total revenues piece in the middle single digits, reaching over 7 billion passes.
This performance reflects positive passenger traffic trends and sustained demand that goes commercial.
Bye.
Colombia, which accounted for a total of.
What Tony Hawk alone.
Mexico at seven 2% of total revenues posted slight low single digit decline.
30% of the total revenues.
Deliver revenue growth in the high single digits, reflecting a mid single digit increase in our optical revenues, while non aeronautical revenues were up in the high teens.
Without adding up to keep revenues flat.
No no no revenues down in the mid single digits.
This good performance was supported by passenger traffic growth and solid.
Revenue growth was limited by some of your passenger volumes and a stronger peso, which continues to wind down the U S. The revenue streams.
Partially offset by strong Mexican peso.
Continuing.
Puerto Rico at nearly 18% of total revenue reported revenue growth in the high single.
Our ongoing focus on commercial development, we have for you.
Did you.
Five new commercial spaces across our airports over the last 12 months.
And by increasing 5%.
Revenues at 10%, even though not enough to cause problems.
Including 31 in Colombia, and Puerto Rico and <unk>.
This performance reflects positive passenger traffic trends and a sustained amount that goes to commercially.
This supported a low single digit increase in commission.
Revenues as solid growth in Puerto Rico, and Colombia was partially offset by the weaker performance units.
Colombia, which accounted for.
Total revenues.
Deliver revenue growth.
On a per passenger basis commercial revenue rose 1% to.
Beach, reflecting mid single digit increase in network revenue.
26, best buy region, Colombia.
No no no its revenues were up high teens.
14% increase followed by Puerto Rico up 10%.
This good performance was supported by passenger traffic growth and Sean.
Mexico posted a 4% decline, reaching 144 vessels for the best.
Partially offset by strong Mexican peso.
Turning to costs total expenses were up nearly 17% year on year.
Continuing on.
Our ongoing focus on commercial development.
Oh boy.
By region, Mexico posted a 4% increase largely largely due to higher maxing minimum.
Five new commercial spaces across our airports over the last 12 months.
Including 31 in Colombia, eight in Puerto Rico and <unk>.
Wages and service cost.
Mexico.
<unk> expense increased nearly 8%, reflecting inflationary pressures and higher operating unit.
This supported a low single digit increase in commission.
Right.
Solid growth in Puerto Rico, and Colombia, Westfield, partially upset by a weaker performance you Mitch.
Like Colombia.
The increase was 76% mainly driven by an adjustment and amortization method of the concessions.
On a per passenger basis commercial revenue rose, 1% to under 26, Best Miami Beach in Colombia.
Without this increase would have been one 4%.
Lastly, in Puerto Rico, and Colombia cost benefited from the precision of the Mexican peso against the U S dollar.
14% increase.
I'll look back Puerto Rico debt.
Percent, what Mexico posted a 4% decline, reaching 144 fastest best.
On the profitability front consolidated EBITDA declined just over 1% year on year to $4 6 billion peso during the quarter.
Turning to costs.
It just went up nearly 17% year on year.
I think Jim Mexico posted a 4% increase lunchy like Germany, due to how you're maxing minimum wages.
Colombia deliver EBITDA growth of nearly 5% and 10%, respectively, while EBITDA, Mexico declined close to 4%.
Awesome.
But the recovery or 10th expense increase of nearly 8%, reflecting inflationary pressures.
Mainly reflecting lower traffic and higher and higher operating costs.
Great.
Yeah.
The adjusted EBITDA margin, which excludes construction related revenues and cost.
Like Colombia.
Cost increased 76%, mainly driven by an adjustment to the amortization method.
12.
Declined by 157 basis points to 66, 7%.
<unk>.
This increase would have been one.
4%.
Luckily in Puerto Rico, and Colombia costs benefited from the precision of the Mexican peso against the U S dollar.
This reflects lower margin accretion from the Mexican Puerto Rico operation.
Where the margin contracted 152, and 151 basis points respectively.
On the WD Grumped consolidated M. D declined just over 1% year on year to $4 6 billion peso in the quarter.
In contrast, Colombia reported an 81 basis points margin expansion.
What's the clinical and wont be at the Beaver MTA grew nearly 5% and 10% respectively, While EBITDA, Mexico declined close to 4% mainly.
On our bottom line.
This quarter was negatively impacted by depreciation of the Mexican peso against the U S dollar.
Which resulted in a.
Foreign exchange loss.
Mainly reflecting lower traffic.
1 billion peso compared.
Hi.
Yeah.
To the reverse effect during the third quarter of last year.
The adjusted EBITDA margin, which excludes construction related revenues and cool.
The stability was also affected by the $333 million versus adjustment in the consistent amortization network in Colombia.
Well.
<unk> hundred 57 basis points to 66, 7%.
Just explain.
Now moving to our balance sheet, we closed the quarter with a solid cash position of 60 billion vessels.
<unk> reflects lower magical accretion from the Mexican football recuperation.
Where the margin contracted 152, and 151 basis points respectively.
19% from December 31, 2024.
Primarily reflecting dividend payments made during the period.
And conquer Colombia reported 81 basis points margin expansion.
Our net <unk> net.
<unk> to EBITDA ratio remained at <unk> two.
Well now we're bottom line.
This quarter was negatively impacted by depreciation of the Mexican peso against the US dollar which resulted in a foreign exchange loss.
Two times.
In terms of capital deployment in September we paid an extraordinary dividend of 15 vessels per share.
From <unk> note that in November we will be creating an additional dividend of 15 vessels per share.
Nearly 1 billion peso compared.
Do the reverse effect during the third quarter of last year.
Lastly, we invest close to $1 9 billion vessels during the quarter.
<unk> was also affected by the 333 million adjustment in the concession of organization in.
Primarily directed to projects, our Mexican airports, including the pre construction and expansion of one of Cancun Airport.
In Colombia.
Just explain.
Now moving to our balance sheet, we closed the quarter with a solid cash position of 60 billion peso.
And the terminal expansion in Wuhan.
In Puerto Rico, we progress we are progressing on the new pedestrian bridge for a while in Colombia, we invested in maintenance Capex.
19% from December 31st 2024.
Primarily reflecting dividend payments made during the period.
In closing our third quarter, we saw great break that we're seeing.
Our net debt now.
<unk> multi country platform.
Debt to EBITDA ratio remained healthy.
And the value of our disciplined execution.
Thanks.
In terms of capital deployment in September we paid an extra now you've you been dumped 15 vessels pretty sure.
In a more tempered demand environment.
While traffic in Mexico continue to face near term headwinds, we are encouraged by the ongoing momentum in Puerto Rico and Colombia.
From <unk> no debt in November.
In addition to the 15 vessels for sure.
We remain focused on advancing the lower commission.
Lastly, we need back close to one 9 billion vessels during the quarter.
Investing in infrastructure and maintaining upfront financial proposal.
Emily directed to projects that were at Mexican airports, including temporary construction and expansion.
This concludes my prepared my prepared remarks.
Daniel Please open the floor for questions.
Airport.
And the terminal expansion in what.
Thank you.
In Puerto Rico, we progressed, we are progressing on the new pedestrian reached 14 eight one in Colombia, and we invested in maintenance Capex.
We will now begin the question and answer session to ask a question by phone and press. The Star then one on your telephone keypad.
In closing I worked there what are we showed great resilience multi country block before.
Sure. Your mute function is current off and if youre using a speakerphone. Please pick up your handset before pressing the keys.
And the value of our discipline and execution.
Your question. Please press the Star then two.
And more tempered demand environment.
At this time, we will pause momentarily to assemble our roster one moment.
Traffic in Mexico continue to face near term headwinds we.
We are encouraged by the ongoing momentum in Puerto Rico and Colombia.
The first question comes from Adolfo Ramos with Bradesco BBA. Please proceed.
We remain focused on advancing the lower commission.
Good morning, Thanks for taking my question I have a couple if I if I may the first one is in regards to the U R. W acquisition can you shed a bit of light on the on the economics revenue per box, how much EBITDA contribution you're expecting from these assets on an annualized basis.
Investing in infrastructure and maintaining a problem financial football.
Conclude my prepared my prepared remarks.
Please open the floor for questions.
Thank you.
We will now begin the question and answer session.
Asked a question.
And the second is on Columbia can you elaborate on this adjustment after the concession amortization method that we saw during the quarter.
And by phone and press the Star then one on your telephone keypad.
Sure. Your mute function is turned off and if youre using a speakerphone. Please pick up your handset before pressing the keys.
Was this a one off or should it be a new level going forward on this has to do something with the economics of your concession title there. Thank you.
Withdraw your question. Please press the Star then two.
At this time, we will pause momentarily to assemble our roster one moment.
Hi, Good morning. Thank you for your questions in the case of Europe W.
The first question comes from Adolfo Ramos with Bradesco BBA. Please proceed.
I cannot yet share numbers with you until all of these is approved.
The disciplined onvia basically what we have done is changed from a completion method.
Good morning, Thanks for taking my question I have a couple if I if I may the first one is in regards to the U R. W acquisition can you shed a bit of light on the on the economics revenue per box, how much EBITDA contribution you're expecting from these assets on an annualized basis.
Because in accordance with our estimates.
During 2007, we will not receive Brent related revenues anymore.
The concession should be over by 2032, So we are aligning.
And the second is on Columbia can you elaborate on this adjustment after the concession amortization method that we saw during the quarter.
Amortization in accordance with <unk>.
Revenue generation there.
And.
Was this a one off or should it be a new level going forward and that has to do something with the economics of the of your concession title there. Thank you.
No.
It's kind of be.
Not one off it's going to be from now.
The same level.
Hi, Good morning. Thank you for your question indications you are talking to you.
Okay. Thank you Olaf.
Youre welcome.
Oh, yes sure numbers with you until all of these is approved.
Okay.
The district of Columbia, basically what we have to always change from accretion multiple.
The next question comes from Anton Morton Cotter with GBM. Please proceed.
Because in accordance with our estimates.
Hi, Hello, Thank you for the call.
During 2007, we will not receive Brent related revenues anymore.
I wanted to follow up a little bit on USW I understand you cannot disclose the financials, but leaving that aside.
The concession should be yogurt by 2030.
It seems like a great way to gain some strategic insight into into the consumer.
So we are aligning.
Amortization in accordance with that.
That goes from your airports to use such as was wondering if you could discuss a little bit what kind of synergies.
Revenue generation there.
Yeah.
It's gonna be.
You see or are what is the strategic rationale behind this acquisition. Thank you.
Not one off it's going to be from now.
Yeah.
Thank you Anton.
Okay. Thank you Alex.
Well basically the most important royalties.
Youre welcome.
Good.
Oh.
In the U S market U S market represents 22% aviation market of the word.
The next question comes from Anton Morton Cotter with GBM. Please proceed.
And these terminals are extremely important for the U S market. So.
Hi, Hello, Thank you for the call.
Putting our name.
Important and this should be the platform for future growth in the United States.
I wanted to follow up a little bit on you have the overdue I understand you cannot disclose the financials, but leaving that aside.
Probably in the same kind of contracts that we are entering right now.
It seems like a great way to gain some strategic insight into into the consumer that the that our goals from your airports to the U S. Such as was wondering if you could discuss a little bit what kind of synergies do you see or or what is the strategic rationale behind this acquisition. Thank you.
That is the most important thing.
Oh.
Perfect. Thanks.
Thank you. Our next question comes from Andrew <unk> with UBS. Please proceed.
Thank you Anton.
Basically the most important royalties.
Okay.
Good.
In the U S market U S market represents 22% aviation market took the worst.
Hi, Adolfo Thank you for taking my question.
I have two here.
And these are extremely important for the U S. Mark so.
On my side.
Second one is about Motiva airports.
If our sales being assay the news flow that H.
Putting our name.
Important and this should be the platform for future growth in the United States, probably the same kind of contracts that we're entering right now.
Each one of the candidates interested in this effort. So just wondering if you could provide some more.
Information is Sharon looking sorry example, at all of the airports.
That is the most important thing.
This does have side of Dell.
Oh.
And how how would the company finance Steve.
Perfect. Thanks.
And my next question is regarding the traffic trends that you've been seeing from Mexico.
Thank you. Our next question comes from Antero bilateral with UBS. Please proceed.
<unk> been seeing recently on us as well.
Debt at the airport has been facing some cancellations and if you think that this could help <unk> in the near future. Thank you that makes your questions.
Okay.
Hi, Adolfo Thank you for taking my question.
Two here on.
On my side.
Okay.
First one is about the motiva airports that are for sale space being seen the news flow that I saw eight well announce the candidates interested in this.
And good morning indication Multivitamins performance indications the traffic trends, what I see today.
It's a slow recuperation in the domestic market.
<unk> is something that should improve.
So just wondering if you could provide some more information you see I'm looking I'm sorry simple at all of the airports I guess does subside of style and how how would the company finance Steve.
Opinion.
During the next year.
The moment the traffic is really weak demand this week indicates.
The region.
And my next question is regarding the traffic trends that you've been seeing for Mexico.
If we see.
Tim.
Together.
For the first eight months of the year and Im saying it months because that is the latest public figure for the case of the airport.
Are you seeing recently on us as well.
That total advertising facing some cancellations and if you think that this could help <unk> in the near future.
The traffic from the region is a decrease of $3 one.
If we go to the latest month.
And is that my two questions.
Importantly for the diesel.
Okay.
And good morning indication lumpy ranking of plumbing indications good traffic trends, what I see today.
Which is the month of brokers this year.
Versus August last year, the traffic of the region.
It's a slow recuperation in the domestic market because from Brooklyn would be andas.
A decrease of five 1%.
So the traffic is strong.
That should improve.
Nevertheless.
What you are saying so.
During the next year.
Recent cancellations to the airport.
Well at the moment.
Really weak.
This week indicates.
Okay.
Region.
We see.
Yes.
Thank you. Our next question comes from Bill.
For the first eight months of the year and I'm, saying it months because that is the latest public figure.
Sorry.
Could you repeat.
The case of the airport.
Did traffic from the region is a decrease of 3.1.
Hi.
Our next question comes from Pablo <unk>.
We got to the Nato's maam.
Published for the airport.
Which is the month of August this year.
The next question comes from Pablo recovery with <unk>. Please proceed.
August versus August last year, the traffic of the region.
Hey, guys good morning.
Mike My question is related to the new term loan with the terminal one.
A decrease of five 1%.
So the traffic disjunct Nevertheless.
You can still expect it to be opened around the Q3 2022 peak order delays on that.
Okay. So let me see.
Cancellations to the airport.
Yes.
Hi, Good morning, what we're expecting is to open these new facility during the third quarter 2025 26, sorry.
Okay.
Thank you. Our next question comes from Nintendo.
Okay.
So unexpected.
Sorry.
Could you repeat.
Yeah.
Okay.
Yeah.
Our next question comes from Pablo <unk>.
The next question comes from Gabriel <unk> with Deutsche Bank. Please proceed.
Yes.
So therefore, it's critical.
The next question comes from Pablo with coffee with <unk>. Please proceed.
Just two questions first is there any way somehow.
Okay.
Somehow that capacity allocation from carriers has been shifting from Hong Kong.
Mike My question is related to that.
Terminal one.
The second one is the decrease in traffic called somehow make.
You can still expect it to be open around the Q3 2022 six <unk>.
Pace of writing the types towards the maximum tariff faster for either this year or next year. Thank you.
Okay.
Hello, Hi, good morning.
We are expecting is to open these new facility during the third quarter 2025 26, sorry.
Well in terms of capacity.
We're not seeing it.
Okay.
We are seeing basically is.
So unexpected.
A weak demands.
They sent from the domestic resulted from Pratt <unk> Whitney and similar elements.
And in the case of the U S.
The next question comes from Gabriel <unk> with Deutsche Bank. Please proceed.
The numbers for the quarter <unk>, 2% decrease which is small but it's the largest market we have.
That's helpful. Thanks for the call.
Just two questions first is there any way or somehow that capacity allocation from carriers has been shifting from Hong Kong.
Let's see how the winter comes.
I hope that.
The winter will be very strong in the north part of memory and then the data com.
And the second one is the decrease in traffic colds somehow make it.
The positive side is the case of Canada, which is.
The pace of writing that drives towards the maximum choice faster for either this year or next year. Thank you.
For the quarter and I hope that it will be.
In the fourth quarter as well.
Well in terms of capacity.
We are not cheap we're not seeing it.
Okay. Thank you and in the case of the traffic that has somehow decreased that to accelerate the pace on week tariffs.
Thank you Brad.
And what we are seeing basically is.
A weak demand.
As I said from the domestic.
Mr resulted from Pratt <unk> Whitney and some other elements.
Tariffs are increase up to the maximum tariffs.
And in the case of the U S.
No I don't see that.
Yeah.
The numbers for the quarter, you see a 2% decrease which is a small but it's the largest market we have.
Our maximum tax compliance this year should be similar.
Was last year, so more than 99%.
Let's see how the winter comes.
I hope that.
Okay. Thank you.
No.
It would be.
Youre welcome.
Strong in the north part of memory.
Hum.
Once again to ask a question. Please press star one at this time one moment please.
Positive side is the case of Canada, which is.
For the quarter and I hope that it will.
Pete.
During the fourth quarter as well.
At this time I will turn the call back over to Mr. Adolfo Castro for closing comments.
Okay.
Okay. Thank you and in the case of the traffic that has somehow decreased that to accelerate the pace on which the tariff increase up to the maximum tariffs.
Thank you Montana.
And thank you all of you.
Yeah.
No I don't see that our.
Again for joining us on our conference call for the third quarter 2025.
Our maximum tax compliance this year should be similar.
We wish you a good day and goodbye.
Last year, so more than 99%.
Thank you. This does concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a great day.
Okay. Thank you.
Youre welcome.
Once again to ask a question. Please press star one at this time one moment please.
At this time, we will turn the call back over to Mr. Adolfo Castro for closing comments.
Thank you Latanya.
And thank you all of you.
Yeah.
Again for joining us on our conference call for the third quarter of 2025.
We wish you a good day and goodbye.
Okay.
Thank you. This does concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a great day.
Yeah.
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