Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Grupo Aeroportuario del Centro Norte, OMA, third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Grupo Aeroportuario del Centro Norte (OMA) 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

At this time, it is now my pleasure to introduce Emmanuel Camacho, Investor Relations Officer. Thank you. You may now begin.

現在，我很高興介紹投資者關係官 Emmanuel Camacho。謝謝。現在您就可以開始了。

Thank you, Rob, and good morning, everyone. Welcome to OMA's third-quarter 2024 earnings conference call. Joining this morning are CEO, Ricardo Duenas; and CFO, Ruffo Perez Pliego.

謝謝你，羅布，大家早安。歡迎參加 OMA 2024 年第三季財報電話會議。今天上午參加活動的有執行長 Ricardo Duenas；和財務長 Ruffo Perez Pliego。

Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control.

請注意，我們今天討論過程中所作的某些陳述可能構成前瞻性陳述，這些陳述基於當前管理層的期望和信念，並受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果大不相同，包括超出我們控制範圍的因素。

I'll now turn the call over to Ricardo Duenas for his opening remarks.

現在我將邀請里卡多·杜埃納斯 (Ricardo Duenas) 致開場白。

Thank you, Emmanuel. Hello, everyone. We appreciate your presence on this call today. First, I will highlight our operational performance, financial results, and CapEx development. Finally, we'll be pleased to answer some questions.

謝謝你，伊曼紐。大家好。我們感謝您今天的出席電話會議。首先，我將重點介紹我們的營運績效、財務績效和資本支出發展。最後，我們很樂意回答一些問題。

During the third quarter, OMA passenger traffic reached 7 million, a decrease of 5.3% versus the third quarter of last year. This decrease was mainly related to the Pratt & Whitney engine recall, which continues to have an impact on the fleet of the Mexican low-cost carriers.

第三季度，OMA客運量達700萬人次，較去年第三季下降5.3%。這一下降主要與普惠發動機召回有關，該事件持續對墨西哥廉價航空公司的機隊產生影響。

On the domestic front, passenger traffic declined by 7.4%, excluding Acapulco, where the destination continues to recover from the impact of Hurricane Otis in October 23, '23. Passenger traffic decreased by 5.8%. The most impacted airports, excluding Acapulco were Monterrey, Culiacán, and Ciudad Juárez, which together accounted for 80% of the total domestic capacity decline during the quarter.

國內航線，除阿卡普爾科外，客運量下降了 7.4%，該機場仍在從 2023 年 10 月 23 日颶風奧的斯的影響中恢復。客運量下降了5.8%。受影響最嚴重的機場（阿卡普爾科除外）是蒙特雷機場、庫利亞坎機場和華雷斯城機場，這三個機場合計佔本季國內運力總下降量的 80%。

Despite this reduction, higher occupancy factors have partially mitigated the impact. On average, these three airports saw a 2.7 percentage point increase in load factors, indicating that underlying domestic and demand remains strong, despite seat capacity being constrained by the ongoing engine revision.

儘管有所減少，但更高的入住率已部分緩解了影響。平均而言，這三座機場的載客率增加了 2.7 個百分點，顯示儘管座位容量受到正在進行的引擎改進的限制，但國內航班和需求仍然強勁。

In contrast, international passenger traffic reached a historical quarter record level of 0.9 million passengers, an 11% increase as compared to the third quarter of last year. This growth was primarily driven by the Monterrey Airport. We saw significant growth on routes to Orlando, Las Vegas, Miami, Atlanta, and Chicago. These five routes accounted for approximately 60% of the total increase in international passenger traffic during the quarter.

相比之下，國際客運量達到了歷史季度最高水平，達 90 萬人次，比去年第三季成長了 11%。這一增長主要得益於蒙特雷機場。我們看到飛往奧蘭多、拉斯維加斯、邁阿密、亞特蘭大和芝加哥的航線顯​​著成長。這五條航線佔本季國際客運量總增量的約60%。

Additionally, during the quarter, we launched four new international routes, all based at Monterrey Airport, further enhancing our international connectivity. We're also expecting the start of operations of more than 10 new routes from Monterrey to various destinations in both Mexico and the US set to be launched by the end of this year and early '25.

此外，本季我們開通了四條新的國際航線，全部以蒙特雷機場為基地，進一步增強了我們的國際連通性。我們也預計今年底和2025年初開通從蒙特雷飛往墨西哥和美國各個目的地的 10 多條新航線。

Moving on to OMA's financial performance, the sum of aeronautical and non-aeronautical revenues achieved a record performance of MXN3.2 billion, mainly guided by the positive performance of our non-aero revenues. Despite a 5.3% decline in total passengers, non-aeronautical revenues increased by 19% as a result of our successful execution and the consolidation of several strategic commercial and diversification projects throughout the year.

談到 OMA 的財務業績，航空和非航空收入總和創下了 32 億墨西哥比索的記錄，這主要得益於非航空收入的積極表現。儘管總乘客人數下降了 5.3%，但由於我們全年成功執行和鞏固了幾個策略性商業和多元化項目，非航空收入增長了 19%。

Commercial revenues grew 17% compared to the third quarter of last year, primarily driven by restaurants, VIP lounges, and parking revenues, along with several other categories. Commercial revenue per passenger rose by 24%, reaching MXN51 per passenger in the third quarter. Revenues from restaurants, retail and car rental grew driven by the contribution of commercial spaces opened during the previous quarters.

商業收入與去年第三季相比增長了 17％，主要得益於餐廳、貴賓休息室和停車收入以及其他幾個類別的收入。第三季每位乘客的商業收入成長了 24%，達到 51 墨西哥比索。餐飲、零售和汽車租賃業務的收入成長得益於前幾季開業的商業空間的貢獻。

VIP lounges growth is attributable to higher active rates and lease renewal of third parties. Diversification revenues increased 27%. OMA Carga contributed most of this quarter growth with an increase of 32%, mainly due to higher revenues from ground and air cargo operations in Monterrey. Hotel services grew by 25%, mainly due to a double-digit increase in average room rate per night on both hotels as well as higher occupancy rates.

VIP 休息室的成長歸因於更高的活躍率和第三方的租約續約。多元化收入增加了27％。OMA Carga 貢獻了本季的大部分成長，增幅達 32%，主要得益於蒙特雷地面和空中貨運業務收入的增加。飯店服務成長了25％，主要由於兩家飯店每晚平均房價均實現兩位數成長以及入住率上升。

Moving on to the capital expenditures front, during the quarter, we invested MXN581 million in MDP investment, major maintenance, and strategic projects. In September 24, we inaugurated the expansion and remodeling project of the terminal building at Durango International Airport. The project involved the construction of over 800 square meters and the renovation of 3,000 square meters. Within this investment, Durango Airport will have the capacity to handle up to 760,000 passengers annually.

在資本支出方面，本季我們在 MDP 投資、重大維護和戰略項目中投資了 5.81 億墨西哥比索。9月24日，杜蘭戈國際機場航廈擴建改造工程正式動工。工程涉及建築面積800多平方米，改造面積3000平方米。在這項投資的支持下，杜蘭戈機場每年將能夠處理多達 76 萬名乘客。

I would now like to turn the call over to Ruffo Perez Pliego, who will discuss our financial highlights of the quarter.

現在，我想將電話轉給 Ruffo Perez Pliego，他將討論我們本季的財務亮點。

Thank you, Ricardo, and good morning to everyone. I will briefly review our financial results, and then we will open the call for your questions. Aeronautical revenues decreased 3.4% relative to the third quarter of last year, driven primarily by the lower passenger traffic with a 7.4% decrease in domestic passenger traffic, partially offset by a 10.8% growth in international passengers.

謝謝你，里卡多，大家早安。我將簡要回顧我們的財務結果，然後我們將開始回答你們的問題。航空收入與去年第三季相比下降了 3.4%，主要原因是客運量下降，國內客運量下降了 7.4%，但國際客運量增加了 10.8%，部分抵消了客運量下降的影響。

Non-aero revenues increased 18.9%. Commercial revenues increased 17%, and the categories with the highest growth were restaurants, VIP lounges, parking, and retail. Diversification activities increased 26.7%, mainly due to strong performances of OMA Carga and of hotel services. Total aero and non-aeronautical revenues grew 1.4%, reaching MXN3.2 billion in the quarter.

非航空收入成長18.9%。商業收入成長了17％，增幅最高的類別是餐廳、貴賓休息室、停車場和零售。多元化活動成長了 26.7%，主要得益於 OMA Carga 和飯店服務的強勁表現。本季航空和非航空總收入成長 1.4%，達到 32 億墨西哥比索。

The cost of services and G&A expense increased 6.1% compared to the third quarter of last year as the company has made efforts to contain its cost base despite inflationary pressures on external services and purchases. Concession tax increased 73% to MXN262.3 million as a result of the rate increase from 5% to 9% applied to revenues generated by OMA's airport concessions pursuant to the Mexican Federal duties law.

儘管外部服務和採購面臨通膨壓力，但公司仍努力控製成本基礎，因此服務成本和一般行政費用較去年第三季增加了 6.1%。根據墨西哥聯邦關稅法，OMA 機場特許經營收入的稅率從 5% 提高到 9%，導致特許經營稅增加了 73%，達到 2.623 億墨西哥比索。

Under the tariff regulation basis effective as of October 20, 2023, payments made to the government related to aeronautical revenues in excess of those included in the most recent tariff revision will be added to the reference value to be used in the next maximum tariff revision. Therefore, starting January 2026, this success position tax amounts paid will begin to be recovered through the maximum tariff.

根據自 2023 年 10 月 20 日起生效的關稅監管基礎，向政府支付的與航空收入相關的超過最新關稅修訂中包含的金額的款項將被添加到下一次最高關稅修訂使用的參考值中。因此，從2026年1月開始，該成功地位所繳納的稅額將開始透過最高關稅予以追償。

In the third quarter of 2024, this 4% surplus of concession tax over aeronautical revenues amounted to MXN101 million, equivalent to 3.1% of the sum of OMA's aeronautical and non-aeronautical revenues. This surplus is included in the MXN262 million recorded as concession tax expense for the quarter.

2024 年第三季度，特許稅超過航空收入的 4% 盈餘為 1.01 億墨西哥比索，相當於 OMA 航空和非航空收入總和的 3.1%。該盈餘包含在本季度記錄的 2.62 億墨西哥比索特許稅費用中。

Major maintenance provision was MXN75 million as compared to MXN95 million last year. OMA's third quarter adjusted EBITDA reached MXN2.4 billion and the adjusted EBITDA margin was 75.4%. Excluding the surplus of concession tax and its impacts on OMA's financial results, in the third quarter of 2024, adjusted EBITDA would have been MXN2.6 billion with a margin of 78.4%.

主要維護準備金為 7,500 萬墨西哥比索，而去年為 9,500 萬墨西哥比索。OMA 第三季調整後 EBITDA 達到 24 億墨西哥比索，調整後 EBITDA 利潤率為 75.4%。不包括特許稅盈餘及其對 OMA 財務業績的影響，2024 年第三季度，調整後的 EBITDA 將達到 26 億墨西哥比索，利潤率為 78.4%。

Our financing expense amounted to MXN272 million, practically unchanged relative to the third quarter of last year. Consolidated net income was MXN1.4 billion in the quarter, which decreased 2.1% as compared to the third quarter of 2023. Turning to our cash position. Cash generated from operating activities in the third quarter amounted to MXN1.8 billion, and cash at the end of the quarter stood at MXN2.4 billion.

我們的融資費用為 2.72 億墨西哥比索，與去年第三季相比幾乎沒有變動。本季綜合淨收入為 14 億墨西哥比索，與 2023 年第三季相比下降 2.1%。談談我們的現金狀況。第三季經營活動產生的現金為 18 億墨西哥比索，季末現金為 24 億墨西哥比索。

As of September 30, total debt amounted to MXN10.9 billion, and we ended the quarter with a healthy net debt to adjusted EBITDA ratio of 0.95 times. This concludes our prepared remarks. Rob, please open the call for questions.

截至 9 月 30 日，總債務為 109 億墨西哥比索，本季末我們的淨債務與調整後 EBITDA 比率為 0.95 倍，狀況良好。我們的準備好的演講到此結束。羅布，請開始提問。

(Operator Instructions) Rodolfo Ramos, Bradesco BBI.

（操作員指令） Rodolfo Ramos，Bradesco BBI。

Congrats on the results. A couple, if I may. Can you give us a sense on where we stand regarding the ground and aircraft coming back into the market? I don't know if you have already seen these coming through. And how do you see them leading to better supply there?

恭喜你所取得的成果。如果可以的話，一對。您能否向我們介紹地面和飛機重返市場的情況？我不知道您是否已經看到這些。您認為他們將如何改善那裡的供應？

And second, if I may, related to your MDP, we saw IATA this morning citing concerns over airport fees and limited visibility into the process. So can you just remind us how airlines get involved in the process?

其次，如果可以的話，與您的 MDP 相關，我們今天早上看到國際航空運輸協會提到了對機場費用和流程透明度有限的擔憂。那麼，您能否提醒我們航空公司是如何參與這項過程的？

And if there's any detail that you can share regarding your MDP negotiation. I know it's early, but specifically, if you see any large CapEx projects that you envision in Monterrey that can lead to a similar setup as we saw with ASUR and GAP. So those will be my two questions.

如果您可以分享有關 MDP 談判的任何細節。我知道現在還為時過早，但具體來說，如果你看到在蒙特雷設想的任何大型資本支出項目，那麼這些項目可以導致與我們在 ASUR 和 GAP 中看到的類似的設置。這就是我的兩個問題。

This is Ruffo. So yes, we were -- based on seats published under the systems, we're seeing an increase in seat capacity starting in November and December, mainly in the Monterrey Airport. There are several new routes confirmed by both Volaris and Aeromexico. We shall see what the impact is. But yes, we are expecting a stronger first quarter based on the capacity announcements by these airlines primarily.

這是魯福。是的，根據系統公佈的座位數，我們看到從 11 月和 12 月開始座位容量增加，主要是在蒙特雷機場。Volaris 航空和墨西哥航空均確認開通多條新航線。我們將看看其影響是什麼。但是的，我們預計第一季的業績將更加強勁，這主要基於這些航空公司公佈的運力數據。

And on the MDP side, Rodolfo, we're still working. It's a bit early to have some numbers. What I can tell you is that -- we are working very closely with the team. We're also working very closely with VINCI to come up with a very optimized CapEx that will not sacrifice obviously quality or security and it's able to cope with the projections of traffic but will be an optimized CapEx going forward.

在 MDP 方面，Rodolfo，我們仍在努力。現在得到一些數字還為時過早。我可以告訴你的是——我們正在與該團隊密切合作。我們也與 VINCI 密切合作，以製定非常優化的資本支出，這顯然不會犧牲品質或安全性，並且能夠應對流量預測，但未來將是一個優化的資本支出。

During this process, you have to consult with all the different stakeholders not only airlines, but every authorities as well and everyone that has a say within the airport. So we're consolidating all those comments, and we will have more visibility into where we are during the first quarter of next year.

在此過程中，您必須諮詢所有不同的利害關係人，不僅是航空公司，還包括每個當局以及機場內有發言權的每個人。因此，我們正在整合所有這些評論，以便更好地了解明年第一季的情況。

Fernanda Recchia, BTG.

費爾南達·雷基亞（Fernanda Recchia），BTG。

Two questions on our side as well. So the first, could you provide any update regarding the new airport in Monterrey? If you could provide any color if the government has decided if this airport will be changed for commercial aviation? And also, if you have any color, if this is the case, how will be the capacity of this airport would be very helpful.

我們也有兩個問題。首先，您能提供有關蒙特雷新機場的最新消息嗎？如果政府已決定將該機場改建為商業航空機場，您能否提供任何詳細資訊？此外，如果您有任何疑問，如果是這樣的話，這個機場的容量會如何，這將會非常有幫助。

And second, kind of related with the previous one, but maybe if you could provide us an outlook for traffic for next year. I mean, you already mentioned about the aircraft grounding, but any color you could give us regarding traffic for 2025 would be very helpful.

第二，與前一個問題有點相關，但您能否為我們提供明年的流量前景。我的意思是，您已經提到了飛機停飛的問題，但如果您能給我們有關 2025 年交通狀況的任何信息，那將會非常有幫助。

Sure. Regarding the new airport of the Norte, as you know, the only thing that happened was that it changed; now, the military is operating it. At the moment, the Ministry of Communication and Transportation haven't mentioned anything about the intention of building a new airport there. Even if they did, there's a lot of infrastructure that would have to be considered before that would happen. But at this point, that project is not something that we see happening in the short run.

當然。關於北方新機場，如您所知，唯一發生的事情就是它發生了變化；目前，軍方正在操作它。目前，交通部尚未提及在那裡建造新機場的意圖。即使他們這樣做了，在實現這一目標之前還有很多基礎設施需要考慮。但目前來看，我們認為該計畫還不可能在短期內實現。

And with respect to your second question, Fernanda, for this year, we're expecting somewhat better performance than what we have year to date. So below the 3% mark, that's our target for the year. Next year, we're expecting an increase between the low to mid-single digits.

關於您的第二個問題，費爾南達，我們預計今年的表現會比今年迄今為止的表現有所改善。因此，低於 3% 就是我們今年的目標。明年，我們預計增幅將在低點至中位數個位數之間。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

I have two questions. One relates to the next MDP cycle. If you could give any guidance of like the CapEx levels you're foreseeing. I know it's very early and difficult to anticipate, but just like broad like CapEx per capita in the next cycle versus this cycle. And also, if there are any particular assets beyond Monterrey that you see like attractiveness to invest at the moment?

我有兩個問題。其中一個與下一個 MDP 循環相關。如果您能就您預見的資本支出水準給予任何指導的話。我知道現在還為時過早，難以預測，但就像下一週期與本週期的人均資本支出大致相同。此外，您認為除蒙特雷以外還有什麼特定資產目前具有投資吸引力？

And the second question is relating also to traffic. I mean you already mentioned the fourth quarter scheduling data and for the full year of next year. But we're seeing quite strong numbers for scheduled flights in the first quarter of next year. So that number you just mentioned seems actually a bit low. Are you not seeing the same?

第二個問題也與交通有關。我的意思是您已經提到了第四季度和明年全年的調度數據。但我們看到明年第一季的定期航班數量相當強勁。所以你剛才提到的數字其實似乎有點低。您看到的不一樣嗎？

Sure. The first part, the MDP, as we mentioned, still early to have some numbers. We're still working internally. As we mentioned, we're working on an optimized CapEx that will not sacrifice, obviously, quality, safety and it's able to cope with the projections of traffic, but will be a very optimized CapEx, and we're working very closely with VINCI to have the best-in-kind technology and optimize CapEx. In terms of new assets, we don't have any concrete things at the moment, but we're always looking for opportunities to expand our footprint outside of Mexico.

當然。第一部分，MDP，正如我們所提到的，現在還無法得出一些數字。我們仍在進行內部工作。正如我們所提到的，我們正在研究一種優化的資本支出，它顯然不會犧牲品質、安全性，並且能夠應對交通預測，但將是一種非常優化的資本支出，我們正在與 VINCI 密切合作擁有一流的技術並優化資本支出。就新資產而言，我們目前還沒有任何具體的事情，但我們一直在尋找機會擴大我們在墨西哥以外的影響力。

And in terms of traffic?

那麼交通方面呢？

Yes. We're seeing large increases in the seat capacity. I think we are conservative in the load factors that those new routes will be generating. So we -- based on first quarter performance, we would have to adjust or validate our forecast. But yes, right now, we are not assuming the same load factors that we're seeing right now apply to the new capacity.

是的。我們看到座位容量大幅增加。我認為，我們對這些新航線產生的載客率持保守態度。因此，根據第一季的表現，我們必須調整或驗證我們的預測。但是是的，現在，我們並沒有假設我們現在看到的相同負載係數適用於新容量。

And also, we think we already reached the bottom of the Pratt & Whitney incident, but there's still a lot of uncertainty of the pace of recovery, at least from our side.

此外，我們認為我們已經走出了普惠事件的泥潭，但復甦的步伐仍存在很大的不確定性，至少從我們的角度來看是如此。

Our next question comes from the line of Jay Singh with Citi.

我們的下一個問題來自花旗銀行的傑伊·辛格 (Jay Singh)。

I guess most of my other ones were already answered, but the one I have is, how do you think the pace of near-shoring-related growth continues going into 2025?

我想我的其他問題大部分都已經得到解答了，但我還有一個問題：您認為到 2025 年，近岸外包相關的成長速度將如何持續？

Yes. Thank you for your question, Jay. Yes, our expectation is that near-shoring will continue. We expect that not only in terms of business -- our business traffic, but also in the cargo operations that we've seen that activity happening in air and land cargo as well as their industrial parks. So yes, we're expecting that activity to continue and to reflect in our numbers.

是的。謝謝你的提問，傑伊。是的，我們預期近岸外包將會持續下去。我們預計，不僅在業務方面——我們的業務流量方面，而且在貨運業務方面，我們都看到這種活動發生在空運和陸運貨物以及工業園區。所以是的，我們預計這種活動將持續下去並反映在我們的數據中。

Federico Galassi, TRG.

費德里科·加拉西（Federico Galassi），TRG。

I have two questions. The first one in the non-aeronautical side. The first one is the trend of revenue growth continues to be accelerating, looks like that. The question is, this is sustainable because in some lines, you have the higher revenues in your history. So the first one is, how do you see that?

我有兩個問題。非航空方面的第一個。第一個是營收成長的趨勢持續加速，看起來是這樣的。問題是，這種做法是否可持續，因為在某些領域，你們的歷史收入較高。那麼第一個問題是，您如何看待這一點？

This is more related with all the change, in particular in the Monterrey Airport. That is the first question. And the second one, you announced four international new routes, three are regular. Do you see -- how do you see this one in the next months, if you want, in particular, for the international new lines -- new routes?

這與所有的變化都息息相關，特別是蒙特雷機場的變化。這是第一個問題。第二，你們宣布了四條國際新航線，其中三條是常規航線。您是否認為——如果您願意的話，特別是對於國際新航線——新航線，未來幾個月您如何看待這一點？

Federico, so yes, on the [non-IATA] side, since VINCI acquisition, this has been an area of a big focus of the company. Different categories have performed really well. I would just summarize in the case of food and beverage, for example, we did a number of tenders over the previous quarters. And as the leases on those tenders start to get reflected and the opening of new outlets related to those tenders are opened, we're seeing a pickup in income per passenger as well as in total revenues despite the passenger decline.

費德里科，是的，在非國際航空運輸協會方面，自從收購 VINCI 以來，這一直是公司關注的重點領域。不同類別的表現都非常出色。我只想總結一下食品和飲料的情況，例如，我們在前幾個季度進行了許多招標。隨著這些招標的租約開始得到反映，以及與這些招標相關的新網點的開放，儘管乘客數量有所下降，但我們看到每位乘客的收入以及總收入都有所增加。

In the case of parking, it's mostly related to tariff adjustments. And in the case of VIP lounges, it's a combination of new VIP lounges that were opened in 2023. And now we're seeing the full year or full quarter effect of those ones. For example, we will continue to see a positive trend. We just finished the [indiscernible] VIP.

就停車問題而言，主要與收費調整有關。就 VIP 休息室而言，它是 2023 年開設的新 VIP 休息室的組合。現在我們正在看到這些因素對全年或整個季度的影響。例如，我們將繼續看到積極的趨勢。我們剛剛完成了[音頻不清晰] VIP。

So in the next quarter, for example, that would also start contributing as well and also improved lease terms with third-party VIP operators and in the access rates that we have in the OMA lounges that we manage ourselves.

因此，例如在下個季度，這也將開始做出貢獻，並且還會改善與第三方 VIP 營運商的租賃條款，以及我們自己管理的 OMA 休息室的訪問率。

In the case of international routes, yes, we see a clear trend by the airlines to focus on international capacity. Even with the new seat capacity and the new planes coming online, we continue to expect a strong performance of the international passengers above those of the domestic market. So we expect the trend to continue. And it's part of the strategy of positioning Monterrey as a connectivity hub. So we're working with airlines to continue that trend.

就國際航線而言，是的，我們看到航空公司明顯傾向於關注國際運能。即使增加了座位數並投入了新飛機，我們仍然預期國際旅客的表現將優於國內市場。因此我們預計這一趨勢將會持續下去。這是將蒙特雷定位為連通樞紐的策略的一部分。因此，我們正在與航空公司合作以延續這一趨勢。

And one question -- sorry, will continue. But one question, you have two new flights, Tokyo and Seoul. This is more related with the lack of capacity of [Chihuahua] Mexico Airport is something that you are looking for to expand, but obviously, it looks like this is more nearshoring team. But how is your approach of that? And again, is this more related to the lack of capacity of Mexico airport -- [Chihuahua] Mexico airport?

還有一個問題——抱歉，還會繼續。但有一個問題，你們有兩個新航班，東京和首爾。這更與[奇瓦瓦]墨西哥機場的容量不足有關，這是你們想要擴建的地方，但顯然，這看起來更像是一個近岸外包團隊。但您是怎麼處理這個問題的呢？再說了，這是否與墨西哥機場（奇瓦瓦）容量不足有更多關係？

I would say domestic capacity has been the one that has been moved away from Mexico City airports towards Toluca and Santa Lucia AIFA airport with international slots being preserved primarily. That's our view there. So I think that it's most related to catchment area demand in the Monterrey area itself.

我想說的是，國內航班運力已經從墨西哥城機場轉移到托盧卡和聖露西亞 AIFA 機場，國際航班時刻主要保留。這是我們的觀點。所以我認為這與蒙特雷地區本身的集水區需求最相關。

Okay. And in -- sorry, in diversified revenues, you have a jump in the last two quarters in OMA Carga. This is more related to new contracts. It's more space that you have in your airport. And the second one is there is another jump in Industrial Services.

好的。抱歉，在多元化收入方面，OMA Carga 在過去兩個季度實現了成長。這與新合約有關。您的機場將擁有更多的空間。第二是工業服務業再次成長。

Do you have more industrial parks or you're increasing your capacity in industrial parks?

你們有更多的工業園區嗎？

So the footprint of the industrial park has not changed, but what has changed is that we built a number of warehouses in 2023 and 2024 that are now generating rents as compared to last year. So that's one of the reasons. And there is also an FX rate effect. 99% of the rents in the industrial park are denominated in US dollars.

因此，工業園區的佔地面積沒有變化，但變化的是，我們在 2023 年和 2024 年建造了一些倉庫，與去年相比，這些倉庫現在正在產生租金。這就是原因之一。另外還有匯率效應。工業園區99%的租金以美元計價。

So that also benefited. We are currently in construction of two warehouses. And once those warehouses are finished, the park would be 98% -- the available land for development would be about 98% occupied. So we are in the process of seeing how to expand within the Monterrey perimeter -- airport perimeter, the industrial park. So we continue to see a strong performance there as well.

因此這也受益。我們目前正在建造兩座倉庫。一旦這些倉庫竣工，園區可供開發土地的使用率將達到 98% 左右。因此，我們正在研究如何在蒙特雷週邊地區（機場週邊地區、工業園區）進行擴張。因此我們繼續看到那裡的強勁表現。

And in terms of cargo, it's a mix of everything you said. We have worked throughout this year, improving most of the processes that we have in land and air cargo. So it's a combination of having more efficient processes, increasing the business that we're bringing from the existing clients as well as landing new accounts. As an example is Lufthansa that we landed during this last quarter.

就貨物而言，它是您所說的所有東西的混合體。我們全年都在努力改善陸運和空運貨物的大部分流程。因此，這是一種更有效率的流程、增加從現有客戶帶來的業務以及獲得新帳戶的結合。舉個例子，我們在上個季度降落了漢莎航空。

Okay. Congrats for the results, in particular in the commercial segment.

好的。祝賀所取得的成果，特別是在商業領域。

Thank you.

謝謝。

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

This one is along the lines of the question previously asked regarding the commercial revenues. I was wondering if you're expecting to continue to see double-digit growth in this side of revenues? And also if the higher commercial revenues per passenger have something to do with having more international passengers in the last quarter.

這個問題與之前關於商業收入的問題類似。我想知道您是否預計這方面的收入將繼續保持兩位數的成長？而且每位乘客的商業收入增加是否與上一季國際乘客數量的增加有關。

Isabela, so in terms of the level of commercial revenue per passenger, I think at least for the next few quarters, it would stabilize around the current levels of MXN60. So the growth rates will not necessarily be as high as they were in 3Q compared to the previous quarter. But yes, in absolute terms on a per-tax basis, we do expect this data to be sustainable. Yes, there is some benefit of maybe higher purchasing power or willingness to spend of international passengers. But in the case of the main categories that we saw increases, which are parking, food and beverage, we are not necessarily related to specific international passengers.

伊莎貝拉航空，就每位乘客的商業收入水平而言，我認為至少在接下來的幾個季度裡，它將穩定在目前的 60 墨西哥比索左右。因此與上一季相比，成長率不一定會像第三季那麼高。但是，從絕對稅收角度來看，我們確實預期這些數據是可持續的。是的，國際旅客的購買力或消費意願可能更高，這確實有一定的好處。但就我們看到的主要成長類別（停車、食物和飲料）而言，這不一定與特定的國際旅客有關。

So I think it's an improvement in the overall income per passenger in general as opposed to just the international contribution.

因此，我認為這是對每位乘客整體收入的提高，而不僅僅是國際貢獻。

Andressa Varotto, UBS.

瑞銀的 Andressa Varotto。

So my first question is on the -- tariff. I remember that last year, the government --

我的第一個問題是關於關稅。我記得去年，政府--

Sorry. Andressa, your line -- we're not -- we cannot hear you very well. There's a lot of noise in the background.

對不起。安德烈莎，您的電話線——我們聽不清楚。背景裡有很多噪音。

Can you hear me better now?

現在你能聽清楚我的話了嗎？

Primarily, yes.

首先，是的。

Okay. So my question is about the discounts that you implemented last year, if these are still in place and what you expect for the next year?

好的。所以我的問題是關於您去年實施的折扣，這些折扣是否仍然有效，以及您對明年的預期是什麼？

Sure. For next year, as was part of the agreement with the government within the October negotiation of last year was to have an inflationary adjustment as of the first day of January. And at the moment, we are operating at a 99% compliance with the maximum tariff.

當然。對於明年，正如去年 10 月談判中與政府達成的協議的一部分，將從 1 月 1 日起進行通膨調整。目前，我們的最高關稅執行率為 99%。

And my second question would be on US elections and potential changes to nearshoring or [USMP] agreement, if you have anything that you're tracking on these systems.

我的第二個問題是關於美國大選以及近岸外包或 [USMP] 協議的潛在變化，如果您在這些系統上追蹤任何資訊的話。

I think the -- Andressa, the near-shoring activity, we expect it to happen regardless of who wins the US election. We're seeing an increased activity in business side of traffic. We're seeing an increase in activity also in the industrial parks, not only in square footage, but in terms of pricing as well. And the same thing is happening in cargo in land and air cargo, and we expect this to continue regardless of who wins the US

我認為——安德烈莎，無論誰贏得美國大選，我們都預期近岸外包活動會發生。我們看到業務方面的流量活動增加。我們看到工業園區的活動也在增加，不僅面積增加，價格也上漲。同樣的情況也發生在陸運和空運貨物上，我們預期無論誰贏得美國

election.

選舉。

Alan Macias, Bank of America.

美國銀行的艾倫·馬西亞斯（Alan Macias）。

Just two questions. The first one, an indication that the capacity in the Mexico City Airport will be increased in the near term. Have you seen any signals there? And I guess the second question is regarding if you can share what your forecast for international traffic to be the share or the weight of it five years down the line?

僅兩個問題。第一個跡象顯示墨西哥城機場的容量在短期內將會增加。你在那裡看到過任何訊號嗎？我想第二個問題是，您能否預測未來五年內國際客運量的份額或比重是多少？

Sure. In terms of the capacity of Mexico City, as you know, the number of operations per hour was reduced from 52 to 42 -- to 42 operations per hour. There has been rumors running around or returning to that previous number, increasing them back to the low 50s, 52 operations per minute. However, there's no official announcement yet; however, there are some rumors. So that's all we know in that front.

當然。就墨西哥城的運力而言，如您所知，每小時的營運次數從 52 次減少到 42 次。有傳言稱，該數字將恢復到以前的水平，即每分鐘 50 次操作左右。但是，目前還沒有官方公告；但也有一些謠言。以上就是我們在這方面所知道的全部。

In terms of the share of international traffic, we currently are operating at 13% of our traffic, it's international. What we have seen throughout the year is as a result of the Pratt & Whitney situation and the shortage of aircraft in the market, most of the airlines have been shifting capacity out of domestic into the international market, looking for yield, and that's why we have seen a very important increase in international traffic. As the Pratt & Whitney situation starts to stabilize, we should expect domestic traffic to improve and probably international traffic to return to the previous growing trend.

就國際流量的份額而言，目前我們營運的國際流量佔總流量的 13%。我們全年看到的是，由於普惠公司的情況和市場上飛機的短缺，大多數航空公司都把運力從國內轉移到國際市場，尋求收益，這就是為什麼我們國際交通量出現了非常顯著的增長。隨著普惠公司的情況開始穩定，我們預期國內客運量將會改善，國際客運量也可能恢復到先前的成長趨勢。

Yes. I'll get back to you, on what we're expecting more or less five years down the road. I don't have the number on the top of my head right now.

是的。我將回覆您，告知我們大約五年後的預期。我現在還想不起來具體數字。

Guilherme Mendes, JPMorgan.

摩根大通的吉列爾梅門德斯 (Guilherme Mendes)。

Congrats on the results. One quick question on the EBITDA margin. If this meets 70% levels that you guys have been operating something sustainable in the longer term? And on top of the discussions on the commercial front and the possibility of increasing revenues per passenger going forward. Is this something that could materially change your EBITDA margin levels going forward?

恭喜你所取得的成果。關於 EBITDA 利潤率的一個簡單的問題。如果達到 70% 的水平，那麼你們是否能夠長期持續地運作下去？此外，還討論了商業方面的討論以及未來增加每位乘客收入的可能性。這是否會對您未來的 EBITDA 利潤率水準產生重大影響？

So yes, we believe that this mid-70s adjusted EBITDA ratio should be sustainable. And I mean, we don't expect major variations from what it's currently right now.

所以是的，我們相信 70 年代中期的調整後 EBITDA 比率應該是可持續的。我的意思是，我們預計與目前的情況相比不會有很大的變化。

Pablo Ricalde, [ITA].

巴勃羅·里卡爾德，[義大利].

I have two questions. The first one is on the labor cost. I believe you renegotiated the labor contract this October. So I don't know if you can share the output of those negotiations? Or how should we expect the labor line for 2025?

我有兩個問題。第一個是勞動成本。我相信你們今年十月重新談判了勞動合約。所以我不知道您是否可以分享這些談判的成果？或者說我們應該如何預期2025年的勞動力線？

That's my first question. The other one is a follow-up on Federico's question on the aeronautical revenues -- revenue, sorry. We saw this huge increase in lines like food and beverages, duty-free. And I believe most of those improvements are related to VINCI being part of OMA. But how much is left on those lines to be renegotiated?

這是我的第一個問題。另一個問題是針對費德里科關於航空收入（收入，抱歉）的問題的後續問題。我們看到食品、飲料、免稅等商品的銷售量大幅增加。我相信大部分改進都與 VINCI 成為 OMA 的一部分有關。但這些條款還剩下多少需要重新談判呢？

Let me tackle, the first one, the labor, the conversation with the union are still ongoing. So we're waiting to see results in the next month or so. So there's -- we still -- that's still work in progress. No answer there yet.

讓我來談談第一個問題，勞工與工會的對話仍在進行中。因此我們正在等待下個月左右看到結果。因此，我們仍然 — — 這項工作仍在進行中。那裡還沒有答案。

With respect to duty-free, it's mostly related to a re-accommodation of the flights that we are doing at the Monterrey Airport. We're now trying to direct most of the international capacity through one of our terminals instead of two terminals. So it's going out of Terminal A as opposed to just Terminal C and Terminal A. So that has improved the exposure of passengers to the existing duty-free stores that we have. So that's an operational change that we did in previous quarters, and it's yielding very good results.

關於免稅，這主要與我們在蒙特雷機場的航班重新安排有關。目前，我們正嘗試引導大部分國際航班透過我們的一個航站樓而不是兩個航站樓進行運輸。因此，它是從 A 航站樓出發，而不是僅僅從 C 航站樓和 A 航站樓出發。這是我們在前幾個季度進行的營運變革，並且取得了非常好的效果。

But your question, how much is there left going forward? Yes, as a result of it, it's a mix of VINCI coming in, trying to bring best practices from their experience and capitalizing on their experience throughout their network of 70 airports. We have improved a lot of the processes. We have renegotiated a lot of the contracts. We're still working.

但你的問題是，未來還剩下多少？是的，結果是，VINCI 的加入，試圖從他們的經驗中引入最佳實踐，並利用他們在其 70 個機場網絡中的經驗。我們改進了很多流程。我們已經重新談判了很多合約。我們仍在工作。

We think there's some potential. Going forward, we're penciling in projections around similar non-aero revenues per passenger going forward of MXN60, MXN62 per passenger.

我們認為有一定的潛力。展望未來，我們預計每位乘客的非航空收入將大致相同，分別為 60 墨西哥比索至 62 墨西哥比索。

At this time, we've reached the end of our question-and-answer session, and I'd like to turn the floor back to Ricardo Duenas for closing remarks.

此刻，我們的問答環節已經結束，我想請里卡多·杜埃納斯 (Ricardo Duenas) 作結束語。

We would like to thank everyone for participating in this call. Ruffo, Emmanuel and I are always available to answer your questions, and we hope to see you soon. Thank you once again, and have a great day.

我們感謝大家參加本次電話會議。Ruffo、Emmanuel 和我隨時準備好回答您的問題，我們希望很快見到您。再次感謝您，祝您有個愉快的一天。

Thank you. This concludes today's teleconference. We thank you for your participation. You may now disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路了。