Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2025 Q2 法說會逐字稿

Greetings, and welcome to OMA's Second Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Emmanuel Camacho, Investor Relations. Thank you, sir, you may begin.

大家好，歡迎參加OMA 2025年第二季財報電話會議。 （接線生指示）溫馨提示：本次會議正在錄製中。現在，我很榮幸地介紹投資者關係部門的Emmanuel Camacho。謝謝，先生，您可以開始了。

Thank you, Thierry, and hello, everyone. Welcome to OMA's Second Quarter 2025 Earnings Conference Call. We are delighted to have you joining us today as we discuss our company's performance and financial results for the past quarter. Joining us today are CEO, Ricardo Duenas; and CFO, Ruffo Perez del Castillo. Please be reminded that certain statements made during the course of our discussion trade may constitute forward-looking statements which are based on current management expectations 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.

謝謝蒂埃里，大家好！歡迎參加OMA 2025年第二季財報電話會議。我們很高興您今天能加入我們，共同探討公司上一季的業績和財務結果。今天與我們一同出席的有首席執行官里卡多·杜埃納斯 (Ricardo Duenas) 和首席財務官魯福·佩雷斯·德爾·卡斯蒂略 (Ruffo Perez del Castillo)。請注意，我們在討論過程中做出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預期，並受多種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與預期存在重大差異，其中包括一些我們無法控制的因素。

And with that, I will turn the call over to Ricardo Duenas for his opening remarks.

現在，我將把電話交給里卡多·杜埃納斯 (Ricardo Duenas) 來致開幕詞。

Thank you, Emmanuel. Good morning, everyone. This morning, I will briefly comment on several key developments during the quarter including highlights of our upcoming master development program negotiation. Then I will review our operational performance and financial results. And finally, I will be pleased to answer your questions.

謝謝，Emmanuel。大家早安。今天上午，我將簡要評論本季的幾個關鍵進展，包括我們即將進行的整體開發計畫談判的亮點。然後，我將回顧我們的營運表現和財務表現。最後，我很樂意回答大家的問題。

Let me begin with an update regarding our senior management team. During August and September, we will implement changes in two key leadership positions. First, our Chief Operating Officer, Enrique Navarro will be retiring in August after 21 years of dedicated service to OMA. On behalf of the entire team, I want to express our gratitude of his leadership commitment and contributions throughout these years. We are pleased to announce that Raful Zacarias will succeed him as Chief Operating Officer. Raful has been with OMA since 2006 in various operational positions, most recently as airport administrator at our Monterrey Airport.

首先，我想介紹一下我們高階管理團隊的最新情況。 8月和9月期間，我們將對兩個關鍵領導職位進行人事變動。首先，我們的營運長 Enrique Navarro 將於8月退休，他為OMA服務了21年。我謹代表整個團隊，對他多年來的領導奉獻和貢獻表示感謝。我們很高興地宣布，拉富爾·扎卡里亞斯 (Raful Zacarias) 將接替他擔任營運長。拉富爾自2006年以來一直在OMA擔任多個營運職位，最近擔任蒙特雷機場的機場管理員。

Second, in September, Pierre Grosmaire will join OMA as Chief Commercial Officer, taking over from Alvaro Leite who will be assuming new responsibilities within VINCI Airports. We thank Alvaro for his valuable contributions to our commercial strategy. Pierre brings extensive commercial experience in the airport sector. He served as Chief Commercial Officer of Lyon Airports from 2018 to 2025. He also served as Global Aviation Development Director at VINCI Airports. Under Pierre's leadership, we will continue to grow our extra aeronautical activities.

其次，Pierre Grosmaire 將於九月加入 OMA 擔任首席商務官，接替 Alvaro Leite，後者將在 VINCI 機場集團內承擔新的職責。我們感謝 Alvaro 為我們的商業策略做出的寶貴貢獻。 Pierre 在機場領域擁有豐富的商業經驗。他曾於 2018 年至 2025 年擔任里昂機場集團首席商務官。他也曾擔任 VINCI 機場集團全球航空發展總監。在 Pierre 的領導下，我們將繼續拓展額外的航空業務。

Moving on. On June 27, we successfully completed our MXN2.75 billion issuance in long-term notes in the Mexican market. Proceeds will be used to repay MXN600 million in short-term loans and the remainder will be used to fund committed investments as well as for general corporate purposes.

繼續前進。 6月27日，我們成功在墨西哥市場發行了27.5億墨西哥比索的長期票據。發行所得將用於償還6億墨西哥比索的短期貸款，剩餘部分將用於承諾投資以及一般公司用途。

Finally, let me provide an update of the ongoing negotiation process of the 2630 master development program. At the end of June, we submitted our proposed MDP to Mexico's Federal Civil Aviation Agency, or AFAC. The total committed investment is similar in real peso terms to the amount committed under our previous MDP program, '21 to '25. From early August through late September, AFAC will be conducting technical visits to our 13 airports to review and discuss the proposed projects.

最後，請容許我介紹一下2630總體發展計畫正在進行的談判進程。 6月底，我們向墨西哥聯邦民航局（AFAC）提交了擬議的MDP計畫。承諾的總投資金額（以實際比索計算）與我們先前MDP專案「21至25年」的承諾金額相似。從8月初到9月底，AFAC將對我們的13個機場進行技術訪問，審查和討論擬議項目。

Following that, we would expect negotiation of the tariff model to take place between October and November. Final approval of the MDP and the new maximum tariff is expected in early December, at which point, we also anticipate disclosing the outcome to the market. Our investment proposal is designed to enhance efficiency and optimize operations while maintaining the high standards of safety and service quality. Approximately 49% of the investment will be allocated to our Monterrey Airport. Key projects there include the third phase expansion of Terminal A, payment reconfigurations such as platform expansions, the construction of fast taxiways and several others as well as a number of technology upgrades across our airport network.

隨後，我們預計票價模式的談判將在10月至11月之間進行。 MDP和新的最高票價預計將於12月初最終獲批，屆時我們也將向市場公佈結果。我們的投資方案旨在提高效率、優化運營，同時維持高標準的安全和服務品質。約49%的投資將用於蒙特雷機場。機場的重點項目包括A航廈三期擴建、支付系統改造（如月台擴建）、快速滑行道建設等，以及機場網路的多項技術升級。

Other airports with significant investments include Culiacan, [Ciudad Juarez], Mazatlan. This proposal reflects a balanced and disciplined approach with a strong emphasis on optimizing capacity of our current infrastructure as well as enhancing passenger experience and long-term value creations. In terms of tariff expectation, based on our proposal, we anticipate low single-digit increase in the maximum tariff in real terms.

其他進行重大投資的機場包括庫利亞坎機場、華雷斯城機場和馬薩特蘭機場。該提案體現了一種均衡且嚴謹的方針，重點強調優化現有基礎設施的容量，並提升乘客體驗和創造長期價值。就票價預期而言，根據我們的提案，我們預計實際最高票價將出現低個位數的成長。

Moving on to our main quarterly operational highlights. In the second quarter of '25, OMA's passenger traffic totaled $7.2 million, an 11% increase year-over-year. Seat capacity during the quarter increased 12%. On the domestic front, passenger traffic grew by 10%, driven primarily by the Monterrey Airport which saw increase on routes to the metropolitan area of Mexico City, including the Mexico City, AIFA and Toluca Airports. Guanajuato, Hermosillo, (inaudible). These routes collectively added over 360,000 passengers during the quarter, representing 65% of the total domestic passenger growth. International passenger traffic increased by 19%. This growth was also driven by Monterrey Airport with passenger traffic increase on routes to Los Angeles, Miami, Chicago, San Francisco, San Antonio and Denver.

接下來介紹我們本季的主要營運亮點。 2025 年第二季度，OMA 的客運總額為 720 萬美元，較去年同期成長 11%。本季座位容量增加了 12%。在國內方面，客運量增加了 10%，主要原因是蒙特雷機場飛往墨西哥城大都會區的航線增加，包括墨西哥城機場、艾菲亞機場和托盧卡機場。瓜納華托、艾莫西約（聽不清楚）。這些航線在本季共增加了 36 萬名乘客，佔國內旅客總成長的 65%。國際客運量增加了 19%。蒙特雷機場也推動了這一成長，飛往洛杉磯、邁阿密、芝加哥、舊金山、聖安東尼奧和丹佛的航線客運量都有所增加。

This routes collectively added more than 106,000 passengers during the quarter, accounting for 66% of the total international passenger traffic increased in the quarter. In terms of airline participation, [VivaAerobus] represented 51% of our total traffic during the quarter, with a 14% increase in terminal passenger numbers compared to the second quarter of '24 while Volaris, which accounted for 24% of our total traffic, recorded a 31% passenger increase during the quarter.

本季，這些航線共新增乘客超過10.6萬人次，佔本季國際客運總量增量的66%。就航空公司參與度而言，[VivaAerobus] 在本季度占我們總客運量的51%，航站樓乘客量與2024年第二季度相比增長了14%，而Volaris航空在本季度占我們總客運量的24%，乘客量增長了31%。

Moving on to OMA's second quarter financial highlights. Aeronautical revenues increased 17% with aeronautical revenue per passenger rising 5% in the quarter. Commercial revenues had a strong 20% growth with commercial revenue per passenger increasing by 8% to MXN62 in the quarter as compared to the second quarter of last year, mainly driven by restaurants, parking, VIP lounges and retail.

接下來是OMA第二季的財務亮點。本季度，航空收入成長了17%，每位旅客的航空收入成長了5%。商業收入強勁成長了20%，每位旅客的商業收入與去年第二季相比成長了8%，達到62墨西哥比索，這主要得益於餐廳、停車場、貴賓休息室和零售業務的成長。

The occupancy rate for commercial space stood at 96% at the end of the quarter. On the diversification front, revenues increased 11% with industrial service contributing most to this growth. During the quarter, we completed the construction of a 5,000 square meter warehouse as part of the expansion plan of one of our tenants. OMA second quarter adjusted EBITDA increased by 19% to MXN2.6 billion and adjusted EBITDA margin of 74.6%.

本季末，商業空間的出租率為96%。在業務多元化方面，收入成長了11%，其中工業服務貢獻最大。本季度，我們完成了一個5,000平方米倉庫的建設，這是其中一個租戶擴建計劃的一部分。 OMA第二季調整後EBITDA成長19%，達到26億墨西哥比索，調整後EBITDA利潤率為74.6%。

On the capital expenditures front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN965 million.

在資本支出方面，本季的總投資（包括 MDP 投資、主要維護和策略投資）為 9.65 億墨西哥比索。

I would now like to turn the call over to Ruffo Perez Pliego, who will discuss our financial highlights for 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, everyone. I will briefly walk you through our financial results for the quarter, after which we will open the call for your answers. Aeronautical revenues increased 17% relative to 2Q '24, driven primarily by higher aeronautical yields as well as the increase in both domestic and international passenger traffic. Non-aeronautical revenues increased 16%.

謝謝里卡多，大家早安。我將簡要介紹本季的財務業績，然後開始電話會議，聽取大家的解答。航空業務收入較2024年第二季成長17%，主要得益於航空收益的提高以及國內和國際客運量的增加。非航空業務收入成長了16%。

Commercial revenues increased 19.7%. The line items with the highest growth were restaurants, parking, VIP lounges and retail. Restaurants increased 41.1%, driven by a greater customer penetration and the opening or replacement of outlets in previous quarters in airports, such as Monterrey, Ciudad Juarez and Durango. Parking grew 12.7%, mainly due as a result of higher domestic and international passenger traffic.

商業收入成長19.7%。增幅最高的項目是餐廳、停車場、貴賓休息室和零售。餐廳營收成長41.1%，這得益於客流量的增加，以及前幾季在蒙特雷、華雷斯城和杜蘭戈等機場開設或更換了門市。停車場收入成長12.7%，主要原因是國內和國際客流量的增加。

VIP lounges rose 34.6%, mainly due to an increase in rates and higher number of users as well as the opening and consolidation of the (inaudible) launch, which started operations on last year's July. Retail increased 27.4% and similar to restaurant revenues -- this was mainly due to a greater customer penetration and the opening or replacement of spaces in previous quarters in airports like Ciudad Juarez, Monterrey, Torreon and Culiacan.

貴賓休息室收入成長34.6%，主要原因是價格上漲、用戶數量增加，以及去年7月投入營運的（聽不清楚）新貴賓休息室的開幕和合併。零售收入成長27.4%，與餐飲收入持平——這主要得益於客流量的增加，以及前幾季在華雷斯城、蒙特雷、托雷翁和庫利亞坎等機場開設或更換了貴賓休息室。

Diversification activities increased 10.7%, mainly due to higher revenues from industrial services and hotel services. Industrial Services grew over 100%, mainly due to an increase in leased square meters in our industrial park as compared to the second quarter of 2024. Revenue from hotel services increased 4% year-over-year, reaching MXN112 million, primarily driven by an increase in average run rates in both of our hotels, partially offset by lower occupancy rates.

多元化業務成長10.7%，主要得益於工業服務和飯店服務收入的成長。工業服務收入成長超過100%，主要由於我們工業園區的租賃面積與2024年第二季相比有所增加。飯店服務收入年增4%，達到1.12億墨西哥比索，主要得益於我們兩家酒店平均營運成本的提升，但入住率的下降部分抵銷了這一增長。

Total aeronautical and non-aeronautical revenues grew 16.8% to MXN3.4 billion during the quarter. Construction revenues amounted to MXN916 million in 2Q '25, an increase of 64.7% as a result of increased MDP investments. The cost of services and G&A expense increased 5.6% year-over-year. Primarily due to an 11% rise in payroll, contracted services rose 8.2%, mainly due to higher costs for security and cleaning services following contract renewals in prior quarters.

本季，航空和非航空總收入成長16.8%，達到34億墨西哥比索。 2025年第二季度，建築收入達9.16億墨西哥比索，由於主資料處理單元（MDP）投資增加，成長64.7%。服務成本和一般及行政費用較去年同期成長5.6%。合約服務收入成長8.2%，主要由於薪資成長11%，這主要是由於前幾季續約後保全和清潔服務成本增加。

Concession tax increased 18.1% to MXN283 million, in line with the increase in revenues. Major maintenance provision was MXN50.4 million compared to MXN43 million last year. As Ricardo mentioned, OMA second quarter adjusted EBITDA reached MXN2.6 billion and the adjusted EBITDA margin was 74.6%. Our financing expense increased by $184 million, reflecting a $185 million variation in noncash interest expense related to major maintenance provision as a result of lower discount rates used for it calculation.

特許稅成長18.1%，達到2.83億墨西哥比索，與收入成長一致。重大維修準備金為5,040萬墨西哥比索，而去年為4,300萬墨西哥比索。如Ricardo所述，OMA第二季調整後EBITDA達到26億墨西哥披索，調整後EBITDA利潤率為74.6%。我們的融資費用增加了1.84億美元，反映了與重大維修準備金相關的非現金利息支出1.85億美元的變動，這是由於用於計算重大維修準備金的折現率較低造成的。

Consolidated net income was MXN1.3 billion in the quarter, an increase of 3.8% versus 2Q '24. Turning to our cash position. Cash generated from operating activities in the second quarter amounted to MXN1.8 billion and investing activities used cash for MXN575 million. Financing activities reflect interest expense payments, the first installment of the ordinary dividend of EUR2.25 billion, the long-term debt placement of EUR2.75 billion and the prepayment of MXN600 million of short-term loans, resulting in a net cash outflow of EUR138 million.

本季合併淨收入為13億墨西哥比索，較2024年第二季成長3.8%。談到我們的現金狀況。第二季經營活動產生的現金為18億墨西哥比索，投資活動消耗現金5.75億墨西哥比索。融資活動反映了利息支出、22.5億歐元的首期普通股股息、27.5億歐元的長期債務以及6億墨西哥比索的短期貸款預付，導致淨現金流出1.38億歐元。

As a result, our cash position at the end of the quarter stood at EUR3.4 billion. At the end of June and including the latest debt issuance, total debt amounted to MXN13.6 billion. We maintained a strong balance sheet, ending the quarter with a net debt to adjusted EBITDA ratio of 1 times.

因此，本季末我們的現金狀況為34億歐元。截至6月底，包括最新發行的債券，總債務總額為136億墨西哥比索。我們維持了強勁的資產負債表，本季末淨負債與調整後EBITDA比率為1倍。

This concludes our prepared remarks. Thierry, please open the call for questions.

我們的準備演講到此結束。蒂埃里，請開始提問。

(Operator Instructions) Guilherme Mendes, JPMorgan.

（操作員指示） 吉列爾梅‧門德斯 (Guilherme Mendes)，摩根大通。

The first one is a follow-up on the MDP and thanks for providing more color. Just wanted to confirm if I got it right, Ricardo, you mentioned about a similar level of CapEx in absolute perfect.

第一個問題是關於MDP的後續問題，謝謝你提供更多細節。 Ricardo，我只是想確認一下我理解得是否正確，你提到的類似水平的資本支出絕對完美。

And then the second point is on the traffic outlook. We have been seeing a very strong performance month after month. On the previous call, you guys mentioned about an expectation for a mid-single-digit increase for the year, which looks conservative at this point. So I just wanted to get a fresh view on what you're expecting for the second half of this year.

第二點是關於客流量前景。我們每個月都看到非常強勁的表現。上次電話會議上，你們提到預計今年客流量將達到中位數個位數成長，目前看來這個數字比較保守。所以我想聽聽你們對今年下半年的期待。

Yes. Thank you, Guilherme. Yes, so we had a very good first half of the year. So we anticipate for the rest of the year to be in the mid to high single-digit traffic growth. We expect some of the growth that we've seen in the first half of the year to reduce as we move along for the rest of the year based on the reduced capacity announced by some of the airlines, and also by tougher comps compared to last year. But in the mid- to high single digits would be a fair and accurate.

是的，謝謝你，吉列爾梅。是的，我們上半年的業績非常好。因此，我們預計今年剩餘時間的客流量將維持中高個位數成長。我們預計，由於部分航空公司宣布減少運力，以及與去年相比競爭更加激烈，上半年的客流量成長會隨著今年剩餘時間的推進而有所減緩。但中高個位數的成長是一個公平且準確的預測。

Perfect. And if I may have a follow-up on what is driving the traffic performance. So we have seen the new routes coming into Monterrey -- but is this related to near shoring in some way? Or if there's anything else explaining the strong performance.

太好了。請問您能否繼續提問，是什麼推動了客流量的成長？我們看到有新的航線飛往蒙特雷，但這是否與近岸運輸有關？或者還有其他什麼原因可以解釋客流量的強勁成長？

This is Ruffo. So certainly Monterrey has been the airport that has grown most dynamically during this year. Both in domestic and international terms. And certainly, industrial activity -- we continue to see very strong industrial activity and low occupancy -- very high occupancy factors in the industrial park business, which is an indicator of a very strong economic performance in the region. So yes, we attribute traffic growth to strong economic performance in that market.

我是魯福。蒙特雷機場無疑是今年成長最快的機場，無論是國內還是國際市場。當然，工業活動——我們繼續看到非常強勁的工業活動和較低的入住率——工業園區的入住率非常高，這表明該地區的經濟表現非常強勁。所以，是的，我們將客流量的成長歸因於該地區強勁的經濟表現。

Juan Ponce, Bradesco BBI.

胡安·龐塞（Juan Ponce），Bradesco BBI。

Monterrey's international traffic has been increasing a lot new routes, et cetera. What are you expecting in terms of the network development in this airport over the next 12 months?

蒙特雷機場的國際客流量一直在成長，新增了許多航線等等。您對未來12個月該機場的航線網絡發展有何預期？

So we still see new openings particularly in the domestic side in the Monterrey Airport in the second half. And we expect consolidation of some of the routes that were opened recently, particularly since last November. But as you -- as we mentioned, there are some capacity cuts being announced and they started to kick in, in June. So therefore, we don't expect that much acceleration in the second half of the year in terms of passenger growth in the international market in Monterrey, but we do still see a pretty good growth for the full year.

因此，我們預計下半年蒙特雷機場仍將開通新的航線，尤其是在國內航線。我們預計近期開通的一些航線，尤其是自去年11月以來開通的航線，將會被整合。但正如您所提到的，一些運力削減措施已於6月開始生效。因此，我們預計下半年蒙特雷機場國際市場的客運量成長不會大幅加速，但我們預計全年客運量仍將保持相當不錯的成長動能。

Alberto Valerio, UBS.

瑞銀的 Alberto Valerio。

Thanks Ricardo, Emmanuel. One follow-up on the MDP question. You mentioned about the high single-digit tariffs. Should we expect any concentration in an airport or there should be some divergence between among the own airports on tariffs?

謝謝 Ricardo，Emmanuel。關於 MDP 的問題，我想問一個後續問題。您提到了個位數的高票價。我們應該預期機場的票價會有所集中嗎？還是各機場之間在票價上應該有所差異？

I'm sorry, could you repeat your question, Alberto.

抱歉，你能重複你的問題嗎，阿爾貝托。

Yes. About the tariff for MDP, Ricardo mentioned in the initial remarks that probably will be high single digits. Is that correct? And so low single digits. And should we see difference between -- among the airports. Some airports with higher increase in tariffs, some others with maybe a decrease in tariffs?

是的。關於MDP的關稅，里卡多在最初的評論中提到，可能會是高個位數。對嗎？所以是低個位數。我們應該看到不同機場之間的關稅差異嗎？有些機場的關稅漲幅較大，有些機場的關稅可能會下降？

It's still part of the negotiation, Alberto. We don't see a decrease in any of them. So -- but we're still work in progress with the authorities. But it's in the growth we expect is in the low single digits. And we believe that would maximize -- and this -- we believe that this is what maximizes the net present value of the company.

阿爾貝托，這仍在談判中。我們目前沒有看到任何收入減少。所以——但我們仍在與當局溝通。我們預計成長率將保持在低個位數。我們相信這將最大化——我們相信這將最大化公司的淨現值。

Abraham [Jens], Banco Santander.

亞伯拉罕 [Jens]，桑坦德銀行。

I wonder if you can give us more color about the growth in the commercial revenue per passenger that you are expecting in the mid- to long term specific with your MDP that you are in good --

我想知道您是否可以向我們詳細介紹一下您預期的中長期每位乘客的商業收入增長情況，特別是您的 MDP 情況良好——

So commercial revenues obviously have increased by a number of measures that we have been implementing over the last couple of years. Renegotiation of contracts, opening of new outlets, refresh of the decoration and the feel and look of the stores as well as some use of technology to maximize passenger I would say, exposure to retail outlets and food and beverage outlets. We expect those activities to continue and -- but just in the second part of your question, you mentioned MDP, remember that MDP refers to aeronautical investments. So therefore, we don't see that much relationship between the MDP and the commercial growth of revenue per passenger.

因此，商業收入顯然得益於我們過去幾年實施的一系列措施。這些措施包括重新談判合約、開設新門市、翻新店面裝潢、提升店內氛圍和外觀，以及運用一些技術來最大限度地提高乘客對零售店和餐飲店的曝光度。我們預計這些措施將繼續下去——但正如您問題的第二部分所述，您提到了MDP，請記住，MDP指的是航空投資。因此，我們認為MDP與每位乘客的商業收入成長之間沒有太大關係。

Gabriel Himelfarb, Scotiabank.

加布里埃爾·希梅爾法布，豐業銀行。

Quick question. Are you perhaps looking at the possibility of new assets or investments perhaps in Brazil now that Motiva CCR is selling its airport assets.

問個快問快答。既然 Motiva CCR 正在出售其機場資產，您是否正在考慮在巴西尋找新的資產或投資？

Thank you, Gabriel. We're not formally -- as OMA, we're not formally involved in that specific process. We're always looking for potential opportunities in airports, but we're not involved in that specific -- we're not involved in the formal process as of today.

謝謝你，加布里埃爾。身為OMA，我們並沒有正式參與這個具體的流程。我們一直在尋找機場方面的潛在機會，但目前為止，我們還沒有參與這個具體的流程。

Federico Galassi, TRG.

費德里科·加拉西（TRG）。

Two questions, if you can give us the number. But in general terms, how much of the commercial revenues are coming from Monterrey if you have a number for that, thinking that you will increase the commercial capacity at the end of this year and next year.

兩個問題，能否告知具體數字？總的來說，蒙特雷機場的商業收入有多少？能提供具體數字嗎？考慮到今年年底和明年機場的商業運力將會增加。

I don't have the specific number Federico, we'll get back to you. But yes, I'll look for you and get back to you.

費德里科，我沒有具體的電話號碼，我們會回覆你的。不過，是的，我會幫你找，然後再回覆你。

Okay. And the second one Ruffo, is related to the MDP, the investment in Monterrey. Can you give us -- and I understand it's more related to aeronautical than commercial. But can you give us some clue of what are the focus of these new investments?

好的。第二個問題，魯福，與MDP（蒙特雷投資項目）有關。您能否透露一下——我知道這更多是關於航空而非商業的。您能否透露一下這些新投資的重點是什麼？

Yes. So we mentioned that about 49% of the next MDP will be focused on Monterrey. But we are doing is a lot of expansion in April and platform capacity to maximize the use of existing gates and be able to use also remote gates to service our airlines and passengers. We're doing new fast lane exit taxiways from the wrong way also to increase its efficiency.

是的。我們先前提到，下一期蒙特雷機場約49%的客流量將集中在蒙特雷。但我們將在4月進行大規模擴建，提升月台容量，以最大限度地利用現有登機口，並能夠使用遠端登機口為我們的航空公司和乘客提供服務。我們也正在建造新的快速出口滑行道，以提高其效率。

And we are also expanding -- continue to expand the Terminal A of Monterrey throughout the five-year period as well to be able to cope with the expected demand that we anticipate in Monterrey. So basically, that's the key highlights of those investment airport, coupled with a lot of technology operates. So we can also be able to process passengers more efficiently and provide better experience to passengers.

我們也正在擴建－在未來五年內繼續擴建蒙特雷機場的A航站樓，以滿足我們預期的蒙特雷機場需求。基本上，這就是這些投資機場的主要亮點，再加上大量的技術投入營運。因此，我們能夠更有效率地處理旅客，並為旅客提供更好的體驗。

David Soto, Scotiabank.

加拿大豐業銀行的戴維‧索托 (David Soto)。

Just a quick one. Do you see any upside risk on passenger growth due to the US actions at Mexico?

我只想問一句。您認為美國對墨西哥的行動會對客運成長帶來上行風險嗎？

Can you repeat, please?

您能再說一次嗎？

My question was, do you see -- do you see any upside risk on passenger growth due to the recent US DOT actions at Mexico?

我的問題是，您是否認為美國交通部最近在墨西哥採取的行動會對客運量成長帶來上行風險？

Your question is if we see risk on passenger outlook because of the DOT announcements recently.

您的問題是，我們是否認為由於交通部最近的公告，乘客前景存在風險。

Yes, correct. Sorry, for all the back noise.

是的，沒錯。抱歉，背景噪音有點大。

Yes. So yes, we do not expect any major impact in the following months, but we will continue to monitor closely any measures taken by the US DOT.

是的。我們預計未來幾個月不會有任何重大影響，但我們將繼續密切關注美國交通部採取的任何措施。

(Operator Instructions) Alan Macias, Bank of America.

（操作員指示）美國銀行艾倫·馬西亞斯 (Alan Macias)。

Just a question regarding dividend policy. Given your expected CapEx for the next five years, could we expect the change in dividends, an increase there?

只是想問一下股利政策。考慮到你們未來五年的預期資本支出，股利是否會有所變動或增加？

Yes. In terms of the dividend policy, we have been in past recent years distributing between 85% to 95% of net income. And we would expect to continue with a similar policy for the foreseeable future. So as EBITDA and net income growth, yes, there will be available cash flow for distribution.

是的。就股利政策而言，我們近年來一直將淨收入的85%到95%分配給股東。我們預計在可預見的未來將繼續採取類似的政策。因此，隨著EBITDA和淨收入的成長，我們將有可用的現金流可供分配。

There are no further questions at this time. I would like to turn the floor back over to Ricardo for closing remarks.

目前沒有其他問題了。我想把發言權交還給里卡多，請他做最後發言。

We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement and continued support. Ruffo, Emmanuel and I are always available, should you have any further questions or require additional information. Thank you once again, and have a great day.

我們感謝各位參加今天的電話會議。感謝大家的精彩提問、積極參與、以及持續的支持。如果您有任何其他問題或需要更多信息，Ruffo、Emmanuel 和我隨時歡迎您的到來。再次感謝大家，祝福您有美好的一天。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝大家。今天的發表會到此結束。大家可以掛斷電話了，感謝大家的參與。