Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) 2026 Q1 法說會逐字稿

Greetings, and welcome to OMA's first quarter 2026 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.

各位好，歡迎參加 OMA 2026 年第一季財報電話會議。（接線員指示）。提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人——投資人關係主管 Emmanuel Camacho。謝謝。您可以開始了。

Thank you, Christine. Good morning, everyone. Thank you for standing by, and welcome to OMA's first quarter 2026 earnings conference call. We appreciate you joining us today as we discuss our company's performance and financial results for the past quarter.

謝謝你，Christine。各位早安。感謝各位在線等候，歡迎參加 OMA 2026 年第一季財報電話會議。感謝各位今天與會，我們將討論公司在上一季度的營運表現與財務結果。

Joining us today are our CEO, Ricardo Duenas; and CFO, 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 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.

今天與會的有我們的執行長 Ricardo Duenas，以及財務長 Ruffo Perez Pliego。提醒各位，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，係基於管理層目前的預期，並受多項風險與不確定性影響，可能導致實際結果與預期有重大差異，其中包括我們無法控制的因素。

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

接下來我將把電話交給 Ricardo Duenas，請他發表開場致詞。

Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our quarterly operation and our financial results and then we will be pleased to answer your questions. In the first quarter of '26, OMA passenger traffic totaled 6.7 million, a 4.7% increase versus last year. Seat capacity increased by 3.9% during the quarter.

謝謝你，Emmanuel。各位早安，感謝各位今天加入我們。今天早上，Ruffo 和我將回顧本季營運與財務結果，之後也很樂意回答各位的問題。2026 年第一季，OMA 旅客運量合計 670 萬人次，較去年增加 4.7%。本季座位供給量增加 3.9%。

Domestic passenger traffic grew by 5.7%, driven primarily by the Monterrey Airport with increases on routes to the metropolitan area of Mexico City mainly to Toluca, and Mexico City Airports, Bajio, Puerto Vallarta, Merida and Cancun.

國內旅客運量成長 5.7%，主要由蒙特雷機場帶動，前往墨西哥城都會區（主要為托盧卡）以及墨西哥城機場、巴希奧、巴亞爾塔港、梅里達與坎昆等航線均有增加。

These routes collectively added over 265,000 passengers during the quarter, representing 87% of the total domestic passenger growth. International passenger traffic decreased by 0.5%. The decrease was mainly driven by Monterrey with lower traffic on the routes to Chicago and Los Angeles and Mazatlan on the route of Minneapolis, Dallas and Los Angeles. This decrease were partially offset by a positive performance in San Luis Potosi, which saw higher passenger activity on the routes to Dallas, San Antonio and Houston.

上述航線本季合計新增超過 26.5 萬人次旅客，占國內旅客總增量的 87%。國際旅客運量下降 0.5%。下降主要由蒙特雷所致，其前往芝加哥與洛杉磯的航線旅客量較低；以及馬薩特蘭在前往明尼阿波利斯、達拉斯與洛杉磯航線的旅客量較低。上述下降部分被聖路易斯波托西的正面表現所抵銷，該機場在前往達拉斯、聖安東尼奧與休士頓的航線旅客活動增加。

In terms of growth by airline, Volaris which accounted for 25% of our total passenger traffic in the quarter recorded a 15% increase in passenger traffic compared to the first quarter of 2025 and while Viva, which accounted for 48% of our total passenger traffic recorded a 3% passenger increase during the quarter.

以航空公司別的成長來看，Volaris 本季占我們總旅客運量的 25%，其旅客運量較 2025 年第一季成長 15%；而 Viva 本季占我們總旅客運量的 48%，其旅客運量本季增加 3%。

Turning around to our financial performance. Aeronautical revenues increased 4.3%, domestic passenger charges revenue increased by 9%, driven by passenger growth of 5.7%. Our international passenger charges revenue declined by 11% year-over-year, mostly due to the depreciation of the Mexican peso against the dollar. Commercial revenues grew by 4.9% compared to the first quarter of 2025, and commercial revenue per passenger stood at MXN66.4.

接著談我們的財務表現。航空性收入增加 4.3%；國內旅客收費收入增加 9%，主要受 5.7% 的旅客成長帶動。我們的國際旅客收費收入年減 11%，主要因墨西哥披索兌美元貶值所致。商業收入較 2025 年第一季成長 4.9%，每位旅客的商業收入為 MXN66.4。

Commercial revenue growth was mainly driven by retail, parking, VIP lounges and restaurants as we continue to benefit from higher penetration levels and increased passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter.

商業收入成長主要由零售、停車、貴賓室與餐飲帶動，我們持續受惠於更高的滲透率與旅客運量增加。季末商業空間出租率為 93%。

On the diversification front, revenues decreased 1.1% year-over-year, reflecting a mixed performance across our portfolio. Hotel Services declined 7.8%, mainly driven by our Hilton Garden Inn hotel, where results were impacted by the appreciation of the Mexican peso against the dollar and lower occupancy.

在多元化方面，收入年減 1.1%，反映我們投資組合表現好壞互見。飯店服務下滑 7.8%，主要由我們的 Hilton Garden Inn 飯店所致，其結果受到墨西哥披索兌美元升值及入住率較低的影響。

Other services decreased by MXN13 million, mainly due to a onetime effect in the first quarter of '25 related to industrial park activities, which did not repeat this quarter. These effects were partially offset by strong performance in OMA Carga, which grew by 8%, supported by a more than threefold increase in operations at our Chihuahua warehouses as the business continues to scale, while Industrial Services grew 19%, driven by a higher number of leased square meters.

其他服務減少 MXN1,300 萬，主要因 2025 年第一季與工業園區活動相關的一次性影響，本季未再發生。上述影響部分被 OMA Carga 的強勁表現所抵銷，其成長 8%，受惠於奇瓦瓦倉庫營運量增加逾三倍、業務持續擴張；同時工業服務成長 19%，主要由出租平方公尺數增加所帶動。

OMA's first quarter adjusted EBITDA increased by 2.1% to MXN2.4 billion with a margin of 73.4%. On the capital expenditure front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN605 million.

OMA 2026 年第一季調整後 EBITDA 成長 2.1% 至 MXN24 億，利潤率為 73.4%。在資本支出方面，本季總投資（包含 MDP 投資、重大維護及策略性投資）為 MXN6.05 億。

Before concluding, I would like to highlight that during the quarter, we agreed with the Mexico City International Airport to extend the lease term of the NH Collection Hotel at Terminal two by another five years from its original maturity of 2029 to April 2034, under the same terms and conditions as the existing lease agreement.

在結束前，我想強調本季我們與墨西哥城國際機場達成協議，將第二航廈 NH Collection 飯店的租約期限自原本 2029 年到期延長五年，至 2034 年 4 月，並維持現行租賃合約相同的條款與條件。

This extension allows us to secure revenues over a longer period from a business that has proven to be highly successful within our diversification strategy while providing greater visibility on the long-term contributions of this asset to our non-aeronautical revenues.

此項延長使我們得以在更長期間內鎖定該業務的收入；該業務已證明在我們的多元化策略中非常成功，同時也讓市場更清楚掌握此資產對我們非航空性收入的長期貢獻。

Finally, on April 24, we held our 2026 Annual Shareholders Meeting, where shareholders approved among other matters, the declaration and payment of a MXN4.9 billion cash dividend.

最後，我們於 4 月 24 日召開 2026 年年度股東會，股東除其他事項外，亦核准宣告並支付 MXN49 億的現金股利。

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

現在我想把電話交給 Ruffo Perez Pliego，由他說明本季的財務重點。

Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter before opening the call for questions. Aeronautical revenues increased 4.3% relative to 1Q '25 mainly due to the increase in domestic passenger traffic despite a 10.5% decrease in international passenger revenues, a result of appreciation of the Mexican peso.

謝謝你，Ricardo，各位早安。在開放提問前，我將簡要說明本季財務結果。相較於 2025 年第一季，航空性收入增加 4.3%，主要因國內旅客運量增加；儘管國際旅客收入下降 10.5%，其原因為墨西哥披索升值。

Non-aero revenues increased by 3.8%. Commercial revenues increased 4.9% and the line items with the highest growth were car parking, retail, restaurants and VIP lounges. Parking increased 8.5%, driven by higher passenger traffic as well as higher tariffs.

非航空性收入增加 3.8%。商業收入增加 4.9%，成長最高的項目為停車、零售、餐廳與貴賓室。停車收入增加 8.5%，受惠於旅客運量增加以及費率提高。

Retail and restaurants grew by 8.9% and 5.0%, respectively, both mainly as a result of higher passenger traffic, higher penetration rates and the opening or replacement of outlets from previous quarters. VIP lounges increased by 8.1% driven by a higher capture rate.

零售與餐廳分別成長 8.9% 與 5.0%，兩者主要因旅客運量增加、滲透率提高，以及延續前幾季的店鋪開設或汰換。貴賓室收入增加 8.1%，主要由更高的捕捉率帶動。

In March, we opened a new VIP lounge at our Torreon airport, and we currently operate OMA Premium Lounges in 11 of our 13 airports. Diversification activities decreased 1.1% in the quarter. Total aeronautical and non-aeronautical revenues grew 4.1% to MXN3.3 billion in the quarter. Construction revenues amounted to MXN519 million in 1Q '26.

3 月，我們在托雷翁機場新開設一間貴賓室；目前我們在 13 座機場中的 11 座營運 OMA Premium Lounges。多元化業務本季下降 1.1%。本季航空性與非航空性收入合計成長 4.1% 至 MXN33 億。2026 年第一季工程收入為 MXN5.19 億。

Cost of airport services and G&A expense increased 20.0% versus 1Q '25, primarily due to the following line items. Minor maintenance increased 54.2% driven by timing effects of works performed. Contracted services expenses rose 20.8%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting inflationary pressures and tight labor market conditions. Other costs and expenses, which increased by MXN24 million as a result primarily of higher transportation costs, retirement provision and bad debt expense, among others.

機場服務成本與一般及行政費用較 2025 年第一季增加 20.0%，主要由以下項目所致：小型維護增加 54.2%，主要受工程執行時點影響；委外服務費用上升 20.8%，主要因先前季度續約後的保全與清潔服務成本提高，反映通膨壓力與勞動市場緊俏；其他成本與費用增加 MXN2,400 萬，主要因運輸成本上升、退休金提列及呆帳費用等因素所致。

Concession tax increased 2.2% to MXN265 million. Major maintenance provision was MXN109 million compared to MXN53.4 million in 1Q '25. The increase reflects the reassessment of our maintenance requirements in line with the investments included in our 2026-2030 MDP, consistent with guidance provided in the previous quarter.

特許權稅增加 2.2% 至 2.65 億墨西哥披索。重大維護準備金為 1.09 億墨西哥披索，相較於 2025 年第一季的 5,340 萬墨西哥披索。此增幅反映我們依據 2026-2030 年 MDP 所包含的投資，重新評估維護需求，並與上一季所提供的指引一致。

OMA's first quarter adjusted EBITDA grew 2.1% to MXN2.4 billion and adjusted EBITDA margin stood at 73.4%. Our financing expense decreased by 0.6% to MXN310 million. Consolidated net income was MXN1.2 billion in the quarter, a decrease of 4.1% versus 1Q '25.

OMA 第一季調整後 EBITDA 成長 2.1% 至 24 億墨西哥披索，調整後 EBITDA 利潤率為 73.4%。我們的融資費用下降 0.6% 至 3.10 億墨西哥披索。本季合併淨利為 12 億墨西哥披索，較 2025 年第一季下降 4.1%。

Turning to our cash position. Cash generated from operating activities in the first quarter amounted to MXN 1.7 billion. Investing and financing activities used MXN791 million and MXN376 million, respectively. As a result, our cash position at the end of the quarter was MXN3.7 billion.

接著談我們的現金部位。第一季營運活動產生的現金為 17 億墨西哥披索。投資與融資活動分別使用 7.91 億與 3.76 億墨西哥披索。因此，本季末我們的現金部位為 37 億墨西哥披索。

At the end of March, total debt amounted to MXN13.6 billion and leverage measured as net debt to adjusted EBITDA stood at 1.0 times.

截至 3 月底，總負債為 136 億墨西哥披索，以淨負債對調整後 EBITDA 衡量的槓桿倍數為 1.0 倍。

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

以上為我們預先準備的發言。Christine，請開放提問。

(Operator Instructions)

（接線員指示）

Rodolfo Ramos, Bradesco.

Rodolfo Ramos，Bradesco。

Just a couple from my side. The first one is to see if you could help us get a sense of the potential for route development and the time line. It was interesting to hear during your remarks that 87% of domestic traffic during the quarter came from new routes. So when you look at these recently opened routes, if you can remind us what kind of maturation curves do you expect in these routes?

我這邊有兩個問題。第一個是想請你們協助我們了解航線開發的潛力以及時間表。在你們的發言中提到，本季國內旅運量有 87% 來自新航線，這點很有意思。因此，當你們看這些近期開通的航線時，可否提醒我們你們預期這些航線的成熟曲線大概會是什麼樣子？

And maybe if you can quantify as a percentage of your total traffic, what do you see in terms of route development? Not sure how these discussions are going with airlines in the current context of more constrained seat supply.

另外，如果可以的話，能否以你們總旅運量的百分比來量化你們對航線開發的看法？在目前座位供給較為受限的情況下，不確定你們與航空公司的討論進展如何。

And then the second, if you can remind us where you stand on your maximum tariff execution? And what should we expect at the end of this year?

第二個問題，能否提醒我們你們在最高費率（maximum tariff）執行情況目前到哪個程度？以及今年年底我們應該預期到什麼水準？

Sure. Rodolfo, this is Ruffo. So as you know, we have a very good dialogue with all of our airline partners. We have right now 19 confirmed routes for the rest of the year. Most of them opening in June, primarily with VivaAerobus and Volaris.

好的。Rodolfo，我是 Ruffo。如你所知，我們與所有航空公司夥伴都有非常良好的對話。目前我們已確認今年剩餘期間共有 19 條航線，多數將於 6 月開航，主要由 VivaAerobus 與 Volaris 承運。

And also, we have one confirmed route to Madrid with Iberia. And as we announced recently, we continue to position Monterrey as a long-haul connecting point. We have now a direct flights to Paris as of last week.

此外，我們也有一條由 Iberia 執飛、前往馬德里的已確認航線。並且如我們近期所宣布的，我們持續將蒙特雷定位為長程航線的轉運樞紐。自上週起，我們已開通直飛巴黎的航班。

And also, we see some recovery in the Canadian market for the winter season, so especially in Mazatlan as well. So I think that will also help our results towards 4Q. And with respect to maximum tariff compliance, we currently have around 91%, 92%. We started our pass-through of the tariff increase starting this month, and we would expect to end up the year close to 95%.

另外，我們也看到加拿大市場在冬季旺季有一些復甦，尤其是在馬薩特蘭（Mazatlan）。我認為這也將有助於我們在第四季的表現。至於最高費率遵循（maximum tariff compliance），我們目前約在 91%、92%。我們從本月開始將費率調升進行轉嫁（pass-through），並預期年底可接近 95%。

Alberto Valerio, UBS.

Alberto Valerio，UBS。

It's a follow-up on the first question as well. We have a guidance that MDP tariffs would be -- start point in April. I would like to know if -- how it is proceeding this increasing price for tariffs. And another question is about the international operations due to strength of Mexican peso. How has been the pass-through?

我也想追問第一個問題。我們的指引是 MDP 費率會在 4 月作為起點開始。我想了解這次費率調升的推進情況如何。另一個問題是，考量墨西哥披索走強，對國際業務的轉嫁情況如何？

Or you think that Mexican peso may weaken further in the year, you might be holding to pass-through tariffs on these routes? Just a color on tariffs as well.

或者你們認為墨西哥披索今年可能進一步走弱，因此在這些航線上會暫緩轉嫁費率？也請就費率提供一些補充說明。

Yes. So during the first 3 months, we made little adjustments to our regulated tariffs, with most of the tariffs increased in April 10 of this month. And we have already implemented that as of April 10. I think that we are not right now holding any tariff increase considering the FX potential variation. So we'll have to assess that in the future, depending on the peso exchange rates.

是的。在前 3 個月，我們對受管制費率只做了小幅調整，大部分費率是在本月 4 月 10 日調升。我們已自 4 月 10 日起完成實施。我認為目前我們並未因匯率可能波動而暫緩任何費率調升。未來我們將視披索匯率而定再行評估。

But right now, we did implement the contemplated tariff increase, this -- earlier this month.

但就目前而言，我們已在本月稍早實施了原先規劃的費率調升。

Jens Spiess, Morgan Stanley.

Jens Spiess，Morgan Stanley。

So just on the April tariff increase, if you could give just some additional color on how much you increased it for domestic versus international? I mean, in peso terms and just to get a better understanding of how much room there is to increase it further because my sense is that with the appreciation of the Mexican peso, you could probably do a bit more pronounced increases on the international side.

關於 4 月的費率調升，能否再提供一些細節：國內與國際分別調升了多少？以披索金額來看也可以。我想更清楚了解未來還有多少進一步調升空間，因為我的感覺是，隨著墨西哥披索升值，國際端或許可以做更明顯的調升。

And just to confirm a follow-up on your response earlier. So the 92%, that's based on first quarter numbers, right? Or how should we understand that 92%?

另外確認一下我對你剛才回覆的理解：你提到的 92% 是以第一季數據為基礎，對嗎？我們應該如何理解這個 92%？

Okay. Jens, thank you for your question. So in terms of the increase, it was -- as of April 10, it was a 6.9% across the board for domestic and for international to and airport services as well. That was a nominal increase of 6.9%.

好的。Jens，謝謝你的問題。就調升幅度而言，自 4 月 10 日起，國內與國際以及機場服務費率皆一致上調 6.9%。這是名目（nominal）上調 6.9%。

And regarding the maximum tariff, yes, the 91%, 92% is in the 1Q, and we would expect to go higher around 95% towards the end of the year.

至於最高費率，是的，91%、92% 是第一季的水準，我們預期到年底會提高至約 95%。

Okay. So -- and when is the next step up planned for this year?

了解。那麼，今年下一次調升預計會在什麼時候？

We don't have any other step-up contemplated for the rest of the year. Any increase would be until the next year, still TBD and the timing of that.

今年剩餘期間我們沒有規劃其他調升。任何調升都會等到明年，仍待定（TBD），包括其時點。

Okay. So even if the Mexican peso appreciates further, any adjustment would be implemented next year.

了解。所以即使墨西哥披索進一步升值，任何調整也會到明年才會實施。

Correct. Yes.

正確。是的。

Anton Mortenkotter, GBM.

Anton Mortenkotter，GBM。

On the commercial side, commercial revenue per pax was quite stable quarter -- sorry, year-on-year. I was just wondering, as you look ahead, how are you thinking about the next phase of monetizing the commercial side across the portfolio? And where do you see the biggest opportunities structurally to increase the spend per passenger?

在商業面，商業收入（每位旅客）年對年相當穩定。我想請教，展望未來，你們如何看待在整體機場組合中，商業化變現（monetizing）下一階段的推進？以及從結構性角度來看，你們認為提升每位旅客消費額的最大機會在哪裡？

Sure. We did have flattish per pax income this quarter versus last year. Most of that is explained because of the reconfiguration of commercial spaces in our Monterrey Airport as a result of the terminal expansion works that we are doing in that airport.

好的。本季每位旅客收入相較去年確實大致持平。主要原因是我們在蒙特雷機場進行航廈擴建工程，導致商業空間重新配置。

As we open new areas and works in certain areas are completed, we should see the benefit of those works probably starting mid-2027 and kicking in, in full in 2028. And in addition, we have a couple of line items that are also quite peso linked -- US Dollar linked, primarily the VIP lounge operation is basically fully dollarized as well as duty free. So appreciation of the peso also affected those two particular line items.

隨著新區域開放、部分區域工程完工，我們應可在 2027 年年中左右開始看到這些工程帶來的效益，並在 2028 年全面反映。此外，我們也有幾個科目與披索走勢高度相關——或更精確地說與美元掛鉤；其中 VIP 貴賓室營運基本上完全以美元計價，免稅店亦然。因此披索升值也影響了這兩個特定科目。

Enrique Cantu, GBM.

Enrique Cantu，GBM。

Congratulations on the results. My question is on profitability. We saw a meaningful increase in operating costs, particularly in service costs, which pressured margins. How much of this cost increase will be considered as a one-off? And how should we think about the margin trends in the coming quarters?

恭喜本季的結果。我想問的是獲利能力。我們看到營運成本明顯上升，特別是服務成本，對利潤率造成壓力。這些成本增加有多少會被視為一次性（one-off）？以及我們應如何看待未來幾季的利潤率趨勢？

Enrique, so we had some advanced minor maintenance expenses that were advanced in the first quarter due to timing execution of the works. We should expect that line item to normalize going forward. And also in the other costs and expenses, we did have some nonrecurring items related to bad debt provisioning, certain litigation provisions and IT expenses that should level off in coming quarters.

Enrique，所以我們在第一季因工程執行時點的關係，提前發生了一些較高的例行小型維護費用。未來我們預期該項目將回歸正常水準。另外，在其他成本與費用方面，我們確實有一些與呆帳提列、特定訴訟準備金以及 IT 費用相關的一次性項目，預期在接下來幾季會趨於平穩。

Now regarding the major maintenance provision, I will just highlight, it's a noncash item. So even though it does affect the EBITDA margin, it is not affecting the cash position of the company.

至於大型維護準備金，我只想強調，這是一個非現金項目。因此，雖然它會影響 EBITDA 利潤率，但不會影響公司的現金部位。

Alan Macias, Bank of America.

Alan Macias，美國銀行。

Just a question on jet fuel. Any risks there of availability in Mexico? Any scarcity have you seen? And what have jet fuel prices been doing in Mexico? And any risk of airlines such as Delta that suspended some flights from the US to Mexico. Anything you've seen from US airlines or in that case, Mexican?

想請教關於航空燃油。墨西哥那邊在供應可得性上有任何風險嗎？你們有看到任何短缺嗎？另外，墨西哥的航空燃油價格走勢如何？以及像達美航空暫停部分美國飛墨西哥航班這類情況，有沒有任何風險？你們從美國航空公司或墨西哥航空公司那邊有看到什麼影響嗎？

Alan, yes, we -- fortunately, we're not having the issue that you're seeing in Europe, where you've seen shortages of jet fuel. Fortunately, in Mexico, we don't see a problem of shortage. We've also spoken directly with the airport authorities, and there's no sign that there is a problem of shortage. We do have the price of oil where it is, that it's probably having an impact across the board.

Alan，是的，我們——幸運的是，我們沒有遇到你在歐洲看到的問題，歐洲那邊出現了航空燃油短缺。幸運地，在墨西哥我們沒有看到短缺問題。我們也直接與機場主管機關溝通過，沒有跡象顯示存在短缺問題。至於油價目前所處的水準，可能正在對各方面造成影響。

(Operator Instructions)

（接線員指示）

Vanessa Quiroga, [Eternal] Capital.

Vanessa Quiroga，[Eternal] Capital。

A follow-up regarding the increase in tariffs that are due in April that you are going to implement. What exchange rate for the Mexican peso did you assume to decide to increase by 6.9%, the tariffs?

關於你們將在 4 月實施的費率調升，我想追問一下。你們在決定將費率調升 6.9% 時，假設的墨西哥披索匯率是多少？

So that increase was based or planned earlier in the year, and it does reflect both inflationary expectations for this year as well as some catch-up of the MDP tariff increase that we obtained in December of last year. So it's consistent with our expectation of passing through the MDP increase in two year to three years.

這次調升是年初較早時就已規劃的，反映了今年的通膨預期，以及我們在去年 12 月取得的 MDP 費率調升的一部分補追。因此，這與我們預期在兩到三年內逐步轉嫁 MDP 調升的想法一致。

Okay. And a question about the noncommercial -- the commercial revenues and what we saw for the hotels. Are you expecting that the hotel performance will remain as we saw in the first quarter with declines?

好的。還有一個關於非商業——商業收入，以及我們在飯店看到的表現。你們是否預期飯店表現會維持第一季那樣的下滑？

Part of the decline that you saw in the first quarter was mostly due to FX. So especially the Hilton Garden Inn in Monterrey mostly are -- two third are Hilton Honors, which are American-based. So the currency was -- that played an impact there. We expect it to normalize going forward. And we're also exploring two additional new hotels.

你在第一季看到的下滑，有一部分主要是因為匯率因素。特別是蒙特雷的希爾頓花園酒店（Hilton Garden Inn），其中約三分之二是希爾頓榮譽客會（Hilton Honors）客源，主要來自美國。因此匯率在那裡造成了影響。我們預期未來會回歸正常。此外，我們也正在評估另外兩家新飯店。

Julia Orsi, JPMorgan.

Julia Orsi，摩根大通。

So just a question on your outlook for traffic for this year. So any changes on your previous estimates of low to mid-single-digit growth rate due to airlines reducing capacity and some sort of demand hit due to higher jet fuel costs and how you're seeing the breakdown across domestic and international demand as well?

想請教你們對今年旅客量的展望。由於航空公司減少運能，以及航空燃油成本上升可能對需求造成影響，你們先前對低到中個位數成長率的估計是否有變？另外，你們如何看待國內與國際需求的結構分布？

Julia, even though there is a lot of uncertainty on the number of seats after the summer season, we think that the low to mid-single-digit estimate is still valid. We do see better performance on the domestic side than in international. So yes, in the 1Q of this year, US demand has been soft, but this has been compensated by higher dynamism of the Monterrey industrial market.

Julia，儘管夏季旺季之後的座位數仍有很多不確定性，我們認為低到中個位數的估計仍然有效。我們確實看到國內線表現優於國際線。因此，是的，在今年第一季，美國需求偏弱，但這已被蒙特雷工業市場更高的動能所抵消。

[Federico Galassi], The Rohatyn Group.

[Federico Galassi]，The Rohatyn Group。

Maybe this is a follow-on, but when I checked the growth in cost, we see two or three lines as minor maintenance, other costs and in particular, contracted service. This is -- was something in particular for this quarter? This is a number that you can continue to grow and in particular, for the project that you are running today? Just to understand how is the increase in cost only that.

也許是延伸問題，但我查看成本成長時，看到兩三個項目，例如小型維護、其他成本，尤其是外包服務。這一季是否有什麼特別原因？這個數字是否會持續成長，特別是與你們目前正在進行的專案有關嗎？想了解成本增加主要是什麼原因。

Sure. Federico. So on -- yes, maintenance cost was impacted by timing effect. So it should trend down in the following quarters, and the same with other costs. On the contracted services line item, it does reflect primarily security and cleaning contracts that we have.

當然。Federico。關於——是的，維護成本受到時點效應影響，因此在接下來幾季應該會下降，其他成本也是一樣。至於外包服務這個項目，主要反映的是我們的保全與清潔合約。

And those levels are expected to -- of that particular line item to be maintained for the remainder of the year.

而該特定項目的水準，預期在今年剩餘期間會維持。

Okay. Other costs and expenses?

好的。那其他成本與費用呢？

Yes. And other costs also, we did have some timing effects as well as some extraordinary events in the 1Q. So that number should also be slightly lower in future quarters.

是的。其他成本方面，我們也有一些時點效應，以及第一季的一些特殊事件。因此，未來幾季該數字也應該會略低一些。

Okay. It's fair to say that today that in the next quarters, the cost of our revenues should be decreased for those one effect, one-off effects.

好的。可以說接下來幾季，我們的營收成本會因為那些一次性影響而下降嗎？

That is correct.

沒錯。

Perfect. Very clear. And the second one, Ruffo, if I can, is we saw in the last quarter, OMA Carga?growing again, almost double digit, if you see the two quarters. How do you see the activity in Carga thinking in the rest of the year?

很好，非常清楚。第二個問題，Ruffo，如果可以的話，我們看到上一季 OMA Carga 又再度成長，如果看連續兩季幾乎接近雙位數。你們如何看待今年剩餘時間的貨運（Carga）活動？

So it continues to be strong. What is driving right now the first Q numbers is primarily our Chihuahua warehouse results, which is picking up in terms of client penetration and operations. But we still see a lot of potential in the Monterrey airport, and we see dynamism to continue for the coming quarters on that line item.

目前仍然強勁。推動第一季數字的主要因素，是我們奇瓦瓦倉庫的表現，客戶滲透率與營運量都在提升。但我們仍然看到蒙特雷機場有很大的潛力，也看到該項目在接下來幾季會持續保持動能。

Gabriel Himelfarb, (inaudible).

Gabriel Himelfarb，（聽不清）。

Just a quick reminder or a quick follow-up on the MDP CapEx. I believe it's the core of the MDP, it's based on expanding the Monterrey commercial areas. I think you mentioned last quarter that you expect a ramp-up between 10% and 15% on revenue per passenger by 2028. Is this number still in line or there's an update? Or perhaps can you give us in terms of EBITDA, how much can this be incremental for OMA?

關於 MDP 資本支出（CapEx）我想快速提醒或追問一下。我理解 MDP 的核心是擴建蒙特雷的商業區域。我記得你們上季提到，預期到 2028 年每位旅客的收入（revenue per passenger）會提升 10% 到 15%。這個數字仍然一致嗎？或有更新？另外，若以 EBITDA 來看，這對 OMA 可能帶來多少增量？

So yes, we -- that number is based in real terms. So yes, we will expect that spend per pax in the Monterrey Airport to go about by 15% by 2028 as compared to baseline of 2024 in real terms, yes.

是的——那個數字是以實質（real terms）計算的。所以是的，我們預期到 2028 年，蒙特雷機場每位旅客的消費（spend per pax）相較於 2024 年的基準，在實質條件下將提升約 15%，是的。

Okay. And how much in terms of EBITDA will be the step up?

好的。那以 EBITDA 來看，提升幅度會是多少？

Let me confirm and get back to you because I will have to check what the expected passengers are for that airport. But I'll get back to you. I don't have the numbers in front of me.

我需要確認後再回覆你，因為我得查一下該機場的預期旅客量。我會再回覆你。我手邊沒有那些數字。

We have no further questions at this time. I'd now like to turn the floor back over to management for closing comments.

目前沒有其他問題。我現在把時間交回管理層作結語。

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 available to answer your questions. Thank you once again, and have a great day.

我們要感謝各位參與今天的電話會議。我們感謝各位富有洞見的提問、積極參與以及持續支持。Ruffo、Emmanuel 和我都可以回答各位的問題。再次感謝，祝各位有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。