Grupo Aeroportuario del Pacifico SAB de CV (PAC) 2024 Q3 法說會逐字稿

Good morning and welcome to GAP's conference call. (Operator Instructions)

早上好，歡迎參加 GAP 的電話會議。（操作員指示）

It is now my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

現在我很高興將電話轉給 GAP 的投資者關係團隊。請繼續。

Thank you, and welcome to Grupo Aeroportuario del Pacifico's third quarter 2024 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer. Please be advised that forward-looking statements may be made during this conference call.

謝謝，歡迎參加 Grupo Aeroportuario del Pacifico 2024 年第三季電話會議。今天我們歡迎 GAP 執行長 Raul Revuelta 先生代表公司出席演講；以及財務長 Saul Villarreal 先生。請注意，本次電話會議期間可能會做出前瞻性陳述。

These do not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, statements made are based on several assumptions and factors that could cause actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report.

這些並未考慮未來的經濟狀況、產業狀況、公司的未來表現或財務結果。因此，所做的聲明是基於若干假設和因素，這些假設和因素可能會導致實際結果與目前預期有重大差異。有關前瞻性陳述的完整說明，請參閱季度報告。

At this point, I'd like to turn the call over to Mr. Revuelta for his opening remarks. Please begin, sir.

現在，我想請雷威爾塔先生致開幕詞。先生，請開始。

Thank you, Maria. Good morning, and thank you for joining us today. And I'm proud to share with you how we have been able to navigate the complex market environment, while closely [stagnating] GAP for sustainable growth via diversification and strategy. Before discussing the quarterly results, let me start today's call with a recap of recent developments. First, was the approval of the 2025-2029 Master Development Plan for the 12 Mexican airports under maximum tariff, which occurred under the new tariff regulation.

謝謝你，瑪麗亞。早安，感謝您今天加入我們。我很自豪地與大家分享我們如何應對複雜的市場環境，同時透過多元化和策略緊密控制 GAP 的可持續成長。在討論季度業績之前，我先回顧一下最近的發展。首先，批准了新關稅條例下墨西哥12個最高關稅機場的2025-2029年總體發展計畫。

Some key highlights of the new MDP include: a total CapEx commitment for the five years of MXN43.2 billion, measured in pesos as of December 2022. That will be adjusted for the National Producer Price Index construction sector, keep on execution.

新 MDP 的一些主要亮點包括：五年內總資本支出承諾為 432 億墨西哥比索（截至 2022 年 12 月以比索計算）。決定對全國建築業生產者物價指數進行調整，繼續執行。

Something important to remember is that in that amount, we have already made advanced payments of approximately MXN5.5 billion during 2023 and 2024. This has been approved by the authority and are recognized during the new MDP mainly for Guadalajara land reserves.

需要記住的是，在 2023 年和 2024 年期間，我們已經預付了約 55 億墨西哥比索。這已得到當局的批准，並在新 MDP 期間得到認可，主要用於瓜達拉哈拉土地儲備。

Of this five years CapEx, almost 40% will be invested in terminal buildings. Therefore, by the end of the quinquennium, we'll have an additional 54% in square meters, meaning more capacity and space throughout our toll purpose, besides 37% of additional security checkpoints and 26% of additional airports.

在這五年的資本支出中，近40%將投資於航站樓。因此，到本五年期末，我們將額外增加 54% 平方米，這意味著我們的收費站將擁有更多的容量和空間，此外還將增加 37% 的安全檢查站和 26% 的機場。

Importantly, 87% of total committed investments will being for of our airports. Key projects included, in Guadalajara, the construction of a second terminal, additional aprons, taxiways, new vehicle access and the purchase of land reserves for future development. At the Tijuana airport, the development of a terminal facility for domestic departing passengers, aprons and the purchase of land. Besides and in Los Cabos, the expansion of apron and the international terminal building.

重要的是，總承諾投資的 87% 將用於我們的機場。重點項目包括在瓜達拉哈拉建造第二個航站樓、額外的停機坪、滑行道、新的車輛通道以及購買土地儲備以供未來發展。在蒂華納機場，開發國內出發旅客的航廈設施、停機坪併購買土地。此外，在洛斯卡沃斯，還將擴建停機坪和國際航站樓。

In addition, it is important to remember that we expect to finalize the second terminal building in Puerto Vallarta by the end of 2026. These investments are intended to support GAP's new growth phase for the upcoming years. Regarding maximum tariff determination, please note that the new methodology for calculating discount rate is now based on weighted average cost of capital compared to the previously when it was based on the cost of equity. In this regard, the new tariff will be gradually implemented in the following 15 months.

此外，值得注意的是，我們預計將於 2026 年底完成巴亞爾塔港第二航站樓的建設。這些投資旨在支持 GAP 未來幾年的新成長階段。關於最高關稅的確定，請注意，計算折現率的新方法現在是基於加權平均資本成本，而以前是基於股權成本。對此，新電價將在未來15個月內逐步實施。

Moving on to this quarter's performance. As you can see, our operational resilience at the strength of our commercial strategy are key drivers for our long-term success. During this quarter, we faced several industry-wide challenge. Most notably, the 5.7% decline in passengers' traffic during this quarter was driven by the ongoing inspections of the Pratt & Whitney's engines, which began in the late 2023 and are expected to continue throughout 2025.

繼續討論本季的表現。正如您所看到的，我們強大的商業策略和營運彈性是我們長期成功的關鍵驅動力。本季度，我們面臨多個全行業的挑戰。最值得注意的是，本季客運量下降 5.7% 是由於普惠公司的引擎正在進行檢查，該檢查於 2023 年底開始，預計將持續到 2025 年全年。

Despite these headwinds, financial results have remained strong, and this was largely due to the dynamic commercial revenue growth, which I believe is central to GAP's future. Even with this setback, we have continued to expand our strength, our network.

儘管面臨這些不利因素，財務表現依然強勁，這主要歸功於商業收入的強勁成長，我相信這對 GAP 的未來至關重要。即使遭遇挫折，我們仍然繼續擴大我們的實力和網絡。

For example, during this third quarter, we opened two international routes, including the Guadalajara to Toronto route and resuming the operation of the Tijuana to Beijing route, closed one domestic route, bringing the total number of routes added to our network this year to 16. This effort are in the line with our air development strategy.

例如，今年第三季度，我們開通了兩條國際航線，包括瓜達拉哈拉至多倫多航線，並恢復了蒂華納至北京航線的運營，關閉了一條國內航線，使今年新增航線總數達到16條。這項努力符合我們的航空發展策略。

Allow me to highlight our commercial revenue, which were a standout success. During the third quarter, we experienced an exceptional 39% increase in non-aeronautical revenues, driven mainly by the strategic expansion across our airport network and business acquisitions. This is the result of GAP's ongoing deliberate and strategic effort to maximize commercial revenues wherever we see potential.

請容許我強調一下我們的商業收入，這是一個突出的成功。第三季度，我們的非航空收入實現了 39% 的顯著成長，這主要得益於我們機場網路的策略擴張和業務收購。這是 GAP 持續深思熟慮並採取策略性努力的結果，旨在最大限度地提高我們所發現的潛力的商業收入。

The cargo and freight flight facility consolidation contributed to MXN354 million to non-aeronautical revenue and is a testament to the [first stage] of our strategy. Additionally, we have seen a remarkable growth in terms of car rentals, retail, food and beverage, where new partnerships and expansions has yield significant returns. For instance, our car rental business and VIP lounges, particularly in Guadalajara and Los Cabos have performed exceptionally well.

貨運和貨運航班設施整合為非航空收入貢獻了 3.54 億墨西哥比索，這是我們戰略[第一階段]的證明。此外，我們在汽車租賃、零售、食品和飲料方面也看到了顯著的成長，其中新的合作夥伴關係和擴張帶來了可觀的回報。例如，我們的汽車租賃業務和貴賓休息室，尤其是在瓜達拉哈拉和洛斯卡沃斯的業務表現非常出色。

And the second VIP lounge in Guadalajara, which opened just this quarter has already helped meet growing demand at that airport. Non-aeronautical revenues per passenger grew, reaching MXN120 during the first nine months, demonstrating how we are not only serving more passengers, but serving them better by offering them an enhanced and more valuable experience at every opportunity, despite lower overall traffic numbers.

本季剛開放的瓜達拉哈拉第二家貴賓休息室已經滿足了該機場日益增長的需求。每位乘客的非航空收入有所增長，前九個月達到了 120 墨西哥比索，這表明儘管總體客流量較低，但我們不僅服務了更多的乘客，而且通過在每個機會為乘客提供更優質、更有價值的體驗，為他們提供了更好的服務。

And while commercial revenues have been a clear highlight. Aeronautical revenue declined by 3.8%. This was primarily due to the lower passengers' traffic and the fact that we have only reached around 94% of the maximum tariff. Nonetheless, our overall revenue increased by 6%, again reflecting the strength of our business in terms of revenue, service diversification. On the expenses side, operational expenses increased by 21%, largely due to the consolidation of the cargo and fiscal facility in service costs, employee-related expenses and inflationary pressures.

商業收入一直是明顯的亮點。航空收入下降3.8%。這主要是因為客流量較低，而且我們只達到最高票價的 94% 左右。儘管如此，我們的整體收入仍成長了 6%，再次反映了我們業務在收入和服務多樣化方面的實力。在費用方面，營運費用增加了21％，這主要是由於貨運和財政設施合併在服務成本、員工相關費用和通膨壓力中。

Without the new cargo business, the cost of service will increase by 8.8% only. However, we will continue to effectively control the cost of service wherever possible, thus ensuring that our growth is sustainable and even an elevated costs.

如果沒有新的貨運業務，服務成本只會增加8.8%。然而，我們將繼續盡可能有效地控制服務成本，從而確保我們的成長可持續，即使在成本上升的情況下。

Our EBITDA margin, excluding IFRS 12 effect, remained at a solid 67%, which is a slight decline compared to last year, but reflects the importance of our strategic investments in infrastructure and services. In terms of financial position, we maintain a healthy balance sheet with cash and cash equivalents totaling by MXN15.8 billion at the end of September of 2024. We have also continued our CapEx investments with approximately MXN5.2 billion allocated to infrastructure projects.

我們的 EBITDA 利潤率（不包括 IFRS 12 的影響）保持在 67% 的穩定水平，與去年相比略有下降，但反映了我們對基礎設施和服務的策略性投資的重要性。在財務狀況方面，我們保持健康的資產負債表，截至 2024 年 9 月底，現金和現金等價物總額為 158 億墨西哥比索。我們也持續進行資本支出投資，約 52 億墨西哥比索用於基礎建設項目。

Our recent refinancing of credit facilities and the issuance of long-term bond certificates ensures that we remain well capitalized to pursue further growth opportunities as well to leverage our committed capital investments.

我們最近對信貸額度進行的再融資和發行的長期債券證書確保我們擁有充足的資本來尋求進一步的成長機會並利用我們承諾的資本投資。

Currently, we have a net debt-to-EBITDA ratio of 1.8 times for the trailing 12 months, thereby complying with all our debt covenants. In closing, this quarter has demonstrated that the future of airport management is not longer just about managing flights. It is increasingly about building diversified operating and commercial ecosystem that generates sustained growth and profitability.

目前，我們過去 12 個月的淨債務與 EBITDA 比率為 1.8 倍，從而遵守了所有債務契約。最後，本季表明，機場管理的未來不再只是管理航班。它越來越注重建立多元化的營運和商業生態系統，以實現持續的成長和獲利能力。

GAP is leading that transformation. And I have every -- very confident that our strategy will continue to deliver value for all our stakeholders. Thank you for your time. And now I open the floor for your questions.

GAP 正在引領這項轉變。我非常有信心，我們的策略將繼續為所有利害關係人帶來價值。感謝您抽出時間。現在我開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Fernanda Recchia, BTG Pactual.

費爾南達·雷基亞 (Fernanda Recchia)，BTG Pactual。

Hello. Thank you for taking my question. Two questions on our side. The first regarding the initial remarks that you mentioned that the new tariff is expected to be gradually implemented. Could you provide more details on this? When do you expect it to fully implement the tariff? And how is the growth implementation?

你好。感謝您回答我的問題。我們這邊有兩個問題。首先，關於您最初提到的新關稅預計將逐步實施。您能否提供更多有關此問題的詳細資訊？您預計何時全面實施該項關稅？成長執行情況如何？

And second, could you please comment on your traffic expectations for next year? How are you seeing the Pratt & Whitney issue? Do you think Q3 will be the peak? And how do you see it impacting for next year? That's it from my side. Thank you.

其次，您能否評論一下對明年的交通預期？您如何看待普惠公司的問題？您認為第三季會成為高峰嗎？您認為這會對明年產生什麼影響？我這邊就是這樣。謝謝。

Thank you, Fernanda. This is Raul. In terms of specific times, we see that we will gradually implement the changes. At the end of the day, in terms of the airport law, we could change our specific tariff each six months. So our plan would be to change one time in January, one time in July and one time in the next January.

謝謝你，費爾南達。這是勞爾。從具體時間來看，我們將逐步實施這些變革。最終，根據機場法，我們可以每六個月更改一次具體關稅。因此我們的計劃是在一月更換一次，七月更換一次，明年一月更換一次。

As you can see, our fulfillment on tariff this year is around 95%. When we had inflation and the new -- the growth in terminals in real terms of the new tariff, we think that is better to the market to pass through all the tariffs in a gradual way in all these -- during 2025 mainly.

大家可以看到，我們今年的關稅履行率大概是95%。當我們面臨通貨膨脹和新的——以新關稅的實際終端增長時，我們認為，在所有這些方面——主要是在 2025 年——以市場為導向，逐步轉嫁所有關稅是更好的選擇。

The second part related of what we are expecting in terms of traffic. I would say that we are working really closely with the -- we're really close with the airlines to understand, first of all some new deliveries and the coming back of some of the planes that were grounded back for the Pratt & Whitney engine. In that terms, with the information that we have today, we think that the new -- the next year is going to be with a growth close to the 5%.

第二部分涉及我們對流量的預期。我想說的是，我們正在與航空公司密切合作，首先了解一些新飛機的交付情況，以及一些因使用普惠發動機而停飛的飛機的複飛情況。從這個角度來看，根據我們今天掌握的信息，我們認為明年的成長率將接近 5%。

Again, we right now are working with all these laws and for -- to understand how would be the growth in the coming years. But with the data that we have already reviewed, we think that could be a 5% increase. That was mainly the two questions.

再說一次，我們現在正在研究所有這些法律，以了解未來幾年的成長。但根據我們已經審查過的數據，我們認為這一數字可能會增加 5%。主要就是這兩個問題。

Thank you. So just to clarify, the 25% will be fully implemented only by January 2026? Is that what you said?

謝謝。所以要澄清的是，25% 的稅率要到 2026 年 1 月才會全面實施嗎？你是這麼說的嗎？

Hi, Fernanda, this is Saul. Yes, that's the intention, to be fully implemented in 2026. Yes.

你好，費爾南達，我是索爾。是的，這就是我們的意圖，將在 2026 年全面實施。是的。

Okay. Thank you.

好的。謝謝。

Alan Macias, Bank of America.

美國銀行的艾倫·馬西亞斯（Alan Macias）。

Hi, good morning and thank you for the call. Just two questions. The first, when do you expect the engine recall problem to be ended? Should this be during third quarter? Is that a good assumption? And the second question is on the new cargo business. Do you expect similar revenue levels as the one observed in third quarter? Thank you.

您好，早安，感謝您的來電。僅兩個問題。第一，您預計引擎召回問題什麼時候能夠結束？這應該是在第三季嗎？這是一個好的假設嗎？第二個問題是關於新貨運業務。您預期營收水準與第三季相似嗎？謝謝。

Thank you, Alan. This is Raul. Regarding the engine recall, I mean, one of -- some of the public information that, for example, Volaris made public. They saw that the complete effect of the grounding -- the grounded planes will be on December of 2026.

謝謝你，艾倫。這是勞爾。關於引擎召回，我的意思是，這是 Volaris 等公司公開的一些公開資訊之一。他們看到停飛的完全效果——飛機停飛將在 2026 年 12 月實現。

But for sure, what we are expecting is on this summer on 2025, we will begin to see an increase of first start, the coming back of some of the planes, not the full planes that were grounded, but an important amount of planes that will be again flying.

但可以肯定的是，我們預計在 2025 年夏天，我們將開始看到首次起飛數量的增加，一些飛機的回歸，雖然不是停飛的全部飛機，但有大量飛機將再次飛行。

Second, some new deliveries that Volaris and Viva Aerobus and even Aeromexico will add to their fleet. And third, for sure, we will have a good comparison or a more easy comps when we see the summer of 2025 versus the summer of 2024. So in general terms here, I will say that for the summer of 2025, we will begin to see a more important expansion on the number of passengers.

其次，Volaris、Viva Aerobus 甚至墨西哥航空都將增加一些新飛機加入其機隊。第三，可以肯定的是，當我們看到 2025 年夏天與 2024 年夏天的對比時，我們將有一個很好的比較或更容易的比較。因此，總的來說，我想說，到 2025 年夏天，我們將開始看到乘客數量的更重要的增長。

Yes. Hi, Alan, this is Saul. Regarding your second question. Yes, we do expect that same level of revenues. Indeed, probably will be a little bit better with an EBITDA margin close to 50%, 55%. So there are a lot of opportunities to improve cost of operation and to continue improving the level of revenues. At the end, it was a good transaction that provides more value to the company.

是的。你好，艾倫，我是索爾。關於你的第二個問題。是的，我們確實期望同樣的收入水準。確實，EBITDA 利潤率可能會稍微好一點，接近 50%、55%。因此，有很多機會可以改善營運成本並繼續提高收入水平。最終，這是一筆很好的交易，為公司創造了更多價值。

Thank you.

謝謝。

Juan Ponce, Bradesco BBI.

胡安·龐塞（Juan Ponce），Bradesco BBI。

Hi, Raul, Saul, thank you for taking my question. I have a question on international traffic. Do you guys see any impact from the US election? I mean, we have seen the leisure destinations take a hit in recent months. I mean, just to try to understand what is the main driver here? Is it the capacity? Is it demand? So just your thoughts here would be great. Thank you,

你好，Raul、Saul，謝謝你們回答我的問題。我有一個關於國際交通的問題。你們覺得美國大選有影響嗎？我的意思是，我們看到近幾個月來休閒目的地受到了打擊。我的意思是，只是想了解這裡的主要驅動因素是什麼？是容量嗎？這是需求嗎？所以，只要你在這裡想一下，那就太好了。謝謝你，

Thank you, Juan. I mean, we are seeing mainly leisure destinations like Cabos, Vallarta and Montego Bay in the case of that for both -- for us also for other airports in the region in Caribbean as Cancun and other airports in the Caribbean, that [September] show an important decrease of number of seats. For sure, that impact us directly on the growth of passengers.

謝謝你，胡安。我的意思是，我們看到的主要是休閒目的地，如卡沃斯、巴亞爾塔和蒙特哥灣，對於我們來說，對於加勒比地區的其他機場，如坎昆和加勒比地區的其他機場來說，[9 月份] 座位數量都出現了顯著下降。毫無疑問，這會直接影響乘客數量的成長。

So as you can see, for instance, the third quarter of '23 versus '24, Los Cabos, Montego Bay and Puerto Vallarta, three of them decreased 11%. What mainly we saw is an important decrease in some specific routes on the offer of seats.

例如，正如您所看到的，23 年第三季與 24 年第三季相比，洛斯卡沃斯、蒙特哥灣和巴亞爾塔港這三個城市的客流量下降了 11%。我們主要看到的是一些特定航線的座位供應量大幅下降。

We think or at least for the moment, we are seeing that demand is still there. The yields are still being super healthy. So we think that in the coming months and for the winter, we will begin to see the coming back of those seats. I will say that for the moment, it's -- I would say, it's almost impossible to understand if this comes from some kind of impact related for -- of the US elections.

我們認為，或至少目前，我們看到需求仍然存在。收益率仍然非常健康。因此我們認為，在接下來的幾個月以及整個冬季，我們將開始看到這些席位的回歸。我想說的是，就目前而言，幾乎不可能理解這是否與美國大選有關。

But what is in front and what is a fact is that in the last months, we have seen an important decrease on seats on leisure destinations mainly. We are not seeing the same trend on traffic related with business or VFR, so visit friends and relatives. As you can see, for instance, Guadalajara is growing in double digit. What is really important when we talk about international markets because for GAP, for instance, the international market of Guadalajara is the highest one. So it's really relevant to see a double-digit growth in that specific market.

但眼前的事實是，在過去的幾個月裡，我們看到主要在休閒目的地的機票數量大幅減少。我們沒有看到與商業或 VFR 相關的交通的相同趨勢，因此請拜訪朋友和親戚。例如，如您所見，瓜達拉哈拉正在以兩位數的速度成長。當我們談論國際市場時，真正重要的是，例如對 GAP 來說，瓜達拉哈拉的國際市場是最高的市場。因此，看到該特定市場出現兩位數的成長確實意義重大。

Jay Singh, Citi.

花旗銀行的傑伊辛格 (Jay Singh)。

Hello, can you hear me?

你好，你聽得到我說話嗎？

Please go ahead.

請繼續。

Thanks for taking my question. Do you guys hear me?

感謝您回答我的問題。你們聽見我說話了嗎？

Yes.

是的。

Yes. So it's Jay dialing on for Stephen Trent. Thanks for taking my question. I guess the first one I have is, looking at the customs capacity that's required, do you guys see that there's room for any other acquisitions anytime soon?

是的。所以是傑伊在為史蒂芬特倫特打電話。感謝您回答我的問題。我想我首先要問的是，看看所需的海關容量，你們認為近期是否還有空間進行其他收購？

I mean, I would say that today, we are, I mean, working on consolidation of all this business of cargo facilities and fiscal areas. Let me begin with Guadalajara. We are working on how we consolidate this business. We are working how to -- I would say, increase the margins and work on the cost. But in the other hand, we are also beginning to review other different opportunities related with the same kind of business.

我的意思是，我想說，今天，我們正在致力於整合所有貨運設施和財政領域的業務。讓我從瓜達拉哈拉開始。我們正在研究如何鞏固這項業務。我們正在努力——我想說，提高利潤率並降低成本。但另一方面，我們也開始審查與同類業務相關的其他不同機會。

At the end of the day, the best way to understand this movement on the cargo facility in business is related to have -- that GAP has like a platform to increase or to generate new business related with logistics. So on this year, we will work really, I would say, really hard to try to bring some additional optimization of the cost on this new business.

歸根究底，了解貨運設施業務這一動向的最佳方式是—GAP 擁有一個平台來增加或產生與物流相關的新業務。因此，我想說，今年我們將會非常努力地嘗試對這項新業務的成本進行一些額外的優化。

But also, we are working to the next movement through that acquisition, trying to build new terminal -- cargo terminal facilities on some of our airports. I will say that we are reviewing for the moment some opportunity that could come from Bajio, for instance, related with the automotive market. Also, we are reviewing some kind of opportunities for Tijuana.

但同時，我們也正在透過此次收購進行下一步工作，嘗試在我們的一些機場建造新的航站樓——貨運航站樓設施。我想說的是，我們目前正在審查巴希奧可能帶來的一些機會，例如與汽車市場相關的機會。此外，我們正在審查蒂華納的一些機會。

Even for the case of Puerto Vallarta and Cabos, that is a really specific market related with the specific cargo related to hotels. So we are working on that. I will say that we are reviewing all the possible new business and that has ever been the DNA of GAP, our discipline will be to bring additional value and to bring a creative value for our investors.

即使對於巴亞爾塔港和卡沃斯來說，這也是一個與酒店相關的特定貨物相關的真正特定的市場。所以我們正在努力。我想說的是，我們正在審查所有可能的新業務，這一直是 GAP 的 DNA，我們的原則是為我們的投資者帶來額外的價值和創造價值。

So we are just on that way. We have now the chance to have a new complete unit with all the experts related on cargo. So rather, we will have, and we will bring new opportunities to the table to analyze.

所以我們正朝著這個方向前進。我們現在有機會擁有一個由所有與貨物相關的專家組成的新的完整部門。因此，我們將擁有並帶來新的機會來進行分析。

Yeah. I appreciate the thoughts. And I guess my final question is, considering the dip of the Mexican peso against the US dollar, have you seen any changes in US originated tourism or even business travel? Or is that a little bit early to say?

是的。我很欣賞這些想法。我的最後一個問題是，考慮到墨西哥比索兌美元的下跌，您是否看到美國旅遊業甚至商務旅行發生了任何變化？或者現在這麼說有點早？

I would say that it's really soon to begin to see some kind of really a change in the trend related for the exchange rate. Because, I mean, at the end of the day, we have been only in the three months, we will begin to see some changes on the exchange rate. So I mean, we should wait a little more to see some kind of impact.

我想說，我們很快就會看到與匯率相關的趨勢發生某種真正的變化。因為，我的意思是，到最後，我們才過了三個月，我們就會開始看到匯率的一些變化。所以我的意思是，我們應該再等一段時間才能看到某種影響。

Okay. Thanks a lot. Have a great day.

好的。多謝。祝你有美好的一天。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

Hello. Thank you for taking my question. My question is regarding the GWTC platform. If I'm not mistaken, GWTC has margins of around 40%. And I wanted to know if now that it's fully incorporated, if they will generate synergies that could significantly impact GAP's margins? And if so, what specific synergies we should expect to drive these changes? Thank you.

你好。感謝您回答我的問題。我的問題是關於 GWTC 平台的。如果我沒記錯的話，GWTC 的利潤率約為 40%。我想知道，現在合併後，它們是否會產生協同效應，從而對 GAP 的利潤率產生重大影響？如果是這樣，我們應該期待哪些具體的協同作用來推動這些變化？謝謝。

Hi, Isabela, this is Saul. Yeah, the EBITDA margin in terms of GWTC is around 55%. Last year, 2023 was around 40%. It's part of the process and acquisition that we will have and implemented our cost control that Raul already mentioned. And the idea is to improve not only the side of the cost of operation, but also the revenues.

你好，伊莎貝拉，我是索爾。是的，GWTC 的 EBITDA 利潤率約為 55%。去年，2023 年約為 40%。這是我們將要實施的流程和收購的一部分，並實施 Raul 已經提到的成本控制。這樣做的目的不僅是為了降低營運成本，也是為了增加收入。

The revenues for this year will be very important, much better than previous year, around 25% more than previous year. So it will be an interesting year at the end of this last quarter, but we had a very good positive thoughts about the 2026. So it will be -- would represent a accretive transaction for GAP.

今年的收入非常重要，比去年好很多，比去年多出25%左右。因此，最後一個季度末將是充滿趣味的一年，但我們對 2026 年抱持著非常積極的想法。因此，對於 GAP 來說，這將是一筆增值交易。

I have a quick just clarification. That 25% increase, is it for GAP or for GWTC specifically?

我有一個簡短的澄清。那 25% 的成長是專門針對 GAP 還是 GWTC 呢？

It's only for this cargo facility.

它僅適用於此貨運設施。

Oh, okay, perfect. Thank you.

哦，好的，完美。謝謝。

And it appears that we have no further questions at this time. I will now turn the program back to our presenters for closing remarks.

目前看來我們沒有其他問題了。現在我將節目交還給主持人，請他們致結束語。

Thank you again, everyone, for joining us today our third-quarter results conference. On GAP's behalf, we wish you a great day. Thank you.

再次感謝大家參加我們今天的第三季業績發表會。我謹代表 GAP 祝您有個愉快的一天。謝謝。

Thank you. This does conclude GAP's conference call. Thank you for your participation. You may disconnect at any time.

謝謝。GAP 的電話會議到此結束。感謝您的參與。您可以隨時斷開連線。