Grupo Aeroportuario del Pacifico SAB de CV (PAC) 2025 Q1 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 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 the Grupo Aeroportuario del Pacifico's first-quarter 2025 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer.

謝謝，歡迎參加太平洋航空集團 2025 年第一季電話會議。今天，我們歡迎 GAP 執行長 Raul Revuelta 先生和財務長 Saul Villarreal 先生代表公司出席演講。

Please be advised that forward-looking statements may be made during this conference call. These do not account for future economic circumstances, industry conditions, the company's future performance or financial results.

請注意，本次電話會議期間可能會做出前瞻性陳述。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。

As such, statements made are based on several assumptions and factors that could change, causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report issued previously.

因此，所做的陳述是基於一些可能改變的假設和因素，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，請參閱先前發布的季度報告。

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, everyone, and thank you for joining our first quarter 2025 results call. Let me start with highlighting our financial performance. Despite a challenging macroeconomic and travel demand environment, we delivered a strong first quarter with solid growth across all key financial and operational indicators. Total revenue grew by 26% year-over-year, reaching MXN8.4 billion driven by a 20.9% increase in aeronautical revenues and 41.3% growth in non-aeronautical revenues.

謝謝你，瑪麗亞。大家早安，感謝您參加我們的 2025 年第一季業績電話會議。首先，我要強調一下我們的財務表現。儘管宏觀經濟和旅遊需求環境充滿挑戰，我們第一季仍表現強勁，所有關鍵財務和營運指標均穩健成長。總營收年增 26%，達到 84 億墨西哥比索，其中航空收入成長 20.9%，非航空收入成長 41.3%。

This was due to several positive factors that includes higher passenger traffic, the benefit of the new maximum tariff implemented on March 1 due to the last MDP revision, the peso depreciation of around 20% and incremental revenues from new commercial spaces, which include the mixed-use building that includes the hotel, and the consolidation of the cargo facilities, mainly in the Guadalajara Airport.

這是由於多種積極因素造成的，包括客流量增加、上次 MDP 修訂後於 3 月 1 日實施的新最高關稅帶來的好處、比索貶值約 20% 以及新商業空間帶來的增量收入，其中包括包含酒店的混合用途建築，以及貨運設施的整合，主要是在瓜達拉哈拉機場。

On the profitability front, EBITDA increased by 21%, reaching MXN5.6 billion with an EBITDA margin of 67.1%. Margin slightly contracted compared to the first quarter '24, mainly due to recognition in the P&L of the increase in the concession fee from 5% to 9% in our Mexican airports. Although these changes was enacted in January '24, it is important to recall that under the new tariff regulation, any payment to the government exceeding those included in the last tariff review will be added to the reference value for the next maximum tariff review.

在獲利能力方面，EBITDA 成長了 21%，達到 56 億墨西哥比索，EBITDA 利潤率為 67.1%。與 24 年第一季相比，利潤率略有收縮，主要是由於損益表中確認了墨西哥機場特許經營費從 5% 增加到 9%。儘管這些變化是在 2024 年 1 月頒布的，但重要的是要記住，根據新的關稅規定，任何超過上次關稅審查所包含的政府支付金額都將被添加到下一次最高關稅審查的參考值中。

As such, the additional 4% of aeronautical revenue paid to the government during fiscal year 2024 was recognized as an intangible asset under the IAS 38, with amortization beginning in January 2025 and continuing through the end of the concession period. The related payments were included in the reference value for the determination of the maximum tariff of 2025, 2029. This quarter marks the first time the full 9% concession fee has been recognized in the P&L.

因此，2024 財年向政府支付的額外 4% 航空收入根據《國際會計準則第 38 號》被確認為無形資產，攤銷從 2025 年 1 月開始，一直持續到特許經營期結束。相關付款已計入確定2025年、2029年最高關稅的參考值。本季是公司首次在損益表中確認全部 9% 的優惠費用。

It's also important to highlight that the new commercial business improves our results but causes a slight dilution on the EBITDA margins. The reason is that while these business lines significantly contribute to the top line and EBITDA in nominal terms, the [ATCO] margin levels are lower than those of the core airport operations.

還需要強調的是，新的商業業務改善了我們的業績，但略微稀釋了 EBITDA 利潤率。原因在於，雖然這些業務線在名義上對營業收入和 EBITDA 做出了重大貢獻，但 [ATCO] 利潤率水準低於核心機場營運的利潤率。

For example, GWTC and the new hotel operated with an EBITDA margin of around 50%, which although healthy, is below our historical EBITDA margin profile. As we continue diversifying our revenue streams, we remain focused on balancing growth with profitability across all segments.

例如，GWTC 和新飯店的 EBITDA 利潤率約為 50%，雖然健康，但低於我們的歷史 EBITDA 利潤率水準。隨著我們繼續實現收入來源多元化，我們仍然致力於平衡所有部門的成長和獲利能力。

From a financial standpoint, the company remains strong. As of March 31, we have MXN16.2 billion in cash, following a successfully MXN6 billion bond issuance. We also extended and refinanced key credit lines in Mexico and Jamaica, providing financial flexibility to support upcoming investments. Following these figures, we maintain healthy leverage levels, reaching a net debt-to-EBITDA ratio of 1.7 times for the trailing 12 months, thus complying with all our debt covenants.

從財務角度來看，該公司依然強勁。截至 3 月 31 日，我們成功發行了 60 億墨西哥比索的債券，目前現金餘額為 162 億墨西哥比索。我們也延長並再融資了墨西哥和牙買加的主要信貸額度，為支持即將進行的投資提供了財務靈活性。根據這些數據，我們保持了健康的槓桿水平，過去 12 個月的淨債務與 EBITDA 比率達到 1.7 倍，從而遵守了我們所有的債務契約。

Moving on to the CapEx. During the quarter, GAP executed approximately MXN1.7 billion in capital expenditures. Just as a reminder, for the full year, the plan is to deploy around MXN13 billion. This includes MXN8.8 billion in committed investment across our Mexican airports under the master development program. And in addition to that figure, we have continued the construction of the new Puerto Vallarta terminal, which alone represents about MXN1.7 billion, to MXN1.35 billion of investment in our Jamaican airports and about MXN1 billion dedicated to commercial development.

繼續討論資本支出。本季度，GAP 的資本支出約為 17 億墨西哥比索。提醒一下，全年計劃投入約 130 億墨西哥比索。其中包括根據總體發展計畫對墨西哥機場承諾投資 88 億墨西哥比索。除此之外，我們還繼續建造新的巴亞爾塔港航站樓，光是這一項就耗資約 17 億墨西哥比索，我們對牙買加機場的投資為 13.5 億墨西哥比索，商業開發投資約 10 億墨西哥比索。

These investments are central to our strategy of enhancing infrastructure, expanding our commercial footprint and strengthening the overall passenger experience, all of which are key pillars for supporting our long-term growth.

這些投資是我們加強基礎設施、擴大商業足跡和增強整體乘客體驗的策略的核心，所有這些都是支持我們長期成長的關鍵支柱。

Let's now turn to the macroeconomic environment. We believe that for GAP, the risk of a US recession, migration directives, and the possible tariff impact remain key concerns. We are also closely monitoring the potential effects of passenger traffic, particularly in the discretionary and leisure segments, and we'll keep the market posted going forward.

現在讓我們來看看宏觀經濟環境。我們認為，對於 GAP 而言，美國經濟衰退的風險、移民指令以及可能的關稅影響仍然是主要擔憂。我們也密切關注客運量的潛在影響，特別是在非必需消費品和休閒領域，我們將隨時關注市場動態。

It is important to note that the Holy Week fell in April this year compared to March last year. So these months do not compare exactly with the last year. We will need a bit more time to fully assess the underlying trend for the leisure destination figures. That said, the data appears consistent with a broader economic slowdown in the United States, which quickly may manifest throughout reduced leisure travel and tourist spending. This is nothing that we have not seen before, and we are actively monitoring these changes so that we may adjust our assumptions accordingly.

值得注意的是，今年的聖週是在四月，而去年則是在三月。因此，這些月份與去年的比較並不完全一致。我們需要更多時間來全面評估休閒目的地數據的潛在趨勢。話雖如此，這些數據似乎與美國整體經濟放緩的趨勢一致，這可能很快就會體現在休閒旅遊和旅遊支出的減少上。這不是我們以前從未見過的情況，我們正在積極監測這些變化，以便相應地調整我們的假設。

Very interestingly, we have looked at Canadian travelers and their travel tendencies. Many Canadians are seeking new places to travel instead of the US, which could represent an opportunity to attract additional flights from Canada to our airports. I mentioned this because we believe that these disruptions represent a strategic opportunity for Mexico.

非常有趣的是，我們研究了加拿大旅行者及其旅行傾向。許多加拿大人正在尋找美國以外的新旅遊目的地，這可能意味著有機會吸引更多航班從加拿大飛往我們的機場。我提到這一點是因為我們認為這些中斷對墨西哥來說是一個戰略機會。

As Canadian travelers distance themselves from the US destinations such as Florida and California, for example, they might likely redirect their vacation plans toward Mexican beaches and the Caribbean. Thereby, the airlines will be inclined to rebalance their network. Most likely, GAP's leisure airports of Puerto Vallarta, Los Cabos and Montego Bay could be well positioned to benefit from this trend.

例如，隨著加拿大遊客遠離佛羅裡達州和加利福尼亞州等美國旅遊目的地，他們可能會將度假計劃轉向墨西哥海灘和加勒比海地區。因此，航空公司將傾向於重新平衡其網路。最有可能的是，GAP 的巴亞爾塔港、洛斯卡沃斯和蒙特哥灣休閒機場可以從這一趨勢中受益。

Expanding connectivity is an opportunity that we are focused on. This year, GAP plans to announce 15 new domestic routes and 19 international routes, further strengthening our network, and these are a key critical advantage in today's landscape.

擴大連通性是我們關注的一個機會。今年，GAP計劃新開15條國內航線和19條國際航線，進一步加強我們的航線網絡，這在當今情況下是一個關鍵優勢。

Before I conclude, I'd like to highlight that our ordinary shareholders' meeting took place last week, during which a dividend payment of MXN16.84 per outstanding share was approved. This dividend will be distributed over the course of the year, reflecting our continued commitment to delivering value to our shareholders.

最後，我想強調的是，我們的普通股東大會在上週召開，會議批准了每股 16.84 墨西哥比索的股息支付。該股息將在全年內發放，體現了我們持續致力於為股東創造價值的承諾。

Thank you, and we are now happy to open it for questions.

謝謝大家，現在我們很高興開始回答問題。

(Operator instructions)

（操作員指示）

Steven Trent, Citi.

花旗銀行的史蒂文‧特倫特。

Yes, good morning gentlemen, and thanks very much for the time. I appreciate your comments about potential Canadian travel flow getting rerouted to potentially the Mexican beaches. Have you noticed anything from other regions or have maybe any observations that carriers in other regions may also be doing the same thing, rerouting to Mexico versus Disney World or something like that?

是的，先生們早上好，非常感謝您抽出時間。我很感謝您關於潛在的加拿大旅行流可能改道至墨西哥海灘的評論。您是否注意到其他地區的任何情況，或者可能觀察到其他地區的航空公司可能也在做同樣的事情，例如改道到墨西哥而不是迪士尼樂園或類似的地方？

Thank you, Stephen. This is Raul. I mean the first part that we are noting, in the case of the Canadians, is first, we see an important decrease of seats from Canadian markets to US markets. And we are beginning to see some additional slots that are asking from mainly Canadian markets for the next winter and in some specific case, of Guadalajara, for instance, for the summer. So we are just seeing for the moment a change in the trend in some way for Canadian market.

謝謝你，史蒂芬。這是勞爾。我的意思是，就加拿大而言，我們注意到的第一部分是，首先，我們看到從加拿大市場到美國市場的座位數顯著減少。我們開始看到一些額外的航班時刻，主要是來自加拿大市場對明年冬季的航班時刻提出要求，在某些特定情況下，例如來自瓜達拉哈拉市場對明年夏季的航班時刻提出要求。因此，我們目前看到加拿大市場趨勢發生了某種變化。

For the US market, I think that it's still being really early to think if all the economic environment will, in some way, change the rest of the route from the US to Mexico or to Jamaica. But what we are seeing right now is just some kind of a slight change on trend of Canadian markets.

對於美國市場，我認為現在判斷整個經濟環境是否會以某種方式改變從美國到墨西哥或牙買加的其餘路線還為時過早。但我們現在看到的只是加拿大市場趨勢的某種輕微變化。

Oh, great. Thank you. Excuse me, I'm sorry. And just one quick follow-up, if I may. When we think about the limitations on air traffic movements in Benito Juarez Airport and the government's push to move some traffic to Felipe Angeles Airport. Are there any expectations that we could see some adjustments in one or both assets in a positive manner that could affect the level of fee that GAP receives from either of those installations?

噢，太好了。謝謝。不好意思，我很抱歉。如果可以的話，我還有一個快速的後續問題。當我們考慮到貝尼托·胡亞雷斯機場的空中交通限制以及政府推動將部分交通轉移到費利佩·安吉利斯機場的舉措時。我們是否預期會看到一項或兩項資產以積極的方式進行一些調整，從而影響 GAP 從其中任何一個設施獲得的費用水平？

I mean, some kind of news and some kind of discussions, I mean, a public discussion about the possible increase of slots in Mexico City and, in some way, going back to the position that the airport has, I mean, three years ago in the number of slots per -- or operations per hour. For the moment, we have not seen any kind of, I mean, official, I would say, announcement about that possible change. What we are seeing is some specific companies such as (inaudible), for instance, are acting, I would say, more aggressively, going to Santa Lucia as other options for the city.

我的意思是，一些新聞和一些討論，我的意思是，關於墨西哥城航班時刻可能增加的公開討論，以及在某種程度上，回到三年前機場每小時的航班時刻數量的情況。目前，我們還沒有看到任何關於這種可能的變化的官方聲明。我們看到的是，一些特定的公司，例如（聽不清楚），正在採取更積極的行動，將聖露西亞作為該市的其他選擇。

But I mean, at the end of the day, as in airports, we always need to think that we operate as a net. So all kind of efficiency, all the efficiencies in any airport is important, I would say, for the whole net and the connectivity for all the airports. So I mean, we are just really closely watching if there are some kind of changes on the policies in terms of slots on Mexico City Airport. But we are, I would say, seeing really closely also the increase of routes from Santa Lucia Airport, mainly from Viva Aerobus to other airports in Mexico.

但我的意思是，最終，就像在機場一樣，我們始終需要認為我們是作為一個網路來運作的。因此，我想說，任何機場的所有效率對於整個網路和所有機場的連通性都很重要。所以我的意思是，我們正在密切關注墨西哥城機場的航班時刻政策是否會改變。但我想說，我們也密切關注著從聖露西亞機場出發的航線的增加，主要是從 Viva Aerobus 飛往墨西哥其他機場的航線。

Okay, very helpful, Raul. Thank you for that.

好的，非常有幫助，勞爾。謝謝你。

Guilherme Mendes, JPMorgan.

摩根大通的吉列爾梅門德斯 (Guilherme Mendes)。

Hey, good morning, Rose. So, thanks for taking my question. Two points. The first one on the guidance is, given all the escalations on the tariff discussions, risks of a US recession, as you point out, Raul, how comfortable are you guys with the full year guidance? We saw Volaris reducing its guidance for the year in the beginning of the week. So how this might impact GAP's traffic going forward?

嘿，早上好，羅斯。感謝您回答我的問題。兩點。關於指引的第一個問題是，鑑於關稅談判的升級以及美國經濟衰退的風險，正如您所指出的，勞爾，您對全年指引有多大信心？我們看到 Volaris 在本周初下調了今年的業績預期。那麼這會對 GAP 未來的流量產生什麼影響呢？

And the second one is on the Turks and Caicos potential new bid. I recall on the last conference call that you mentioned that something could come up in the near term, just wondering if there's any news on that front. Thank you.

第二個問題是關於特克斯和凱科斯群島的潛在新競標。我記得在上次電話會議上您提到近期可能會出現一些事情，我只是想知道這方面是否有任何消息。謝謝。

Thank you, Guilherme. The first part, I mean, in terms of our traffic guidance, we still feel comfortable about the number that we present. At the end of the day, always we prepare our guidance and all the numbers, the figures that are considered on our guidance are factual routes that are already solicited for the different airlines for all the [geos]. So for the moment, at least, we are not seeing an important, I would say, decrease in terms of seats. The load factor is still being really strong.

謝謝你，吉列爾梅。第一部分，我的意思是，就我們的交通指導而言，我們對目前的數字仍然感到滿意。歸根結底，我們總是會準備指導和所有數字，指導中考慮的數字都是已經為不同航空公司徵集的所有航線的實際路線。[地理]。因此，至少就目前而言，我們還沒有看到席位數量有顯著的減少。載客率仍然很高。

And when we talk about the domestic market, the load factor still is really high, an historical high, because the lack of seats for the problem on the engines of the Airbuses. So in my point of view, still there will be, on the market, some kind of demand on the domestic market that has not been completely, I would say, attained for the lack of seats. So at least for the moment, we are not seeing a complete change on the trend of recovery that our airport has.

當我們談論國內市場時，載客率仍然很高，創歷史新高，因為空中巴士引擎出現問題導致座位不足。因此，在我看來，國內市場仍會存在某種需求，但由於座位不足，這種需求尚未完全滿足。因此，至少目前，我們還沒有看到機場復甦趨勢的徹底改變。

But at the end of the day, I would say that there's a lot of parts moving right now. I mean all the possible tariffs are changing day by day. I think that it's, I would say, really tough to try to understand what's going to be the final result in terms of the macroeconomics of these changes. But at least for the moment, we are not seeing any kind of change on our trends, and we continue to be comfortable about our guidance. And the official letter from the government of Turks and Caicos, they said that during May, they will make the final determination about this bidding process. So we are just waiting for the information.

但最終，我想說現在有很多部分正在移動。我的意思是所有可能的關稅都在日新月異。我認為，要理解這些變化在宏觀經濟方面最終會產生什麼結果真的非常困難。但至少目前，我們沒有看到趨勢發生任何變化，我們對我們的指導仍然感到滿意。特克斯和凱科斯群島政府在官方信函中表示，他們將在五月對此招標程序做出最終決定。所以我們只是在等待資訊。

Very clear. Thanks you, Raul.

非常清楚。謝謝你，勞爾。

Fernanda Recchia, BTG.

費爾南達·雷基亞 (Fernanda Recchia)，BTG。

Hey, so, few questions here from our side as well. Two questions here from our side as well. So the first, on the commercial revenues, looking at Q1 figures, the year-over-year growth was very strong, plus 40%. Of course, there is the GWTC impact in Q1. But just wondering what level of commercial growth for 2026 can we expect considering that for 2025, we already have your guidance?

嘿，我們這裡也有幾個問題。我們也有兩個問題。首先，就商業收入而言，從第一季的數據來看，年成長非常強勁，達到了 40%。當然，第一季還有全球金融危機的影響。但是，考慮到我們已經有了您對 2025 年的指導，我們想知道 2026 年的商業成長水準可以達到什麼程度？

And second, on capital allocation, you already provided an update on Turks and Caicos, but I'm wondering if you're also looking for other process such as CCR or other opportunity in cargo division as well such as GWTC. That's it. Thank you.

其次，關於資本配置，您已經提供了有關特克斯和凱科斯群島的最新消息，但我想知道您是否也在尋找其他流程，例如 CCR 或貨運部門的其他機會，例如 GWTC。就是這樣。謝謝。

Thank you, Fernanda. This is Raul. As you say, this first quarter was pretty strong. I mean, more than 40% of increase in non-aeronautical revenues. For sure, a big part was also related with the acquisition of GWTC. But even with that, I will say that the increase on non-aeronautical revenues was above the 15% when we are not considering GWTC.

謝謝你，費爾南達。這是勞爾。正如您所說，第一季表現相當強勁。我的意思是非航空收入成長了40％以上。當然，很大一部分也與收購 GWTC 有關。但即便如此，我還是要說，當我們不考慮 GWTC 時，非航空收入的增幅超過了 15%。

That is really a robust result, just putting in the context of an increase of 4% of the passenger. So I mean, we are really happy. And for sure, we have the effect of some new commercial businesses that opened during the last year. For instance, the hotel, as you remember, began operations on April of 2024. So this first quarter, we've had, let me put it this way, an easier comp. But in general terms, we still feel comfortable with our non-aeronautical revenues guidance.

考慮到乘客數量增加了 4%，這確實是一個強勁的結果。所以我的意思是，我們真的很高興。當然，我們受到了去年新開的一些商業企業的影響。例如，您記得，該酒店於 2024 年 4 月開始營運。因此，我可以這麼說，第一季我們的業績比較輕鬆。但總體而言，我們對非航空收入預期仍然感到滿意。

And talking about 2026, I would say that all the different terminal increases on capacity from our terminal buildings that we built on doing the master plan of 2020, 2025 will be fully operating in 12 years. So I would say that 2023 is going to be the first year that all the different businesses will be fully operated. So we are expecting, I would say, something that will be, for sure, close to the double digit, but it's going to be more, I would say, normalized and, for sure, will depend on what could happen with the traffic on the coming years.

談到 2026 年，我想說，我們按照 2020 年總體規劃建造的所有航站樓的容量都將增加，到 2025 年，這些航站樓將在 12 年內全面投入運營。所以我想說 2023 年將是所有不同業務全面運作的第一年。因此，我們預計，這個數字肯定會接近兩位數，但我會說，這個數字將會更加正常化，而且肯定會取決於未來幾年的交通狀況。

But I mean, I will conclude that for the case of the non-aeronautical revenues, we still feel really positive because, I mean, all the different changes and the layouts, all the hard work at our commercial area to develop new experience for our passengers are doing pretty good. So we feel comfortable that our business model will work on coming years and we're going to be really resilient even with a possible downturn on the economy.

但我的意思是，我的結論是，就非航空收入而言，我們仍然感到非常積極，因為，我的意思是，所有不同的變化和佈局，以及我們在商業區為乘客開發新體驗所做的所有努力都做得很好。因此，我們相信我們的商業模式將在未來幾年發揮作用，即使經濟可能下滑，我們也將具有強大的韌性。

In terms of the capital allocation, Saul?

在資金配置方面，索爾？

Yes. Fernanda, this is Saul. Well, we will continue looking for opportunities. As Raul said, we are waiting for the final outcome of Turks and Caicos airport process. And related to CCR, as you were asking, we are analyzing the opportunity.

是的。費爾南達，這是索爾。嗯，我們會繼續尋找機會。正如勞爾所說，我們正在等待特克斯和凱科斯群島機場進程的最終結果。關於 CCR，正如您所問的，我們正在分析這個機會。

We haven't decided yet to participate or not. This, as you may know, is in four different countries, 20 airports in the pool. So the time to dedicate to analyze this will be very important in order to decide to participate or not. So it's something that we are aware of that, but we haven't decided yet to participate.

我們還沒決定是否要參加。大家可能知道，這個聯盟分佈在四個不同的國家，共有 20 個機場。因此，為了決定是否參與，花時間分析這一點非常重要。我們知道這一點，但尚未決定是否參與。

And just, I mean, some additional idea on this. Remember, all our participants on the call, one of the key disciplines of GAP is the discipline for just accretive acquisitions. So we will continue in that same line. Always, we will analyze the opportunities that make sense for our company, but always look in the correct view of just accretive opportunities for our shareholders.

我只是說，對此有一些額外的想法。請記住，所有參加電話會議的參與者，GAP 的關鍵原則之一就是增值收購原則。因此我們將繼續沿著同樣的路線前進。我們將始終分析對我們公司有意義的機會，但始終以正確的眼光看待股東的增值機會。

And just for the case of the cargo acquisitions, I mean, GWTC has really, I would say, great acquisitions with great results. And today, we are working really, really hard trying to get the best possible business plan for the long term in some other airports from GAP, taking like, I would say, platform of cargo growth to GWTC. So today, we are analyzing inside that company, which will be the next move of operations, cargo operation in other airports in GAP.

就貨物收購而言，我想說，GWTC 確實進行了出色的收購，並且取得了出色的成果。如今，我們正在非常非常努力地嘗試從 GAP 獲得其他一些機場的長期最佳商業計劃，就像將貨運成長平台帶到 GWTC 一樣。所以今天我們在公司內部進行分析，看看下一步的營運舉措，GAP其他機場的貨運業務。

Very clear. Thank you so much for your answers.

非常清楚。非常感謝您的回答。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

Yes, hello, thank you for taking my question. I have a question regarding basically also like the capacity you're seeing, more specifically the traffic for this year and your guidance. So we saw, relative to the previous guidance you gave, what has changed is that local low-cost carriers have obviously retrenched a bit of capacity.

是的，您好，感謝您回答我的問題。我有一個問題，基本上是關於您所看到的容量，更具體地說是今年的流量和您的指導。因此，我們看到，相對於您之前給出的指導，變化的是，當地低成本航空公司明顯削減了一些運力。

Your numbers, like the capacity numbers, still look good, I think. But any conversations you're having with foreign airlines that might also reduce capacity down the road? Or what are you seeing in terms of like the mix going forward? I know you already said that you feel comfortable with the traffic guidance. But just any color on that would be much appreciated. Thank you.

我認為，您的數字（例如容量數字）看起來仍然不錯。但是，您是否與外國航空公司進行過任何可能在未來減少運力的對話？或者您對未來的組合有何看法？我知道您已經說過您對交通指引感到滿意。但只要有顏色就更好了。謝謝。

Thank you, Jens. I will say that in general terms, all the different discussion with airlines are, in some way, the same line. I mean the domestic airlines are struggling with the lack of capacity for the engine problems. So I mean, it is what it is and it's a problem that, in some way, still clinging in the industry.

謝謝你，詹斯。我想說的是，一般來說，與航空公司的所有不同討論在某種程度上都是同一條路線。我的意思是，國內航空公司正因發動機問題而面臨運力不足的問題。所以我的意思是，它就是這樣，從某種程度上來說，這是一個仍然存在於這個行業的問題。

For the international companies, I will say the only market that we are seeing some kind of decrease in capacity and some change on planning and networks is in the case of Montego Bay. Specifically, American Airlines are changing some of the routes from Charlotte and Miami.

對於國際公司來說，我想說，我們看到運力下降、規劃和網路有所變化的唯一市場是蒙特哥灣。具體來說，美國航空正在改變從夏洛特和邁阿密出發的部分航線。

I mean some, any change on the routes of Miami for American is, I would say, that is difficult for any airport in the Caribbean because, as you know, Miami is one of the biggest hubs that -- the hub and spoke of strategy for all the Caribbean. So any change of American Airlines in that market is difficult, and we are seeing an important decrease of passengers on the first quarter of the year for Montego Bay, that minus 8%.

我的意思是，對於美國航空來說，邁阿密航線的任何改變對於加勒比地區的任何機場來說都是困難的，因為正如你所知，邁阿密是整個加勒比地區最大的樞紐之一，是整個加勒比地區的戰略樞紐。因此，美國航空在該市場的任何改變都是困難的，我們看到今年第一季蒙特哥灣的乘客數量大幅下降，下降了 8%。

But I would say that it is the only, I would say, decrease that today are, in some way, showing us, the airlines, the one that is happening in Montego. In the other hand, we have, I would say, interesting possible or potential routes and negotiation with different Canadian airlines. So I mean, that will be the main parts of our discussions today.

但我想說，這是唯一的下降，我想說，今天的下降在某種程度上向我們展示了航空公司在蒙特哥發生的事情。另一方面，我想說，我們與不同的加拿大航空公司有有趣的可能或潛在的航線和談判。所以我的意思是，這將是我們今天討論的主要部分。

Some, I would say, decrease on capacity on Montego that will still remain until the winter and a potential increase on capacities for different Canadian company mainly in Cabos, Puerto Vallarta and Guadalajara Airport. But I would say that are the most important, I would say, discussions with the airlines right now.

我想說，蒙特哥的運力有所下降，但這種情況將持續到冬季，而不同加拿大公司的運力可能會增加，主要是在卡波斯、巴亞爾塔港和瓜達拉哈拉機場。但我想說，目前與航空公司的討論是最重要的。

Okay. Perfect. And just one follow-up. Regarding your tariff implementation in Mexico, is the schedule that you gave last time, is it still valid? Or any change there on the expected implementation?

好的。完美的。僅剩一個後續行動。關於你們在墨西哥實施的關稅，你們上次給的時間表還有效嗎？或預期的實施有什麼改變嗎？

No, still in the same way. I mean, as always, we try to look into the market to understand perfectly the moment for a change on tariff. As you know, we just changed on the 1 of March the tariff, and we already get something close to 90% of fulfillment of the maximum tariff. So I mean, we are still on the same page of make another change to the end of the year. But I mean, it will be something that we need to perfectly analyze at the moment.

不，還是一樣。我的意思是，像往常一樣，我們試圖深入了解市場，以便完全了解關稅變化的時機。如你所知，我們剛剛在 3 月 1 日修改了關稅，目前我們已經完成了最高關稅的近 90%。所以我的意思是，我們仍然同意在年底前做出另一項改變。但我的意思是，這是我們目前需要完美分析的事情。

Okay, sounds good. Alright, thank you.

好的，聽起來不錯。好的，謝謝。

Pablo Monsivais, Barclays.

巴克萊銀行的 Pablo Monsivais。

Good morning, Raul and (inaudible), thanks for taking question. Just a little bit of a follow-up to Jens' question about the tariff. You just mentioned that you are 90% completion. What are your plans to increase tariffs throughout the year? I remember that you were expecting to increase a little bit during the summer and also early 2026. But can you please shed some light for modeling purposes on what should we expect for tariffs to evolve this year and next year? Thank you.

早安，勞爾，（聽不清楚），謝謝您回答問題。這只是對 Jens 關於關稅的問題的一點後續回答。您剛才提到您已經完成了 90%。您全年有何提高關稅的計劃？我記得您預計在夏季和 2026 年初會略有增加。但是，您能否從建模的角度解釋一下，我們應該預期今年和明年的關稅將如何變化？謝謝。

Hi, Pablo, I would say that for this year, we don't expect to have another, I would say, additional changes on the tariff. We are expecting to begin the next change of tariff happens mainly -- we expect to happen in the first days of January of coming year. But as always, we need to perfectly understand the market at that moment. As you know, for instance, the exchange rate and the inflation, it plays a really important role on the fulfillment of the tariffs.

你好，Pablo，我想說的是，今年我們預計關稅不會再有其他變化。我們預計下一次關稅調整將在明年 1 月初開始。但一如既往，我們需要完全了解當時的市場。例如，如你所知，匯率和通貨膨脹對關稅的履行起著非常重要的作用。

So I will say that we will be ready to make public what would be the change on tariff at the beginning of coming year as soon as we have the full information about what happened with the inflation, what is the trend of the dollar because all the passengers fee, international passengers fee, in Mexico are in dollars. So I mean, at that moment, we would have been ready to have the answer what would be the change on tariff. But in general terms, our plan continues to be to have another change on tariff until the first quarter of the coming year.

因此，我想說，一旦我們掌握了通貨膨脹情況和美元走勢的全部信息，我們將準備在明年年初公佈關稅的變化情況，因為墨西哥的所有乘客費用、國際乘客費用都是以美元計算的。所以我的意思是，在那一刻，我們已經準備好知道關稅會發生什麼變化。但總體來說，我們的計劃仍然是在明年第一季之前再次調整關稅。

And just one follow-up, if I may. This tariff increase also is a reflection on the inflation and the discounts that you are not offering anymore. Is that correct?

如果可以的話，我還有一個後續問題。此次關稅上調也反映了通貨膨脹和你們不再提供的折扣。對嗎？

Yeah. I mean in general terms, I mean, let me put it really in an easy way for everybody. We increased all our passenger fees 15% on March 1, when we compare with the one that we were applying on December of last year. That was the main number.

是的。我的意思是，一般來說，讓我用一種對每個人都簡單易懂的方式來解釋。與去年 12 月實施的費用相比，我們從 3 月 1 日起將所有乘客費用提高了 15%。這是主要號碼。

Okay, thank you.

好的，謝謝。

Pablo Ricalde, Itau.

巴勃羅·里卡爾德 (Pablo Ricalde)，伊塔烏。

Hi, good morning, Saul. Raul. I have got two questions on traffic. The first one is on Montego Bay. When do you expect a turnaround in traffic in Montego Bay?

嗨，早上好，索爾。勞爾。我有兩個關於交通的問題。第一個是在蒙特哥灣。您預計蒙特哥灣的交通狀況何時會改善？

And the second one is more long term related to the World Cup in 2026. Have you quantified how much it can impact your traffic numbers in 2026?

第二個目標更為長期，與 2026 年世界盃有關。您是否已經量化了它對 2026 年的流量數據有多大影響？

Okay. Thank you, Pablo. For the case of the World Cup, in the case of Guadalajara, we're going to have five games here. There's different forecasting that the FIFA Organization Committee has made, I would say, public. But today, it's difficult to understand how big could be this impact.

好的。謝謝你，巴布羅。就世界盃而言，就瓜達拉哈拉而言，我們將在這裡舉辦五場比賽。我想說，國際足總組委會已經公開做出了不同的預測。但今天，我們很難理解這種影響到底有多大。

I mean, the numbers of possible attraction of tourists could be going from the 300,000 to around 600,000. I mean it depends on the repetition. I mean, one of the things that the FIFA committee told us is that as soon as we have the things that will be based on (inaudible), it would be easy to understand which is going to be, I mean, the possible attractions for the airport.

我的意思是，可能吸引的遊客數量可能會從 30 萬增加到 60 萬左右。我的意思是這取決於重複。我的意思是，國際足總委員會告訴我們的一件事是，一旦我們有了基於（聽不清楚）的東西，就很容易理解哪些將是機場可能的吸引力。

We will depend -- or one of the things that, for instance, we are expecting is a really important use of the Tijuana airport crossing through CBX from markets, soccer markets of South California coming to Guadalajara, for instance. But at the end of the day, one of the things that will give us a more, I would say, correct understanding of (inaudible) which could be the potential attraction of additional passengers would be at the moment that we know which teams are going to play the games in Guadalajara.

我們將依賴——或者例如我們期望的事情之一是蒂華納機場過境點的重要用途，例如從南加州的足球市場到瓜達拉哈拉。但最終，我想說，讓我們更正確地理解（聽不清楚）哪些可能是吸引更多乘客的潛在因素的一件事是，我們現在知道哪些球隊將在瓜達拉哈拉進行比賽。

Pablo, this is Saul. Related to traffic, passenger traffic in Montego Bay, we don't foresee right now when it will come back at the same level we had. We were discussing with different airlines, basically American Airlines, JetBlue and others. In order to attract more passengers from the tourists in Jamaica, they are promoting business travelers to Jamaica from US, UK and Canada.

帕布羅，這是索爾。關於蒙特哥灣的交通和客運量，我們現在無法預測它何時會恢復到以前的水平。我們與不同的航空公司進行了討論，主要是美國航空、捷藍航空和其他航空公司。為了吸引更多牙買加遊客，他們正在向來自美國、英國和加拿大的商務旅客推廣牙買加。

So we expect this to make and drive more passenger traffic to Montego Bay. It is complicated to see right now when it will come back because the Caribbean, in general, the passenger traffic is moving to another destination.

因此，我們預計這將為蒙特哥灣帶來更多的客流量。現在很難判斷何時會恢復，因為加勒比地區的客運量總體上正在轉移到另一個目的地。

Yeah. It's a general trend, I would say. All the airports of the different destinations in the Caribbean are having an important decrease on passengers, mainly from the US. It's a trend happening right now in the Caribbean. But for sure, I will say, we still are working really close to airlines. And the government and the tourist authorities on Jamaica are trying to bring back some of the capacity to Jamaica.

是的。我想說，這是一個普遍趨勢。加勒比地區各個目的地的所有機場的旅客數量都在大幅減少，其中主要來自美國的旅客數量。這是目前加勒比地區正在發生的趨勢。但我可以肯定地說，我們仍然與航空公司保持著密切的合作。牙買加政府和旅遊部門正在努力恢復牙買加的部分旅遊接待能力。

But it is important also to remark that we also are working on a cost reduction program, cost reduction strategy, for MBJ to be, as always -- I mean, it's one of the characteristic of GAP, be prepared to be resilient for any kind of deeper decrease on passengers. So we are also working on the OpEx and an important plan for possible reductions on that and be prepared for even a possible deeper decrease on passengers.

但同樣值得注意的是，我們也在製定成本削減計劃和成本削減策略，MBJ 將一如既往地——我的意思是，這是 GAP 的特點之一，為應對任何乘客數量的進一步減少做好準備。因此，我們也在研究營運支出並製定一項重要計劃以盡可能減少營運支出，並為可能出現的乘客數量進一步減少做好準備。

Perfect. That was very clear. Thanks.

完美的。這非常清楚。謝謝。

Alberto Valerio, UBS.

瑞銀的 Alberto Valerio。

Hi, good morning, gentlemen. So, one question on my side about CapEx, it called my attention that it's the same level of last year. I was expecting something higher because of the MDP. Do we expect this CapEx to go high for this year, increase quarter-over-quarter? And how is the labor force in Mexico at this moment, if you have everything hired or if you need to hire the workforce for doing the CapEx? If you could provide any details, it would be very helpful. Thank you very much.

嗨，先生們，早安。因此，就我而言，關於資本支出的一個問題引起了我的注意，它與去年的水平相同。由於 MDP，我期望得到更高的結果。我們是否預期今年的資本支出將會走高，且較上季增加？目前墨西哥的勞動力狀況如何？您是否已經僱用了所有人員，或者是否需要雇用勞動力來完成資本支出？如果您能提供任何詳細信息，那將會非常有幫助。非常感謝。

Thank you, Alberto. This is Raul. I mean it's time when there's a new master plan. At the end of the day, all the -- let me put it in this way. All the clear authorizations of what's going to be the plans for the coming years happened in the last quarter of the last year.

謝謝你，阿爾貝托。這是勞爾。我的意思是現在是時候制定一個新的總體規劃了。歸根究底，所有──讓我這樣說吧。關於未來幾年計劃的所有明確授權均在去年最後一個季度發布。

So always the first year of master plan, at the beginning of the first quarter, the first six months of the plan, I would say that we're struggling a little bit on beginning to move all our infrastructure department and to begin all the -- to move all of what is going to be the plan.

因此，在總體規劃的第一年，在第一季度初，也就是計劃的前六個月，我想說，我們在開始推進所有基礎設施部門以及開始推進所有計劃方面遇到了一些困難。

So for sure, we are still optimistic that we will completely fulfill our plans of CapEx during this year. We are really comfortable because some of the most important plans for this year right now are beginning just to run with constructors.

因此，我們仍然樂觀地認為，我們將在今年完全完成我們的資本支出計劃。我們感到非常放心，因為今年的一些最重要的計劃現在正開始與建造者一起運行。

I would say, we think that all our commitments of investment will be fulfilled for the end of the year. So I would say like a final remark on this is that always, it's five years. The first six months is, I would say, difficult to begin to move all the moving parts of the infrastructure, to begin to deploy all the plan. But we are optimistic that we will be on the target for ending with the commitment for this year.

我想說，我們認為我們所有的投資承諾都將在今年年底前兌現。因此，我想說的最後一句話是，這始終是五年。我想說，前六個月很困難，因為要開始行動基礎架構的所有活動部分，開始部署所有計畫。但我們樂觀地認為，我們將實現今年的承諾目標。

Thank you very much. Very clear.

非常感謝。非常清楚。

At this time, there are no further phone questions.

目前，沒有其他電話問題。

Well, we have some questions from the webcast. So we are going to start with the one from Jorge Vargas from GBM. And he's asking, margins declined 280 basis points year-over-year to 67.1%, mainly due to higher cost and the full recognition of the 9% concession fee. Do you expect margins to stabilize at this level? Or is there potential for further compression in the next quarters?

嗯，我們有一些來自網路直播的問題。因此，我們將從 GBM 的 Jorge Vargas 的演講開始。他問道，利潤率年減 280 個基點至 67.1%，主要原因是成本上升和 9% 的優惠費全額確認。您預期利潤率會穩定在這個水準嗎？或者下個季度是否有可能進一步壓縮？

Hi, Jorge, this is Raul. Yes, this will be the levels of margin that we would see from now. As we explained during the call, we are paying already and recognizing in the P&L, a concession fee full payment to the government, the 9% increase from 5% to 9%. So it is important to understand that talking about the 69%, the 70%, it will be complicated to return to those levels. So to be in the range of 66% to 67%, 67.5% in this year will be the right level. We do not expect any change in the following months.

你好，豪爾赫，我是勞爾。是的，這就是我們現在看到的利潤水平。正如我們在電話會議中解釋的那樣，我們已經支付並在損益表中確認了特許費全額支付給政府，即從 5% 增加到 9%。因此，重要的是要理解，談到 69%、70%，要回到這些水平將會很複雜。因此，在 66% 到 67% 的範圍內，今年的 67.5% 是正確的水平。我們預計接下來的幾個月不會有任何變化。

And well, there is another one that says now that the cargo operations are fully consolidated, how should we think about their margin contribution going forward? Are there any efficiencies initiatives in place to improve profitability in this segment?

那麼，還有一種說法是，既然貨運業務已經完全合併，我們該如何看待它們未來的利潤貢獻？是否有任何提高效率的措施來改善該部門的獲利能力？

Yes. I mean we are working with the new acquisitions. For sure, we are seeing different increases of margins on that and efficiencies on that specific acquisition. For sure, one of the key parts is GAP has a really important, let me put it this way, the technology and automatizations in some of the administrative concepts that we are bringing to GWTC and will bring us additional efficiencies for the operation of this business. So we are just on that.

是的。我的意思是我們正在進行新的收購。確實，我們看到了該特定收購的利潤率和效率的不同成長。當然，其中一個關鍵部分是 GAP 具有非常重要的意義，讓我這樣說吧，我們為 GWTC 帶來的一些管理概念中的技術和自動化將為這項業務的營運帶來額外的效率。所以我們正致力於此。

We are in this process of digesting all this new business. As soon as we could bring all these efficiencies to this new business, we're going to be ready looking for another possible developments in our airports. But I would say that right now for this year, we haven't used it for optimizing the operation of GWTC.

我們正處於消化所有這些新業務的過程中。一旦我們能夠將所有這些效率引入這項新業務中，我們就會準備好尋找機場的其他可能的發展。但我想說，今年目前我們還沒有用它來優化 GWTC 的運作。

And then we have some questions from Edson Murguia from SummaCap that are like a follow-on question that says, regarding cargo and bundled warehouses, how sustainable is the revenue growth for the following quarters?

然後，我們收到了來自 SummaCap 的 Edson Murguia 的一些問題，這些問題類似於後續問題，即關於貨物和捆綁倉庫，接下來幾個季度的收入增長有多可持續？

It's a good question. I mean on the first quarter of this year, we experienced an important increase in terms of cargo, all the cargo, because with all the noise about the possible tariffs, some companies made or sent additional inventories to their warehouses. So it's not pretty clear how much time would be or how longer the increase of revenues from the cargo will continue. I mean we are really growing that great pace of almost 30% of the first cargo for that for GWTC. But I mean, we will wait and see what's going to happen in the coming months.

這是個好問題。我的意思是，今年第一季度，我們的貨運量、所有貨運量都出現了顯著增長，因為有關可能徵收關稅的傳言甚囂塵上，一些公司增加了或向倉庫發送了額外的庫存。因此，目前還不清楚貨運收入的成長需要多長時間，或者還能持續多久。我的意思是，我們確實以驚人的速度成長，為 GWTC 運送首批貨物，其速度幾乎達到了 30%。但我的意思是，我們將拭目以待，看看未來幾個月會發生什麼。

Well, from Edson as well, he's asking, regarding the employees cost, can we expect the same cost for the following quarters?

嗯，艾德森也問了，關於員工成本，我們能預期接下來幾季的成本會是一樣的嗎？

Well, (inaudible) basically, yes. We will see the same level of cost of personnel and salaries. We have to consider that integration and consolidation of GWTC implies an additional cost. At the end, it's something that we have considered in our guidance. It's something that we plan into our budget. So it is the level of cost that we will see in the following quarters.

嗯，（聽不清楚）基本上是的。我們將看到人員和工資成本保持相同水準。我們必須考慮到 GWTC 的整合和合併意味著額外的成本。最後，這是我們在指導中考慮到的事情。這是我們預算中計劃的事情。因此，我們將在接下來的幾個季度看到成本水平。

Yeah. And it's the last one, they are asking about the CapEx for Puerto Vallarta Airport. Yes, it is going to be MXN1.7 billion during 2025. That's correct. And well, this is the last question that we have in the webcast.

是的。這是最後一個問題，他們詢問的是巴亞爾塔港機場的資本支出。是的，2025 年將達到 17 億墨西哥比索。沒錯。好吧，這是我們在網路直播中的最後一個問題。

Okay. So thank you once again for joining us today for our first quarter results conference. Our team is available to address any questions you may have. Have a great day. Thank you.

好的。再次感謝您今天參加我們的第一季業績發表會。我們的團隊可以解答您的任何問題。祝你有美好的一天。謝謝。

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

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。