Mainly, our concerns include the stricter U.S. migration and enforcement policies under the current administration, which tends to discourage travel among the BFR international passenger space. By our estimates, The segment represents approximately 38% of GAP's international traffic. As a result, what we see is that a portion of these travelers may opt not to travel outside the U.S. in order to avoid any potential compensation with their immigration status. We believe this could impact international traffic, specifically in the U.S.-Mexico routes.

Jul 29, 2025 / receipt, needs a key / Raul Revuelta, CEO | earnings call 2025-07-29 | transcript ffb95ee4-fd69-460b-b9d0-a7a99d0654c7 | chars 3272-3825 | segment 3

In terms of the traffic trends, yeah, we are seeing that after some changes on migration policies under the Trump administration, we saw some decrease in number of passengers in BFR routes that could be some of Guadalajara, Los Angeles, Moreno, Los Angeles, Moreno, Oakland, the most, I would say, biggest BFR routes. Saying that, I think that day by day, it's more clear for our passengers and for the BFR market, which would be the possible policies, and they are, I think, could begin to feel more, I mean, comfortable to fly on the coming months as soon as they know that clear rules about the coming back to home, that the green cards are working, as always, for coming back. that they have not seen cancellation of green cards on the border and this kind of thing. So I would say that in the same way that Polaris mentioned in their conference call that we expect that some of the passengers that in some way change their plans for flying to Mexico because all the changes of migration policies For today, they have more clear information, and they will finally fly on the coming months.

Jul 29, 2025 / receipt, needs a key / Raul Revuelta, CEO | earnings call 2025-07-29 | transcript ffb95ee4-fd69-460b-b9d0-a7a99d0654c7 | chars 13926-15019 | segment 14

Looking ahead, we remain cautiously optimistic, while pace of volatility and U.S. macroeconomics conditions may impact discretionary travel. We are confident that our diversified airport portfolio and resilient domestic markets position as well to finish the year strong.

Jul 29, 2025 / receipt, needs a key / Raul Revuelta, CEO | earnings call 2025-07-29 | transcript ffb95ee4-fd69-460b-b9d0-a7a99d0654c7 | chars 6894-7165 | segment 6

Business travelers account for a substantial portion of passengers at the Monterrey airport. The Monterrey airport is our leading airport based on passenger traffic volume, air traffic movements and contribution to revenues and ranked as the fourth busiest airport in Mexico based on passenger traffic volume in 2025, according to data published by the Mexican Federal Civil Aviation Agency.

filing / Apr 30, 2026 / receipt

This airport serves primarily business travelers and is also a hub for the transportation of goods. A total of 15 commercial airlines operated at this airport during 2025.

filing / Apr 30, 2026 / receipt

He was then appointed Project Manager in charge of the Middle East and Central Asia regions, where he managed several airport acquisition projects, until he was appointed as Chief Financial Officer of VINCI Airports in 2018 and Chief Executive Officer in 2025.

filing / Apr 30, 2026 / receipt

In 2021, he became Managing Director of SMTPC and SPS (Prado tunnels in Marseille), two VINCI Concessions subsidiaries, before being appointed Chief Financial Officer of VINCI Airports in June 2025.

filing / Apr 30, 2026 / receipt

Located in the outside areas of Terminal A of the Monterrey airport, the shopping center and office plaza consists of a two-story building with commercial space on the lower level and office space for rent on the upper level.

filing / Apr 30, 2026 / receipt