The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues. However, higher labor costs result in a margin contraction. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA. The total EBITDA margin in the transport sector contracted 161 bps, being the first quarter in the year with a margin contraction. The airport sector’s EBITDA contracted by 185 bps, while the airline's contracted by 507 bps. Total sales in the transport sector advanced 8.7% in 3Q25, while EBITDA gained 1.3% YoY. The pressure on costs would remain during 2025, which would be partially offset by a better price environment. As a result, we reduced some of our PT (ASUR, GAP, OMA, TRAXION), while our ratings remain unchanged. We reiterate our Outperform rating in VOLAR (PT P$16.0) and TRAXION (PT$23.0), while our previous Mkt. Perform rating in ASUR (PT P$628.0), GAP (PT P$445.0), OMA (PT P$270.0), and GMXT (PT P$36.0) is reiterated.