The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by a better tariff environment and diversified revenues. However, higher operating costs generated EBITDA margin contractions. TRAXION reported the most robust result with double-digit growth in revenues, followed by GAP. In contrast, the weakest top-line performance came from FORION. Total EBITDA in the sector decreased 1% YoY, while the total EBITDA margin contracted 490 bps, being the second quarter in 2025 with a margin contraction. The airport sector’s EBITDA contracted by 273 bps, while the airline's contracted by 245 bps. Land transport posted the highest contraction with close to 896 bps. Pressure on costs could gradually ease in 2026, partially offset by a better price environment. The main changes to our PT following the results in 4Q25 were: increasing prices in ASUR (P$650, Market Perform), and PINFRA (P$321, Outperform) due to an upward revision in estimates for 2026. In contrast, we are reducing our PT in GAP (P$460, Market Perform), TRAXION (P$20, Outperform), and VOLAR (P$17, Outperform), given a more conservative outlook and still higher costs.