Juan Macedo: Hi. Thanks for taking my question and congrats on the results. My question is regarding the change in the MDP rate of return calculation from focus on equity returns towards WACC kind of calculation. Do you expect to change your capital structure given this change — are you evaluating this or are you comfortable with the current structure?
Ricardo Duenas: We’re still evaluating. We believe in the case of OMA, the impact of changing from return on equity to the WACC, it will be relatively small. Given that our amount of leverage at the moment is currently low — it’s currently low. So I believe we would expect to remain most in line with what we do have seen in the last couple of years.
Juan Macedo: All right. Very clear. Thank you.
Operator: Our next question comes from the line of Jay Singh with Citi. Please proceed with your question.
Jay Singh: Hey, thanks for answering my question. My first one is, would OMA ever consider investing in airports outside of Mexico?
Ricardo Duenas: We’re always open to understanding — to looking at opportunities. We don’t have, at the moment, any concrete transaction in the pipeline, but we’re always opening to — for opportunities outside.
Jay Singh: Okay. And as a follow-up, besides the concession fee hike, until the end of 2025, do you guys see any other regulatory changes coming in?
Ricardo Duenas: We don’t expect — it was hard to say, but we don’t expect any more changes from our conversations with the government, both from the treasury and the communication and transportation. They have mentioned that this has been the end of this modifications in the regulatory process.
Jay Singh: All right. Thanks so much.
Operator: Our next question comes from the line of Edson Murguia with SummaCapital. Please proceed with your question.
Edson Murguia: Hi. Good afternoon. Thank you for taking my question. I have only one related to cost of services this quarter increased 22%. So could you give us a little bit more color that what happened specifically? Thank you.
Ruffo Perez Pliego: So most of the increase is related to maintenance and utilities expense as we have increased areas in and expanded the terminals in the last year or so. And with the increase of volume of passengers, we have seen a greater growth in maintenance. Sometimes, there is some timing issues, but I mean, the accumulated expense for the nine months is reflective of the full — I mean, if you annualize it would be reflective of the full year cost of maintenance.
Edson Murguia: Okay. Crystal clear. Thank you so much.
Operator: Our next question comes from the line of Gabriel Himelfarb with Scotiabank. Please proceed with your question. Gabriel your line is live.
Gabriel Himelfarb: Sorry. Can you hear me now?
Operator: Yes.
Gabriel Himelfarb: Hi. Thanks for the call. Just a quick follow-up question. Considering that the 10% decrease on TUA, the increase on the concession fee and the change in the methodology for the discount rate will be somehow offset or considered for the next MDP? And also the concession fee to my understanding, it also considers the non-regulated portion of the business. How will this portion or this impact will be offset by tariffs. Thank you. And also if you can clarify again the CapEx — the CapEx movement for the next two years that will be resulting from this amendment, I mean, these regulatory changes? Thanks.
Ruffo Perez Pliego: Sure. So in the next review, certainly the increase in the concession tax and the rate of 9% will be incorporated into the calculation. Now the discount of the 10% TUA is something that only affects this period. So it will not be part of the variables to be used in the negotiation of the next tariff — maximum tariff in 2026. Now with respect to the CapEx referral in the aggregate is MXN1.2 billion. So September 2023 purchasing power. And that’s around MXN 890 million for 2024 and the remainder around MXN400 million for 2025 which represents roughly 25% of the regional CapEx commitment in 2024 and 13% in 2025.
Gabriel Himelfarb: Okay. And in the case of the concession fee it does affect the commercial or the non-regulated portion of the business? And how can — will you be able to offset it only through increasing tariffs for the next MDP or is there any other leeway you can negotiate there?
Ruffo Perez Pliego: So — and this hasn’t changed from the previous basis. The formula for operational costs to determine the maximum tariff is just incorporates expenses related to the regulated side of the business. So, yes, commercial revenues would be subject to the increase in the TUA in the concession tax and we will have to see how to adjust our rates to recover some of this increase.
Ricardo Duenas: As it has always been the case.
Gabriel Himelfarb: Okay. Thank you very much.
Operator: Our next question comes from the line of Fernanda Recchia with BTG Pactual. Please proceed with your question.
Fernanda Recchia: Hello. Thank you for taking my question. Just a follow-up to understand a little bit further this TUA discount . This 10% extraordinary discount, it was given just to avoid you to surpass the maximum amount of the rate or it was to make the airfares more competitive just because you mentioned that you expect to reach 97% of maximum rate this year. So the end, you’re just low.
