GMXT posted positive 1Q25 figures, supported by a better tariff environment compensating for the weak volume performance. Total revenues increased by 6% YoY to P$15.8 B, on the back of a solid 23% growth in the average rate in Peso, which compensated for the 14% drop in transported volume in net tons-km. We also highlight that the sequential volume performance was lower, with a 2% QoQ contraction in tons-km. It is worth noting that Intermodal, Chemical, and Energy were the best-performing segments in the quarter, with revenues increasing a solid 23% for Intermodal and 9% and 7% YoY for the other segments, respectively. The growth in the Intermodal segment came from a positive recovery in cross-border volumes. Total EBITDA rose 2% YoY to P$6.9 Bn, slightly below our estimates and the consensus. The EBITDA growth rate performance was lower than total revenues and is mainly explained by a change in traffic mix and an 8% increase in operating costs (the implicit cost per P$MT-km increased 26% YoY). As a result, the EBITDA margin contracted 1.5 pp to 43.6% (in line with our expectation). Among operating efficiencies during the quarter, we noted improvements in some indicators, such as a 4% YoY increase in average train length and a 5% YoY increase in train speed. Finally, net income decreased 6% YoY to P$2.3 B, below our estimates, due to lower interest gains and a P$8M FX loss, compared to a P$189M FX gain in 1Q24. Quarterly dividend. The company will make a quarterly dividend payment of P$0.50 /sh, implying a 6% annualized dividend yield. The installment is to be distributed on May 26, 2025. Also, the company reiterated its full-year CapEx guidance of US$410 M. GMXT’s main investments in 2025 are focused on new rail and ties, locomotive and Machinery Overhauls, track maintenance, tools and equipment, bridges, and yards and terminals. We reiterate our Mkt Perform rating for the time being.