OMA’s quarterly results were better than expected by the consensus and our estimates. Total EBITDA came in at P$2.4 Bn (+3% above our estimate and +5% above the consensus expectation) with a 16% YoY gain. The EBITDA margin was 74.9%, an implicit 0.3 pp. expansion vs. 1Q24 (and 0.7 pp. better than our estimate). Following this result, we expect a positive stock reaction in tomorrow’s trading session. Total operating revenues increased by 16% YoY to P$3.2 Bn, 2% above our estimates. Total traffic during the quarter gained 9% YoY. Domestic PAX was up 8% YoY, while international PAX propelled 15%. The airports with the most robust performance were Acapulco (+47% YoY) and Monterrey (+15% YoY), while the weakest performance came from Reynosa (-11% YoY) and Zacatecas (-10% YoY). Per passenger, the aero-weighted average rate increased by 4% YoY. As a result, aeronautical revenues were up 14% YoY and represented 74% of total operating sales. On the other hand, non-aeronautical revenues beat our estimates by 6% to P$829 million, increasing 21% YoY. Please note that the commercial revenues (51% of non-aeronautical sales) gained 23% YoY, supported by the opening of new spaces in restaurants, increased tariffs in VIP lounges, and new retail stores. The implicit commercial revenue per PAX gained 13% YoY. Cash costs and expenses were up 12% YoY to P$1.1 Bn. As a result, total EBITDA advanced 16% YoY with a somewhat higher growth rate than operating revenues to P$2.4 Bn, leading to an adjusted EBITDA margin of 74.9%, with an implicit 0.3 pp. expansion vs. the 1Q24 figure. At the bottom line, the company reported a P$1.3 Bn net gain (+19% YoY), driven by positive operating results and a lower effective tax rate. We remain with a Market Perform rating for the time being and P$218 PT.