The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT. The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25. The airport sector’s EBITDA contracted 39 bps, while the strongest performance came from GMXT (+272 bps). Total sales in the transport sector advanced 8.6% in 2Q25, while EBITDA gained 8.7% YoY. Although the year-over-year growth rates during the 2H25 would moderate compared to the 1H25, we maintain a positive outlook, considering a better price environment and a gradual margin expansion. For the time being, we are reiterating our Outperform rating in ASUR and Volar, while our previous Mkt. Perform rating in GMXT and GAP is reiterated. For OMA, we are upgrading our rating to Mkt. Perform from Underperform given the 10% potential upside to our 12M PT. Lastly, the TRAXION rating remains in Outperform.