Grupo Aeroportuario del Pacífico, S.A.B. de C.V. ($GAPB)

Good morning, and welcome to GAP's FIBRA Conference Call. [Operator Instructions] In the next hour, we want to walk you through FIBRA GAP, what it is, why we are doing this now and what it means for GAP's current shareholders and for investors considering the vehicle itself. For those who may not be familiar with FIBRA-E structure, let me provide a brief overview. FIBRA-E is a Mexican listed trust vehicle, designed for the energy and infrastructure asset that allows investors to participate in the cash flows generated by mature operating business. In this case, the mature business will be GAP's Mexican airports. The [indiscernible] issued strong certificates listed on the Mexican Stock Exchange and is intended to provide an efficient mechanism to monetize and recycle capital while at the same time, maintaining operational control of the underlying assets. From a tech's perspective, the FIBRA-E benefits from a pass-through structure. It is required that at least 95% of its annual taxable income be distributed to certificate holders. Following the transaction, distributions received at the GAP holding company [indiscernible] level will continue to be subject to taxation on subsequent distributions to our shareholders, consistent with the current dividend framework. Importantly, from the perspective of GAP's shareholders, we do not expect a material change in the economic systems, other distributions were set. Rather, the transaction will primarily represent an optimization of capital structure of the Mexican airports and funding flexibility, while at the same time, preserving exposure to the cash through generation of the ERF portfolio. The message is straightforward. GAP has significant infrastructure commitments over the next 4 years under our MD, and we seek to fund those commitments with a balanced capital structure. FIBRA GAP is one more tool in that strategy, a long-term infrastructure [indiscernible] that matches the asset profile with the right type of capital. Now with this control, the operating platform does not change. What changed is how we found the next [indiscernible] comment. Before we start, please be advised that the statements made today may not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to this presentation, which is for informational purposes only and should be a together with the offering documents once available. Certain statements may depend on assumptions, regulatory approvals, market conditions and the financial transaction moments. What I would like to emphasize here is consistency. The same team that has managed that through 2 decades of growth we run FIBRA GAP under the same operating and financial discipline and investor communications standards that have characterized GAP as a listed company. This is the team that you already know. Our speakers today from are Mr. Raul Revuelta, Chief Executive Officer; Mr. Saul Villarreal, Chief Financial Officers; and me Alejandra Soto, Investor Relations Officers. At this time, I will turn the call over to Mr. Raul Revuelta.

Thank you, Ale. Good morning, everyone. Thank you for joining us today. Why FIBRA GAP? [indiscernible] is simple. We believe it can become a long-term capital recycle vehicle for GAP, one that allow us to gradually unlock value from mature credit infrastructure assets but only when we see a reinvestment opportunities for the group. Now this same time, GAP continues to face significant investment opportunities and capital needs across its platform. The proposed fibrous to finance mature regulate high CapEx infrastructure assets through equity rather than rely only on additional leverage of the holding company level. The 5 achievements as I want to you take away about why we are creating FIBRA GAP are. The Mexican average concessions remain the foundation of GAP's cash flow generation. These are a lever resilient and long-duration infrastructure assets and GAP will continue to own and operate. FIBRA GAP should be understood as a capital recycling platform not at the investment as 100% of the proceeds will be used to deploy in the master development plan. This allows us to gradually monetize our limited portion of mature infrastructure assets through equity only when we identify as attractive investment opportunities. GAP [indiscernible] will return control and operation of the current assets. In our Mexico airports, we have significant investment commitments under the master development plan and we want to form those commitments with a balanced, efficient and diversity in capitals. FIBRA GAP us another long term funding source that is specifically [indiscernible] into [indiscernible] assets. We want to be clear regarding the perimeter. FIBRA GAP's we call minority stake in each of our 12 Mexican airports [indiscernible]. What is excluded? CVX, our Jamaica airports and any subsidiary that does not hold a Mexican concession title for us. GAP remains in control of approximately 96% of the Mexican airport sectors, and the management agreement means that the day-to-day operation will not change. FIBRA GAP ownership over time may by depending on future contribution made to the financial capital requirement. Nevertheless, FIBRA will have the possibility to restructure a revolving credit facility to fund future capital requirements for rate to maintain its initial ownership, negative ownership interest of approximately 4% of Mexico [indiscernible] equity is based on the proposed issuance along the guide by the post-money value of Mexican airports. It will change with the final offer size among which GAP will remain the controlling shareholder and for the FIBRA will be the administrator and company by a technical committee and audit and corporate practices come. The reason why we are evaluating this now is that we are entering to an important investment cycle. We want to execute the NDP preserve financial visit and return strategy form. FIBRA GAP provides additional financial fixing rather than concentrating all the falling pressure in the traditional debt markets. It matters because extensive leverage will reduce the strategic optionality for future investment opportunities. For investors, the first 5 components, I want to be direct about how they connect. First, the investors will be buying into a high aviation sector delivering a [indiscernible] and sustain long-term process growth of about 6.2% CAGR since 2010, the focal Mexican GDP growth over the same period. Second, the portfolio expands to all airports with [indiscernible] different passenger profiles [indiscernible] in Los Calcaterra, cross border dynamics in Tijuana, PFR and business contribution [indiscernible]. Third, the operator, GAP will be the manager of the FIBRA allowing this vehicle to be backed by the leading airport [indiscernible] who has a 1.4% of all [indiscernible] in Mexico during 2025 and has the strongest market share record in the sector of the last 15 [indiscernible]. Fourth, the covenant structure is built for public markets being leveraged by GAP's outstanding recurring corporate covenant practices. And fifth, the return profile is based on distributions tied to the operative stocks in a sector that is clearly regulated in a stable cash flow industry with an operator for giving its shareholders consistent return throughout the last 20 years as a public company compared to other [indiscernible]. The data shows how the airport sector has performed positively in the recent years. Passengers have grown at a sustainable pace of 6.2 gigahertz in 2010, while Mexican GDP has only grown at 1.6% CAGR during the same period. That is 3.9x more than the national [indiscernible]. That refers structural drivers such as tourist, regional connectivity, domestic air travel penetration and the expansion of low-cost drivers. With that context, GAP has delivered stable growth of 7.2 gig outperforming experience in the sector, getting bank share at a stable rate. We believe that the growth outlook is supported by several independent in jets. [indiscernible] remains strong in Mexico as well knows the most important tourist destination globally and the #1 country LatAm. Airlines continue to invest in their fleet. Besides the [indiscernible] engines maintenance we rebanked to the sector and potential [indiscernible] routes to the net space. These factors create a constructive backdrop for airports with the right capacity education and bring us to GAP's positions in the [indiscernible]. That biggest strength is a diversification. [indiscernible] purposes in Mexico and 5 of the 10 business airports in our country with different demand profile. Tourists misprint or realty, business and growth [indiscernible]. That mix has helped the platform remains resilient across different sites. And our group development, reflecting the highest market share growth in the company going from 27% market share in 2010 to 31.4% market share in 2025, making us the leading airport operating in Mexican sector. I want to highlight the quality of the airport assets that we form part of FIBRA. The Mexican airports combined resilient traffic grow with very strong financial performance. Passenger traffic has grown for 44 million customers 2019 to 57 million in 2025, which represents our 4.3 CAGR. This confirms the strength of the demand profile across our airports. What's more important is not only a traffic growth story. It's also a monetization of profit [indiscernible]. Over the same period, revenue increased from approximately MXN 12 billion to MXN 24.3 billion, representing a 1.4 CAGR. In other words, revenue growth has outpaced [indiscernible]. At the same time, the Mexican airports continue to operate with EBITDA margins of around [ 70% ] which is a very attractive level for infrastructure investor and demonstrate the efficiency and cash flow resilience of the block. In despite the change in concession fee that passes from 5% to 9%, FIBRA GAP has offered exposure to acute -- mature regulated and highly profitable airports for [indiscernible] with a problem as this growth is from revenue growth and cash flow generation. The [indiscernible] is being concrete. It's about increasing capacity, improving passenger experience strengthening operational efficiency and ensuring that our airports are prepared for the future range. The objective is to best ahead of demand in a disciplined model. consistent with our concession obligation and long-term service standards. Our main goal is to improve passenger service quality, providing infrastructure for LS future growth with greater capacity for similar traffic and higher aircraft abate. More recognized that governance is critical in any vehicles concentrated by our listed company. FIBRA GAP is [indiscernible] with our governance structure that includes public market bodies in the [indiscernible] site and aligning between GAP shareholders and FIBRA shareholders, comprised of the technical committee which shares as a function [indiscernible] in a public listed company, the audit and corporate practice company and the shareholders' meeting with the main goal of protecting shareholders interests. [indiscernible] include conflict of interest protection within the pending [indiscernible] expenses are not incentive distribution wise. All of this is backed by a stronger leverage as GAP's outstanding corporate governance practice, we then go to align the interest of GAP and FIBRA GAP's of the [indiscernible]. The logical both sides of the table is straightforward. FIBRA GAP provides a new and complementary results of long-term capital, let us optimize the capital structure of Mexico airport label and broadened the investor base beyond traditional debt and equity investment. This vehicle is designed to refer GAP's [indiscernible] plans and financial flexibility. For FIBRA GAP holders, the vehicle provides unique assets to a sector with structural growth, higher barriers to entry, operated by a team with a long track record with a proactive geo profile, with consistent distribution and access to the owner, FIBRA-E is the airport sector. It is complementary structure that matches long-term structure assets with long-term substructure capital. The key takeaways, I wish you to appreciate about why FIBRA GAP are. First, Mexico, the actual sector has compounded at nearly 4x GDP for an 15 years. and we see no [indiscernible] recently change. Second, GAP portfolio is serially diversified across market passions and demand prices. That diversification reflect the performance throughout medical cycles. You are not only investing in the high growing sector. Third, the operator has 28 years managing this portfolio, the strongest market share growth in the company. EBITDA margin consistent flows to 70%. Fourth, the governments work for [indiscernible] market investors, independent oversight content protection, no IDRs transferring costs, deciding to align interest [indiscernible]. This will be leveraged by GAP's hisotry of superior corporate and governance spreads. Fifth, the return profile is linked to operating results. Distributions come from cash flow generated by the infrastructure assets; six, you will have clear visibility with stable future cash flow as this is a higher regulatory sector of the fair visibility to revenue tariff increases that then will be reflected to more distribution to investment. Let me close with deal recap. FIBRA GAP's complementary financial vehicle, not a corporate restructure. GAP's concessions operating model and strategic direction remain unchanged. The proceeds will be 100% primary and will flow directly into the Mexican infrastructure concessions will follow infrastructure investment under the massive development plan and GAP will remain the controlling shareholder and administration preserving operational futility, governance standards underlining with investors. In short, FIBRA GAP is designing to fund growth, preserve financial flexibility and provide long-term investors with direct spot in Mexican airport infrastructure over there by GAP. The presentation ends here, so we will start with the Q&A session. So please Ale, start over with [indiscernible].

[Operator Instructions] So we will start with Guilherme Mendes with JPMorgan.

My question is in terms of the size of the offer, MXN 10 billion for roughly 4% of each of the assets. If the idea was to cap at MXN 10 billion or to have a small stake of each of the airports. In other words, why not doing something bigger or having a bigger stake at each of the assets? And what is the limit that the FIBRA can ended up having of each of those assets? And lastly, if at some point in time, the idea would be to include other nonregulated assets into the fee structure as well or if you will only stick to the 12-regulated airports in Mexico.

Thank you, Guilherme. This is Raul. First of all, in terms of the size of the FIBRA, I mean this is the beginning, just the initial offer. For sure, this will be gradually increasing. Always, if we are seeing any other opportunities for better just -- optimize the use of the leverage for other M&As, for instance, to bring new businesses to our company or bringing businesses with even better growth base in the short term. That is like the first part of the pressure of the question. The second plant related with why just the 12 airports. I mean, in terms of the FIBRA, it's an entity that was designed mainly for infrastructure vehicles, specific concession ones. So with our airports, we're aligned with that. We think that there is no, I would say, space into the FIBRA for the purely commercial businesses operated new [indiscernible] we are having today. In terms of the long-term size that we'll have, we will need -- we have like a cap of 30% on the concessions for growing for FIBRA.

This is Saul. And just to complement is we have this GAP as it is up 30% of the equity of the portfolio [indiscernible] only we want to continue after this IPO. You see the way of the approvals over these vehicle.

[Operator Instructions] Now we have Gabriel Himelfarb with Scotiabank.

A quick question on the structure. The 12 airports that are entering the FIBRA, the cash flows will be both regulated and the unregulated or just the aeronautical revenues? Or can you give us a bit of color on how it will work to sort of the regulated unbranded portion of cash flows inside the FIBRA.

This is Saul. Yes, it's for both aeronautical and non-aeronautical. So it's averaged with the concessionary the total revenues recognized. As you know, we have other subsidiaries that are mentioned, as Raul mentioned before, we only included just 12 airports and includes the 100% of the total revenues, aeronautical plus non-aeronautical.

So the next one will be for Jens Spiess from Morgan Stanley.

So I just wanted to ask, do you plan to list this in Mexico also doing ADR in the U.S.? And if you could provide a bit more details on the time line. What do you have in mind?

Well, for now, we are going to make some road show with the local investors in Mexico. We are not planning to look at international probably the follow-ons to be part of that. If there is some relevance or interest, we can form that back for it for loan you can participate in Q1 through the [indiscernible] the banks that will be stripping the FIBRA GAP. So if you can particle if you want that, we don't have any plan to any road show in US or non [indiscernible]. Related to the time line for this, we -- the official meeting with the promotion of FIBRA today for this conference call, and then we will begin with some one-on-ones meetings in Mexico City. And if there's any interest from [indiscernible] meetings like that the [indiscernible] is to the end of June, concluding the issuance in consolation of a business.

All right. Perfect. And if I may, a follow-up question. I was wondering so you will have basically one-to-one economic participation in the equity of the Mexican assets that are within the scope of the FIBRA. Just wondering, will there be like administrative expenses at the FIBRA level that sort of don't make it on one-to-one like the same economic interest that you would otherwise have. I don't know if I'm making myself clear.

Well, I don't know if you're referring to because of operation of FIBRA, we do not believe that it be significant. Obviously, FIBRA will have their all administration, we will have to incorporate the [indiscernible] corporates and governed practices from [indiscernible] inside the [indiscernible] committee through the public operation of FIBRA will have some expenses. We do not believe that it will be irrelevant to the size of of the issuance and the size of the FIBRA. I don't know there's your question because the sound was very few.

So we will continue with the next question that it is from Francisco Suarez from Scotiabank.

Thank you so much for this call. And thank you, Ale. So two questions, if I may. One, will this creation of this vehicle, is there any concern that it may create a structural subordination for both holders. That's my first question. And my second question relates -- it's actually a follow-up on the question that was opined by colleague on Morgan Stanley related usually FIBRA as an adviser and there are transaction costs inside and also potentially FIBRA's do charge fees decent sort of -- and this sort of expenses. So if I understood correctly, you don't expect the creation of this FIBRA vehicle to create fees or other transaction costs that will take away the economics and the potential economics of the FIBRA vehicle as such.

Paco, this is Raul. I mean in terms of expenses, we've not foreseen any really additional changes in our expenses we think that the FIBRA will bring some marginal additional cost for the management of the vehicle, but nothing really relevant in terms of what we have seen assets.

Yes. And related to the subordination equal or -- we don't expect to have any kind of that, we believe that the FIBRA will remain as far of GAP's portfolio and do not have any additional side that or to equity because just to remind our current debt is at a [indiscernible] level and there is no debt into the airport of the concessioners.

Got it. So to make sure you don't plan to create actual structure in the creation of FIBRA GAP?

No, additional no.

So now we are going to pass to Alejandro Anibal.

Alejandro Anibal from Jefferies. A bit of a follow-up to the previous question. Do you expect or are you worried that this kind of new structure can create some kind of structural discount on the holding company versus the FIBRA.

No, we now foresee that. I mean, first of all, we are talking about really this initial offer will be a really small part of our [indiscernible] business that will be in some way share with the equity of the FIBRA. So we are not seeing really any kind of decrease of a holding for that. We will say that we are optimizing some even scale factors for holding that will bring value to for our equity holders go. So yes, I think that this will optimize first, our financial structure also give us this flexibility to bring additional opportunities to the company [indiscernible] we have positions.

Okay. And with a follow-up to that answer. So can we expect an acceleration of the kind of chasing those opportunities outside of the 12 airports that you were kind of mentioning them.

I always said that we will continue. As always, GAP is looking for new opportunities. The thing is we bring to our portfolio only opportunity that makes sense to be upgraded for our shareholders. So we will continue for grading opportunities but we also -- it is important to have in mind that we will keep the discipline that we have for the correct opportunities for the company that is at with the operational value for our shareholders. So we will continue, as always, bring the opportunities, but you could be sure that we will continue we are really disciplined with the opportunities that we bring that create the correct value for our shareholders.

So now our next question will be for Andrew Miller.

I have three questions, but hopefully, they're reasonably connected. Number one, don't quite understand how I'm better off as a minority shareholder in the equity of GAP as a result of this? Number two, if I chose not to invest in the equity of GAP, why would I choose to invest in the FIBRA? And number three, if you didn't do this, are you effectively saying you would break your debt-to-equity covenants in funding the new MDP?

Thank you, Andrew. Yes, we are too affected at all is the concession -- the concessioners, and we are protecting their all their interest. So first of all, it's important GAP will retain the control of the airports with equity more than 96% for this IPO. We do not expect to decrease in that the management of the FIBRA will be in the sign of GAP. So we are desiring that already. In general investor in equity, why will we see FIBRA. FIBRA has other benefits. It helped us through a dividend to the shareholders the will not reflect any a tax benefit for all investors, but doing best in GAP, we will continue having this benefit in terms of dividend, in terms of pricing for GAP. On the other hand, FIBRA will represent a benefit to GAP flowing in terms of the incorporation and long-term visibility in the capacity for additional debt and raise funds for investment opportunities. So at the end, I would say that this is more for pension for [indiscernible] Mexico that is part of the benefit they have. So for international probably is interesting. But I would say that is basically the same in June got to equity or for FIBRA. FIBRA is -- related to your third questions, equity of -- or FIBRA will be providing equity to fund in the that's that the main reason of this vehicle are actually at holding level. The gap will continue to leverage other our projects and will contest capacity the balance sheet. So this, we believe that we have the opportunity to have more benefits for our shareholders, benefits for our [indiscernible] of FIBRA GAP and for the market also.

So the next one will be passed to my Michael Galves.

Just a kind of a follow-up from the previous one. I would like to understand what level of debt can be passed to this new structure on the FIBRA-E and if you can give us more -- a bit of color on the financial covenants, if this type of assets sales or asset transactions are allowed in your loan facilities and also in your local market bonds or if bondholder meetings are going to be required?

Okay. This is Saul. The level of debt for [indiscernible] basically is not that, it will be part of equity. It won't change in terms of capital structure for our holding, it will help for capital structure or get concessioners, but at the equity level. So related to the financial covenants, basically, it's not a bond. This is not a bond, it's not bond certificate. It will be part of the equity of the airports and the covenants of the restrictions in terms of agents is not applicable for these instruments. We will have holder meetings we guess because we need shareholders structure for pressure decision of FIBRA level. So basically, we will have another administration over the figure, but we will discuss before to operate together with the technical comment in audit committee.

Okay. Yes. But my question was focused if the actual bonds that are outstanding there, if they have any certain financial restrictions or limitations towards these kind of operations. the actual debt needs to approve this transaction or if it's not needed.

It is down dated. Our debt is a GAP holding level. It is not at the airport. Airports are the main [indiscernible] of the FIBRA. So we do not expect and do not foressee any restriction or limitation into the [indiscernible] to structure the FIBRA from shareholders.

Well, now we're going to pass the call to Samuel [indiscernible].

My questions are -- the first one would be if GAP or a related entity will own any equity in the FIBRA? And the second one would be whether GAP and the FIBRA, actually, the FIBRA will own stakes in GAP's airports? Or will they look to invest in other assets, such as infrastructure or other assets that are not managed by GAP.

In general, when we talk about invest on other different assets, I mean the FIBRA was related with the contribution only of the concessions and the rules of the FIBRA-E specifically just talk about airport concessions. So -- and we are an additional acquisition or new businesses created outside the [ concessionaries ] will be kind of GAP holding and not part of the FIBRA. That is one important part of our [indiscernible]. The perimeter of the FIBRA only includes this specific concessionary business of airports in Mexico.

And just to go [indiscernible]. GAP is not planning to some or invest into FIBRA.

And regarding the last one that GAP will own equity in the FIBRA? Yes, they will own around 96%. Then I see you again, Guilerme, do you have a follow-up question?

Yes, I do, Ale. Actually, a follow-up to Samuel's questions is just wanted to understand why not co-invest on the FIBRA in a way to maybe avoid conflicts on the interest of which assets in the future could include or not could be included on the FIBRA level? And the second follow-up is about the timing of the offering. I understand the whole idea of doing this FIBRA to help to finance the CapEx. But this [indiscernible] CapEx has been there for 1.5 years now. So it has to do with the CBX acquisition last year and discussion is about Motiva airports last year as well. So I just wonder if there's anything else on the timing of the announcement other than the other capital allocation announcements.

And then in terms of my time, for sure, it was related with the finalizing all the process for the merger of CDs for sure, that was an important part of our decision. And for sure, as you remember, is we are trying to keep and sign all the company of the GAP holding 2x debt-to-average ratio, EBITDA ratio. So the ideas is keep up the discipline and the best way to keep that discipline in terms of our balance sheet is using other kind of tools as could be the FIBRA. So that was mainly the timing. As you know, we were to pay for 25% of additional of the shares on CBX and we are doing that been on the next weeks. Yes, in terms of -- in general terms of that is depending on why we are announcing the FIBRA right now.

And related to the proceeds, yes, we are buying a financing part of the DPE of 2026 and complement part of 2027 [indiscernible] the going part for capital allocation for the [indiscernible], it will be used only for CapEx.

Well, we have a question that was sent directly from Carlos [indiscernible]. He is asking, can you talk about how does this affect the true or maximum [indiscernible], guessing since the cost of financing in the Mexican airports will be higher since it will be fully founded with equity rather than a mix of equity debt? There should be a relevant increase in the [indiscernible] to reach the target IRR.

No. I mean just to have in that, [indiscernible], it could be, but let's put it in some context. Remember that all the debt of GAP is on the holding level. So the last time that we renegotiated or review the tariff on 2024 -- at the end of 2024, at that moment, there was a few of that in the concessionaries. It means that we -- that negotiation will reflect that it was -- everything was equity on the [indiscernible] that was not debt at that moment of the airport. So always in terms of the maximum tariff, you could have better results or better IRR if you are using on the equity. That is correct on how the real works for the maximum time, but it's important to have in mind that at the last time we had renegotiated the tariffs. And at this moment, there is no debt on the level of the [indiscernible].

Now Gabriel Himelfarb. I'm seeing you again. I don't know if you have a follow-up question.

Sure. Yes. I have 2 follow-up questions. The first is on the organic growth. So you mentioned only Mexican concession call assets to enter the FIBRA GAP. So for us adding some toll roads or other types of concessions and how they could be financed in the entire amount of the offer will be to the MDP and the second part is on the MDP. I think the CapEx for the MDP is already running up. So you'll be financing the MDP from 2027 and beyond until 2029, like 2026 has already been set.

In terms of the nonorganic growth, always, again, the FIBRA give us just additional flexibility. So it's specifically the FIBRA-E, the one that we are using, it was created by the government for infrastructure, federal concessionary projects. Yes, it could fit a highway. It is a concession of federal rights of concession. So if we're going to acquire some additional federal concessions on infrastructure, yes, on the FIBRA, it could fit. The other part related with MDP, again, this is, I would say, not [indiscernible] too, this is an additional tool for balance the balance sheet of cash. So we will see some [indiscernible] going to the debt -- to the [indiscernible] or debt market in Mexico, even outside Mexico that we will keep that. But also, we have this additional tool for getting the CapEx on our report, that is the FIBRA's so it's not a complete liner that we will make the future decision over the coming years to go directly to the FIBRA for financing the MDP. It will depend if we have some M&A, [indiscernible] or we see some additional opportunities on the business directly operate by GAP, for instance, that will be the -- the decision will be met in terms of what we have in the [indiscernible].

Thank you, Gabriel. And now Alejandro Anibal. So maybe you have a follow-up question as well.

Yes. Sorry, thanks for taking my follow-up. So a quick question. you're talking about kind of this being kind of good to -- an extra tool for financing and so on. If for whatever reason, this deal does not go through, can we expect an equity raise at the GAP level? That's the first question. And then as a bit of separate. So can we see, let's say, a bigger dilution of the 4% that you're talking about in case the market is not as effective to the deal that you expect?

Yes. I mean in terms of going to or expand the equity from a follow-on, we really don't foresee that today. We have enough space to go to that. We have enough space even in balance sheet in cash. So we really don't foresee going for the kind of operation. Again, we see the FIBRA and some other two that it makes sense if the price makes sense, it is, in some way, optimize our balance sheet in terms of the price that we could get, we will continue this sale in other words, if the price of the market that will put into FIBRA. It's is not the correct one. We will not issue this FIBRA. That is, I will say, it's important to put it in the table and made it really poor. Our cash position, our leverage is pretty good even continued leverage in our MDPs to our balance sheet. But the thing is we think that we could bring additional optimization or financials of the company, we issue the FIBRA on the correct price. That is not happening. We will not push the FIBRA in any case.

And we say that and just coming to want to represent evolution effect to our shareholders.

Well, this was the last question, Raul. Thank you for your time.

Thank you, everybody, for joining us today. As always, all our IR team will be ready for us for any of your questions. And thank you for your time. Have a great day.

Thank you.