The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by: i) tariff improvements; and ii) strategies to diversify revenues. However, higher operating costs generated EBITDA margin contractions. TRAXION reported the most robust result with double-digit growth in revenues, followed by PINFRA. Total EBITDA in the sector decreased 3% YoY (vs. -1% YoY in 4Q25), while the total EBITDA margin contracted 545 bps, being the third quarter in a row with margin contractions. The airport sector’s EBITDA decreased by 216 bps, while the airline's contracted by 695 bps. Land transport posted the highest contraction with close to 731 bps. Pressure on costs would continue during the coming months, mainly explained by higher fuel prices (+67% YTD), which could be partially offset by a better price environment. The main changes to our PT following the results in 1Q26 were: increasing prices in GAP (P$465, Market Perform), and PINFRA (P$340, Outperform) due to an upward revision in estimates. In contrast, we are reducing our PT in ASUR (P$605, Market Perform), OMA (P$252, Market Perform), VOLAR (P$16, Outperform), TRAXION (P$15, Outperform), and FIDEAL (P$64, Underperform), given a more conservative outlook and still higher costs.