Operator

Greetings. Welcome to Grupo Traxión 1Q '26 Conference Call. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the conference over to Aby Lijtszain, Executive President. Thank you. You may begin.

Aby Lijtszain Chernizky
Co-Founder, Executive President & Director

Thank you, and welcome, everyone. I will start with a high-level overview before handing it over to the team for further detail. We continue to experience disruptions in our Cargo division, primarily driven by macroeconomic and geopolitical uncertainty. The current tariff environment has resulted in irregular demand patterns, reduced client activity and pressure on volumes. This, in turn, has intensified pricing dynamics across the transportation industry.

Looking ahead, we anticipate 2026 will remain a challenging year. We expect continued volatility in demand and operations, ongoing pressure on pricing and temporary increases in fuel costs. As you know, our contracts include fuel pass-through mechanisms, which serve as a natural hedge against oil price volatility. We will begin executing these clauses shortly. However, there is typically a lag before their full effect is reflected.

Most important, we view the current fuel price movements as temporary and less severe than those experienced 4 years ago. In this context, we are taking a disciplined and proactive approach. We are implementing a series of measures designed to mitigate downside risk and protect our financial performance. These actions include: a reduction of approximately MXN 500 million in CapEx; a comprehensive reorganization of our Cargo division; a reduction in the asset base, potentially