First-class, sustainable infrastructure
in key business corridors.

This year, we have seen a stable growth in traffic in both light- and heavy-duty vehicles, a trend that we expect to continue in the coming years.

At COPEXA, the traffic of heavy-duty vehicles was positively affected in the last part of the year by the partial closure of an alternative road due to a landslide. We expect stable growth in the future, with higher rates in the heavy-duty vehicle category.

Last year was very positive, as a subordinated loan was restructured after a long negotiation process, which significantly strengthened its balance sheet. As part of the transaction, the concession period was extended 15 years, reaching a maximum of 60 years. Operating both assets with 60-year concessions is proof of our long-term commitment to the country, providing top-tier and sustainable infrastructure in key corridors for businesses.

In a challenging year in terms of volatility of interest rates, both CAMS and COPEXA managed to successfully place debt issuances.

This has been the CAMS's third placing on the market and COPEXA's first operation. Both issuances were received very well by local institutional investors (mainly pension funds or AFOREs), where they acknowledged their strategic location in dynamic corridors, their proven track record and the soundness of their operational and management teams.

While we acknowledge the challenging global environment in terms of trade tariffs and the economic uncertainty, we continue to rely on the resilience of our portfolio in Mexico in the long term, thanks to the importance of the trade dynamics in corridors where our assets offer connectivity.

Congress approved a 72.1% increase in the SICT budget for 2025

Conservation works equivalent to 40,680 kilometres were carried out on the toll-free Federal Road Network, with an investment of 12,628 million pesos ($693 million), including the reconstruction of stretches and signage. In addition, 154 km of federal roads were modernised and built with 14,841 million pesos ($815 million USD), completing four road works in Veracruz, Quintana Roo and Baja California.

Progress was also made in 11 key projects, such as the Ensenada-Lázaro Cárdenas and Acapulco Zihuatanejo roads, with an investment of 46,513 million pesos ($2,555 million). Three new stretches of federal motorways were put into operation, totalling 172.93 km in Michoacán, Oaxaca and Nayarit. Among the 25 motorways completed in the six-year period, Santa Catarina Viaduct stands out, which was finished in 2023 with an investment of almost 7,000 million pesos.

For 2025, the Congress approved a budget of 147,511 million pesos ($7,357 million) for the SICT, 72.1% higher than in 2024. However, the budget for road infrastructure fell by 22%, with a total of 47,839 million pesos ($2,385 million).