
Why You Should Be Stocking Up On The Alpine Wines Of Alto Adige
Alto Adige, or Südtirol as most locals prefer, is Italy's northernmost wine region. It's a place where vineyards cling to high mountain slopes, pressed between the soaring Alps and the jagged limestone faces of the Dolomites. Covering just over 5,800 hectares of vines, it is one of the country's most compact, yet geographically fragmented, wine territories. The vineyards follow the Adige river for nearly 100 kilometres, but dramatic altitude shifts, changing exposures, and varied soils demand precise viticulture.
The topography undoubtedly influences the wines here, but Alto Adige is defined by a constant duality. Alpine and Mediterranean climates, Germanic and Italian identities, whites and reds of equal standing, this is a viticultural landscape built on contrast, and is all the richer for it. For those willing to navigate its intricacies, the reward is wines of startling quality, purity, and distinction. Lovers of crisp, mineral-driven whites will find much to enjoy, from Sauvignon Blanc to Pinot Bianco, while Gewürztraminer is as good here as anywhere. Reds from lesser known varieties will find plenty of charm in Schiava and Lagrein.
Alto Adige's wines can be complicated wines for English speakers to get their head around however. The region is fiercely protective of its identity; primarily German-speaking, but administratively Italian, Alto Adige-Südtirol has its own distinct culture. The dual-language nature of wine labelling can confuse casual browsers and sow uncertainty. German often leads, and you're far more likely to see "Sankt Magdalena" on the bottle than 'Santa Maddalena' for example. Is that a grape variety? you ask. No, it's a subzone, famous for growing Vernatsch, or, as Italian speakers would say, Schiava. New vocabulary overload yet? You'd be forgiven.
Wineries can legally choose to label their wines as either Alto Adige or Südtirol - or reference both - but it remains a voluntary expression of identity, not a legal obligation. Fortunately, bi-lingual labelling is widespread, and as president of the Consorzio Eduard Bernhard says, that reflects both cultural pride and the practicalities of trying to reach a broader market. 'We're very much products of our history. This region used to be part of the Austro-Hungarian empire. We're not really Italian, but we're also not German. We're who we are, proud of our mountain culture.'
Further complexity emerges as one peers into Alto Adige's geographic designations. Beyond the broad Alto Adige DOC, a patchwork of official sub-zones is in place to offer clues in terroir differences. There are six in total: Val Venosta, Meranese, Terlano, Santa Maddalena, Colli di Bolzano, and Valle Isarco. These distinctions matter.
The steep slopes of the Valle Isarco TIBERIO SORVILLO
Take Valle Isarco, a cool, granite-soiled valley near the Austrian border, producing racy, high-acid whites like Kerner and Sylvaner. Terlano is famed for its ripe Chardonnay, and near Bolzano, Lagrein thrives in the valley floor's heat-retaining soils, giving spicy, structured reds. Santa Maddalena is synonymous with Schiava (or should we say Sanct Magdalena and Vernatsch?), and it also grows well in Merano. Such names can blur together at first, and deciphering them all is part of the Alto Adige wine puzzle.
Perhaps these distinctions don't matter enough however. The DOC is set to introduce 86 Unità Geografiche Aggiuntive (UGAs), adding to these sub zones with a model similar to Barolo's MGAs or Burgundy's official climats. The goal? Greater transparency around origin and terroir.
In theory, this could help spotlight Alto Adige's remarkable vineyard diversity - granite slopes, volcanic porphyry, glacial moraines - all compressed into just under 6,000 hectares of fragmented vineyards, layered across extreme altitudes. In practice though, is there a risk of adding yet more confusion to an already intricate region, especially for international markets that might still be learning to distinguish Südtirol from Alto Adige?
Of course for the moment, adding 86 names to the appellation's lexicon is a colossal amount of additional information to thrust at the consumer, but, like many attempts to infuse territory with prestige, it is a long term project. Bernhart, reflects that not all of them will become famous. 'We have created a framework to showcase our terroir, but of course, only a handful of these will really enter the wine lover's consciousness.'
Marc Pfitscher of Cantina Girlan is supportive. 'When observing the century-old Vernatsch vineyards in the UGA 'Gschleier', one cannot help but be captivated by their historical and viticultural significance.' He believes that these characteristics are reflected in tasting. 'This for me is the very definition of authenticity and for this reason, we are firmly committed to the preservation of these vineyards and actively promote them.'
Another stand out site is likely to be Gries. Across a body of just over 270 hectares, located on the edge of Bolzano, you will find the largest and most important concentration of Lagrein vines. For those passing visiting, the key landmark is the historic abbey of Muri-Gries which is now a fully operational winery. The wine to track down is a Lagrein Riserva named after the plot it grows on - Vigna Klosteranger - a beautiful expression of the variety. Manfred Bernard who has recently taken over the winemaking there says, 'for people in Bolzano the UGA is recognition, not complication. We all know Lagrein grows well here. This recognition will help people from around the world know about Lagrein too.'
A bottle of Lagrein, showing Südtirol on the label. Muri-Gries
Christian Pisetta, export manager at Alois Lageder, one of the top producers in the region also defends the complexity. 'Through the UGA system, we now have a more precise tool to currently delineate and communicate these differences, allowing for a clearer expression of place in the glass.' Inevitably, consumers will latch onto the sites that deserve the attention most and over time, as producers embrace the vehicle for single site wines, consumers will gain familiarity with them. The system should enrich the conversation around the territory and ultimately deepen Alto Adige's labyrinthine identity.
Pisetta reflects further on the long term aspiration. 'Is this really what we need? I think so. We recognise that this landscape is not static. With ongoing climate change and global warming, what is considered an ideal terroir for a certain variety today may shift tomorrow.' The strength of Alto Adige lies in its multitude of elevations, soil types and microclimates, which gives the region flexibility, but will almost certainly demand adaptability. 'The identification of the best sites for specific grape varieties must remain dynamic' he says. 'What is considered an ideal terroir for a certain variety today may shift tomorrow.'
A reminder of the extremes of mountain viticulture in Alto Adige. Alto Adige DOC / Christian Gufler
On the flip side, we have a more detailed map to understand Alto Adige's diversity. It is arguably Italy's most varietally broad wine region, today cultivating over 20 grapes with genuine success. This versatility reflects the region's extraordinary range of altitudes, from valley floors at 200 metres, to mountain vineyards cresting 1,000 metres. This mosaic of microclimates encourages growers to match varieties with a suitable terroir, especially when we consider that of the nearly 5000 growers, the average landholding is just one hectare.
In the last couple of decades, the region has proven that international varieties such as Chardonnay, Sauvignon Blanc, Pinot Grigio, and Pinot Noir flourish here, particularly at higher elevations where cool nights preserve acidity and aromatics. The results have been undoubtedly impressive. Sauvignon Blanc, in particular, found an ideal home.
Wines like Terlano's 'Winkl' reveal piercing minerality, citrus precision, and longevity that places them among Italy's finest expressions of the grape. Chardonnay, notably from cooler pockets near Eppan and Terlano, ranks quietly among Italy's best. These wines balance ripeness with taut minerality, drawing quiet comparisons to Burgundy, yet framed by alpine clarity.
Terlano vineyards, high up in the hills, showing the mix of elevation and micro climate. Cantina Terlano
Although Chardonnay has been in Terlano since the late 19th century, at Cantina Terlano, cellar master Rudi Kofler has overseen more than 30 years of progressive work with the variety. He says 'Chardonnay is well consolidated here. It gives a very interesting component of tropical fruits, and in our Kreuth Chardonnay you can feel it alongside fine acidity and a creamy structure. Thanks to its complexity and mineral note, this powerful Chardonnay is a very long‑lived wine.'
Pinot Bianco too is impressive, taking on a stone fruit character that lifts it above some of the duller wines you may find further north. In the Terlano sub zone it is frequently blended, to the point where it feels wrong to deviate from what is now a classic mix: 70 % Pinot Bianco, 25 % Chardonnay, 5 % Sauvignon Blanc. It is best observed in Cantina Terlano's 'Novus Domus' Koffler summarises that 'this distinct Terlano cuvée embodies all the strengths of the region in a full-bodied multifaceted mineral wine that takes years of aging in the bottle to achieve its full potential.'
Similarly, Pinot Nero (noir) has emerged as capable and serious as anywhere else in Italy, especially from cooler sites with limestone-rich soils. Cantina Girlan is at the forefront of its growing reputation. Their 'Trattmann' Pinot Nero Riserva is one of the best examples, flaunting supple red fruit, earthy nuances, and a tension that hints at Burgundy, yet is unmistakably Alpine. Marc Pfitscher, who handles sales and marketing at the winery, says 'Trattmann embodies our long-standing commitment to achieving the highest quality, reflecting efforts spanning from 1985 to the present day.'
This success was born of the need for change however. Alto Adige's big identity crisis came in the 1980s when demand for the local Schiava plummeted. The long standing tradition of extracting as yield as possible was struggling to cope with competition for better wines from elsewhere. Schiava, meaning slave in Italian, is thought to be named after its tendency to accumulate to encourage so much fruit and weight that the vine would bend in on itself.
Wolfgang Klotz - director of the co-operative cellar Cantina Tramin - reflects that 'the old system of pergola trained Schiava wasn't working, so people were open minded for change.' The flavour profile may not have been fashionable at the time, but yields were too high and quality wasn't good enough. Klotz reminisces that telling people to leave half their crop on the floor wasn't easy, but, 'trying to get quality out of this unique valley has given us the power to preserve our traditions and landscape.' Without a market for the wines, the landscape would inevitably need to convert to alternative industry.
The sub zone of Santa Maddalena / Sankt Magdalena where the slopes over looking the city of Bolzano have become renowned for light red wines from Schiava. IDM/Südtirol Wein/Tiberio Sorvillo
Growers never fully abandoned their traditional grapes however. A combination of pride, nostalgia, and pragmatism kept Schiava and Lagrein in the vineyards, perhaps awaiting their moment of rediscovery. These have never been better, shedding that reputation for dilution and rusticity that plagued them during through late 1970s and early 80s. Today the best examples of Schiava are delicately floral and weightlessly complex, when grown on suitable sites.
Producers like Girlan are at the forefront, crafting Schiava with restraint, finesse, and a nod to Alpine tradition. They are reds for the curious - bright, translucent, carrying wild strawberry, herbs, and an undercurrent of mountain freshness. As Pfitscher says, 'in my view, the flavoral purity, freshness, and drinkability of this grape variety are unique qualities that align perfectly with current consumer preferences and market trends.'
Gewürztraminer provides another local conundrum. Often a polarising grape for its aromatic intensity, it produces very good wines in Alto Adige and deserves the attention. It is grown around the village of Tramin, where it is thought to take its name. The first plantings of red Traminer were made by Archduke Johann in Appiano in 1848. Shortly thereafter, selected locations in Bolzano, Merano, Bressanone, and Termeno were also planted with the vines. Today it is the region's most recognisable aromatic export - opulent, spicy, floral, often excessive for some palates. In recent years, a shift toward gastronomic restraint has emerged. Producers like Cantina Tramin craft benchmark examples that maintain exotic spice and rose petal lift while dialling back overt sweetness, especially when paired with food.
The rosy skins of Gewürztraminer or, red traminer. Florian Andergassen
Wolfgang Klotz says, 'We have a beautiful elegance in our Gewurztraminer. We don't plant it too high because it needs a lot of heat, and sun.' The variety is the most planted variety among co-operative of over 300 members and benefits from the village's clay soils. Klotz points out that 'it's a tricky variety to grow, and very selective of its site. The clay retains humidity, which helps cool the vines at night.' Produced in very low quantities is the exceptional 'Epokale' a sweet, late harvest wine. Klotz enthuses about its ability to develop. 'It's after 10 years that Gewurz really shows itself. You have to wait to get the complexity out of the wine. The spice really comes through.'
Alto Adige is not an easy region to grasp but through its complexities it produces outstanding wines that belong in any serious cellar. Its dual language, layered labels, grape diversity, and evolving concepts of site specific expressions of different varieties demand closer inspection. Undeniable freshness (climate change not withstanding) provides these wines with the backbone for longevity. For those willing to navigate the complexities, the rewards are profound.
Here, duality defines everything: Alpine cool meets Mediterranean warmth; German precision blends with Italian flair; international grapes excel alongside revitalised natives; whites and reds increasingly share the limelight. This is a region of depth, and thankfully, constant evolution. More importantly, it is place of real where real people farm an untenable single hectare to protect their landscape. For any wine lover seeking discovery, Alto Adige deserves to be firmly on the radar. Its complexity shouldn't put you off, it's the very reason the wines resonate with such authenticity and intrigue.
Christian Pisetta believes strongly that complexity is a defining virtue for Alto Adige and plays an essential role in shaping the region's identity. 'We're situated at the cultural and climatic crossroads between southern and Northern Europe' he says. 'It is extremely complex - linguistically, culturally, and geographically. This richness is not a challenge to overcome but a strength to embrace.' Is this the moment to stock up on Alto Adige's wines, before the rest of the world fully fathoms out their virtues?

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Corporación América Airports (CAAP) Q2 2025 Earnings Call Transcript
Image source: The Motley Fool. DATE Thursday, August 21, 2025, at 10 a.m. ET CALL PARTICIPANTS Chief Executive Officer — Martin Eurnekian Chief Financial Officer — Jorge Arruda Need a quote from a Motley Fool analyst? Email pr@ Full Conference Call Transcript Martin Eurnekian: Thank you, Patricio. Good day, everyone, and thank you for joining us today. I am pleased to report an excellent quarter for Corporación América Airports S.A. Customer traffic was up almost 14% from last year, with strong growth in the great majority of our markets. Argentina had a standout performance, hitting a new second-quarter historical record with double-digit increases in both international and domestic travel. We also saw solid gains in Brazil, Italy, Uruguay, and Armenia, while Ecuador remained largely flat. Italy, Uruguay, and Armenia also hit new second-quarter historical records. On the top line, revenues grew nearly 19%, outpacing passenger growth and demonstrating a strong execution of our management team in increasing revenues per passenger, as well as the quality of our portfolio. Revenue per passenger edged up to $21, given by steady contributions from cargo, parking, VIP lounges, and duty-free. This led to a 23% year-over-year increase in adjusted EBITDA, supported by notable contributions from Argentina, Uruguay, and Armenia, with the margin up 1.4 percentage points to 38.6%. We closed the quarter with a very strong financial position that gives us flexibility to keep moving on our growth plans. We also wanted to highlight that we obtained environmental approval from the region of Tuscany for the Florence Airport master plan in April. Lastly, our Argentine subsidiary AA2000 has recently approved a $150 million dividend distribution. Moving on to Slide four, we saw a very strong traffic performance across operations, except Ecuador, where traffic was flat. Total passenger traffic increased 13.7% year over year to nearly 21 million passengers, accelerating from the 7% growth or 9% ex-Natal reported in the first quarter. Domestic traffic rose just under 15%, driven primarily by a recovery in demand in Argentina and Brazil, to a lesser extent in Italy. International traffic increased 12% with positive contributions from all markets except Ecuador, and particularly strong results in Argentina and Italy, which together accounted for more than 80% of the year-over-year increase in the quarter. Brazil, Uruguay, and Armenia also posted strong growth in international traffic. Let's look at performance by country. In Argentina, our largest market, overall traffic growth accelerated to 17% from nearly 13% in the first quarter. Domestic traffic was up 16%, supported by sustained demand recovery and multiple route resumptions. On the international front, traffic increased close to 19%, reflecting new and expanded services from carriers such as JetSmart, Gol, Sky, Azul, LATAM, Avianca, and Air Europa. This strong performance continued into July, with domestic and international passenger traffic increasing by 10% and 13%, respectively. Italy delivered a 9% increase in traffic, reaching a second-quarter record, driven by both domestic and international travel. International traffic, representing 81% of the total, was up 9%, supported by strong growth at Florence and Pisa Airports. Domestic volumes grew 11%, led by nearly 20% growth at Pisa, mainly reflecting Ryanair's frequency increases. This solid performance continued into July, with domestic and international passenger traffic increasing by 8% and 6%, respectively. Brazil recorded a 15% year-over-year increase in traffic, with domestic traffic up nearly 14% and transit passengers up 15%. International traffic, a smaller share of the mix, grew over 41%, with routes to the US reaching record highs. In July, overall traffic increased by 6% against July 2024. In Uruguay, traffic was up nearly 9%, marking also a second-quarter record. The performance in the quarter benefited from the strong activity during the Easter holiday. Azul announced the introduction of a new route between Montevideo and Campinas, which began operating last month. In July, overall traffic in Uruguay declined 6% year over year, mainly impacted by the removal of the Montevideo-Buenos Aires route by JetSmart, as well as several days of adverse weather conditions that led to flight cancellations. In Armenia, traffic was up 8%, fueled by the arrival of several new carriers, including China Southern, El Cairo, Salam Air, and Sky Express, and the announcement of a lease airbase launching eight European routes. These developments are strengthening connectivity and supporting our role in positioning Armenia as a regional hub. Traffic in July rose by 7% against the same period last year. Lastly, traffic in Ecuador was broadly flat, with a 0.5% decline in total passengers. Domestic traffic rose slightly, while international volumes declined, impacted by reduced US operations, high airfare levels, and a still challenging security environment in the country continue to affect travel. In July, traffic remained robust compared to July 2024. In sum, this was a record second quarter for Argentina, Italy, Uruguay, and Armenia, highlighting the strength and resilience of our network and their ability to capture growth across diverse geographies. Turning now to cargo on Slide five, we delivered another strong quarter, with cargo revenues up 30% year over year, led by Argentina, Brazil, and Uruguay. The increase reflected not only higher margins in key markets but also improved pricing dynamics and new revenue streams. In Argentina, cargo revenues were boosted by the new cargo business model implemented in mid-March, which is delivering as planned. Uruguay also saw a solid lift from tariff increases in the courier segment, while Brazil benefited from increased higher pharma imported volumes as well as higher average ticket on domestic cargo. Armenia maintained its positive trend, contributing meaningfully to overall volumes. Looking ahead, we will continue to build on this momentum, enhancing our current capabilities and leveraging growth opportunities across our airports while maintaining a competitive and efficient cost structure. I will now turn the call over to Jorge, who will review our financial results. Please go ahead. Jorge Arruda: Thank you, Martin, and good day, everyone. Let's start with our top line on Slide six. Total revenues ex-IFRIC 12 increased 18.9% year over year, outpacing passenger traffic growth of 13.7%. This strong performance was driven by double-digit growth in Argentina, Armenia, Italy, and Uruguay. Excluding the one-time litigation benefit recorded in 2024, Brazil also delivered double-digit revenue growth, further supporting our solid results. Our revenue per passenger was up 4.5% to $21 from $20.1 last year. Aeronautical revenues were up 15.1%, mainly supported by the strong performance we saw in Argentina, coupled with positive contributions from all countries except Ecuador. In Argentina, revenues were up more than 20%, supported by an 18.5% year-on-year increase in international traffic and, to a lesser extent, higher domestic passenger fees following a tariff adjustment implemented in November. Strong momentum continued in Argentina, Uruguay, and Italy, each delivering double-digit growth, while Brazil posted a 9.5% increase in line with passenger traffic trends. In contrast, Ecuador reported a 2.2% revenue decline, reflecting a modest drop in traffic during the quarter. Commercial revenues were up 22% year on year, well above the 13.7% increase in traffic, driven by higher cargo revenues and solid performance across parking facilities, VIP lounges, duty-free stores, and other passenger-related services. Fuel-related revenues, primarily in Armenia, also contributed to the increase. Growth was particularly strong in Argentina and Armenia, up 27% and 26%, respectively, with additional double-digit gains in Italy and Uruguay further highlighting the strength of our commercial portfolio. Turning to Slide seven, total costs and expenses excluding IFRIC 12 were up 16.8% year over year, in line with higher activity but below revenue growth of nearly 19%. Cost of services rose by 15.4%, primarily reflecting higher concession fees and maintenance tied to increased activity in Argentina, as well as higher fuel costs in Armenia consistent with the growth in fuel revenues. SG&A expenses increased 22%, largely due to higher salaries in Argentina driven primarily by inflation outpacing currency devaluation and tough comparisons with the second quarter of 2024. We note, however, that total costs and expenses in Argentina, excluding IFRIC 12, declined 5.5% in the second quarter compared to the prior quarter, confirming the improved trend we signaled in our first-quarter earnings call. Moving on to profitability on Slide eight, adjusted EBITDA ex-IFRIC 12 reached $169 million, up 23% year over year, mainly driven by a 34% increase in Argentina and positive contributions from all countries except Ecuador. Uruguay delivered another consecutive quarter of strong growth, with adjusted EBITDA up 27%, supported by steady traffic gains and robust commercial performance, particularly in cargo and other passenger-related revenues such as duty-free and VIP lounges. Armenia delivered double-digit growth, underpinned by traffic growth and robust fuel revenues, contributing to the positive momentum across our key markets. Adjusted EBITDA at Brazil Airport was up 16%, excluding the one-time benefit of $1.7 million from the resolution of a litigation process, which was recorded in the second quarter of 2024. In Italy, adjusted EBITDA increased 2%, or 14% when excluding other construction service-related costs at Toscana Aeroporti Consorzio, a subsidiary of Toscana Aeroporti. Adjusted EBITDA in Ecuador declined 3%, reflecting weaker passenger traffic during the period. Adjusted EBITDA margin ex-IFRIC 12 expanded 1.4 percentage points year over year to 38.6%, mainly driven by margin improvements in Argentina and Uruguay. Notably, in Argentina, we achieved a 3.2 percentage point margin expansion, supported by strong traffic growth and robust commercial revenues despite continued pressure on Argentine peso costs, from inflation running ahead of currency depreciation and tough year-over-year comparisons. Turning to Slide nine, on the back of our strong cash flow generation, we closed the quarter with a total liquidity position of $595 million, up 13% from the $526 million recorded at year-end 2024. Notably, all of our operating subsidiaries reported positive year-to-date cash flow from operating activities except for Ecuador, due to the one-time annual concession fee payment, which is due and paid every January. Cash used in financing activities reflected debt repayments in Argentina and Ecuador, as well as dividends paid to non-controlling interest in subsidiaries. As Martin noted at the beginning of the call, driven by strong cash generation, our Argentine subsidiary has recently approved a dividend distribution of $150 million, of which $127.5 million will be paid to Corporación América Airports S.A. We are very pleased with the performance of our operations in Argentina, which enables us to meet our CapEx commitments, pay our debt service, and distribute excess cash to strengthen our consolidated cash position. Moving on to the debt and maturity profile on Slide 10, total debt at quarter-end was $1.1 billion, while our net debt decreased to $643 million from $718 million in December 2024. Our net leverage ratio improved to a record low of one time, driven by lower net debt and stronger adjusted EBITDA levels. To wrap up, we delivered strong operating and financial results, ending the quarter with a solid balance sheet and healthy debt position. We remain focused on pursuing both organic and inorganic growth opportunities to enhance our airport portfolio and create value. I will now hand the call back to Martin, who will provide closing remarks and discuss our view for the remainder of the year. Martin Eurnekian: To close, let's turn to Slide 12. This was a very strong second quarter, with broad-based passenger growth across our network that underscores the resilience and quality of our diversified portfolio. We continue to perform well, driving revenue growth and EBITDA margin expansion, while keeping a solid financial position. On the commercial front, we remain focused on enhancing non-aeronautical revenues. In Argentina, we inaugurated the new duty-free arrivals area at the Ezeiza Airport in May, expanding it from 700 to 1,100 square meters to improve the passenger experience and capture additional commercial opportunities. In Brazil, construction of the shopping mall at Brasilia Airport is progressing, with opening planned for April 2026, alongside other initiatives to grow food and beverage, retail, and service offerings across the portfolio. Strategically, we are moving forward across our concessions. In Argentina, we are progressing with the AA2000 concession process. In Italy, we secured environmental approval from the region of Tuscany for the Florence Airport master plan in April. In Armenia, we continue to make progress on the CapEx program approvals to expand Yerevan Airport. On the new business front, we are awaiting official resolution from the government of Montenegro and actively pursuing opportunities in Latin America, Iraq, Angola, and other M&A initiatives, among others. Looking ahead, we expect positive traffic momentum to continue in Argentina, with strong summer seasons anticipated in both Italy and Romania. In sum, our second-quarter performance underscores the strength of our geographic diversification, the quality of our portfolio, the effectiveness of our strategy, and the dedication of our teams across markets. Operator, please open the lines for questions. Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. If you wish to cancel your request, please press the star followed by the two. Please lift the handset if you are using a speakerphone. Once again, that is star one if you wish to ask a question. Your first question is from Guillermo Mendez from JPMorgan. Your line is now open. Guillermo Mendez: Yes. Thank you. Good morning, Martin, Jorge. Thanks for taking my questions. The first one is in Argentina. If you can provide some details on what are the next steps for the rebalancing discussion. I know you do not have a lot of visibility on timing, but if you can share what we should expect on the next milestones, that would be useful. And the second one is on Motiva's former CCR airport sales. If you are still interested in this asset, is it something that you probably would bid alone, or are you considering doing so with a partner, probably dividing the Brazilian assets from the non-Brazilian assets? Thank you. Martin Eurnekian: Thank you for your question. Let me start with the second one. We are looking at the asset. As you may know, it is a typical M&A process subject to NDA confidentiality, etcetera. But what we can say at this point in time is that we are looking at the asset. It is an interesting opportunity for Corporación América Airports S.A., and we will keep the market updated as we make progress in the process. Regarding Argentina, your first question, conversations with the technical teams are ongoing. They have never been interrupted. The conversations include the rebalancing of the economic equilibrium, investment requirements in the system, among other aspects. There is a new Secretary of Transport since mid-May. We are very engaged with all the authorities. We believe that we are making good progress, and we will keep the market updated as we make concrete steps into this process. Guillermo Mendez: Got it. Thank you, Jorge. Operator: Thank you. Once again, please press star one if you wish to ask a question. Guillermo Mendez: It is paid actually by all the end of the virtual. So we have in our... Operator: There are no further questions at this time. I will now hand the call back over to Martin Eurnekian for the closing remarks. Please proceed. Martin Eurnekian: I would like to thank everyone for your participation and interest in our call and remind you that our team remains available for any questions that you might have in the future. Thank you very much, and please have a very good rest of your day. Goodbye. 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