Source: Company Data, Morgan Stanley Research GAP's total traffic decreased 8.9% Y/Y in March. International and domestic traffic declined 14.6% and 3.8% Y/Y respectively. Traffic in Guadalajara and Tijuana decreased 2.3% and 8.7% Y/Y, respectively. In Los Cabos and Puerto Vallarta, combined traffic was down 15.5% Y/Y. Traffic in Jamaican Airports was down 19.7% Y/Y due to disruptions Seat capacity in March decreased 4.5% Y/Y (vs. OAG of -4.5%), resulting in a load factor of 1Q26 traffic came in at -5.5% Y/Y, below consensus of -4.3% Y/Y.