Summary of Grupo Aeroportuario del Pacífico (GAP) Conference Call Company Overview - **Company**: Grupo Aeroportuario del Pacífico (GAP) - **Ticker**: NYSE:PAC - **Date of Call**: November 04, 2025 Key Industry and Company Insights Industry Context - The call discusses the integration of Cross Border Express (CBX) with Tijuana Airport, which is GAP's second-largest and fastest-growing airport, highlighting the strategic importance of cross-border travel between the U.S. and Mexico. Core Transaction Details - **Transaction Overview**: GAP is integrating CBX and internalizing a technical assistance agreement, which is seen as a pivotal milestone for the company [4][5][12]. - **Ownership Structure**: The transaction involves merging five intermediate holding entities into GAP, simplifying its ownership structure [8][12]. - **Financial Metrics**: The enterprise value to estimated 2026 EBITDA multiple is projected at 12.2x pre-synergies, and the transaction is expected to be immediately accretive on a free cash flow per share basis [12][36]. Financial Implications - **EBITDA Growth**: GAP anticipates mid-teens annual EBITDA growth over the next several years, driven by strong traffic and revenue growth, along with margin expansion [13][15]. - **Cost Savings**: The internalization of the technical assistance agreement is expected to yield annual savings of approximately $50.8 million, which is about 5% of the Mexican airport EBITDA [7][27][45]. - **Revenue Diversification**: The integration of CBX is expected to increase GAP's U.S. dollar-denominated revenues from 20% to 27% on a pro forma basis for 2024 [37]. CBX Specifics - **Passenger Traffic**: CBX has served over 20 million passengers since its inauguration in December 2015, with a significant portion of users coming from the U.S. [17][19]. - **Revenue Streams**: CBX's revenue mix includes 69% from ticket sales, 21% from parking, and 10% from ancillary services, all of which are unregulated [17][26]. - **Operational Efficiency**: CBX offers a fast crossing time of approximately 20 minutes, significantly lower than traditional border crossings, enhancing its attractiveness to travelers [22][32]. Strategic Growth Opportunities - **Future Development**: GAP plans to utilize approximately 60 acres of adjacent undeveloped land for future projects, including hospitality and parking facilities [42][43]. - **Market Expansion**: The company aims to capture traffic from alternative border crossings and expand its footprint through new infrastructure projects [41]. Shareholder Considerations - **Shareholder Meeting**: An extraordinary general shareholders meeting is anticipated in December to approve the transaction, requiring a majority vote [11][12]. - **Share Issuance**: GAP will issue approximately 90 million new Series B shares, increasing total shares outstanding by about 18% [9][78]. Additional Insights - **Technical Assistance Agreement**: The internalization of this agreement is expected to improve operational agility and control, aligning with global best practices [45][46]. - **Market Resilience**: Despite challenges such as the Pratt and Whitney engine issues affecting airlines, GAP remains optimistic about the recovery and growth potential of Tijuana Airport and CBX [96]. Conclusion The integration of CBX and the internalization of the technical assistance agreement represent a significant strategic move for GAP, aimed at enhancing growth, diversifying revenue streams, and simplifying its ownership structure. The anticipated financial benefits and operational efficiencies position GAP favorably for future growth in the cross-border travel market.

Integration of CBX and Technical Assistance Internalization November 3, 2025 1 Disclaimer and Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of applicable securities laws with respect to the proposed internalization of the Technical Assistance Agreement ("TAA") and the integration of Cross Border Xpress ("CBX") into Grupo Aeroportuario del Pacífico, S.A.B. de C.V. ("GAP," and together with the entities involved in the related mergers and transacti ...

Core Points - Grupo Aeroportuario del Pacífico (GAP) has resumed operations at Montego Bay International Airport for evacuation flights and humanitarian aid following Hurricane Melissa [1] - Limited commercial operations are expected to restart on November 1 at 7:00 a.m. local time, as the company works on restoring essential airport infrastructure and assessing damage [2] - GAP prioritizes the safety and well-being of passengers, employees, and business partners, ensuring all airport systems meet high safety standards before full commercial operations resume [3] Company Overview - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [4] - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, in April 2015 [4] - GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, in October 2018, taking control in October 2019 [4]

Core Points - Grupo Aeroportuario del Pacífico (GAP) has resumed operations at Kingston Airport for humanitarian aid flights following Hurricane Melissa, with commercial operations set to resume on October 30, 2025 [1] - All critical infrastructure at Kingston Airport has been inspected and is deemed suitable for operations, with safety as the top priority [2] - Operations at Montego Bay Airport remain suspended as technical teams conduct assessments for reopening [3] - GAP is committed to collaborating with local authorities in recovery efforts and prioritizes the safety of passengers and employees [4] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [5] - The company has been publicly traded since February 2006 on both the New York Stock Exchange and the Mexican Stock Exchange [5] - GAP acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Montego Bay, Jamaica, in April 2015 [5] - In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica [5]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) is currently focused on resuming airport operations in Jamaica following the impact of Hurricane Melissa, a Category 5 storm, which led to the suspension of operations at Kingston and Montego Bay airports [1][2]. Group 1: Impact of Hurricane Melissa - Hurricane Melissa caused the suspension of operations at Kingston Airport on October 25 at 9:00 p.m. and at Montego Bay Airport on October 26 at 12:00 p.m. due to deteriorating weather conditions [1]. - GAP is assessing the damage to airport facilities and is coordinating with authorities to restore normal operations as soon as possible [2]. Group 2: Company Response and Priorities - The CEO of GAP emphasized that the priority is the safety and well-being of employees, their families, stranded passengers, and local communities [2]. - GAP's airport terminals in Kingston and Montego Bay have remained closed since the weekend, and the company is committed to safely reopening them to facilitate humanitarian aid [2]. Group 3: Financial Significance - During the first nine months of 2025, the airports in Jamaica accounted for 11.0% of GAP's total passenger traffic and 8.8% of consolidated EBITDA [2]. Group 4: Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [4]. - GAP has been involved in airport operations in Jamaica since acquiring a majority stake in MBJ Airports Limited in April 2015 and taking control of the Norman Manley International Airport in October 2019 [4]. Group 5: Future Monitoring - GAP will continue to monitor the situation and provide updates on damage assessments, operating conditions, and the timeline for resuming operations [3].

Financial Data and Key Metrics Changes - Total passenger traffic across GAP's 14 airports increased by 2.5% year-over-year, reaching 15.8 million passengers in Q3 2025, despite a decline in international passenger traffic [5][4] - Total revenues increased by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [7] - EBITDA grew by 12.8%, reaching MXN 5.1 billion, with an EBITDA margin of 64.3% [9][10] - The cost of services increased by 14.1% year-over-year, primarily due to operational changes in managing jet bridges and airport buses [9] Business Line Data and Key Metrics Changes - Aeronautical revenue grew by 18.3%, reflecting the implementation of new maximum tariffs [7] - Non-aeronautical revenues increased by 15.6%, with significant contributions from food and beverages, retail, duty-free, ground transportation, and timeshares [8] - Revenue from business operated directly by GAP rose by 30.1%, mainly due to the consolidation of the cargo and bonded warehouse business [7] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a more restrictive perception under the current U.S. administration [4] - Domestic demand showed sustained recovery, supported by new routes and additional frequencies [5] Company Strategy and Development Direction - The company is focused on connectivity and diversifying its network, with plans to launch eight new international routes to Canada in Q4 2025 [5][6] - GAP aims to strengthen its position as a regional hub by connecting Los Cabos directly to Panama, expanding its network into Central America [6] - The company continues to optimize its commercial offerings and leverage passenger flow growth to enhance value creation across all airports [8] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic despite macroeconomic uncertainty and exchange rate volatility, citing a resilient domestic market and disciplined financial management [11] - The company expects to maintain its leadership position in the region and generate long-term value for shareholders [11] Other Important Information - The company paid a dividend of MXN 8.42 per share in Q3 2025 and issued two new bond certifications totaling MXN 8.5 billion [10] - The process related to the Turks and Caicos tender is ongoing, with no resolution announced yet [12] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a decline in international traffic, particularly in VFR routes, but expressed optimism for recovery in the coming months as capacity increases [15][16] Question: On the commercial side, how far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth in directly operated businesses is expected to continue, with new commercial areas contributing to revenue growth [18][19] Question: Can you clarify the expected level of costs for the coming quarters? - Management confirmed that the current level of costs is expected to persist due to increased facilities and headcount [24][25] Question: What is the expected effect of next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effect will depend on the lottery of national teams [54][55] Question: Can you provide details on the commercial areas coming online in the next few years? - Management outlined plans for significant expansions in terminal buildings, which will increase commercial space by 55% by 2029 [56][58]

Financial Data and Key Metrics Changes - Total passenger traffic increased by 2.5% year-over-year, reaching 15.8 million passengers in Q3 2025, despite a decline in international passenger traffic [5][4] - Total revenues grew by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [7] - Aeronautical revenue increased by 18.3%, while non-aeronautical revenues rose by 15.6% [7][8] - EBITDA grew by 12.8%, reaching $5.1 billion pesos, with an EBITDA margin of 64.3% [9][10] - Cash and cash equivalents stood at $11.7 billion as of September 3, 2025 [10] Business Line Data and Key Metrics Changes - Revenue from business operated directly by the company rose by 30.1%, mainly due to the consolidation of the cargo and bonded warehouse business [7] - Revenue from third-party operators increased by 4.7%, supported by new commercial spaces and renegotiated contracts [8] - The strongest performing business lines included food and beverages, retail, duty-free, ground transportation, and timeshares [8] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a more restrictive perception under the current U.S. administration [4] - Domestic demand showed sustained recovery, helping to offset the decline in international travel [5] Company Strategy and Development Direction - The company plans to launch eight new international routes to Canada in Q4 2025, enhancing connectivity and supporting demand during the winter season [5][6] - The company is focused on diversifying its network and expanding commercial areas to strengthen its long-term revenue base [8][10] - The ongoing process related to the Turks and Caicos tender and potential acquisition of Motiva Airports indicates the company's strategic expansion efforts [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, despite macroeconomic uncertainties and exchange rate volatility [11] - The company continues to benefit from a resilient domestic market and disciplined financial management [11] - Management anticipates a recovery in the VFR markets in the coming years, driven by increased seat capacity from airlines [16] Other Important Information - The company paid a dividend of $8.42 per share in Q3 2025 and issued two new bond certifications totaling $8.5 billion pesos [10] - The company invested approximately $7 billion pesos in capital expenditures during the first nine months of 2025, focusing on major infrastructure projects [11] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a decline in international traffic, particularly in VFR routes, but expressed optimism for recovery as airlines increase capacity [14][15] Question: On the commercial side, how far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth in directly operated businesses is expected to continue, with new commercial areas contributing to revenue growth [17][18] Question: Can you clarify the expected level of costs and expenses for the coming quarters? - Management confirmed that the current level of costs is expected to persist due to increased facilities and headcount [23][24] Question: What is the expected effect of next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effect will depend on the lottery of national teams [52][54] Question: Can you provide details on the commercial areas coming online in the next few years? - Management outlined plans for significant expansions in terminal buildings, which will increase commercial space by 55% by 2029 [55][56]

Financial Data and Key Metrics Changes - Total passenger traffic increased by 2.5% year-over-year, reaching 15.8 million passengers in Q3 2025 despite a decline in international traffic [4][3] - Total revenues grew by 17.4% compared to Q3 2024, driven by both aeronautical and non-aeronautical business performance [5][6] - EBITDA increased by 12.8%, reaching $5.1 billion pesos, with an EBITDA margin of 64.3% [8][9] Business Line Data and Key Metrics Changes - Aeronautical revenue rose by 18.3%, influenced by a new maximum tariff implementation [5] - Non-aeronautical revenues increased by 15.6%, with significant contributions from food and beverages, retail, duty-free, ground transportation, and timeshares [6][7] - Revenue from business operated directly by the company surged by 30.1%, primarily due to the consolidation of cargo and bonded warehouse operations [5] Market Data and Key Metrics Changes - International passenger traffic faced challenges due to immigration-related issues and a restrictive perception under the current U.S. administration [3] - Domestic demand showed sustained recovery, helping to offset the decline in international travel [4] Company Strategy and Development Direction - The company plans to launch eight new international routes to Canada in Q4 2025, enhancing connectivity and supporting demand during the winter season [4] - The focus remains on diversifying the network and optimizing commercial offerings to enhance long-term value creation [7][10] - The company is actively managing its capital structure to support long-term investment commitments and potential organic growth [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future performance, citing macroeconomic uncertainty and exchange rate volatility as short-term challenges [10] - The company continues to benefit from a resilient domestic market and disciplined financial management, maintaining its leadership position in the region [10] Other Important Information - The company remains in a strong liquidity position with $11.7 billion in cash and cash equivalents as of September 30, 2025 [9] - The ongoing process related to the Turks and Caicos tender and potential acquisition of Motiva Airports is under analysis [11] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a decline in international traffic, particularly in VFR routes, but expressed optimism for recovery in the coming months as airlines increase capacity [13][15] Question: What is the expected level of costs and expenses for the coming quarters? - Management indicated that the current cost levels are expected to persist due to increased facilities and headcount, impacting EBITDA margins [21][23] Question: Can you elaborate on the Motiva Airports assets acquisition plans? - Management stated they are exploring options for the acquisition, considering both partnerships and independent bids, with financing likely to come from leverage [27][28] Question: What is the expected effect of next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effects depend on the lottery of national teams [46][47] Question: Can you provide details on the commercial areas coming online in the next few years? - Management outlined plans for significant expansions in terminal buildings, which will increase commercial space and opportunities for revenue growth [48][49]

Financial Data and Key Metrics Changes - Total passenger traffic across GAP's 14 airports increased by 2.5% compared to the same period of 2024, reaching 15.8 million passengers in the quarter [6] - Total revenues increased by 17.4% versus Q3 2024, driven by strong performance in both aeronautical and non-aeronautical businesses [7] - EBITDA grew by 12.8%, reaching ARS 5.1 billion, with an EBITDA margin of 64.3% excluding IFRIC 12 [11] - Cash and cash equivalents stood at ARS 11.7 billion as of September 30, 2025 [12] Business Line Data and Key Metrics Changes - Aeronautical revenue grew by 18.3%, reflecting the new maximum tariff adjustments [8] - Revenue from business operated directly by GAP rose by 30.1%, mainly due to the consolidation of cargo and warehouse operations [8] - Revenues from third-party operators increased by 4.7%, supported by new commercial spaces and renegotiated contracts [9] Market Data and Key Metrics Changes - Passenger traffic decline was attributed to immigration-related challenges and a more restrictive perception under the current U.S. Administration [6] - Domestic demand showed sustained recovery, helping to offset declines in international travel [7] Company Strategy and Development Direction - The company remains focused on connectivity and diversifying its network, with plans to launch eight new international routes to Canada [7] - Strategic expansion opportunities include ongoing processes related to TORX and CAICO's tender, as well as potential acquisition of Motiva Airports [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding macroeconomic uncertainty and exchange rate volatility, while highlighting the benefits from a diversified portfolio of airports [13] - The company anticipates continued growth in both aeronautical and non-aeronautical revenues, maintaining its leadership position in the region [13] Other Important Information - The company paid a second and final dividend installment of ARS 8.42 per outstanding share during the quarter [12] - Significant investments of approximately ARS 10 billion were made in major infrastructure projects under the master development program [12] Q&A Session Summary Question: Can you talk about the traffic dynamics currently experienced? - Management noted a deceleration in VFR markets but expressed optimism about recovery in the coming years due to fixed capacity announcements by airlines [19][21] Question: How far off are we from seeing top-line revenue growth stabilize? - Management indicated that double-digit growth is expected to continue in directly operated businesses, with new commercial areas contributing to revenue growth [23][24] Question: Can you provide details on the expected cost levels for the coming quarters? - Management confirmed that the current cost levels are expected to persist due to increased facilities and headcount [29] Question: What is the expected effect of the next year's World Cup on traffic figures? - Management anticipates a positive impact on traffic, particularly in Guadalajara, but noted that the exact effects depend on the lottery of national teams [62] Question: Can you elaborate on the tariff increases expected for 2026? - Management confirmed that multiple tariff increases are planned for 2026, with expectations of reaching 93% to 97% fulfillment of the maximum tariff by the end of the year [40][42]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a consolidated revenue increase of Ps. 1,343.9 million, or 16.3%, for the third quarter of 2025 compared to the same period in 2024, driven by growth in both aeronautical and non-aeronautical services [6][17][31] - The company experienced a total passenger traffic increase of 386.5 thousand, representing a 2.5% growth year-over-year [4][11] - Comprehensive income decreased by Ps. 162.8 million, or 6.2%, primarily due to increased foreign currency translation losses [26][27] Financial Position - As of September 30, 2025, GAP reported cash and cash equivalents of Ps. 11,699.5 million [3] - The company issued long-term bond certificates totaling Ps. 8,500.0 million to finance capital investments and repay a bank loan [3] - GAP refinanced its credit line with Banco Nacional de México for USD$40.0 million, extending the maturity to September 18, 2030 [3] Passenger Traffic - Total passenger traffic across GAP's 14 airports increased by 386.5 thousand, or 2.5%, compared to 3Q24 [4][11] - New domestic and international routes were inaugurated, contributing to the growth in passenger numbers [4][5] Revenue Breakdown - Aeronautical services revenues increased by Ps. 846.4 million, or 18.3%, while non-aeronautical services revenues rose by Ps. 327.6 million, or 15.6% [17][31] - Revenues from improvements to concession assets increased by Ps. 169.9 million, or 11.3% [20][31] - The fastest-growing non-aeronautical revenue segments included food and beverage, retail stores, and ground transportation [19] Operating Costs - Total operating costs increased by Ps. 914.3 million, or 20.3%, compared to 3Q24, driven by higher technical assistance and concession fees [21][23] - The cost of services rose by Ps. 201.8 million, or 14.1% [21][23] Profitability Metrics - Income from operations increased by Ps. 429.6 million, or 11.5%, with an operating income margin decrease from 45.2% in 3Q24 to 43.3% in 3Q25 [25][31] - EBITDA increased by Ps. 578.0 million, or 12.8%, with an EBITDA margin decline from 54.8% to 53.1% [25][31] Net Income - Net income for 3Q25 increased by Ps. 713.2 million, or 36.0%, compared to 3Q24 [27][31] - Income before income taxes rose by Ps. 827.8 million, or 31.1% [26][27]