Summary of GAP's Q4 2025 Earnings Call

1Key Financial Results and Metrics

Passenger Traffic: Decreased by 0.9% year-over-year, with a 2.9% increase in Mexico offset by a nearly 35% decline in Jamaica due to Hurricane Melissa.

Revenues: Combined aeronautical and non-aeronautical revenues rose by 12.8%. Aeronautical revenues specifically grew by 12.6%.

EBITDA: Increased by 7.5% to MXN 5.1 billion, with an EBITDA margin of 53.8%, down from the previous year due to higher concession fees and increased operational costs.

Net Income: Declined compared to Q4 2024, impacted by higher financial expenses and lower interest income.

Full Year Performance: Aeronautical revenue up 19.4%, non-aeronautical revenue up 26.5%, and EBITDA up 17.8% to MXN 21.3 billion.

2Strategic Updates and Business Highlights

Operational Resilience: Despite external challenges, the company demonstrated strong structural growth, particularly in Mexico.

Capital Expenditure: Invested MXN 12.4 billion in 2025, focusing on major terminal expansions and capacity enhancements as part of the 2025-2029 Master Development Program.

Cross Border Xpress (CBX): Approved a business combination to enhance operational efficiency and expand service capabilities, expected to contribute to long-term value creation.

3Forward Guidance and Outlook

Traffic Growth: Expected to increase between 2% and 5% in 2026, with aeronautical revenues projected to rise by 9% to 12% and non-aeronautical revenues by 6% to 9%.

Total Revenue Growth: Anticipated to grow between 8% and 11% year-over-year, with EBITDA expected to follow the same growth trajectory.

Long-term Strategy: Focus on strengthening connectivity, expanding commercial revenues, disciplined infrastructure execution, and maintaining a sound capital structure.

4Bad News, Challenges, or Points of Concern

Hurricane Impact: Significant traffic decline in Jamaica due to Hurricane Melissa, with uncertainty regarding full recovery of hotel capacity affecting future passenger numbers.

Cost Pressures: Increased concession fees and operational costs are impacting margins.

Market Risks: External factors such as exchange rate volatility and natural events pose risks to future performance.

5Notable Q&A Insights

Traffic Recovery: Management confirmed a gradual normalization of operations in Guadalajara and Puerto Vallarta after recent cancellations, with expectations of continued recovery.

Tariff Adjustments: Further tariff increases are planned, with a focus on achieving maximum fulfillment by summer.

U.S. Expansion: Management expressed interest in exploring additional investment opportunities in the U.S. beyond the CBX, contingent on strategic alignment and shareholder value.

Integration Timeline: Full consolidation of the CBX transaction is expected by Q2 2026, with anticipated efficiencies to be realized by Q4 2026. Overall, GAP's Q4 2025 results reflect a solid year despite challenges, with a cautious but optimistic outlook for 2026 driven by strategic initiatives and recovery efforts.