PAC — Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Summary of GAP's Q1 2026 Earnings Call

1. Key Financial Results and Metrics:

• Total Revenues: Increased by 2.8% year-over-year.
• Aeronautical Revenues: Grew by 3.9% overall, with a notable 9.3% increase in Mexico due to new maximum tariffs for the 2025-2029 regulatory period.
• EBITDA: Rose by 6.4% to MXN 6 billion, with an EBITDA margin of 68.3%.
• Cost of Service: Increased by 6.5%, driven by higher personnel, security, and maintenance costs.
• Cash Position: Strong liquidity with MXN 23.2 billion in cash and equivalents, bolstered by a bond issuance of MXN 10.7 billion.
• CapEx: MXN 1.8 billion was deployed in the quarter, focusing on capacity and passenger experience enhancements.

2. Strategic Updates and Business Highlights:

• Acquisition of CBX: GAP is in the process of consolidating the acquisition of a 25% stake in CBX, expected to be finalized in May or June 2026.
• Non-Aeronautical Growth: Continued growth in non-aeronautical revenues, with the bonded warehouse business contributing significantly.
• Investment in Infrastructure: Ongoing investments under the Master Development Plan to enhance airport capacity and services.

3. Forward Guidance and Outlook:

• Traffic Recovery: Passenger traffic is expected to recover to pre-storm levels by Q4 2026, despite a 5.5% decline in Q1 due to various disruptions.
• Traffic Guidance: Management maintains a traffic growth guidance of 2% to 6% for the year, with expectations of a stronger summer season.
• Dividend Proposal: A dividend payment of MXN 20.8 per share is proposed for the next 12 months.

4. Challenges and Points of Concern:

• Traffic Decline: A 5.5% decrease in passenger traffic attributed to security incidents in Mexico and Hurricane Melissa's impact on Jamaica.
• Cost Pressures: Rising operational costs due to inflation and geopolitical tensions affecting fuel prices and airline operations.
• Market Volatility: Ongoing geopolitical tensions and economic uncertainties pose risks to passenger demand and operational stability.

5. Notable Q&A Insights:

• Tariff Compliance: Current maximum tariff compliance is at 92-93%, with expectations to reach 95% by year-end.
• Airline Capacity Movements: No significant structural changes in airline capacity were reported, but some reductions in services were noted due to fuel costs.
• Cargo Performance: A notable increase in cargo volumes driven by shifts in production from Asia to Mexico, particularly in electronics.
• Future M&A Opportunities: No immediate inorganic growth projects beyond the CBX acquisition, but management is exploring new business developments in airport hotels.

Overall, GAP demonstrated resilience in its financial performance despite external challenges, with strategic initiatives aimed at long-term growth and recovery in passenger traffic anticipated in the coming months.