Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Q2 2025 Earnings Presentation
65 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's earnings presentation, August 2025
Slide 1: Corporate Presentation 2Q25
CORPORATE PRESENTATION 2Q25
Slide 2: Table of Contents and Disclaimer
TABLE OF CONTENTS 1 Company Overview 3 2 Operational Information 10 3 Main Airports Overview 15 4 Mexican Airports Tariff Review 2025-2029 21 5 MDP Mexican Airports 2025-2029 26 6 Jamaican Airports Tariff Review 2026-2030 38 7 Financial perspective 40 8 Sustainability 59 Disclaimer 9 Investor Inform
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Our Network 2024
OUR NETWORK 2024 Tijuana Mexicali 12,546 1,034 62.1M Hermosillo 2,157 Passengers ↓2.2% vs 2023 Los Mochis 585 La Paz 1,206 Los Cabos 7,488 Aguascalientes 962 Puerto Vallarta Montego Bay Guanajuato 3,169 5,057 6,804 Kingston Guadalajara 1,777 17,849 Manzanillo 218 Morelia 1,305 4 Passengers traffic i
Slide 5: GAP Snapshot 2024
GAP SNAPSHOT 2024 14 Airports MXP 26.8B MXP 8.9B 12 in Mexico, 2 in Jamaica Revenues* Net income ↑ 5.3% vs 2023 ↓ 8.4% vs 2023 3,572 MXP 18.1B MXP 7.9B employees EBITDA CAPEX ↑ 2.4% vs 2023 67.6% EBITDA Margin* 62.1M *Excluding IFRIC 12 Passengers ↓2.1% vs 2023 5
Slide 6: Competitive Advantages 2024
COMPETITIVE ADVANTAGES 2024 TOTAL REVENUES REVENUES BY AIRPORT PASSENGER DISTRIBUTION PASSENGER PROFILE 6
Slide 7: GAP Investment Highlights
GAP INVESTMENT HIGHLIGHTS Diversified portfolio across Transparent Regulatory Strong and growing Mexico and Jamaica Framework commercial revenue base ESG leadership and social Solid financial position Long-term strategic CAPEX impact program 7
Slide 8: Ownership & Governance Overview
OWNERSHIP & GOVERNANCE OVERVIEW CMA1 AENA 66.7% 33.3% Capital Stock Series BB (AMP): 75,791,619 Series B (Public Float): 429,485,845 Total Shares: 505,277,464 AMP2 PUBLIC FLOAT (Strategic Partner) 85% 15% GAP’s Board of Directors (1) Controladora Mexicana de Aeropuertos 6 independent members (2) Aer
Slide 9: Key Metrics – 6M25 Highlights
KEY METRICS – 6M25 HIGHLIGHTS 32.1M MXP 16.6B MXP 5.5B Passengers Revenues* Net income ↑4.2% vs 6M24 ↑ 28.3% vs 6M24 ↑ 16.7% vs 6M24 21 MXP 11.1B New routes EBITDA 11 international, 10 domestic ↑ 25.8% vs 6M24 MXP 4.1B 67.1% CAPEX EBITDA Margin* *Excluding IFRIC 12 9 9
Slide 10: Operational Information
OPERATIONAL INFORMATION 10
Slide 11: Revenue & Passenger Growth 2010-2025
REVENUE & PASSENGER GROWTH 2010-2025 PASSENGER TRAFFIC CAGR 2010-2024: 8.4% Revenues are in millions of pesos. Passenger traffic in millions. 11
Slide 12: Largest Airport Operator in Mexico in 6M25
LARGEST AIRPORT OPERATOR IN MEXICO IN 6M25 DURING THE 6M25 GAP OPERATED 5 OF THE TOP-TEN BUSIEST AIRPORTS IN MEXICO Passenger traffic in millions. 12 Source: Passenger traffic reports as of June 30, 2025.
Slide 13: GAP's Key to Success: Diversification
GAP’S KEY TO SUCESS: DIVERSIFICATION Change Airport 6M25 vs 6M24 24 vs 23 23 vs 22 22 vs 21 21 vs 20 20 vs 19 19 vs 18 Guadalajara 9,006 5.6% 0.8% 13.5% 5.1% 50.7% (45.3%) 3.4% Tijuana* 6,263 4.1% (4.9%) 7.1% 38.1% 53.2% (29.2%) 13.9% 79.9% Puerto Vallarta 3,806 1.2% 0.2% 9.3% 22.9% 62.5% (49.8%) 6.
Slide 14: Airlines Market Share in 6M25
AIRLINES MARKET SHARE IN 6M25 14
Slide 15: Main Airports Overview
MAIN AIRPORTS OVERVIEW 15
Slide 16: Guadalajara: The Mexican Silicon Valley
GUADALAJARA THE MEXICAN SILICON VALLEY ▪ Guadalajara’s catchment area includes over 16 million people within a three-hour drive. ▪ Strong connectivity with the U.S., with 24 routes. 59 total routes 29 domestic ▪ Robust and expanding international cargo market, 30 international supporting trade in el
Slide 17: Tijuana: The Entrance to California
TIJUANA THE ENTRANCE TO CALIFORNIA ▪ Cross Border Xpress (CBX) and the New Terminal Processor Building provide seamless binational connectivity. ▪ Nearshoring momentum: TIJ is benefiting from the relocation of manufacturing from Asia to Mexico. 38 total routes 35 domestic ▪ Medical tourism is boomin
Slide 18: Los Cabos: Gateway to Luxury and Leisure Travel
LOS CABOS GATEWAY TO LUXURY AND LEISURE TRAVEL ▪ Top-tier international leisure destination ▪ Mexico’s second most visited tourist destination ▪ Privileged location with strong connectivity to the 51 total routes U.S. and Canada 39 international 12 domestic ▪ Over 80 premium resorts, with more than
Slide 19: Puerto Vallarta: The Pacific Jewel
PUERTO VALLARTA THE PACIFIC JEWEL ▪ One of Mexico’s Top beach destinations ▪ Mexico’s second most visited tourist destination ▪ Strong U.S. and Canada connectivity ▪ Over 100 hotels, with more than 25k rooms 56 total routes 42 international 14 domestic 14 26 16 destinations destinations destinations
Slide 20: Montego Bay: Jamaica's Gateway to the Caribbean
MONTEGO BAY JAMAICA’S GATEWAY TO THE CARIBBEAN ▪ Jamaica’s premier resort destination ▪ Highly popular among U.S., Canadian, and European travelers ▪ Renowned for luxury all-inclusive 47 international routes ▪ Over 20k hotel rooms available along the Ocho Rios- Negril corridor 23 10 10 Panama City L
Slide 21: Mexican Airports Tariff Review 2025-2029
MEXICAN AIRPORTS TARIFF REVIEW 2025-2029 21
Slide 22: Rules for Tariff Regulation in Mexico
RULES FOR TARIFF REGULATION IN MEXICO NEW FORMULA FOR MAXIMUM TARIFF 5 (𝑀𝑇 • 𝑊𝐿𝑈𝑡 ) − (𝐼𝑡 + 𝐶𝑡) 𝑁𝑃𝑉𝑛 = + 𝑇𝑉 1+𝑟 𝑡 𝑡=1 NPV (Net Present Value) Refers to Reference Value I & C (Capex and Opex) (RV) of year n •Investment = Master Development Program (5y Mandatory) •C = Cost of…
Slide 23: Rules for Tariff Regulation in Mexico
RULES FOR TARIFF REGULATION IN MEXICO Discount rate - changed from Ke to WACC: this modification reflects the actual balance sheet position of the Company, as well as the leverage strategy followed in recent years. Inputs for Definition WACC Risk Free Rate ➢ 5-year average of UMS Bonds with maturity
Slide 24: Clawback Clause
CLAWBACK CLAUSE A claw back clause will be the triggered when actual workload units exceed the projections in the Master Development Program (MDP) by more than 3% on a consolidated basis. When this occurs, the excess revenue per airport will be adjusted by deducting the concession fee already paid o
Slide 25: Maximum Tariffs Approved 2025-2029
MAXIMUM TARIFFS APPROVED 2025-2029 Airport 2025 2026 2027 2028 2029 Guadalajara 349.44 346.65 343.87 341.12 338.39 Tijuana 266.45 264.31 262.20 260.10 258.02 Los Cabos 524.20 520.01 515.85 511.72 507.63 Puerto Vallarta 522.06 517.88 513.74 509.63 505.55 Guanajuato 349.61 346.82 344.04 341.29 338.56
Slide 26: Master Development Program Mexican Airports 2025-2029
MASTER DEVELOPMENT PROGRAM MEXICAN AIRPORTS 2025-2029 26
Slide 27: MDP Mexico 2025-2029
MDP MEXICO 2025-2029 Total committed investments of MXP 43, 185 million Figures are expressed in million of pesos as of December 31, 2022, and should be updated per the National Producer Price Index (NPPI), construction sector, upon execution. *CAPEX already paid in 2023-2024 27
Slide 28: MDP Mexico 2025-2029
MDP MEXICO 2025-2029 +50% of additional sqm in Terminal Buildings 28 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 29: Guadalajara
GUADALAJARA 29 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 30: Guadalajara
GUADALAJARA ▪ Renovation of current Terminal Building - Simplified customs inspection system for international arrivals - Self-service kiosks ▪ New Terminal Building → 69,000 sqm +73% additional sqm - 23 new gates for commercial flights - 4 new cargo aircraft positions - New taxiways ▪ Construction
Slide 31: Guadalajara
GUADALAJARA New connecting roads New Terminal, aprons and taxiways (+23 positions) Land for future 3rd runway and vehicular access Expansion cargo apron (+4 positions) MRO reserve FBO reserve 31
Slide 32: Tijuana
TIJUANA 32 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 33: Tijuana
TIJUANA ▪ Current Terminal Building → +47% additional sqm - Renovation of the existing building - New baggage claim bands - Passenger inspection area redesign - 7 new remote departure gates ▪ New domestic departure facility - Construction of Deck “C” - Self-service baggage documentation system ▪ Air
Slide 34: Los Cabos
LOS CABOS 34 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 35: Los Cabos
LOS CABOS ▪ Terminal 2 expansion → +37% additional sqm - Three new contact departure gates - Simplified customs system for international arrivals - Self-service kiosks for streamlined processing ▪ Apron expansion - Seven new positions (30% increase) - Expansion of the handling area ▪ Road system imp
Slide 36: Puerto Vallarta
PUERTO VALLARTA 36 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 37: Puerto Vallarta
PUERTO VALLARTA ▪ Current Terminal Building - Self-service kiosks - Vehicle access and entrance to the New Terminal Building ▪ Final Phase - New Terminal Building - 74,000 sqm +134% sqm - Seven additional positions - Construction started in 2022, expected to conclude in 2026, with operations beginni
Slide 38: Jamaica Airports Tariff Review 2026-2030
JAMAICA AIRPORTS TARIFF REVIEW 2026-2030 38
Slide 39: Capital Investments & Tariffs Jamaica
CAPITAL INVESTMENTS & TARIFFS JAMAICA Maximum Tariffs 2026-2030 Total committed investments of USD 203.3 million Airport 2026 2027 2028 2029 2030 Montego Bay 17.38 17.79 18.22 18.65 19.07 Kingston 38.18 56.18 57.50 58.81 60.10 * Figures are expressed in USD * Figures are expressed in million USD 39
Slide 40: Financial Perspective
FINANCIAL PERSPECTIVE 40
Slide 41: Key Financial Drivers
KEY FINANCIAL DRIVERS Preserve a healthy financial Enhance operational Conserve liquidity position efficiency Align distributions with Ensure covenants compliance Maintain investment grade Dividend Policy 41
Slide 42: Aeronautical Revenues
AERONAUTICAL REVENUES Aeronautical revenues accounted for 71% of total revenues (aeronautical + non-aeronautical) in 6M25. CAGR 2015-2024: 14.6% Figures are in millions of pesos. 42
Slide 43: Non-Aeronautical Revenues
NON-AERONAUTICAL REVENUES •Non-aeronautical revenues represented 29% of total revenues (aeronautical + non-aeronautical) in 6M25. Non-aero revenue 62 65 68 71 77 90 85 92 97 123 111 150 per pax CAGR 2015-2024: 16.5% Figures are in millions of pesos. 43
Slide 44: Commercial Strategy
COMMERCIAL STRATEGY We are committed to continuously optimization of the commercial areas, while expanding and diversifying our offerings to better meet the evolving needs of our passengers. Increase Improve New business Layout business customer acquisitions reconfiguration operated experience direc
Slide 45: Mixed-Use Building at Guadalajara Airport
MIXED-USE BUILDING AT GUADALAJARA AIRPORT • Hilton Garden Inn Hotel 180 rooms across 10 levels → 12,580 sqm Opened in March 2024 Hotel • Office buildings Offices Building Two towers → 12,330 sqm Offices Building To be completed in 2025 • Commercial areas Commercial Food and beverage, financial servi
Slide 46: Parking Lot Expansion at Guadalajara Airport
PARKING LOT EXPANSION AT GUADALAJARA AIRPORT Current capacity 2,204 parking spaces 70,000 sqm Phase 2 Expansion (2025-2027) +6,250 spaces Phase 1 Expansion 313,296 sqm (2022-2025) +3,860 spaces 133,736 sqm We will have +10,000 parking spaces available by 2027 46
Slide 47: GWTC Acquisition: Strengthening GAP's Diversification
GWTC ACQUISITION: STRENGHTHENING GAP’S DIVERSIFICATION • In June 2024, GAP completed the acquisition of 51.5% stake in GWTC for MXP 875.5 million. • GWTC is a group of seven companies that provide handling, storage, and custody services for international trade, operating within bonded warehouses fac
Slide 48: Non-Aeronautical Revenues Breakdown 6M25
NON-AERONAUTICAL REVENUES BREAKDOWN 6M25 Business lines operated directly by GAP increased their contribution to 44% of non-aero revenues in 6M25 vs. 30% in 6M24, reflecting the integration across cargo, hotel, and commercial spaces. 6M24 6M25 Change Businesses operated by third parties: Food and be
Slide 49: Non-Aeronautical Revenues per Pax 6M25 vs 6M24
NON-AERONAUTICAL REVENUES PER PAX 6M25 vs 6M24 CONSOLIDATED NON-AERO REVENUE PER PAX 6M25 – MXP 150 6M24 – MXP 111 Figures are in pesos. 49
Slide 50: Consistent Total Revenues Growth
CONSISTENT TOTAL REVENUES GROWTH1 CAGR 2015-2024: 15.1% Figures are in millions of pesos. 50 1Excluding IFRIC 12.
Slide 51: EBITDA Evolution
EBITDA EVOLUTION EBITDA 71.5% 69.8% 69.9% 69.5% 68.4% 60.2% 69.7% 71.6% 69.5% 67.6% 68.4% 67.1% Margin1 CAGR 2015-2024: 15.4% Figures are in millions of pesos. 51 1Excluding IFRIC 12.
Slide 52: Net Income Growth Over Time
NET INCOME GROWTH OVER TIME CAGR 2015-2024: 13.5% Figures are in millions of pesos. 52
Slide 53: Foreign Currency Exposure 6M25
FOREIGN CURRENCY EXPOSURE 6M25 FX exposure is mostly related to Jamaican operations, where revenues and expenses are USD denominated 53
Slide 54: Debt Composition as of June 2025
DEBT COMPOSITION AS OF JUNE 2025 Total Debt MXP 46,379* million Highest Credit Ratings in Mexico mxAAA: National Scale Outlook: Stable July 4, 2025 AAA.mx: National Scale Outlook: Stable July 4, 2025 54 *Exchange rate for June 30, 2025, of MXP 18.89
Slide 55: Leverage Ratios
LEVERAGE RATIOS Debt net to EBITDA ratio Interest debt service ratio 55
Slide 56: Debt Maturity 2025-2033
DEBT MATURITY 2025-2033 Exchange rate for June 30, 2025, of MXP 18.89 56
Slide 57: Shareholders' Distribution
SHAREHOLDERS’ DISTRIBUTION Dividend Policy: distribute all excess cash above a minimum balance equivalent to two months of operating expenses plus short-term debt service. Repurchase program executed 2,000 3,000 Millions of pesos Payout 140.6% 135.4% 141.8% 111.1% 117.1% 0.0% 313.5% 120.8% 81.6% 72.
Slide 58: Guidance 2025
GUIDANCE 2025 2025 vs 2024 Traffic 4% - 6% Aeronautical revenues 23% - 25% Non-aeronautical revenues 24% - 26% Total revenues 23% - 25% EBITDA 21% - 23% EBITDA Margin 66% + - 1% CAPEX Ps. 13.0 billion ▪ Passenger traffic projections are based on the consolidation of new routes, estimated load factor
Slide 59: Sustainability
SUSTAINABILITY 59
Slide 60: Sustainability Strategy
SUSTAINABILITY STRATEGY We reaffirm our commitment to sustainability through a comprehensive strategy structured around four key pillars, encompassing 25 material topics and 30 long-term goals ratified by the Board of Directors. Our strategy aligns with the United Nations 2030 Agenda, addressing 12
Slide 61: ESG Rankings & Recognitions
ESG RANKINGS & RECOGNITIONS 61
Slide 62: GAP Foundation – Social Impact Through Education
GAP FOUNDATION – SOCIAL IMPACT THROUGH EDUCATION The GAP Foundation is committed to improving the social well- being of communities located near its airports through two key educational initiatives: GAP Schools and Community Training Centers. GAP Schools offer free, high-quality education and nutrit
Slide 63: Corporate Governance Overview
CORPORATE GOVERNANCE OVERVIEW ▪ GAP adheres to best national and international practices to ensure value creation, effective decision-making, and a strong culture of compliance and accountability. ▪ The Board of Directors is elected annually at the Ordinary Shareholders’ Meeting and is responsible f
Slide 64: Investor Information
INVESTOR INFORMATION Alejandra Soto Corporate Headquarters IR & Social Responsibility Officer Av. Mariano Otero No. 1249-B 6th floor asoto@aeropuertosgap.com.mx Torre Pacífico, Rinconada del Bosque Guadalajara, Jalisco, México. Zip Code 44530 Gisela Murillo +(52) 33 3880 1100 Investors Relations gmu
Slide 65: Aero}
Aero} opt Pp puertosG, sGA AP
Grupo Aeroportuario del Pacífico — Q2 2025 Earnings Presentation on 6ix