Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (September 2026)
64 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, September 2026
Slide 1: Corporate Presentation 2Q26
1 Corporate Presentation Corporate Presentation 2Q26
Slide 2: Company Overview
Company Overview 2
Slide 3: Our network in 2025
Our network in 2025 Mexicali 1,272 Hermosillo 2,203 63.7 million Los Mochis passengers 714 ↑2.5% vs 2024 Tijuana 12,650 La Paz 1,338 Aguascalientes Los Cabos 984 7,530 Puerto Vallarta Guanajuato Montego Bay 6,948 3,301 4,469 Guadalajara Kingston 18,697 1,841 Manzanillo 231 Morelia 1,508 (passengers
Slide 4: Shareholder’s structure
Shareholder’s structure BB Shareholders Public float Series B shares Capital Stock Series BB shares: 75,791,619 12.7% 87.3% Series B shares: 519,226,576 Total shares: 595,018,195 75,791,619 519,226,576 Board members ▪ 6 independent members ▪ 1 non-independent member ▪ 4 members appointed by Series B
Slide 5: GAP in numbers 6M26
GAP in numbers 6M26 30.4 million MXP 17.4B MXP 6.2B passengers Revenues* Net income ↓5.6% vs 6M25 ↑ 4.7% vs 6M25 ↑ 12.6% vs 6M25 26 new routes MXP 12.0B MXP 5.0B Domestic: 18 EBITDA CAPEX International: 8 ↑ 7.4% vs 6M25 3,930 68.8% employees EBITDA Margin* *Excluding IFRIC 12 5 These figures include
Slide 6: Diversified revenue and passenger profile 6M26
Diversified revenue and passenger profile 6M26 EBITDA by airport Diversified passenger profile % of Total EBITDA % of Total passengers 23% 23% 26% 39% 2% Guadalajara 7% Los Cabos VFR* Puerto Vallarta 5% 15% Tijuana 38% Leisure 11% 11% Montego Bay Business Cargo CBX Others *VFR: Visiting Friends and
Slide 7: Operational Information
- Operational t Information
Slide 8: Mexico - Sustained growth in air travel demand
Mexico - Sustained growth in air travel demand Passenger traffic (millions) Engine revision(1) CAGR: 6.3% 182 184 180 164 154 COVID 145 134 123 125 111 124 119 123 99 112 91 96 104 84 87 74 77 81 76 88 72 64 55 59 47 49 55 52 58 61 61 43 46 49 50 29 32 35 39 37 27 28 21 2010 2011 2012 2013 2014 2015
Slide 9: Mexico - Low-cost carriers the main growth driver
Mexico - Low-cost carriers the main growth driver CAGR: 2010-2025 11.9% 56 24 4.9% 12 10 3 0.4 (12.5)% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Low-cost carriers Aerolíneas de Bajo Costo Legacy Airlines Aerolineas Insignia Others Otras 9
Slide 10: Mexican aviation – Growth outpacing GDP
Mexican aviation– Growth outpacing GDP CAGR 2010-2025 3.9x Multiplier 6.3% 1.6% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 PIB GDP Total TotalPasajeros Passenger 10
Slide 11: GAP – Outpacing its peers in Mexico
GAP – Outpacing its peers in Mexico CAGR: 2010-2025 57 7.4% 45 4.2% 41 6.1% 29 6.3% 24 20 17 12 7 NA 2 5 7.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GAP AICM ASUR OMA AIFA Others Otros 11
Slide 12: GAP is the leader airport operator in Mexico
GAP is the leader airport operator in Mexico 8M26 During 8M26, GAP operated 5 of the Top 10 busiest airports in Mexico 12 Source: Passenger traffic reports as of August 31, 2026. AICM and AIFA figures are projected.
Slide 13: Passenger traffic evolution by airport
Passenger traffic evolution by airport Airport 8M25 8M26 Change 2024 2025 Change Guadalajara 12,279.2 12,873.6 4.8% 17,848.7 18,696.6 4.8% Tijuana* 8,531.1 8,154.5 (4.4%) 12,545.8 12,650.0 0.8% Los Cabos 5,265.7 4,976.4 (5.5%) 7,488.1 7,529.9 0.6% Puerto Vallarta 4,831.9 4,233.0 (12.4%) 6,803.5 6,94
Slide 14: Airline market share in GAP airports
Airline market share in GAP airports 14 Source: OAG, GAP (including Jamaica)
Slide 15: Financial perspective
Financial perspective 15
Slide 16: Revenue & passenger growth 2010 – 6M26
Revenue & passenger growth 2010 – 6M26 PASSENGER TRAFFIC CAGR 2010-2025: 7.9% REVENUES CAGR 2010-2025: 15.6% Revenues are in millions of pesos. 16 Passenger traffic in millions.
Slide 17: Aeronautical revenues
Aeronautical revenues ▪ Aeronautical revenues accounted for 68% of total aeronautical and non - aeronautical revenues in 6M26 +19.4% 22,822 19,267 19,110 17,337 +0.4% 11,984 11,762 11,813 10,548 9,499 8,281 7,038 7,226 5,623 Aeronautical revenue $179 $193 $203 $211 $217 $264 $279 $306 $304 $307 $358
Slide 18: Non-aeronautical revenues
Non-aeronautical revenues ▪ Non-aeronautical revenues represented 32% of sum of aeronautical + non – aeronautical revenues in 6M26 Business operated directly by us +26.5% Business operated by third-parties 9,704 7,672 47% +15.1% 6,165 38% 5,566 5,197 29% 4,837 26% 3,771 3,662 44% 53% 3,184 2,773 27%
Slide 19: 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 20: Non-aeronautical revenues breakdown 6M26
Non-aeronautical revenues breakdown 6M26 ▪ Business lines operated directly by GAP increased their contribution to 53% of non-aero revenues in 6M26 vs 44% in 6M25, reflecting the integration across cargo, CBX, hotel, and commercial spaces. 6M25 6M26 Change Businesses operated by third parties: Food
Slide 21: Non-aeronautical revenues per pax 6M26 vs 6M25
Non-aeronautical revenues per pax 6M26 vs 6M25 250.3 Consolidated non-aero revenue per pax 218.9 192.6 6M26– MXP 183 177.9 6M25 – MXP 150 134.6 131.7 103.9 92.1 87.1 82.3 82.1 81.6 72.5 48.9 % Change 17.4% 1.8% 5.2% 119.7% 4.9% -10.0% 6.9% 4.3% 8.2% 6.6% 22.9% 4.8% 5.2% 11.9% Aguascalientes Los Cabo
Slide 22: EBITDA evolution
EBITDA evolution +17.8% 21,332 17,684 18,112 16,128 +7.4% 11,954 10,908 11,132 9,793 8,814 7,725 6,583 5,404 5,820 EBITDA Margin1 71.5% 69.8% 69.9% 69.5% 68.4% 60.2% 69.7% 71.6% 69.5% 67.6% 65.6% 67.1% 68.8% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M25 6M26 CAGR 2015-2025: 14.7% Figur
Slide 23: Net income growth
Net income growth +12.7% 9,690 10,001 9,185 8,875 +12.6% 6,206 6,044 5,455 5,513 5,139 4,731 3,354 2,873 1,919 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M25 6M26 CAGR 15-25: 13.3% 23 Figures are in millions of pesos.
Slide 24: Foreign currency exposure 6M26
Foreign currency exposure 6M26 USD MXP AERO 29% 89% USD REVENUES NON-AERO 11% MXP REVENUES 71% USD MXP TOTAL 17% MXP USD 83% REVENUES EBITDA 89% 11% FX exposure is mostly related to Jamaican and CBX operations 24
Slide 25: Debt composition as of June 30, 2026
Debt composition as of June 30, 2026 mxAAA: National Scale Total Debt mxAAA: National Scale Outlook: Stable MXP 64,875* Outlook: Stable March 2026 million April 2026 25 *Exchange rate for June 30, 2026, of MXP 17.47
Slide 26: Leverage ratios
Leverage ratios (as of June 30, 2026) Historical Interest debt service Debt 33.3 x 6M26 2.0 x 64,875 21.7 x (Target leverage >2.5x) 2025 2.0 x 52,997 2024 1.9 x 47,990 12.9 x 10.3 x 2023 1.7 x 40,568 9.0 x 6.6 x 6.8 x 5.7 x 4.2 x 4.7 x 4.9 x 4.8 x 2022 1.4 x 34,345 2021 1.3 x 27,861 2015 2016 2017 2
Slide 27: Debt maturity 2026-2036
Debt maturity 2026-2036 Total debt MXP 64,875* million 9,981 10,260 USD 12 8,625 8,354 USD 108 USD 12 7,369 7,951 10,050 USD 40 6,136 8,103 8,415 7,655 USD 75 6,000 USD 108 6,065 4,258 200 USD 11.4 - 2026 2027 2028 2029 2030 2031 2032 2033 2036 MXP USD *Exchange rate for June 30, 2026, of MXP 17.47
Slide 28: Shareholder distributions
Shareholder distributions 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 Dividend per 2,000 outstanding share 3,000 to be paid in 2026 MXP 20.80 (1) Payout ratio 140.6% 135.4
Slide 29: Revised Guidance 2026
Revised Guidance 2026 This guidance includes the business combination related CBX and the provision of technical assistance and technology transfer services effective in May, passenger traffic trends, and the progress of the Company’s investment projects. 2026 vs 2025 Passenger traffic -3% - 0% Aero
Slide 30: MDP Mexico 2025-2029
MDP Mexico 2025-2029 30
Slide 31: MDP Mexico 2025-2029
MDP Mexico 2025-2029 Total committed investments of MXP 52,495 million 12,643 11,183 * 10,398 9,106 9,165 *4,845 2025 2026 2027 2028 2029 *Actual CAPEX executed in 2025 and through June 2026 Figures in millions of constant pesos, based on the National Producer Price Index – Construction (projected).
Slide 32: MDP Mexico 2025-2029
MDP Mexico 2025-2029 MXP 52,495* MXP 52,495* Figures in millions of constant pesos, based on the National Producer Price Index – Construction (projected). 32
Slide 33: Expected growth by 2029 year-end
Expected growth by 2029 year-end +58% +26% Terminal capacity Aprons +37% +11% Inspection points Airfield 33
Slide 34: Guadalajara
Guadalajara MXP 22,955* 34 Figures in millions of constant pesos, based on the National Producer Price Index – Construction (projected).
Slide 35: Guadalajara
Guadalajara ▪ New terminal building ✓ 87,388 sqm of terminal area (+107%) ✓ 18 new boarding gates ✓ 19 aircraft positions ✓ New taxiways ▪ Construction of second vehicle access ▪ Apron expansion ✓ 4 new positions ▪ Land acquisition 35
Slide 36: Guadalajara – Future airport development
Guadalajara – Future airport development Second road access Current road Chapala Highway access Mixed-use Parking lot building expansion Parking lot New Terminal Building Terminal Building 36
Slide 37: Guadalajara – Expansion capacity
Guadalajara – Expansion capacity 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 37
Slide 38: Tijuana
Tijuana MXP 9,689* 38 Figures in millions of constant pesos, based on the National Producer Price Index – Construction (projected).
Slide 39: Tijuana
Tijuana ▪ Expansion Terminal Building and Deck “C” ✓ 54,299 sqm of terminal area (+56%) ✓ New baggage claim bands Expansion Terminal ✓ New inspection point Building ✓ 7 new remote departure gates ▪ Airfield expansion Deck “C” ✓ 9 new aprons (+21% increase) ✓ New taxiways ▪ Land acquisition to secure
Slide 40: Tijuana Construction Deck “C”
Tijuana Construction Deck “C” 40
Slide 41: Tijuana New food and beverage zone
Tijuana New food and beverage zone 41
Slide 42: Tijuana Land side facade
Tijuana Land side facade 42
Slide 43: Los Cabos
Los Cabos MXP 6,824* 43 Figures in millions of constant pesos, based on the National Producer Price Index – Construction (projected).
Slide 44: Los Cabos
Los Cabos Terminal 2 will evolve from an international-only operation into a mixed domestic and international terminal ▪ Terminal 2 expansion ✓ 33,845 sqm of terminal area (+65%) ✓ 3 new boarding gates ✓ Simplified customs processes and automated immigration checkpoints ✓ Self-service baggage check-
Slide 45: Los Cabos Expansion check-in area and inspection points
Los Cabos Expansion check-in area and inspection points 45
Slide 46: Los Cabos New commercial spaces
Los Cabos New commercial spaces 46
Slide 47: Puerto Vallarta
Puerto Vallarta MXP 3,547* 47 Figures in millions of constant pesos, based on the National Producer Price Index – Construction (projected).
Slide 48: Puerto Vallarta
Puerto Vallarta ▪ Existing Terminal Building ✓ New self-service baggage check-in ✓ Expansion of the airport access road system ▪ Final phase of the New Terminal Building ✓ 74,000 sqm of terminal area (+160%) ✓ 7 new aircraft positions Construction began in 2022 and is expected to be completed in 202
Slide 49: Puerto Vallarta New Terminal Building
Puerto Vallarta New Terminal Building 49
Slide 50: CBX+TAA Integration
CBX+TAA Integration 50
Slide 51: CBX | Enhancing financial profile
CBX | Enhancing financial profile CBX is a highly profitable asset with strong cash flow generation, low capital requirements, and USD functional currency, which materially diversifies GAP’s financial profile. 2025 Contribution to GAP 2026 Outlook ▪ ~6% GAP consolidated total revenue growth, driven
Slide 52: What if… Revenue Mix
What if… Revenue Mix 2025 reported 2025 with CBX 4,328 3,039 13% 8% 4,328 12% 4,151 13% 4,151 MXP 32,526 mill 11% MXP 35,565 mill 24,047 68% 24,047 74% MEXICAN AIRPORTS MEXICAN AIRPORTS JAMAICAN AIRPORTS JAMAICAN AIRPORTS COMMERCIAL BUSINESS OPERATED BY GAP COMMERCIAL BUSINESS OPERATED BY GAP CBX (m
Slide 53: TAA | service framework and key obligation
TAA | service framework and key obligation Through TAA, GAP assumes the obligation to provide services under the Technical Assistance and Technology Transfer Agreement (CATTT) and becomes the entity responsible for delivering such services, generating value for the airports through the structuring o
Slide 54: Growth opportunities
Growth opportunities ~60 acres of underdeveloped land Actual CBX Area Potential sites aligned for future land border crossing development GAP Land Reserve (outside the scope TIJ Airport of the Concession Title. Acquired in Sep-25) 54
Slide 55: FIBRA GAP
FIBRA GAP 55
Slide 56: Fibra GAP, potential alternative source for the MDP
Fibra GAP, potential alternative source for the MDP It will be a listed vehicle in the Mexican Stock Exchange designed to raise funds to finance Mexican airports MDP through capital contributions. Investors CBFE Capital Mexican airport MDP contributions Capex Suscribe CBFEs proceeds subsidiaries inv
Slide 57: Post-transaction Mexican airports ownership structure
Post-transaction Mexican airports ownership structure 100% [~95.8%] [~4.2%] Other subsidiaries Aguascalientes Guadalajara Guanajuato Hermosillo La Paz Los Cabos Including CBX, Jamaican Puerto airports and other subsidiaries Los Mochis Manzanillo Mexicali Morelia Vallarta Tijuana Following the FIBRA
Slide 58: Strategic benefits for GAP shareholders
Strategic benefits for GAP shareholders Financial flexibility No GAP share dilution ✓ Diversifies funding sources for the MDP ✓ External equity without issuing new GAP shares ✓ Reduces reliance on debt financing ✓ GAP retains [~95.8%] of Mexican airports post transaction ✓ Preserves capacity to fund
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 and recognitions
ESG Rankings and recognitions Environmental and Operational Excellence Social Inclusion and Accessibility LEED Gold Certification Awarded to the new processor building at Tijuana Airport for its sustainable building practices. “Assess” level obtained in October 2023; valid until 2026. ISO 9001 & 140
Slide 62: GAP Foundation
GAP Foundation 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 nutritional support across the primary, s
Slide 63: Corporate Governance
Corporate Governance ▪ 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 for the ov
Slide 64: Grupo Aeroportuario del Pacífico
Grupo DN Aeroportuario del Pacifico
Grupo Aeroportuario del Pacífico — Investor Presentation (September 2026) on 6ix