Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (2026)
55 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, 2026
Slide 1: Corporate Presentation 1Q26
CORPORATE PRESENTATION 1Q26
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Company Overview 3 2 Operational Information 8 3 MDP Mexican Airports 2025-2029 25 4 Future Integration CBX + Technical Assistance 37 5 Sustainability 49 6 Investor Information 54 Disclaimer This presentation is not an offer or invitation for subscription or purchase of or a reco
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Our Network 2025
OUR NETWORK 2025 Tijuana Mexicali 12,650 1,272 63.7M Hermosillo 2,203 Passengers ↑ 2.5% vs 2024 Los Mochis 714 La Paz 1,338 Los Cabos 7,530 Aguascalientes 984 Puerto Vallarta Montego Bay Guanajuato 3,301 4,469 6,948 Kingston Guadalajara 1,841 18,697 Manzanillo 231 Morelia 1,508 4 Passengers traffic
Slide 5: 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 5
Slide 6: Key Metrics – 2025 Highlights
KEY METRICS – 2025 HIGHLIGHTS 63.7M MXP 32.5B MXP 10.0B Passengers Revenues* Net income ↑2.5% vs 2024 ↑ 21.4% vs 2024 ↑ 12.7% vs 2024 62 New routes MXP 21.3B 25 international, 37 domestic EBITDA ↑ 17.8% vs 2024 MXP 12.4B 65.6% CAPEX EBITDA Margin* *Excluding IFRIC 12 6 6
Slide 7: Competitive Advantages 2025
COMPETITIVE ADVANTAGES 2025 REVENUES BY AIRPORT PASSENGER PROFILE TOTAL REVENUES PASSENGER DISTRIBUTION 7
Slide 8: Key Metrics – 1Q26 Highlights
KEY METRICS – 1Q26 HIGHLIGHTS 15.4M MXP 8.8B MXP 3.3B Passengers Revenues* Net income ↓5.5% vs 2025 ↑ 4.5% vs 2025 ↑ 15.9% vs 2025 7 New routes MXP 6.0B 4 international, 3 domestic EBITDA ↑ 6.4% vs 2025 MXP 1.8B 68.3% CAPEX EBITDA Margin* *Excluding IFRIC 12 8 8
Slide 9: Operational Information
OPERATIONAL INFORMATION 9
Slide 10: Largest Airport Operator in Mexico in 1Q26
LARGEST AIRPORT OPERATOR IN MEXICO IN 1Q26 DURING THE 1Q26 GAP OPERATED 5 OF THE TOP-TEN BUSIEST AIRPORTS IN MEXICO Passenger traffic in millions. 10 Source: Passenger traffic reports as of March 31, 2026. AIFA figures are projected.
Slide 11: Airlines Market Share in 1Q26
AIRLINES MARKET SHARE IN 1Q26 11
Slide 12: Revenue & Passenger Growth 2010-2026
REVENUE & PASSENGER GROWTH 2010-2026 PASSENGER TRAFFIC CAGR 2010-2025: 7.9% 12 Revenues are in millions of pesos. Passenger traffic in millions.
Slide 13: Aeronautical Revenues
AERONAUTICAL REVENUES Aeronautical revenues accounted for 71% of total revenues (aeronautical + non-aeronautical) in 1Q26. CAGR 2015-2025: 15.0% Figures are in millions of pesos. 13
Slide 14: Non-Aeronautical Revenues
NON-AERONAUTICAL REVENUES •Non-aeronautical revenues represented 29% of total revenues (aeronautical + non-aeronautical) in 1Q26. 62 65 68 71 77 90 85 92 97 123 152 147 165 Non-aero revenue per pax CAGR 2015-2025: 17.5% Figures are in millions of pesos. 14
Slide 15: 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 16: Non-Aeronautical Revenues Breakdown 1Q26
NON-AERONAUTICAL REVENUES BREAKDOWN 1Q26 Business lines operated directly by GAP increased their contribution to 48% of non-aero revenues in 1Q26 vs. 43% in 1Q25, reflecting the integration across cargo, hotel, and commercial spaces. 1Q25 1Q26 Change Businesses operated by third parties: Food and be
Slide 17: Non-Aeronautical Revenues per Pax 1Q26 vs 1Q25
NON-AERONAUTICAL REVENUES PER PAX 1Q26 vs 1Q25 CONSOLIDATED NON-AERO REVENUE PER PAX 1Q26 – MXP 165 1Q25 – MXP 147 Figures are in pesos. 17
Slide 18: 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% 65.6% 67.1% 68.3% Margin1 CAGR 2015-2025: 14.7% Figures are in millions of pesos. 18 1Excluding IFRIC 12.
Slide 19: Net Income Growth Over Time
NET INCOME GROWTH OVER TIME CAGR 2015-2025: 13.3% Figures are in millions of pesos. 19
Slide 20: Foreign Currency Exposure 1Q26
FOREIGN CURRENCY EXPOSURE 1Q26 FX exposure is mostly related to Jamaican operations, where revenues and expenses are USD denominated 20
Slide 21: Debt Composition as of March 2026
DEBT COMPOSITION AS OF MARCH 2026 Total Debt MXP 63,744* million Highest Credit Ratings in Mexico mxAAA: National Scale Outlook: Stable March 9, 2026 AAA.mx: National Scale Outlook: Stable March 9, 2026 21 *Exchange rate for March 31, 2026, of MXP 18.0667
Slide 22: Debt Maturity 2026-2033
DEBT MATURITY 2026-2033 Total Debt MXP 63,744* million 22 *Exchange rate for March 31, 2026, of MXP 18.0667
Slide 23: Leverage Ratios
LEVERAGE RATIOS Net debt to EBITDA ratio Interest debt service ratio 23
Slide 24: 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 25: Guidance 2026
GUIDANCE 2026 This guidance does not include the business combination related to Cross Border Xpress (CBX) and the provision of technical assistance and technology transfer services approved by the Shareholders’ Meeting on December 11, 2025, as the transaction is currently in the process of formaliz
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 +60% 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 +90% 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: Future Integration CBX + Technical Assistance Internalization
FUTURE INTEGRATION CBX + TECHNICAL ASSISTANCE INTERNALIZATION 38
Slide 39: Accelerating GAP's Growth and Diversification
Accelerating GAP’s Growth and Diversification On December 11, 2025, the Extraordinary Shareholders’ Meeting approved the business combination of Cross Border Xpress (CBX) and the internalization of services under the TAA. Once the business combination is formally completed, the market will be inform
Slide 40: Key Transaction Components
Key Transaction Components Strategic Shareholders Reaffirm Confidence in GAP GAP Obtains GAP Delivers • 100% ownership of CBX upon completion of the merger and the • ~90 million new Series B Shares issued to the merger targets’ ancillary transaction shareholders for 75% of CBX, plus TAA services int
Slide 41: CBX: Seamless Solution in One of the World's Busiest Border Crossings
CBX: Seamless Solution in One of the World’s Busiest Border Crossings Tijuana Airport Border Wall What Is CBX? • One-of-a-kind cross-border terminal located in the U.S. and physically connected to TIJ airport • Seamless connection: ~20-minute crossing vs. 2-3 hours at traditional Parking 20 Min. Fro
Slide 42: Birdseye View of GAP's Footprint Post Transaction
Birdseye View of GAP’s Footprint Post Transaction Adjacent Land (~60 acres)(1) Parking, Rental Car Center Tijuana Airport Note: 1.To be acquired as part of the transaction 42
Slide 43: Why Do Travelers Prefer Using CBX?
Why Do Travelers Prefer Using CBX? The Advantages of Traveling Via CBX/TIJ Have Made It an Increasingly Popular Choice Amongst Southern California Travelers (1) (1) San Ysidro and Otay Land Crossings Flight Connectivity to ▪ 35+ destinations ▪ ~2 destinations ▪ ~15 destinations ▪ N/A Mexico ▪ Quick
Slide 44: CBX - Key Driver of TIJ's Growth
CBX - Key Driver of TIJ’s Growth CBX Is a Resilient Asset with a Double-Digit Traffic Growth Since Inauguration, and a Meaningful Contributor to TIJ’s Traffic Growth Total TIJ and CBX Traffic Since CBX Inauguration and CBX Capture Rate(1) 14.6% 11.1% Traffic in MM Pax, Capture Rate in % CBX Traffic
Slide 45: Enhancing GAP's Financial Profile
Enhancing to GAP’s Financial Profile CBX Provides High-Margin, Capital-Light Growth, Boosting EBITDA Margin and Free Cash Flow While Enabling Flexible, Strategic Capital Deployment Capital-Light Business Strong Free Cash Flow ✓ High Margin Asset ✓ Model ✓ Conversion Historical Revenue, EBITDA, and E
Slide 46: Actionable Growth Opportunities
Actionable Growth Opportunities Targeted Initiatives to Drive Market Expansion, Customer Acquisition, Ancillary Services, and Operational Efficiency Market Customer Expansion of Tech-Driven Long-term Expansion and Acquisition Ancillary Operational Projects Demand and Revenue Services Efficiencies Co
Slide 47: Actionable Growth Opportunities (Cont'd)
Actionable Growth Opportunities (Cont’d) Birdseye View of Current Infrastructure ~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) 47
Slide 48: TAA Services Internalization to Enhance Profitability
TAA Services Internalization to Enhance Profitability The Internalization Will Lead to Improved Margins for GAP, as well as a Simpler and More Efficient Corporate Structure GAP expects to save approximately 5% of the EBITDA Historical TAA Service Payments generated by its Mexican airport concessions
Slide 49: Structure Overview – Post Transaction
Structure Overview – Post Transaction The Transaction Will Result in the Integration of CBX and the Simplification of GAP’s Ownership Structure Existing Ownership Structure Post Transaction Ownership Structure AMP Shareholders Public Former AMP Float Shareholders Mexican AENA Series B Series BB Shar
Slide 50: Sustainability
SUSTAINABILITY 50
Slide 51: 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 52: ESG Rankings & Recognitions
ESG RANKINGS & RECOGNITIONS 52
Slide 53: 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 54: 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 55: 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
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