Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (2024)
65 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, Aug 9, 2024
Slide 1: Sustainable Growth Corporate Presentation 4Q23
Sustainable Growth CORPORATE PRESENTATION 4Q23
Slide 2: Agenda and disclaimer
Company Overview 3 Regulatory changes in Mexico 8 Operational Information 15 Revenue Development 28 Financial Information 34 Master Development Program 2020-2024 46 Sustainability 56 Consolidated figures for 2015 include information for Montego Bay Airport in Jamaica as if the acquisition had taken
Slide 3: Company Overview
CORPORATE PRESENTATION FOURTH QUARTER 2024 Atv YA Company Overview —— —
Slide 4: Our Network
OUR Network Passengers (thousands) Traffic record: 63.5 million passengers in 2023 471 Los Mochis 1,116 La Paz 5,212 Montego Bay +11.9% vs 2022 7,716 Los Cabos 1,748 Kingston 13,195 Tijuana 1,604 Mexicali 2,190 Hermosillo 6,790 Puerto Vallarta 17,710 Guadalajara 181 Manzanillo 3,221 Guanajuato 1,384
Slide 5: Competitive advantages 2023
Competitive advantages 2023 2 1 Excluding IFRIC-12 5 2 Visiting Friends and Relatives
Slide 6: Proposition
Proposition Highly diversified Resilient business Transparent asset portfolio model regulatory framework Visibility in tariffs and New commercial Philosophy and Capital Investments projects with commitment to ESG until 2024 attractive returns Consistent Positive cash flow distributions per and healt
Slide 7: Structure
Structure CMA1 AENA Capital Stock 66.7% 33.3% Series BB (AMP): 75,791,619 Series B (Public Float): 429,485,845 Total Shares: 505,277,464 AMP2 PUBLIC (Strategic Partner) FLOAT GAP’s board members 15% 85% 6 independent 1 non-independent 4 appointed by AMP (1) Controladora Mexicana de Aeropuertos 7 (2)
Slide 8: Regulatory changes in Mexico
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Slide 9: Regulation in Mexico
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 Operating…
Slide 10: Regulation in Mexico
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 WACC Definition Risk Free Rate ➢ 5y average of UMS Bonds with maturity periods between 5
Slide 11: Regulation in Mexico
Regulation in Mexico • Clawback of the 3% excess passengers: the trigger will be when the actual aggregated workload units for the quinquennium surpassing above of 3% over the workload unit projected in the MDP on a consolidated basis. In that case, the excess revenues generated airport by airport w
Slide 12: Regulation in Mexico
Regulation in Mexico • Terminal Value: the main change is that now the terminal value will start in year 6 until the end of the concession, instead of year 16. • Redistribution of the Reference Values of the airports: During the procedure to determine the Maximum Tariff for the following ordinary pe
Slide 13: Law in Mexico
Law in Mexico • Concession fee changed from 5% to 9% over total revenues (aeronautical + non-aeronautical), as of January 1st, 2024. • The payments disbursed in 2024 to the Government over those included in the most recent ordinary review, will be added to the reference value to be used in the 2025-
Slide 14: MDP ordinary review
MDP ordinary review Jan 2023 – Jun 2023 Quality standards survey Jan 2023 – Jun 2023 Traffic projections & Investment needs by airport Jun 2023 – Dec 2023 Master Development Program (MDP) proposal by airport Jan 2024 – Mar 2024 Presentation of the MDP to the Operations and Schedules Committee (stake
Slide 15: Operational Information
CORPORATE PRESENTATION FOURTH QUARTER 2024 Lr
Slide 16: Drivers for Sustainable Growth
privers For SuStainable Growth Expected seat capacity Passenger traffic Increase of hotel growth +60% by 2027 expansion from capacity and real estate (Mexican airlines) connecting markets in tourist destinations Nearshoring effect . m Li VFR ket and benefitting Tijuana, Elisha market ani commercial
Slide 17: EBITDA Performance
Performance EBITDA Margin 65.7% 66.5% 67.2% 68.0% 70.1% 71.5% 69.8% 69.9% 69.5% 68.4% 60.2% 69.7% 71.6% All figures are in millions of pesos. Passenger traffic in millions. Revenues and EBITDA Margin exclude IFRIC 12. 17
Slide 18: Mexico: GAP operates top-ten busiest airports
MEXICO DURING 2023 GAP OPERATED 5 OF THE TOP-TEN BUSIEST AIRPORTS IN MEXICO 18 Source: Passenger traffic reports as of December 31, 2023.
Slide 19: Diversification
Diversification Change Airport 2023 vs 2022 22 vs 19 21 vs 20 21 vs 19 20 vs 19 19 vs 18 18 vs 17 17 vs 16 16 vs 15 Guadalajara 17,710.2 13.5% 5.1% 50.7% (17.5%) (45.3%) 3.4% 12.1% 12.4% 16.4% Tijuana 13,194.9 7.1% 38.1% 53.2% 8.4% (29.2%) 13.9% 10.3% 12.2% 30.0% 79.8% Los Cabos 7,715.6 9.9% 25.1% 8
Slide 20: Passenger traffic by airport
by airport Airport 2023 2022 2021 2020 2019 2018 2017 20 Guadalajara 17,710.2 15,606.6 12,243.0 8,125.6 14,846.3 14,351.6 12,808.0 1 Tijuana 13,194.9 12,324.6 9,677.9 6,316.6 8,925.9 7,835.1 7,103.2 Los Cabos 7,715.6 7,019.3 5,549.6 3,064.2 5,609.1 5,249.0 4,909.7 Puerto Vallarta 6,790.1 6,208.7 4,1
Slide 21: Main airlines by passengers transported in 2023
oma MAIN AIRLINES BY PASSENGERS TRANSPORTED IN 2023 viva .__ 9.9% @ e@aerobus 18.2% TE acromexico *% pe 66% ow American Airlines “@ ee DELTA volaris —)- MARKET SHARE .- 3% 43.7% IN GAP UNITED 8}, ° 2.5% Maska 1.4% WESTJET #* 21
Slide 22: Growth
Growth - Airlines are increasing their capacity in the Mexican market - Potential capacity growth by +60% by 2027 compared to 2019 (these estimates do not include the A320 & 321 neo) Fleet by 2027e Fleet by 2025e Fleet by 2023 22 Source: Volaris, Viva, and Aeromexico reports
Slide 23: Guadalajara
GUADALAJARA Strengths: Next Steps: • Jalisco is the largest recipient of remittances in • Connection to Canada, consolidate Europe and Mexico, with USD 5.4B in 2022 South America markets • GDL has a catchment area of 16 million people within a three-hour drive • Jalisco is the leader in job creation
Slide 24: Tijuana
TIJUANA Strengths: Next Steps: • Cross Border Xpress (CBX) and New Terminal • Connection to Asia, Central America and Processor Building USA • Baja California’s economy was the first in Mexico to recover from the pandemic • TIJ is benefiting from corporations “nearshoring” from Asia to Mexico • Medi
Slide 25: Only four airports recovered pre-pandemic traffic as of 2021
2021 vs 2019 AS OF 2021, ONLY FOUR AIRPORTS IN THE WORLD HAVE RECOVERED PRE -PANDEMIC PASSENGER TRAFFIC LEVELS Southwest Florida International Airport 0.66% Airport Name Passengers 2021 Passengers 2019 Adler-Sochi Airport 11,088,062 6,772,062 Aeropuerto Internacional 9,674,123 8,917,160 Luis Muñoz M
Slide 26: Tijuana third airport with highest pre-pandemic recovery in 2022
2022 vs 2019 IN 2022, TIJUANA AIRPORT WAS THE THIRD AIRPORT 100% 90.9% WITH THE HIGHEST PRE-PANDEMIC RECOVERY IN THE WORLD 80% 60% % VAR 22 vs 19 43.6% 38.1% 40% 33.3% 23.6% 21.6% 19.6% 18.5% 20% 13.1% 11.9% 10.4% 9.1% 6.6% 6.2% 5.3% 4.8% 0% Source: ACI World Airport Traffic Report 2022 26 Note: Air
Slide 27: Destinations
Destinations Los Cabos Strengths: • Los Cabos has a collection of over 80 high quality resorts, with upwards of 18K rooms and +1.2K under construction • Puerto Vallarta has over 100 hotels with 25K rooms Puerto Vallarta and +5K more under construction • VidantaWorld, three revolutionary entertainmen
Slide 28: Revenue Development
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Slide 29: Breaking records
Breaking records ▪ During 2023 GAP reached 96.0% of the Maximum Tariffs approved for the year ▪ Aeronautical revenues represented 76% of aeronautical + non-aero revenues in 2023 CAGR 2010-2023: 15.5% 29 All figures are in millions of pesos.
Slide 30: Non-Aeronautical Revenues growth
Non-Aeronautical Revenues growth ▪ Non -aeronautical revenues represented 24% of aeronautical + non-aero revenues in 2023 Non-Aeronautical Revenues per passenger 38 41 47 51 54 59 65 68 71 77 90 85 92 97 MXP CAGR 2010-2023: 17.5% 30 All figures are in millions of pesos.
Slide 31: Strategy
Strateg y 1) Expanding spaces and redesigned layouts - Redefinition of the commercial offer, well-known brands, new bidding processes improving current contract conditions 2) Strengthen GAP-operated business lines - New spaces and infrastructure parking lots, hangars, and new aprons for general avia
Slide 32: Non-aeronautical revenues consolidated per pax
2023 Non-aeronautical revenues consolidated per pax 2022 - MXP 92 2023 - MXP 97 All figures are in pesos. 32
Slide 33: Non-aeronautical revenues by business line
by business line 2022 2023 Change Businesses operated by third parties: Food and beverage 778,517 1,002,882 28.8% Duty-free 711,291 761,479 7.1% Retail 614,011 698,167 13.7% Car rentals 541,715 610,226 12.6% Leasing of space 305,841 348,650 14.0% Time shares 238,213 226,322 (5.0%) Other commercial r
Slide 34: Financial Perspective
CORPORATE PRESENTATION FOURTH QUARTER 2024 Financial Perspective a,
Slide 35: Key Financial Drivers
mmm KEY FINANCIAL Drivers Preserve a healthy financial aoxititen Conserve liquidity Ensure compliance with debt covenants Maintain investment grade Enhance operational efficiency Distributions consistent with Dividend Policy 35
Slide 36: Financial Results 2023
Financial Results 2023 63.5 million MXP 9,690 million Passengers Net Income 11.9% vs 2022 5.5% vs 2022 MXP 25,433 million MXP 10,444 million Revenues1 CAPEX 12.9% vs 2022 MXP 17,684 million MXP 14.84 per share EBITDA, Margin 1 69.5% Dividend payment in 2023 9.7% vs 2022 36 (1) Revenue and EB
Slide 37: Revenue Growth
Revenue Growth CAGR 2010-2023: 15.9% 37 All figures are in millions of pesos. Passenger traffic in millions. Revenues exclude IFRIC 12.
Slide 38: EBITDA Margin Evolution
Evolution 65.7% 66.5% 67.2% 68.0% 70.1% 71.5% 69.8% 69.9% 69.5% 68.4% 60.2% 69.7% 71.6% 69.5% 38
Slide 39: Net Income
_- Net INCoOMme All figures are in millions of pesos 2010 1,484 2011 1,772 2012 2013 2014 2,873 2015 2016 4,731 2017 2018 +68.4% 2019 2020 2021 +5.5% 9,690 fou! 2022 2023 39
Slide 40: Jamaica and Mexico results 2023
2023 USD (millions): Mexico Jamaica 2023 % over the total MXN (millions) Aeronautical revenue - 151 151 14% 2,688 Non-aeronautical revenue 70 62 132 38% 2,343 Total Revenues (1) 70 213 283 20% 5,031 Total Expenses 46 130 176 40% 3,122 EBITDA 24 83 107 11% 1,909 1Excluding IFRC-12 40
Slide 41: Debt: December 2023
December 2023 NET DEBT TO EBITDA RATIO: 1.7x COMPOUNDED AVERAGE COST: 9.0% Aaa.mx – National Scale Outlook: Stable Aaa.mx – National Scale Issued on February 28, 2024 Outlook: Stable All figures are in millions of pesos. Issued on February 27, 2024
Slide 42: Debt Maturity 2024-2033
om DEBT MATURITY 2024-2033 8,604 USD 191’ 7811 8,081 USD 48° |USD 64* 5,598 5,378 4,280 7,000 NM 7,000 3,000 3,000 i Bicsere) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 m MXP mUSD All figures are in millions of pesos. ‘The exchange rate as of December 31. 2023, of $16.8935
Slide 43: Ratios
Ratios INTEREST DEBT SERVICE NET DEBT / EBITDA 43
Slide 44: Distributions
Distributions ▪ Pay all excess cash above a minimum cash balance (two months of OPEX + the short-term debt service) ▪ Dividend payment, capital reimbursement, or repurchase program, considering the most efficient tax practice Repurchase Program Executed 2,000 3,000 83.4% 69.0% 134.7% 68.3% 138.0% 14
Slide 45: 2024 Guidance
2024 VARIATION 2024 vs 2023 Traffic (5%) - (3%) Aeronautical revenues (4%) - (2%) Non-aeronautical revenues 12% - 14% Total revenues 0% - 2% EBITDA (7%) - (5%) EBITDA Margin 65% + - 1% CAPEX Ps. 9.0 billion ▪ Passenger traffic estimates are based on the consolidation of the routes developed to date,
Slide 46: Master Development Program 2020-2024
CORPORATE PRESENTATION FOURTH QUARTER 2024 MDP 2020-202 ee 46
Slide 47: Second Runway and Second Terminal
Second Runway and Second Terminal ➢ Infrastructure development to meet future demand and ensure a seamless connection process includes: ▪ Second runway ▪ New aprons ▪ New terminal building (will start in this quinquennium and will be concluded in the next one) ➢ Opportunity to transform Guadalajara
Slide 48: Reconfiguration - 2024
Reconfiguration - 2024 Second Runway New General Aviation Facilities Runway length → 3,538 m New apron → 126,090 sqm Increase of capacity for +20 million passenger 85 aircraft positions Execution term: 2022-2024 4 positions for helicopters New General Aviation Building → 1,440 sqm Taxi
Slide 49: Mixed-use building
Mixed-use building Offices building Hilton Garden Hotel with 180 rooms (10 levels) → 12,580 sqm Offices building → 12,330 sqm Commercial spaces → 5,732 sqm Parking lot buses → 655 sqm Refurbishment of current terminal building → 1,188 sqm Expansion of the current terminal building → 11,704 sqm
Slide 50: Expansion
Expansion Current Parking lot Expansion Phase 2 (2025-2027) Expansion Phase 1 (2022-2024) 50
Slide 51: Expansion 2022-2027
Expansion 2022-2027 Total future 70,000 sqm Current Parking lot capacity 2,204 spaces 10,110 spaces Phase 1 – Terminal 1 133,736 sqm Current Parking lot+ Phase 1 3,860 spaces Execution term: 2022-2024 Phase 2 – Terminal 2 313,296 sqm Current Parking lot+ Phase 1+Phase 2 10,110 spaces Execut
Slide 52: Terminal Processor Building
Terminal Processor Building ➢ Building that will enable international passengers in transit to go through Tijuana Airport in a fast way without being processed by Mexican Authorities - Expansion of International Terminal Building → 39,391 sqm - Refurbishment of current Terminal Building → 7,517 sqm
Slide 53: Growth Drivers
Drivers Drivers de crecimiento de A. Traffic from the South of California aiming to go to Mexican beaches and VFR Market tráfico B. Potential International destinations to be explored ASIA LatAm USA Beijing Panama Phoenix Shanghai Guatemala Oakland Seoul El Salvador Las Vegas Narita Bogot
Slide 54: New Terminal Building
New Terminal Building ➢ Construction oriented towards the concept of “Net-Zero” energy ➢ 8 additional aprons ➢ 8 contact departure gates ➢ 4 remote departure gates ➢ Opportunity to develop more commercial offer ➢ +74,000 sqm ➢ Construction is expected to conclude in 2026 and will start operations in
Slide 55: Terminal expansion
Terminal expansion ➢ Expansion of International Terminal Building (+20,000 sqm) ➢ Four additional aprons ➢ Two additional boarding gates ➢ Opportunity to develop more commercial offer ➢ Phase 1 operating since 2021 ➢ Phase 2 under construction, concluded during 2023 55
Slide 56: Sustainability
CORPORATE PRESENTATION FOURTH QUARTER 2024 56
Slide 57: Strategic Axes
Strategic Axes Environmental Competitive Social Ethical Commitment Development Empowerment Governance Environmental The protection of We strive to We undertake We implement best Commitment the planet is a key contribute to the actions focused on governance issue in our economic growth the developmen
Slide 58: ESG recognitions 2023
2023 Socially Responsible National Emission Great place to work S&P Global CSA Company Registry (RENE) In 2023 we participated in this For the third time, we actively We have participated in this We report annually under this initiative, positioning our company participated in S&P's Global program s
Slide 59: ESG ratings and rankings
2023 IC-500 Corporate Carbon Disclosure Project Equality Gender Index Bloomberg Integrity For the second year in a row, we are part Moody’s ESG Solutions We participated for the 4th For the third consecutive year, we of this index, due to our initiatives aimed In 2022 and 2023 we participated in thi
Slide 60: Commitments
Commitments ➢ GAP Foundation has the purpose of improving the social well-being of the communities close to GAP airports through educational initiatives: GAP Schools and Community Training Centers ➢ GAP Schools are schools at the primary and secondary level that provide excellent education and food
Slide 61: Integrated Management System and environmental programs
Integrated Management System (IMS) ISO 9001 and 14001:2015 PROFEPA Environment Quality Program Airport Carbon Accreditation (ACA) All Mexican airports are part of this program, We participate in the ACA program. By In 2022, we maintain this system which recognizes compliance with legal the end of 20
Slide 62: Blue
Blue Free service with the support of “Fundación Teletón” that assists passengers with disabilities due to a temporary or permanent, visible or invisible condition, as they pass through our airport facilities: ➢ Guided visits through the airport before the passenger flight ➢ Adapted and equipped toi
Slide 63: Governance
Governance ➢ GAP complies with the best national and international Corporate Governance practices to maximize value creation, optimize decision-making, and promote a culture of compliance and accountability. ➢ The Board of Directors is responsible for the administration of the Company. The directors
Slide 64: Information
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 gmurillo@aer
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