Grupo Aeroportuario del Pacifico SAB de CV Class B · BMV:GAP/B
Grupo Aeroportuario del Pacifico SAB de CV Class B — Q2 2023 Earnings Presentation
61 slides from Grupo Aeroportuario del Pacifico SAB de CV Class B's earnings presentation, Jun 30, 2023
Slide 1: Sustainable Growth Corporate Presentation 2Q23
Sustainable Growth CORPORATE PRESENTATION 2Q23
Slide 2: Agenda and disclaimer
Company Overview 3 Operational Information 10 Revenue Development 19 Financial Information 25 Master Development Program 2020-2024 38 Sustainability 52 Consolidated figures for 2015 include information for Montego Bay Airport as if the acquisition had taken place on January 1, 2015 (rather than Apri
Slide 3: Company Overview
CORPORATE PRESENTATION SECOND QUARTER 2023 Atv YA Company Overview —— —
Slide 4: Our Network
OUR Network Passengers (thousands) Traffic record: 56.7 million passengers in 2022 424 Los Mochis 1,080 La Paz 4,356 Montego Bay +32% vs 2021 12,325 Tijuana 7,019 Los Cabos 1,562 Kingston +16% vs 2019 1,299 Mexicali 1,945 Hermosillo 6,209 Puerto Vallarta 15,607 Guadalajara 166 Manzanillo 2,603 Guana
Slide 5: Competitive advantages
Competitive advantages 6M23 2 1 Excluding IFRIC-12 5 2 Visiting Friends and Relatives
Slide 6: Proposition
Proposition Regulatory Highly diversified Resilient business framework solid and asset portfolio model transparent 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
Slide 7: Structure
Structure CMA1 AENA Capital Stock 66.7% 33.3% Series BB (AMP): 75,791,620 Series B (Public Float): 429,485,844 Total Shares: 505,277,464 AMP2 PUBLIC 15% FLOAT GAP’s board members 85% 6 independent 1 non-independent 4 appointed by AMP (1) Controladora Mexicana de Aeropuertos 7 (2) Aeropuertos Mexican
Slide 8: 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. 8
Slide 9: 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 10: Operational Information
CORPORATE PRESENTATION SECOND QUARTER 2023 Atv YA Operational Information
Slide 11: Mexico
MEXICO DURING 6M23 GAP OPERATED 5 OF THE TOP-TEN BUSIEST AIRPORTS IN MEXICO 11 Source: Passenger traffic reports as of June 30, 2023.
Slide 12: Diversification
Diversification Change Airport 6M23 vs 6M22 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 8,639.9 21.7% 5.1% 50.7% (17.5%) (45.3%) 3.4% 12.1% 12.4% 16.4% Tijuana 6,463.9 12.0% 38.1% 53.2% 8.4% (29.2%) 13.9% 10.3% 12.2% 30.0% 80.8% Los Cabos 4,015.2 16.3% 25.1% 8
Slide 13: Passenger traffic by airport
by airport Airport 6M23 2022 2021 2020 2019 2018 2017 2016 Guadalajara 8,639.9 15,606.6 12,243.0 8,125.6 14,846.3 14,351.6 12,808.0 11,395.8 Tijuana 6,463.9 12,324.6 9,677.9 6,316.6 8,925.9 7,835.1 7,103.2 6,332.5 Los Cabos 4,015.2 7,019.3 5,549.6 3,064.2 5,609.1 5,249.0 4,909.7 4,248.0 Puerto Valla
Slide 14: Market share of main airlines in GAP
viva @ @aerobus 16.3% volaris =- 43.6% = ae MARKET SHARE IN GAP ommmm MAIN AIRLINES BY PASSENGERS TRANSPORTED IN 6M23 > 9.7% . Mi acromexico 2) -—« 7.0% ‘ | American Airlines “@ 3.4% ADELTA ;©3.3% UNITED §y. 14
Slide 15: Airline capacity growth
Growth - Airlines are increasing their capacity in the Mexican market - Potential capacity growth by +60% by 2027 compared to 2019 Fleet by 2027e Fleet by 2025e Fleet by 2023e 15 Source: Volaris, Viva, and Aeromexico reports
Slide 16: 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 17: 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 18: 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 19: Revenue development
Revenue development a, Se —_
Slide 20: Breaking records
Breaking records ▪ During 6M23 GAP reached 99% of the Maximum Tariffs approved for the year ▪ Aeronautical revenues represented 77% of aeronautical + non-aero revenues in 6M23 CAGR 2010-2022: 15.9% 20 All figures are in millions of pesos.
Slide 21: Non-Aeronautical Revenues growth
Non-Aeronautical Revenues growth ▪ Non -aeronautical revenues represented 23% of aeronautical + non-aero revenues in 6M23 Non-Aeronautical Revenues per passenger 38 41 47 51 54 59 65 68 71 77 90 85 92 93 96 MXP CAGR 2010-2022: 17.4% 21 All figures are in millions of pesos.
Slide 22: Non-aeronautical 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 23: Non-aeronautical revenues per passenger
6M2023 Non-aeronautical revenues consolidated per pax 6M22 - MXP 93.2 6M23 - MXP 96.2 All figures are in pesos. 23
Slide 24: Non-aeronautical revenues by business line
by business line 6M22 6M23 Change Businesses operated by third parties: Food and beverage 373,749 498,691 33.4% Duty-free 341,795 390,019 14.1% Retail 296,652 355,770 19.9% Car rentals 262,211 282,864 7.9% Leasing of space 143,152 173,334 21.1% Time shares 119,370 116,383 (2.5%) Ground transportatio
Slide 25: Financial Perspective
CORPORATE PRESENTATION SECOND QUARTER 2023 Financial Perspective a,
Slide 26: Key Financial Drivers
mmm KEY FINANCIAL Drivers Preserve a healthy financial position Ensure compliance with debt covenants Conserve liquidity Maintain investment grade Distributions consistent with Dividend Policy Enhance operational efficiency Improve WACC 26
Slide 27: Financial Results 6M23
Financial Results 6M23 31.5 million MXP 5,054 million Passengers Net Income 18.0% vs 2022 7.7% vs 2022 MXP 12,996 million MXP 5,634 million Revenues1 CAPEX 21.9% vs 2022 MXP 9,273 million MXP 14.84 per share EBITDA, Margin 1 71.4% Dividend payment approved for 19.0% vs 2022 2023 27 (1) Reven
Slide 28: Revenue Growth
Revenue Growth ▪ Mexican airports represented in 6M23 ~84% of aeronautical + non-aero revenues CAGR 2010-2022: 15.9% 28 All figures are in millions of pesos. Passenger traffic in millions. Revenues exclude IFRIC 12.
Slide 29: 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% 73.1% 71.4% 29
Slide 30: Net Income
_- Net INCoOMme All figures are in millions of pesos 1,484 2010 2041 2,873 2012 2013 2014 2015 2016 2017 2018 2019 +68.4% 2020 2021 +7.7% 2022 6M22 6M23 30
Slide 31: 6M23 results Mexico and Jamaica
6M23 USD (millions): Mexico Jamaica 6M23 % over the total MXN (millions) Aeronautica revenue - 77 77 14% 1,400 Non-aeronautical Revenues 35 30 65 39% 1,181 Total Revenues1 35 107 142 20% 2,581 Total Expenses 20 59 79 39% 1,437 EBITDA 15 48 63 12% 1,145 1Excluding IFRC-12 31
Slide 32: Financial Targets
mmm FINANCIAL Targets Net Debt to EBITDA: <3x Capital Structure: 80/20 2022 = 1.4x 2022= 67/33 6M23 = 1.4x 6M23 = 75/25 WACC: <9.0% 2022 = 8.8% 6M23 = 9.0%
Slide 33: June 2023 leverage and ratings
June 2023 NET DEBT TO EBITDA RATIO: 1.4x COMPOUNDED AVERAGE COST: 9.0% Aaa.mx – National Scale Outlook: Stable Aaa.mx – National Scale Issued on April 14, 2023 Outlook: Stable All figures are in millions of pesos. Issued on April 27, 2023
Slide 34: Debt Maturity 2023-2033
5,637 USES 5,500 1,637 USDé 1,500 2023 2024 All figures are in millions of pesos. Exchange rate as of June 30, 2023, of $17.0720 7,580 USD 34 7,000 2025 8,638 jusD 191 DEBT MATURITY 2023-2033 5,598 5,378 3,000 2026 2027 = MXP 2028 mUSD 2029 4,280 i 3,000 Bis 2030 2031 2032 2033 34
Slide 35: Ratios
Ratios INTEREST DEBT SERVICE NET DEBT / EBITDA 35
Slide 36: 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 2,000 8,000 Executed 9.0% 7,351 7.9% 7,000 7.5% 7.2% 8.
Slide 37: Guidance 2023 vs 2022
2023 GUIDANCE 2023 vs 2022 Passenger traffic 10% - 12% Aeronautical revenues 13% - 15% Non-aeronautical revenues 16% - 18% Total Revenue 14% - 16% EBITDA 12% - 14% Margin EBITDA 70% +- 1% CAPEX Ps. 11.9 billion 37
Slide 38: MDP 2020-2024
CORPORATE PRESENTATION SECOND QUARTER 2023 MDP 2020-202 ee 38
Slide 39: Post-COVID maximum tariff and Master Development Program
Post-COVID 19 MAXIMUM TARIFF MASTER DEVELOPMENT PROGRAM 14.88% 7.35% 219.49 208.77 21,832 -27.6% 179.56 15,802 MXP MILLIONS MXP MDP** 2020-2024 MDP 2020-2024 Extraordinary Review MT* 2019 MT 2020 MT 2020 Extraordinary Review s MXP 6,030 million in CAPEX r 7.35% Tariff *Maximum tariff (MT) per traffi
Slide 40: Committed investments 2020-2024
2020-2024 4,124 3,518 2,937 MXP MILLIONS 2,696 2,528 2020 2021 2022 2023 2024 Total committed investments of MXP15,802 million *Figures expressed in pesos as of December 31, 2017 The Capital Development program for our Jamaican airports is under review, therefore Jamaican figures are not included 40
Slide 41: 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 42: 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 43: Building
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Slide 44: Building - 2026
Building - 2026 157,542 sqm 4 levels 15 contact departure gates Total future airport capacity 5 remote departure gates up to 39 million Passengers 80 documentation counters 24 Security inspection lines Terminal Building Oriented to NetZero energy Execution period 2024-2027 44
Slide 45: Mixed-use building
Mixed-use building Offices building Hilton Garden Hotel with 180 rooms (10 levels) → 12,580 sqm Offices building (11 levels) → 12,330 sqm Commercial spaces → 5,732 sqm Triangular offices building (5 levels) → 1,578 sqm Parking lot buses → 655 sqm Refurbishment of current terminal building → 1,
Slide 46: Expansion
Expansion Current Parking lot Expansion Phase 2 (2024-2026) Expansion Phase 1 (2022-2023) 46
Slide 47: Expansion 2022-2026
Expansion 2022-2026 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: 2023-2024 Phase 2 – Terminal 2 313,296 sqm Current Parking lot+ Phase 1+Phase 2 10,110 spaces Execut
Slide 48: 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 49: Tijuana 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 50: 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 2024 and start operations in 2025
Slide 51: 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, will conclude during 2023 51
Slide 52: Sustainability
CORPORATE PRESENTATION SECOND QUARTER 2023 52
Slide 53: 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 54: ESG recognitions 2022
2022 Socially Responsible National Emission Great place to work S&P Global CSA Company Registry (RENE) In 2022 we participated in this For the second time, we actively We have participated in this We report annually under this initiative, positioning our company participated in S&P's Global program
Slide 55: ESG indices and rankings
2022 Equality Gender Index Bloomberg For the second year, we are part of this index, due to our initiatives aimed at achieving gender equity. IC-500 Corporate Carbon Disclosure Project The Most Responsible Integrity Companies -Expansión We participated for the 3rd For the second year, we remained in
Slide 56: 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 57: Integrated Management System and carbon accreditation
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 58: 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 59: 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 60: 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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Grupo Aeroportuario del Pacífico — Q2 2023 Earnings Presentation on 6ix