Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Santander Conference Cancun (January 2025)
75 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's conference presentation, January 2025
Slide 1: Corporate Presentation 3Q24 - January 2025
CORPORATE PRESENTATION 3Q24 - January 2025 1
Slide 2: Content
CONTENT Company Overview 3 Operational Information 10 Traffic drivers backing future growth 16 Overview of main airports 23 MDP Mexicana Airports 2025-2029 30 Financial perspective 47 Sustainability 66 Consolidated figures for 2015 include information for Montego Bay Airport in Jamaica as if the acq
Slide 3: Our Network
12,546 TIJUANA 2,157 62.2 million 1,034 MEXICALI HERMOSILLO passengers in 2024 585 LOS MOCHIS -2.1% vs 2023 1,206 LA PAZ 5,057 7,488 6,804 MONTEGO BAY LOS CABOS PUERTO VALLARTA 17,849 1,777 KINGSTON GUADALAJARA 962 218 AGUASCALIENTES OUR MANZANILLO 3,169 GUANAJUATO NETWORK 1,305 NETWORK MORELIA Pass
Slide 4: Company Overview
COMPANY OVERVIEW
Slide 5: Shareholders' Structure
SHAREHOLDERS’ STRUCTURE 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 members 6 independent 1 non-independent 4 appointed by AMP (1) Controladora Mexicana de Aer
Slide 6: Key Value Drivers
KEY VALUE DRIVERS Transparent Highly diversified Resilient business regulatory asset portfolio model framework Visibility in tariffs New commercial and Capital Commitment to projects with Investments until Sustainability 2029 attractive returns Positive cash flow Consistent and healthy distributions
Slide 7: In Numbers 9M24
MXP 19.7 MXP 6.7 billion* billion Revenues 46.1 +1.8% vs 2023 Net income -9.8% vs 2023 million passengers -3.2% vs 2023 MXP 13.4 MXP 5.2 billion billion 16 EBITDA CAPEX New routes -1.4% vs 2023 5 domestic, 11 international IN 9M24 NUMBERS 67.9% *Excluding IFRIC-12 EBITDA Margin* 7
Slide 8: GAP Competitive Advantages 9M24
GAP COMPETITIVE ADVANTAGES 9M24 Total revenues Revenues by airport Passenger distribution Passenger profile 8
Slide 9: Drivers for Sustainable Growth
DRIVERS 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 Larger VFR market and New Terminal benefitting Tijuana, commercial Pr
Slide 10: Operational Information
OPERATIONAL INFORMATION
Slide 11: EBITDA Historical Performance
HISTORICAL 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% 69.5% 11 All figures are in millions of pesos. Passenger traffic in millions. Revenues and EBITDA Margin exclude IFRIC 12.
Slide 12: Largest Airport Operator in Mexico – FY 2024
LARGEST AIRPORT OPERATOR IN MEXICO – FY 2024 DURING 2024 GAP OPERATED 5 OF THE TOP-TEN BUSIEST AIRPORTS IN MEXICO 12 Source: Passenger traffic reports as of December 31, 2024. *AICM, AIFA and Government Operated Airports figures are projected based on November 2024 numbers.
Slide 13: GAP's Key to Success: Diversification
GAP’S KEY TO SUCESS: DIVERSIFICATION Change Airport 2024 vs 2023 23 vs 22 22 vs 21 21 vs 20 20 vs 19 19 vs 18 18 vs 17 17 vs 16 Guadalajara 17,849 0.8% 13.5% 5.1% 50.7% (45.3%) 3.4% 12.1% 12.4% Tijuana* 12,546 (4.9%) 7.1% 38.1% 53.2% (29.2%) 13.9% 10.3% 12.2% Los Cabos 7,488 (2.9%) 9.9% 25.1% 81.1%
Slide 14: Passenger Traffic Evolution by Airport
PASSENGER TRAFFIC EVOLUTION BY AIRPORT Airport 2024 2023 2022 2021 2020 2019 2018 2017 2016 Guadalajara 17,849 17,710 15,607 12,243 8,126 14,846 14,352 12,808 11,396 Tijuana* 12,546 13,195 12,325 9,678 6,317 8,926 7,835 7,103 6,333 Los Cabos 7,488 7,716 7,019 5,550 3,064 5,609 5,249 4,910 4,248 Puer
Slide 15: Main Airlines Market Share – FY 2024
MAIN AIRLINES MARKET SHARE – FY 2024 15
Slide 16: Traffic Drivers Backing Future Growth
TRAFFIC DRIVERS BACKING FUTURE GROWTH
Slide 17: Fleet Orders - Mexican Airlines
FLEET ORDERS - MEXICAN AIRLINES 2019 2024 2028e 2019 2024 New 2019 2024 2026e Orders 17
Slide 18: GDP Growth
GDP GROWTH Historically, GDP and Aviation growth have been highly correlated 57.5% GDP Mex – GAP Pax traffic 0.90 Correlation 2009-2023 In GAP, pax demand is growing 28.5% 3.8x faster than GDP (2009-2023) 8.9% 6.7% 11.8% 18.2% 11.7% 10.9% 11.3% 7.7% IMF GDP Mex 1.9% 2024 – 2028 annual growth forecas
Slide 19: Nearshoring
NEARSHORING Nearshoring represents a unique opportunity for Mexico, comparable to the implementation of the North American Free Trade Agreement in 1994 The Mexican economy could turn to grow at an annual rate of 3.7% compared with 2.6% in the last two decades (Forbes) 5 of the top 10 most benefitted
Slide 20: Nearshoring: Imports into the U.S. by Country
NEARSHORING IMPORTS INTO THE U.S. BY COUNTRY 538.51 536.75 505.17 504.94 483.20 475.60 468.47 462.42 449.11 454.93 440.43 432.68 427.20 384.65 China 356.09 343.68 323.52 Mexico 312.67 295.73 296.43 293.50 280.56 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: New York Times, February
Slide 21: Growth Drivers – Leisure Markets
GROWTH DRIVERS – LEISURE MARKETS LOS CABOS PUERTO VALLARTA MONTEGO BAY ❑ + 900 New Hotel Rooms 2024 – 2025 ❑ + 2,500 New Hotel Rooms 2024 – 2025 ❑ Largest expansion of tourist development in the history of Jamaica ❑ 3 new Golf Courses ❑ VIDANTA WORLD Theme Park 2024 ❑ + 12,300 New Hotel Rooms 2024 –
Slide 22: Growth Drivers – Leisure Markets
GROWTH DRIVERS – LEISURE MARKETS Mexico and Jamaica are the top two countries Los Cabos, Montego Bay, and Puerto Vallarta U.S. tourists wish to visit in 2024 were among the Top 10 tourist destinations for U.S. tourists (2023) Source: Allianz Travel Source: Marriot survey 22
Slide 23: Overview of Main Airports
OVERVIEW OF MAIN AIRPORTS
Slide 24: Guadalajara
GUADALAJARA Guadalajara is well connected to markets of North, Central, and South America and Europe By monetary value, in 2023 Guadalajara moved more international cargo than both Mexico City airports combined 960,828 AIFA 88,340 AICM 819,673 32 24 Madrid Bogota Panama 2 destinations Costa Rica des
Slide 25: Tijuana
TIJUANA - 4.9% 2024 vs 2023 + 7.1% 2023 vs 2022 +27.3% 2022 vs 2021 41 destinations 2 destinations: 2 destinations: Phoenix/Las Vegas Beijing/Shenzhen
Slide 26: Tijuana Passenger Traffic Growth Drivers
TIJUANA PASSENGER TRAFFIC GROWTH DRIVERS A. Traffic from the South of California aiming to go to Mexican beaches and VFR Market B. Potential International destinations to be explored ASIA LatAm USA Beijing New! Panama Phoenix New! Shenzhen New! Guatemala Oakland Drivers de crecimiento Shangha
Slide 27: Los Cabos
LOS CABOS - 2.9% 2024 vs 2023 + 9.9% 2023 vs 2022 +26.5% 2022 vs 2021 12 destinations 30 destinations 7 destinations Frankfurt Los Cabos is the 6th busiest airport in terms of annual passengers in Mexico 27
Slide 28: Puerto Vallarta
PUERTO VALLARTA + 0.2% 2024 vs 2023 + 9.3% 2023 vs 2022 + 50.7% 2022 vs 2021 13 20 15 destinations destinations destinations Praga 28
Slide 29: Montego Bay
MONTEGO BAY - 3.0% 2024 vs 2023 + 19.6.% 2023 vs 2022 + 68.7% 2022 vs 2021 11 Montego Bay ranks 3rd in terms of annual passengers in the 24 destinations Caribbean destinations 10 Panama destinations 29 5 destinations to the Caribbean
Slide 30: Master Development Program Mexican Airports 2025-2029
MASTER DEVELOPMENT PROGRAM MEXICAN AIRPORTS 2025 -2029
Slide 31: 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 31
Slide 32: MDP Mexico 2025-2029
MDP MEXICO 2025-2029 +50% of additional sqm in Terminal Buildings 32 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 33: Guadalajara
GUADALAJARA 33 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 34: Guadalajara
GUADALAJARA ➢ Current Terminal Building - Simplified customs inspection system for international arrivals - Self-service kiosks ➢ New Terminal Building → +79% additional sqm - 18 boarding gates - Apron with 19 new positions - New taxiways ➢ Construction of a second vehicle access ➢ Apron expansion –
Slide 35: Guadalajara
GUADALAJARA New connecting roads New Terminal, aprons and taxiways (+15 positions) Land for future 3rd runway and vehicular access Expansion cargo apron (+4 positions) MRO reserve New access road FBO reserve 35
Slide 36: Tijuana
TIJUANA 36 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 37: Tijuana
TIJUANA ➢ Current Terminal Building → +47% additional sqm - Renovation of the existing building - New baggage claim bands - New passenger inspection point - 7 new remote departure gates ➢ New processing facility for domestic departing passengers - Construction of Deck “C” - New “self-service” baggag
Slide 38: Los Cabos
LOS CABOS 38 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 39: Los Cabos
LOS CABOS ➢ Terminal 2 expansion → +32% additional sqm - Addition of three new contact departure gates - Simplified customs system for international arrivals - Self-service kiosks ➢ Apron expansion - Addition of seven new positions (30% increase) - Expansion of the handling area ➢ Expansion of the r
Slide 40: Puerto Vallarta
PUERTO VALLARTA 40 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 41: Puerto Vallarta
PUERTO VALLARTA ➢ Current Terminal Building - Self-service kiosks - Vehicle access and entrance to New Terminal Building ➢ Final Phase New Terminal Building → +134% additional sqm - Seven additional positions - Construction began in 2022 and will conclude in 2026 to start operations in 2027 41
Slide 42: Guanajuato
GUANAJUATO ➢ Current Terminal Building → +26% additional sqm - Renovation of the current building - Expansion of baggage claim belts and passenger inspection area - Two new boarding gates - Construction of new facilities for outbound checked baggage inspection - Implementation of a simplified custom
Slide 43: Mexicali
MEXICALI ➢ Current Terminal Building → +47% additional sqm - Renovation of the current building - Expansion of baggage claim belts and passenger inspection area - Expansion of the final waiting area for departing passengers - Construction of a new check-in area for departing passengers and new facil
Slide 44: La Paz & Morelia
LA PAZ & MORELIA LA PAZ ➢ Current Terminal Building → +18% additional sqm - Renovation of the current building - Expansion of the passenger inspection area - Expansion of the arrivals area with 3 baggage claim belts ➢ Major runway rehabilitation MXP 863.3* MORELIA ➢ Current Terminal Building → +32%
Slide 45: Hermosillo & Aguascalientes
HERMOSILLO & AGUASCALIENTES HERMOSILLO ➢ Current Terminal Building → +38% additional sqm - Renovation of the current building - Expansion of the final waiting area for departing passengers ➢ Apron - Expansion with two new positions and handling area MXP 851.6* AGUASCALIENTES ➢ Current Terminal Build
Slide 46: Los Mochis & Manzanillo
LOS MOCHIS & MANZANILLO LOS MOCHIS ➢ Current Terminal Building → +9% additional sqm - Renovation of the current building - Expansion of the passenger inspection area and enlargement of the final waiting area for departing passengers ➢ Major runway rehabilitation MXP 487.0* MANZANILLO ➢ Terminal Buil
Slide 47: Financial Perspective
FINANCIAL PERSPECTIVE
Slide 48: Key Financial Drivers
KEY Financial Drivers Preserve a healthy financial position Strategic Leverage Debt covenants compliance WACC improvement Distributions consistent with financial results
Slide 49: Aeronautical Revenues
AERONAUTICAL REVENUES ▪ During 9M24 GAP reached 93.4% of the Maximum Tariffs approved for the year ▪ Aeronautical revenues represented 72% of aeronautical + non-aero revenues in 9M24 CAGR 2010-2023: 15.5% 49 All figures are in millions of pesos.
Slide 50: Non-Aeronautical Revenues
NON-AERONAUTICAL REVENUES ▪ Non-aeronautical revenues represented 28% of aeronautical + non-aero revenues in 9M24 Non-Aeronautical 38 41 47 51 54 59 65 68 71 77 90 85 92 97 95 120 Revenues per passenger MXP CAGR 2010-2023: 17.5% 50 All figures are in millions of pesos.
Slide 51: Commercial Strategy
COMMERCIAL STRATEGY Business lines Strategic layouts operated directly by Development of new GAP business lines New business Improve passenger acquisitions experience 51
Slide 52: Non-Aeronautical Revenues by Business Line
NON-AERONAUTICAL REVENUES BY BUSINESS LINE 9M23 9M24 Change Businesses operated by third parties: Food and beverage 748,361 879,140 17.5% Duty-free 583,824 552,968 (5.3%) Car rentals 427,802 613,048 43.3% Retail 531,703 516,596 (2.8%) Leasing of space 270,513 318,494 17.7% Time share 166,585 174,355
Slide 53: Non-Aeronautical per Passenger 9M24
NON-AERONAUTICAL PER PASSENGER 9M24 Non-aeronautical revenues consolidated per pax 9M23 - MXP 95 9M24 - MXP 120 53 All figures are in pesos.
Slide 54: Guadalajara Mixed-Use Building
GUADALAJARA MIXED-USE BUILDING Hilton Garden Hotel with 180 rooms (10 levels) → 12,580 sqm Two offices building → 12,330 sqm Offices building Commercial spaces → 5,732 sqm Refurbishment of current terminal building → 1,188 sqm Expansion of the current terminal building → 11,704 sqm Commercial a
Slide 55: Guadalajara - Parking Lot Expansion
GUADALAJARA - PARKING LOT EXPANSION Current parking lot 2,204 spaces 70,000 sqm Phase 2 -Expansion (2025-2027) 10,110 spaces 313,296 2 sqm Phase 1 - Expansion (2022-2024) 3,860 spaces 133,736 sqm 55
Slide 56: Guadalajara World Trade Center (GWTC)
GUADALAJARA WORLD TRADE CENTER (GWTC) ➢ In June, it was concluded the acquisition of 51.5% of GWTC for MXP 875.5 million ➢ GWTC is a group made up of seven companies, specialized in handling, storage and custody services for international trade merchandise in facilities classified as free trade zone
Slide 57: Total Revenues
TOTAL REVENUES CAGR 2010-2023: 15.9% 57 All figures are in millions of pesos.
Slide 58: EBITDA Evolution
EBITDA 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% 70.1% 67.9% EBITDA Margin 58 All figures are in millions of pesos.
Slide 59: Net Income
NET INCOME 59 All figures are in millions of pesos.
Slide 60: EBITDA Generated in USD 9M24
EBITDA GENERATED IN USD 9M24 Mexico Jamaica USD (millions) MXN (millions) % over the total Aeronautical revenue - 121 121 2,151 15% Non-aeronautical revenue 55 48 103 1,824 33% Total Revenues (1) 55 169 224 3,975 20% Total Expenses 30 99 129 2,277 36% EBITDA 26 70 96 1,698 13% 1Excluding IFRC-12 60
Slide 61: Debt Composition as of September 2024
DEBT COMPOSITION AS OF SEPTEMBER 2024 Total debt MXP 47,832 million Credit rating agencies: mxAAA: National Scale Outlook: Stable December 4, 2024 AAA.mx: National Scale Outlook: Stable December 5, 2024 61
Slide 62: Debt Maturity 2025 – 2033
DEBT Maturity 2025 – 2033 (millions of pesos) Exchange rate as of September 2024 of MXP 19.50
Slide 63: Leverage Ratios
LEVERAGE Ratios a INTEREST DEBT SERVICE 33.3 x 21.7x in x 9.0x me 6.8X 5.7x 5.8x 48x EEE Eee EE Eun om 2015 2016 2017 2018 2019 2020 2021 2022 2023 9M23 9M24 NET DEBT / EBITDA 0.7x 0.7x | ll ll il 2015 2016 2017 2018 2019 2020 2021 2022 9M23 9M24 1.8x
Slide 64: Shareholder Distribution
SHAREHOLDER Distribution Repurchase program (millions of pesos) executed 2,000 3,000 Payout 140.6% 135.4% 141.8% 111.1% 117.1% 0.0% 313.5% 120.8% 81.6% 72.3% Ratio Dividend yield = payment per share divided by the share price at the end of the prior year The payout ratio does not include the repurch
Slide 65: Revised Guidance 2024
REVISED GUIDANCE 2024 GUIDANCE 2024 vs 2023 Passenger traffic (5%) - (3%) Aeronautical revenues (4%) - (2%) Non-aeronautical revenues 20% - 22% Total Revenue 2% - 4% EBITDA (1%) - 1% Margin EBITDA 67% +- 1% CAPEX Ps. 9.0 billion ➢ Passenger traffic estimates are based on the consolidation of the rou
Slide 66: Sustainability
SUSTAINABILITY
Slide 67: ESG Strategic Axes
ESG Strategic Axes In 2022, we developed the GAP 2030 Sustainability Strategy to align all our efforts with the ESG issues most relevant to the business and our stakeholders. Our Sustainability Strategy is aligned with the United Nations 2030 Agenda and addresses 12 of its 17 Sustainable Development
Slide 68: Sustainability 2023 Ranking Results
Sustainability 2023 Ranking Results 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 partic
Slide 69: Sustainability 2023 Ranking Results
Sustainability 2023 Ranking Results IC-500 Corporate Equality Gender Index Moody’s ESG Solutions Carbon Disclosure Project Integrity Bloomberg For the 4th consecutive year, we In 2022 and 2023 we participated in this For the third consecutive year, we For the second year in a row, we participated in
Slide 70: GAP Foundation
GAP Foundation GAP believes education is crucial to society’s development. In 2013, we established the GAP Foundation, a non-profit organization that promotes quality education through two initiatives: GAP Schools and Community Training Centers OVER THE LAST 8 YEARS, WE HAVE DONATED AROUND MXP $680
Slide 71: GAP Schools
GAP Schools GAP Schools, at the elementary, middle, and high school levels, are committed to providing excellent education for our most vulnerable local communities. In 2024, with seven campuses near the Guadalajara and Los Cabos airports, we had 1,500 students. In addition to providing high-quality
Slide 72: GAP Community Training Centers
GAP Community Training Centers The Community Training Centers are located at GAP’s 12 Mexican airports, with programs to combat educational lag (elementary, middle, and high school) and various courses and workshops. This endeavor raises the quality of life and promotes social mobility through educa
Slide 73: Corporate Governance
CORPORATE 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
Slide 74: 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 Aer
Slide 75: Grupo Aeroportuario del Pacífico
Grupo DN Aeroportuario del Pacifico
Grupo Aeroportuario del Pacífico — Santander Conference Cancun (January 2025) on 6ix