Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (October 2024)
83 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, October 2024
Slide 1: Corporate Presentation October 2024
October 2024 CORPORATE PRESENTATION 1
Slide 2: Content
CONTENT Company Overview 3 Operational Information 9 Traffic drivers backing future growth 16 Overview of main airports 23 Mexican Airports Tariff Review 2025-2029 32 Master Development Program 2025-2029 38 Financial perspective 55 Sustainability 74 Consolidated figures for 2015 include information
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Record traffic: 63.5 million passengers in 2023
Record traffic: 63.5 million passengers in 2023 +11.9% vs 2022 4
Slide 5: 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 6: 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 7: International and domestic airports
81 24 International and 57 domestic 7
Slide 8: GAP Competitive Advantages 6M24
GAP COMPETITIVE ADVANTAGES 6M24 Total revenues Revenues by airport Passenger profile Passenger distribution Passenger profile 8
Slide 9: Operational Information
OPERATIONAL INFORMATION
Slide 10: 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 benefitting Tijuana, New Terminal Building comm
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
LARGEST AIRPORT OPERATOR IN MEXICO DURING 8M24 GAP OPERATED 5 OF THE TOP-TEN BUSIEST AIRPORTS IN MEXICO 12 Source: Passenger traffic reports as of August 30, 2024. *AIFA, GOVERNMENT OPERATED AIRPORTS (includes GAFSACOMM and GACM) figures are projected based on July 2024 numbers.
Slide 13: GAP's Key to Success: Diversification
GAP’S KEY TO SUCCESS: DIVERSIFICATION Change Airport 9M24 vs 9M23 23 vs 22 22 vs 21 21 vs 20 20 vs 19 19 vs 18 18 vs 17 17 vs 16 Guadalajara 13,133 (0.8%) 13.5% 5.1% 50.7% (45.3%) 3.4% 12.1% 12.4% Tijuana* 9,290 (7.2%) 7.1% 38.1% 53.2% (29.2%) 13.9% 10.3% 12.2% 80.2% Los Cabos 5,609 (4.1%) 9.9% 25.1
Slide 14: Passenger Traffic Evolution by Airport
PASSENGER TRAFFIC EVOLUTION BY AIRPORT Airport 9M24 2023 2022 2021 2020 2019 2018 2017 2016 Guadalajara 13,132.5 17,710.2 15,606.6 12,243.0 8,125.6 14,846.3 14,351.6 12,808.0 11,395 Tijuana* 9,290.2 13,194.9 12,324.6 9,677.9 6,316.6 8,925.9 7,835.1 7,103.2 6,332 Los Cabos 5,608.7 7,715.6 7,019.3 5,5
Slide 15: Main Airlines Market Share
MAIN AIRLINES MARKET SHARE 15
Slide 16: Traffic Drivers Backing Future Growth
TRAFFIC DRIVERS BACKING FUTURE GROWTH
Slide 17: Fleet Orders - Mexican Airlines
FLEET ORDERS - MEXICAN AIRLINES 154 134 130 109 100 87 80 36 23 2019 2024 New 2019 2024 New 2019 2024 New Orders Orders Orders 17
Slide 18: Mexican Passenger Traffic vs GDP Growth
MEXICAN PASSENGER TRAFFIC VS GDP GROWTH Historically, MEXICO 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.
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 31 24 Madrid Bogota Panama City 2 destinations destinati
Slide 25: Guadalajara – Cargo Imports by Segment 2023
GUADALAJARA – CARGO IMPORTS BY SEGMENT 2023 CARGO VOLUME CARGO VALUE 25 Source: GAP
Slide 26: Guadalajara – Cargo Exports by Segment 2023
GUADALAJARA – CARGO EXPORTS BY SEGMENT 2023 CARGO VOLUME CARGO VALUE 26 Source: GAP
Slide 27: Tijuana
TIJUANA Tijuana Passenger Traffic Evolution, 2013-2023 13.2 12.3 + 7.1% 2023 vs 2022 +27.3% 2022 vs 2021 9.7 8.9 7.8 7.1 6.3 6.3 4.9 4.3 4.4 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 35 Mexican cities New route to Phoenix (PHX) by American Airlines Phoenix Beijing/ 35 destinations Shenz
Slide 28: 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 29: Los Cabos
LOS CABOS Los Cabos Passenger Traffic Evolution, 2013- 2023 Million 9.9% 2023 vs 2022 7.7 26.5% 2022 vs 2021 7.0 5.2 5.6 5.5 4.9 4.2 3.4 3.3 3.7 3.1 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Los Cabos is the 6th busiest airport in 12 destinations 30 destinations terms of annual passenge
Slide 30: Puerto Vallarta
PUERTO VALLARTA Puerto Vallarta traffic reached historic levels with almost 7 million passengers during 2023. The airport will offer an average of 533 weekly 13 23 15 Manchester departures to 53 routes for the current year. destinations destinations destinations Seasonal 30
Slide 31: MBJ
MBJ 24 destinations 10 destinations 11 destinations CARIBBEAN 5 destinations 31
Slide 32: Mexican Airports Tariff Review 2025-2029
MEXICAN AIRPORTS TARIFF REVIEW 2025-2029
Slide 33: Rules for Tariff Regulation in Mexico
RULES FOR TARIFF 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…
Slide 34: Rules for Tariff Regulation in Mexico
RULES FOR TARIFF 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 ➢ 5-year average of UMS Bonds with maturity
Slide 35: Clawback Clause Beginning in the 2030-2034 Period
CLAWBACK CLAUSE BEGINNING IN THE 2030-2034 PERIOD • Claw back of the 3% excess passengers: the trigger will occur when the actual aggregated workload units for the quinquennium surpass the 3% over the workload units projected in the MDP on a consolidated basis. In that case, the excess revenues gene
Slide 36: Federal Duties Law in Mexico
FEDERAL DUTIES LAW IN MEXICO • The concession fee was increased from 5% to 9% of the total revenues (including aeronautical and non-aeronautical), starting from January 1, 2024. • Any payments made to the Government in 2024, that were not included in the most recent ordinary review, have been added
Slide 37: Maximum Tariffs Approved
MAXIMUM TARIFFS APPROVED Airport 2025 2026 2027 2028 2029 Guadalajara 349.44 346.65 343.87 341.12 338.39 Tijuana 266.45 264.31 262.20 260.10 258.02 Los Cabos 524.20 520.01 515.85 511.72 507.63 Puerto Vallarta 522.06 517.88 513.74 509.63 505.55 Guanajuato 349.61 346.82 344.04 341.29 338.56 Mexicali 2
Slide 38: Master Development Program Mexican Airports 2025-2029
MASTER DEVELOPMENT PROGRAM MEXICAN AIRPORTS 2025 -2029
Slide 39: 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 39
Slide 40: MDP Mexico 2025-2029
MDP MEXICO 2025-2029 +60% of additional sqm in Terminal Buildings 40 *Figures are expressed in millions of pesos as of December 31, 2022.
Slide 41: Guadalajara
GUADALAJARA 41 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 42: 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 43: 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 43
Slide 44: Tijuana
TIJUANA 44 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 45: 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 46: Los Cabos
LOS CABOS 46 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 47: 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 48: Puerto Vallarta
PUERTO VALLARTA 48 Figures are expressed in millions of pesos as of December 31, 2022.
Slide 49: 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 49
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: Financial Perspective
FINANCIAL PERSPECTIVE
Slide 56: Key Financial Drivers
KEY Financial Drivers Preserve a healthy financial position Strategic Leverage Debt covenants compliance WACC improvement Distributions consistent with financial results
Slide 57: Aeronautical Revenues
AERONAUTICAL REVENUES ▪ During 6M24 GAP reached 95.0% of the Maximum Tariffs approved for the year ▪ Aeronautical revenues represented 73.6% of aeronautical + non-aero revenues in 6M24 CAGR 2010-2023: 15.5% 57 All figures are in millions of pesos.
Slide 58: Non-Aeronautical Revenues
NON-AERONAUTICAL REVENUES ▪ Non-aeronautical revenues represented 26.4% of aeronautical + non-aero revenues in 6M24 Non-Aeronautical Revenues per passenger 38 41 47 51 54 59 65 68 71 77 90 85 92 97 96 111 MXP 58 All figures are in millions of pesos. CAGR 2010-2023: 17.5%
Slide 59: Commercial Strategy
COMMERCIAL STRATEGY GAP operated Strategic layouts business lines Development of New business new business acquisitions lines Improve passenger experience 59
Slide 60: 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 61: 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 sqm Phase 1 Expansion (2022-2024) 3,860 spaces 133,736 sqm 61
Slide 62: 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, specializing in handling, storage, and custody services for international trade merchandise in facilities classified as free trade zo
Slide 63: Non-Aeronautical Revenues by Business Line
NON-AERONAUTICAL REVENUES BY BUSINESS LINE 6M23 6M24 Change Businesses operated by third parties: Food and beverage 498,691 588,081 17.9% Car rentals 282,864 403,176 42.5% Duty-free 390,019 368,037 (5.6%) Retail 355,770 341,779 (3.9%) Leasing of space 173,334 207,277 19.6% Other commercial revenues
Slide 64: Non-Aeronautical per Passenger 6M24
NON-AERONAUTICAL PER PASSENGER 6M24 Non-aeronautical revenues consolidated per pax 6M23 - MXP 96.1 6M24 - MXP 110.7 64 All figures are in pesos.
Slide 65: Total Revenues
TOTAL REVENUES CAGR 2010-2023: 15.9% 65 All figures are in millions of pesos.
Slide 66: EBITDA Evolution
EBITDA EVOLUTION 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% 71.4% 68.4% 66 All figures are in millions of pesos.
Slide 67: Net Income
NET INCOME 67 All figures are in millions of pesos.
Slide 68: EBITDA Generated in USD 6M24
EBITDA GENERATED IN USD 6M24 Mexico Jamaica USD (millions) MXN (millions) % over the total Aeronautical revenue - 82 82 1,404 15% Non-aeronautical revenue 38 32 70 1,200 35% Total Revenues (1) 38 114 152 2,603 20% Total Expenses 13 70 83 1,413 34% EBITDA 26 44 70 1,190 13% 1Excluding IFRC-12 68
Slide 69: 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 August 7, 2024 AAA.mx: National Scale Outlook: Stable August 7, 2024 69 Exchange rate for September 2024 of MXP 19.50
Slide 70: Debt Maturity 2024 – 2033
DEBT Maturity 2024 – 2033 (as of September 2024) (millions of pesos) 70 Exchange rate for September 2024 of MXP 19.50
Slide 71: Leverage Ratios
LEVERAGE Ratios INTEREST DEBT SERVICE 33.3 x 21.7x rt 7 9.0x 42x 86x 68x 5.7x 49x Ean ee ee 2015 2016 2017 «2018 «2019-2020 2021-2022 2023S 6 M24 0.7x 0.7x 2015 2016 2017 2018 0.9x NET DEBT / EBITDA 2019 2021 021 2022 2023 6M24 71
Slide 72: Shareholder Distribution
SHAREHOLDER Distribution (millions of pesos) Repurchase 2,000 program executed ** 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 72 ** 2023 Distribution approved at the 2
Slide 73: 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 74: Sustainability
SUSTAINABILITY
Slide 75: 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 76: 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 77: 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 78: 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 7 YEARS, WE HAVE DONATED AROUND MXP $500
Slide 79: 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. With seven campuses near the Guadalajara and Los Cabos airports, we currently serve 923 students in Guadalajara and 472 students in Lo
Slide 80: 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 81: 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 82: 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 83: Grupo Aeroportuario del Pacifico
Grupo DN Aeroportuario del Pacifico
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