PAC — Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Summary of GAP's Q1 2026 Earnings Call

1. Key Financial Results and Metrics:

• Total Revenues: Increased by 2.8% year-over-year.
• Aeronautical Revenues: Grew by 3.9% overall, with a notable 9.3% increase in Mexico, attributed to the implementation of maximum tariffs for the 2025-2029 regulatory period.
• EBITDA: Rose by 6.4% to MXN 6 billion, with an EBITDA margin of 68.3%.
• Cost of Service: Increased by 6.5%, primarily due to higher personnel, security, and maintenance costs.
• Cash Position: Strong liquidity with cash and cash equivalents of MXN 23.2 billion, bolstered by a historic bond issuance of MXN 10.7 billion.
• CapEx: MXN 1.8 billion deployed in the quarter, focusing on capacity enhancement and passenger experience.

2. Strategic Updates and Business Highlights:

• Continued growth in non-aeronautical revenues, particularly from the bonded warehouse business, which constitutes 21% of total non-aeronautical revenues.
• The acquisition of 25% of CBX is in progress, expected to be consolidated by May or June 2026, enhancing cross-border passenger opportunities.
• Ongoing investment in the Master Development Plan to improve airport facilities and services.

3. Forward Guidance and Outlook:

• Passenger traffic across GAP's airports decreased by 5.5% in Q1 2026, but recovery is anticipated by Q4 2026.
• Guidance for passenger traffic growth remains at 2% to 6% for the year, contingent on macroeconomic conditions and geopolitical factors.
• Optimism for summer traffic recovery, particularly in leisure destinations, despite current challenges.

4. Bad News, Challenges, or Points of Concern:

• Traffic Declines: Notable decreases in passenger traffic due to security incidents in Jalisco and the impact of Hurricane Melissa on Jamaican operations.
• Cost Pressures: Rising operational costs and potential impacts from global fuel price volatility could affect airline operations and demand.
• Market Uncertainty: Geopolitical tensions and economic downturn risks may hinder demand recovery, particularly in cross-border travel.

5. Notable Q&A Insights:

• Aeronautical Tariffs: Current compliance with maximum tariffs is between 92% and 93%, with expectations to reach close to 95% by year-end.
• Traffic Outlook: Uncertainty remains regarding the impact of geopolitical events on traffic; however, summer is expected to bring additional capacity and recovery.
• Cargo Performance: Strong cargo growth driven by shifts in production from Asia to Mexico, particularly in electronics.
• Capital Allocation: Focus remains on integrating CBX, with no immediate new major projects on the horizon following the cancellation of Turks and Caicos.

Overall, GAP's Q1 2026 results reflect resilience amidst challenging conditions, with a strategic focus on growth and operational efficiency, while navigating external pressures impacting passenger traffic and costs.