Grupo Aeroportuario del Pacífico (GAPB) Corporate Presentation summary

Company overview and key value drivers

• Operates a diversified network of airports in Mexico and Jamaica, serving 63.5 million passengers in 2023, an 11.9% increase from 2022.

• Key value drivers include a transparent regulatory framework, visibility in tariffs and capital investments until 2029, positive cash flow, healthy leverage, and consistent shareholder distributions.

• Shareholder structure: 85% public float, with strategic partners CMA and AENA holding significant stakes.

• 2023 financials: MXP 25.4 billion in revenues (+12.9%), MXP 17.7 billion EBITDA (+9.7%), and MXP 9.7 billion net income (+5.5%).

• Passenger profile: 40% visiting friends/relatives, 38% leisure, 22% business; 53% domestic, 47% international.

Regulatory changes in Mexico

• New tariff regulation formula uses WACC as the discount rate, reflecting actual leverage and balance sheet position.

• Concession fee increased from 5% to 9% of total revenues as of January 2024, impacting commercial revenues.

• Terminal value now begins in year 6 of the concession, and reference values are redistributed based on actual traffic.

• Clawback mechanism: if actual workload units exceed projections by more than 3%, excess revenues are offset in the next period.

Master development program (MDP) 2025–2029

• Committed investments of MXP 43,185 million across Mexican airports, with major projects in Guadalajara, Tijuana, Los Cabos, and Puerto Vallarta.

• Guadalajara: new terminal building (+79% sqm), 18 boarding gates, apron expansion, and land acquisition for future growth.

• Tijuana: terminal expansion (+47% sqm), new gates, airfield expansion, and land acquisition.

• Los Cabos: terminal 2 expansion (+32% sqm), new gates, apron expansion, and improved access.

• Puerto Vallarta: new terminal building (+134% sqm), seven new positions, with completion expected in 2027.