Q2 2026 Grupo Aeroportuario del Pacifico SAB de CV Earnings Call

July 15, 2026

Speaker #1: Morning, and welcome to JP's second quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time instructions will be given if you would like to ask a question.

Speaker #1: It is now my pleasure to turn the call over to JP's Investor Relations team. Please go ahead.

Speaker #2: Thank you, and welcome to the second quarter 2026 conference call. Prior to introducing Gap's management team, I'd like to take a few moments to mention the forward-looking statement as described in the financial report.

Speaker #2: Please be advised that any comments made today may not account for future economic circumstances, industry conditions, the company's future performance, or financial results. As such, any information discussed is based on several assumptions and factors that could change causing actual results to materially differ from current expectations.

Speaker #2: For the complete note on forward-looking statements, please refer to the quarterly report issued previously. Thank you for your attention. It is my pleasure to turn the introduce our speakers from Gap today, who will be discussing with you the operational and financial highlights for the second quarter of 2026.

Speaker #2: These are Mr. Raúl Revuelta, Chief Executive Officer, and Mr. Saúl Villarreal, Chief Financial Officer. Mr. Revuelta, please proceed with your opening remarks.

Speaker #3: Thank you, María. Good morning, everyone, and thank you for joining us today. The second quarter of 2026 has the resilience of Gap's business model.

Speaker #3: Passengers' traffic declined by 5.6% compared with the second quarter of 2025. Nevertheless, revenue excluding construction services increased by 4.9% and grew by 8.4%, and EBITDA margin expanded by 230 basis points.

Speaker #3: To 69.3%. The results reflect the combined strength of our diversified airport portfolio, the continued growth of business operated directly by Gap, the initial contribution from the cross-border express, the rural implementation of approved tariffs, and the internalization of technical assistance services.

Speaker #3: While we are not satisfied with the current profit performance, this quarter demonstrates that Gap is increasingly capable of protecting earnings and generating growth through multiple complementary revenue streams.

Speaker #3: Let me begin with passenger traffic. During the second quarter, total passenger traffic across Gap's network of 14 airports declined by 5.6% versus the second quarter of 2025, reflecting a combination of factors affecting both our Mexican and Jamaican operations.

Speaker #3: In Jamaica, we continue to experience the impact of Hurricane Melissa, while the recovery of hotel capacity along the main tourist corridor gradually continues. It has not yet returned to the pre-estorm levels.

Speaker #3: However, recent hotel reopening points to a steady recovery throughout the second half of this year. If this continues with passenger traffic, we will continue to strengthen the coming months.

Speaker #3: The operating environment in Mexico remains challenging throughout the quarter. While airlines proactively manage capacity in response to the current economic environment, rising jet fuel costs continue to pressure airfare prices.

Speaker #3: In addition, international issues demand for some of our big destinations are affected by security concerns. Including the security incident in Puerto Vallarta during the previous quarter, as well as various travel advisory issues by the U.S.

Speaker #3: government as a result. International traffic dropped the quarter's decline highlighted by the 27% reduction in international passengers at Puerto Vallarta. We are actively partnering with airlines and regional tourist stakeholders to rebuild route connectivity and boost traveler confidence in this area.

Speaker #3: In the month of June, the city of Guadalajara hosted 45 FIFA World Cup matches. We are proud to highlight that this demonstrates the operational strength of the Guadalajara Airport.

Speaker #3: Throughout the tournament, the airport successfully handled additional charter flights as well as the arrival of national teams official delegations and fans. Despite heightened security protocols, operations remained normal, preserving excellent standard service level for both daily passengers and airline partners.

Speaker #3: As a result, traffic of Guadalajara Airport rose by 6%. This was partially offset by a temporary softening in business and leisure travel at other Gap airports during the World Cup.

Speaker #3: We expect this demand to normalize in July following the completion of the tournament. We believe that a significant portion of the headwinds affecting traffic is temporary.

Speaker #3: Although the pace of normalization will vary by market, our revised guidance does not assume an immediate or complete recovery. Instead, it reflects a gradual improvement but supported by 19 new routes launched during the quarter, the contribution of new frequencies that began operation in June, the gradual restoration of hotel capacity in Jamaica, and more favorable year-over-year comparison during the second half.

Speaker #3: During the financial results, aeronautical revenue decreased by 3.2%, primarily due to the lower passenger traffic both in Mexico and Jamaica. As well as a 10.9% appreciation on the Mexican peso, which negatively affects the transition of revenue generation in U.S.

Speaker #3: dollars, as well as international passenger charges. It is important to highlight that those effects were partially offset by the gradual implementation of the maximum tariff approved for the 2025-2029 regulatory period in Mexico.

Speaker #3: No aeronautical revenues increased by 23.9%, supported by continued growth across the business line operated directly by Gap, as well as the consolidation of the cross-border express beginning on the 1st of May of this year.

Speaker #3: Without considering the consolidation of the CVX, revenue from the business lines operated directly by Gap once again delivered strong growth, increasing by 17%. Despite lower passenger traffic.

Speaker #3: The cargo unbounded warehouse operations grew by 22%, advertising by 58%, hotel operations by 27%, convenience store by 11%, and parking by 9%. Let's just take a pause here because this demonstrates that Gap's commercial strategy is not solely dependent on passenger volume.

Speaker #3: The commercial strategy we have in place increasingly reflects our ability to improve monetization and expand directly operated platforms and capture a greater share of passengers and logistic-related spending.

Speaker #3: Thus, this business has become a more significant source of recurring earnings and central to our strategy of building a more diversified infrastructure platform. At the same time, businesses that are more directly exposed to international issues traffic and foreign exchange include duty-free and VIP lounge, remain under pressure.

Speaker #3: We expect this category to improve as international traffic gradually recovers. In terms of CVX, this operation generates revenue of $168 million during the months of May and June, when we experienced over 626 passengers 1,000 passengers using the facility going in both directions.

Speaker #3: This generates an average revenue of $42.8 per passenger, which is aligned with the Gap expectations. Although CVX traffic figures remain below those of the previous year, this enhanced initial financial contribution demonstrates the strength and resilience of pricing and commercial models.

Speaker #3: We continue to see opportunities and dynamic pricing and similar services, passenger experience, and improved connectivity between Tijuana and Southern California. Moving on total operating costs, this remains relatively stable compared to the same period of the last year.

Speaker #3: This result includes the positive effect of the reversal of the technical assistance fee provision due to the internalization. It also includes two months of CVX operation expenses and the one-off merger-related expenses.

Speaker #3: Excluding these effects, operating expenses increased by 3% compared to the second quarter of 2025. Cost of service permanently increased due to the higher personnel expenses and maintenance costs and security expenses across our airport network.

Speaker #3: As a result, EBITDA increased by 8.4%, reaching $6 billion during the quarter, and EBITDA margin of 69.3%. In terms of our financial position, we continue to maintain a solid liquidity profile.

Speaker #3: The business combination contributes by 5.4 billion in cash and cash equivalent and further strengthens the scale and diversification of our asset base. Moving on to the capex, we continue to execute our investment program on the 2025-2029 master development plan in Mexico and our capital development programs in Jamaica.

Speaker #3: Our investment remains focused on expanding airport capacity, improving operational infrastructure, and enhancing passenger experience throughout. All while supporting the long-term growth of our airport network.

Speaker #3: Let me now turn on the revised 2026 growth guidance. Considering the consolidation of CVX, internalization of technical assistance services, current passenger traffic trends, and the progress of the company investment projects, we have updated our annual expectations.

Speaker #3: Currently, we expect passenger traffic to land at a range of between minus 3 and flat growth. I just want to mention that this always reflects a gradual improvement during the second half but does not assume that all airports return to the growth at the same time or that Puerto Vallarta and Montego Bay achieve a complete recovery during 2026.

Speaker #3: Aeronautical revenues are expected to increase between 1% and and 4%, supported by the implementation of tariffs approved by the authorities for our airports in Mexico.

Speaker #3: No aeronautical revenues are expected to grow between 21% and 24%, driven by the performance of Gap-operated business as well as the consolidation of CVX.

Speaker #3: EBITDA is expected to grow between 10% to 12%. This would yield an EBITDA margin of approximately 67% plus or minus 1%. This reflects, among other factors, the internalization of technical assistance and technology transfer services.

Speaker #3: Finally, capex is expected to be around $4 billion. This includes $9 billion for commuting investment at airports in Mexico under the master development program, $2 billion for investment at airports in Jamaica, and $1 billion for commercial investments.

Speaker #3: As follow-up, we continue to undergo the approval process with the relevant authorities to incorporate Fibra Gap. With the objective of subscribing a minority equity interest in the 12 Mexican airport concession areas.

Speaker #3: We expect this to go throughout during the third quarter of this year, and we will keep you informed of any update on this process.

Speaker #3: Before concluding, I would like to emphasize three points. First, despite the 5.6 overall decline in passenger traffic, the stronger the line airport business protects the company earnings capacity.

Speaker #3: Note that the reported EBITDA increased by 8.4% and the EBITDA margin expanded to 69.3%. Second, our diversification strategy is already producing measurable results, excluding CVX, business-operated directly by Gap Group by 17%, while CVX contributes to 216 million in EBITDA during the first two months of the consolidation.

Speaker #3: Third, our long-term strategy remains unchanged. We continue investing in airport capacity, commercial platform, logistics, and across-border mobility, while maintaining disciplined capital allocation. This quarter demonstrates that Gap is no longer dependent on a single growth driver.

Speaker #3: Traffic remains fundamental to our business, but approved tariffs directly operate commercial business, logistics, CVS, and internalization of technical assistance services provide complementary sources of earnings and resilience.

Speaker #3: Thank you again for your time, operator. Please open the line for questions.

Speaker #1: If you'd like to ask a question over the phone, please press star one on your keypad, and you'll be placed into the Q and Order received.

Speaker #1: You may remove yourself from the queue at any time by pressing pound one. And as a reminder, participants joining via webcast may submit questions at any time using the Q and A function.

Speaker #1: Again, for a question on the phone, press star one and we'll pause briefly. Our first question comes from Rodolfo Ramos of Bradesco BBI.

Speaker #2: Good morning. Thank you, Rodolfo. Lane Hiss for the call. I've got two questions, if I may. The first one is about your traffic guidance.

Speaker #2: I mean, we were never too optimistic on the World Cup effect, but we were surprised by how weak performance was during the month of June, not just for you, but for the system.

Speaker #2: Now, looking at your guidance, it implies better performance in the second half, as you mentioned some of these factors. But can you elaborate how do you see them playing out in that recovery and perhaps some thoughts on your expectations for 2027?

Speaker #2: And second, if I may, can you update us on the Fibra listing and if you can, just to share a little bit of visibility and clarity on the rationale?

Speaker #2: Can you put a ballpark figure? I know it might be difficult, but how should we look at your effective tax rate post this Fibra transaction?

Speaker #2: Thank you.

Speaker #3: Thank you, Rodolfo. This is Raul. In terms of our traffic guidance, what we saw during the World Cup or during the month of June, we saw a really important change on the airfares that in some way deaccelerate the demand for mainly domestic travelers, leisure and businessmen, and that in a normal month will come to some of the different airports.

Speaker #3: So what we saw is, I would say, a temporary effect of some passengers that didn't fly during the World Cup because the airfares, for sure, and we just see some kind, I would say, a substitution of seats.

Speaker #3: Let me put it this way. The passenger, the business traffic that usually comes to Guadalajara, or even Tijuana, was in some way changed the seats were changed or taken by fans or by people coming for all the matches.

Speaker #3: So what we are seeing for the coming months is we are seeing a July that will bring some of these lack of domestic passengers that will come or will make leisure domestic passenger mainly in Mexico and in some way that they avoided to fly during June for the World Cup, but we are seeing that we'll fly on July.

Speaker #3: For the rest of the months, what we are seeing is some additional seats coming for some of our mainly leisure destinations. We are seeing also different openings happening on domestic market mainly by Bolaris.

Speaker #3: So in general terms, we are seeing that the end of the year is going to be I would say a flat result for the 12 months of this 2026.

Speaker #4: Hi. Rodolfo, this is all related to Fibra. As you know, this is a different vehicle from Gap. Is this our first time on this?

Operator: If you'd like to ask a question over the phone, please press star one on your keypad, and you'll be placed into the queue in order received. You may remove yourself from the queue at any time by pressing pound one. As a reminder, participants joining via webcast may submit questions at any time using the Q&A function. Again, for a question on the phone, press star one, and we'll pause briefly. Our first question comes from Rodolfo Ramos of Bradesco BBI.

Operator: If you'd like to ask a question over the phone, please press star one on your keypad, and you'll be placed into the queue in order received. You may remove yourself from the queue at any time by pressing pound one. As a reminder, participants joining via webcast may submit questions at any time using the Q&A function. For a question on the phone, press star one, and we'll pause briefly. Our first question comes from Rodolfo Ramos of Bradesco BBI.

Speaker #1: Over the phone, please press star 1 on your keypad, and you'll be placed into the Q&A queue. You may remove yourself from the queue at any time by pressing pound 1.

Speaker #4: We are in the process of the incorporation of the trust. We are not ready really, really advanced. We are in the final process for meetings with the different investors.

Speaker #1: And as a reminder, participants joining via webcast may submit questions at any time using the Q&A function. Again, for a question on the phone, press star 1, and we'll pause briefly.

Speaker #4: As you may know, as a new instrument for financing the MDP, there are several concerns on this. And obviously, we are trying to move forward and we believe that in the following weeks will be ready to launch the Fibra.

Speaker #1: Our first question comes from Rodolfo Ramos of Bradesco BBI.

Speaker #2: Good morning. Thank you, Raul. So, Lale, here's for the call. I've got two questions, if I may. The first one is about your traffic guidance.

Rodolfo Ramos: Good morning. Thank you, Raúl, Saúl, Alejos, for the call. I've got two questions, if I may. The first one is about your traffic guidance. We were never too optimistic on the World Cup effect, but we were surprised by how weak performance was during the month of June, not just for you, but for the system. Looking at your guidance, it implies better performance in this H2, as you mentioned some of these factors. Can you elaborate, how do you see them playing out in that recovery, and perhaps some thoughts on your expectations for 2027? Second, if I may, can you update us on the FIBRA listing, and if you can, just to share a little bit of visibility and clarity on the rationale. Can you put a ballpark figure?

Speaker #2: I mean, we were never too optimistic about the World Cup effect, but we were surprised by how weak performance was during the month of June—not just for you, but for the system as a whole.

Speaker #4: On the other hand, related to the expected tax rate, this vehicle will be transparent for tax purposes, but it will be only at the Mexican airports.

Speaker #2: Now, looking at your guidance, it implies better performance in the second half, as you mentioned some of these factors. But can you elaborate how do you see them playing out in that recovery, and perhaps some thoughts on your expectations for 2027?

Rodolfo Ramos: Can you elaborate, how do you see them playing out in that recovery, and perhaps some thoughts on your expectations for 2027? Second, if I may, can you update us on the FIBRA listing, and if you can, just to share a little bit of visibility and clarity on the rationale. Can you put a ballpark figure?

Speaker #4: At the end, we will be transferring dividends directly to Gap without paying taxes at the airports level. But at the Gaps level, we will be paying taxes as a regular company.

Speaker #2: And second, if I may, can you update us on the FIBRA listing and if you can, just to shed a little bit of visibility and clarity on the rationale?

Speaker #4: So there won't be any expected benefit on tax. So what do we expect is the same tax rate basically. We will have a period of transition, probably during '26, '27, in which we could obtain a little decrease in terms of tax because the tax yield of the interest, but it will be only temporary effect that won't be permanent.

Speaker #2: Can you put a ballpark figure? I know it might be difficult, but how should we look at your effective tax rate post this FIBRA transaction?

Rodolfo Ramos: I know it might be difficult, how should we look at your effective tax rate post this FIBRA transaction? Thank you.

Speaker #2: Thank you.

Speaker #3: Thank you, Rodolfo. This is Raul. In terms of our traffic guidance, what we saw during the World Cup, or during the month of June, was a really important change in airfares that in some way deaccelerated the demand, mainly for domestic travelers, both leisure and business, who in a normal month would come to some of the different airports.

Raúl Revuelta Musalem: Thank you, Rodolfo. This is Raúl. In terms of our traffic guidance, what we saw during the World Cup or during the month of June, we saw a really important change on the airfares that in some way did accelerate the demand for mainly domestic travelers, leisure, and business men, that in a normal month will come to some of the different airports. What we saw is, I would say, a temporarily effect of some passengers that didn't fly during the World Cup because of the airfares, for sure. We just see some kind, I would say, a substitution of seats. Let me put it this way. The passengers, the business traffic that usually comes to Guadalajara, or even Tijuana, who has in some way changed. The seat was changed or taken by fans or by people coming for the matches.

Speaker #4: So in general terms, I would say that won't be any change in the effective tax rate for Gap.

Speaker #2: Thank you.

Speaker #1: Next, we have Julia Orsi of JPMorgan.

Speaker #3: So, what we saw is, I would say, a temporary effect of some passengers that didn't fly during the World Cup because of the airfares, for sure.

Raúl Revuelta Musalem: What we saw is, I would say, a temporarily effect of some passengers that didn't fly during the World Cup because of the airfares, for sure. We just see some kind, I would say, a substitution of seats. Let me put it this way. The passengers, the business traffic that usually comes to Guadalajara, or even Tijuana, who has in some way changed. The seat was changed or taken by fans or by people coming for the matches.

Speaker #5: Yes. Hello, everyone. Good morning. Thanks for taking my questions. So we have two topics on our side. The first one, can you comment a bit on the maximum monetary compliance level that you reached on second quarter?

Speaker #5: And what do you expect to reach by year-end? And the second one, it's a follow-up on traffic trends. So can you comment on 2027 trends?

Speaker #3: And we just see some kind, I would say, a substitution of seats. Let me put it this way: the passenger, the business traffic that usually comes to Guadalajara or even Tijuana was, in some way, changed—the seats were changed or taken by fans or by people coming for all the matches.

Speaker #5: I know that it's still early, but would be good to have your color on this. Thank you.

Speaker #3: Thank you, Julia. This is Raul. I mean, on the first next six months of the year, we have 90% of fulfillment of the maximum target.

Speaker #3: We are expecting that for the end of the year will be something around 95%. We just changed on 1st of July again tariffs in cabos and Puerto Vallarta.

Speaker #3: So what we are seeing for the coming months is we are seeing a July that will bring some of these lack of domestic passengers that will come or will make leisure, domestic passengers, mainly in Mexico, and in some way that they avoid it to fly during June, for the World Cup, but we are seeing that will fly on July.

Raúl Revuelta Musalem: What we are seeing for the coming months is, we are seeing a July that will bring some of this lack of domestic passengers that will come or will make leisure domestic passengers, mainly in Mexico, and in some way that they avoided to fly during June for the World Cup, but we are seeing that will fly on July. For the rest of the months, what we are seeing is some additional seats coming for some of our mainly leisure destinations. We are seeing also different openings happening on domestic market, mainly by Volaris. In general terms, we are seeing that the end of the year is going to be, I would say, a flat result for the 12 months of this 2026. Hi, Rodolfo. This is all related to FIBRA. As you know, this is a different vehicle from GAP.

Speaker #3: Mainly the passenger seat of domestic passengers will increase an additional 7% from beginning of July 1st. So what we are seeing in general terms is that we will be really close to this number of 95% to the end of the year.

Speaker #3: For sure, taking into account what could happen with the fixed rate with the dollars and pesos. With the exchange rate, but in general terms, our view is on that.

Speaker #3: For the rest of the months, what we are seeing is some additional seats coming for some of our mainly leisure destinations. We are also seeing different openings happening in the domestic market, mainly by Bolaris.

Speaker #3: For the 2027, I would say that is pretty early to have this kind of to have some kind of view on the number. I would say that we have like two big effects to have in mind.

Raúl Revuelta Musalem: We are seeing also different openings happening on domestic market, mainly by Volaris. In general terms, we are seeing that the end of the year is going to be, I would say, a flat result for the 12 months of this 2026. Hi, Rodolfo. This is all related to FIBRA. As you know, this is a different vehicle from GAP.

Speaker #3: So, in general terms, we are seeing that the end of the year is going to be, I would say, a flat result for the 12 months of 2026.

Speaker #3: The first one is related with the price and oil and the war in Iran, how will this continue impacting in some way the cost of the airlines and that way the possible and available offer in the different destinations.

Speaker #4: Hi, Rodolfo. This is all related to FIBRA. As you know, this is a different vehicle from that. It's our first time on this. We are in the process of the incorporation of the trust.

Raúl Revuelta Musalem: This is our first time on this. We are in the process of the incorporation of the trust. We are really advanced. We are in the final process for meetings with the different investors. As you may know, as a new instrument for financing the MDP, there are several concerns on this. Obviously, we are trying to move forward, and we believe that in the following weeks, we will be ready to launch the FIBRA. On the other hand, related to the expected tax rates, this vehicle will be transparent for tax purposes, but it will be only at the Mexican airports. At the end, we will be transferring dividends directly to GAP without paying taxes at the airports level. But at the GAP's level, we will be paying taxes as a regular company. There won't be any expected benefit on tax.

Speaker #3: And the second one is related with the domestic market. We need to have some kind of additional visibility of what could happen with the merger transaction of Viva and Bolaris.

Speaker #4: We are already really, really advanced. We are in the final process of meetings with the different investors. As you may know, as a new instrument for financing the MVP, there are several concerns about this.

Speaker #3: That could affect in some way the growth for the coming year. But I would say that in general terms, for sure, we are expecting some growth on the coming years.

Speaker #4: And obviously, we are trying to move forward and we believe that in the following weeks will be ready to launch the FIBRA. On the other hand, related to the expected tax rate, this vehicle will be transparent for tax purposes, but it will be only at the Mexican airports.

Speaker #3: We will not have the effect of the militia here in the coming years, or at least what we are seeing on the trend of the recovery on hotels capacity in Jamaica is that for the end of this year, everything is going to be normalized.

Raúl Revuelta Musalem: On the other hand, related to the expected tax rates, this vehicle will be transparent for tax purposes, but it will be only at the Mexican airports. At the end, we will be transferring dividends directly to GAP without paying taxes at the airports level. But at the GAP's level, we will be paying taxes as a regular company. There won't be any expected benefit on tax.

Speaker #4: At the end, we will be transferring dividends directly to GAAP without paying taxes at the airports level. But at the GAAPs level, we will be paying taxes as a regular company.

Speaker #3: So in general terms, we think that the coming year will be positive, but today is difficult to see which is like that the range of growth that we will see.

Speaker #4: So, there won’t be any expected benefit on tax. So what we expect is basically the same tax rate. We will have a period of transition, probably during ‘26, ‘27, in which we could obtain a little decrease in terms of tax because the tax yield of the interest, but it will be only a temporary effect that won’t be permanent.

Speaker #5: Got it. Thank you.

Raúl Revuelta Musalem: What we will expect is the same tax rate, basically. We will have a period of transition, probably during 2026, 2027, in which we could obtain a little decrease in terms of tax, because the tax shield of the interest, but it will be only a temporary effect that won't be permanent. In general terms, I would say that won't be any change in the effective tax rate for GAP.

Speaker #1: Next, we have Pablo Ricalde of Itaú Unibanco.

Speaker #6: Hey, hi. Good morning, Raul. Good morning, team. I have two questions. The first one is an update on Jamaica. How are you seeing traffic trends on in Jamaica for second half of the year?

Speaker #6: I know you will face easier come November and December, but maybe you can provide some color on how you're seeing hotels on the airports and logistics in the island.

Speaker #4: So in general terms, I would say that won't be any change in the effective tax rate for GAAP.

Speaker #6: And the second one is on your guidance. Which effects assumption you are using for the construction of the new guidance? That's it on my side.

Speaker #2: Okay. Thank you.

Rodolfo Ramos: Thank you.

Speaker #3: Hi. Thanks, Pablo. This is Raul. In case of the Jamaica, what we are seeing is that the number of seats for the case of, for instance, of MDJ on the just on November of last year when the Huracan hit will be with, we'll say, a decrease of seats of almost 80%.

Speaker #1: Next, we have Julia Orsi of JPMorgan.

Operator: Next, we have Julia Orsi of J.P. Morgan.

Speaker #5: Yes. Hello, everyone. Good morning. Thanks for taking my questions. We have two topics on our side. The first one: can you comment a bit on the maximum tariff compliance level that you reached in the second quarter?

Julia Orsi: Yes. Hello, everyone. Good morning. Thanks for taking my questions. We have two topics on our side. The first one, can you comment a bit on the maximum monetary compliance level that you reached on Q2, and what do you expect to reach by year-end? The second one, it's a follow-up on traffic trends. Can you comment on 2027 trends? I know that it's still early, but would be good to have your color on this. Thank you.

Speaker #5: And what do you expect to reach by year-end? And the second one, it's a follow-up on traffic trends. So can you comment on 2027 trends?

Speaker #3: Bond by month on all 26, we'll see a really robust recovery for July. We are seeing we are still having a minus 20% in terms of seats versus 2025, July 2025.

Speaker #5: I know that it's still early, but would be good to have your color on this. Thank you.

Speaker #3: Thank you, Julia. This is Raul. I mean, in the first six months of the year, we have 90% fulfillment on the maximum tariff.

Raúl Revuelta Musalem: Thank you, Julia. This is Raúl. On the H1 of the year, we have 90% of fulfillment of the maximum tariff. We are expecting that for the end of the year will be something around 95%. We just changed on 1 July, again, tariffs in Cabos and Puerto Vallarta. Mainly, the passenger charge of domestic passengers will increase and reach on 7% from beginning of 1 July. What we are seeing there in terms is that we will be really close to this number of 95% for the end of the year. For sure, taking in account what will happen with the fixed rate with the dollars and peso, which with exchange rate. Yeah, in terms, I would give on that. For the 2027, I would say that is pretty early to have some kind of view on the number.

Speaker #3: But what is interesting is when we see the slots and all the capacity that is today planned for the winter, we are seeing at least in terms of seats, a full recovery for November and December and all the winter season for Jamaica.

Speaker #3: We are expecting that by the end of the year it will be something around 95%. We just changed, on July 1st, again the tariffs in Cabos and Puerto Vallarta.

Speaker #3: Mainly, the passenger seat capacity for domestic passengers will increase an additional 7% beginning July 1st. So, what we are seeing in general terms is that we will be really close to this number of 95% by the end of the year.

Speaker #3: So for sure, it will be interesting to see how the demand reacts but at least in terms of the offer, we are seeing a recovery of almost a full recovery for the end of the year in terms of seat capacity.

Raúl Revuelta Musalem: What we are seeing there in terms is that we will be really close to this number of 95% for the end of the year. For sure, taking in account what will happen with the fixed rate with the dollars and peso, which with exchange rate. Yeah, in terms, I would give on that. For the 2027, I would say that is pretty early to have some kind of view on the number.

Speaker #3: For sure, taking into account what could happen with the fixed rate with the dollars and pesos, with the exchange rate. But in general terms, that's our view on that.

Speaker #4: Hi, Pablo. This is Saul. Related to guidance, well, first of all, beginning with the passenger traffic, as Raul mentioned, we are expecting a second half much better than the first half.

Speaker #3: For 2027, I would say that it is pretty early to have this kind of, to have some kind of view on the number. I would say that we have two big effects to keep in mind.

Speaker #4: In front, we have a huge challenge moving from a minus 5.6% to our guidance that would be minus 3 to flat growth. It is very relevant to see that at the end, we are expecting a better health.

Raúl Revuelta Musalem: I would say that we have two big effects to have in mind. The first one is related with the price on oil, and the war in Middle East, and how would this continue impact in some way the cost of the airlines, and in that way, the possible and available offer in the different destinations. The second one is related with the domestic market. We need to have some kind of additional visibility of what will happen with the merger transaction of Viva and Volaris. That could affect, in some way, the growth for the coming year. I would say that in general terms, for sure, we are expecting some growth on the coming years. We will not have the effect of Hurricane Melissa in the coming years.

Speaker #3: The first one is related with the price on oil and the war in Iran, how will this continue impacting in some way the cost of the airlines?

Speaker #4: In terms of the aeronautical revenues and you know that we have been gradually updated our aeronautical tariffs in Mexico. So we continue with that in January and we made another adjustment, a little adjustment in this July.

Speaker #3: And in that way, the possible and available offer in the interim destinations. And the second one is related to the domestic market. We need to have some kind of additional visibility of what could happen with the merger transaction of Viva and Bolaris.

Raúl Revuelta Musalem: We need to have some kind of additional visibility of what will happen with the merger transaction of Viva and Volaris. That could affect, in some way, the growth for the coming year. I would say that in general terms, for sure, we are expecting some growth on the coming years. We will not have the effect of Hurricane Melissa in the coming years.

Speaker #4: So in the second half, we will have that little effect that will be only for Puerto Vallarta and Cabos. And secondly, non-aeronautical revenues, you know the integration of CVX is very, very relevant for this business line.

Speaker #3: That could affect in some way the growth for the coming year. But I would say that in general terms, for sure, we are expecting some growth on the coming years.

Speaker #4: And in the consolidation, for me, we'll support the comps for the second half of the year. So at the end, those are the major assumptions that are considered or were considered to build the guidance.

Speaker #3: We will not have the effect of the militia heroic in the coming years, or at least what we are seeing on the trend of the recovery on hotels capacity in Jamaica is that for the end of this year, everything is going to be normalized.

Raúl Revuelta Musalem: At least what we are seeing on the trend of the recovery on hotels capacity in Jamaica is that for the end of this year, everything going to be normalized. In general terms, we think that the coming year will be positive, but today is difficult to see which is the range of growth that we would see.

Speaker #4: So we are providing now we have more visibility about the capex and obviously is the number that we are providing and that we are expecting.

Speaker #3: So in general terms, we think that the coming year will be positive, but today is difficult to see which is like that the range of growth that we will see.

Speaker #4: So that's basically the assumption for the guidance.

Speaker #6: But maybe, Saul, a follow-up on that, which effects assumption for the Mexican peso? It's embedded on this 10 to 12 percent EBITDA growth guided for 2026.

Speaker #5: Got it. Thank you.

Julia Orsi: Got it. Thank you.

Speaker #1: Next, we have Pablo Ricalde of Itaú Unibanco.

Operator: Next, we have Pablo Ricalde of Itaú Unibanco.

Speaker #6: Hey, hi. Good morning, Raul. Good morning, team. I have two questions. The first one is an update on Jamaica. How are you seeing traffic trends in Jamaica for the second half of the year?

Pablo Ricalde: Hi. Good morning, Raúl. Good morning, team. I have two questions. The first one is an update on Jamaica. How are you seeing traffic trends all in Jamaica for H2 of the year? I know you will face Hurricane Melissa comes November and December, but maybe you can provide some color on how you're seeing hotels and the airports, and logistics in the island. The second one is on your guidance. Which FX assumption you're using for the construction of the new guidance? That's it on my side.

Speaker #4: We are not seeing any change on that. We have seen very steady exchange rate in the last months. We are expecting second half on our 17.5 pesos per dollar.

Speaker #6: I know you will face easier comps in November and December, but maybe you can provide some color on how you're seeing hotels, as well as the airports and logistics on the island.

Speaker #4: So it's nothing relevant on that. So we are.

Speaker #3: In comparison base, it is important.

Speaker #4: Yeah, but we'll be basically the same in the changing just to consider in the guidance, right?

Speaker #6: And the second one is on your guidance. Which effects assumption you are using for the construction of the new guidance? That's it on my side.

Speaker #3: Mm-hmm.

Speaker #6: Okay. Perfect. Thanks, Saul.

Speaker #3: I mean, that's highly, Pablo. This is Raul. In case of the Jamaica, what we are seeing is that the number of seats for in case of, for instance, of MVJ on the just on November of last year when the heroic hit will be dealing with, I would say, a decrease of seats of almost 80%.

Raúl Revuelta Musalem: Hi, Pablo. This is Raul. In case of Jamaica, what we are seeing is that the number of seats for the case of, for instance, of MBJ, just on November of last year, when the hurricane hit, we have been dealing with a decrease of seats of almost 80%. By month of 2026, we see a really robust recovery. For July, we are still having a -20% in terms of seats versus July 2025. What is interesting is when you see the plots and all the capacity that is today planned for the winter. We are seeing, at least in terms of seats, a full recovery for November and December, and all the winter season for Jamaica. For sure, it will be interesting to see how the demand reacts.

Speaker #1: It is a reminder, participants joining via webcast may submit questions by using the Q&A function on your screen. And we'll proceed with our next phone question.

Speaker #1: From Enrique Cantu, the GBM.

Speaker #6: Hello everyone. Thank you for your time. I just have one question. Could you provide more detail on the transaction-related expenses of the CVX acquisition that impacted profitability this quarter?

Speaker #3: Bond by month on all 26, we'll see a really robust recovery. For July, we are still seeing a minus 20% in terms of seats versus July 2025.

Raúl Revuelta Musalem: For July, we are still having a -20% in terms of seats versus July 2025. What is interesting is when you see the plots and all the capacity that is today planned for the winter. We are seeing, at least in terms of seats, a full recovery for November and December, and all the winter season for Jamaica. For sure, it will be interesting to see how the demand reacts.

Speaker #6: Should we expect these costs to be fully behind us, starting in the third quarter, or are there any additional integration-related expenses we should keep in mind over the coming quarters?

Speaker #3: But what is interesting is when we see the slots and all the capacity that is today planned for the winter, we are seeing we are seeing at least in terms of seats, a full recovery for November and December and all the winter season for Jamaica.

Speaker #3: Hi, Enrique. This is Raul. In terms of the CVS acquisitions, I mean, the expenses related with the merger is already reflect on the results.

Speaker #3: So, for sure, it will be interesting to see how the demand reacts, but at least in terms of the offer, we are seeing almost a full recovery by the end of the year in terms of seat capacity.

Speaker #3: But talking about what will come on coming months for the CVX, for sure we are working on integration that means for sure bringing some savings when we are looking at the end of the day CVX is used to be a business run like a standalone.

Raúl Revuelta Musalem: At least in terms of the offer, we are seeing almost a full recovery for the end of the year in terms of seat capacity. Hi, Pablo, this is Saúl. Related to guidance. Well, first of all, beginning with the passenger traffic, as Raul mentioned, we are expecting a H2 much better than the H1. In fact, we have a huge challenge moving from a -5.6% to our guidance that will be -3, to flat growth. It is very relevant to see that at the end, we are expecting a better half. In terms of the aeronautical revenues, you know that we have been gradually updated our aeronautical tariffs in Mexico. We continue with that in January, and we made another adjustment, a little adjustment in this July.

Speaker #3: So it's like some different opportunities for we bring some efficiencies due to the merger. So what we are expecting is that on the last quarter of this year, we're going to see an increase on the margin of CVX related with savings and related with this new kind of operation directly from our headquarters in Guadalajara.

Speaker #4: In Prague, we have a huge challenge moving from minus 5.6% to our guidance, which will be minus 3% to flat growth. It is very relevant to see that, at the end, we are expecting better health.

Raúl Revuelta Musalem: It is very relevant to see that at the end, we are expecting a better half. In terms of the aeronautical revenues, you know that we have been gradually updated our aeronautical tariffs in Mexico. We continue with that in January, and we made another adjustment, a little adjustment in this July.

Speaker #4: In terms of the aeronautical revenues, you know that we have been gradually updating our aeronautical tariffs in Mexico. So we continued with that in January, and we made another adjustment, a little adjustment, in July.

Speaker #3: That is in general terms.

Speaker #6: Okay. Thank you.

Speaker #1: From Scotiabank, we have Gabriele Milfar.

Speaker #5: Hi. Good morning and thanks for the call. Quick question. Traffic figures have been a bit of soft and they're expected to continue a bit softer during the end of this year.

Raúl Revuelta Musalem: In the H2, we will have that little effect that will be only for Puerto Vallarta and Cabos. Secondly, non-aeronautical revenues, the integration of CVX is very relevant for this business line, and the consolidation for me will support that comes for the H2 of the year. At the end, those are the major assumptions that are considered or were considered to build the guidance. We are providing, now we have more visibility about the CapEx, and obviously, is the number that we are providing and that we are expecting. That's basically the assumption for the guidance.

Speaker #5: Could this be somehow compensated with, I mean, some higher tariffs beyond what is expected on the MDP or perhaps a faster pace on reaching the 100% maximum tariff?

Speaker #4: And in the consolidation, from May, we'll support the comps for the second half of the year. So at the end, those are the major assumptions that are considered or were considered to build the guidance.

Speaker #5: Or should we wait until the next MDP for seeing a compensation for this? Thank you.

Speaker #4: So we are providing now we have more visibility about the capex and obviously is the number that we are providing and that we are expecting.

Speaker #3: Hi, Gabriele. I mean, in terms of our concession titles, I mean, we all the risk of traffic is for the concessionary. It's for GAP.

Speaker #4: So that's basically the assumption for the guidance.

Speaker #3: So directly will not be some kind of compensation if for the five years we've not get the original forecasting of passengers. But what is important to take into account for that is the 2029 or 2023 30 at the moment of the new master plan, we have a lower base of passengers for sure the reaction in the tariff is first is a lower need of capex because the capacity has already been placed for our approach.

Speaker #6: But maybe, Saul, a follow-up on that, which effects assumption for the Mexican peso? It's embedded on this 10 to 12% EBITDA growth guided for 2026.

Pablo Ricalde: Maybe, Saúl, a follow-up on that, which FX assumption for the Mexican peso is embedded on this 10% to 12% EBITDA growth guided for 2026?

Speaker #4: I'm not seeing any change on that. We have seen a very steady change rate in the last months. We are expecting the second half on our 17.5 pesos per dollar.

Raúl Revuelta Musalem: We are not seeing any change on that. We have seen there is still a change rate during the last months. We are expecting H2 on average MXN 17.5 per dollar. It is nothing relevant on that.

Speaker #4: So it's nothing relevant on that. So we are.

Speaker #3: But in a comparative base, it is important.

Pablo Ricalde: In comparison base, it is important.

Speaker #4: Yeah, but we'll be basically the same in the changes, just to consider in the guidance, right?

Raúl Revuelta Musalem: Yeah, will be basically the same in the changing, just to consider in the guidance, right?

Speaker #3: And the result could be a more I would say a neutral or maybe an increase on tariff related with the number of passengers. But again, we are going like a lot of time on the future just going into the next year and talking about the maximum tariff.

Speaker #3: Mm-hmm.

Pablo Ricalde: Okay, perfect. Thanks, Saúl.

Speaker #6: Okay. Perfect. Thanks, Saul.

Pablo Ricalde: Okay, perfect. Thanks, Saúl.

Speaker #1: This is a reminder: participants joining via webcast may submit questions using the Q&A function on your screen. We will now proceed with our next phone question.

Operator: Just a reminder, participants joining via webcast may submit questions by using the Q&A function on your screen. We'll proceed with our next phone question from Enrique Cantu of GBM.

Speaker #1: From Enrique Cantú, the GBM.

Speaker #3: The idea will be to have for sure an increase in our passengers in January of the coming year we are beginning the process with the Ministry of Communications and Transportations so for sure what we are expecting for the coming year is be close to the 100% of fulfillment.

Speaker #6: Hello, everyone. Thank you for your time. I just have one question. Could you provide more detail on the transaction-related expenses of the CVX acquisition that impacted profitability this quarter?

Enrique Cantu: Hello, everyone. Thank you for your time. I just have one question. Could you provide more detail on the transaction-related expenses of the CVX acquisition that impacted profitability this quarter? Should we expect these costs to be fully behind us starting in Q3, or are there any additional integration-related expenses we should keep in mind over the coming quarters?

Enrique Cantú: Hello, everyone. Thank you for your time. I just have one question. Could you provide more detail on the transaction-related expenses of the CVX acquisition that impacted profitability this quarter? Should we expect these costs to be fully behind us starting in Q3, or are there any additional integration-related expenses we should keep in mind over the coming quarters?

Speaker #6: Should we expect these costs to be fully behind us starting in the third quarter, or are there any additional integration-related expenses we should keep in mind over the coming quarters?

Speaker #3: So it will be some kind of, I mean, offset on the result on coming year. We are expecting some kind of increase on passengers.

Speaker #3: We don't have all the visibility to understand how big could be that on 2027. But for sure we will have the positive effect on the increase on tariff on coming year.

Speaker #3: Hi, Enrique. This is Raul. In terms of the CVS acquisitions, I mean, the expenses related with the merger is already reflect on the results.

Raúl Revuelta Musalem: Hi, Enrique. This is Raúl. In terms of the CVX acquisitions, the expenses related with the merger, it's already reflect on the results. Talking about what will come on coming months for the CVX, for sure, we are working on integration. That means for sure bringing some savings. When we are looking, at the end of the day, CVX used to be a business run like a standalone, so it's like some different opportunities for with bringing some efficiencies due to the merger. What we are expecting is that on the last quarter of this year, we're going to see an increase on the margin of CVX related with savings and related with this new kind of operation directly from our headquarters in Guadalajara. That is in general terms.

Speaker #5: Okay. Thank you. And if I may, what are your expectations for the rest of the year in terms of dividends and distribution?

Speaker #3: But talking about what will come in the coming months for the CVX, for sure we are working on integration. That means, for sure, bringing some savings. When we are looking at the end of the day, CVX used to be a business run like a standalone.

Speaker #3: Hi. This is Saul. Well, we are continue distributing at the same level the other years. As you know, GAP is one of the higher payer deals.

Raúl Revuelta Musalem: That means for sure bringing some savings. When we are looking, at the end of the day, CVX used to be a business run like a standalone, so it's like some different opportunities for with bringing some efficiencies due to the merger. What we are expecting is that on the last quarter of this year, we're going to see an increase on the margin of CVX related with savings and related with this new kind of operation directly from our headquarters in Guadalajara. That is in general terms.

Speaker #3: So it's like some different opportunities for with bringing some efficiencies due to the merger. So what we are expecting is that on the last quarter of this year, we're going to see an increase on the margin of CVX related with savings and related with this new kind of operation directly from our headquarters in Guadalajara.

Speaker #3: So we are have already the shareholders meeting that approve distribution of 20% 80 cents per outstanding share. We are now trying to conclude the consolidation of the new businesses to make the next dividend payment.

Speaker #3: So what do we expect to make to distributions or to payments in two different dates? The first one we believe that probably in this quarter and the last one in the last quarter of the year.

Speaker #3: That is in general terms.

Speaker #6: Okay. Thank you.

Enrique Cantu: Okay, thank you.

Enrique Cantú: Okay, thank you.

Speaker #1: From Scotiabank, we have Gabriele Milfar.

Operator: From Scotiabank, we have Gabriel Himelfarb.

Speaker #5: Cool. Thank you. Thank you very much.

Speaker #5: Hi, good morning, and thanks for the call. Quick question: traffic figures have been a bit soft and they're expected to continue a bit softer during the end of this year.

Gabriel Himelfarb: Hi, good morning. Thanks for the call. Quick question. Traffic figures have been a bit soft, and they're expected to continue a bit softer during the end of this year. Could this be somehow compensated with, amid some higher tariffs beyond what is expected on the MDP or perhaps a faster pace on reaching the 100% maximum tariff? Should we wait until the next MDP for seeing a compensation for this? Thank you.

Speaker #1: That was our final question from the phone. We will now move to questions submitted through the webcast. And I'll turn the call over to Alejandro Soto, o, investor relations officer, to read the questions.

Speaker #3: Thank you. We only have one follow-up question on passenger growth from Francisco Suarez from Scotiabank. And he's asking, thanks for the call on how a relief from higher air force after the World Cup ends could improve traffic.

Speaker #5: Could this be somehow compensated—with, I mean, some higher tariffs beyond what is expected on the MDP, or perhaps a faster pace on reaching the 100% maximum tariff?

Speaker #3: And your outlook and capacity. Very appreciated. And there are another additional factors playing the weak demand within the domestic passengers, namely affordable issues from customers or all the macro data that points to weak consumption in Mexico.

Speaker #5: Or should we wait until the next MDP to see a compensation for this? Thank you.

Speaker #3: Hi, Gabriele. I mean, in terms of our concession titles, all the risk of traffic is for the concessionaire, is for GAP.

Raúl Revuelta Musalem: Hi, Gabriel. In terms of our concession titles, all the risk of traffic is for the concessionary, is for GAP. Directly will not be some kind of compensation if for the five years we've not get the original forecasting of passengers. What is important to take in account for that is the 2029 or 2030, at the moment of the new master plan, we have a lower base of passengers. For sure, the reaction in the tariff is first is a lower need of CapEx because the capacity we have already in place for our airports, the result could be a more, I would say, a neutral or even an increase on tariff, related with the number of passengers. Again, we are going a lot of time on the future.

Speaker #3: Sure. For sure. I mean, we are in the middle of different effects happening right now. We have the cost of the oil. For sure impacting the air force and increase on the air force for directly impact the demand on passengers.

Speaker #3: So directly will not be some kind of compensation if for the five years we've not get the original forecasting of passengers. But what is important to take in account for that is if the 2029 or 2023 30 at the moment of the new master plan, we have a lower base of passengers for sure the reaction in the tariffs is first is a lower need of capex because the capacity has already been placed for our approach.

Speaker #3: For sure some decrease on offer related also with the cost of the fuel. We have the impact on Malaysia and Jamaica and we have this impact of the security concerns happening in Porto Vallarta that for us is one of the big concerns right now in our passive passenger strength.

Raúl Revuelta Musalem: What is important to take in account for that is the 2029 or 2030, at the moment of the new master plan, we have a lower base of passengers. For sure, the reaction in the tariff is first is a lower need of CapEx because the capacity we have already in place for our airports, the result could be a more, I would say, a neutral or even an increase on tariff, related with the number of passengers. Again, we are going a lot of time on the future.

Speaker #3: For sure we also know that the consumption in Mexico is decreasing and the macroeconomics is negative or flatter in terms of the growth of the GDP.

Speaker #3: And the result could be a more, I would say, neutral or maybe an increase on tariff related to the number of passengers. But again, we are going a lot of time into the future—just going into next year and talking about the maximum tariffs. The idea will be to have, for sure, an increase in our passengers in January of the coming year. We are beginning the process with the Ministry of Communications and Transportation, so for sure what we are expecting for the coming year is to be close to 100% of fulfillment.

Speaker #3: What is interesting to understand is that the GDP is growing on different basis in different parts of Mexico. We think that Jalisco, Guadalajara mainly will continue with a increase of expand on the consumption and the economy.

Raúl Revuelta Musalem: Just going into the next year and talking about the maximum tariff. The idea will be to have, for sure, an increase in our passenger seats in January of the coming year. We are beginning the process with the Ministry of Communications and Transportations. For sure, what we are expecting for the coming year is be close to 100% of fulfillment. It will be some kind of offset on the result on coming year. We are expecting some kind of increase on passengers. We don't have all the details to understand how big could be that on 2027. For sure, we will have a positive effect on the increase of tariff on coming year.

Speaker #3: We are seeing this kind of similar factors on Baja California. So for instance, in the other hand, we are seeing some negative impacts on the macroeconomics of Baja California and all the manufacturing in Tijuana.

Speaker #3: So, it will be some kind of, I mean, offset on the result in the coming year. We are expecting some kind of increase in passengers.

Raúl Revuelta Musalem: It will be some kind of offset on the result on coming year. We are expecting some kind of increase on passengers. We don't have all the details to understand how big could be that on 2027. For sure, we will have a positive effect on the increase of tariff on coming year.

Speaker #3: That is having some kind of future possible negative effects on our traffic. I would say in terms yes, I think that we are in a today in a flatter economy that for sure will have some kind of impact on our passengers growth on the coming months.

Speaker #3: We don't have all the visibility to understand how big could be that on 2027. But for sure we will have the positive effect on the increase on tariff on coming year.

Speaker #5: Okay, thank you. And if I may, what are your expectations for the rest of the year in terms of dividends and distributions?

Gabriel Himelfarb: Okay. Thank you. If I may, what are your expectations for the rest of the year in terms of dividends and distribution?

Speaker #3: But it will be interesting to have a more deep understand on the growth of the GDP and the local GDP on the different states of Mexico to understand how could be the growth of passengers on the coming months or even years.

Speaker #3: Hi, Gareth. This is Saul. Well, we will continue distributing at the same level as in other years. As you know, GAP is one of the higher payer deals.

Saúl Villarreal García: Hi, Gabriel. This is Raul. Well, we are continue distributing at the same level with the other years. As you know, GAP is one of the higher payer yields. We had already the shareholders meeting that approved the distribution of MXN 20.80 per ordinary share. We are now trying to conclude the consolidation of the new releases to make the next dividend payment. We do expect to make two distributions or two payments in two different dates. The first one, we believe that probably in this quarter, and the last one in the last quarter of the year.

Speaker #2: Thank you, Raul. This is the last one from the webcast, so I will turn off the call to the normal call.

Speaker #3: So we are have already the chief of this meeting that approved distribution of 20% 80 cents per outstanding share. We are now trying to conclude the consolidation of the new businesses to make the next dividend payment.

Speaker #1: Raul, we have one more question on the phone line from Anton Morten Kotter of Heavy Heavy.

Speaker #4: Hi guys. Thank you for the call. It's just a quick one. I'm considering all of these external effects like the pressures on all processes.

Speaker #4: Will you consider or will you ever consider some concessions to airlines in order to relieve the possible pressure on the traffic demand, meaning maybe lowering tariffs or granting some discounts to boost overall traffic?

Speaker #4: Kind of like to share the effect of all of those external pressures. Thank you.

Speaker #5: Okay. Thank you. Thank you very much.

Gabriel Himelfarb: Cool. Thank you. Thank you very much.

Speaker #3: Thank you, Anton. For the moment, we are not seeing that kind of concessions or discounts to the airlines. For all these environment on the economics, but for sure as we already made in some specific routes that are suffering for their growth factors, for instance, we will make some specific supports.

Speaker #1: That was our final question from the phone. We will now move to questions submitted through the webcast. I'll turn the call over to Alejandra Soto, Investor Relations Officer, to read the questions.

Operator: That was our final question from the phone. We will now move to questions submitted through the webcast. I'll turn the call over to Alejandra Soto, Investor Relations Officer, to read the questions.

Speaker #3: Thank you. We only have one follow-up question on passenger growth from Francisco Suárez from Scotiabank. He's asking, thank you for the call, on how a relief from higher airfares after the World Cup ends could improve traffic.

Alejandra Soto: Thank you. We only have one follow-up question on passenger growth, from Francisco Suarez from Scotiabank, he's asking: Thanks for the color on how a relief from higher airfares after the World Cup ends could improve traffic and your outlook on seats capacity. Very appreciated. There are another additional factors playing the weak demand within the domestic passengers, namely affordable issues from customers or all the macro data that points to weak consumption in Mexico?

Speaker #3: I would say this is not for this year. All the history and gap we have specific supports with some we have some kind of risk of losing connectivity in our airport.

Speaker #3: And your outlook and on its capacity. Very appreciated. And there are another additional factors playing the weak demand within the domestic passengers. Namely, affordable issues from customers or all the macro data that points to weak consumption in Mexico.

Speaker #3: So we will review case by case, but for the moment, we are not seeing any of these discounts in general terms for all the all of our airlines.

Speaker #3: Sure. Hi, Francisco. For sure, I mean, we are in the middle of different effects happening right now. We have the cost of oil for sure impacting the Air Force, and the increase on the Air Force directly impacts the demand on passengers.

Raúl Revuelta Musalem: Sure. Hi, Francisco. It's Raúl. For sure, we are in the middle of different effects happening right now. We have the cost of the oil for sure impacting the airfares, an increase on the airfares for directly impact the demand on passengers. For sure, some decrease on offer related also with the cost of the fuel. We have the impact on the Hurricane Lisa in Jamaica, we have this impact of the security concerns happening in Puerto Vallarta. That, for us, is one of the big concerns right now in our passenger stress. For sure, we also know that the consumption in Mexico is decreasing and the macroeconomics is negative or flatter in terms of the growth of the GDP. What is interesting to understand is that the GDP is growing on different paces in different parts of Mexico.

Speaker #4: Super. Thank you.

Speaker #1: We have no further questions on the phone lines, Raul. Back over to you for any additional or closing comments.

Speaker #3: For sure, some decrease on offer related also with the cost of the fuel. We have the impact on Malaysia and Jamaica and we have this impact of the security concerns happening in Porto Vallarta that for us is one of the big concerns right now in our passive passenger strength.

Raúl Revuelta Musalem: We have the impact on the Hurricane Lisa in Jamaica, we have this impact of the security concerns happening in Puerto Vallarta. That, for us, is one of the big concerns right now in our passenger stress. For sure, we also know that the consumption in Mexico is decreasing and the macroeconomics is negative or flatter in terms of the growth of the GDP. What is interesting to understand is that the GDP is growing on different paces in different parts of Mexico.

Speaker #3: Thank you once again for joining us today. Please contact our investor relation team with any additional questions you may have have a great day and thank you for your attention.

Speaker #3: For sure. We also know that consumption in Mexico is decreasing, and the macroeconomics is negative or flatter in terms of the growth of the GDP.

Speaker #3: What is interesting to understand is that GDP is growing on different bases in different parts of Mexico. We think that Jalisco, mainly Guadalajara, will continue with an increase or expansion in consumption and the economy.

Raúl Revuelta Musalem: We think that Jalisco, Guadalajara mainly, will continue with a increase or expand on the consumption and the economy. We are seeing this kind of similar factors on Baja California Sur, for instance. In the other hand, we are seeing some negative impacts on the macroeconomics of Baja California and all the manufacturing in Tijuana. That is having some kind of future possible negative effects on our traffic. I would say, in general terms, yes, I think that we are today in a flatter economy that for sure will have some kind of impact on our passengers growth on the coming months. It will be interesting to have a more deep understand on the growth of the GDP, on the local GDP, on the different states of Mexico to understand how could be the growth of passengers on the coming months or even years.

Speaker #3: We are seeing this kind of similar factors on Baja California Sur, for instance, in the other hand, we are seeing some negative impacts on the macroeconomics of Baja California and all the manufacturing in Tijuana.

Speaker #3: That is having some kind of future, possible negative effects on our traffic. I would say, in our terms, yes, I think that we are today in a flatter economy that for sure will have some kind of impact on our passenger growth in the coming months.

Raúl Revuelta Musalem: I would say, in general terms, yes, I think that we are today in a flatter economy that for sure will have some kind of impact on our passengers growth on the coming months. It will be interesting to have a more deep understand on the growth of the GDP, on the local GDP, on the different states of Mexico to understand how could be the growth of passengers on the coming months or even years.

Speaker #2: Thank you, Raul. This is the last one from the webcast, so I will turn up the call to the normal call.

Alejandra Soto: Thank you, Raúl. This is the last one from the webcast, I will turn off the call to the normal call.

Speaker #1: Raul, we have one more question on the phone line from Anton Morton Cotter of JBM.

Operator: Raul, we have one more question on the phone line from Anton Morton-Cotter of HSBC.

Speaker #4: Hi guys. Thank you for the call. It's just a quick one. I'm considering all of these external effects like the pressures on all processes.

Anton Morton-Cotter: Hi, guys. Thank you for the call. Just a quick one. Considering all of these external effects, like the pressures on all parts, would you ever consider granting some concessions to airlines in order to relieve the possible pressure on the traffic demand? Meaning maybe lowering tariffs or granting some discounts to boost overall traffic, kind of like to share the effect of all of those external pressures. Thank you.

Ernst Anton Mortenkotter: Hi, guys. Thank you for the call. Just a quick one. Considering all of these external effects, like the pressures on all parts, would you ever consider granting some concessions to airlines in order to relieve the possible pressure on the traffic demand? Meaning maybe lowering tariffs or granting some discounts to boost overall traffic, kind of like to share the effect of all of those external pressures. Thank you.

Speaker #4: I would like to share the effect of all of those external pressures. Thank you.

Speaker #3: Thank you, Anton. For the moment, we are not seeing that kind of concessions or discounts to the airlines. For this, all these environment on the economics.

Raúl Revuelta Musalem: Thank you, Anton. For the moment, we are not seeing that kind of concessions or discounts to the airlines for all this environment on the economics. For sure, as we already made in some specific routes that are suffering from the low factors, for instance, we will make some specific supports. I would say this is not for this year. All the history in GAP, we have specific supports when we have some kind of risk of losing connectivity in our airports. We will review case by case. For the moment, we are not seeing any of these discounts in general terms for all of our airlines.

Speaker #3: But for sure, as we already did in some specific routes that are suffering from their low factors, for instance, we will make some specific supports.

Speaker #3: I would say this is not for this year. All the history and gap we have, specific supports with some—we have some kind of risk of losing connectivity in our airport.

Speaker #3: So we will review case by case. But for the moment, we are not seeing any of these discounts in general terms for all the all of our airlines.

Speaker #4: Super. Thank you.

Anton Morton-Cotter: Super. Thank you.

Ernst Anton Mortenkotter: Super. Thank you.

Speaker #1: We have no further questions on the phone lines, Raul. Back over to you for any additional or closing comments.

Operator: We have no further questions on the phone lines. Raúl, back over to you for any additional or closing comments.

Speaker #3: Thank you once again for joining us today. Please contact our Investor Relations team with any additional questions you may have. Have a great day, and thank you for your attention.

Raúl Revuelta Musalem: Thank you once again for joining us today. Please contact our investor relations team with any additional questions you may have. Have a great day, and thank you for your attention.

Operator: That concludes today's GAP's conference call. Thank you for your participation. You may now disconnect.

Q2 2026 Grupo Aeroportuario del Pacifico SAB de CV Earnings Call

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