Q3 2026 Grupo Aeroportuario del Pacifico SAB de CV Earnings Call

October 20, 2026

Operator: Welcome to the conference center. Please hold for the next available operator.

Speaker #1: Welcome to the conference center. Please hold for the next available operator.

Operator: Please wait.

Speaker #2: Please wait.

Operator: This is the conference center. May I help you?

Speaker #3: Is this the conference center? May I help you? Okay. And what is your name? I'm sorry, what's the last name again? Oh, okay. And then, what company are you with?

David Brown: Hi. I am calling for Grupo Aeroportuario del Pacífico.

Operator: Okay. What is your name?

David Brown: David Brown.

Operator: I am sorry, what is the last name again?

David Brown: Brown, like the color.

Operator: Oh, okay. What company are you with?

David Brown: Aiera. A-I-E-R-A.

Speaker #3: Okay. Awesome. I'll place you in. Thank you.

Operator: Awesome. I'll place you in. Thank you.

David Brown: Thank you.

Operator: Your line is muted.

Speaker #4: Your line is muted.

[CEO] (GAP): For the mobility platform, user growth by 8.4%, despite a slight contraction in traffic at the Tijuana airport, driving the capture rate up from 29.7% in Q2 2025 to 32.4% in Q3 2026. These positive trends underscore clear opportunities to deepen customer penetration, advance commercial integration, optimize pricing strategies, and expand complementary passenger services. This is still the early stage of CBX integration. As such, our priority is to convert these opportunities into sustainable earnings growth while maintaining the operational discipline and strong passenger experience that we value at GAP. Moving on to the operating cost and profitability. Excluding the effects of the IFRIC 12, total operating expenses increased by 3.8% compared to Q3 2025. Cost of services increased by 12.6%, excluding the contribution from CBX operations, primarily driven by personnel, maintenance, and security expense across our airport network.

Raúl Revuelta Musalem: For the mobility platform, user growth by 8.4%, despite a slight contraction in traffic at the Tijuana airport, driving the capture rate up from 29.7% in Q2 2025 to 32.4% in Q3 2026. These positive trends underscore clear opportunities to deepen customer penetration, advance commercial integration, optimize pricing strategies, and expand complementary passenger services. This is still the early stage of CBX integration. As such, our priority is to convert these opportunities into sustainable earnings growth while maintaining the operational discipline and strong passenger experience that we value at GAP. Moving on to the operating cost and profitability. Excluding the effects of the IFRIC 12, total operating expenses increased by 3.8% compared to Q3 2025. Cost of services increased by 12.6%, excluding the contribution from CBX operations, primarily driven by personnel, maintenance, and security expense across our airport network.

Speaker #5: More than the wheel fee, platform. User gross by 8.4% despite a slightly contraction in traffic at the Tijuana Airport. Driving the capture rate up from 29.7% in terms acquired in 2025 to 32.4% in the third quarter of 2026.

Speaker #5: The deposited rents underscored clear opportunities to deepen customer penetration, advanced by commercial integration, optimized pricing strategies, and expanding complementary passenger services. This is still the early stage of CVX integration; as such, our priority is to convert these opportunities into sustainable, lasting growth while maintaining the operational discipline and strong passenger experience that we value at CAP.

Speaker #5: Moving on to the operating cost and profitability. Excluded the fact that the I-312 total operating expenses increased by 3.8% compared to the third quarter of 2025.

Speaker #5: Cost of services increased by 12.6%, excluding the contribution from CVX operations. This was primarily driven by personnel, maintenance, and security expenses across our airport network. Personnel expenses increased mainly due to additional operating staff, the integration of technical assistant employees, salary adjustments, and benefits.

[CEO] (GAP): Personnel expenses increased mainly due to additional operating staff, the integration of technical assistance employees, salary adjustment, and benefits. This increase, together with the consolidation of CBX, were partially offset by a significant reduction in technical assistance fees following the internalization of the services, as well as lower concession fees in Jamaica. The internalized technical assistance services represent a structural change in our cost base, allowing GAP to remain more of the value generated by its operations. As a result, consolidated EBITDA increased by 19.2%, reaching MXN 6.1 billion, while the EBITDA margin, excluding IFRIC 12, expands from 64.3% in Q3 of 2025 to 67.8% in this quarter. At the net income level, the stronger operating performance was partially offset by higher financial expenses associated with our investment program and the CBX transaction.

Raúl Revuelta Musalem: Personnel expenses increased mainly due to additional operating staff, the integration of technical assistance employees, salary adjustment, and benefits. This increase, together with the consolidation of CBX, were partially offset by a significant reduction in technical assistance fees following the internalization of the services, as well as lower concession fees in Jamaica. The internalized technical assistance services represent a structural change in our cost base, allowing GAP to remain more of the value generated by its operations. As a result, consolidated EBITDA increased by 19.2%, reaching MXN 6.1 billion, while the EBITDA margin, excluding IFRIC 12, expands from 64.3% in Q3 of 2025 to 67.8% in this quarter. At the net income level, the stronger operating performance was partially offset by higher financial expenses associated with our investment program and the CBX transaction.

Speaker #5: This increase together with the consolidation of CVX were partially offset by a significant reduction in technical assistance fees following the internal decision of the services as well as lower concession fees in Jamaica.

Speaker #5: The internalized technical assistance services represent a structural change in our cost base, allowing GAP to retain more of the value generated by its operations.

Speaker #5: As a result, consolidated EBITDA increased by 19.2%, reaching 6.1 billion pesos, while the EBITDA margin excluded I-312 expanded from 64.3% in the third quarter of 2025 to 67.8% in this quarter.

Speaker #5: At the net income level, the stronger operating performance was partially offset by higher financial expenses associated with our investment program and the CVX transaction.

[CEO] (GAP): This said, we continue to closely monitor our cost of debt, maintaining our financial flexibility and cash flows generation while executing our capital program. Regarding our investment program and financial position, we remain committed to executing the infrastructure projects, including our 2025-2029 master development programs in Mexico and the capital development programs in Jamaica, with a total expenditure of MXN 8.6 billion during the first nine months of 2026. Our current investment cycle represents the largest infrastructure expansion program undertaken by GAP's concession framework. These results are designed to increase airport capacity, increase operational efficiency, and support the long-term development of our network. Although traffic was below our initial 2026 expectation, our regulated infrastructure commitments address long-term capacity and service requirements. For discretionary growth projects, we continue to evaluate expected returns, execution risk, and capital needs before committing resources.

Raúl Revuelta Musalem: This said, we continue to closely monitor our cost of debt, maintaining our financial flexibility and cash flows generation while executing our capital program. Regarding our investment program and financial position, we remain committed to executing the infrastructure projects, including our 2025-2029 master development programs in Mexico and the capital development programs in Jamaica, with a total expenditure of MXN 8.6 billion during the first nine months of 2026. Our current investment cycle represents the largest infrastructure expansion program undertaken by GAP's concession framework. These results are designed to increase airport capacity, increase operational efficiency, and support the long-term development of our network. Although traffic was below our initial 2026 expectation, our regulated infrastructure commitments address long-term capacity and service requirements. For discretionary growth projects, we continue to evaluate expected returns, execution risk, and capital needs before committing resources.

Speaker #5: This aid will continue to closely monitor our cost of debt maintaining our financial flexibility and cash flows generation while executing our capital program. Regarding our investment program and financial position, we remain committed to executing the infrastructure projects included in our 2025-2029 pastor development programs in Mexico and the capital development programs in Jamaica, with a total expenditure of 8.6 billion pesos during the first 9 months of 2026.

Speaker #5: Our current investment cycle represents the largest infrastructure expansion program undertaken by the GAP concessions framework. This initiative is designed to increase airport capacity, enhance operational efficiency, and support the long-term development of our network.

Speaker #5: Although traffic was below our initial 2026 expectation, our regulated infrastructure commitments address long-term capacity and service requirements. For this questionnaire, growth projects, we continue to evaluate expected returns, execution risk, and capital needs before committing resources.

[CEO] (GAP): Expansion of the Guadalajara, Puerto Vallarta, and Tijuana airports, along with additional infrastructure improvements across our network, will position GAP to accommodate future growth while improving passenger experience and service quality. We expect that these expansion projects will generate continued commercial opportunity as new terminal capacity comes online over the next few years. Our focus remains on disciplined capital allocation, distinguished between non-discretionary concession commitments and strategic growth opportunities. In this matter, we effectively balance our infrastructure demands, financial structures, and shareholder distributions. Regarding dividends, as approved at our annual shareholders meeting in April 2026, we intend to distribute a cash dividend of MXN 20.80 per share in a single installment. We are currently in the final stage of updating our outstanding share count within the bank. Once this process is complete, we will formally announce the payment date.

Raúl Revuelta Musalem: Expansion of the Guadalajara, Puerto Vallarta, and Tijuana airports, along with additional infrastructure improvements across our network, will position GAP to accommodate future growth while improving passenger experience and service quality. We expect that these expansion projects will generate continued commercial opportunity as new terminal capacity comes online over the next few years. Our focus remains on disciplined capital allocation, distinguished between non-discretionary concession commitments and strategic growth opportunities. In this matter, we effectively balance our infrastructure demands, financial structures, and shareholder distributions. Regarding dividends, as approved at our annual shareholders meeting in April 2026, we intend to distribute a cash dividend of MXN 20.80 per share in a single installment. We are currently in the final stage of updating our outstanding share count within the bank. Once this process is complete, we will formally announce the payment date.

Speaker #5: The expansion of the Guadalajara, Puerto Vallarta, and Tijuana airports along with additional infrastructure improvements across our network will position our gap to accommodate future growth while improving passenger experience and service quality.

Speaker #5: We expect that these expansion projects will generate continued commercial opportunity as new terminal capacity comes online over the next few years. Our process remains on disciplined capital allocation distinguished between non-discretionary concession commitments and strategic growth opportunities, in this matter we effectively balance our infrastructure demands financial structures and shareholder distributions.

Speaker #5: Regarding dividends, as approved at our annual shareholders meeting in April 2026, we intend to distribute a cash dividend of 20 pesos and 80 cents per share in a single installment.

Speaker #5: We are currently in the final stage of updating our outstanding share count within the bank. Once this process is completed, we will formally announce the payment date.

[CEO] (GAP): Regarding our full year 2026 guidance, we are maintaining our previously announced passenger traffic range of negative 3% to 0%. Achieving this range requires meaningful improvement in Q4 traffic relative to the year-to-date trend. It goes without saying that our outlook remains subject to our capacity, demand conditions, and the pace of recovery in our leisure markets. Before concluding, I would also like to provide an update on FIBRA GAP. We continue advancing through the process required for the establishment of FIBRA GAP. Based on the current progress, we expect that the transaction to be completed during November. FIBRA GAP is part of the long-term capital strategy. We view it as a potential tool to the broader funding alternatives, improve capital efficiency, and preserve flexibility to finance our airport investment progress.

Raúl Revuelta Musalem: Regarding our full year 2026 guidance, we are maintaining our previously announced passenger traffic range of negative 3% to 0%. Achieving this range requires meaningful improvement in Q4 traffic relative to the year-to-date trend. It goes without saying that our outlook remains subject to our capacity, demand conditions, and the pace of recovery in our leisure markets. Before concluding, I would also like to provide an update on FIBRA GAP. We continue advancing through the process required for the establishment of FIBRA GAP. Based on the current progress, we expect that the transaction to be completed during November. FIBRA GAP is part of the long-term capital strategy. We view it as a potential tool to the broader funding alternatives, improve capital efficiency, and preserve flexibility to finance our airport investment progress.

Speaker #5: Regarding our full-year 2026 guidance, we are maintaining our previously announced passenger traffic range of negative 3 to 0. Achieving this range will require meaningful improvement in fourth quarter traffic relative to the year-to-date trend.

Speaker #5: And it goes without saying that our outlook remains subject to relevant capacity demand conditions and the pace of recovery in our leisure markets. Before concluding, I would also like to provide an update on Fibra Gap.

Speaker #5: We continue advancing through the process required for the establishment of Fibra Gap. Based on current progress, we expect that the transactions will be completed during November.

Speaker #5: Fibra Gap is part of the long-term capital strategy we view as a potential tool to broaden funding alternatives improved capital efficiency and preserve flexibility to finance our airport investment programs.

[CEO] (GAP): The transaction remains subject to the applicable process and conditions, and we will communicate its definite terms when appropriate. We will continue to keep the market informed as the process advances. Before opening the line for questions, I would like to emphasize three key messages. First, our Q3 results demonstrate financial resilience, even while passenger traffic remains under pressure. We are not assuming that recovery will be uniform or immediate, and we remain focused on improving connectivity and competitiveness across our airport network. Second, diversification is delivering measurable results. CBX Cargo and Logistics directly operates business, and the internalization of technical assistance are contributing to a broader and more profitable earnings base. Third, our long-term vision remains unchanged. We continue to execute airport infrastructure investment, expanding our commercial capabilities, and strengthening our position in cross-border mobility, all while maintaining disciplined capital allocation. Passenger traffic is fundamental to GAP.

Raúl Revuelta Musalem: The transaction remains subject to the applicable process and conditions, and we will communicate its definite terms when appropriate. We will continue to keep the market informed as the process advances. Before opening the line for questions, I would like to emphasize three key messages. First, our Q3 results demonstrate financial resilience, even while passenger traffic remains under pressure. We are not assuming that recovery will be uniform or immediate, and we remain focused on improving connectivity and competitiveness across our airport network. Second, diversification is delivering measurable results. CBX Cargo and Logistics directly operates business, and the internalization of technical assistance are contributing to a broader and more profitable earnings base. Third, our long-term vision remains unchanged. We continue to execute airport infrastructure investment, expanding our commercial capabilities, and strengthening our position in cross-border mobility, all while maintaining disciplined capital allocation. Passenger traffic is fundamental to GAP.

Speaker #5: The transaction remains subject to the applicable process and conditions and we will communicate its definitive terms when appropriate. We will continue to keep the market informed as the process advance.

Speaker #5: Before opening the line for questions, I would like to emphasize three key messages. First, our third-quarter results demonstrate financial resilience, even while passenger traffic remains under pressure.

Speaker #5: We are not assuming that recovery will be uniform or immediate, and we remain focused on improving connectivity and competitiveness across our airport network. Second, diversification is delivering measurable results.

Speaker #5: CVX Cargo and Logistics directly operate business, and the internalization of technical assistance are contributing to a broader and more profitable earnings base. Third, our long-term vision remains unchanged.

Speaker #5: We continue to execute airport infrastructure investment, expanding our commercial capabilities and strengthening our position in cross-border mobility. All while maintaining disciplined capital allocation. Passenger traffic is fundamental to GAP.

[CEO] (GAP): At the same time, our Q3 performance illustrates how a more diversified infrastructure and mobility platform is able to strengthen profitability and reduce reliance on any single growth driver. Thus, our focus remains on execution, operational efficiency, and the creation of long-term value for our shareholders. Thank you again for your time. Operator, please open the line for questions.

Raúl Revuelta Musalem: At the same time, our Q3 performance illustrates how a more diversified infrastructure and mobility platform is able to strengthen profitability and reduce reliance on any single growth driver. Thus, our focus remains on execution, operational efficiency, and the creation of long-term value for our shareholders. Thank you again for your time. Operator, please open the line for questions.

Speaker #5: At the same time, our third-quarter performance illustrates how a more diversified infrastructure and mobility platform is able to strengthen profitability and reduce reliance on any single growth driver.

Speaker #5: Thus, our focus remains on execution, operational efficiency, and the creation of long-term value for our shareholders. Thank you again for your time, Operator. Please operate the open the line for questions.

Operator: Thank you, Raúl. At this time, we will open for questions and answers. If you'd like to ask a question, please press star 1 on your phone now, and you'll be queued in order. You may remove yourself from the queue at any time by pressing pound 1. As a reminder, participants joining via the webcast may submit questions at any time using the Q&A function. Our first question over the phone today comes from Rodolfo Ramos of Bradesco BBI.

Speaker #1: Thank you, Raul. At this time, we will open for questions and answers. If you'd like to ask a question, please press star one on your phone now, and you'll be queued in order.

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

Speaker #1: And our first question over the phone today comes from Rodolfo Ramos of Bradesco BBE.

Rodolfo Ramos: Good morning, Raúl, Saúl, Keith. Thank you for taking my questions, and congrats on the results. I have a couple if I may. The first one is on traffic. You talked about the challenges that the industry is facing.

Speaker #2: Good morning, Raul, Saul, Keith. Thank you for taking my questions and congrats on the results. I have a couple, if I may. The first one is on traffic.

Speaker #2: I mean, you talked about the challenges that the industry is facing. I just wanted to get a little bit more sense, a little bit more color, on how you feel within that guidance range that you just reiterated, since—as you mentioned—this implies an important uptick in traffic in the coming months.

Rodolfo Ramos: Just wanted to get a little bit more sense, a little bit more color on how you feel within that guidance range that you just reiterated. Since, as you mentioned, this implies an important uptick in traffic in the coming months. Just if you can talk a little bit about how you see perhaps the winter season shaping up this time around. The second question is a bit on CBX. When you think about the pricing actions that you've taken there since taking control of the asset, how much more uplift you think you could see to the current $43 per user, especially since you're also targeting to increase that capture rate. So it'd be useful to see how you see that panning out in 2027. Thank you.

Speaker #2: So, if you could just talk a little bit about how you see the winter season shaping up this time around. And the second question is a bit on CBX.

Speaker #2: You know, when you think about the price actions that you've taken there, things have, you know, since taking control of the asset, how much more uplift do you think you could see to the current $43 per user, you know, especially since you're also targeting to increase that capture rate.

Speaker #2: So it would be useful to see how you see that panning out in 2027. Thank you.

[CEO] (GAP): Thank you, Rodolfo. Raúl, talking about the traffic, what we are expecting for the winter season is for sure a really important increase on seats for the case of Jamaica. Think that just on the last week of October, it was 1 year ago, Jamaica was hit by the hurricane. So the recovery of the hotel infrastructure has doing pretty good. We are seeing important comeback of seats for this winter season. So what we would have for Jamaica is, in 1 hand, a really important recovery. I would say almost 90% of the total original seats that we used to have 1 year ago will be in place for the winter. But sure, also, you will have a softer compared base as soon as you get on the last week of October. So that is 1 key driver for the recovery of the Q4.

Raúl Revuelta Musalem: Thank you, Rodolfo. Raúl, talking about the traffic, what we are expecting for the winter season is for sure a really important increase on seats for the case of Jamaica. Think that just on the last week of October, it was 1 year ago, Jamaica was hit by the hurricane. So the recovery of the hotel infrastructure has doing pretty good. We are seeing important comeback of seats for this winter season. So what we would have for Jamaica is, in 1 hand, a really important recovery. I would say almost 90% of the total original seats that we used to have 1 year ago will be in place for the winter. But sure, also, you will have a softer compared base as soon as you get on the last week of October. So that is 1 key driver for the recovery of the Q4.

Speaker #5: Thank you, Rodolfo. As Raul, talking about the traffic, what we are expecting for the winter season is for sure a really important increase in seats. For the case of Jamaica, think that just in the last week of October, last year, Jamaica was hit by the hurricane.

Speaker #5: So the recovery of the hotel infrastructure has been pretty good. We are seeing an important comeback of seats for this winter season. So what we want to have for Jamaica is, on one hand, a really important recovery. I would say almost 90% of the total original seats that we used to have one year ago will be in place for the winter.

Speaker #5: But sure also you will have a like a softer compared base as soon as you get on the last week of October. So that is one key driver for the recovery of the fourth quarter.

[CEO] (GAP): And in the other hand, we are seeing that for Puerto Vallarta and for the case of Cabo, an increase of number of seats that are offering for the winter season just after Thanksgiving Day. So we are really optimistic for the route or a really good winter season for the case of these both airports. Other airports will be interesting to talk about the new openings of routes, of international routes on Guadalajara, mainly from Volaris, who just began the operation of Washington and Nashville. It is the beginning of something that would look like a really interesting winter season also for Guadalajara Airport. Going to CBX, we are still working on the pricing actions here. We are continually increasing the capture rate through marketing efforts in some specific routes.

Raúl Revuelta Musalem: And in the other hand, we are seeing that for Puerto Vallarta and for the case of Cabo, an increase of number of seats that are offering for the winter season just after Thanksgiving Day. So we are really optimistic for the route or a really good winter season for the case of these both airports. Other airports will be interesting to talk about the new openings of routes, of international routes on Guadalajara, mainly from Volaris, who just began the operation of Washington and Nashville. It is the beginning of something that would look like a really interesting winter season also for Guadalajara Airport. Going to CBX, we are still working on the pricing actions here. We are continually increasing the capture rate through marketing efforts in some specific routes.

Speaker #5: And in the other hand, we are seeing that for Puerto Vallarta, and for the case of Cabo, an increase of number of seats that are offering for the winter season, just after the Thanksgiving day.

Speaker #5: So we are really optimistic about the for the wood or really good winter season for the case of this both airports. Other airports will be interesting to talk about the new openings of routes of international routes on Guadalajara, mainly from Volaris.

Speaker #5: We just begin the just began the operation of Washington and Nashville. So it's the beginning of something that will look like a really interesting winter season also for Guadalajara Airport.

Speaker #5: Going to CBX, we are still working on the pricing actions here. We are continually increasing the capture rate through marketing efforts in some specific routes.

[CEO] (GAP): But also, what we are seeing is that we will begin to work with different pricing strategies in terms of the low season and high season in the infrastructure. We know that all the services and the big difference that is crossing to the US through CBX has a really important value for our passengers. And we also understand that in particularly high seasons, the demand will be more, I would say, we will have the chance to increase some dollars on that specific tariffs for the season. So what we are expecting is for the coming year, an increase on the revenue per passenger on CBX that will come for sure mainly from pricing action, but also for commercial development. We are working in a new food and beverage area for CBX that it will be in place at the end of the coming year.

Raúl Revuelta Musalem: But also, what we are seeing is that we will begin to work with different pricing strategies in terms of the low season and high season in the infrastructure. We know that all the services and the big difference that is crossing to the US through CBX has a really important value for our passengers. And we also understand that in particularly high seasons, the demand will be more, I would say, we will have the chance to increase some dollars on that specific tariffs for the season. So what we are expecting is for the coming year, an increase on the revenue per passenger on CBX that will come for sure mainly from pricing action, but also for commercial development. We are working in a new food and beverage area for CBX that it will be in place at the end of the coming year.

Speaker #5: But also, what we are seeing is that we will begin to work with different pricing strategies in terms of the low season and high season in the infrastructure.

Speaker #5: We know that all the services and the big difference that is crossing the to the US through CBX has a really important value for our passengers.

Speaker #5: And we also understand that in particularly high seasons, the demand will be more. I would say we will have the chance to increase some dollars on those specific tariffs for the season.

Speaker #5: So, what we are expecting for the coming year is an increase in the revenue per passenger on CBX. That will come, for sure, mainly from pricing action.

Speaker #5: But also development. We are working on a new food and beverage area for CBX that will be in place at the end of the coming year, but I will say that we are already working on that.

[CEO] (GAP): But I will say that we are already working on that. So in general terms, we are seeing high potential on the increase on the revenues for CBX, bringing some of the new developments on the commercial side, the food and beverage mainly, but also in the price strategy.

Raúl Revuelta Musalem: But I will say that we are already working on that. So in general terms, we are seeing high potential on the increase on the revenues for CBX, bringing some of the new developments on the commercial side, the food and beverage mainly, but also in the price strategy.

Speaker #5: So, in general terms, we still see high potential for an increase in revenues for CBX, bringing some of the new developments on the commercial side, mainly in food and beverage.

Speaker #5: But also in the price strategy.

Rodolfo Ramos: Thank you, Raúl.

Speaker #2: Thank you, Raul.

Operator: Our next question comes from Fernanda Recchia of BTG Pactual.

Speaker #1: Our next question comes from Fernando Requia, BTG Pactual.

Fernanda Recchia: Hey, Raúl, Saúl. Thank you for taking my question. Just to follow up here from my side. The first, talking about traffic still, maybe if you could elaborate a little bit further on the outlook for next year. You already provided an outlook for the winter season, but looking for next year, can we work with maybe a mid-single digit of year-over-year growth? Is this feasible? The second, on the CBX, looking at the 9 months figure, we already saw that the division is running with close to 70% of EBITDA margin, which is above the high 60 when you announced the transaction. So we already see some synergies from the integration. But maybe looking forward with these commercial activities that you mentioned, what is a running EBITDA margin that it is feasible for us to assume looking to the medium to long term in CBX? Thank you.

Speaker #4: Hello, Saul. Thank you for taking my question. Just two follow-ups here from my side. The first is about traffic. So, maybe if you could elaborate a little bit further on the outlook for next year.

Speaker #4: You already provided an outlook for the winter season, but looking ahead to next year, can we work with maybe a mid-single-digit year-over-year growth?

Speaker #4: Is this feasible? And second, on the CBX, looking at the nine-month figure, we already saw that the division is running with a close to 70% EBITDA margin, which is above the high-60s when you announced the transaction.

Speaker #4: So, we already see some synergies from the integration, but maybe looking forward with these commercial activities that you mentioned, what is a running EBITDA margin that is feasible for us to assume looking into the medium to long term in CBX?

Speaker #4: Thank you.

[CEO] (GAP): Thank you, Fernanda. This is Raúl. Talking about the 2027, we do not have all the visibility because some of the seats, airlines are still putting on for sale. But I would say, in a third glance, we are expecting something in the middle of mid-single digit for sure. The numbers, we are going to have some effects on weaker comps when we talk about the February of 2026, for instance, for all the security matters on Mexico. On the other hand, we are also going to have, I would say, easy comps on Jamaica for almost all the year. So in a really first view, we will see something on the mid-single digit for sure, for coming year. For the case of CBX margin, yes, we are beginning to see some of the synergies that the group is bringing.

Raúl Revuelta Musalem: Thank you, Fernanda. This is Raúl. Talking about the 2027, we do not have all the visibility because some of the seats, airlines are still putting on for sale. But I would say, in a third glance, we are expecting something in the middle of mid-single digit for sure. The numbers, we are going to have some effects on weaker comps when we talk about the February of 2026, for instance, for all the security matters on Mexico. On the other hand, we are also going to have, I would say, easy comps on Jamaica for almost all the year. So in a really first view, we will see something on the mid-single digit for sure, for coming year. For the case of CBX margin, yes, we are beginning to see some of the synergies that the group is bringing.

Speaker #5: Thank you, Fernando. This is Raul. I mean, talking about the 2027, we don't have like all the visibility because some of the seats I mean, the airlines are still putting on for sale.

Speaker #5: But I will say, at first glance, we're expecting something in the middle of mid-single digits, for sure. And the numbers are going to have some effects from weaker comps when we talk about February of 2026, for instance, due to all the security matters in Mexico.

Speaker #5: On the other hand, we're also going to have easy comps on Jamaica for almost all the year. So, in a first view, we will see something in the mid-single digits for sure.

Speaker #5: For coming year. For the case of CBX margin, yes, we are beginning to see some of the synergies that the group is bringing. What we are looking for the long term is something will be close to the 72 to 73%.

[CEO] (GAP): What we are looking for the long term is something will be close to the 72% to 73%, is what we think that would be, on a pretty first moment, achievable for CBX. For sure, it will be even higher if we could deploy some of our commercial efforts in a really quick time. But I would say that this number between 72% to 73% will be the natural number that we are expecting for CBX.

Raúl Revuelta Musalem: What we are looking for the long term is something will be close to the 72% to 73%, is what we think that would be, on a pretty first moment, achievable for CBX. For sure, it will be even higher if we could deploy some of our commercial efforts in a really quick time. But I would say that this number between 72% to 73% will be the natural number that we are expecting for CBX.

Speaker #5: It's what we think that would be, on a pretty first moment, achievable for CBX. For sure, it will be higher if we could deploy some of our commercial efforts in a really quick time.

Speaker #5: But I will say that this number between 72 to 73 will be like the natural number that we are expecting for CBX.

Fernanda Recchia: All right. Thank you very much.

Speaker #4: All right. Thank you very much.

[CEO] (GAP): Thank you, Fernanda.

Raúl Revuelta Musalem: Thank you, Fernanda.

Speaker #5: Thank you, Fernando.

Operator: From J.P. Morgan, we have Julian Mendez.

Speaker #1: From JP Morgan, we have Juliette Mendez.

Julian Mendez: Yes. Thank you so much. Hi, Raúl and Saúl. Thanks for taking my question. I have a follow-up on the traffic for next year. Just wanted to understand how you guys are thinking about the Volaris and Viva potential M&A conclusion. If this is concluded by later this year, this mid-single digit traffic that you are projecting at this point should be impacted by this, or is it something that you already take into account when thinking about traffic into next year? The second one is a follow-up on the initial remarks. Raúl, you mentioned about the investments and the CapEx plan. You mentioned that you continue to evaluate the expected returns, execution risks. Just wondering if you have any flexibility on the investments given the traffic has been relatively weaker than what it was expected when you signed the MDP plan. Thank you.

Guilherme Mendes: Yes. Thank you so much. Hi, Raúl and Saúl. Thanks for taking my question. I have a follow-up on the traffic for next year. Just wanted to understand how you guys are thinking about the Volaris and Viva potential M&A conclusion. If this is concluded by later this year, this mid-single digit traffic that you are projecting at this point should be impacted by this, or is it something that you already take into account when thinking about traffic into next year? The second one is a follow-up on the initial remarks. Raúl, you mentioned about the investments and the CapEx plan. You mentioned that you continue to evaluate the expected returns, execution risks. Just wondering if you have any flexibility on the investments given the traffic has been relatively weaker than what it was expected when you signed the MDP plan. Thank you.

Speaker #6: Yes, thank you so much. Hi, Raul and Saul, thanks for taking my question. I have a follow-up on the traffic for next year. I just wanted to understand how you guys are thinking about the Volaris and Viva potential M&A conclusion.

Speaker #6: If this is concluded by later this year, should this mid-single digit traffic that you were projecting at this point be impacted by this, or is it something that you're already taking into account when thinking about traffic into next year?

Speaker #6: And the second one is a follow-up on the initial remarks, Raul. You mentioned the investments and the capex plan. You noted that you continue to evaluate the expected returns and the execution risks.

Speaker #6: Just wondering if you have any flexibility on the investments given the traffic has been relatively weaker than what it was expected when you signed the MDP plan.

Speaker #6: Thank you.

[CEO] (GAP): Thank you, Guilherme. In terms of the traffic and the possible merge on the new group of Viva Aerobus, it was already taking account on the numbers that we will say. Let me put it up this way. At least from the summer of this year, with the beginning of different, the price of the oil and the war in Iran, what we have looked is a really important change on the offer of seats from Viva Aerobus. What we are seeing is that part of the possible effect on decrease on the offer, it is already happening. So on the number that, on the single digit that we are expecting, we are already taking account some of that effect of the possible merge.

Raúl Revuelta Musalem: Thank you, Guilherme. In terms of the traffic and the possible merge on the new group of Viva Aerobus, it was already taking account on the numbers that we will say. Let me put it up this way. At least from the summer of this year, with the beginning of different, the price of the oil and the war in Iran, what we have looked is a really important change on the offer of seats from Viva Aerobus. What we are seeing is that part of the possible effect on decrease on the offer, it is already happening. So on the number that, on the single digit that we are expecting, we are already taking account some of that effect of the possible merge.

Speaker #5: Thank you, Guilherme. In terms of the traffic, the traffic and the possible merge on the new group of Viva and Volaris, it was already taking account on the numbers that we say.

Speaker #5: Let me put it up this way. At least from the summer of this year with the beginning of different of the price of the oil and the war in Iran, what we have looked is really important change on the offer of seats from Viva and Volaris.

Speaker #5: So what we are seeing is that part of the possible effect on decrease on the offer it's already happening. So on the numbers that on the single digit that we are expecting we already taking account some of that effect of the possible merge.

[CEO] (GAP): In terms of the CapEx plans, I will say that we have flexibility for the case of not committed investment, as it could be on commercial new services or a new hotel or these kind of things that we are obviously reviewing the correct moment and the correct profitability. But for the case of a committed investment, we do not have, at least for the moment, any change on the plans. Seeing that, for instance, our concessions contracts in Mexico, it give us a chance to open the master plan for some cases, but one of that is a decrease of the GDP of Mexico of at least 5%. We are far, far away from that. So for the moment, we do not have, I would say, any kind of option for change the original plan of CapEx for the committed area of the master plans in Mexico.

Raúl Revuelta Musalem: In terms of the CapEx plans, I will say that we have flexibility for the case of not committed investment, as it could be on commercial new services or a new hotel or these kind of things that we are obviously reviewing the correct moment and the correct profitability. But for the case of a committed investment, we do not have, at least for the moment, any change on the plans. Seeing that, for instance, our concessions contracts in Mexico, it give us a chance to open the master plan for some cases, but one of that is a decrease of the GDP of Mexico of at least 5%. We are far, far away from that. So for the moment, we do not have, I would say, any kind of option for change the original plan of CapEx for the committed area of the master plans in Mexico.

Speaker #5: In terms of the capex plan, I will say that we have flexibility for the case of not committed investment as it could be on commercial new services or a new hotel or these kind of things that we are I will say reviewing the correct moment and the correct profitability.

Speaker #5: But for the case of the committed investment, we don't have at least for the moment any change on the plans. Seeing that, for instance, our concessions contracts in Mexico it give us the chance to open the master plan for some cases but one of that is a decrease of the GDP of Mexico of at least 5%.

Speaker #5: We are far, far away from that. So for the moment we don't have like I will say any kind of options for change the original plan or from of capex for the committed area of the master plans in Mexico.

Julian Mendez: Yeah. That is super clear. Thank you, Raúl.

Guilherme Mendes: Yeah. That is super clear. Thank you, Raúl.

Speaker #6: Yeah. That is super clear. Thank you, Raul.

[CEO] (GAP): Thank you.

Raúl Revuelta Musalem: Thank you.

Speaker #5: Thank you.

Operator: Next, we have Jens Spiess of Morgan Stanley.

Speaker #1: Next, we have Jens Spies of Morgan Stanley.

Jens Spiess: Yes. Hello, Raúl. My first question is on tariff increases in Mexico. When do you expect to do the next implementation of an increase, and by what amount? Your completion versus maximum tariff would increase to what level after such an increase? Thank you.

Speaker #6: Yes, hello, Raul, Saul. My first question is on tariff increases in Mexico. When do you expect to implement the next increase?

Speaker #6: And by what amount? And what would your completion versus maximum tariff increase to, after such an increase? Thank you.

[CEO] (GAP): Thank you, Jens. What we are expecting is to increase the tariffs on the first week of January on the coming year. We are expecting around Each airport will change on different ways because the fulfillment of the tariff, it's airport by airport. I will say that we will have a compound increase around 7%, is what we are expecting. With that put in place, we are expecting a 95% fulfillment of the tariff for the coming year. What is important to have in mind that the appreciation or depreciation of the peso has a really important weight on the final fulfillment on the maximum tariff. At least what we are foreseeing today is that the coming year, we will be around 95% of fulfillment on the maximum tariff.

Raúl Revuelta Musalem: Thank you, Jens. What we are expecting is to increase the tariffs on the first week of January on the coming year. We are expecting around Each airport will change on different ways because the fulfillment of the tariff, it's airport by airport. I will say that we will have a compound increase around 7%, is what we are expecting. With that put in place, we are expecting a 95% fulfillment of the tariff for the coming year. What is important to have in mind that the appreciation or depreciation of the peso has a really important weight on the final fulfillment on the maximum tariff. At least what we are foreseeing today is that the coming year, we will be around 95% of fulfillment on the maximum tariff.

Speaker #5: Thank you, Jens. What we are expecting is to increase the tariffs on the first week of January on the coming year. We are expecting around I mean, each airport will change on different ways because the fulfillment of the tariff is airport by airport.

Speaker #5: But I will say that we will have a compound increase around 7% is what we are expecting. With that put in place, we are expecting a 95% fulfillment of the tariff for the coming year.

Speaker #5: But what is important to have in mind that the appreciation or the appreciation of the peso has a really important weight on the final fulfillment of the maximum tariff.

Speaker #5: But at least what we are foreseeing today is that the coming year we will be around 95% of fulfillment on the maximum tariff.

Jens Spiess: Okay, perfect. On your full year traffic guide, do you still feel comfortable with the -3% to 0% growth, or is there some downside to that number given the year-to-date performance and how flight schedules are looking like?

Speaker #6: Okay. Perfect. And on your full year traffic guide, do you still feel comfortable with the minus 3 to 0% growth or is there some downside to that number given like the year-to-date performance and how flights schedules are looking like?

[CEO] (GAP): Yeah. We are still in the same guidance for this year. For sure, there is a lot of noise, a lot of adjustments on the offer seats of the airlines. But at the moment, we are still comfortable with the same guidance on traffic.

Raúl Revuelta Musalem: Yeah. We are still in the same guidance for this year. For sure, there is a lot of noise, a lot of adjustments on the offer seats of the airlines. But at the moment, we are still comfortable with the same guidance on traffic.

Speaker #5: Yeah. Now, we are still in the same guidance for this year. For sure, there is like a lot of noise and a lot of adjustments on the offer from offer seats on the airlines.

Speaker #5: But at the moment, we are still comfortable with the same guidance on traffic.

Jens Spiess: Okay, perfect. Just one last question, if I may. On the internalization of the technical assistance fee. All else equal, when you are negotiating your MDP with the regulator, this results in a lower cost, right? Would it, all else equal, result in a lower tariff? Just keeping everything equal.

Speaker #6: Okay, perfect. And just one last question, if I may. On the internalization of the technical assistance fee— all else equal, when you're negotiating your MDP with the regulator, this results in a lower cost, right?

Speaker #6: So, would it, all else equal, result in a lower tariff? Just keeping everything equal.

[CEO] (GAP): I am sorry. Please conclude.

Raúl Revuelta Musalem: I am sorry. Please conclude.

Speaker #5: Sorry, sorry. Please. Thank you.

Jens Spiess: No, that is it.

[CEO] (GAP): I am Okay. Thank you. This is Raúl. Yes, you are correct. We have already the internalization of the TA, and it is already included in the calculation of the maximum tariff in our If they do not change, and I am referring to the authority, if they do not change the basis for tariff regulation, we will continue including the TA as part of the calculation of the maximum tariff. So obviously, if this is not included. We will not be able to include it as part of the maximum tariff, and we will not be recovered through the maximum tariff. It also represents that we will not be able to collect, because we will continue providing the service. So probably, it will not be a part of the TA, but it will be part of the operational expenses of the airports, and will be included as our operating expense.

Raúl Revuelta Musalem: I am Okay. Thank you. This is Raúl. Yes, you are correct. We have already the internalization of the TA, and it is already included in the calculation of the maximum tariff in our If they do not change, and I am referring to the authority, if they do not change the basis for tariff regulation, we will continue including the TA as part of the calculation of the maximum tariff. So obviously, if this is not included. We will not be able to include it as part of the maximum tariff, and we will not be recovered through the maximum tariff.

Speaker #6: No, no. That's it.

Speaker #5: Okay. Thank you. This is Saul. You are correct. We have already the internalization of the TA. And it's already included in the calculation of the maximum tariff in our if they don't change in I'm referring to the authority.

Speaker #5: If they don't change the basis for tariff regulation, we will continue including the TA as part of the calculation of the maximum tariff.

Speaker #5: So obviously, if this is not included, we won't be able to include it as part of the maximum tariff. And we won't be recovered through the maximum tariff.

Raúl Revuelta Musalem: It also represents that we will not be able to collect, because we will continue providing the service. So probably, it will not be a part of the TA, but it will be part of the operational expenses of the airports, and will be included as our operating expense.

Speaker #5: It doesn't represent that we won't be able to collect because we will continue providing the service so it probably it won't be as part of the TA but it will be part of the operational expenses of the airports.

Speaker #5: And we've included it as an operating expense.

Operator: Okay. Perfect. Thank you, Saúl, Raúl. Next we have Pablo Ricalde of Itaú Unibanco.

Speaker #6: Okay, perfect. Thank you, Saul, Raul.

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

Pablo Ricalde: Hi, good morning, GAP. Maybe thinking about the synergies on the CBX, I do not know if you can provide an update on how much, now that you have consolidated it, how much do you expect to achieve from synergies coming from the CBX, and when do you think synergies will be tangible on the P&L?

Speaker #7: Hi. Good morning, Gab. Maybe thinking about the synergies on the CBX, I don't know if you can provide an update on how much now that you have consolidated it, how much do you expect to achieve from synergies coming from the CBX and when do you think synergies will be tangible on the PIL?

[CEO] (GAP): Thank you, Pablo. The synergies have begun to pass through CBX. It will be gradually, I would say, for instance, the maintenance of the elevators. We have a common contract for all the net of GAP, and will be included on that contract. But it will be gradually because you need to wait until the finalization of the contract that they have in place today, CBX. But what we are expecting is to fully implement all the possible synergies on the coming 24 months. It will be like when we are thinking that everything will be, I would say, all the plans will be in place, in the specific case of the synergies.

Raúl Revuelta Musalem: Thank you, Pablo. The synergies have begun to pass through CBX. It will be gradually, I would say, for instance, the maintenance of the elevators. We have a common contract for all the net of GAP, and will be included on that contract. But it will be gradually because you need to wait until the finalization of the contract that they have in place today, CBX. But what we are expecting is to fully implement all the possible synergies on the coming 24 months. It will be like when we are thinking that everything will be, I would say, all the plans will be in place, in the specific case of the synergies.

Speaker #5: Thank you, Pablo. I mean, the synergies have begin to pass through CBX. It will be a gradually I will say, for instance, the maintainance of the elevators.

Speaker #5: We have a common contract for the entire net of GAP, and it will be included in that contract. But it will be gradual, because you need to wait until the finalization of the contract that is in place with CBX.

Speaker #5: But what we are expecting is to fully implement all the possible synergies in the coming 24 months. It will be like when we think that everything will be, I will say, all the plans will be in place in the specific case of the synergies.

Pablo Ricalde: Okay, perfect.

Speaker #7: Okay. Perfect.

[CEO] (GAP): Thank you, Pablo.

Raúl Revuelta Musalem: Thank you, Pablo.

Speaker #5: Thank you, Pablo.

Operator: Next we have Anson Morton-Cotter of GBM.

Speaker #1: Next, we have Anton Morton Cotter of HEB AMA.

Anson Morton-Cotter: Hi, team. Thank you for taking my question. Just a quick one. It is related to the removal of restrictions from the US in the Mexico City airport and the AIFA. Does this have any spillover effect on your operations? Maybe this will negatively impact because they capture some routes, or maybe it improves because of more connectivity. If you could give us your take on this. Thank you.

Speaker #8: Hi, team. Thank you for taking my question. Just a quick one—it’s related to the removal of restrictions from the U.S. in the Mexico City airport and the IFA.

Speaker #8: I mean, does this have any spillover effect on your operations? Maybe this will negatively impact because they capture some routes or maybe it improves because of more connectivity if you could give us your take on this.

Speaker #8: Thank you.

[CEO] (GAP): Thank you, Anson. No, for the moment, we are not seeing really any change or any impact on our net. I think that is really good news for all the industry in Mexico, but we really don't see any kind of impact. Our capture areas in the different airports of GAP are really strong. The economies around, for instance, Jalisco are doing pretty good. So we really think that we will not have any kind of impact for this pretty level of restrictions.

Raúl Revuelta Musalem: Thank you, Anson. No, for the moment, we are not seeing really any change or any impact on our net. I think that is really good news for all the industry in Mexico, but we really don't see any kind of impact. Our capture areas in the different airports of GAP are really strong. The economies around, for instance, Jalisco are doing pretty good. So we really think that we will not have any kind of impact for this pretty level of restrictions.

Speaker #5: Thank you, Anton. Now, for the moment, we are not seeing really any change or any impact on our net I mean, I think that is a really good news for all the industry in Mexico.

Speaker #5: But we're really not seeing any kind of impact. Our capture areas and the different airports of GAP are really strong. The economy around, for instance, Jalisco, is doing pretty good.

Speaker #5: So we're really think that we will not have any kind of impact for this renewal of restrictions.

Anson Morton-Cotter: Super. Thank you.

Speaker #8: Super. Thank you.

[CEO] (GAP): Thank you, Anson.

Raúl Revuelta Musalem: Thank you, Anson.

Speaker #5: Thank you, Anton.

Operator: Also from GBM, we have Enrique Cantú.

Speaker #1: Also from HEB AMA, we have Enrique Cantú.

Enrique Cantú: Hi, Raúl. Thank you for taking my question. Duty-free, car rentals, and several other commercial categories remained weak this quarter. Beyond low international traffic and currency effects, are you seeing weaker spending per passenger?

Speaker #9: Hi, Raul. Saul, thank you for taking my question. Duty-free, car rentals, and several other commercial categories were the main weak spots this quarter. Beyond low international traffic and currency effects, are you seeing weaker spending per passenger?

[CEO] (GAP): At the moment, we are not seeing a change of the trend of the spending, but for sure, the volumes on this kind of business line, like could be duty free or car rental, are really important. When you see an airport that is purely leisure, as could be Vallarta and even Cabos, the effect on these specific lines, as could be duty free and car rental, are really big, and really related with the volume for sure. In second hand, we have some effects on, as you say, of depreciation of the peso, because all the contracts of duty free are based in dollars, and also in some of the cases for leisure destinations, could be Vallarta, Cabos, the car rental are also denominated in dollars.

Raúl Revuelta Musalem: At the moment, we are not seeing a change of the trend of the spending, but for sure, the volumes on this kind of business line, like could be duty free or car rental, are really important. When you see an airport that is purely leisure, as could be Vallarta and even Cabos, the effect on these specific lines, as could be duty free and car rental, are really big, and really related with the volume for sure. In second hand, we have some effects on, as you say, of depreciation of the peso, because all the contracts of duty free are based in dollars, and also in some of the cases for leisure destinations, could be Vallarta, Cabos, the car rental are also denominated in dollars.

Speaker #5: At the moment, we are not seeing a change in the trend of spending. But for sure, the volumes in this kind of business line, which could be duty-free or car rental, are really important.

Speaker #5: So when you see an airport that is purely leisure as could be Vallarta and even Cabos, the effect on those on this specific lines that could be duty-free and car rentals are really deep.

Speaker #5: And it really is related to the volume, for sure. And on the other hand, we have some effect, as you say, from the appreciation of the peso, because all the contracts for duty-free are based in dollars.

Speaker #5: And also, in some of the cases, for leisure, destinations could be Vallarta, Cabos, are the car rental are also denominated in dollars. So we have the two effects, but I would say that the biggest effect is related with the volume of the volume decrease on international traffic, mainly for Vallarta.

[CEO] (GAP): We have the two effects, but I would say that the biggest effect is related to the volume decrease on international traffic, mainly for Vallarta.

Raúl Revuelta Musalem: We have the two effects, but I would say that the biggest effect is related to the volume decrease on international traffic, mainly for Vallarta.

Enrique Cantú: Perfect. Thank you.

Speaker #9: Perfect. Thank you.

Operator: From UBS, we have Alberto Valerio.

Speaker #1: From UPS, we have Alberto Valerio.

Alberto Valerio: Hi, morning. Raúl, Saúl, thank you for taking the question. I have a couple here. The first one about the potential downgrade for category 2. We had the good news this month that Mexico was downgraded, but FAA asked some measures to authorities, and we should have a new appraisal in December. How is your expectation for this new appraisal in December. You see that it's possible to do what US are asking for Mexico, and how is your expectation again. The second one about the I know it's far away from now, but the next MDP, how should we see CapEx for the next one. We should see more a maintenance CapEx, or you think that it's just some room for a small growth CapEx.

Speaker #10: Hi, good morning. How's Saul? Thank you for taking my question. I had a couple here. The first one is about the potential downgrade for Category Two.

Speaker #10: We have the good news this month that Mexico was downgraded, but FAA asked some measures to authorities. And we should have a new appraisal in December.

Speaker #10: How is your expectation for this new appraisal in December? You see that it's possible to do what the US is asking for Mexico. And how is your expectation again?

Speaker #10: And the second one, about the I know it's far away from now, but the next MVP, how should we see capex for the next one?

Speaker #10: Should we expect to see more maintenance capex, or do you think there’s just some room for a small growth capex? If you could give some numbers per passenger—60 pesos per passenger, or 90 pesos per passenger, or 120 like the older one—that would be very helpful.

Alberto Valerio: If you can give some numbers per passenger, MXN 60 per passenger or MXN 90 per passenger, or MXN 120, like the older one, would be very helpful. Thank you very much.

Speaker #10: Thank you very much.

[CEO] (GAP): Thank you, Alberto. Raúl. Related with the potential downgrade of Mexico. Last week, the US government communicated with the Mexican government that they have some results from the audit process, and it gives 90 days to the authority to fix those specific observations from the audit process. The Mexican government, and now the Civil Aviation Authority, have made really strong work on the last months. They present changes on the aviation law, on the airports law. They are trying to modernize all the legal framework from security, safety process, and operational process. So at least from my view, I think that Mexico and the Mexican government are deploying a really great effort to avoid any kind of potential downgrade on coming year. So in my personal view, I think that there will not be a problem, the downgrade, on coming year.

Raúl Revuelta Musalem: Thank you, Alberto. Raúl. Related with the potential downgrade of Mexico. Last week, the US government communicated with the Mexican government that they have some results from the audit process, and it gives 90 days to the authority to fix those specific observations from the audit process. The Mexican government, and now the Civil Aviation Authority, have made really strong work on the last months. They present changes on the aviation law, on the airports law. They are trying to modernize all the legal framework from security, safety process, and operational process. So at least from my view, I think that Mexico and the Mexican government are deploying a really great effort to avoid any kind of potential downgrade on coming year. So in my personal view, I think that there will not be a problem, the downgrade, on coming year.

Speaker #5: Thank you, Alberto. Is that Raul? I mean, related to the potential downgrade of Mexico—last week the U.S. government communicated with the Mexican government that they have some results from the audit process.

Speaker #5: And it gives 90 days to the authority to fix those specific observations from the audit process. The Mexican government, under the civil aviation authority, has done really strong work over the last month.

Speaker #5: They pertain to changes in the aviation law and the airports law. They are trying to modernize the entire legal framework, including security, safety processes, and operational processes.

Speaker #5: So, at least in my view, I think that Mexico, or the Mexican government, is deploying a really great effort to avoid any kind of potential downgrade in the coming year.

Speaker #5: So, in my personal view, I think that there will not be a problem with the downgrade in the coming year. Regarding the other question related to how the capex could look on the new master plan, for sure it's really early to think about that.

[CEO] (GAP): In the other question, related of how could look the CapEx on the new master plan. For sure, it is really early to think on that. I would say that for 2029, on the last year of this master plan, we will put in place an expansion of 60%, six zeros, the number of square meters in our terminals in Mexico. Saying that, I would say that the capacity will not be a problem on the coming master plan. For sure, we think that it will be a master plan much more related with refits or reposition as equipment, rather than additional capacity in our airports. We are just ending the biggest, or this master plan 2025/2029, will be the biggest master plan in all our concessions.

Raúl Revuelta Musalem: In the other question, related of how could look the CapEx on the new master plan. For sure, it is really early to think on that. I would say that for 2029, on the last year of this master plan, we will put in place an expansion of 60%, six zeros, the number of square meters in our terminals in Mexico. Saying that, I would say that the capacity will not be a problem on the coming master plan. For sure, we think that it will be a master plan much more related with refits or reposition as equipment, rather than additional capacity in our airports. We are just ending the biggest, or this master plan 2025/2029, will be the biggest master plan in all our concessions.

Speaker #5: But I will say that for 2029, on the last year of this master plan, we will put in place an expansion of 60%, six zeros, the number of square meters in our terminals in Mexico.

Speaker #5: Saying that, I will say that the capacity will not be a problem on the coming master plan. So for sure, we think that it will be a master plan much more related with repex or reposition of equipment rather than cap plan.

Speaker #5: Additional capacity in our airports. We are just sending the biggest—or this master plan 2025–2029 will be the biggest master plan in all our concessions, the biggest one in terms of the expansion of all the facilities, all the square meters on the terminal building.

[CEO] (GAP): The biggest one in terms of the expansion of all the facilities, all the square meters of our terminal building, and for sure, all the capacity. We are doubling the capacity of Guadalajara. We are doubling the capacity of the terminal building on Cabo. We are increasing almost 45% the capacity of terminal building in Cabo. We are almost increasing 40% of the capacity in Tijuana. Saying that, what we are expecting for the coming master plan will be more reposition rather than capacity. I would say that for sure it is early, but it is the general view today.

Raúl Revuelta Musalem: The biggest one in terms of the expansion of all the facilities, all the square meters of our terminal building, and for sure, all the capacity. We are doubling the capacity of Guadalajara. We are doubling the capacity of the terminal building on Cabo. We are increasing almost 45% the capacity of terminal building in Cabo. We are almost increasing 40% of the capacity in Tijuana. Saying that, what we are expecting for the coming master plan will be more reposition rather than capacity. I would say that for sure it is early, but it is the general view today.

Speaker #5: And, for sure, all the capacity. We are doubling the capacity of Guadalajara, we are doubling the capacity of the terminal building in Cabo, and we are increasing almost 45% the capacity of the terminal building in Cabo.

Speaker #5: We are almost increasing capacity by 40% in Tijuana. So, with that in mind, our spending for the upcoming master plan will be more focused on repositioning rather than expanding capacity.

Speaker #5: I will say that, for sure, it is early, but it's like the general view today.

Alberto Valerio: Very clear. Just a follow-up. We should expect something half what we did in the past MDP in real terms. Remind me, what is your exposure on international routes to the US from local carriers?

Speaker #10: Very clear. Very clear. So just a follow-up: we should expect something about half of what we did in the past MVP, in real terms. And remind me, what is your exposure on international routes to the US from local carriers?

[CEO] (GAP): Sorry, Alberto, can you please repeat it? Thank you.

Raúl Revuelta Musalem: Sorry, Alberto, can you please repeat it? Thank you.

Speaker #9: Sorry, Alberto, could you please repeat that? Thank you.

Alberto Valerio: Sure. The first one was just a follow-up on the second question about the MDP. If you could expect half what we deploying CapEx of previous MDP, 2025. Hopefully, something close to MXN 20 billion for the next one in real terms. The other one, if you could remind me, your exposure for the US routes done by local carriers.

Speaker #10: Sure, sure, sure. The first one—I was just following up on the second question about the MVP. If you could expect half of what we deploy in CapEx of the previous MVP, in 2025, hopefully something close to $20 billion pesos for the next one, in real terms.

Speaker #10: And the other one, if you could remind me, your exposure for the US routes operated by local carriers.

Operator: Raúl, your line is open.

Speaker #9: Raul, your line is open.

[CEO] (GAP): I was on mute. Sorry. Yes. I was saying that for the case of the master plan, again, it is really early to talk about these numbers, but I would say ballparking with the information that we have today, something that goes between 50% or 60% of the master plan that we are doing today could be a number that make sense. There is a couple of years to see how will be the demand of that moment. In some ways, it is difficult to put in a tone what could be the size of the investment. Let me say that with all the capacity that we are putting right now on the airports, it sounds that the new master plan could be something

Raúl Revuelta Musalem: I was on mute. Sorry. Yes. I was saying that for the case of the master plan, again, it is really early to talk about these numbers, but I would say ballparking with the information that we have today, something that goes between 50% or 60% of the master plan that we are doing today could be a number that make sense. There is a couple of years to see how will be the demand of that moment. In some ways, it is difficult to put in a tone what could be the size of the investment. Let me say that with all the capacity that we are putting right now on the airports, it sounds that the new master plan could be something

Speaker #5: I was on mute. Sorry, sorry, sorry. Yes, I was saying that for the case of the master plan, again, it's really early to talk about the numbers.

Speaker #5: But I will say, ballparking with the information that we have today, something that could be between 50% and 60% of the master plan that we are doing today could be a number that makes sense.

Speaker #5: I mean, there's a couple of years to see what the demand will be at that moment. And in some way, it's difficult to put in a ton what could be the size of the investment.

Speaker #5: But let me say that with all the capacity that we are putting right now on the airports, it sounds that the master plan would be—so the new master plan could be something like that, could move on the half or a little more from the master plan that we are doing today.

[CEO] (GAP): That could move on behalf or a little more from the master plans that we are doing today. In terms of exposure of the routes from the domestic Mexican airlines, in general terms and big numbers, around 40% of the total passengers on the network of GAP comes from international traffic. I will say that from that, around 40% coming from Mexican Airlines, and are really focused on VFR markets, mainly in Guadalajara, some Bajío, San Antonio, but going mainly to Southern California. That would be the general numbers of the exposure to US routes by Mexican routes.

Raúl Revuelta Musalem: That could move on behalf or a little more from the master plans that we are doing today. In terms of exposure of the routes from the domestic Mexican airlines, in general terms and big numbers, around 40% of the total passengers on the network of GAP comes from international traffic. I will say that from that, around 40% coming from Mexican Airlines, and are really focused on VFR markets, mainly in Guadalajara, some Bajío, San Antonio, but going mainly to Southern California. That would be the general numbers of the exposure to US routes by Mexican routes.

Speaker #5: In terms of exposure of the routes, so the Mexican airlines, I mean, in general terms and big numbers, around 40% of the total passengers on the network on gap comes from international traffic.

Speaker #5: I will say that, from that, around 40% is coming from Mexican airlines and is really focused on PFR markets, mainly in Guadalajara, some Bajío, Aguascalientes, and Morelia.

Speaker #5: But going mainly to Southern California. So that would be the general numbers of the exposure to U.S. routes done by Mexican airlines.

Alberto Valerio: Thank you so much. Very helpful.

Speaker #10: Thank you so much. Very helpful.

[CEO] (GAP): Thank you.

Raúl Revuelta Musalem: Thank you.

Speaker #5: Thank you.

Operator: We have a follow-up question from Rodolfo Ramos. Rodolfo, your line is open. Please go ahead.

Speaker #9: We have a follow-up question from Rodolfo Ramos. Rodolfo, your line is open. Please go ahead.

[Company Representative] (GAP): Maybe you can move to the webcast question.

[Company Representative] (Grupo Aeroportuario del Pacífico): Maybe you can move to the webcast question.

Speaker #11: Maybe you can listen to the webcast questions.

Operator: All right. Hearing no response, we will mute the line. We will proceed with the online questions, so I will turn it over to Maria.

Speaker #9: All right, hearing no response, we'll mute the line and proceed with the online questions. I'll turn it over to Maria.

[Company Representative] (GAP): Thank you. The first question from Gabrielle. He asks, "How does the current interest rate environment affect GAP funding and capital allocation strategy?

[Company Representative] (Grupo Aeroportuario del Pacífico): Thank you. The first question from Gabrielle. He asks, "How does the current interest rate environment affect GAP funding and capital allocation strategy?

Speaker #11: Thank you. So, the first question from Gabrielle: Yes. How does the current interest rate environment affect gap funding and capital allocation strategy?

[CFO] (GAP): Well, obviously, we have seen a rate increase in US dollars. Our debt position in US is pretty low. It is around 10% of our total debt. So basically, in Mexico, the interest rates are stable, so we do not foresee any kind of risk or affectation in terms of interest rates. Obviously, we have been increasing our debt for CapEx program and for the CBX acquisition. So we feel very comfortable with the rates and the debt strategy from that. In terms of the capital allocation, we will continue looking for future inorganic growth, but we will continue also delivering distributions to our shareholders according to our results and according to our growth of our results. With the integration of CBX, obviously, we are expanding our net income, and obviously, we will be expanding our distributions. So that is our position on that.

Speaker #5: Hi Gabrielle, this is Saul. Well, obviously, we have seen a rate increase in U.S. dollars, and our debt position in the U.S. is pretty low.

Saúl Villarreal: Well, obviously, we have seen a rate increase in US dollars. Our debt position in US is pretty low. It is around 10% of our total debt. So basically, in Mexico, the interest rates are stable, so we do not foresee any kind of risk or affectation in terms of interest rates. Obviously, we have been increasing our debt for CapEx program and for the CBX acquisition. So we feel very comfortable with the rates and the debt strategy from that. In terms of the capital allocation, we will continue looking for future inorganic growth, but we will continue also delivering distributions to our shareholders according to our results and according to our growth of our results. With the integration of CBX, obviously, we are expanding our net income, and obviously, we will be expanding our distributions. So that is our position on that.

Speaker #5: It's around 10% of our total debt. So basically, in Mexico, the interest rates are stable, so we don't foresee any kind of risk or affectation in terms of interest rates.

Speaker #5: Obviously, we have been increasing our debt for the CapEx program and for the CBX acquisition. So we feel very comfortable with the rates and the debt strategy from GAP.

Speaker #5: And in terms of capital allocation, we will continue looking for future inorganic growth. But we will also continue delivering distributions to shareholders according to our results and according to the growth of our results.

Speaker #5: With the integration of CBX, obviously we are expanding our net income. And obviously we will be expanding our distributions. So that's generally our position on that.

[Company Representative] (GAP): Okay, good. The second and final question is regarding cargo and free trade zone. How much of the strong growth is coming from existing customers expanding versus new ones? How long are the contracts typically?

[Company Representative] (Grupo Aeroportuario del Pacífico): Okay, good. The second and final question is regarding cargo and free trade zone. How much of the strong growth is coming from existing customers expanding versus new ones? How long are the contracts typically?

Speaker #11: Okay, good. And then the second and final question is regarding cargo and the free trade zone. How much of the strong growth is coming from existing customers expanding, versus new ones?

Speaker #11: And how long are the contracts, typically?

[CEO] (GAP): In terms of the cargo facility, the results come from Guadalajara Airport, the GWTC company. It's a, sorry for that, an important increase that comes from electronic industry, the AI industry, it's really going really fast on Guadalajara mainly area. I would say the manufacturing, traditional micro components manufacturing in Guadalajara is bringing a lot of additional manufacturer related with AI. What we are seeing is two things happen in Guadalajara, an increase on the volume that goes around 6% on volume, but also, and the most important, is the increase of the value of the cargo. It is important to have in mind that the invoicing or the revenues from our cargo facility is directly related with the volume, the value of the cargo that we are moving.

Raúl Revuelta Musalem: In terms of the cargo facility, the results come from Guadalajara Airport, the GWTC company. It's a, sorry for that, an important increase that comes from electronic industry, the AI industry, it's really going really fast on Guadalajara mainly area. I would say the manufacturing, traditional micro components manufacturing in Guadalajara is bringing a lot of additional manufacturer related with AI. What we are seeing is two things happen in Guadalajara, an increase on the volume that goes around 6% on volume, but also, and the most important, is the increase of the value of the cargo. It is important to have in mind that the invoicing or the revenues from our cargo facility is directly related with the volume, the value of the cargo that we are moving.

Speaker #5: I mean, in terms of all the cargo facility, the results come from Guadalajara Airport. The JWTC company. And I'm sorry for that. An important increase comes from the electronic industry.

Speaker #5: The AI industry is moving really fast in the Guadalajara area. I would say the traditional manufacturing of micro components in Guadalajara is bringing a lot of additional manufacturers related to AI.

Speaker #5: So what we are seeing is two things happening in Guadalajara. An increase on the volume that goes around 6% on volume but also and the most important is the increase of the value of the cargo.

Speaker #5: It is important to have in mind that the invoicing or the revenues from our cargo facility are directly related to the volume and the value of the cargo that we are moving.

[CEO] (GAP): As this increase on semiconductors and electronics continues on the coming months and years to Guadalajara, we will see a continued increase on value, and for sure, an increase on the revenue on this facility. There's no, like I would say, the contract that we have with the government for exclusive cargo facility typically comes from 10 years plus an expansion of additional 10 years. That would be the typical concession duration of this kind of business.

Speaker #5: So, as this increase in semiconductors and electronics continues in the coming months and years for Guadalajara, we will see a continued increase in value.

Raúl Revuelta Musalem: As this increase on semiconductors and electronics continues on the coming months and years to Guadalajara, we will see a continued increase on value, and for sure, an increase on the revenue on this facility. There's no, like I would say, the contract that we have with the government for exclusive cargo facility typically comes from 10 years plus an expansion of additional 10 years. That would be the typical concession duration of this kind of business.

Speaker #5: And for sure, an increase in the revenue from this facility. There's no—like I would say, the contract that we have with the government to operate this cargo facility typically comes with a duration of 10 years, plus an option for an additional 10 years. That would be the typical concession duration in this kind of business.

Operator: We have no further questions at this time. Raúl, over to you for any additional or closing comments.

Speaker #9: We have no further questions at this time. Raul, over to you for any additional or closing comments.

[CEO] (GAP): Thank you once again for joining us today. Please contact our investor relationship 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 relationship with any additional questions you may have. Have a great day, and thank you for your attention.

Speaker #5: 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.

Speaker #5: And thank you for your attention.

Operator: That concludes today's meeting. Thanks everyone for joining. You may now disconnect.

Speaker #9: That concludes today's meeting. Thanks, everyone, for joining. You may now disconnect.

Operator: The host has ended this call. Goodbye.