Grupo Aeroportuario del Pacífico SAB de CV Q3 FY2024 earnings call

Recent Developments - Approval of 2025-2029 Master Development PLAN for 12 Mexican airports under maximum tariff, with total CapEx commitment of MXN43.2 billion over five years, ~40% to be invested in terminal buildings. - Key projects in Guadalajara, Tijuana, Los Cabos, etc. - New tariff methodology based on weighted average cost of capital, to be gradually implemented over 15 months. ### Quarterly Performance - 5.7% decline in passenger traffic due to Pratt & Whitney engine inspections. - Commercial revenue strong: non-aeronautical up 39% driven by strategic expansion, cargo facility consolidation, and growth in car rentals, retail, etc. - Aeronautical revenue down 3.8% due to lower traffic and 94% of maximum tariff reached. - Overall revenue up 6%, EBITDA margin 67% (excluding IFRIC-12 effect). - Healthy balance sheet with MXN15.8 billion cash and cash equivalents, CapEx investments of MXN5.2 billion.

Aeronautical revenue declined by 3.8% due to lower passenger traffic and reaching around 94% of maximum tariff. Non-aeronautical revenues increased by 39%, with the cargo fiscal facility consolidation contributing MXN354 million to non-aeronautical revenue. Non-aeronautical revenues per passenger reached MXN120 during the first nine months. Overall revenue increased by 6%.

Tariff - New tariff to be gradually implemented over 15 months. ### Traffic - Expecting traffic growth close to 5% next year. ### Cargo Revenue - Expect same level of revenues as third quarter, with EBITDA margin close to 50-55%.

Engine Inspections - Impact on passenger traffic in the short term. ### US Election - Potential impact on leisure destinations' traffic. ### Exchange Rate - Impact on tourism and travel not yet visible as of now.

Q: Could you provide more details on the new tariff implementation and traffic expectations for next year?

A: Raul Revuelta said tariff changes will be gradual, with changes every six months, expecting traffic growth close to 5% next year. Saul Villarreal added tariff will be fully implemented by 2026.

Q: When do you expect the engine recall problem to be ended and about cargo revenue?

A: Raul Revuelta said summer 2025 will see increased passengers as planes start returning. Saul Villarreal said cargo revenue expected to stay at similar levels with EBITDA margin close to 50-55%.

Q: Do you see impact from the U.S. election on international traffic?

A: Raul Revuelta said leisure destinations saw seat decreases, but demand still there, with Guadalajara growing in double digit.

Q: Any plans for acquisitions and impact of peso-dollar exchange rate?

A: Raul Revuelta said reviewing potential acquisitions related to cargo and logistics. Raul Revuelta said exchange rate impact not yet visible as it's been only three months.

Q: Impact of GWTC platform on margins?

A: Saul Villarreal said GWTC has EBITDA margin around 55%, revenues for this year 25% more than previous year, expecting positive impact.