Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Q3 FY2025 earnings call

• Passenger traffic: Total passenger traffic across GAP's 14 airports increased by 2.5% to 15.8 million passengers in Q3 2025, supported by new routes and additional frequencies despite international traffic decline. Upcoming routes: 8 new international routes to Canada in Q4 2025, and Los Cabos connected directly to Panama. - Revenue: Aeronautical revenue grew 18.3% due to new maximum tariff adjustments; non-aeronautical revenue up 15.6% from strong performance in Mexico and Jamaica. - Cost: Cost of services increased 14.1% due to direct operation of jet bridges and airport buses, but focus on cost discipline remains. - Investment: Approximately MXN 7 billion invested in the first 9 months, related to major infrastructure projects under the master development program.

Total revenues increased by 17.4% versus third quarter '24. Aeronautical revenue grew by 18.3% due to the new maximum tariff, with the second adjustment of 7.5% implemented starting September 1. Non-aeronautical revenues increased by 15.6%, driven by strong performance in Mexico and Jamaica. Revenue from business operated directly by GAP rose by 30.1% mainly due to the consolidation of the cargo and bonded warehouse business, contributing MXN 559 million. Aeronautical revenue contribution was 18.3% of total revenues, non-aeronautical 15.6%, and GAP-operated business 30.1% of relevant segments.

• Upcoming routes: 8 new international routes to Canada in Q4 2025, including 3 from Guadalajara, 3 from Puerto Vallarta, and 2 from Montego Bay; Los Cabos connected to Panama. - Tariff: Expect better fulfillment of maximum tariff in 2026 with multiple tariff increases throughout the year. - Motiva acquisition: Still analyzing potential acquisition, open to partnership or going alone, with financing via leverage.

• Macroeconomic uncertainty and exchange rate volatility. - Pratt & Whitney engine issues limiting Volaris and Viva Aerobus seat capacity recovery, expected to fully recover by 2027. - Immigration-related challenges and restrictive perception under U.S. administration affecting international VFR and leisure passengers.

Q: Talk about traffic dynamics and guidance for the year.

A: VFR market deacceleration due to U.S. immigration stance, but optimistic for recovery from next year as seat capacity is announced.

Q: On commercial side, when will top line revenue growth stabilize?

A: Directly operated business by GAP will continue growing faster due to new commercial areas and expansions in coming years.

Q: Cost level for coming quarters?

A: Costs seen in Q3 likely to continue as part of business growth.

Q: Motiva airport assets plan?

A: Still working on options, open to partnership or going alone, financing via leverage.

Q: Aeronautical tariff decline drivers?

A: Due to mix of passenger traffic and peso appreciation.

Q: Effect of next year World Cup on traffic?

A: Hard to determine precisely until national teams for Guadalajara are known, but Guadalajara and Tijuana may see positive effects.

Q: Commercial areas expansion?

A: Terminal buildings in Mexico to expand by 55% in square meters by end of year, creating opportunities for commercial business expansion.

Q: International traffic impacts on main airports?

A: Puerto Vallarta had weak international traffic year-to-date, but optimistic for winter season with returning seats and Canadian capacity increases.