Grupo Aeroportuario Del Pacifico, S.A. B. de C.V.

Good morning and welcome to GAP's third quarter 2026 conference call. At this time all lines are 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 for you to ask a question. Now it's my pleasure to turn the call over to GAP's investor relations team. Please go ahead.

Thank you and welcome to GAP's third quarter 2026 conference call. Prior to introducing the management team, I would like to take a few moments to mention the forward-looking statements as described in the financial report. Please be advised that any comments made today may not account for future economic circumstances, industry conditions, the company's performance, or financial results. As such, any information discussed It is based on several assumptions and factors that could change, causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly release issued yesterday. Thank you for your attention. It is my pleasure to introduce our speakers from GAAP, who will be discussing with you the operational and financial results for the third quarter of 2026. They are Mr. Raul Revuelta, Chief Executive Officer, and Mr. Saul Villarreal, Chief Financial Officer. Mr. Revuelta, please proceed with your opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for joining us today. I want to start with the fact that GAP delivered a solid financial performance in the third quarter of 2026. Despite persistent challenge across our airport network, demonstrating the valuable and increasing contribution of our diversified business model. Passenger traffic declined by 1.4% compared to the third quarter of 2025, which was a significant improvement versus the 5.6% decline experienced in the second quarter of 2026. At the same time, revenues, including construction services, increased by 13.2%. EBITDA grew by 19.2%, reaching 6.1 billion pesos. And EBITDA margins expanded by 350 basis points to 67.8%. These results are the result of three different drivers. First, the consolidation of Cross Border Express. Second, the structural benefits from the internalizing of GAP technical assistance services. And thirdly, the growth in directly operated business together with the gradual implementation of the approved maximum tariffs, excluding CVX, Revenues from aeronautica and non-aeronautica services increased by 3.4%, while EBITDA grew by approximately 8.3%. While these figures highlight the strength of our operating model, they also indicate that underlying passenger demand remains challenging. We are prioritizing working on the factors we can control. Such as strengthening our airport network while at the same time building complementary business that diversify and expand our capacity to create long-term value. However, we are aware that international leisure traffic is recovering at an inconsistent pace due to several external factors. Let me begin with the passenger traffic. During the third quarter, GAS 14 airports handled approximately 18.4 million passengers, representing a 1.4% decrease compared to the same period last year. Although traffic stayed below 2025 levels, the third quarter declined as low as compared to the previous quarter. However, we do not view this stabilization as a sign of broader base recovery across all our markets as of yet. Domestic traffic increased by 0.6%, while international traffic declined by 4.5%, primarily reflecting the continued weakness of certain leisure destinations throughout Mexico and Jamaica. Guadalajara, on the other hand, remains as a primary performance driver, with an 8% passenger traffic increase, supported by growth in both domestic and international volume. It is worth noting that international passengers in Guadalajara grew by 13.1%, reflecting the resilience of the airport diversified passengers mix across visiting friends and relatives, business and leisure segments. During the quarter, traffic in Guadalajara declined slightly by 0.5%, while CVX users increased by 8.4%, reaching approximately 1 million passengers during this period. Additionally, the CBX capture rate improved from 29.7% in the third quarter of 25 to 32.4% in the third quarter of 26. These results highlight the growing importance of cross-border connectivity and the strategic benefits of integration of CBX into GAS Airport Network.