Grupo Aeroportuario del Pacífico (GAPB) Investor update summary

Overview of FIBRA GAP structure and rationale

• FIBRA GAP is a Mexican-listed trust vehicle designed to monetize and recycle capital from mature airport assets while maintaining operational control and providing tax-efficient distributions to certificate holders.

• The structure allows for at least 95% of annual taxable income to be distributed, with no material change expected in economic substance for current shareholders.

• The transaction optimizes the capital structure and funding flexibility for upcoming infrastructure commitments under the Master Development Plan (MDP).

• GAP retains operational control, and the platform's operating model remains unchanged; only the funding mechanism for CapEx commitments is altered.

• The same experienced management team will oversee both GAP and FIBRA GAP, ensuring continuity in governance and investor communications.

Key features and investment thesis

• FIBRA GAP is a capital recycling platform, not a divestment, with proceeds fully allocated to the MDP for Mexican airports.

• The vehicle will initially hold a minority stake (approx. 4%) in each of the 12 Mexican airport concessionaires, with a cap of 30% possible in the future.

• Only Mexican airport concessions are included; CBX, Jamaican airports, and non-concession subsidiaries are excluded.

• Investors gain exposure to a high-growth aviation sector, diversified passenger profiles, and a leading operator with a strong track record and governance.

• The return profile is based on stable, regulated cash flows and consistent distributions, with EBITDA margins around 70%.

Governance, financial impact, and use of proceeds

• FIBRA GAP features robust governance: technical, audit, and corporate practices committees, independent oversight, and alignment of interests between GAP and FIBRA holders.

• No significant additional fees or transaction costs are expected at the FIBRA level; expenses are marginal relative to the vehicle's size.

• No structural subordination or negative impact on bondholders is anticipated, as all debt remains at the GAP holding level.

• Proceeds from the FIBRA will be used exclusively for CapEx under the MDP, not for dividends or unrelated investments.

• The structure provides financial flexibility, avoids excessive leverage, and supports future growth and acquisitions while maintaining discipline.