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 investors.

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

• GAP retains control and operational continuity, with FIBRA GAP holding a minority stake in each of the 12 Mexican airport concessionaires.

• Excluded assets are CBX, Jamaican airports, and subsidiaries without Mexican airport concessions.

Investment thesis and financial highlights

• Mexican airport concessions are resilient, long-duration assets with strong cash flow and have grown passenger traffic at a 6.2% CAGR since 2010, outpacing GDP growth.

• Revenue has increased at a 12.4% CAGR from 2019 to 2025, with EBITDA margins around 70%, demonstrating efficiency and profitability.

• FIBRA GAP offers exposure to both aeronautical and non-aeronautical revenues from the 12 airports.

• The governance structure includes independent oversight, technical and audit committees, and aligns interests between GAP and FIBRA holders.

• The return profile is based on distributions tied to operator results in a regulated, stable cash flow industry.

Offer size, structure, and use of proceeds

• Initial offer targets MXN 10.2 billion for roughly 4% equity in each airport, with a cap of 30% equity for FIBRA participation.

• Proceeds are 100% primary and will fund infrastructure investments under the MDP, not for dividends.

• FIBRA GAP is designed as a complementary funding tool to maintain financial discipline and avoid excessive leverage.

• No significant additional fees or transaction costs are expected at the FIBRA level.

• GAP will own approximately 96% of the FIBRA initially, retaining control.