Grupo Aeroportuario del Pacifico FIBRA GAP Conference Call Highlights

Research evidence excerpt

Grupo Aeroportuario del Pacifico FIBRA GAP Conference Call Highlights

J P M O R G A N Latin America Equity Research

18 May 2026

Grupo Aeroportuario del Pacifico Overweight

GAPB.MX, GAPB MM

FIBRA GAP Conference Call Highlights Price (15 May 26):Ps412.08

Latin American Transportation

Today, GAP (OW) hosted a conference call to discuss further details regarding Guilherme Mendes AC

FIBRA GAP, which was initially announced on May 8. (55-11) 4950-4105

guilherme.g.mendes@jpmorgan.com

• About FIBRA GAP. The FIBRA aims to raise Mx$10.2 billion and acquire a Julia Orsi

4.2% stake in each of the 12 Mexican assets operated by GAP, benefiting from (55-11) 4950 3351

both aeronautical and non-aeronautical cash flows. The Jamaican airports and julia.orsi@jpmorgan.com

other purely commercial operations, such as the CBX, will not be incorporated Banco J.P. Morgan S.A.

into the FIBRA structure. Notably, GAP will not co-invest in the FIBRA. The

primary objective is to utilize the FIBRA as an alternative funding source for

its Mx$40 billion CapEx plan associated with the 2025-2029 MDP, thereby

avoiding additional leverage at the consolidated level. Management

acknowledges the possibility of pursuing future follow-on offerings to increase

the FIBRA’s stakes in the assets, subject to a maximum threshold of 30%.

• Other Highlights. (i) Timing of the Announcement: GAP’s management

opted to wait for the completion of the CBX and TAA integration M&A

transactions before announcing the creation of the FIBRA. (ii) Timeline: The

roadshow is commencing today, with the deal expected to close by end of June.

(iii) Listing: The primary listing will be in Mexico only, likely targeting local

pension funds. (iv) Costs: Management does not expect to incur material