LatAm Transport and Capital Goods "Daily Take-Off: GAP, TUPY, MOTV" Valerio

Research evidence excerpt

LatAm Transport and Capital Goods "Daily Take-Off: GAP, TUPY, MOTV" Valerio

Global Research

19 May 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: GAP, TUPY, MOTV

Industrial

Alberto Valerio

FIBRA GAP: Raising capital while providing financial flexibility Analyst

Following last week`s announcement that GAP would start the process to establish alberto.valerio@ubs.com

a FIBRA (link), the company held yesterday a conference call to discuss details of +55-11-2767 6918

the proposal. The FIBRA-E trust vehicle will be listed on the Mexican Stock Exchange Andressa Varotto

and will hold a minority stake (~4.2%) in each of GAP`s 12 Mexican airport Analyst

concessionaires. The rationale is that GAP is entering a capital intensive investment andressa.varotto@ubs.com

cycle under its Master Development Plan (MDP) and management is seeking to +55-11-2767 6654

diversify its funding sources beyond leveraging at the company holding level. Rafael Simonetti

Management emphasized this should be read as a capital recycling mechanism and Associate Analyst

not a divestiture. The company will raise P$10.2bn trough a primary offer and rafael.simonetti@ubs.com

proceeds will be entirely used for MDP investments. GAP will retain ~96% of Mexican +55-11-2767 6628

airports equity alongside full operational control. The perimeter of the transaction

is limited to Mexican concessions, excluding CBX, Jamaican operations and any

other non-airport subsidiary. In summary, GAP expects to optimize some fiscal

factors for the holding that will add value for equity holders while give more

flexibility to bring new opportunities for the company in the future. GAP expects to

conclude the issuance and incorporation of the FIBRA by end of June. The company