Grupo Aeroportuario del Pacifico 2Q26 Conference Call Highlights

Research evidence excerpt

Grupo Aeroportuario del Pacifico 2Q26 Conference Call Highlights

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

15 July 2026

Grupo Aeroportuario del Pacifico Overweight

GAPB.MX, GAPB MM

2Q26 Conference Call Highlights Price (14 Jul 26):Ps395.26

Latin American Transportation

• 2026 Traffic Trends. The 2026 guidance of -3–0% y/y (vs. JPMe at 0%) Guilherme Mendes AC

implies a sequential improvement in traffic trends for 2H26. (i) Mexico: (55-11) 4950-4105

Management expects traffic to normalize in July following the World Cup, as guilherme.g.mendes@jpmorgan.com

corporate travel to Tijuana and Guadalajara should resume after pausing during Julia Orsi

the tournament (when airfares were impacted). GAP is now seeing incremental (55-11) 4950 3351

seats mainly from leisure destinations, plus new route/capacity additions from julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

carriers, primarily Volaris. (ii) Jamaica: Hotel capacity in Jamaica should be

restored by the winter season in November/December following Hurricane

Melissa impacts. In June, seat capacity was running at -20% y/y at MBJ.

• 2027 Outlook. It is still early to assess next year’s traffic performance, as it will

depend on oil price trends and the potential impact of the Viva & Volaris merger

on the competitive landscape. That said, management expects a sequential

recovery.

• Maximum Tariff. In 1H26, GAP reached c.90% compliance with the

maximum tariff. On July 1, GAP implemented a 7% increase in Los Cabos and

Puerto Vallarta. By year-end, management expects c.95% completion and to

reach close to 100% fulfillment in 2027.

• Views on 2030-2034 MDP. GAP is assuming the traffic risk and is not

expecting any compensation over the five-year MDP period. For the next cycle,