Grupo Aeroportuario Del Pacifico SAB de CV - ADR

Strong profitability despite softer traffic (core “good”): - 3Q26 passenger traffic: -1.4% YoY (18.4m passengers across 14 airports). Improvement vs -5.6% in 2Q26. - Revenue ex construction services: +13.2% YoY; EBITDA +19.2% YoY to MXN 6.1bn; EBITDA margin +350 bps to 67.8%. - Drivers cited: (1) CBX consolidation, (2) internalization of technical assistance services (structural cost base improvement), (3) growth in directly operated business + gradual maximum tariff implementation.

Demand mix remains the key challenge (the “bad”/ongoing risk): - International traffic: -4.5% YoY, driven by continued weakness in leisure destinations (notably Puerto Vallarta -11%, Los Cabos -6.8%). - Guadalajara is the standout: +8% passengers YoY, with international passengers +13.1%; traffic there was only -0.5% in the quarter, showing resilience. - Jamaica (Montego Bay) still recovering post Hurricane Melissa: -23% passengers in the quarter; hotel reopening and connectivity normalization lag remain risks.

Guidance maintained; requires meaningful Q4 improvement (forecast / “expectations”): - Full-year 2026 passenger guidance reaffirmed: -3% to 0% YoY. - Management emphasis: to hit this band, GAP needs a material Q4 uptick despite a still-weaker YTD trend. - Winter outlook commentary (important near-term support): - Jamaica: expected airline seat recovery to ~90% of pre-hurricane levels by late October, with softer comps afterwards. - Puerto Vallarta & Los Cabos: more available seats from just after Thanksgiving. - Guadalajara: new international route openings (e.g., from Volaris) including Washington and Nashville starting/initiating operations.