Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Solid Q3 financial performance despite weaker passenger demand - 14 airports served ~18.4m passengers, -1.4% YoY (improved vs -5.6% in Q2’26), showing traffic decline is slowing but not recovering broadly. - Revenues ex. construction services increased +13.2%; EBITDA +19.2% to MXN 6.1bn; EBITDA margin +350 bps to 67.8%. - Key reported drivers: (1) consolidation of CBX, (2) internalizing technical assistance services (structural cost/base shift), (3) growth in directly operated businesses + gradual implementation of maximum tariffs.

Traffic outlook: guidance reiterated; winter season seen as a key support (but recovery uneven) - Full-year 2026 passenger guidance maintained: -3% to 0% YoY (implies meaningful Q4 traffic rebound vs YTD trend). - Q3 geographic dynamics: - Domestic +0.6%, International -4.5% (leisure weakness, incl. Jamaica and certain Mexico leisure destinations). - Guadalajara: resilient—+8% passengers YoY overall, with international +13.1%; CBX users up +8.4% to ~1m in the quarter and capture rate rising. - Puerto Vallarta -11%; international -24.8% due to Jalisco security concerns. - Montego Bay (Jamaica) -23% impacted by Hurricane Melissa aftermath. - Winter season commentary (investor takeaway): - Jamaica: expecting an improved seat supply—~90% of pre-hurricane seats by late Oct (also benefits from a “weaker compare base”). - Puerto Vallarta & Los Cabos: more winter seats after Thanksgiving; optimism for both. - Guadalajara: new international routes beginning (e.g., Volaris Washington/Nashville) considered supportive. - Big risk theme: airlines/capacity, demand, and tourism infrastructure recovery will not be uniform across markets.

Commercial mix opportunity: diversification is clearly working (but duty free still pressured) - Non-aeronautical revenues +37% YoY, driven mainly by CBX consolidation and directly operated businesses. - Excluding CBX: directly operated revenue +~13.7%. - Growth highlights: - Cargo & bonded warehouse +20.7%, quarterly revenue ~MXN 674m (linked to stronger Guadalajara manufacturing/AI & semiconductor-related cargo value, with longer-duration concession structure). - Advertising +18.2%, Convenience stores +11.6%, VIP lounges +5.6%. - Negative point: Duty free -12.3%, attributed to international traffic weakness and FX/contract effects—management expects improvement only as international leisure recovers.