Thank you, and welcome to GAP's First Quarter 2026 Conference Call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial disclosure statements.

Please be advised that any statements made today may not account for future economic circumstances, industry conditions, the company's future performance, or financial results. As such, any information discussed is based on several assumptions and factors that could change, causing actual results to materially differ from current expectations.

For a complete note on forward-looking statements, please refer to the quarterly report issued on Monday. Thank you for your attention.

Our speakers today from GAP are Mr. Raul Revuelta, Chief Executive Officer, and Mr.

Saul Villarreal, Chief Financial Officer. At this time, I'll turn the call over to Mr.

Revuelta for his opening remarks.

Thank you, Maria. Good morning, everyone, and thank you for joining us today.

Pleased to report that GAP delivered a solid start to the year on results, as I discuss the company operational and financial highlights for the first quarter of 2026. Despite the challenging traffic environment, our performance remained strong, supported by the resilience of our aeronautical revenues, as well as the continued growth of the non-aeronautical business, which helped to offset the more complex traffic environment.

Let me begin by discussing passengers traffic. Total passenger traffic across GAP 14 airports decreased by 5.5% in the first quarter compared to the same period of 2025.

This decrease reflects various factors that impacted the Mexican as well the Jamaican operations. In the Jamaican operations, we continue to face headwinds from the Hurricane Melissa.

Despite this, the recovery of hotel capacity has been better than expected along the main tourist corridor. It is important to note that while as today passenger volume have not yet reached pre-storm levels, trends indicate that we will regain this level by the fourth quarter of this year.

Traffic decline in Mexico were largely driven by temporary disruptions, such as the security incidents in Jalisco during the last week of February. This event negatively affected the perception of safety and key leisure destinations in Mexico, such as Puerto Vallarta and Los Cabos, thereby softening demand at this airport.

These dynamics extended to the typical high-season month of March, affecting the spring break traffic and causing demand to decline. Tijuana was also impacted given its strong reliance on a cross-border travel, as roughly 75% of CBX users are US-based passengers accessing domestic flights to Mexican tourist destinations.

Additionally, global macroeconomic volatility impacted operations. This included geopolitical tensions and fluctuations in fuel prices, which pressured airlines' operation costs, prompting a realigning of capacity to maintain efficiency, as well as the possibility of economic downturn.

Now moving on to the revenues, total revenues increased by 2.8% compared to the first quarter of 2025. Aeronautical revenues for the group grew by 3.9%, but in Mexico increase was 9.3%, primarily driven by the implementation of the maximum tariff for the 2025-2029 regulatory period in Mexico, which are linked to the highest level of CapEx investments in the history of the company.

Non-aeronautical revenues increases by 6.1%, supported by strong performance in our Mexican operations, reaching 10.7%, particularly in business operated directly by GAP. This includes the bonded warehouse business, which represent around 21% of total non-aeronautical revenues.

This performance underscores the resilience of our business model and the continued success of our increasingly diversify revenue base. Cost of service increased by 6.5% compared to the same period last year, mainly due to the higher personnel costs, increased security and maintenance expenses, and the expansion of operational areas.

We work hard to offset this pressure by maintaining rigorous cost control throughout the organization. As a result, EBITDA increased by 6.4%, reaching 6 billion pesos, with an EBITDA margin of 68.3%, reflecting both revenue growth and operational efficiency.

This despite the reduction on additional concession fee in Montego airport due to the decrease in passenger traffic and revenues, which is a temporary effect. Regarding our financial position, GAP maintains a strong liquidity position with a cash and cash equivalent of 23.2 billion pesos during the first quarter of 2026, mainly due to the historic bond issuance of 10.7 billion pesos on March 31.

Proceeds will allocate towards our strategic acquisition of 25% of CBX, as well as capital expenditures. Furthermore, during the quarter, we refinanced existing debt, optimizing our balance sheet and strengthening our overall financial flexibility.

In terms of CapEx, we continue to advance our investment program under the current Master Development Plan, deploying during the quarter 1.8 billion pesos, focusing on enhancing capacity as well as the passenger experience across all our airports. I would like briefly update you on our strategic initiatives.

As in December 2025, our shareholder approved the business combination related to the CBX, as well as internalisation of the technical assistance services. This transaction is still in the process of being formalized.

Once complete, it will be consolidated in our financial statements, and we expect the conclusion of this process to take place during the second quarter of this year. We believe this initiative will strengthen our long-term growth platform, specifically by promoting our market to cross-border passengers profiles, as well as unlocking additional commercial opportunities.

As we move into the rest of the year, we remain mindful of the macroeconomic environment and short-term traffic volatility. Despite this, we believe structural demand remains strong, supported by the solid fundamentals of our market.

We remain confident that our diversified asset portfolio, the strong financial position, and disciplined execution of the strategy position GAP well to navigate near-term challenges while continuing to generating long-term shareholders' value. Later today, we will hold our ordinary shareholders meeting, at which we will propose a dividend payment of 20.8 pesos per outstanding share during the following 12 months, among other items.

Thank you again for your time. Operator, please open the line for questions.

Thank you, Raul, Saul, [Ale?] , and team for taking my question.

My question is on the aeronautical part of the business, perhaps as a three-parter here. After this tariff implementation, can you let us know what your current maximum tariff compliance is and how should we think about it towards year-end?

Secondly, on the traffic outlook that you have, there's a host of domestic, global factors at play negatively impacting demand for air travel. Just can you frame it a little bit in terms of your 2% to 6% guidance?

How you think about it, and when do you think we could see a more meaningful recovery there? Thank you.

Thank you, Rodolfo. First related with maximum tariff, we are between 92% and 93% of the fulfillment.

We still have to implement additional air passenger fee changes for the summer in two of our airports, Vallarta and Cabos. We are still on track of what we say originally of being close to 95% for the end of the years.

For sure, what is related with maximum tariff, we need to take in account the exchange rate that, at the end of the day, an important part of that of the revenues are denominated in dollars for the case of passenger TUA. The other part related with traffic, I would say that today is difficult to understand what will happen on the traffic in terms of the Iran war and the fuel prices.

It would say that it's difficult to have today a more clear view on what could happen on coming months and how big could be the decrease or the possible decrease of the adjustment on offer of seats in the market. The other part that at least we are still seeing is a summer that will come, at least on the leisure, with some additional seats.

Why we are expecting that? On past years during this kind of geopolitical crisis, the US passengers tend to fly more over the neighboring area, or the neighbor as could be Cabos or Vallarta, rather they'll go to Europe or other kind of more long-haul travel.

What we are expecting in some way is some additional seats for the summer on those markets. In general terms for the moment, we keep without variance what we saw in the pretty first moment as our guidance for the year.

We think that some of the temporary effect that the security could bring in terms of decrease of passengers it will be completely behind for the summer. Also we are seeing a better than we expected recovery of a Montego Bay hotel capacity.

For sure for the second quarter, we will review if that is the case our guidance for the traffic.

Thank you, Raul.

Hi, good morning and thank you for the call, Raul. Just a question on the CBX and TA transaction.

What is pending for it to be completed, and I guess should we expect it to be consolidated in May or in June? Thank you.

Thank you, Alan. We are doing our best effort for being consolidating the result during May.

We are just in the middle of that. That would be our target.

Thank you.

Yes, good morning. Thanks, Raúl, Saul.

Thanks for taking my question. Two questions.

The first on the commercial front. Congrats on the strong results during the first quarter of the year.

Just wondering what is behind the very strong cargo performance if there's anything particular to GWTC or something else, and if we can assume this numbers as sustainable going forward. The second question it's on capital allocation, now following the upcoming conclusion of the CBX transaction and understand the Turks and Caicos was put in hold as well.

If there's anything else that you'll be evaluating on the inorganic side of growth opportunities? Thank you.

Thank you, Guilherme. Related to the results and specific for the bonded warehouse business, it is important to have in mind that this business is mainly moved by the cargo, and in the case of Guadalajara and all the central area of Mexico, we are seeing a really important, more than 20% increase of cargo of high-value on the area, related mainly by electronics.

Foxconn, for instance, has a really big movement on Guadalajara for additional plant. What we are seeing for the last year is after the announcement of specific tariffs for China and for some different countries of Asia, we see a shift on production of some electronic parts from Asia to Guadalajara area mainly.

We are seeing this really important increase in volumes of cargo, but not only of volumes, but value of the cargo. For this bonded warehouse business, you need to take in account that revenue comes for a mix of volume and value of the cargo that you are moving.

What we are seeing is that at the end of the day, all this change on tariffs brings some, or shifts some of the production from Asia to the central of Mexico, and mainly to Jalisco and Guadalajara area.

Hi, Guilherme. In terms of capital allocation, as we are looking for some opportunities all the time.

Far, we don't have nothing more important or relevant than CBX conclusion and integration to the consolidated financial statements. For now, we don't have any other project or major project.

We will let know to the market as soon as we have something on the table. Turks and Caicos was cancelled by the government, we will not continue on that anymore.

Far, we don't have any other relevant project, yeah.

Complementing just the answer of Saul, for sure we have an important focus on the development of new business in our airports. I would say we are working in two different projects for hotels in airports of Mexico, of our airports in our net.

For sure the big focus on continuing working on the efficiency of the margins in all of our directly operated by us business. For sure, we will continue to seeing and review different kind of opportunities to M&A, but also we have a big focus on how to increase the efficiency of our directly operated by us business.

Amazing, very clear. Thank you both.

Hi, good morning, GAP team. I have one question on the cost side.

We saw depreciation expense remain flat-ish year-over-year. I just want to understand why, despite all the CapEx you made last year, depreciation remains stable year-over-year.

Hi Pablo, this is Saul. Basically we are aligned.

We don't have any other major project capitalized and depreciated. Also, as you may know, we have more than 20 25 years of a concession.

The major projects that were capitalized and were depreciated in the last years were interrupted due to that the term of the depreciation period. That the net effect of the offset of the increase in depreciation, net of those assets that were already 100% depreciated.

Saul. Thanks for that.

Two quick questions. First, are you seeing any meaningful capacity movements from airlines mainly domestic or perhaps low-cost US airlines given the rise of fuel prices and perhaps the what happened in Jalisco in the past month?

My second question is about the CBX. I think it was financed 25% in pesos, Mexican pesos.

Why was the logic of being financed in pesos rather than in US dollars? Thank you very much.

Thank you, Gabriel. First, on the side of the seat capacity of airlines, it is important to separate the two possibles effects.

The first one related with the security concerns, I would say that we are not seeing any kind of structural change on the seat capacity on that area. Related on the fuel cost, on what would be the possible reaction or capacity movement of airlines, for sure it's something that's still on the table in some way.

For the moment, we are seeing some decrease on capacity, at least not so relevant today, but we are seeing the cut of some services. For instance, Volaris just announced the cut of some services from Guadalajara.

We are seeing some decrease on services on Tijuana also, in Cancun. I would say that it's early to have a perfect view of what could happen.

On this level of close to $110 per barrel of oil, I would say that if you see, for instance, the price on 2022, it was just close of the same level, and we don't see at that moment decrease on capacity. What's still happening is openings of different routes.

For instance, Volaris announced new routes to Guadalajara to Mazatlán, or Guadalajara to Zacatecas, Guadalajara to San Luis. We are still see additional capacity, but for sure it's the moment of decrease of capacity due to the cost of the fuel is still in the table.

We need to, in some way, understand how long could take to in some way normalize the price of the fuel, and in the other hand, how important could be the resilience on the demand for the pass-through of the price of this peak on fuel into the ticket in the airfare. At least for the moment, we are not seeing an important decrease on capacity.

I would say that we are still seeing an increase due to the fact of new routes. Hi Gabriel, related to your second question, we decide to take advantage of the level of the exchange rate.

As you may know, we are in the lowest levels in exchange rate. The appreciation of the peso is playing in our favor, the idea is to take a long-term debt in trying to finance this asset in Mexican pesos.

That avoids some volatility in our balance sheet in the long-term view. As you may know, the effects of this exchange rate will be affecting our P&L.

In this way, we have a little bit higher interest rates, but we have certainty about our long-term view balance sheet.

Very clear. Thank you very much.

Hi, Saul, Raul, [Ale?] .

Good morning. Just one question.

In terms of traffic expectations for next year, I know we're very early, but have you had any contact or new information of Viva, Volaris, any color on that or how the potential merge will shape the domestic travel and especially on the routes that they overlap? Any intel there or something that you would like to share?

Thank you.

Thank you, Pablo. I would say in terms of the merger, or the group of airlines with Viva, Volaris, for the moment, we are not seeing any particularly change.

We are still talk with them and having direct communication with both airlines. They still talk about there will be two different companies, and for the moment they are not talking about the overlapping.

Once the antitrust authority in Mexico has a specific view about the transaction, we could have more color about how going to be this transaction in some way authorized. At least with the communication that we are having with the airlines, at least for the moment they are not communicating anything related with overlapping, and they are just talking about the operation of this two different companies will still as it is today.

Fair enough.

Hi, guys. Thanks for the call and congrats on the results.

We noticed that accounts payable increased sharply to around 2 billion in the cash flow statement. Could you please elaborate on what is driving this increase?

Thank you.

Hi, Andres. Yes, we have a significant increase in the affecting of cash position because the issuance bond at the March 31st that was for the proceeds will be used for the acquisition of 25% of CBX, which will be in cash, and additionally for CapEx committed into the MDP.

That's basically why we have this significant increase. It was 10.7 billion more in cash that will be used for the 25% of CBX and MDP committed.

Great. Thanks for the detail.

Thank you. Good morning, Raul, Raul, [Ale?]

. Thank you for taking my questions.

The first one, a follow-up on CapEx. How should we be modeling the CapEx during the year?

We know that seasonally we start a little bit weaker and then increase the CapEx during the year. How should we expect that?

The second one about the jet fuel. Anything that concerns you guys?

We know that Viva, Volaris, if I'm not mistaken, did not hedge the fuel. I know that it's not a usual year, but how do you see the supply of seats for Mexico during 2026 with this current price of oil price?

Thank you very much.

Hi, Alberto. Related with the seats in Mexico, for sure, as you say, different airlines has different levels of hedging, but I would say the important thing to see what going to happen is the resilience on the specific demand for the pass-through of the cost of this fuel into the airfare.

That would be the first part, and second, it's going to be the kilometers that specific route could bring. Let me put it this way: I would say that in a first stage, we're going to see some kind of more, or additional decrease on seats on some specific routes that have more kilometers when you talk about, for instance, domestic market.

This is why we are expecting seeing some kind of effect on Tijuana, for instance, where their shorter flights has two hours and a half, and the average time in the plane for a Tijuana flight is more along with three hours. On this kind of routes where the demand is not enough resilience for get all the full impact of the fuel cost, we're going to see some decrease of passengers.

In the other hand, there's some specific routes that has less than two hours of flying, that could be Los Angeles to Cabo, two hours and a half Vallarta to Los Angeles, for instance, or all the short, really short routes that could be Mexico to Guadalajara, Mexico to Vallarta, Mexico to Cabos. That would be interesting on the mix of the demand that we expect to be resilient on the increase on airfares, and in some way short flights or short in terms of kilometers flight.

The mix of both parts and the expected of additional leisure passengers not flying long-haul from the US and flying or switching to Mexico beaches, all these effects together make us sense that our original guidance will still in place for the year. For sure, it is difficult today to have the complete crystal ball of what going to happen in terms of the fuel.

If, in general terms, the conditions and the price of the barrel still, we could say that we still seeing the same level of guidance for the end of the year.

Hi, Alberto. This is Saul.

Related to your second to your first question, the CapEx will be deployed during the following months. As you may know, our economic cycle in terms of CapEx is more concentrated in the last quarters of the year.

In the first months, we are in the bidding process for all these projects. We are in the middle of that, we will be more intensive in terms of deployment during the following months.

Makes sense. Fair enough.

Thank you very much.

Hi, hello. Recently we have seen some pressure in terms of traffic in Tijuana.

I wonder if you can give us more color about what's set going forward and maybe the main dynamics behind this expectation. Thanks.

In terms of Tijuana, what we are seeing, Abraham, is for sure we have a mix of different things happening over there. The first related that we are still with a lack of capacity related of the Pratt & Whitney engines in Tijuana, mainly from Volaris, are still being there.

We think that for the summer, we will begin to see more of these planes flying, that is first part. Second, what we saw that going to be completely temporarily that was related with all these security matters after the Mencho capture operation, that in some way going to be on the past, and we will in some way recovering fully for that effect on the summer.

In general terms, what we are seeing for Tijuana is that on the summer, we will see a more relevant recovery of traffic related for first additional seats coming back to the airport, and second, I would say a softer base of comparison versus last year. In general terms, I would say that we still optimistic that Tijuana at the end of the year going to have a positive result, or it will grow in terms of passengers.

Thank you.

Thank you once again for joining us today. Before concluding, I would like to invite you all to join us on May 13 for GAP Day 2026.

The event will start in San Diego at the CBX facilities and will continue at Tijuana International Airport, and will include a series of strategic management presentations followed by a guided tour for our airports and the CBX facilities. We believe this is an excellent opportunity to learn more about our strategy, operations, and long-term growth outlook.

For registration and further details, please reach out to our investor relation team. Thank you, and we look forward to seeing you there.

Have a great day.