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Gabriel Himelfarb

Gabriel Himelfarb

Research Analyst at Bank of Nova Scotia

Mexico City, Mexico

Gabriel Himelfarb Mustri is an Equity Research Associate Director at Scotiabank Global Banking and Markets, focusing on Latin American transportation infrastructure, particularly the airport and aviation sectors. He covers companies such as Grupo Aeroportuario del Pacífico (GAP), Grupo Aeroportuario del Centro Norte (OMA), and Grupo Aeroportuario del Sureste (ASUR), engaging regularly in earnings calls and sector analysis with a track record of in-depth industry insights. Himelfarb has built his career at Scotiabank, advancing through research roles and holding the Chartered Financial Analyst (CFA) designation, which reflects his commitment to professional standards and financial expertise. His market commentary and research contribute to Scotiabank’s sector strategies, and he is known for analytical rigor and sector-specific knowledge across the Mexican and broader Latin American markets.

Gabriel Himelfarb's questions to Pacific Airport (PAC) leadership

Question · Q4 2025

Gabriel Himelfarb asked for an update on flight cancellations and potential booking impacts at Guadalajara and Puerto Vallarta airports following recent incidents, and inquired about GAP's strategy for expanding its U.S. footprint beyond the CBX platform. He also followed up on expectations for international passenger traffic in these airports in the coming months.

Answer

CEO Raúl Revuelta confirmed significant cancellations (over 100 flights) at both Guadalajara and Puerto Vallarta on Sunday, February 23rd, but noted a strong recovery by Monday, February 24th, with operations expected to normalize. He estimated a total impact of approximately 50,000 passengers over the affected 2-3 days, with no further impact anticipated. Regarding U.S. expansion, Mr. Revuelta stated that GAP will continue to explore opportunities that generate shareholder value, leveraging the CBX platform. He also reiterated that no further impact on traffic trends is expected for Guadalajara and Puerto Vallarta, citing positive trends from new Canadian routes and VFR market recovery, with additional passengers expected for upcoming World Cup elimination matches.

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Question · Q4 2025

Gabriel Himelfarb of Scotiabank inquired about the operational impact and potential future traffic implications for Guadalajara and Puerto Vallarta airports following recent incidents, alongside GAP's strategy for expanding its U.S. footprint beyond the Cross Border Xpress (CBX).

Answer

CEO Raúl Revuelta detailed the immediate flight cancellations and rapid recovery at Guadalajara and Puerto Vallarta, estimating a temporary impact of approximately 50,000 passengers but no anticipated long-term traffic decline. He affirmed GAP's disciplined approach to exploring new U.S. investment opportunities, leveraging the CBX platform for potential expansion.

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Question · Q3 2025

Gabriel Himelfarb requested clarification on the expected tariff increases for 2026 and the timeline for reaching 100% maximum tariff fulfillment.

Answer

CEO Raúl Revuelta indicated that specific tariff increases for 2026 are still being finalized with AFAC but are expected in February. He projected that GAP would achieve between 93% to 97% fulfillment of the maximum tariff by the end of 2026, contingent on inflation and exchange rates.

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Question · Q3 2025

Gabriel Himelfarb asked for a reiteration of the expected tariff increases for 2026 and when the company anticipates reaching 100% fulfillment of the maximum tariff.

Answer

CEO Raúl Revuelta indicated that specific tariff increases for 2026 are still being finalized with AFAC but are expected in February. He projected that by the end of 2026, the company would achieve between 93% and 97% fulfillment of the maximum tariff, depending on inflation and exchange rates.

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