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Guilherme G. Mendes

Research Analyst at JPMorgan Chase & Co.

Guilherme G. Mendes is an Executive Director of Equity Research at J.P. Morgan, specializing in Latin America transportation and industrials with a particular focus on companies such as Grupo Aeroportuario del Pacífico (PAC), Azul S.A., and Controladora Vuela Compañía de Aviación (VLRS). Over his recent coverage, Mendes has issued recommendations across airlines and airport services, with Buy ratings making up 60% of his actions and covering mainly NYSE and NASDAQ-listed firms, although his recent performance metrics indicate a 20% success rate and an average return of -17.14%. He has been active in Latin American equity research since at least 2021, and prior to his current role, he accumulated substantial sector-based experience, as evidenced by his participation in high-profile earnings calls and regular equity research publications for regional infrastructure. As a non-US analyst based in Brazil, Mendes may not hold FINRA registrations but is recognized for his industry expertise and rigorous research outputs within J.P. Morgan's Latin America research division.

Guilherme G. Mendes's questions to Pacific Airport (PAC) leadership

Question · Q3 2025

Guilherme G. Mendes asked if the Q3 cost and expense levels are sustainable for future quarters, potentially impacting EBITDA margin guidance. He also sought an update on the Master Development Program's maximum tariffs, specifically the current fulfillment level and the base case for price increases in 2026.

Answer

Saúl Villarreal, CFO of GAP, confirmed that Q3 cost levels are expected to continue, as they are linked to increasing airport facilities, headcount, security, and cleaning, and reiterated that GAP expects to meet its EBITDA margin guidance. Regarding tariffs, Mr. Villarreal noted a 15% increase on March 1 and an additional 7.5% on September 1. He anticipates another increase in early February 2026, aiming for better maximum tariff fulfillment, which will depend on inflation and exchange rates.

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