Jorge Vargas Cuadra

Jorge Vargas Cuadra requested details on the expected timeline, estimated investment size, and strategic rationale for the potential Motiva Airports acquisition. He also asked for context on Brazil's concession structure compared to Mexico's.

Answer

Raúl Revuelta, CEO of GAP, explained the strategic rationale as diversification and value creation through commercial revenue growth and cost discipline, leveraging GAP's expertise across Motiva's diverse airport portfolio (Brazil, Pacas, Quito, San José, Curaçao). He stated they are in the final analysis stage, with a decision expected by mid-November, but the timeline is seller-dependent. He did not provide an estimated investment size.

Jorge Vargas Cuadra of GBM inquired about the sustainability of dividend distributions in the medium term given rising CapEx and debt, and asked about initiatives to reactivate growth at the Montego Bay airport.

Answer

CFO Saúl Villarreal stated that despite higher costs, he expects distributions to continue as revenue growth and acquisitions offset pressures, with the EBITDA margin stabilizing around 66-67%. CEO Raúl Revuelta Musalem added that Montego Bay traffic has likely bottomed out and is poised for long-term growth driven by new hotel developments.

Jorge Vargas Cuadra from GBM inquired about GAP's outlook on the pace of domestic traffic recovery and asked about additional opportunities being considered to expand non-aeronautical revenue streams.

Answer

Executive Raul Musalem stated that the traffic forecast relies on known capacity and routes, with an expected gradual recovery as airlines like Volaris and Viva Aerobus receive additional fleet. For non-aeronautical revenue, he highlighted key projects like the Guadalajara parking lot expansion, new VIP lounges, and commercial area expansions in Kingston, all part of a 5-year plan to increase terminal space by 50% by 2029.