Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q3 2024 Earnings Conference Call October 23, 2024 11:00 AM ET

Company Participants

Maria Barona - IR, i-advize Corporate Communications Inc.
Raul Revuelta - CEO
Saul Villarreal - CFO

Conference Call Participants

Fernanda Recchia - BTG
Alan Macias - Bank of America
Juan Ponce - Bradesco BBI
Jay Singh - Citi
Isabela Salazar - GBM

Operator

Good morning, and welcome to GAP's conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time, instructions will be given if you would like to ask a question.

[Operator Instructions] It is now my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Maria Barona

Thank you, and welcome to Grupo Aeroportuario del Pacífico’s Third Quarter 2024 Conference Call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer.

Please be advised that forward-looking statements may be made during this conference call. These do not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such statements made are based on several assumptions and factors that could cause actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report.

At this point, I would like to turn the call over to Mr. Revuelta for his opening remarks. Please begin, sir.

Raul Revuelta

Thank you Maria. Good morning, and thank you for joining us today. And I'm proud to share with you how we have been able to navigate the complex market environment, while [positively] (ph) GAP for sustainable growth via diversification and strategy. Before discussing the quarterly results, let me start today's call with a recap of recent developments. First, what approval of the 2025-2029 Master Development PLAN for the 12-Mexican airports under maximum tariff, which occurred under the new tariff regulation.

Some key highlights of the new MDP include: a total CapEx commitment for the five years of MXN43.2 billion, measured in pesos as of December 2022. That will be adjusted for the National Producer Price Index construction sector, upon execution. Something important to remember is that in that amount, we have already made advanced payments of approximately MXN5.5 billion during 2023 and 2024. This has been approved by the authority and are recognized during the new MDP mainly for Guadalajara land reserves.