Transportation Infrastructure and Tolling Sector Outlook — September 2026

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INDUSTRIALS › TRANSPORTATION › TRANSPORTATION INFRASTRUCTURE AND TOLLING

Transport Infrastructure: Three Business Models, Priced on Duration, Density and Capital

How the market is currently pricing duration, till regime and commercial density across six listed transport infrastructure and tolling names.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   INDUSTRIALS › TRANSPORTATION › TRANSPORTATION INFRASTRUCTURE AND TOLLING

   This is the cover page for the Transportation Infrastructure and Tolling sector outlook, dated September 2026.

   We're opening our Transportation Infrastructure and Tolling sector outlook, built on market data as of September 28, 2026. Everything that follows is priced on EV / EBITDA (CY2027E), and the finding is simple: this sector splits into three distinct business models. That distinction is what drives the valuation gap we'll walk through.

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   INDUSTRIALS › TRANSPORTATION › TRANSPORTATION INFRASTRUCTURE AND TOLLING Transport Infrastructure: Three Business Models, Priced on Duration, Density and Capital How the market is currently pricing duration, till regime and commercial density across six listed transport infrastructure and tolling names. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus appendix so readers can navigate the deck.

   We've structured this report in five sections plus an appendix, starting with the bottom line so a reader who stops there still has the whole story. From there we move into the landscape, valuation and situations, precedent transactions, and strategic implications. This ordering means every page after the first is deepening evidence, not new conclusions. So a client can go as deep as time allows and still leave with the full argument.

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   CONTENTS What This Report Covers 01 The Bottom Line Three Businesses Under One Sector Label 02 The Landscape Airport Concessions Carry the Sector; Two Models Sit Beside Them 03 Valuation & Situations The Range Runs Wide, and the Top Sits Outside Airport Concessions 04 Precedent Transactions The Recorded Deals Sit Above Where the Listed Airport Groups Trade 05 Strategic Implications Duration and Commercial Density Are Where the Room Is 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Transportation Infrastructure and Tolling Splits Three Ways: Airport Concessions, Platforms, Perimeter Land

   This slide states the report's core finding that the sector splits three ways — airport concessions, platforms, and perimeter land — with valuation separating along those lines.

   The headline finding is that Transportation Infrastructure and Tolling splits three ways: airport concessions, a multi-asset platform, and airport-perimeter land. On CY2027E EV / EBITDA, the top of the range sits at 41.8x while the bottom sits at 5.6x, and that gap tracks business model more than any single operating metric. The four airport concession groups trade in a tight band near 6.2x, while the two adjacent models sit well above. So the first question for any client conversation is which of these three models a given business belongs to.

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   01 · THE BOTTOM LINE Transportation Infrastructure and Tolling Splits Three Ways: Airport Concessions, Platforms, Perimeter Land The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Sits Outside the Airport Concession Groups Sky Harbour Group Corp (SKYH) and Brookfield Infrastructure Partners L.P. (BIP) sit at 41.8x on CY2027E EV / EBITDA, against 5.6x at the bottom of the range. Neither is an airport concession group; the premium sits alongside a perimeter development build-out in one case and a multi-asset concession platform in the other. 2 The Airport Concession Groups Are Being Read as One Block Airport concession groups are 4 of the 6 names and 67% of the set, with the middle of that group at 6.2x on CY2027E EV / EBITDA. The four sit within a narrow band, so the separation in this sector shows up between business models more than among the airport operators themselves. 3 High Margin and a High Multiple Do Not Travel Together Here Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) carries a 61% EBITDA margin and sits at the bottom of the range, while Sky Harbour Group Corp (SKYH) carries 30% and sits at the top. Across the six names, strong profitability shows up on both sides of the price divide. 4 What Buyers Have Agreed to Pay Sits Above the Listed Airport Groups Five of the six transactions in the record carry a disclosed EV / EBITDA, and four of those five sit between 10.1x and 13.8x. That band sits above where the four listed airport concession groups trade on CY2027E EV / EBITDA. The record is thin, so it is context for a conversation rather than a benchmark. 7.1x Sector median EV/EBITDA CY2027E consensus · 6 rated of 6 companies 41.8x Premium end EV/EBITDA vs 5.6x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 6 Transactions with disclosed terms 24 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on the sector's market map and where each business model trades.

   This section maps the sector: four airport concession groups carrying the bulk of the set, and two single-name models sitting above them. We'll look at segment shares, group membership, and where each cluster trades. That map is the foundation for everything we say later about valuation and deal activity.

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   SECTION 02 02 THE LANDSCAPE Airport Concessions Carry the Sector; Two Models Sit Beside Them Segment shares, membership and where each group trades. 02 of 06 Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Four Airport Concession Groups Carry the Sector; Two Single-Name Models Sit Above Them

   This slide groups the six approved companies into segments and shows each group's median CY2027E EV / EBITDA.

   Four airport concession groups carry the sector, with two single-name models — a multi-asset platform and a perimeter developer — sitting above them. Airport concession groups make up 67% of this set of six, with a group median near 6.2x. The two single-name models sit apart from that block entirely. So the segment view, not the company view, is the first cut a client should apply here.

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   02 · MARKET MAP Four Airport Concession Groups Carry the Sector; Two Single-Name Models Sit Above Them 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 AIRPORT CONCESSION GROUPS 4 cos median 6.2x Grupo (PAC) Grupo (ASR) Grupo (OMAB) Corporacion (CAAP) The body of the set at 67% of the names, trading in a narrow band on CY2027E EV / EBITDA. MULTI-ASSET INFRASTRUCTURE CONCESSION PLATFORMS 1 cos 20.6x · 1 rated Brookfield (BIP) A single name, Brookfield Infrastructure Partners L.P. (BIP), at 20.6x on CY2027E EV / EBITDA, with exposure spread across concessions rather than one grantor. AIRPORT-PERIMETER LAND AND TERMINAL DEVELOPMENT 1 cos 63.0x · 1 rated Sky Harbour Group (SKYH) One of the two single-name models, each 17% of the set: Sky Harbour Group Corp (SKYH) builds at the perimeter rather than operating an aeronautical concession.

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   02 · LANDSCAPE

   The Two Single-Name Models Sit Above the Airport Concession Block

   This slide presents a segment-level view showing the two single-name models trading above the airport concession block.

   The two single-name models sit above the airport concession block on CY2027E EV / EBITDA, a separation that holds at the segment level, not just at the extremes. The airport concession groups themselves trade in a narrow band, so most of the dispersion in this sector comes from which model a company runs. Full company-level detail sits in the appendix for any name a client wants to trace. That's the structure we build the rest of the valuation discussion on.

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   02 · LANDSCAPE The Two Single-Name Models Sit Above the Airport Concession Block Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Airport concession groups 4 67% 6.2x Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) · Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) · +2 more Four names, one narrow band. The four here — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR), Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) and Corporacion America Airports S.A. (CAAP) — sit at a middle of 6.2x on CY2027E EV / EBITDA. Commercial revenue per passenger and remaining concession life separate them. Multi-asset infrastructure concession platforms 1 17% 20.6x n=1 Brookfield Infrastructure Partners L.P. (BIP) One platform, many concessions. Brookfield Infrastructure Partners L.P. (BIP) is the single name in this group, at 20.6x on CY2027E EV / EBITDA. Its exposure spans concessions rather than one grantor and one traffic base, which is a different underwriting question from a single-country airport portfolio. Airport-perimeter land and terminal development 1 17% 63.0x n=1 Sky Harbour Group Corp (SKYH) One name, building not operating. Sky Harbour Group Corp (SKYH) is the single name in this group, at 63.0x on CY2027E EV / EBITDA and the top of this set. It develops land and terminals at the airport perimeter rather than holding an aeronautical concession, so the value question is the build-out and the leases behind it rather than a tariff reset.

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   SECTION 03

   03

   This divider introduces the section on public market valuation across the six rated names.

   This section walks the CY2027E EV / EBITDA range across all six names, ranked top to bottom. The range runs wide, and the top of it sits outside the airport concession groups. We'll unpack what separates the two ends before turning to precedent deals.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Runs Wide, and the Top Sits Outside Airport Concessions CY2027E EV / EBITDA across the six names, ranked. 03 of 06 Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Even on Forward Estimates, the Top of This Set Holds Its Premium

   This slide ranks all six rated companies by CY2027E EV / EBITDA against a sector median of 7.1x.

   Even on forward estimates, the top of this set holds its premium, with the sector median sitting at 7.1x. The tier zones here are cut at the rated set's quartiles, and every multiple quoted is a median on the same CY2027E basis. That premium at the top persists across the estimate horizon rather than compressing toward the median. So durability of the premium, not just its size, is the signal worth carrying into the next page.

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   03 · PUBLIC MARKET VALUATION Even on Forward Estimates, the Top of This Set Holds Its Premium EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 7.1x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 41.8x CORE · median 7.1x DISCOUNT · median 5.6x Sector median 7.1x WHAT SEPARATES THE TWO ENDS The top of the range holds. Sky Harbour Group Corp (SKYH) and Brookfield Infrastructure Partners L.P. (BIP) sit at 41.8x on CY2027E EV / EBITDA. A forward multiple already credits the growth sitting in the estimates, so a premium that survives that lens points to durability rather than one year's step-up — our reading, and the first thing to test. The bottom holds two airport groups. Corporacion America Airports S.A. (CAAP) and Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) sit at 5.6x on CY2027E EV / EBITDA. Both are airport concession groups, where remaining concession life, tariff reset timing and currency mix sit inside what a buyer underwrites. Two names sit in between. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) and Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) sit between the two ends. They trade close to one another despite different margins and traffic mixes, which is why the separation across these six names runs along business model more than operator quality.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 54% Margin Line Carry 7.4x Against 6.8x Below It

   This slide compares median CY2027E EV / EBITDA across revenue-growth and EBITDA-margin cohorts.

   Profitability separates the two ends of this set: names above the 54% margin line carry 7.4x against 6.8x below it. That's a cohort median comparison, not a claim that margin causes the multiple — the two move together in this data, but the mechanism is a judgment call for the client to weigh. Revenue growth cuts the set the same way, and we show both splits side by side. So margin is one lens worth applying before assuming any single driver explains the spread.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 54% Margin Line Carry 7.4x Against 6.8x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 12% · EBITDA-margin split at 54% The Growth Split Does Not Line up with the Price Split Split at 12% forward growth, the three faster-growing names sit at a middle multiple of 6.8x on CY2027E EV / EBITDA and the three slower-growing names at 7.4x. With three names on each side, that gap is narrow and is an association to test in diligence, not a rule to price off. Margin Spreads Wide and Appears at Both Ends of the Range EBITDA margin sits either side of 54% across the six names, and names above and below that line show up at both ends of the multiple range. Brookfield Infrastructure Partners L.P. (BIP) at 55% sits at the top of the range; Corporacion America Airports S.A. (CAAP) at 38% sits at the bottom. Remaining Concession Life Is What a Multiple Cannot Show The same forward multiple means something different on a long-dated concession than on one approaching handback, and secondary buyers underwrite cash flow to expiry with the terminal value anchored to handback or termination compensation. That duration read is judgment here, not measured in this set, and it belongs at the front of any comparison. Geography and Tariff Regime Sit Inside the Comparison Four of the six names are airport concession groups operating under different grantors, till regimes and currency mixes. Where tariffs are local-currency against hard-currency debt, or where the next regulatory period reset is close, the read on an identical reported margin changes — qualitative here, and a diligence item rather than a measured factor.

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    03 · SITUATION MAP

    Two Names Sit Above the Middle of the Set on Both Price and Margin, and Two Sit Below on Both

    This slide plots the six companies on price versus margin, cut at the sector median of 7.1x and margin median of 54%.

    Two names sit above the middle of the set on both price and margin, and two sit below on both, with the sector median of 7.1x and margin median of 54% as the cut lines. This is a map of observations, not a set of recommendations — it characterises where each name sits, nothing more. The pattern gives a client a fast way to place any one of the six before going deeper. So it's the bridge between the valuation data and the operating questions we raise next.

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    03 · SITUATION MAP Two Names Sit Above the Middle of the Set on Both Price and Margin, and Two Sit Below on Both Cut on EV / EBITDA vs the sector median (7.1x) (rows) and EBITDA margin vs the covered median (54%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, High Margin Above-median multiple · above-median EBITDA margin 2 names Brookfield Infrastructure Partners L.P. (BIP) · Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Brookfield Infrastructure Partners L.P. (BIP) and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) sit above the middle of the set on both price and EBITDA margin. From this position the question is holding margin through the next regulatory period rather than closing a gap. Priced up, Building Margin Above-median multiple · below-median EBITDA margin 1 names Sky Harbour Group Corp (SKYH) Sky Harbour Group Corp (SKYH) is the single name in this cell: above the middle on price, below it on margin at 30%. The profile is a development-stage margin against a perimeter build-out, and the path of that margin is what a buyer would test first. High Margin, Priced Below Below-median multiple · above-median EBITDA margin 1 names Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) is the single name in this cell, carrying a 61% EBITDA margin while sitting below the middle on price. Profitability is not the open question here; remaining concession life, tariff reset timing and country mix are where the discussion goes. Below on Both Below-median multiple · below-median EBITDA margin 2 names Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) · Corporacion America Airports S.A. (CAAP) Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) and Corporacion America Airports S.A. (CAAP) sit below the middle on both measures, with Corporacion America Airports S.A. (CAAP) at a 38% EBITDA margin. Commercial revenue per passenger and cost structure are the levers closest to hand from here.

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    03 · THE AGENDA

    Duration, Density and Capital: The Operating Decisions That Travel with the Higher End of the Range

    This slide lists the operating decisions — duration, density and capital — associated with the higher end of the valuation range.

    Duration, density and capital are the operating decisions that travel with the higher end of this range, framed here as questions for an owner or acquirer to resolve rather than as recommendations. These are NeuraCap views grounded in the cohort data shown on the prior pages. They don't constitute investment advice, but they do give a client a starting agenda. So the conversation moves from where a business sits today to what could move it.

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    03 · THE AGENDA Duration, Density and Capital: The Operating Decisions That Travel with the Higher End of the Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Replenish Concession Life Before Term Becomes the Binding Constraint Equity in this asset class is a finite-life claim, and extensions or new awards are what refill duration. The two names at the top of this set of six are the two outside the airport concession group, so reading their duration profile against the four is the comparison to make first. What changes the answer: A grantor extension, a new award, or a scheduled regulatory period reset. Push the Non-Aeronautical Line per Passenger Retail, parking, cargo and perimeter real estate are where commercial density shows up in EBITDA per passenger, and under a dual-till regime that upside accrues to the operator. The one name in this set built around airport-perimeter land and terminal development sits at the top of the range. What changes the answer: A till regime change, a new master development plan, or a step up in commercial revenue per passenger. Size Committed Capex Against Everything Else You Want to Fund Committed investment under a master development plan is a contractual obligation, and revenue share to the grantor sits ahead of equity. What remains is the capital available for commercial densification or a bolt-on, and the four airport concession groups in this set run different programmes. What changes the answer: A new investment programme is fixed, or a tariff reset changes distributable cash. Test Build-Versus-Buy Against the Recorded Transactions Two of the transactions in the record are at 11.5x and 13.4x EV / EBITDA, above where the listed airport concession groups in this set trade on CY2027E. That gap is the arithmetic behind a build-versus-buy conversation, with grantor consent and change-of-control approval part of the timetable. What changes the answer: A secondary stake or consortium partner interest comes to market at a recorded multiple.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions in the sector.

    This section turns to the deal record: six transactions, five with a disclosed multiple. The pattern we'll show is that the recorded deals sit above where the listed airport groups trade. That gap is useful context for a client weighing a transaction, not a benchmark to apply mechanically.

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    SECTION 04 04 PRECEDENT TRANSACTIONS The Recorded Deals Sit Above Where the Listed Airport Groups Trade Six transactions in the record, five with a disclosed multiple. 04 of 06 Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    The Recorded Deals Sit Above Where the Listed Airport Groups Trade

    This slide walks selected precedent transactions with disclosed terms as case studies against the public multiples.

    The recorded deals sit above where the listed airport groups trade, with four of the five disclosed multiples in the record falling between 10.1x and 13.8x. Deal multiples here are LTM at announcement, so they sit on a different basis than the CY2027E public multiples we've shown — we're not claiming a direct spread between the two. The record is thin at six transactions, so this is context for a conversation rather than a pricing rule. So any read-across from these deals to a specific situation needs to account for that basis difference.

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    04 · DEAL CASE STUDIES The Recorded Deals Sit Above Where the Listed Airport Groups Trade 1 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Nov-2025 $2.6B Grupo Aeroportuario del Sureste, S.A.B. de C.V. acquires Companhia de Participações em Concessões (CPC Aeroportos) EV / LTM revenue n/a EV / LTM EBITDA 6.8x WHY THE DEAL HAPPENED An operating airport concession group acquiring another concession platform points to duration and traffic diversification bought at the asset level rather than built through a primary tender. The buyer already runs airport concessions, so the transaction suggests existing operating capability being applied inside a different grantor regime. HOW THE TARGET WAS VALUED The deal is recorded at an enterprise value of $2.6B and 6.8x EV / EBITDA, completed in Nov-2025. That multiple sits close to where the listed airport concession groups trade on CY2027E EV / EBITDA and below the other disclosed multiples in this transaction record.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for duration and commercial density.

    This section turns the pricing pattern into an operating agenda, centred on duration and commercial density. These are the two levers the data points to as where an owner has the most room to act. We close the analytical part of the deck here before moving into sourcing and methodology.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Duration and Commercial Density Are Where the Room Is What the pricing pattern means for the operating agenda. 05 of 06 Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Duration and Commercial Density Are Where an Owner Has the Most Operating Room to Lift Value

    This slide sets out duration and commercial density as the areas where an owner has the most room to lift value.

    Duration and commercial density are where an owner has the most operating room to lift value, based on the patterns we've walked through. This is a directional view — NeuraCap's read of the analysis in this report, not a measured outcome. Remaining concession life and non-aeronautical revenue per passenger are the two items worth a board's attention. So we'd frame the next twelve months around those two questions rather than the headline multiple alone.

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    05 · STRATEGIC IMPLICATIONS Duration and Commercial Density Are Where an Owner Has the Most Operating Room to Lift Value NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which of the Three Business Models You Are Being Read Against The four airport concession groups sit close to one another on CY2027E EV / EBITDA, while the platform and perimeter-development names sit well above. Which group a business belongs to shapes the peer set for any board discussion of value, and the operating levers differ across the three. FOR BOARDS Duration Is the Item the Multiple Does Not Carry Remaining concession life, extension pathways and handback terms sit outside the reported multiple, and buyers here underwrite cash flow to expiry. Where term is shortening, the operating agenda moves toward the extension conversation and commercial density; that is judgment, not measured in this set of six. FOR CAPITAL PARTNERS The Recorded Buyers Are Long-Duration Owners More than Consolidators Across the six transactions in the record, the buyers include an infrastructure fund, an operator paired with a development bank, and strategic airport operators. Partial interests and consortium structures appear more often than whole-company changes of control, and grantor consent sits on the timetable of any transfer.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparables universe, methodology and sources.

    This closing section carries the full universe behind every figure in the body: the complete comparables set, the deal list, and the methodology. We include it so any figure in this report can be traced back to its source. That transparency is what lets a client stress-test our conclusions on their own timetable.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists all six rated public comparables on CY2027E EV / EBITDA, grouped by valuation tier.

    This page carries all six rated comparables on CY2027E EV / EBITDA, shaded against the sector median of 7.1x. Every row here and in the companion workbook ties back to the underlying disclosure. It's the full dataset behind the tiering we showed earlier in the deck. So it's the reference point for any client who wants to check a single name's position for themselves.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.1x); amber marks below · 6 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.2x · median 41.8x · 2 companies Sky Harbour Group Corp SKYH Airport-perimeter land and terminal development $1.3B 63.0x 68% 30% 98 Brookfield Infrastructure Partners L.P. BIP Multi-asset infrastructure concession platforms $107B 20.6x -45% 55% 10 CORE — 5.9x–17.2x · median 7.1x · 2 companies Grupo Aeroportuario del Centro Norte, S.A.B… OMAB Airport concession groups $5.5B 7.4x 11% 67% 78 Grupo Aeroportuario del Sureste, S. A. B. de… ASR Airport concession groups $8.9B 6.8x 13% 54% 67 DISCOUNT — <5.9x · median 5.6x · 2 companies Corporacion America Airports S.A. CAAP Airport concession groups $4.7B 5.6x 5% 38% 43 Grupo Aeroportuario del Pacífico, S.A.B. de C.V. PAC Airport concession groups $9.6B 5.6x 14% 61% 75

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists all precedent transactions with disclosed terms, ordered from newest to oldest.

    This page lists the transactions with disclosed terms, ordered newest first, with deal values linked to the underlying filing. Four of the five disclosed multiples sit between 10.1x and 13.8x, and we've flagged the transactions we excluded for lacking disclosed value or multiple. Deal multiples here are LTM at announcement, so they're read on a different basis from the public CY2027E figures elsewhere in the deck. So this is the primary source list for any client who wants to check a specific transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (24 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Grupo Aeroportuario del Sureste, S.A.B. de C.V. → Companhia de Participações em Concessões (CPC Aeroportos) $2.6B n/a 6.8x In Nov-2025 Grupo Aeroportuario del Sureste, S.A.B. de C.V. completed the acquisition of Companhia de Participações em Concessões (CPC Aeroportos) at a recorded enterprise value of $2.6B. An operating concession group buying a concession portfolio adds traffic base… Oct-2023 Park24 Co., Ltd. & Development Bank of Japan Inc. → National Car Parks Limited $582M n/a 13.8x Park24 Co., Ltd. & Development Bank of Japan Inc. agreed in Oct-2023 to acquire National Car Parks Limited at a recorded $582M and 13.8x EV / EBITDA; the record shows the deal as announced. An operator paired with a long-duration lender is the consortium shape this… Oct-2023 Park24 Co., Ltd. → Secure Parking Pty. Ltd, Secure Parking Singapore Pty. Ltd & Secure Parking Corporation Sdn.Bhd. n/a n/a 11.5x Park24 Co., Ltd. agreed in Oct-2023 to acquire Secure Parking Pty. Ltd, Secure Parking Singapore Pty. Ltd & Secure Parking Corporation Sdn.Bhd. at 11.5x EV / EBITDA, recorded as announced. Two agreements in the same month point to a buyer assembling parking scale… Jul-2022 VINCI Airports → Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. $237M n/a n/a VINCI Airports agreed in Jul-2022 to a transaction in Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. recorded at $237M, status announced, with no multiple in the record. A strategic airport operator taking a position in a listed concession group is the… Jun-2021 Argo Infrastructure Partners, LP → Macquarie Infrastructure Corporation Hawaii n/a n/a 13.4x Argo Infrastructure Partners, LP agreed in Jun-2021 to acquire Macquarie Infrastructure Corporation Hawaii at 13.4x EV / EBITDA, recorded as announced. An infrastructure fund holding an operating asset is the natural-owner pattern this record keeps returning to. n/a Standard Parking Corporation → Central Parking Corporation n/a n/a 10.1x Standard Parking Corporation and Central Parking Corporation are recorded at 10.1x EV / EBITDA, with the status shown as pending. Operator-to-operator consolidation in parking sits at the lower end of the recorded multiples in this set of transactions.

19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, valuation basis and data-quality treatment.

    This page sets out how the report was built: the valuation basis, what was excluded, and where every disclosure lives. Every figure in this report links back to the record it was taken from, or the appendix names its source directly. That traceability is what lets a client rely on any single number here with confidence. So nothing in this report should require a client to take our word for it.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Transportation Infrastructure and Tolling and it clears the coverage gate with 6 of 6 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 8 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 200 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (199) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set of Six, Price Separates Along Business Model as Much as Along Margin.

    This is the closing page restating that price separates along business model as much as along margin in this set of six.

    In this set of six, price separates along business model as much as along margin. The companion tables alongside this deck carry the full universe, the exclusion ledger, and the complete source index for any figure a client wants to trace further. We'd welcome a follow-up conversation on any of the three models covered here.

    Everything on this page

    In This Set of Six, Price Separates Along Business Model as Much as Along Margin. NeuraCap AI — Transportation Infrastructure and Tolling Coverage September 2026 · Prepared by NeuraCap AI · Confidential Transportation Infrastructure and Tolling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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