My theory has always been that the kidneys produce more bicarbonate with each successive apnea, (compensated metabolic alkalosis), allowing greater buffering capacity.
That would certainly be helpful. But I have data from trained freedivers performing a series of apneas showing that the bicarbonate concentration in the blood plasma stays at an average 25 mmol/L before, during and after the series. So on the short term I do not believe that to be a contributing factor.
Maybe with long-term training you can get a higher blood bicarbonate concentration, but I cannot remember that I have seen any data supporting that idea.
/Johan