Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2025
Summary of Results 2Q25 vs. 2Q24
Company's Financial Position:
As of June 30, 2025, the Company reported a cash and cash equivalents position of Ps. 9,697.3 million. During the second quarter of 2025, the Company repaid the maturing bond certificate 'GAP 21' for Ps. 2,500.0 million. In addition, the Company drew down a Ps. 3,375.0 million credit facility from Banco Nacional de México, S.A. ('Banamex') with a five-year term, and the proceeds were used to refinance maturities in June and July 2025 with Banamex for Ps. 2,500.0 million and BBVA for Ps. 875.0 million.
Passenger Traffic
During 2Q25, the 14 airports operated by GAP recorded an increase of 624.7 thousand total passengers, representing a 4.1% increase compared to 2Q24.
During this period, the following new routes were launched:
Domestic:
Note: Frequencies can vary without prior notice.
International:
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
*CBX users are classified as international passengers.
CBX Users (in thousands):
Consolidated Results for the Second Quarter of 2025 (in thousands of pesos):
- Net income and comprehensive income per share for 2Q25 and 2Q24 were calculated based on 505,277,464 shares outstanding as of June 30, 2025, and June 30, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 19.5453 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2025.
Revenues (2Q25 vs. 2Q24)
The change in aeronautical services revenues was primarily due to the following factors:
The change in non-aeronautical services revenues was primarily driven by the following factors:
Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,700.8 million, or 174.4%, compared to 2Q24. The change was composed of:
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 'Service Concession Arrangements' (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company's operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company's Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using 'Total Revenues' include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating costs increased by Ps. 2,555.4 million, or 68.2%, compared to 2Q24, primarily due to a Ps. 1,700.8 million increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 308.5 million, or 25.4%, increase in the cost of services, driven mainly by the consolidation of the cargo and bonded warehouse business, which contributed Ps. 160.1 million; an increase of Ps. 309.8 million, or 35.2%, in concession fees and technical assistance fees; and higher depreciation and amortization, up Ps. 237.6 million, or 34.6%, due to the recognition of fair values related to the cargo and bonded warehouse business. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 854.6 million, or 30.8%.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
The change in the cost of services at our Mexican airports during 2Q25 was mainly due to:
Jamaican Airports:
Operating costs increased by Ps. 87.9 million, or 11.0%, compared to 2Q24, mainly due to a Ps. 33.9 million, or 16.9%, increase in the cost of services, a Ps. 29.7 million, or 7.5%, an increase in concession fees, and a Ps. 27.3 million, or 22.9%, increase in depreciation and amortization, partially offset by a Ps. 2.3 million, or 2.7%, decrease in the cost of improvements to concession assets (IFRIC-12).
Operating income margin went from 48.4% in 2Q24 to 42.1% in 2Q25. Excluding the effects of IFRIC-12, the operating income margin went from 55.9% in 2Q24 to 55.8% in 2Q25. Income from operations increased by Ps. 1,067.6 million, or 30.4%, compared to 2Q24.
EBITDA margin went from 57.8% in 2Q24 to 50.6% in 2Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.8% in 2Q24 to 67.1% in 2Q25. The nominal value of EBITDA increased by Ps. 1,305.2 million, or 31.1%, compared to 2Q24.
Financial results increased in expense by Ps. 70.4 million, or 10.6%, from a net expense of Ps. 663.1 million in 2Q24 to Ps. 733.5 million in 2Q25. This change was mainly the result of:
In 2Q25, net and comprehensive income decreased by Ps. 658.9 million, or 22.8%, compared to 2Q24, mainly due to a Ps. 1,082.6 million increase in foreign currency translation losses versus the same period last year. Income before taxes increased by Ps. 997.2 million, or 35.0%.
During 2Q25, net income increased by Ps. 402.4 million, or 17.9%, compared to 2Q24. Income tax for the period increased by Ps. 594.8 million, composed of a Ps. 451.5 million increase in current income tax, and a Ps. 143.3 million decrease in deferred tax benefit, primarily due to lower tax loss carryforwards of Ps. 177.3 million, compared to 2024. This was partially offset by a higher inflation effect, as inflation rose from 0.4% in 2Q24 to 0.9% in 2Q25.
Consolidated Results for the Six Months of 2025 (in thousands of pesos):
- Net income and comprehensive income per share for 6M25 and 6M24 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.
- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.9844 per U.S. dollar was used, corresponding to the six months ended June 30, 2025.
Revenues (6M25 vs. 6M24)
The change in aeronautical services revenues comprised primarily of the following factors:
- The change in non-aeronautical services revenues comprised primarily of the following factors:
Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 2,524.5 million, or 89.7%, compared to 6M24. The change was composed of:
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 'Service Concession Arrangements' (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company's operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company's Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using 'Total Revenues' include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating cost increased by Ps. 4,405.4 million, or 53.4%, compared to 6M24, primarily due to a Ps. 2,524.5 million, or 89.7%. increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 721.5 million, or 31.6%, increase in the cost of services, an increase of Ps. 675.9 million, or 37.1%, in concession fees and technical assistance fees; and higher depreciation and amortization, up Ps. 507.2 million, or 37.6%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 1,880.9 million, or 34.6%.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
The change in the cost of services at our Mexican airports during 6M25 was mainly due to:
Jamaican Airports:
Operating costs increased by Ps. 244.3 million, or 15.5%, compared to 6M24, mainly due to a Ps. 96.1 million, or 24.6%, increase in the cost of services, a Ps. 75.6 million, or 9.4%, increase in concession fees, and a Ps. 61.7 million, or 25.8%, increase in depreciation and amortization, and a Ps. 9.6 million, or 6.9%, increase in the cost of improvements to concession assets (IFRIC-12).
Operating income margin went from 47.6% in 6M24 to 42.3% in 6M25. Excluding the effects of IFRIC-12, the operating income margin went from 57.9% in 6M24 to 55.9% in 6M25. Income from operations increased by Ps. 1,777.8 million, or 23.7%, compared to 6M24.
EBITDA margin went from 56.2% in 6M24 to 50.7% in 6M25. Excluding the effects of IFRIC-12, EBITDA margin went from 68.4% in 6M24 to 67.1% in 6M25. The nominal value of EBITDA increased by Ps. 2,285.0 million, or 25.8%, compared to 6M24.
Financial results increased in expense by Ps. 406.1 million, or 32.3%, from a net expense of Ps. 1,257.0 million in 6M24 to a net expense of Ps. 1,663.1 million in 6M25. This change was mainly the result of:
In 6M25, net and comprehensive income decreased by Ps. 8.7 million, or 0.2%, compared to 6M24. Income before taxes increased by Ps. 1,371.6 million, mainly due to the increase in EBITDA, as mentioned above.
During 6M25, net income increased by Ps. 789.8 million, or 16.7%, compared to 6M24, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses, as well as an increase in net financial expenses. In addition, income tax expense for the period increased by Ps. 581.8 million, as a result of a Ps. 1,777.8 million increase in operating income.
Statement of Financial Position
Total assets as of June 30, 2025, increased by Ps. 4,870.3 million compared to June 30, 2024, primarily due to the following items: i) Improvements to concession assets of Ps. 5,875.2 million, ii) Other acquired rights of Ps. 1,937.1 million, iii) Trade accounts receivable of Ps. 816.9 million, iv) Deferred income taxes of Ps. 813.6 million, and v) Machinery, equipment, and improvements to leased buildings of Ps. 254.4 million, partially offset by a decrease in cash and cash equivalents of Ps. 2,887.6 million, advanced payments to suppliers of Ps. 905.1 million.
As of June 30, 2025, total liabilities increased by Ps. 2,738.1 million compared to the same period in 2024, mainly due to i) Bonds certificates of Ps. 4,639.0 million, ii) Deferred liabilities of Ps. 575.1 million, iii) Accounts payable of Ps. 365.2 million, and iv) Taxes payable of Ps. 157.0 million, partially offset by a decrease in payables related to shareholder distribution of Ps. 2,819.9 million.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico's Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP's shares were listed on the New York Stock Exchange under the ticker symbol 'PAC' and on the Mexican Stock Exchange under the ticker symbol 'GAP'. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the 'Ley del Mercado de Valores', GAP has implemented a 'whistleblower' program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP's Audit Committee will be notified of all complaints for immediate investigation.
Exhibit A: Operating results by airport (in thousands of pesos):
Exhibit A: Operating results by airport (in thousands of pesos):
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.
Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited ('Vantage'), as well as the 48.5% held by the shareholders of GWTC.
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited ('Vantage'), as well as the 48.5% held by the shareholders of GWTC.
Exhibit E: Consolidated stockholders' equity (in thousands of pesos):
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited ('Vantage'), as well as the 48.5% held by the shareholders of GWTC.
As a part of the adoption of IFRS, the effects of inflation on common stock recognized under Mexican Financial Reporting Standards (MFRS) through December 31, 2007, were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders' equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue to be prepared following IFRS, as issued by the IASB.
Exhibit F: Other operating data:
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
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