Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2025
Yahoo4 days ago
GUADALAJARA, Mexico, July 21, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ('the Company' or 'GAP') reports its consolidated results for the second quarter ended June 30, 2025 (2Q25). Figures are unaudited and prepared following International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB').
Summary of Results 2Q25 vs. 2Q24
The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,922.2 million, or 30.6%. Total revenues increased by Ps. 3,623.0 million, or 49.9%.
Cost of services increased by Ps. 308.5 million, or 25.4%.
Income from operations increased by Ps. 1,067.6 million, or 30.4%.
EBITDA increased by Ps. 1,305.2 million, or 31.1%, an increase from Ps. 4,198.1 million in 2Q24 to Ps. 5,503.3 million in 2Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 66.8% in 2Q24 to 67.1% in 2Q25.
Comprehensive income decreased by Ps. 658.9 million, or 22.8%, from an income of Ps. 2,893.9 million in 2Q24 to an income of Ps. 2,234.9 million in 2Q25.
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:
Airline
Departure
Arrival
Opening date
Frequencies
Viva
Hermosillo
Tijuana
May 22, 2025
1 daily
Viva
Tijuana
Hermosillo
May 22, 2025
1 daily
Viva
La Paz
Santa Lucía
May 22, 2025
1 daily
Viva
La Paz
Tijuana
May 22, 2025
1 daily
Viva
Tijuana
La Paz
May 22, 2025
1 daily
Viva
Tijuana
Veracruz
May 22, 2025
3 weekly
Viva
Tijuana
Querétaro
May 23, 2025
4 weekly
Note: Frequencies can vary without prior notice.
International:
Airline
Departure
Arrival
Opening date
Frequencies
World2Fly
Montego Bay
Lisboa
June 11, 2025
1 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
2,994.8
3,090.9
3.2
%
5,666.5
6,112.1
7.9
%
Tijuana *
2,097.8
2,139.2
2.0
%
4,083.4
4,196.7
2.8
%
Los Cabos
690.6
739.7
7.1
%
1,328.3
1,408.6
6.0
%
Puerto Vallarta
742.6
830.4
11.8
%
1,317.4
1,484.0
12.6
%
Montego Bay
0.0
0.0
0.0
%
0.0
0.0
0.0
%
Guanajuato
514.3
576.8
12.2
%
998.2
1,092.3
9.4
%
Hermosillo
531.0
545.5
2.7
%
988.5
1,054.2
6.6
%
Kingston
0.5
0.1
(84.2
%)
1.1
0.2
(85.8
%)
Morelia
153.3
173.1
12.9
%
299.5
359.2
19.9
%
Mexicali
226.3
305.7
35.1
%
514.6
598.8
16.4
%
La Paz
288.1
328.1
13.9
%
559.4
608.7
8.8
%
Aguascalientes
166.2
167.4
0.7
%
308.6
319.2
3.4
%
Los Mochis
141.8
179.4
26.5
%
268.0
344.4
28.5
%
Manzanillo
30.3
31.4
3.5
%
66.2
66.1
(0.1
%)
Total
8,577.6
9,107.6
6.2
%
16,399.8
17,644.5
7.6
%
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
1,369.9
1,387.2
1.3
%
2,860.0
2,894.2
1.2
%
Tijuana *
981.7
1,051.8
7.1
%
1,934.0
2,066.7
6.9
%
Los Cabos
1,199.9
1,224.4
2.0
%
2,607.8
2,607.3
(0.0
%)
Puerto Vallarta
897.7
849.1
(5.4
%)
2,441.5
2,321.6
(4.9
%)
Montego Bay
1,285.1
1,264.7
(1.6
%)
2,742.4
2,603.7
(5.1
%)
Guanajuato
242.2
252.7
4.3
%
489.3
515.7
5.4
%
Hermosillo
20.3
19.2
(5.2
%)
43.6
40.1
(7.9
%)
Kingston
419.2
453.5
8.2
%
810.6
881.5
8.7
%
Morelia
156.8
155.9
(0.6
%)
313.9
330.1
5.1
%
Mexicali
2.1
1.8
(14.1
%)
3.8
3.6
(4.0
%)
La Paz
2.9
8.9
202.1
%
6.1
17.6
186.1
%
Aguascalientes
81.7
82.5
0.9
%
151.2
156.2
3.3
%
Los Mochis
2.0
2.0
(0.2
%)
4.0
3.9
(3.2
%)
Manzanillo
15.9
18.3
15.2
%
56.1
62.2
10.8
%
Total
6,677.3
6,771.8
1.4
%
14,464.4
14,504.2
0.3
%
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
4,364.6
4,478.1
2.6
%
8,526.5
9,006.3
5.6
%
Tijuana *
3,079.5
3,191.0
3.6
%
6,017.4
6,263.3
4.1
%
Los Cabos
1,890.5
1,964.0
3.9
%
3,936.2
4,015.9
2.0
%
Puerto Vallarta
1,640.3
1,679.5
2.4
%
3,758.9
3,805.6
1.2
%
Montego Bay
1,285.1
1,264.7
(1.6
%)
2,742.4
2,603.7
(5.1
%)
Guanajuato
756.5
829.4
9.6
%
1,487.5
1,608.1
8.1
%
Hermosillo
551.2
564.7
2.4
%
1,032.0
1,094.3
6.0
%
Kingston
419.8
453.5
8.0
%
811.8
881.7
8.6
%
Morelia
310.1
329.0
6.1
%
613.4
689.3
12.4
%
Mexicali
228.5
307.5
34.6
%
518.4
602.4
16.2
%
La Paz
291.0
337.0
15.8
%
565.6
626.3
10.7
%
Aguascalientes
247.9
249.8
0.8
%
459.8
475.3
3.4
%
Los Mochis
143.8
181.4
26.1
%
272.0
348.3
28.0
%
Manzanillo
46.2
49.7
7.5
%
122.4
128.3
4.9
%
Total
15,254.7
15,879.4
4.1
%
30,864.2
32,148.7
4.2
%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Tijuana
965.7
1,031.4
6.8
%
1,907.6
2,029.6
6.4
%
Consolidated Results for the Second Quarter of 2025 (in thousands of pesos):
2Q24
2Q25
Change
Revenues
Aeronautical services
4,560,960
5,763,188
26.4
%
Non-aeronautical services
1,722,735
2,442,659
41.8
%
Improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
Total revenues
7,259,022
10,881,996
49.9
%
6,283,695
8,205,847
30.6
%
Operating costs
Costs of services:
1,213,842
1,522,382
25.4
%
Employee costs
490,716
638,722
30.2
%
Maintenance
180,485
256,830
42.3
%
Safety, security & insurance
199,802
232,516
16.4
%
Utilities
130,036
148,732
14.4
%
Business operated directly by us
72,549
86,632
19.4
%
Other operating expenses
140,254
158,950
13.3
%
Technical assistance fees
202,174
221,680
9.6
%
Concession taxes
678,595
968,933
42.8
%
Depreciation and amortization
687,351
924,959
34.6
%
Cost of improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
Other (income)
(9,042
)
(10,461
)
15.7
%
Total operating costs
3,748,247
6,303,642
68.2
%
Income from operations
3,510,775
4,578,354
30.4
%
Financial Result
(663,157
)
(733,545
)
10.6
%
Income before income taxes
2,847,618
3,844,809
35.0
%
Income taxes
(594,903
)
(1,189,674
)
100.0
%
Net income
2,252,715
2,655,135
17.9
%
Currency translation effect
659,054
(423,527
)
(164.3
%)
Cash flow hedges, net of income tax
(20,164
)
2,668
(113.2
%)
Remeasurements of employee benefit – net income tax
2,276
667
(70.7
%)
Comprehensive income
2,893,881
2,234,943
(22.8
%)
Non-controlling interest
(95,925
)
(90,951
)
(5.2
%)
Comprehensive income attributable to controlling interest
2,797,956
2,143,992
(23.4
%)
2Q24
2Q25
Change
EBITDA
4,198,126
5,503,313
31.1
%
Comprehensive income
2,893,881
2,234,943
(22.8
%)
Comprehensive income per share (pesos)
5.7273
4.4232
(22.8
%)
Comprehensive income per ADS (US dollars)
3.4591
2.1621
(37.5
%)
Operating income margin
48.4
%
42.1
%
(13.0
%)
Operating income margin (excluding IFRIC-12)
55.9
%
55.8
%
(0.1
%)
EBITDA margin
57.8
%
50.6
%
(12.6
%)
EBITDA margin (excluding IFRIC-12)
66.8
%
67.1
%
0.4
%
Costs of services and improvements / total revenues
30.2
%
38.6
%
27.9
%
Cost of services / total revenues (excluding IFRIC-12)
19.3
%
18.6
%
(4.0
%)
- 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)
Aeronautical services revenues increased by Ps. 1,202.2 million, or 26.4%.
Non-aeronautical services revenues increased by Ps. 719.9 million, or 41.8%.
Revenues from improvements to concession assets increased by Ps. 1,700.8 million, or 174.4%.
Total revenues increased by Ps. 3,623.0 million, or 49.9%.
The change in aeronautical services revenues was primarily due to the following factors:
Revenues from Mexican airports increased by Ps. 1,067.3 million, or 27.6%, compared to 2Q24, mainly due to a Ps. 951.6 million or 22.5% increase in the passenger fee revenue, driven by the higher airport maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, and by a 4.5% increase in passenger traffic during the quarter.
Revenues from Jamaican airports increased by Ps. 134.9 million, or 19.3%, compared to 2Q24, mainly due to the depreciation of the Mexican peso against the U.S. dollar, which moved from an average exchange rate of Ps. 17.2106 in 2Q24 to Ps. 19.5453 in 2Q25, resulting in higher revenues in pesos. Additionally, there was a 0.8% increase in passenger traffic during the quarter.
The change in non-aeronautical services revenues was primarily driven by the following factors:
Revenues from Mexican airports increased by Ps. 676.2 million, or 45.9%, compared to 2Q24. Revenues from businesses operated directly by us increased by Ps. 582.8 million, or 116.7%, mainly due to the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 477.1 million. Revenues from businesses operated by third parties increased by Ps. 85.5 million, or 9.2%, primarily driven by the opening of new commercial spaces and the renegotiation of commercial contracts. The fastest-growing business lines were food and beverage, retail stores, duty-free, timeshares, and ground transportation, which together increased by Ps. 90.4 million, or 15.3%.
Revenues from Jamaican airports increased by Ps. 43.7 million, or 17.4%, compared to 2Q24. In U.S. dollar terms, revenues rose by USD $0.6 million, or 8.2%, further benefiting from a 13.6% depreciation of the Mexican peso against the U.S. dollar compared to 2Q24.
2Q24
2Q25
Change
Businesses operated by third parties:
Food and beverage
290,715
342,679
17.9
%
Duty-free
183,384
208,160
13.5
%
Car rental
204,578
211,128
3.2
%
Retail
159,927
191,431
19.7
%
Leasing of space
120,804
112,962
(6.5
%)
Other commercial revenues
61,501
59,010
(4.1
%)
Timeshares
55,367
67,818
22.5
%
Ground transportation
46,676
51,196
9.7
%
Communications and financial services
27,559
28,837
4.6
%
Total
1,150,511
1,273,221
10.7
%
Businesses operated directly by us:
Cargo operation and bonded warehouse
31,218
514,113
1546.8
%
Car parking
169,356
177,872
5.0
%
Convenience stores
135,464
161,588
19.3
%
VIP Lounges
120,862
168,321
39.3
%
Hotel operation
18,251
36,882
102.1
%
Advertising
42,400
43,366
2.3
%
Total
517,551
1,102,141
113.0
%
Recovery of costs
54,674
67,297
23.1
%
Total Non-aeronautical Revenues
1,722,735
2,442,659
41.8
%
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:
Improvements to concession assets at the Company's Mexican airports, which increased by Ps. 1,703.1 million, or 191.1%, following investments under the Master Development Program for the 2025-2029 period.
Improvements to concession assets at the Company's Jamaican airports, which decreased Ps. 2.3 million, or 2.7%.
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:
Operating costs increased by Ps. 2,467.5 million, or 83.7%, compared to 2Q24, mainly due to a Ps. 1,703.1 million or 191.1% increase in cost of improvements to the concession assets (IFRIC-12), a Ps. 274.6 million or 27.1% increase in the cost of services, a Ps. 210.2 million, or 37.0% increase in depreciation and amortization, and a Ps. 280.2 million or 57.6% combined increase in technical assistance fees and concession fees. Excluding construction costs (IFRIC 12), operating expenses increased by Ps. 764.4 million, or 37.2%.
The change in the cost of services at our Mexican airports during 2Q25 was mainly due to:
Employee costs increased by Ps. 134.2 million, or 30.8%, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed Ps. 86.5 million.
Maintenance rose by Ps. 77.1 million, or 54.5%, due to the opening of new operational areas, airfield maintenance, the operation of jet bridges by Ps. 44.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 8.4 million.
Other operating expenses increased by Ps. 29.3 million, or 15.3%, primarily due to higher consulting services and travel expenses of Ps. 11.7 million, and the consolidation of the cargo and bonded warehouse business of Ps. 12.4 million.
Safety, security and insurance rose by Ps. 17.7 million, or 11.7%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.
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:
Foreign exchange fluctuations, which went from an income of Ps. 80.9 million in 2Q24 to an expense of Ps. 40.3 million in 2Q25, resulting in a foreign exchange loss of Ps. 121.2 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 1,082.6 million increase in expense compared to 2Q24.
Interest expense decreased by Ps. 119.9 million, or 11.6%, compared to 2Q24, mainly due to a decrease in reference rates.
Interest income decreased by Ps. 69.3 million, or 24.9%, compared to 2Q24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
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):
6M24
6M25
Change
Revenues
Aeronautical services
9,523,062
11,762,321
23.5
%
Non-aeronautical services
3,417,140
4,836,535
41.5
%
Improvements to concession assets (IFRIC-12)
2,813,789
5,338,324
89.7
%
Total revenues
15,753,991
21,937,180
39.2
%
Operating costs
Costs of services:
2,285,769
3,007,237
31.6
%
Employee costs
949,877
1,252,084
31.8
%
Maintenance
342,282
513,733
50.1
%
Safety, security & insurance
382,022
447,723
17.2
%
Utilities
236,008
273,963
16.1
%
Business operated directly by us
146,160
173,968
19.0
%
Other operating expenses
229,420
345,766
50.7
%
Technical assistance fees
426,536
505,580
18.5
%
Concession taxes
1,393,211
1,990,083
42.8
%
Depreciation and amortization
1,350,300
1,857,534
37.6
%
Cost of improvements to concession assets (IFRIC-12)
2,813,789
5,338,324
89.7
%
Other (income)
(12,392
)
(36,145
)
191.7
%
Total operating costs
8,257,212
12,662,613
53.4
%
Income from operations
7,496,778
9,274,567
23.7
%
Financial Result
(1,256,892
)
(1,663,035
)
32.3
%
Income before income taxes
6,239,887
7,611,532
22.0
%
Income taxes
(1,516,453
)
(2,098,280
)
38.4
%
Net income
4,723,434
5,513,253
16.7
%
Currency translation effect
367,782
(498,585
)
(235.6
%)
Cash flow hedges, net of income tax
(35,403
)
1,892
(105.3
%)
Remeasurements of employee benefit – net income tax
2,229
32,766
1370.0
%
Comprehensive income
5,058,042
5,049,325
(0.2
%)
Non-controlling interest
(127,642
)
(205,878
)
61.3
%
Comprehensive income attributable to controlling interest
4,930,400
4,843,449
(1.8
%)
6M24
6M25
Change
EBITDA
8,847,078
11,132,102
25.8
%
Comprehensive income
5,058,042
5,049,325
(0.2
%)
Comprehensive income per share (pesos)
10.0104
9.9932
(0.2
%)
Comprehensive income per ADS (US dollars)
6.0459
4.8847
(19.2
%)
Operating income margin
47.6
%
42.3
%
(11.2
%)
Operating income margin (excluding IFRIC-12)
57.9
%
55.9
%
(3.6
%)
EBITDA margin
56.2
%
50.7
%
(9.6
%)
EBITDA margin (excluding IFRIC-12)
68.4
%
67.1
%
(1.9
%)
Costs of services and improvements / total revenues
32.4
%
38.0
%
17.5
%
Cost of services / total revenues (excluding IFRIC-12)
17.7
%
18.1
%
2.6
%
- 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)
Aeronautical services revenues increased by Ps. 2,239.3 million, or 23.5%.
Non-aeronautical services revenues increased by Ps. 1,419.4 million, or 41.5%.
Revenues from improvements to concession assets increased by Ps. 2,524.5 million, or 89.7%.
Total revenues increased by Ps. 6,183.2 million, or 39.2%.
The change in aeronautical services revenues comprised primarily of the following factors:
Revenues at our Mexican airports increased by Ps. 1,942.2 million, or 24.0%, compared to 6M24. This growth was mainly driven by the increase in the maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, the 16.8% depreciation of the Mexican peso against the U.S. dollar, and 5.0% increase in passenger traffic.
Revenues from Jamaican airports increased by Ps. 297.0 million, or 20.5%, compared to 6M24. This was mainly due to the 16.8% depreciation of the peso against the U.S. dollar, with the average exchange rate moving from Ps. 17.1042 in 6M24 to Ps. 19.9844 in 6M25, resulting in higher peso-denominated revenue. This effect was partially offset by a 1.9% decrease in passenger traffic.
- The change in non-aeronautical services revenues comprised primarily of the following factors:
Revenues at our Mexican airports increased by Ps. 1,313.6 million, or 45.0%, compared to 6M24. Revenues from businesses operated directly by us rose by Ps. 1,096.1 million, or 111.0%. Businesses operated by third parties increased by Ps. 206.9 million, or 11.2%. This was mainly due to the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, duty-free, retail, timeshares and ground transportation, which increased by Ps. 184.8 million, or 15.5%. Recovery of costs increased by Ps.10.5 million, or 11.8%.
Revenues from the Jamaican airports increased by Ps. 105.8 million, or 21.2%, compared to 6M24. Revenues in U.S. dollars increased by US$1.4 million, or 3.7%.
6M24
6M25
Change
Businesses operated by third parties:
Food and beverage
588,081
685,259
16.5
%
Duty-free
368,037
424,845
15.4
%
Car rental
403,176
416,425
3.3
%
Retail
341,779
382,605
11.9
%
Leasing of space
207,277
229,859
10.9
%
Other commercial revenues
113,833
131,035
15.1
%
Timeshares
110,747
138,723
25.3
%
Ground transportation
93,522
107,769
15.2
%
Communications and financial services
54,078
60,242
11.4
%
Total
2,280,531
2,576,761
13.0
%
Businesses operated directly by us:
Cargo operation and bonded warehouse
62,994
948,381
1405.5
%
Car parking
346,732
356,342
2.8
%
Convenience stores
283,378
331,088
16.8
%
VIP Lounges
231,941
336,336
45.0
%
Hotel operation
18,615
74,323
100.0
%
Advertising
77,807
78,206
0.5
%
Total
1,021,467
2,124,677
108.0
%
Recovery of costs
115,142
135,097
17.3
%
Total Non-aeronautical Revenues
3,417,140
4,836,535
41.5
%
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:
Improvements to concession assets at the Company's Mexican airports, which increased by Ps. 2,514.9 million, or 94.1%, following investments under the Master Development Program for the 2025-2029 period.
Improvements to concession assets at the Company's Jamaican airports, which increased Ps. 9.6 million, or 6.9%.
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:
Operating costs increased by Ps. 4,161.1 million, or 62.3%, compared to 6M24, mainly due to a Ps. 2,514.9 million or 94.1% increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 625.3 million, or 33.0%, increase in the cost of services, a combined increase in technical assistance fees and concession fees Ps. 600.3 million, or 59.3%, and an increase in depreciation and amortization of Ps. 445.5 million or 40.1%. Excluding the cost of improvements to concession assets (IFRIC-12), operating expenses increased by Ps. 1,646.1 million, or 41.1%.
The change in the cost of services at our Mexican airports during 6M25 was mainly due to:
Employee costs increased by Ps. 272.7 million, or 32.3%, mainly due to the increase in minimum wages and changes in the Federal Labor Law, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 187.8 million.
Maintenance rose by Ps. 153.4 million, or 57.3%, due to the opening of new operational areas, the operation of jet bridges by Ps. 88.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 17.3 million.
Other operating expenses increased by Ps. 136.1 million, or 40.4%, primarily due to higher consulting services and travel expenses of Ps. 31.6 million, and the consolidation of the cargo and bonded warehouse business of Ps. 64.3 million.
Safety, security and insurance rose by Ps. 34.7 million, or 12.2%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.
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:
Foreign exchange fluctuations, which went from an income of Ps. 109.9 million in 6M24 to an expense of Ps. 164.3 million in 6M25, resulting in a foreign exchange loss of Ps. 274.1 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 866.4 million increase in expense compared to 6M24.
Interest expense increased by Ps. 124.6 million, or 6.5%, compared to 6M24, mainly due to the increase in bond certificates and higher borrowings of bank loans.
Interest income decreased by Ps. 7.4 million, or 1.3%, compared to 6M24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
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.
This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words 'anticipates', 'believes', 'estimates', 'expects', 'plans' and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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 denuncia@lineadedenunciagap.com. GAP's Audit Committee will be notified of all complaints for immediate investigation.Exhibit A: Operating results by airport (in thousands of pesos):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
Aeronautical services
1,268,040
1,562,430
23.2
%
2,564,649
3,151,517
22.9
%
Non-aeronautical services
317,441
348,795
9.9
%
627,732
709,331
13.0
%
Improvements to concession assets (IFRIC 12)
402,305
1,174,426
191.9
%
1,206,914
2,348,852
94.6
%
Total Revenues
1,987,785
3,085,651
55.2
%
4,399,296
6,209,700
41.2
%
Operating income
1,105,607
1,242,734
12.4
%
2,357,430
2,424,965
2.9
%
EBITDA
1,238,723
1,450,416
17.1
%
2,615,085
2,844,519
8.8
%
Tijuana
Aeronautical services
691,854
855,119
23.6
%
1,330,342
1,587,933
19.4
%
Non-aeronautical services
137,398
125,930
(8.3
%)
290,551
250,651
(13.7
%)
Improvements to concession assets (IFRIC 12)
55,659
386,094
593.7
%
166,976
772,188
362.5
%
Total Revenues
884,912
1,367,144
54.5
%
1,787,870
2,610,772
46.0
%
Operating income
416,606
565,985
35.9
%
910,293
972,388
6.8
%
EBITDA
532,909
691,459
29.8
%
1,139,124
1,224,397
7.5
%
Los Cabos
Aeronautical services
678,207
903,938
33.3
%
1,460,930
1,850,570
26.7
%
Non-aeronautical services
333,646
349,334
4.7
%
651,689
712,000
9.3
%
Improvements to concession assets (IFRIC 12)
99,521
205,863
106.9
%
298,562
411,726
37.9
%
Total Revenues
1,111,374
1,459,135
31.3
%
2,411,181
2,974,296
23.4
%
Operating income
592,449
806,799
36.2
%
1,428,213
1,645,613
15.2
%
EBITDA
681,734
911,098
33.6
%
1,607,296
1,846,950
14.9
%
Puerto Vallarta
Aeronautical services
554,172
720,778
30.1
%
1,386,173
1,708,950
23.3
%
Non-aeronautical services
156,084
183,464
17.5
%
324,160
371,047
14.5
%
Improvements to concession assets (IFRIC 12)
247,818
503,536
103.2
%
743,455
1,007,073
35.5
%
Total Revenues
958,074
1,407,778
46.9
%
2,453,787
3,087,070
25.8
%
Operating income
382,540
584,274
52.7
%
1,184,206
1,365,432
15.3
%
EBITDA
436,696
647,844
48.4
%
1,293,055
1,494,221
15.6
%
Montego Bay
Aeronautical services
451,015
518,434
14.9
%
965,270
1,103,799
14.4
%
Non-aeronautical services
199,927
231,963
16.0
%
398,845
476,550
19.5
%
Improvements to concession assets (IFRIC 12)
39,954
64,368
61.1
%
80,681
113,354
40.5
%
Total Revenues
690,897
814,765
17.9
%
1,444,798
1,693,703
17.2
%
Operating income
250,207
305,501
22.1
%
541,105
648,016
19.8
%
EBITDA
321,002
391,479
22.0
%
681,708
823,813
20.8
%
Exhibit A: Operating results by airport (in thousands of pesos):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guanajuato
Aeronautical services
209,686
280,231
33.6
%
428,065
548,630
28.2
%
Non-aeronautical services
46,658
46,903
0.5
%
92,604
97,540
5.3
%
Improvements to concession assets (IFRIC 12)
37,025
130,222
251.7
%
111,075
260,444
134.5
%
Total Revenues
293,369
457,356
55.9
%
631,745
906,614
43.5
%
Operating income
139,587
208,424
49.3
%
339,761
407,575
20.0
%
EBITDA
161,425
233,880
44.9
%
383,005
458,950
19.8
%
Hermosillo
Aeronautical services
132,431
161,897
22.3
%
250,143
305,246
22.0
%
Non-aeronautical services
28,985
30,191
4.2
%
56,967
56,762
(0.4
%)
Improvements to concession assets (IFRIC 12)
10,720
17,224
60.7
%
32,159
34,448
7.1
%
Total Revenues
172,136
209,312
21.6
%
339,269
396,456
16.9
%
Operating income
65,385
97,867
49.7
%
150,699
176,221
16.9
%
EBITDA
90,659
123,579
36.3
%
201,279
228,262
13.4
%
Others (1)
Aeronautical services
575,556
760,361
32.1
%
1,137,490
1,505,675
32.4
%
Non-aeronautical services
102,998
115,531
12.2
%
209,218
234,076
11.9
%
Improvements to concession assets (IFRIC 12)
82,326
194,416
136.2
%
173,965
390,239
124.3
%
Total Revenues
760,880
1,070,309
40.7
%
1,520,673
2,129,991
40.1
%
Operating income
(24,265
)
248,864
(1125.6
%)
10,809
481,021
4350.3
%
EBITDA
125,786
351,893
179.8
%
309,263
689,098
122.8
%
Total
Aeronautical services
4,560,960
5,763,188
26.4
%
9,523,062
11,762,320
23.5
%
Non-aeronautical services
1,323,136
1,432,112
8.2
%
2,651,767
2,907,957
9.7
%
Improvements to concession assets (IFRIC 12)
975,327
2,676,149
174.4
%
2,813,789
5,338,324
89.7
%
Total Revenues
6,859,423
9,871,449
43.9
%
14,988,618
20,008,601
33.5
%
Operating income
2,928,112
4,060,448
38.7
%
6,922,515
8,121,231
17.3
%
EBITDA
3,588,935
4,801,647
33.8
%
8,229,814
9,610,209
16.8
%
(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):
2024
2025
Change
%
Assets
Current assets
Cash and cash equivalents
12,584,900
9,697,343
(2,887,557
)
(22.9
%)
Trade accounts receivable - Net
2,337,543
3,154,471
816,928
34.9
%
Other current assets
1,169,781
1,152,861
(16,920
)
(1.4
%)
Total current assets
16,092,224
14,004,675
(2,087,549
)
(13.0
%)
Advanced payments to suppliers
1,774,646
869,569
(905,077
)
(51.0
%)
Machinery, equipment and improvements to leased buildings - Net
4,369,470
4,623,910
254,440
5.8
%
Improvements to concession assets - Net
31,357,661
37,232,836
5,875,175
18.7
%
Airport concessions - Net
9,167,056
9,140,466
(26,590
)
(0.3
%)
Rights to use airport facilities - Net
1,024,916
967,163
(57,753
)
(5.6
%)
Other acquired rights
-
1,937,118
1,937,118
100.0
%
Deferred income taxes - Net
7,667,150
8,480,777
813,627
10.6
%
Other non-current assets
1,864,594
931,541
(933,052
)
(50.0
%)
Total assets
73,317,717
78,188,055
4,870,338
6.6
%
Liabilities
Current liabilities
16,313,310
14,743,847
(1,569,463
)
(9.6
%)
Long-term liabilities
38,104,347
42,411,926
4,307,579
11.3
%
Total liabilities
54,417,657
57,155,773
2,738,116
5.0
%
Stockholders' Equity
Common stock
1,194,390
1,194,390
-
0.0
%
Legal reserve
920,187
238,878
(681,309
)
(74.0
%)
Net income
4,648,636
5,266,355
617,719
13.3
%
Retained earnings
8,345,564
9,131,025
785,461
9.4
%
Reserve for share repurchase
2,500,000
2,500,000
-
0.0
%
Foreign currency translation reserve
74,634
312,241
237,607
318.4
%
Remeasurements of employee benefit – Net
311
41,049
40,738
13099.0
Cash flow hedges- Net
25,315
(2,692
)
(28,007
)
(110.6
Total controlling interest
17,709,037
18,681,246
972,209
5.5
%
Non-controlling interest
1,191,020
2,351,039
1,160,019
97.4
%
Total stockholder's equity
18,900,057
21,032,285
2,132,228
11.3
%
Total liabilities and stockholders' equity
73,317,717
78,188,055
4,870,338
6.6
%
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):
2Q24
2Q25
Change
6M24
6M25
Change
Cash flows from operating activities:
Consolidated net income
2,252,715
2,655,135
17.9
%
4,723,435
5,513,253
16.7
%
Postemployment benefit costs
13,776
15,459
12.2
%
27,552
29,621
7.5
%
Allowance expected credit loss
21,328
(13,123
)
(161.5
%)
18,527
12,269
(33.8
%)
Depreciation and amortization
687,351
924,959
34.6
%
1,350,300
1,857,534
37.6
%
Loss on sale of machinery, equipment and improvements to leased assets
11,215
(630
)
(105.6
%)
11,760
1,360
(88.4
%)
Interest expense
981,033
1,034,255
5.4
%
1,977,891
2,281,509
15.4
%
Provisions
9,970
9,022
(9.5
%)
16,250
(21,667
)
(233.3
%)
Income tax expense
594,903
1,189,674
100.0
%
1,516,453
2,098,280
38.4
%
Unrealized exchange loss
309,521
(54,076
)
(117.5
%)
225,863
56,804
(74.9
%)
4,881,812
5,760,675
18.0
%
9,868,031
11,828,961
19.9
%
Changes in working capital:
(Increase) decrease in
Trade accounts receivable
128,758
162,331
26.1
%
(83,124
)
(493,714
)
493.9
%
Recoverable tax on assets and other assets
394,674
25,725
(93.5
%)
791,223
107,364
(86.4
%)
Increase (decrease)
Concession taxes payable
(258,431
)
(248,380
)
(3.9
%)
(109,032
)
(215,106
)
97.3
%
Accounts payable
(400,002
)
(117,942
)
(70.5
%)
(474,606
)
(46,488
)
(90.2
%)
Cash generated by operating activities
4,746,811
5,582,409
17.6
%
9,992,492
11,181,017
11.9
%
Income taxes paid
(875,615
)
(1,202,747
)
37.4
%
(1,586,948
)
(2,324,790
)
46.5
%
Net cash flows provided by operating activities
3,871,196
4,379,662
13.1
%
8,405,543
8,856,227
5.4
%
Cash flows from investing activities:
Machinery, equipment and improvements to concession assets
(1,701,189
)
(678,121
)
(60.1
%)
(3,109,274
)
(2,384,763
)
(23.3
%)
Cash flows from sales of machinery and equipment
2,878
1,656
(42.5
%)
4,235
1,774
(58.1
%)
Other investment activities
199,053
(1,746,391
)
(977.3
%)
72,270
(1,732,569
)
(2497.4
%)
Net cash used by investment activities
(2,374,762
)
(2,422,856
)
2.0
%
(3,908,274
)
(4,115,559
)
5.3
%
Cash flows from financing activities:
Dividends declared
-
(4,254,436
)
100.0
%
-
(4,254,436
)
100.0
%
Dividends paid
(65,424
)
(152,881
)
133.7
%
(65,424
)
(152,881
)
(133.7
%)
Bond certificates issued
-
-
0.0
%
3,000,000
6,000,000
100.0
%
Bond certificates paid
-
(2,500,000
)
100.0
%
(3,000,000
)
(7,000,000
)
133.3
%
Bank loans
875,000
3,249,098
271.3
%
875,000
3,249,098
271.3
%
Interest paid on bank loans
(1,314,322
)
(941,099
)
(28.4
%)
(2,384,483
)
(2,306,485
)
(3.3
%)
Interest paid on lease
(971
)
(592
)
(39.0
%)
(2,031
)
(1,282
)
(36.9
%)
Payments of obligations for leasing
(4,454
)
(2,566
)
(42.4
%)
(8,908
)
(18,899
)
112.1
%
Net cash flows used in financing activities
(578,588
)
(8,057,414
)
1292.6
%
(1,654,263
)
(7,939,822
)
380.0
%
Effects of exchange rate changes on cash held
125,431
(429,868
)
(442.7
%)
(313,317
)
(569,530
)
81.8
%
Net increase (decrease) in cash and cash equivalents
1,043,277
(6,530,476
)
(726.0
%)
2,529,691
(3,768,684
)
(249.0
%)
Cash and cash equivalents at beginning of the period
11,541,621
16,227,819
40.6
%
10,055,211
13,466,026
33.9
%
Cash and cash equivalents at the end of the period
12,584,900
9,697,343
(22.9
%)
12,584,900
9,697,343
(22.9
%)
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
2Q24
2Q25
Change
6M24
6M25
Change
Revenues
Aeronautical services
4,560,960
5,763,188
26.4
%
9,523,062
11,762,321
23.5
%
Non-aeronautical services
1,722,735
2,442,659
41.8
%
3,417,140
4,836,535
41.5
%
Improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
2,813,789
5,338,324
89.7
%
Total revenues
7,259,022
10,881,996
49.9
%
15,753,991
21,937,180
39.2
%
Operating costs
Costs of services:
1,213,842
1,522,382
25.4
%
2,285,769
3,007,237
31.6
%
Employee costs
490,716
638,722
30.2
%
949,877
1,252,084
31.8
%
Maintenance
180,485
256,830
42.3
%
342,282
513,733
50.1
%
Safety, security & insurance
199,802
232,516
16.4
%
382,022
447,723
17.2
%
Utilities
130,036
148,732
14.4
%
236,008
273,963
16.1
%
Business operated directly by us
72,549
86,632
19.4
%
146,160
173,968
19.0
%
Other operating expenses
140,254
158,950
13.3
%
229,420
345,766
50.7
%
Technical assistance fees
202,174
221,680
9.6
%
426,536
505,580
18.5
%
Concession taxes
678,595
968,933
42.8
%
1,393,211
1,990,083
42.8
%
Depreciation and amortization
687,351
924,959
34.6
%
1,350,300
1,857,534
37.6
%
Cost of improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
2,813,789
5,338,324
89.7
%
Other (income)
(9,042
)
(10,461
)
15.7
%
(12,392
)
(36,145
)
191.7
%
Total operating costs
3,748,247
6,303,642
68.2
%
8,257,212
12,662,613
53.4
%
Income from operations
3,510,775
4,578,354
30.4
%
7,496,778
9,274,567
23.7
%
Financial Result
(663,157
)
(733,545
)
10.6
%
(1,256,892
)
(1,663,035
)
32.3
%
Income before income taxes
2,847,618
3,844,809
35.0
%
6,239,887
7,611,532
22.0
%
Income taxes
(594,903
)
(1,189,674
)
100.0
%
(1,516,453
)
(2,098,280
)
38.4
%
Net income
2,252,715
2,655,135
17.9
%
4,723,434
5,513,253
16.7
%
Currency translation effect
659,054
(423,527
)
(164.3
%)
367,782
(498,585
)
(235.6
%)
Cash flow hedges, net of income tax
(20,164
)
2,668
(113.2
%)
(35,403
)
1,892
(105.3
%)
Remeasurements of employee benefit – net income tax
2,276
667
(70.7
%)
2,229
32,766
1370.0
%
Comprehensive income
2,893,881
2,234,943
(22.8
%)
5,058,042
5,049,325
(0.2
%)
Non-controlling interest
(95,925
)
(90,951
)
(5.2
%)
(127,642
)
(205,878
)
61.3
%
Comprehensive income attributable to controlling interest
2,797,956
2,143,992
(23.4
%)
4,930,400
4,843,449
(1.8
%)
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):
Common Stock
Legal Reseve
Reserve for Share Repurchase
Retained Earnings
Other comprehensive income
Total controlling interest
Non-controlling interest
Total Stockholders' Equity
Balance as of January 1, 2024
8,197,536
478,185
2,500,000
8,787,568
(181,508
)
19,781,783
1,162,864
20,944,646
Increase legal reserve
-
442,002
-
(442,002
)
-
-
-
-
Capital reduction
(7,003,146
)
-
-
-
-
(7,003,146
)
-
(7,003,146
)
Dividends declared non-controlling interest
-
-
-
-
-
-
(99,485
)
(99,485
)
Comprehensive income:
Net income
-
-
-
4,648,635
-
4,648,635
74,803
4,723,438
Foreign currency translation reserve
-
-
-
-
314,940
314,940
52,839
367,779
Remeasurements of employee benefit – Net
-
-
-
-
2,229
2,229
-
2,229
Reserve for cash flow hedges – Net of income tax
-
-
-
-
(35,403
)
(35,403
)
-
(35,403
)
Balance as of June 30, 2024
1,194,390
920,187
2,500,000
12,994,201
100,259
17,709,037
1,191,021
18,900,058
Balance as of January 1, 2025
1,194,390
920,187
2,500,000
16,957,723
773,499
22,345,799
2,275,940
24,621,739
Decrease legal reserve
-
(681,309
)
-
681,309
-
-
-
-
Dividends declared
-
-
-
(8,508,000
)
-
(8,508,000
)
(130,779
)
(8,638,779
)
Comprehensive income:
Net income
-
-
-
5,266,354
-
5,266,354
246,904
5,513,258
Foreign currency translation reserve
-
-
-
-
(457,559
)
(457,559
)
(41,026
)
(498,585
)
Remeasurements of employee benefit – Net
-
-
-
-
32,766
32,766
32,766
Reserve for cash flow hedges – Net of income tax
-
-
-
-
1,892
1,892
-
1,892
Balance as of June 30, 2025
1,194,390
238,878
2,500,000
14,397,387
350,598
18,681,250
2,351,039
21,032,291
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:
2Q24
2Q25
Change
6M24
6M25
Change
Total passengers
15,254.7
15,879.4
4.1
%
30,864.2
32,148.7
4.2
%
Total cargo volume (in WLUs)
703.1
686.6
(2.3
%)
1,343.1
1,337.3
(0.4
%)
Total WLUs
15,957.8
16,566.0
3.8
%
32,207.3
33,486.0
4.0
%
Aeronautical & non aeronautical services per passenger (pesos)
411.9
516.8
25.5
%
419.3
516.3
23.1
%
Aeronautical services per WLU (pesos)
285.8
347.9
21.7
%
295.7
351.3
18.8
%
Non aeronautical services per passenger (pesos)
112.9
153.8
36.2
%
110.7
150.4
35.9
%
Cost of services per WLU (pesos)
76.1
91.9
20.8
%
71.0
89.8
26.5
%
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Summary of Results 2Q25 vs. 2Q24
The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,922.2 million, or 30.6%. Total revenues increased by Ps. 3,623.0 million, or 49.9%.
Cost of services increased by Ps. 308.5 million, or 25.4%.
Income from operations increased by Ps. 1,067.6 million, or 30.4%.
EBITDA increased by Ps. 1,305.2 million, or 31.1%, an increase from Ps. 4,198.1 million in 2Q24 to Ps. 5,503.3 million in 2Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 66.8% in 2Q24 to 67.1% in 2Q25.
Comprehensive income decreased by Ps. 658.9 million, or 22.8%, from an income of Ps. 2,893.9 million in 2Q24 to an income of Ps. 2,234.9 million in 2Q25.
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:
Airline
Departure
Arrival
Opening date
Frequencies
Viva
Hermosillo
Tijuana
May 22, 2025
1 daily
Viva
Tijuana
Hermosillo
May 22, 2025
1 daily
Viva
La Paz
Santa Lucía
May 22, 2025
1 daily
Viva
La Paz
Tijuana
May 22, 2025
1 daily
Viva
Tijuana
La Paz
May 22, 2025
1 daily
Viva
Tijuana
Veracruz
May 22, 2025
3 weekly
Viva
Tijuana
Querétaro
May 23, 2025
4 weekly
Note: Frequencies can vary without prior notice.
International:
Airline
Departure
Arrival
Opening date
Frequencies
World2Fly
Montego Bay
Lisboa
June 11, 2025
1 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
2,994.8
3,090.9
3.2
%
5,666.5
6,112.1
7.9
%
Tijuana *
2,097.8
2,139.2
2.0
%
4,083.4
4,196.7
2.8
%
Los Cabos
690.6
739.7
7.1
%
1,328.3
1,408.6
6.0
%
Puerto Vallarta
742.6
830.4
11.8
%
1,317.4
1,484.0
12.6
%
Montego Bay
0.0
0.0
0.0
%
0.0
0.0
0.0
%
Guanajuato
514.3
576.8
12.2
%
998.2
1,092.3
9.4
%
Hermosillo
531.0
545.5
2.7
%
988.5
1,054.2
6.6
%
Kingston
0.5
0.1
(84.2
%)
1.1
0.2
(85.8
%)
Morelia
153.3
173.1
12.9
%
299.5
359.2
19.9
%
Mexicali
226.3
305.7
35.1
%
514.6
598.8
16.4
%
La Paz
288.1
328.1
13.9
%
559.4
608.7
8.8
%
Aguascalientes
166.2
167.4
0.7
%
308.6
319.2
3.4
%
Los Mochis
141.8
179.4
26.5
%
268.0
344.4
28.5
%
Manzanillo
30.3
31.4
3.5
%
66.2
66.1
(0.1
%)
Total
8,577.6
9,107.6
6.2
%
16,399.8
17,644.5
7.6
%
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
1,369.9
1,387.2
1.3
%
2,860.0
2,894.2
1.2
%
Tijuana *
981.7
1,051.8
7.1
%
1,934.0
2,066.7
6.9
%
Los Cabos
1,199.9
1,224.4
2.0
%
2,607.8
2,607.3
(0.0
%)
Puerto Vallarta
897.7
849.1
(5.4
%)
2,441.5
2,321.6
(4.9
%)
Montego Bay
1,285.1
1,264.7
(1.6
%)
2,742.4
2,603.7
(5.1
%)
Guanajuato
242.2
252.7
4.3
%
489.3
515.7
5.4
%
Hermosillo
20.3
19.2
(5.2
%)
43.6
40.1
(7.9
%)
Kingston
419.2
453.5
8.2
%
810.6
881.5
8.7
%
Morelia
156.8
155.9
(0.6
%)
313.9
330.1
5.1
%
Mexicali
2.1
1.8
(14.1
%)
3.8
3.6
(4.0
%)
La Paz
2.9
8.9
202.1
%
6.1
17.6
186.1
%
Aguascalientes
81.7
82.5
0.9
%
151.2
156.2
3.3
%
Los Mochis
2.0
2.0
(0.2
%)
4.0
3.9
(3.2
%)
Manzanillo
15.9
18.3
15.2
%
56.1
62.2
10.8
%
Total
6,677.3
6,771.8
1.4
%
14,464.4
14,504.2
0.3
%
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
4,364.6
4,478.1
2.6
%
8,526.5
9,006.3
5.6
%
Tijuana *
3,079.5
3,191.0
3.6
%
6,017.4
6,263.3
4.1
%
Los Cabos
1,890.5
1,964.0
3.9
%
3,936.2
4,015.9
2.0
%
Puerto Vallarta
1,640.3
1,679.5
2.4
%
3,758.9
3,805.6
1.2
%
Montego Bay
1,285.1
1,264.7
(1.6
%)
2,742.4
2,603.7
(5.1
%)
Guanajuato
756.5
829.4
9.6
%
1,487.5
1,608.1
8.1
%
Hermosillo
551.2
564.7
2.4
%
1,032.0
1,094.3
6.0
%
Kingston
419.8
453.5
8.0
%
811.8
881.7
8.6
%
Morelia
310.1
329.0
6.1
%
613.4
689.3
12.4
%
Mexicali
228.5
307.5
34.6
%
518.4
602.4
16.2
%
La Paz
291.0
337.0
15.8
%
565.6
626.3
10.7
%
Aguascalientes
247.9
249.8
0.8
%
459.8
475.3
3.4
%
Los Mochis
143.8
181.4
26.1
%
272.0
348.3
28.0
%
Manzanillo
46.2
49.7
7.5
%
122.4
128.3
4.9
%
Total
15,254.7
15,879.4
4.1
%
30,864.2
32,148.7
4.2
%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Tijuana
965.7
1,031.4
6.8
%
1,907.6
2,029.6
6.4
%
Consolidated Results for the Second Quarter of 2025 (in thousands of pesos):
2Q24
2Q25
Change
Revenues
Aeronautical services
4,560,960
5,763,188
26.4
%
Non-aeronautical services
1,722,735
2,442,659
41.8
%
Improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
Total revenues
7,259,022
10,881,996
49.9
%
6,283,695
8,205,847
30.6
%
Operating costs
Costs of services:
1,213,842
1,522,382
25.4
%
Employee costs
490,716
638,722
30.2
%
Maintenance
180,485
256,830
42.3
%
Safety, security & insurance
199,802
232,516
16.4
%
Utilities
130,036
148,732
14.4
%
Business operated directly by us
72,549
86,632
19.4
%
Other operating expenses
140,254
158,950
13.3
%
Technical assistance fees
202,174
221,680
9.6
%
Concession taxes
678,595
968,933
42.8
%
Depreciation and amortization
687,351
924,959
34.6
%
Cost of improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
Other (income)
(9,042
)
(10,461
)
15.7
%
Total operating costs
3,748,247
6,303,642
68.2
%
Income from operations
3,510,775
4,578,354
30.4
%
Financial Result
(663,157
)
(733,545
)
10.6
%
Income before income taxes
2,847,618
3,844,809
35.0
%
Income taxes
(594,903
)
(1,189,674
)
100.0
%
Net income
2,252,715
2,655,135
17.9
%
Currency translation effect
659,054
(423,527
)
(164.3
%)
Cash flow hedges, net of income tax
(20,164
)
2,668
(113.2
%)
Remeasurements of employee benefit – net income tax
2,276
667
(70.7
%)
Comprehensive income
2,893,881
2,234,943
(22.8
%)
Non-controlling interest
(95,925
)
(90,951
)
(5.2
%)
Comprehensive income attributable to controlling interest
2,797,956
2,143,992
(23.4
%)
2Q24
2Q25
Change
EBITDA
4,198,126
5,503,313
31.1
%
Comprehensive income
2,893,881
2,234,943
(22.8
%)
Comprehensive income per share (pesos)
5.7273
4.4232
(22.8
%)
Comprehensive income per ADS (US dollars)
3.4591
2.1621
(37.5
%)
Operating income margin
48.4
%
42.1
%
(13.0
%)
Operating income margin (excluding IFRIC-12)
55.9
%
55.8
%
(0.1
%)
EBITDA margin
57.8
%
50.6
%
(12.6
%)
EBITDA margin (excluding IFRIC-12)
66.8
%
67.1
%
0.4
%
Costs of services and improvements / total revenues
30.2
%
38.6
%
27.9
%
Cost of services / total revenues (excluding IFRIC-12)
19.3
%
18.6
%
(4.0
%)
- 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)
Aeronautical services revenues increased by Ps. 1,202.2 million, or 26.4%.
Non-aeronautical services revenues increased by Ps. 719.9 million, or 41.8%.
Revenues from improvements to concession assets increased by Ps. 1,700.8 million, or 174.4%.
Total revenues increased by Ps. 3,623.0 million, or 49.9%.
The change in aeronautical services revenues was primarily due to the following factors:
Revenues from Mexican airports increased by Ps. 1,067.3 million, or 27.6%, compared to 2Q24, mainly due to a Ps. 951.6 million or 22.5% increase in the passenger fee revenue, driven by the higher airport maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, and by a 4.5% increase in passenger traffic during the quarter.
Revenues from Jamaican airports increased by Ps. 134.9 million, or 19.3%, compared to 2Q24, mainly due to the depreciation of the Mexican peso against the U.S. dollar, which moved from an average exchange rate of Ps. 17.2106 in 2Q24 to Ps. 19.5453 in 2Q25, resulting in higher revenues in pesos. Additionally, there was a 0.8% increase in passenger traffic during the quarter.
The change in non-aeronautical services revenues was primarily driven by the following factors:
Revenues from Mexican airports increased by Ps. 676.2 million, or 45.9%, compared to 2Q24. Revenues from businesses operated directly by us increased by Ps. 582.8 million, or 116.7%, mainly due to the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 477.1 million. Revenues from businesses operated by third parties increased by Ps. 85.5 million, or 9.2%, primarily driven by the opening of new commercial spaces and the renegotiation of commercial contracts. The fastest-growing business lines were food and beverage, retail stores, duty-free, timeshares, and ground transportation, which together increased by Ps. 90.4 million, or 15.3%.
Revenues from Jamaican airports increased by Ps. 43.7 million, or 17.4%, compared to 2Q24. In U.S. dollar terms, revenues rose by USD $0.6 million, or 8.2%, further benefiting from a 13.6% depreciation of the Mexican peso against the U.S. dollar compared to 2Q24.
2Q24
2Q25
Change
Businesses operated by third parties:
Food and beverage
290,715
342,679
17.9
%
Duty-free
183,384
208,160
13.5
%
Car rental
204,578
211,128
3.2
%
Retail
159,927
191,431
19.7
%
Leasing of space
120,804
112,962
(6.5
%)
Other commercial revenues
61,501
59,010
(4.1
%)
Timeshares
55,367
67,818
22.5
%
Ground transportation
46,676
51,196
9.7
%
Communications and financial services
27,559
28,837
4.6
%
Total
1,150,511
1,273,221
10.7
%
Businesses operated directly by us:
Cargo operation and bonded warehouse
31,218
514,113
1546.8
%
Car parking
169,356
177,872
5.0
%
Convenience stores
135,464
161,588
19.3
%
VIP Lounges
120,862
168,321
39.3
%
Hotel operation
18,251
36,882
102.1
%
Advertising
42,400
43,366
2.3
%
Total
517,551
1,102,141
113.0
%
Recovery of costs
54,674
67,297
23.1
%
Total Non-aeronautical Revenues
1,722,735
2,442,659
41.8
%
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:
Improvements to concession assets at the Company's Mexican airports, which increased by Ps. 1,703.1 million, or 191.1%, following investments under the Master Development Program for the 2025-2029 period.
Improvements to concession assets at the Company's Jamaican airports, which decreased Ps. 2.3 million, or 2.7%.
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:
Operating costs increased by Ps. 2,467.5 million, or 83.7%, compared to 2Q24, mainly due to a Ps. 1,703.1 million or 191.1% increase in cost of improvements to the concession assets (IFRIC-12), a Ps. 274.6 million or 27.1% increase in the cost of services, a Ps. 210.2 million, or 37.0% increase in depreciation and amortization, and a Ps. 280.2 million or 57.6% combined increase in technical assistance fees and concession fees. Excluding construction costs (IFRIC 12), operating expenses increased by Ps. 764.4 million, or 37.2%.
The change in the cost of services at our Mexican airports during 2Q25 was mainly due to:
Employee costs increased by Ps. 134.2 million, or 30.8%, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed Ps. 86.5 million.
Maintenance rose by Ps. 77.1 million, or 54.5%, due to the opening of new operational areas, airfield maintenance, the operation of jet bridges by Ps. 44.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 8.4 million.
Other operating expenses increased by Ps. 29.3 million, or 15.3%, primarily due to higher consulting services and travel expenses of Ps. 11.7 million, and the consolidation of the cargo and bonded warehouse business of Ps. 12.4 million.
Safety, security and insurance rose by Ps. 17.7 million, or 11.7%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.
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:
Foreign exchange fluctuations, which went from an income of Ps. 80.9 million in 2Q24 to an expense of Ps. 40.3 million in 2Q25, resulting in a foreign exchange loss of Ps. 121.2 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 1,082.6 million increase in expense compared to 2Q24.
Interest expense decreased by Ps. 119.9 million, or 11.6%, compared to 2Q24, mainly due to a decrease in reference rates.
Interest income decreased by Ps. 69.3 million, or 24.9%, compared to 2Q24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
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):
6M24
6M25
Change
Revenues
Aeronautical services
9,523,062
11,762,321
23.5
%
Non-aeronautical services
3,417,140
4,836,535
41.5
%
Improvements to concession assets (IFRIC-12)
2,813,789
5,338,324
89.7
%
Total revenues
15,753,991
21,937,180
39.2
%
Operating costs
Costs of services:
2,285,769
3,007,237
31.6
%
Employee costs
949,877
1,252,084
31.8
%
Maintenance
342,282
513,733
50.1
%
Safety, security & insurance
382,022
447,723
17.2
%
Utilities
236,008
273,963
16.1
%
Business operated directly by us
146,160
173,968
19.0
%
Other operating expenses
229,420
345,766
50.7
%
Technical assistance fees
426,536
505,580
18.5
%
Concession taxes
1,393,211
1,990,083
42.8
%
Depreciation and amortization
1,350,300
1,857,534
37.6
%
Cost of improvements to concession assets (IFRIC-12)
2,813,789
5,338,324
89.7
%
Other (income)
(12,392
)
(36,145
)
191.7
%
Total operating costs
8,257,212
12,662,613
53.4
%
Income from operations
7,496,778
9,274,567
23.7
%
Financial Result
(1,256,892
)
(1,663,035
)
32.3
%
Income before income taxes
6,239,887
7,611,532
22.0
%
Income taxes
(1,516,453
)
(2,098,280
)
38.4
%
Net income
4,723,434
5,513,253
16.7
%
Currency translation effect
367,782
(498,585
)
(235.6
%)
Cash flow hedges, net of income tax
(35,403
)
1,892
(105.3
%)
Remeasurements of employee benefit – net income tax
2,229
32,766
1370.0
%
Comprehensive income
5,058,042
5,049,325
(0.2
%)
Non-controlling interest
(127,642
)
(205,878
)
61.3
%
Comprehensive income attributable to controlling interest
4,930,400
4,843,449
(1.8
%)
6M24
6M25
Change
EBITDA
8,847,078
11,132,102
25.8
%
Comprehensive income
5,058,042
5,049,325
(0.2
%)
Comprehensive income per share (pesos)
10.0104
9.9932
(0.2
%)
Comprehensive income per ADS (US dollars)
6.0459
4.8847
(19.2
%)
Operating income margin
47.6
%
42.3
%
(11.2
%)
Operating income margin (excluding IFRIC-12)
57.9
%
55.9
%
(3.6
%)
EBITDA margin
56.2
%
50.7
%
(9.6
%)
EBITDA margin (excluding IFRIC-12)
68.4
%
67.1
%
(1.9
%)
Costs of services and improvements / total revenues
32.4
%
38.0
%
17.5
%
Cost of services / total revenues (excluding IFRIC-12)
17.7
%
18.1
%
2.6
%
- 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)
Aeronautical services revenues increased by Ps. 2,239.3 million, or 23.5%.
Non-aeronautical services revenues increased by Ps. 1,419.4 million, or 41.5%.
Revenues from improvements to concession assets increased by Ps. 2,524.5 million, or 89.7%.
Total revenues increased by Ps. 6,183.2 million, or 39.2%.
The change in aeronautical services revenues comprised primarily of the following factors:
Revenues at our Mexican airports increased by Ps. 1,942.2 million, or 24.0%, compared to 6M24. This growth was mainly driven by the increase in the maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, the 16.8% depreciation of the Mexican peso against the U.S. dollar, and 5.0% increase in passenger traffic.
Revenues from Jamaican airports increased by Ps. 297.0 million, or 20.5%, compared to 6M24. This was mainly due to the 16.8% depreciation of the peso against the U.S. dollar, with the average exchange rate moving from Ps. 17.1042 in 6M24 to Ps. 19.9844 in 6M25, resulting in higher peso-denominated revenue. This effect was partially offset by a 1.9% decrease in passenger traffic.
- The change in non-aeronautical services revenues comprised primarily of the following factors:
Revenues at our Mexican airports increased by Ps. 1,313.6 million, or 45.0%, compared to 6M24. Revenues from businesses operated directly by us rose by Ps. 1,096.1 million, or 111.0%. Businesses operated by third parties increased by Ps. 206.9 million, or 11.2%. This was mainly due to the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, duty-free, retail, timeshares and ground transportation, which increased by Ps. 184.8 million, or 15.5%. Recovery of costs increased by Ps.10.5 million, or 11.8%.
Revenues from the Jamaican airports increased by Ps. 105.8 million, or 21.2%, compared to 6M24. Revenues in U.S. dollars increased by US$1.4 million, or 3.7%.
6M24
6M25
Change
Businesses operated by third parties:
Food and beverage
588,081
685,259
16.5
%
Duty-free
368,037
424,845
15.4
%
Car rental
403,176
416,425
3.3
%
Retail
341,779
382,605
11.9
%
Leasing of space
207,277
229,859
10.9
%
Other commercial revenues
113,833
131,035
15.1
%
Timeshares
110,747
138,723
25.3
%
Ground transportation
93,522
107,769
15.2
%
Communications and financial services
54,078
60,242
11.4
%
Total
2,280,531
2,576,761
13.0
%
Businesses operated directly by us:
Cargo operation and bonded warehouse
62,994
948,381
1405.5
%
Car parking
346,732
356,342
2.8
%
Convenience stores
283,378
331,088
16.8
%
VIP Lounges
231,941
336,336
45.0
%
Hotel operation
18,615
74,323
100.0
%
Advertising
77,807
78,206
0.5
%
Total
1,021,467
2,124,677
108.0
%
Recovery of costs
115,142
135,097
17.3
%
Total Non-aeronautical Revenues
3,417,140
4,836,535
41.5
%
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:
Improvements to concession assets at the Company's Mexican airports, which increased by Ps. 2,514.9 million, or 94.1%, following investments under the Master Development Program for the 2025-2029 period.
Improvements to concession assets at the Company's Jamaican airports, which increased Ps. 9.6 million, or 6.9%.
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:
Operating costs increased by Ps. 4,161.1 million, or 62.3%, compared to 6M24, mainly due to a Ps. 2,514.9 million or 94.1% increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 625.3 million, or 33.0%, increase in the cost of services, a combined increase in technical assistance fees and concession fees Ps. 600.3 million, or 59.3%, and an increase in depreciation and amortization of Ps. 445.5 million or 40.1%. Excluding the cost of improvements to concession assets (IFRIC-12), operating expenses increased by Ps. 1,646.1 million, or 41.1%.
The change in the cost of services at our Mexican airports during 6M25 was mainly due to:
Employee costs increased by Ps. 272.7 million, or 32.3%, mainly due to the increase in minimum wages and changes in the Federal Labor Law, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 187.8 million.
Maintenance rose by Ps. 153.4 million, or 57.3%, due to the opening of new operational areas, the operation of jet bridges by Ps. 88.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 17.3 million.
Other operating expenses increased by Ps. 136.1 million, or 40.4%, primarily due to higher consulting services and travel expenses of Ps. 31.6 million, and the consolidation of the cargo and bonded warehouse business of Ps. 64.3 million.
Safety, security and insurance rose by Ps. 34.7 million, or 12.2%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.
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:
Foreign exchange fluctuations, which went from an income of Ps. 109.9 million in 6M24 to an expense of Ps. 164.3 million in 6M25, resulting in a foreign exchange loss of Ps. 274.1 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 866.4 million increase in expense compared to 6M24.
Interest expense increased by Ps. 124.6 million, or 6.5%, compared to 6M24, mainly due to the increase in bond certificates and higher borrowings of bank loans.
Interest income decreased by Ps. 7.4 million, or 1.3%, compared to 6M24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
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.
This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words 'anticipates', 'believes', 'estimates', 'expects', 'plans' and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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 denuncia@lineadedenunciagap.com. GAP's Audit Committee will be notified of all complaints for immediate investigation.Exhibit A: Operating results by airport (in thousands of pesos):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
Aeronautical services
1,268,040
1,562,430
23.2
%
2,564,649
3,151,517
22.9
%
Non-aeronautical services
317,441
348,795
9.9
%
627,732
709,331
13.0
%
Improvements to concession assets (IFRIC 12)
402,305
1,174,426
191.9
%
1,206,914
2,348,852
94.6
%
Total Revenues
1,987,785
3,085,651
55.2
%
4,399,296
6,209,700
41.2
%
Operating income
1,105,607
1,242,734
12.4
%
2,357,430
2,424,965
2.9
%
EBITDA
1,238,723
1,450,416
17.1
%
2,615,085
2,844,519
8.8
%
Tijuana
Aeronautical services
691,854
855,119
23.6
%
1,330,342
1,587,933
19.4
%
Non-aeronautical services
137,398
125,930
(8.3
%)
290,551
250,651
(13.7
%)
Improvements to concession assets (IFRIC 12)
55,659
386,094
593.7
%
166,976
772,188
362.5
%
Total Revenues
884,912
1,367,144
54.5
%
1,787,870
2,610,772
46.0
%
Operating income
416,606
565,985
35.9
%
910,293
972,388
6.8
%
EBITDA
532,909
691,459
29.8
%
1,139,124
1,224,397
7.5
%
Los Cabos
Aeronautical services
678,207
903,938
33.3
%
1,460,930
1,850,570
26.7
%
Non-aeronautical services
333,646
349,334
4.7
%
651,689
712,000
9.3
%
Improvements to concession assets (IFRIC 12)
99,521
205,863
106.9
%
298,562
411,726
37.9
%
Total Revenues
1,111,374
1,459,135
31.3
%
2,411,181
2,974,296
23.4
%
Operating income
592,449
806,799
36.2
%
1,428,213
1,645,613
15.2
%
EBITDA
681,734
911,098
33.6
%
1,607,296
1,846,950
14.9
%
Puerto Vallarta
Aeronautical services
554,172
720,778
30.1
%
1,386,173
1,708,950
23.3
%
Non-aeronautical services
156,084
183,464
17.5
%
324,160
371,047
14.5
%
Improvements to concession assets (IFRIC 12)
247,818
503,536
103.2
%
743,455
1,007,073
35.5
%
Total Revenues
958,074
1,407,778
46.9
%
2,453,787
3,087,070
25.8
%
Operating income
382,540
584,274
52.7
%
1,184,206
1,365,432
15.3
%
EBITDA
436,696
647,844
48.4
%
1,293,055
1,494,221
15.6
%
Montego Bay
Aeronautical services
451,015
518,434
14.9
%
965,270
1,103,799
14.4
%
Non-aeronautical services
199,927
231,963
16.0
%
398,845
476,550
19.5
%
Improvements to concession assets (IFRIC 12)
39,954
64,368
61.1
%
80,681
113,354
40.5
%
Total Revenues
690,897
814,765
17.9
%
1,444,798
1,693,703
17.2
%
Operating income
250,207
305,501
22.1
%
541,105
648,016
19.8
%
EBITDA
321,002
391,479
22.0
%
681,708
823,813
20.8
%
Exhibit A: Operating results by airport (in thousands of pesos):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guanajuato
Aeronautical services
209,686
280,231
33.6
%
428,065
548,630
28.2
%
Non-aeronautical services
46,658
46,903
0.5
%
92,604
97,540
5.3
%
Improvements to concession assets (IFRIC 12)
37,025
130,222
251.7
%
111,075
260,444
134.5
%
Total Revenues
293,369
457,356
55.9
%
631,745
906,614
43.5
%
Operating income
139,587
208,424
49.3
%
339,761
407,575
20.0
%
EBITDA
161,425
233,880
44.9
%
383,005
458,950
19.8
%
Hermosillo
Aeronautical services
132,431
161,897
22.3
%
250,143
305,246
22.0
%
Non-aeronautical services
28,985
30,191
4.2
%
56,967
56,762
(0.4
%)
Improvements to concession assets (IFRIC 12)
10,720
17,224
60.7
%
32,159
34,448
7.1
%
Total Revenues
172,136
209,312
21.6
%
339,269
396,456
16.9
%
Operating income
65,385
97,867
49.7
%
150,699
176,221
16.9
%
EBITDA
90,659
123,579
36.3
%
201,279
228,262
13.4
%
Others (1)
Aeronautical services
575,556
760,361
32.1
%
1,137,490
1,505,675
32.4
%
Non-aeronautical services
102,998
115,531
12.2
%
209,218
234,076
11.9
%
Improvements to concession assets (IFRIC 12)
82,326
194,416
136.2
%
173,965
390,239
124.3
%
Total Revenues
760,880
1,070,309
40.7
%
1,520,673
2,129,991
40.1
%
Operating income
(24,265
)
248,864
(1125.6
%)
10,809
481,021
4350.3
%
EBITDA
125,786
351,893
179.8
%
309,263
689,098
122.8
%
Total
Aeronautical services
4,560,960
5,763,188
26.4
%
9,523,062
11,762,320
23.5
%
Non-aeronautical services
1,323,136
1,432,112
8.2
%
2,651,767
2,907,957
9.7
%
Improvements to concession assets (IFRIC 12)
975,327
2,676,149
174.4
%
2,813,789
5,338,324
89.7
%
Total Revenues
6,859,423
9,871,449
43.9
%
14,988,618
20,008,601
33.5
%
Operating income
2,928,112
4,060,448
38.7
%
6,922,515
8,121,231
17.3
%
EBITDA
3,588,935
4,801,647
33.8
%
8,229,814
9,610,209
16.8
%
(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):
2024
2025
Change
%
Assets
Current assets
Cash and cash equivalents
12,584,900
9,697,343
(2,887,557
)
(22.9
%)
Trade accounts receivable - Net
2,337,543
3,154,471
816,928
34.9
%
Other current assets
1,169,781
1,152,861
(16,920
)
(1.4
%)
Total current assets
16,092,224
14,004,675
(2,087,549
)
(13.0
%)
Advanced payments to suppliers
1,774,646
869,569
(905,077
)
(51.0
%)
Machinery, equipment and improvements to leased buildings - Net
4,369,470
4,623,910
254,440
5.8
%
Improvements to concession assets - Net
31,357,661
37,232,836
5,875,175
18.7
%
Airport concessions - Net
9,167,056
9,140,466
(26,590
)
(0.3
%)
Rights to use airport facilities - Net
1,024,916
967,163
(57,753
)
(5.6
%)
Other acquired rights
-
1,937,118
1,937,118
100.0
%
Deferred income taxes - Net
7,667,150
8,480,777
813,627
10.6
%
Other non-current assets
1,864,594
931,541
(933,052
)
(50.0
%)
Total assets
73,317,717
78,188,055
4,870,338
6.6
%
Liabilities
Current liabilities
16,313,310
14,743,847
(1,569,463
)
(9.6
%)
Long-term liabilities
38,104,347
42,411,926
4,307,579
11.3
%
Total liabilities
54,417,657
57,155,773
2,738,116
5.0
%
Stockholders' Equity
Common stock
1,194,390
1,194,390
-
0.0
%
Legal reserve
920,187
238,878
(681,309
)
(74.0
%)
Net income
4,648,636
5,266,355
617,719
13.3
%
Retained earnings
8,345,564
9,131,025
785,461
9.4
%
Reserve for share repurchase
2,500,000
2,500,000
-
0.0
%
Foreign currency translation reserve
74,634
312,241
237,607
318.4
%
Remeasurements of employee benefit – Net
311
41,049
40,738
13099.0
Cash flow hedges- Net
25,315
(2,692
)
(28,007
)
(110.6
Total controlling interest
17,709,037
18,681,246
972,209
5.5
%
Non-controlling interest
1,191,020
2,351,039
1,160,019
97.4
%
Total stockholder's equity
18,900,057
21,032,285
2,132,228
11.3
%
Total liabilities and stockholders' equity
73,317,717
78,188,055
4,870,338
6.6
%
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):
2Q24
2Q25
Change
6M24
6M25
Change
Cash flows from operating activities:
Consolidated net income
2,252,715
2,655,135
17.9
%
4,723,435
5,513,253
16.7
%
Postemployment benefit costs
13,776
15,459
12.2
%
27,552
29,621
7.5
%
Allowance expected credit loss
21,328
(13,123
)
(161.5
%)
18,527
12,269
(33.8
%)
Depreciation and amortization
687,351
924,959
34.6
%
1,350,300
1,857,534
37.6
%
Loss on sale of machinery, equipment and improvements to leased assets
11,215
(630
)
(105.6
%)
11,760
1,360
(88.4
%)
Interest expense
981,033
1,034,255
5.4
%
1,977,891
2,281,509
15.4
%
Provisions
9,970
9,022
(9.5
%)
16,250
(21,667
)
(233.3
%)
Income tax expense
594,903
1,189,674
100.0
%
1,516,453
2,098,280
38.4
%
Unrealized exchange loss
309,521
(54,076
)
(117.5
%)
225,863
56,804
(74.9
%)
4,881,812
5,760,675
18.0
%
9,868,031
11,828,961
19.9
%
Changes in working capital:
(Increase) decrease in
Trade accounts receivable
128,758
162,331
26.1
%
(83,124
)
(493,714
)
493.9
%
Recoverable tax on assets and other assets
394,674
25,725
(93.5
%)
791,223
107,364
(86.4
%)
Increase (decrease)
Concession taxes payable
(258,431
)
(248,380
)
(3.9
%)
(109,032
)
(215,106
)
97.3
%
Accounts payable
(400,002
)
(117,942
)
(70.5
%)
(474,606
)
(46,488
)
(90.2
%)
Cash generated by operating activities
4,746,811
5,582,409
17.6
%
9,992,492
11,181,017
11.9
%
Income taxes paid
(875,615
)
(1,202,747
)
37.4
%
(1,586,948
)
(2,324,790
)
46.5
%
Net cash flows provided by operating activities
3,871,196
4,379,662
13.1
%
8,405,543
8,856,227
5.4
%
Cash flows from investing activities:
Machinery, equipment and improvements to concession assets
(1,701,189
)
(678,121
)
(60.1
%)
(3,109,274
)
(2,384,763
)
(23.3
%)
Cash flows from sales of machinery and equipment
2,878
1,656
(42.5
%)
4,235
1,774
(58.1
%)
Other investment activities
199,053
(1,746,391
)
(977.3
%)
72,270
(1,732,569
)
(2497.4
%)
Net cash used by investment activities
(2,374,762
)
(2,422,856
)
2.0
%
(3,908,274
)
(4,115,559
)
5.3
%
Cash flows from financing activities:
Dividends declared
-
(4,254,436
)
100.0
%
-
(4,254,436
)
100.0
%
Dividends paid
(65,424
)
(152,881
)
133.7
%
(65,424
)
(152,881
)
(133.7
%)
Bond certificates issued
-
-
0.0
%
3,000,000
6,000,000
100.0
%
Bond certificates paid
-
(2,500,000
)
100.0
%
(3,000,000
)
(7,000,000
)
133.3
%
Bank loans
875,000
3,249,098
271.3
%
875,000
3,249,098
271.3
%
Interest paid on bank loans
(1,314,322
)
(941,099
)
(28.4
%)
(2,384,483
)
(2,306,485
)
(3.3
%)
Interest paid on lease
(971
)
(592
)
(39.0
%)
(2,031
)
(1,282
)
(36.9
%)
Payments of obligations for leasing
(4,454
)
(2,566
)
(42.4
%)
(8,908
)
(18,899
)
112.1
%
Net cash flows used in financing activities
(578,588
)
(8,057,414
)
1292.6
%
(1,654,263
)
(7,939,822
)
380.0
%
Effects of exchange rate changes on cash held
125,431
(429,868
)
(442.7
%)
(313,317
)
(569,530
)
81.8
%
Net increase (decrease) in cash and cash equivalents
1,043,277
(6,530,476
)
(726.0
%)
2,529,691
(3,768,684
)
(249.0
%)
Cash and cash equivalents at beginning of the period
11,541,621
16,227,819
40.6
%
10,055,211
13,466,026
33.9
%
Cash and cash equivalents at the end of the period
12,584,900
9,697,343
(22.9
%)
12,584,900
9,697,343
(22.9
%)
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
2Q24
2Q25
Change
6M24
6M25
Change
Revenues
Aeronautical services
4,560,960
5,763,188
26.4
%
9,523,062
11,762,321
23.5
%
Non-aeronautical services
1,722,735
2,442,659
41.8
%
3,417,140
4,836,535
41.5
%
Improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
2,813,789
5,338,324
89.7
%
Total revenues
7,259,022
10,881,996
49.9
%
15,753,991
21,937,180
39.2
%
Operating costs
Costs of services:
1,213,842
1,522,382
25.4
%
2,285,769
3,007,237
31.6
%
Employee costs
490,716
638,722
30.2
%
949,877
1,252,084
31.8
%
Maintenance
180,485
256,830
42.3
%
342,282
513,733
50.1
%
Safety, security & insurance
199,802
232,516
16.4
%
382,022
447,723
17.2
%
Utilities
130,036
148,732
14.4
%
236,008
273,963
16.1
%
Business operated directly by us
72,549
86,632
19.4
%
146,160
173,968
19.0
%
Other operating expenses
140,254
158,950
13.3
%
229,420
345,766
50.7
%
Technical assistance fees
202,174
221,680
9.6
%
426,536
505,580
18.5
%
Concession taxes
678,595
968,933
42.8
%
1,393,211
1,990,083
42.8
%
Depreciation and amortization
687,351
924,959
34.6
%
1,350,300
1,857,534
37.6
%
Cost of improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4
%
2,813,789
5,338,324
89.7
%
Other (income)
(9,042
)
(10,461
)
15.7
%
(12,392
)
(36,145
)
191.7
%
Total operating costs
3,748,247
6,303,642
68.2
%
8,257,212
12,662,613
53.4
%
Income from operations
3,510,775
4,578,354
30.4
%
7,496,778
9,274,567
23.7
%
Financial Result
(663,157
)
(733,545
)
10.6
%
(1,256,892
)
(1,663,035
)
32.3
%
Income before income taxes
2,847,618
3,844,809
35.0
%
6,239,887
7,611,532
22.0
%
Income taxes
(594,903
)
(1,189,674
)
100.0
%
(1,516,453
)
(2,098,280
)
38.4
%
Net income
2,252,715
2,655,135
17.9
%
4,723,434
5,513,253
16.7
%
Currency translation effect
659,054
(423,527
)
(164.3
%)
367,782
(498,585
)
(235.6
%)
Cash flow hedges, net of income tax
(20,164
)
2,668
(113.2
%)
(35,403
)
1,892
(105.3
%)
Remeasurements of employee benefit – net income tax
2,276
667
(70.7
%)
2,229
32,766
1370.0
%
Comprehensive income
2,893,881
2,234,943
(22.8
%)
5,058,042
5,049,325
(0.2
%)
Non-controlling interest
(95,925
)
(90,951
)
(5.2
%)
(127,642
)
(205,878
)
61.3
%
Comprehensive income attributable to controlling interest
2,797,956
2,143,992
(23.4
%)
4,930,400
4,843,449
(1.8
%)
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):
Common Stock
Legal Reseve
Reserve for Share Repurchase
Retained Earnings
Other comprehensive income
Total controlling interest
Non-controlling interest
Total Stockholders' Equity
Balance as of January 1, 2024
8,197,536
478,185
2,500,000
8,787,568
(181,508
)
19,781,783
1,162,864
20,944,646
Increase legal reserve
-
442,002
-
(442,002
)
-
-
-
-
Capital reduction
(7,003,146
)
-
-
-
-
(7,003,146
)
-
(7,003,146
)
Dividends declared non-controlling interest
-
-
-
-
-
-
(99,485
)
(99,485
)
Comprehensive income:
Net income
-
-
-
4,648,635
-
4,648,635
74,803
4,723,438
Foreign currency translation reserve
-
-
-
-
314,940
314,940
52,839
367,779
Remeasurements of employee benefit – Net
-
-
-
-
2,229
2,229
-
2,229
Reserve for cash flow hedges – Net of income tax
-
-
-
-
(35,403
)
(35,403
)
-
(35,403
)
Balance as of June 30, 2024
1,194,390
920,187
2,500,000
12,994,201
100,259
17,709,037
1,191,021
18,900,058
Balance as of January 1, 2025
1,194,390
920,187
2,500,000
16,957,723
773,499
22,345,799
2,275,940
24,621,739
Decrease legal reserve
-
(681,309
)
-
681,309
-
-
-
-
Dividends declared
-
-
-
(8,508,000
)
-
(8,508,000
)
(130,779
)
(8,638,779
)
Comprehensive income:
Net income
-
-
-
5,266,354
-
5,266,354
246,904
5,513,258
Foreign currency translation reserve
-
-
-
-
(457,559
)
(457,559
)
(41,026
)
(498,585
)
Remeasurements of employee benefit – Net
-
-
-
-
32,766
32,766
32,766
Reserve for cash flow hedges – Net of income tax
-
-
-
-
1,892
1,892
-
1,892
Balance as of June 30, 2025
1,194,390
238,878
2,500,000
14,397,387
350,598
18,681,250
2,351,039
21,032,291
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:
2Q24
2Q25
Change
6M24
6M25
Change
Total passengers
15,254.7
15,879.4
4.1
%
30,864.2
32,148.7
4.2
%
Total cargo volume (in WLUs)
703.1
686.6
(2.3
%)
1,343.1
1,337.3
(0.4
%)
Total WLUs
15,957.8
16,566.0
3.8
%
32,207.3
33,486.0
4.0
%
Aeronautical & non aeronautical services per passenger (pesos)
411.9
516.8
25.5
%
419.3
516.3
23.1
%
Aeronautical services per WLU (pesos)
285.8
347.9
21.7
%
295.7
351.3
18.8
%
Non aeronautical services per passenger (pesos)
112.9
153.8
36.2
%
110.7
150.4
35.9
%
Cost of services per WLU (pesos)
76.1
91.9
20.8
%
71.0
89.8
26.5
%
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Exclusive-Mexico's antitrust watchdog accuses banks of joint price fixing
By Natalia Siniawski MEXICO CITY (Reuters) -Mexico's antitrust watchdog COFECE has found that 21 banks and financial institutions operating in the country are likely responsible for fixing fees related to deferred credit card payments, according to a document produced by the government agency that was seen by Reuters. The 649-page document outlining the findings and listing the institutions and individuals allegedly involved includes the Mexican subsidiaries of HSBC, Santander and Scotiabank. The document indicates that, based on preliminary findings, there is sufficient evidence to presume the parties may have engaged in anti-competitive conduct. COFECE began the investigation in 2022, saying at the time it was looking into suspected monopolistic practices, including price-fixing and manipulation in the market for deferred credit card payments, by which the cost of a purchase can be spread over several months. The antitrust authority alleges the institutions met regularly to set surcharges for merchants, which were then formalized in regulations and collectively enforced, while also excluding some merchants from the market. The banks listed in the document are being notified of the findings, the document says, marking the start of a trial-like phase in which the parties can present evidence and arguments in their defense before the watchdog's plenary issues a final resolution. It is unclear what the penalty would be if the allegations are upheld. By law, it can impose fines as high as 10% of a company's annual Mexican earnings. COFECE's remit is limited to issuing fines. It does not have the power to prosecute, but can file class-action lawsuits and submit reports to prosecutors who can initiate legal proceedings. Some of the other institutions cited are: Red Amigo DAL; Banco Mercantil del Norte; Banco Nacional del Ejercito, Fuerza Aerea y Armada; Servicios Financieros Soriana; Banco Regional; Banco INVEX, and Banco Azteca. Others include Banca Afirme; Banca Mifel; Tarjetas del Futuro; Liverpool PC; Banco del Bajio; Banco Inbursa; Klar Technologies; Crediclub; Oplay Digital Services; Caja Morelia Valladolid and Banco Ahorro Famsa. COFECE and the banks did not immediately respond to requests for comment. COFECE has previously targeted other major industries in high-profile actions. In August 2021, the agency fined five pharmaceutical distributors and 21 individuals roughly 903 million pesos ($48.65 million) for a decade of fixing prices and restricting the supply of essential medicines between 2006 and 2016. In October 2022, it imposed over 2.4 billion pesos in fines on more than 50 liquefied petroleum gas distributors across several states, finding evidence of coordinated price manipulation and market division. ($1 = 18.5605 Mexican pesos) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
US DOT Slams Mexico Over Relocation of Air Cargo Flights
The U.S. Department of Transportation (DOT) is accusing the Mexican government of violating the countries' bilateral aviation agreement when it rescinded some flights for American air carriers and required them to relocate air cargo operations in Mexico City. Transportation Secretary Sean Duffy said Mexico has not been compliant with the 2015 U.S.-Mexico Air Transport Agreement since 2022, when the country began shifting cargo-only flights to newly opened Felipe Angeles International Airport (NLU) and started reducing slots at Benito Juarez International Airport (MEX). More from Sourcing Journal China Threatens to Block $23B Port Deal Without Cosco Stake: Report Inditex Has a Flights and Rights Problem, Activists Say Canada, Losing Confidence in US Trade Deal, Cozies Up to Mexico At the time, the transition was put in place to ease chronic congestion at MEX. According to DOT, Mexico claimed the shift was necessary to allow for construction to alleviate the congestion, but 'that has yet to materialize three years later,' the department said. 'By restricting slots and mandating that all-cargo operations move out of MEX, Mexico has broken its promise, disrupted the market and left American businesses holding the bag for millions in increased costs,' a press release said. In September 2022, MEX reduced the number of authorized landing and takeoff slots per hour from 61 to 52, and later to 43 flights per hour—a 20 percent reduction effective October 2023. This affected the 'big three' U.S. airlines: American Airlines, Delta Air Lines and United Airlines. Three Mexican carriers (Aeromexico, Viva Aerobus and Volaris) also were impacted. The Transportation Department says it has repeatedly reached out to Mexico regarding the status of the slots, but the Mexican government has not provided any information regarding when they would be reopened, or if any major construction projects at MEX have come to fruition. Mexico's requirement for air carrier relocation also caught grief from the International Air Transport Association (IATA), which said in January 2023 that it was not feasible to expect airlines to move cargo operations on short notice. The move provided U.S. cargo carriers with 108 business days to make the shift to NLU. Should Mexico opt not to address U.S. concerns or take corrective action, DOT said it could disapprove new flight requests from the country. Thus far, the DOT has taken steps to counter the moves, requiring Mexican airlines to file schedules with the department for all their U.S. operations by July 29. Another order requires prior DOT approval before operating any large passenger or cargo aircraft charter flights to or from the U.S. Additionally, the department is proposing to withdraw antitrust immunity from Delta's joint venture with Aeromexico, in what would be a blow to their partnership that started in 2016. If the DOT went through with the withdrawal, Delta and Aeromexico would be required to discontinue cooperation on items such as common pricing, capacity management and revenue sharing. Delta and Aeromexico would be able to continue their partnership via activities such as codesharing, marketing and frequent flyer cooperation. Delta will also be able to retain its equity stake in Aeromexico and maintain all its existing flying in the U.S-Mexico market unimpeded. 'Mexico's actions harm airlines seeking to enter the market, existing competitor airlines, consumers of air travel and products relying on time-sensitive air cargo shipments traded between the two countries, and other stakeholders in the American economy,' DOT's show cause order said. On Monday, Mexican President Claudia Sheinbaum said that the government has not yet received formal notification from the U.S. over potential measures against Mexico's airline sector, adding that she sees no justification for such sanctions. 'There is no reason for Mexico to receive any sanctions for changes made to the capital's airport system,' Sheinbaum said at her daily news conference. Sheinbaum ruled out any reallocation of flights in Mexico City. The actions by the DOT follow President Donald Trump's insistence earlier this month that Mexico will face 30 percent tariffs starting Aug. 1—up from the 25 percent imposed near the start of his term. Those tariffs apply to products that aren't covered by the U.S.-Mexico-Canada Agreement (USMCA), a deal that Commerce Secretary Howard Lutnick said Trump would 'absolutely' look to renegotiate when it is up for review in July 2026. Mexico may not be the only country locked in trade negotiations with the U.S. that is impacted by the DOT's decisions. The department said it is 'taking note' of multiple other countries, including European states, to ensure do they not implement operational aviation restrictions. The Cargo Airline Association (CAA) endorsed the DOT aviation sanctions on Mexico, saying the move to require U.S. all-cargo carriers to move out of MEX disrupted critical air cargo operations. Additionally, the CAA said Mexico's decision set a dangerous precedent for how all-cargo carriers may be treated in global markets and created uncertainty about how potential safety emergencies could be handled. 'Today's announcement sends a clear and necessary message: the United States will not tolerate unfair, anti-competitive behavior that is counter to the tenants of the U.S. Open Skies framework and harms American businesses,' said Lauren Beyer, president of the CAA, in a statement. 'We applaud the Department's use of its authority and regulatory tools to restore fairness and accountability in the U.S.-Mexico aviation market.' Solve the daily Crossword
Yahoo
an hour ago
- Yahoo
LVMH Stock Rises 3.9% Following H1 Results Release
PARIS — The French stock market smiled Friday on LVMH Moët Hennessy Louis Vuitton's recent first-half financial results, which were released the prior day. The luxury goods behemoth's stock ended the day up 3.9 percent to 488.70 euros. More from WWD Coach's Brooklyn Bag Is One of the Hottest Bags to Buy Now - And It Just Dropped in Three New Colors for Fall Everything to Know About the 2025 Skims End of Season Sale: Top Editor-Tested Deals to Shop Now LVMH Fashion Division Misses Forecasts as Japan Sales Plummet As previously reported, LVMH's net profit fell 22 percent to 5.7 billion euros in the first six months of the year, as its key fashion and leather goods division, with brands including Louis Vuitton, Dior and Celine, missed forecasts while Japan sales plummeted. However, the group's other divisions either beat or were in line with expectations. In a note Friday, Deutsche Bank called LVMH's results 'better than we feared,' and said it believes an earnings trough is now approaching. 'Investors have been waiting for an opportunity to revisit this stock and the conference call highlighted a number of factors which may encourage this including a 'tangible' recovery in China, market share gains in key brands and potential for structural efficiencies as well as ongoing tight cost management,' wrote Adam Cochrane, a research analyst at Deutsche Bank, in the note, referring to the call with analysts and journalists Thursday evening. He added 'investors now view the risk/reward more favorably now that the 1H is out of the way, 2H forecasts have been rebased on FX and some of the more positive news is digested.' Year-to-date, LVMH stock is down 23.1 percent. Arnault has been working against various headwinds, the strongest of which is U.S. tariffs. The executive has been trying to help resolve the threat of 30 percent tariffs announced by U.S. President Donald Trump on goods entering the U.S. from the European Union starting Aug. 1. The luxury titan's family holding companies have also purchased more than $1 billion of LVMH shares since the end of January, which would make it the owner of more than 50 percent of the group's stock by the beginning of 2026, according to the Wall Street Journal. Arnault reportedly said he plans to open another Louis Vuitton factory in Texas and will not sell LVMH's wines and spirits division, which has been ailing. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
