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Grupo Aeroportuario Del Pacifico Announces Results for the First Quarter of 2025

GUADALAJARA, Mexico, April 29, 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 first quarter ended March 31, 2025 (1Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 1Q25 vs. 1Q24

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,736.5 million, or 26.1%. Total revenues increased by Ps. 2,560.2 million, or 30.1%.
  • Cost of services increased by Ps. 412.9 million, or 38.5%
    .
  • Income from operations increased by Ps. 710.2 million, or 17.8%
    .
  • EBITDA increased by Ps. 979.8 million, or 21.1%, from Ps. 4,649.0 million in 1Q24 to Ps. 5,628.8 million in 1Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 69.8% in 1Q24 to 67.1% in 1Q25.
  • Comprehensive income increased by Ps. 650.2 million, or 30.0%, from Ps. 2,164.2 million in 1Q24 to Ps. 2,814.4 million in 1Q25.

Company’s Financial Position:

As of March 31, 2025, the Company reported a cash and cash equivalents position of Ps. 16,227.8 million. During 1Q25, the Company issued long-term bonds (certificados bursátiles) for Ps. 6,000.0 million to refinance debt and fund capital investments. In addition, it refinanced its credit facility with Banamex for USD$40.0 million for an additional six-month term and extended the maturity date of its USD$60.0 million credit facility with The Bank of Nova Scotia and The Bank of Nova Scotia Jamaica Limited until October 4, 2029.


Passenger Traffic


During 1Q25, total passengers at the Company’s 14 airports increased by 660.0 thousand passengers, an increase of 4.2%, compared to 1Q24.

During 1Q25, the following new routes were opened:

Domestic:        
         
Airline Departure Arrival Opening date Frequencies
Volaris Mexicali Culiacan January 28, 2025 1 daily
Volaris Puerto Vallarta Monterrey March 30, 2025 1 daily
Volaris Guanajuato Monterrey March 30, 2025 2 daily
Note: Frequencies can vary without prior notice.
         
International        
         
Airline Departure Arrival Opening date Frequencies
Alaska Los Cabos Sacramento January 6, 2025 5 weekly
Alaska Puerto Vallarta Nueva York – JFK January 8, 2025 4 weekly
Alaska Puerto Vallarta Sacramento January 11, 2025 1 weekly
Alaska Puerto Vallarta Kansas City January 18, 2025 1 weekly
Alaska Puerto Vallarta St. Louis January 18, 2025 1 weekly
Alaska Puerto Vallarta Milwaukee February 1, 2025 1 weekly
Avelo Montego Bay Raleigh-Durham February 12, 2025 2 weekly
Southwest Puerto Vallarta Sacramento March 8, 2025 1 weekly
Southwest Los Cabos Nashville March 8, 2025 1 weekly
Volaris Los Cabos Oakland March 20, 2025 1 daily
Note: Frequencies can vary without prior notice.

             
Domestic Terminal Passengers – 14 airports (in thousands):
 
Airport 1Q24 1Q25 Change 1Q24 1Q25 Change
Guadalajara 2,671.7 3,021.1 13.1 % 2,671.7 3,021.1 13.1 %
Tijuana* 1,985.6 2,057.5 3.6 % 1,985.6 2,057.5 3.6 %
Puerto Vallarta 574.8 653.6 13.7 % 574.8 653.6 13.7 %
Los Cabos 637.7 668.9 4.9 % 637.7 668.9 4.9 %
Montego Bay 0.0 0.0 N/A 0.0 0.0 N/A
Guanajuato 484.0 515.5 6.5 % 484.0 515.5 6.5 %
Hermosillo 457.5 508.7 11.2 % 457.5 508.7 11.2 %
Kingston 0.6 0.1 (87.3 %) 0.6 0.1 (87.3 %)
Morelia 146.2 186.1 27.3 % 146.2 186.1 27.3 %
Mexicali 288.3 293.1 1.7 % 288.3 293.1 1.7 %
La Paz 271.4 280.6 3.4 % 271.4 280.6 3.4 %
Aguascalientes 142.3 151.8 6.7 % 142.3 151.8 6.7 %
Los Mochis 126.2 165.0 30.8 % 126.2 165.0 30.8 %
Manzanillo 35.9 34.8 (3.2 %) 35.9 34.8 (3.2 %)
Total 7,822.2 8,536.9 9.1 % 7,822.2 8,536.9 9.1 %
*Cross Border Xpress (CBX) users are classified as international passengers.
             
International Terminal Passengers – 14 airports (in thousands):
 
Airport 1Q24 1Q25 Change 1Q24 1Q25 Change
Guadalajara 1,490.2 1,507.0 1.1 % 1,490.2 1,507.0 1.1 %
Tijuana* 952.4 1,014.9 6.6 % 952.4 1,014.9 6.6 %
Puerto Vallarta 1,543.8 1,472.5 (4.6 %) 1,543.8 1,472.5 (4.6 %)
Los Cabos 1,408.0 1,382.9 (1.8 %) 1,408.0 1,382.9 (1.8 %)
Montego Bay 1,457.3 1,338.9 (8.1 %) 1,457.3 1,338.9 (8.1 %)
Guanajuato 247.1 263.1 6.5 % 247.1 263.1 6.5 %
Hermosillo 23.3 20.9 (10.2 %) 23.3 20.9 (10.2 %)
Kingston 391.4 428.0 9.4 % 391.4 428.0 9.4 %
Morelia 157.2 174.2 10.8 % 157.2 174.2 10.8 %
Mexicali 1.6 1.8 9.3 % 1.6 1.8 9.3 %
La Paz 3.2 8.7 171.5 % 3.2 8.7 171.5 %
Aguascalientes 69.5 73.7 6.0 % 69.5 73.7 6.0 %
Los Mochis 2.0 1.9 (6.3 %) 2.0 1.9 (6.3 %)
Manzanillo 40.3 43.9 9.0 % 40.3 43.9 9.0 %
Total 7,787.1 7,732.4 (0.7 %) 7,787.1 7,732.4 (0.7 %)
*CBX users are classified as international passengers.
             
Total Terminal Passengers – 14 airports (in thousands):
 
Airport 1Q24 1Q25 Change 1Q24 1Q25 Change
Guadalajara 4,161.9 4,528.2 8.8 % 4,161.9 4,528.2 8.8 %
Tijuana* 2,938.0 3,072.3 4.6 % 2,938.0 3,072.3 4.6 %
Puerto Vallarta 2,118.6 2,126.1 0.4 % 2,118.6 2,126.1 0.4 %
Los Cabos 2,045.7 2,051.8 0.3 % 2,045.7 2,051.8 0.3 %
Montego Bay 1,457.3 1,338.9 (8.1 %) 1,457.3 1,338.9 (8.1 %)
Guanajuato 731.0 778.6 6.5 % 731.0 778.6 6.5 %
Hermosillo 480.8 529.6 10.2 % 480.8 529.6 10.2 %
Kingston 392.0 428.1 9.2 % 392.0 428.1 9.2 %
Morelia 303.4 360.3 18.8 % 303.4 360.3 18.8 %
Mexicali 289.9 294.9 1.7 % 289.9 294.9 1.7 %
La Paz 274.6 289.3 5.4 % 274.6 289.3 5.4 %
Aguascalientes 211.8 225.5 6.5 % 211.8 225.5 6.5 %
Los Mochis 128.2 166.9 30.2 % 128.2 166.9 30.2 %
Manzanillo 76.2 78.7 3.2 % 76.2 78.7 3.2 %
Total 15,609.3 16,269.3 4.2 % 15,609.3 16,269.3 4.2 %
*CBX users are classified as international passengers.
             
CBX (thousands)
             
Airport 1Q24 1Q25 Change 1Q24 1Q25 Change
Tijuana 941.8 998.2 6.0 % 941.8 998.2 6.0 %
                 
             

Consolidated Results for the First Quarter of 2025
(in thousands of pesos)
:
 
  1Q24 1Q25 Change
Revenues      
Aeronautical services 4,962,102   5,999,133   20.9 %
Non-aeronautical services 1,694,405   2,393,875   41.3 %
Improvements to concession assets (IFRIC-12) 1,838,461   2,662,175   44.8 %
Total revenues 8,494,968   11,055,183   30.1 %
       
Operating costs      
Costs of services: 1,071,927   1,484,855   38.5 %
Employee costs 459,161   613,362   33.6 %
Maintenance 161,797   256,903   58.8 %
Safety, security & insurance 182,220   215,207   18.1 %
Utilities 105,972   125,231   18.2 %
Business operated directly by us 73,611   87,336   18.6 %
Other operating expenses 89,166   186,816   109.5 %
       
Technical assistance fees 224,362   283,900   26.5 %
Concession taxes 714,616   1,021,150   42.9 %
Depreciation and amortization 662,948   932,575   40.7 %
Cost of improvements to concession assets (IFRIC-12) 1,838,461   2,662,175   44.8 %
Other (income) (3,350 ) (25,683 ) 666.7 %
Total operating costs 4,508,964   6,358,972   41.0 %
Income from operations 3,986,004   4,696,211   17.8 %
Financial Result (593,735 ) (929,490 ) 56.5 %
Income before income taxes 3,392,270   3,766,721   11.0 %
Income taxes (921,550 ) (908,605 ) (1.4 %)
Net income 2,470,720   2,858,116   15.7 %
Currency translation effect (291,272 ) (75,058 ) (74.2 %)
Cash flow hedges, net of income tax (15,239 ) (776 ) (94.9 %)
Remeasurements of employee benefit – net income tax (47 ) 32,099   (68395.7 %)
Comprehensive income 2,164,162   2,814,381   30.0 %
Non-controlling interest (31,717 ) (114,926 ) 262.4 %
Comprehensive income attributable to controlling interest 2,132,445   2,699,454   26.6 %
       
       
       
EBITDA 4,648,952   5,628,786   21.1 %
Comprehensive income 2,164,162   2,814,381   30.0 %
Comprehensive income per share (pesos) 4.2831   5.5700   30.0 %
Comprehensive income per ADS (US dollars) 2.0936   2.7226   30.0 %
       
Operating income margin 46.9 % 42.5 % (9.5 %)
Operating income margin (excluding IFRIC-12) 59.9 % 56.0 % (6.6 %)
EBITDA margin 54.7 % 50.9 % (7.0 %)
EBITDA margin (excluding IFRIC-12) 69.8 % 67.1 % (4.0 %)
Costs of services and improvements / total revenues 34.3 % 37.5 % 9.5 %
Cost of services / total revenues (excluding IFRIC-12) 16.1 % 17.7 % 9.9 %
       
 – Net income and comprehensive income per share for 1Q25 and 1Q24 were calculated based on 505,277,464 shares outstanding as of March 31, 2025, and March 31, 2024, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.4582 per U.S. dollar (the noon buying rate on March 31, 2025, as published by the U.S. Federal Reserve Board). 
For purposes of consolidating our Jamaican airports, the average three-month exchange rate of Ps. 20.4235 per U.S. dollar for the three months ended March 31, 2025, was used.   
 

Revenues (1Q25 vs. 1Q24)

  • Aeronautical services revenues increased by Ps. 1,037.0 million, or 20.9%.
  • Non-aeronautical services revenues increased by Ps. 699.5 million, or 41.3%.
  • Revenues from improvements to concession assets increased by Ps. 823.7 million, or 44.8%.
  • Total revenues increased by Ps. 2,560.2 million, or 30.1%.
  • The change in aeronautical services revenues was primarily due to the following factors:
    1. Revenues from Mexican airports increased by Ps. 874.9 million, or 20.8%, compared to 1Q24, mainly due to an increase in passenger charges revenue by Ps. 776.3 million, or 18.6%. This was primarily due to higher maximum tariffs approved for the 2025-2029 period, starting in March 2025, the depreciation of the peso against the dollar of 20.2%, and a 5.4% increase in passenger traffic.
    2. Revenues from Jamaican airports increased by Ps. 162.1 million, or 21.7%, compared to 1Q24. This growth was primarily driven by the depreciation of the peso against the dollar, which went from an average exchange rate of Ps. 16.9977 in 1Q24 to Ps. 20.4235 in 1Q25, representing a 20.2% variation. In contrast, passenger traffic decreased by 4.4%.
  • The change in non-aeronautical services revenues was primarily driven by the following factors:
    1. Revenues from Mexican airports increased by Ps. 637.4 million, or 44.1%, compared to 1Q24. Revenues from businesses operated directly by us grew by Ps. 513.4 million, or 105.1%, mainly driven by the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 395.0 million during the quarter. Revenues from businesses operated by third parties increased by Ps. 121.4 million, or 13.3%, primarily due to the opening of new commercial spaces and the renegotiation of existing contracts. The fastest-growing business lines included food and beverage, duty-free stores, time-shares, retail, and other commercial revenues, which together increased by Ps. 104.8 million or 17.4%.
    2. Revenues from the Jamaicanairports increased by Ps. 62.1 million or 24.9% compared to 1Q24, mainly driven by the depreciation of the peso against the dollar.
       
  1Q24 1Q25 Change
Businesses operated by third parties:      
Food and beverage 297,367 342,580 15.2 %
Duty-free 184,653 216,685 17.3 %
Car rental 198,598 205,297 3.4 %
Retail 181,852 191,173 5.1 %
Leasing of space 86,473 116,896 35.2 %
Other commercial revenues 52,332 72,025 37.6 %
Times shares 55,380 70,905 28.0 %
Ground transportation 46,846 56,573 20.8 %
Communications and financial services 26,519 31,397 18.4 %
Total 1,130,020 1,303,532 15.4 %
       
Businesses operated directly by us:      
Cargo operation and bonded warehouse 31,776 434,269 1266.7 %
Car parking 177,376 178,470 0.6 %
Convenience stores 147,914 169,500 14.6 %
VIP Lounges 111,079 168,016 51.3 %
Hotel operation 364 37,441 100.0 %
Advertising 35,407 34,840 (1.6 %)
Total 503,917 1,022,536 102.9 %
Recovery of costs 60,469 67,808 12.1 %
Total Non-aeronautical Revenues 1,694,405 2,393,875 41.3 %
         
 Figures are expressed in thousands of Mexican pesos.   
       

Revenues from improvements to concession assets
1

Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 823.7 million, or 44.8%, compared to 1Q24. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports increased by Ps. 811.9 million, or 45.6%, due to the start of the new 2025-2029 Master Development Program cycle in 2025.
  2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 11.8 million, or 21.1%.

Total operating costs
increased by Ps. 1,850.0 million, or 41.0%, compared to 1Q24, mainly due to: i) an increase in the cost of services by Ps. 412.9 million, or 38.5%, driven by the consolidation of the cargo and bonded warehouse business, which contributed Ps. 156.6 million, a combined increase in concession taxes and technical assistance fees by Ps. 366.0 million, or 39.0%, an increase in the depreciation and amortization of Ps. 269.6 million, or 40.7%, resulting from the recognition of fair values of the cargo and bonded warehouse business, and the increase in the cost of improvements to concession assets (IFRIC-12) by Ps. 823.7 million, or 44.8%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 1,026.3 million, or 38.4%.

This increase in total operating costs was primarily due to the following factors:

Businesses in Mexico:

  • Operating costs increased by Ps. 1,693.6 million, or 45.4%, compared to 1Q24, primarily due to an increase in the cost of improvements to the concession assets (IFRIC-12) by Ps. 811.9 million, or 45.5%, an increase in the cost of services by Ps. 350.7 million, or 39.8%, a combined increase in technical assistance fees and concession taxes by Ps. 320.1 million, or 60.9%, an increase in depreciation and amortization by Ps. 235.3 million, or 43.2%. Excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 881.7 million or 45.3%.

The change in the cost of services at our Mexican airports during 1Q25 was mainly due to:

  • Employee costs increased by Ps. 138.3 million, or 33.9%, compared to 1Q24, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed Ps. 95.7 million, as well as the hiring of 105 employees in 2024 and 1Q25, and an increase in social security costs resulting from changes to the Labor Law.
  • Other operating expenses increased by Ps. 92.1 million, or 95.7%, compared to 1Q24, mainly due to an increase in the allowance for expected credit losses, service and consulting fees, as well as travel expenses, which increased by Ps. 60.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 28.9 million.
  • Maintenance expenses increased by Ps. 76.3 million, or 60.5%, compared to 1Q24, primarily due to the opening of additional operational areas, airfield maintenance, the operation of mechanical boarding bridges for Ps.44.0 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 7.5 million.
  • Safety, security, and insurance increased by Ps. 17.0 million, or 12.8%, compared to 1Q24, mainly due to the expansion of the security workforce, increase in minimum wages, changes to the Labor Law, the opening of additional operational areas, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 10.0 million.

Jamaican Airports:

  • Operating costs increased by Ps. 156.4 million, or 20.1%, compared to 1Q24, mainly due to a Ps. 62.2 million, or 32.6%, increase in the cost of services, an increase in the concession taxes by Ps. 45.9 million, or 11.1%, and an increase in the depreciation and amortization by Ps. 34.4 million, or 28.7%.

Operating income margin went from 46.9% in 1Q24 to 42.5% in 1Q25. Excluding the effects of IFRIC-12, the operating income margin went from 59.9% in 1Q24 to 56.0% in 1Q25. Income from operations increased by Ps. 710.2 million, or 17.8%, compared to 1Q24.

EBITDA margin went from 54.7% in 1Q24 to 50.9% in 1Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 69.8% in 1Q24 to 67.1% in 1Q25. The nominal value of EBITDA increased by Ps. 979.8 million, or 21.1%, compared to 1Q24.

Financial results increased by Ps. 335.8 million, or 56.5%, from a net expense of Ps. 593.7 million in 1Q24 to a net expense of Ps. 929.5 million in 1Q25. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 28.9 million in 1Q24 to an expense of Ps. 123.9 million in 1Q25. This generated a foreign exchange loss of Ps. 152.9 million. This was mainly due to the depreciation of the peso. The currency translation effect decreased by Ps. 216.2 million, compared to 1Q24.
  • Interest expenses increased by Ps. 247.5 million, or 27.8%, compared to 1Q24, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines.
  • Interest income increased by Ps. 64.6 million, or 24.1%, compared to 1Q24, mainly due to an increase in the cash and cash equivalents average balance and reference rates.

In 1Q25, net and comprehensive income increased by Ps. 650.2 million, or 30.0%, compared to 1Q24, mainly due to the increase in EBITDA as previously described.

During 1Q25, net income increased by Ps. 387.4 million, or 15.7%, compared to 1Q24, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization, as well as the increase in financial expenses. Taxes for the period decreased by Ps. 12.9 million, mainly due to a Ps. 160.3 million increase in deferred taxes benefit. This effect was offset by a Ps. 147.4 million increase in income taxes.


Statement of Financial Position

As of March 31, 2025, total assets increased by Ps. 14,765.7 million compared to the same period in 2024, mainly due to: i) Improvements to concession assets of Ps. 7,654.3 million, ii) Cash and cash equivalents of Ps. 4,686.2 million, iii) Other acquired rights of Ps. 2,006.0 million, iv) Deferred income taxes of Ps. 1,002.6 million, v) Accounts receivables of Ps. 871.8 million, and vi) Airport concessions of Ps. 707.3 million.

As of March 31, 2025, total liabilities increased by Ps. 10,438.4 million compared to the same period in 2024. This increase was mainly due to i) Long-term bond certificates of Ps. 8,141.3 million, ii) Bank loans of Ps. 875.0 million, iii) Accounts payable of Ps. 382.3 million, iv) Deferred liabilities of Ps. 921.3 million, and v) Income taxes of Ps. 27.3 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 Concesiones 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 operation of Norman Manley International Airport 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 several 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 [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

 
Exhibit A: Operating results by airport
(in thousands of pesos):
 
Airport 1Q24 1Q25 Change 1Q24 1Q25 Change
Guadalajara            
Aeronautical services 1,296,610 1,589,087 22.6 % 1,296,610 1,589,087 22.6 %
Non-aeronautical services 310,291 360,536 16.2 % 310,291 360,536 16.2 %
Improvements to concession assets (IFRIC 12) 804,610 1,174,426 46.0 % 804,610 1,174,426 46.0 %
Total Revenues 2,411,511 3,124,049 29.5 % 2,411,511 3,124,049 29.5 %
Operating income 1,160,303 1,182,231 1.9 % 1,160,303 1,182,231 1.9 %
EBITDA 1,284,840 1,394,102 8.5 % 1,284,841 1,394,102 8.5 %
             
Tijuana            
Aeronautical services 638,488 732,814 14.8 % 638,488 732,814 14.8 %
Non-aeronautical services 153,154 124,721 (18.6 %) 153,154 124,721 (18.6 %)
Improvements to concession assets (IFRIC 12) 111,317 386,094 246.8 % 111,317 386,094 246.8 %
Total Revenues 902,960 1,243,628 37.7 % 902,960 1,243,628 37.7 %
Operating income 450,284 406,403 (9.7 %) 450,284 406,403 (9.7 %)
EBITDA 562,811 532,938 (5.3 %) 562,811 532,938 (5.3 %)
             
Los Cabos            
Aeronautical services 782,723 946,632 20.9 % 782,723 946,632 20.9 %
Non-aeronautical services 318,043 362,666 14.0 % 318,043 362,666 14.0 %
Improvements to concession assets (IFRIC 12) 199,042 205,863 3.4 % 199,042 205,863 3.4 %
Total Revenues 1,299,808 1,515,161 16.6 % 1,299,808 1,515,161 16.6 %
Operating income 769,330 838,814 9.0 % 769,330 838,814 9.0 %
EBITDA 859,129 935,852 8.9 % 859,129 935,852 8.9 %
             
Puerto Vallarta            
Aeronautical services 832,001 988,172 18.8 % 832,001 988,172 18.8 %
Non-aeronautical services 168,077 187,583 11.6 % 168,077 187,583 11.6 %
Improvements to concession assets (IFRIC 12) 495,636 503,536 1.6 % 495,636 503,536 1.6 %
Total Revenues 1,495,714 1,679,291 12.3 % 1,495,714 1,679,291 12.3 %
Operating income 745,958 781,158 4.7 % 745,957 781,158 4.7 %
EBITDA 800,649 846,378 5.7 % 800,649 846,378 5.7 %
             
Montego Bay            
Aeronautical services 514,255 585,365 13.8 % 514,255 585,365 13.8 %
Non-aeronautical services 198,918 244,588 23.0 % 198,918 244,588 23.0 %
Improvements to concession assets (IFRIC 12) 40,727 48,986 20.3 % 40,727 197 (99.5 %)
Total Revenues 753,902 878,939 16.6 % 753,902 830,149 10.1 %
Operating income 290,898 342,516 17.7 % 290,898 342,516 17.7 %
EBITDA 360,705 432,334 19.9 % 360,705 432,334 19.9 %
             
             
Exhibit A: Operating results by airport
(in thousands of pesos): 		           
             
Airport 1Q24 1Q25 Change 1Q24 1Q25 Change
Guanajuato            
Aeronautical services 218,379 268,399 22.9 % 218,379 268,399 22.9 %
Non-aeronautical services 45,946 50,637 10.2 % 45,946 50,637 10.2 %
Improvements to concession assets (IFRIC 12) 74,050 130,222 75.9 % 74,050 130,222 75.9 %
Total Revenues 338,376 449,258 32.8 % 338,376 449,258 32.8 %
Operating income 185,371 199,152 7.4 % 185,371 199,152 7.4 %
EBITDA 206,777 225,070 8.8 % 206,777 225,070 8.8 %
             
Hermosillo            
Aeronautical services 117,713 143,349 21.8 % 117,713 143,349 21.8 %
Non-aeronautical services 27,981 26,571 (5.0 %) 27,981 26,571 -5.0 %
Improvements to concession assets (IFRIC 12) 21,439 17,224 (19.7 %) 21,439 17,224 (19.7 %)
Total Revenues 167,133 187,144 12.0 % 167,133 187,144 12.0 %
Operating income 77,050 78,353 1.7 % 77,050 78,353 1.7 %
EBITDA 102,356 104,683 2.3 % 102,356 104,683 2.3 %
             
Others (1)            
Aeronautical services 561,614 745,314 32.7 % 561,614 745,314 32.7 %
Non-aeronautical services 106,220 118,544 11.6 % 106,220 118,544 11.6 %
Improvements to concession assets (IFRIC 12) 91,640 195,823 113.7 % 91,639 195,823 113.7 %
Total Revenues 759,473 1,059,681 39.5 % 759,473 1,059,682 39.5 %
Operating income 13,932 232,157 1566.4 % 13,932 232,157 1566.4 %
EBITDA 162,334 337,205 107.7 % 162,334 337,205 107.7 %
             
Total            
Aeronautical services 4,961,782 5,999,132 20.9 % 4,961,782 5,999,132 20.9 %
Non-aeronautical services 1,328,631 1,475,845 11.1 % 1,328,631 1,475,845 11.1 %
Improvements to concession assets (IFRIC 12) 1,838,461 2,662,175 44.8 % 1,838,461 2,613,385 42.2 %
Total Revenues 8,128,873 10,137,152 24.7 % 8,128,874 10,088,362 24.1 %
Operating income 3,693,124 4,060,783 10.0 % 3,693,125 4,060,783 10.0 %
EBITDA 4,339,603 4,808,562 10.8 % 4,339,603 4,808,562 10.8 %
                 
 (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 March 31
(in thousands of pesos)
:
 
  2024  2025 Change %
Assets        
Current assets        
Cash and cash equivalents 11,541,623   16,227,819   4,686,196   40.6 %
Trade accounts receivable – Net 2,456,388   3,328,186   871,798   35.5 %
Other current assets 1,559,962   1,196,602   (363,360 ) (23.3 %)
Total current assets 15,557,973   20,752,607   5,194,634   33.4 %
         
Advanced payments to suppliers 2,089,017   926,353   (1,162,664 ) (55.7 %)
Machinery, equipment and improvements to leased buildings – Net 4,437,406   4,657,478   220,072   5.0 %
Improvements to concession assets – Net 29,292,757   36,947,065   7,654,308   26.1 %
Airport concessions – Net 8,808,159   9,515,482   707,323   8.0 %
Rights to use airport facilities – Net 1,043,264   979,700   (63,564 ) (6.1 %)
Other acquired rights –   2,005,950   2,005,950   100.0 %
Deferred income taxes – Net 7,358,626   8,361,180   1,002,554   13.6 %
Other non-current assets 879,546   86,629   (792,916 ) (90.2 %)
Total assets 69,466,747   84,232,444   14,765,697   21.3 %
         
Liabilities        
Current liabilities 11,730,987   12,333,203   602,217   5.1 %
Long-term liabilities 34,626,945   44,463,118   9,836,173   28.4 %
Total liabilities 46,357,932   56,796,322   10,438,390   22.5 %
         
Stockholders’ Equity        
Common stock 8,197,536   1,194,390   (7,003,146 ) (85.4 %)
Legal reserve 478,185   920,187   442,002   92.4 %
Net income 2,432,749   2,748,128   315,379   13.0 %
Retained earnings 8,787,568   16,957,722   8,170,154   93.0 %
Reserve for share repurchase 2,500,000   2,500,000   –   0.0 %
Foreign currency translation reserve (525,318 ) 689,812   1,215,130   (231.3 %)
Remeasurements of employee benefit – Net (1,966 ) 40,382   42,348   (2154.0 %)
Cash flow hedges- Net 45,479   (5,361 ) (50,840 ) (111.8 %)
Total controlling interest 21,914,233   25,045,260   3,131,027   14.3 %
Non-controlling interest 1,194,580   2,390,866   1,196,286   100.1 %
Total stockholder’s equity 23,108,813   27,436,126   4,327,313   18.7 %
         
Total liabilities and stockholders’ equity 69,466,747   84,232,444   14,765,697   21.3 %
                 
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”) and the 48.5% stake in Guadalajara World Trade Center, S.A. de C.V.
 

 Exhibit C: Consolidated statement of cash flows (in thousands of pesos):              
 
  1Q24 1Q25 Change 1Q24 1Q25 Change
Cash flows from operating activities:            
Consolidated net income 2,470,720   2,858,116   15.7 % 2,470,720   2,858,116   15.7 %
             
Postemployment benefit costs 13,776   14,161   2.8 % 13,776   14,161   2.8 %
Allowance expected credit loss (2,801 ) 25,392   (1006.5 %) (2,801 ) 25,392   (1006.5 %)
Depreciation and amortization 662,948   932,575   40.7 % 662,948   932,575   40.7 %
Loss on sale of machinery, equipment and improvements to leased assets 545   1,989   265.0 % 545   1,989   265.0 %
Interest expense 996,858   1,247,253   25.1 % 996,858   1,247,253   25.1 %
Provisions 6,280   (30,688 ) (588.7 %) 6,280   (30,688 ) (588.7 %)
Income tax expense 921,550   908,605   (1.4 %) 921,550   908,605   (1.4 %)
Unrealized exchange loss (83,658 ) 110,879   (232.5 %) (83,658 ) 118,879   (242.1 %)
  4,986,218   6,068,282   21.7 % 4,986,218   6,076,282   21.9 %
Changes in working capital:            
(Increase) decrease in            
Trade accounts receivable (211,882 ) (656,044 ) 209.6 % (211,882 ) (656,044 ) 209.6 %
Recoverable tax on assets and other assets 396,548   81,639   (79.4 %) 396,548   81,639   (79.4 %)
Increase (decrease)            
Concession taxes payable 149,399   33,274   (77.7 %) 149,399   33,274   (77.7 %)
Accounts payable (74,603 ) 71,452   (195.8 %) (74,603 ) 71,452   (195.8 %)
Cash generated by operating activities 5,245,680   5,598,603   6.7 % 5,245,680   5,606,603   6.9 %
Income taxes paid (711,333 ) (1,122,042 ) 57.7 % (711,333 ) (1,122,737 ) 57.8 %
Net cash flows provided by operating activities 4,534,347   4,476,561   (1.3 %) 4,534,347   4,483,866   (1.1 %)
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (1,408,085 ) (1,706,642 ) 21.2 % (1,408,085 ) (1,706,642 ) 21.2 %
Cash flows from sales of machinery and equipment 1,356   118   (91.3 %) 1,356   118   (91.3 %)
Other investment activities (126,783 ) 13,822   (110.9 %) (126,783 ) (16,199 ) (87.2 %)
Net cash used by investment activities (1,533,512 ) (1,692,702 ) 10.4 % (1,533,512 ) (1,722,724 ) 12.3 %
             
Cash flows from financing activities:            
Bond certificates issued 3,000,000   6,000,000   100.0 % 3,000,000   6,000,000   100.0 %
Bond certificates paid (3,000,000 ) (4,500,000 ) 50.0 % (3,000,000 ) (4,500,000 ) 50.0 %
Interest paid on bank loans (1,070,161 ) (1,365,386 ) 27.6 % (1,070,161 ) (1,365,386 ) 27.6 %
Interest paid on lease (1,060 ) (690 ) (34.9 %) (1,060 ) (690 ) (35.0 %)
Payments of obligations for leasing (4,454 ) (16,332 ) 266.7 % (4,455 ) (16,332 ) 266.6 %
Net cash flows used in financing activities (1,075,675 ) 117,592   (110.9 %) (1,075,676 ) 117,592   (110.9 %)
             
Effects of exchange rate changes on cash held (438,748 ) (139,660 ) (68.2 %) (438,748 ) (116,944 ) (73.3 %)
Net increase (decrease) in cash and cash equivalents 1,486,412   2,761,791   85.8 % 1,486,412   2,761,791   85.8 %
Cash and cash equivalents at beginning of the period 10,055,211   13,466,026   33.9 % 10,055,211   13,466,026   33.9 %
Cash and cash equivalents at the end of the period 11,541,623   16,227,819   40.6 % 11,541,623   16,227,819   40.6 %
             
             

Exhibit D: Consolidated statements of profit or loss and other comprehensive income
(in thousands of pesos)
:
  1Q24 1Q25 Change
Revenues      
Aeronautical services 4,962,102   5,999,133   20.9 %
Non-aeronautical services 1,694,405   2,393,875   41.3 %
Improvements to concession assets (IFRIC-12) 1,838,461   2,662,175   44.8 %
Total revenues 8,494,968   11,055,183   30.1 %
       
Operating costs      
Costs of services: 1,071,927   1,484,855   38.5 %
Employee costs 459,161   613,362   33.6 %
Maintenance 161,797   256,903   58.8 %
Safety, security & insurance 182,220   215,207   18.1 %
Utilities 105,972   125,231   18.2 %
Business operated directly by us 73,611   87,336   18.6 %
Other operating expenses 89,166   186,816   109.5 %
       
Technical assistance fees 224,362   283,900   26.5 %
Concession taxes 714,616   1,021,150   42.9 %
Depreciation and amortization 662,948   932,575   40.7 %
Cost of improvements to concession assets (IFRIC-12) 1,838,461   2,662,175   44.8 %
Other (income) (3,350 ) (25,683 ) 666.7 %
Total operating costs 4,508,964   6,358,972   41.0 %
Income from operations 3,986,004   4,696,211   17.8 %
Financial Result (593,735 ) (929,490 ) 56.5 %
Income before income taxes 3,392,270   3,766,721   11.0 %
Income taxes (921,550 ) (908,605 ) (1.4 %)
Net income 2,470,720   2,858,116   15.7 %
Currency translation effect (291,272 ) (75,058 ) (74.2 %)
Cash flow hedges, net of income tax (15,239 ) (776 ) (94.9 %)
Remeasurements of employee benefit – net income tax (47 ) 32,099   (68395.7 %)
Comprehensive income 2,164,162   2,814,381   30.0 %
Non-controlling interest (31,717 ) (114,926 ) 262.4 %
Comprehensive income attributable to controlling interest 2,132,445   2,699,454   26.6 %
       
       

E  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  
Comprehensive income:                        
Net income –   –   –   2,432,748   –   2,432,748   37,979   2,470,727  
Foreign currency translation reserve –   –   –   –   (285,010 ) (285,010 ) (6,262 ) (291,272 )
Remeasurements of employee benefit – Net –   –   –   –   (47 ) (47 ) –   (47 )
Reserve for cash flow hedges – Net of income tax –   –   –   –   (15,239 ) (15,239 ) –   (15,239 )
Balance as of March 31, 2024 8,197,536   478,185   2,500,000   11,220,316   (481,804 ) 21,914,233   1,194,581   23,108,813  
                         
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  
Comprehensive income:                        
Net income –   –   –   2,748,127   –   2,748,127   109,996   2,858,123  
Foreign currency translation reserve –   –   –   –   (79,988 ) (79,988 ) 4,930   (75,058 )
Remeasurements of employee benefit – Net –   –   –   –   32,099   32,099     32,099  
Reserve for cash flow hedges – Net of income tax –   –   –   –   (776 ) (776 ) –   (776 )
Balance as of March 31, 2025 1,194,390   920,187   2,500,000   19,705,850   724,834   25,045,258   2,390,866   27,436,126  
                         
For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage and the 48.5% stake in Guadalajara World Trade Center, S.A. de C.V., appears in the Stockholders’ Equity of the Company as a non-controlling interest.
 

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 the purpose 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:
  2024 2025 Change 2023 2024 Change
Total passengers 15,609.4 16,269.4 4.2 % 15,609.4 16,269.4 4.2 %
Total cargo volume (in WLUs) 640.0 650.7 1.7 % 640.0 650.7 1.7 %
Total WLUs 16,249.4 16,920.1 4.1 % 16,249.4 16,920.1 4.1 %
             
Aeronautical & non aeronautical services per passenger (pesos) 426.4 515.9 21.0 % 426.4 515.9 21.0 %
Aeronautical services per WLU (pesos) 305.4 354.6 16.1 % 305.4 354.6 16.1 %
Non aeronautical services per passenger (pesos) 108.5 147.1 35.6 % 108.5 147.1 35.6 %
Cost of services per WLU (pesos) 66.0 87.8 33.0 % 66.0 87.8 33.0 %
             
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
 

Alejandra Soto, Investor Relations and Social Responsibility Officer [email protected] Facebook: AeropuertosGAP
Gisela Murillo, Investor Relations [email protected] /
+52 33 3880 1100 ext. 20294		 Twitter/X: @aeropuertosGAP
    Instagram: @aeropuertosgap

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.