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:
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.
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:
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%.
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 assets1
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:
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.
Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 11.8 million, or 21.1%.
Total operating costsincreased 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 ofPs. 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 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
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
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.
