6-K
Pacific Airport Group (PAC)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIESEXCHANGE ACT OF 1934
For the month of July 2024
Commission File Number: 001-32751
GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.(PACIFICAIRPORT GROUP) (Translation of registrant's name into English)
México (Jurisdiction of incorporation or organization)
Avenida Mariano Otero No. 1249-B Torre Pacifico, Piso 6 Col. Rinconada del Bosque 44530 Guadalajara, Jalisco, México (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [ X ] Form 40-F [ ]
Grupo Aeroportuario del Pacifico Announces Results for the SecondQuarter of 2024
GUADALAJARA, Mexico, July 22, 2024 (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, 2024 (2Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Summary of Results 2Q24 vs. 2Q23
- The sum of aeronautical and non-aeronautical services revenues decreased by Ps. 212.9 million,or 3.3%. Total revenues decreased by Ps. 1,100.6 million, or 13.2%.
- Cost of services increased by Ps. 179.3 million, or 17.3%.
- Income from operations decreased by Ps. 444.8 million, or 11.2%.
- EBITDA decreased by Ps. 378.7 million, or 8.3%, a decrease from Ps. 4,576.8 million in 2Q23 to Ps. 4,198.1 million in 2Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 70.4% in 2Q23 to 66.8% in 2Q24.
- Comprehensive income increased by Ps. 841.9 million, or 41.0%, from an income of Ps. 2,052.0 million in 2Q23 to an income of Ps. 2,893.9 million in 2Q24.
Company’s Financial Position:
During 2Q24, there was a decrease in the Company's income from operations compared to 2Q23, mainly due to the decrease in aeronautical revenues derived from the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, that started in the third quarter of 2023, offset by an increase in non-aeronautical revenues of 10.6%, compared to the same period in 2023. The Company reports a financial position of cash and cash equivalents as of June 30, 2024, of Ps. 12,584.9 million. During 2Q24, the Company drawdown a credit line with BBVA México, S.A., for Ps. 875.0 million for the acquisition of 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. of C.V. (GWTC). In addition, refinanced two credit facilities with Citibanamex for a total of Ps. 2,500.0 million.
Passenger Traffic During 2Q24, total passengers at the Company’s 14 airports decreased by 621.6 thousand passengers, a decrease of 3.9%, compared to 2Q23.
During 2Q23, the following new routes were opened:
| Domestic | ||||||||
|---|---|---|---|---|---|---|---|---|
| Airline | Departure | Arrival | Opening date | Frequencies | ||||
| Mexicana | Guadalajara | Los<br> Cabos | April<br> 1, 2024 | 4<br> weekly | ||||
| Viva<br> Aerobus | Los<br> Cabos | Felipe<br> Ángeles | April<br> 2, 2024 | 1<br> daily | ||||
| Note:<br> Frequencies can vary without prior notice. | ||||||||
| International | ||||||||
| Airline | Departure | Arrival | Opening date | Frequencies | ||||
| Frontier | Puerto<br> Vallarta | Dallas-Fort<br> Worth | May<br> 16, 2024 | 2<br> weekly | ||||
| Frontier | Los<br> Cabos | Phoenix | May<br> 16, 2024 | 2<br> weekly | ||||
| Flair | Guadalajara | Vancouver | May<br> 31, 2024 | 2<br> weekly | ||||
| Note:<br> Frequencies can vary without prior notice. | ||||||||
| Domestic Terminal Passengers – 14 airports (in thousands): | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Airport | 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | ||
| Guadalajara | 3,174.4 | 2,994.8 | (5.7 | %) | 6,133.2 | 5,666.5 | (7.6 | %) |
| Tijuana * | 2,236.9 | 2,097.8 | (6.2 | %) | 4,303.3 | 4,083.4 | (5.1 | %) |
| Los Cabos | 741.1 | 690.6 | (6.8 | %) | 1,411.7 | 1,328.3 | (5.9 | %) |
| Puerto Vallarta | 758.0 | 742.6 | (2.0 | %) | 1,397.6 | 1,317.4 | (5.7 | %) |
| Montego Bay | 0.0 | 0.0 | 0.0 | % | 0.0 | 0.0 | 0.0 | % |
| Guanajuato | 559.3 | 514.3 | (8.1 | %) | 1,066.6 | 998.2 | (6.4 | %) |
| Hermosillo | 521.6 | 531.0 | 1.8 | % | 995.6 | 988.5 | (0.7 | %) |
| Kingston | 0.4 | 0.5 | 35.2 | % | 0.6 | 1.1 | 94.0 | % |
| Mexicali | 380.6 | 226.3 | (40.5 | %) | 727.2 | 514.6 | (29.2 | %) |
| Morelia | 201.2 | 153.3 | (23.8 | %) | 388.0 | 299.5 | (22.8 | %) |
| La Paz | 284.0 | 288.1 | 1.4 | % | 510.6 | 559.4 | 9.6 | % |
| Aguascalientes | 156.4 | 166.2 | 6.3 | % | 307.0 | 308.6 | 0.5 | % |
| Los Mochis | 118.8 | 141.8 | 19.4 | % | 213.1 | 268.0 | 25.8 | % |
| Manzanillo | 25.7 | 30.3 | 17.9 | % | 52.8 | 66.2 | 25.5 | % |
| Total | 9,158.3 | 8,577.6 | (6.3 | %) | 17,507.3 | 16,399.8 | (6.3 | %) |
| *Cross Border Xpress (CBX) users are classified as<br> international passengers. | ||||||||
| International Terminal Passengers – 14 airports (in thousands): | ||||||||
| Airport | 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | ||
| Guadalajara | 1,290.6 | 1,369.9 | 6.1 | % | 2,506.7 | 2,860.0 | 14.1 | % |
| Tijuana * | 1,113.0 | 981.7 | (11.8 | %) | 2,160.6 | 1,934.0 | (10.5 | %) |
| Los Cabos | 1,222.3 | 1,199.9 | (1.8 | %) | 2,603.5 | 2,607.8 | 0.2 | % |
| Puerto Vallarta | 886.7 | 897.6 | 1.2 | % | 2,264.8 | 2,441.5 | 7.8 | % |
| Montego Bay | 1,305.9 | 1,284.9 | (1.6 | %) | 2,656.8 | 2,742.4 | 3.2 | % |
| Guanajuato | 210.7 | 242.2 | 14.9 | % | 418.1 | 489.3 | 17.0 | % |
| Hermosillo | 17.6 | 20.3 | 14.8 | % | 36.7 | 43.6 | 18.7 | % |
| Kingston | 435.4 | 419.2 | (3.7 | %) | 829.5 | 810.6 | (2.3 | %) |
| Mexicali | 2.0 | 2.1 | 7.9 | % | 3.5 | 3.8 | 7.2 | % |
| Morelia | 143.3 | 156.8 | 9.4 | % | 294.9 | 313.9 | 6.5 | % |
| La Paz | 4.0 | 2.9 | (27.5 | %) | 7.7 | 6.1 | (20.4 | %) |
| Aguascalientes | 72.6 | 81.7 | 12.5 | % | 132.8 | 151.2 | 13.9 | % |
| Los Mochis | 1.7 | 2.0 | 15.4 | % | 3.5 | 4.0 | 14.5 | % |
| Manzanillo | 11.9 | 15.9 | 33.6 | % | 42.7 | 56.1 | 31.6 | % |
| Total | 6,717.8 | 6,677.1 | (0.6 | %) | 13,961.9 | 14,464.4 | 3.6 | % |
| *CBX users are classified as international passengers. | ||||||||
| Total Terminal Passengers – 14 airports (in thousands): | ||||||||
| Airport | 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | ||
| Guadalajara | 4,465.0 | 4,364.7 | (2.2 | %) | 8,639.9 | 8,526.5 | (1.3 | %) |
| Tijuana * | 3,349.9 | 3,079.5 | (8.1 | %) | 6,463.9 | 6,017.4 | (6.9 | %) |
| Los Cabos | 1,963.4 | 1,890.5 | (3.7 | %) | 4,015.2 | 3,936.2 | (2.0 | %) |
| Puerto Vallarta | 1,644.7 | 1,640.2 | (0.3 | %) | 3,662.4 | 3,758.9 | 2.6 | % |
| Montego Bay | 1,305.9 | 1,284.9 | (1.6 | %) | 2,656.8 | 2,742.4 | 3.2 | % |
| Guanajuato | 770.1 | 756.5 | (1.8 | %) | 1,484.7 | 1,487.5 | 0.2 | % |
| Hermosillo | 539.2 | 551.2 | 2.2 | % | 1,032.3 | 1,032.0 | (0.0 | %) |
| Kingston | 435.8 | 419.8 | (3.7 | %) | 830.1 | 811.8 | (2.2 | %) |
| Mexicali | 382.6 | 228.5 | (40.3 | %) | 730.7 | 518.4 | (29.1 | %) |
| Morelia | 344.6 | 310.1 | (10.0 | %) | 682.9 | 613.4 | (10.2 | %) |
| La Paz | 288.0 | 291.0 | 1.0 | % | 518.3 | 565.6 | 9.1 | % |
| Aguascalientes | 229.0 | 247.9 | 8.3 | % | 439.8 | 459.8 | 4.5 | % |
| Los Mochis | 120.5 | 143.8 | 19.4 | % | 216.6 | 272.0 | 25.6 | % |
| Manzanillo | 37.6 | 46.2 | 22.9 | % | 95.4 | 122.4 | 28.2 | % |
| Total | 15,876.1 | 15,254.7 | (3.9 | %) | 31,469.1 | 30,864.2 | (1.9 | %) |
| *CBX users are classified as international passengers. | ||||||||
| CBX Users (in thousands): | ||||||||
| Airport | 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | ||
| Tijuana | 1,103.3 | 965.7 | (12.5 | %) | 2,142.7 | 1,907.6 | (11.0 | %) |
| Consolidated Results for the Second Quarter of 2024 (in thousands of pesos): | ||||||||
| --- | --- | --- | --- | --- | --- | --- | ||
| 2Q23 | 2Q24 | Change | ||||||
| Revenues | ||||||||
| Aeronautical<br> services | 4,939,681 | 4,560,960 | (7.7 | %) | ||||
| Non-aeronautical<br> services | 1,556,984 | 1,722,735 | 10.6 | % | ||||
| Improvements<br> to concession assets (IFRIC-12) | 1,862,976 | 975,327 | (47.6 | %) | ||||
| Total revenues | 8,359,641 | 7,259,022 | (13.2 | %) | ||||
| Operating costs | ||||||||
| Costs<br> of services: | 1,034,528 | 1,213,842 | 17.3 | % | ||||
| Employee<br> costs | 435,239 | 490,716 | 12.7 | % | ||||
| Maintenance | 161,331 | 180,485 | 11.9 | % | ||||
| Safety,<br> security & insurance | 155,476 | 199,802 | 28.5 | % | ||||
| Utilities | 118,412 | 130,036 | 9.8 | % | ||||
| Business<br> operated directly by us | 62,936 | 72,549 | 15.3 | % | ||||
| Other<br> operating expenses | 101,134 | 140,254 | 38.7 | % | ||||
| Technical<br> assistance fees | 220,479 | 202,174 | (8.3 | %) | ||||
| Concession<br> taxes | 657,228 | 678,595 | 3.3 | % | ||||
| Depreciation<br> and amortization | 621,155 | 687,351 | 10.7 | % | ||||
| Cost<br> of improvements to concession assets (IFRIC-12) | 1,862,976 | 975,327 | (47.6 | %) | ||||
| Other<br> (income) | 7,652 | (9,042 | ) | (218.2 | %) | |||
| Total operating costs | 4,404,018 | 3,748,247 | (14.9 | %) | ||||
| Income from operations | 3,955,623 | 3,510,775 | (11.2 | %) | ||||
| Financial<br> Result | (508,135 | ) | (663,157 | ) | 30.5 | % | ||
| Income before income taxes | 3,447,488 | 2,847,618 | (17.4 | %) | ||||
| Income<br> taxes | (959,062 | ) | (594,903 | ) | (38.0 | %) | ||
| Net income | 2,488,426 | 2,252,715 | (9.5 | %) | ||||
| Currency<br> translation effect | (381,807 | ) | 659,054 | (272.6 | %) | |||
| Cash<br> flow hedges, net of income tax | (54,924 | ) | (20,164 | ) | (63.3 | %) | ||
| Remeasurements<br> of employee benefit – net income tax | 318 | 2,276 | 615.7 | % | ||||
| Comprehensive income | 2,052,013 | 2,893,881 | 41.0 | % | ||||
| Non-controlling<br> interest | (4,355 | ) | (95,925 | ) | 2102.4 | % | ||
| Comprehensive income attributable to controlling interest | 2,047,657 | 2,797,956 | 36.6 | % | ||||
| 2Q23 | 2Q24 | Change | ||||||
| EBITDA | 4,576,778 | 4,198,126 | (8.3 | %) | ||||
| Comprehensive income | 2,052,013 | 2,893,881 | 41.0 | % | ||||
| Comprehensive income<br> per share (pesos) | 4.0353 | 5.7273 | 41.9 | % | ||||
| Comprehensive income<br> per ADS (US dollars) | 2.4372 | 3.4591 | 41.9 | % | ||||
| Operating income margin | 47.3 | % | 48.4 | % | 2.2 | % | ||
| Operating income margin<br> (excluding IFRIC-12) | 60.9 | % | 55.9 | % | (8.2 | %) | ||
| EBITDA margin | 54.7 | % | 57.8 | % | 5.6 | % | ||
| EBITDA margin (excluding<br> IFRIC-12) | 70.4 | % | 66.8 | % | (5.2 | %) | ||
| Costs of services<br> and improvements / total revenues | 34.7 | % | 30.2 | % | (13.0 | %) | ||
| Cost of services /<br> total revenues (excluding IFRIC-12) | 15.9 | % | 19.3 | % | 21.3 | % | ||
| - Net<br> income and comprehensive income per share for 2Q24 and 2Q23 were calculated based on 505,277,464 shares outstanding as of June 30,<br> 2024, and June 30, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610<br> per U.S. dollar (the noon buying rate on June 28, 2024, as published by the U.S. Federal Reserve Board). <br>- For purposes of<br> the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 17.2106 per U.S. dollar for the three months<br> ended June 30, 2024, was used. |
Revenues (2Q24 vs. 2Q23)
Aeronautical services revenues decreased by Ps. 378.7 million, or 7.7%.
Non-aeronautical services revenues increased by Ps. 165.8 million, or10.6%.
Revenues from improvements to concession assets decreased by Ps. 887.6million, or 47.6%.
Total revenues decreased by Ps. 1,100.6 million, or 13.2%.
The change in aeronautical services revenues was primarily due to the following factors:
- Revenues at our Mexican airports decreased by Ps. 380.8 million or 9.0% compared to 2Q23, mainly due to the 4.1% decrease in passenger traffic.
- Revenues from Jamaican airports increased by Ps. 2.1 million, or 0.3%, compared to 2Q23. This was mainly due to the increase in revenues in U.S. dollars by US$0.3 million, or 24.6%, offset by the appreciation of the peso versus the U.S. dollar by 2.9%, compared to 2Q23, which went from an average exchange rate of Ps. 17.7225 in 2Q23 to Ps. 17.2106 in 2Q24. Passenger traffic decreased by 2.1%.
The change in non-aeronautical services revenues was primarily driven by the following factors:
- Revenues at our Mexican airports increased by Ps. 168.7 million, or 12.9%, compared to 2Q23. Revenues from businesses operated by third parties increased by Ps. 103.4 million, or 12.5%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were car rentals, food and beverages, and leasing of space, all of which increased by Ps. 98.5 million, or 23.1%, offset by a combined decrease of Ps. 3.9 million in duty-free stores. Revenues from businesses operated directly by us increased by Ps. 65.9 million, or 15.2%.
- Revenues from the Jamaican airports decreased by Ps. 2.9 million, or 1.2%, compared to 2Q23. Revenues in U.S. dollars decreased by US$ 0.3 million, or 2.0%. The peso appreciated versus the U.S. dollar by 2.9%, compared to 2Q23.
| 2Q23 | 2Q24 | Change | ||
|---|---|---|---|---|
| Businesses operated<br> by third parties: | ||||
| Food<br> and beverage | 260,242 | 290,715 | 11.7 | % |
| Car rental | 139,456 | 204,578 | 46.7 | % |
| Duty-free | 195,434 | 183,384 | (6.2 | %) |
| Retail | 184,636 | 159,927 | (13.4 | %) |
| Leasing of space | 88,315 | 120,804 | 36.8 | % |
| Other commercial revenues | 43,951 | 60,577 | 37.8 | % |
| Times shares | 59,020 | 55,367 | (6.2 | %) |
| Ground transportation | 47,684 | 46,676 | (2.1 | %) |
| Communications and<br> financial services | 29,893 | 27,559 | (7.8 | %) |
| Total | 1,048,632 | 1,149,586 | 9.6 | % |
| Businesses operated<br> directly by us: | ||||
| Car parking | 174,304 | 169,356 | (2.8 | %) |
| Convenience stores | 133,534 | 135,464 | 1.4 | % |
| VIP Lounges | 107,932 | 120,862 | 12.0 | % |
| Advertising | 37,490 | 42,400 | 13.1 | % |
| Hangar sublease and<br> related services | - | 31,777 | 100.0 | % |
| Hotel operation | - | 18,608 | 100.0 | % |
| Total | 453,261 | 518,467 | 14.4 | % |
| Recovery of costs | 55,091 | 54,681 | (0.7 | %) |
| Total Non-aeronautical Revenues | 1,556,984 | 1,722,735 | 10.6 | % |
| Figures expressed<br> in thousands of Mexican pesos. |
- Revenues from improvements to concession assets ^1^ Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 887.6 million, or 47.6%, compared to 2Q23. The change was composed of:
- Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 932.0 million, or 51.1%, following investments under the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 44.3 million, or 111.5%.
_____________________________^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 decreased by Ps. 655.8 million, or 14.9%, compared to 2Q23, mainly due to the decrease in the cost of improvements to concession assets (IFRIC-12) by Ps. 887.6 million. This was offset by an increase in the cost of services of Ps. 179.3 million, or 17.3%, a Ps. 66.2 million, or 10.7% increase in depreciation and amortization, and a combined increase of Ps. 3.0 million, or 3.0%, in concession taxes and technical assistance fees (excluding the cost of improvementsto concession assets (IFRIC-12), operating costs increased Ps. 231.9 million, or 9.1%).
This decrease in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs decreased by Ps. 727.7 million, or 19.8%, compared to 2Q23, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 932.0 million, or 51.1%, offset by an increase in the cost of services by Ps. 143.0 million, or 16.4%, an increase in depreciation and amortization by Ps. 73.1 million, or 14.8%, and a combined increase in technical assistance fees and concession taxes by Ps. 4.3 million, or 0.1% (excludingthe cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 204.3 million or 11.0%).
The change in the cost of services at our Mexican airports during 2Q24 was mainly due to:
- Employee costs increased Ps. 52.0 million, or 13.5%, compared to 2Q23, mainly due to the hiring of 244 additional personnel during 2023 and 1H24, as well as the adjustments in salaries and cost related to changes in Labor Law.
- Other operating expenses increased by Ps. 39.1 million, or 34.3%, compared to 2Q23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 33.9 million.
- Safety, security, and insurance increased by Ps. 27.4 million, or 22.0%, compared to 2Q23, mainly due to the increase in the security headcount, minimum wages, and changes in Labor Law, as well as the opening of new operational areas.
- Utilities increased by Ps. 7.9 million, or 9.4%.
Jamaican Airport:
- Operating costs increased by Ps. 71.9 million, or 9.9%, compared to 2Q23, mainly due to a Ps. 44.3 million, or 111.5%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 36.3 million, or 22.1%, and an increase in the concession taxes by Ps. 1.2 million, or 0.3%.
Operating income margin went from 47.3% in 2Q23 to 48.4% in 2Q24. Excluding the effects of IFRIC-12, the operating income margin went from 60.9% in 2Q23 to 55.9% in 2Q24. Income from operations decreased by Ps. 444.8 million, or 11.2%, compared to 2Q23.
EBITDA margin went from 54.7% in 2Q23 to 57.8% in 2Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 70.4% in 2Q23 to 66.8% in 2Q24. The nominal value of EBITDA decreased by Ps. 378.7 million, or8.3%, compared to 2Q23.
Financial results increased by Ps. 155.0 million, or 30.5%, from a net expense of Ps. 508.1 million in 2Q23 to a net expense of Ps. 663.1 million in 2Q24. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from a loss of Ps. 189.5 million in 2Q23 to an income of Ps. 80.9 million in 2Q24. This generated a foreign exchange gain of Ps. 270.4 million. This was mainly due to the appreciation of the peso. Currency translation effect gain increased Ps. 1,040.9 million, compared to 2Q23.
- Interest expenses increased by Ps. 258.5 million, or 32.0%, compared to 2Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the substantial increase in the interest rates.
- Interest income decreased by Ps. 166.9 million, or 36.2%, compared to 2Q23, mainly due to a decrease in the cash and cash equivalents average balance and the reference rates.
In 2Q24, comprehensive income increased by Ps. 841.9 million, or 41.0%, compared to 2Q23. Income before taxes decreased by Ps. 599.9 million, mainly due to the decrease in passenger traffic and partially offset by the revenues generated by the commercial strategy. This decrease generated a decrease in the tax income of Ps. 364.2 million. Net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation by Ps. 1,040.9 million.
During 2Q24, net income decreased by Ps. 235.7 million, or 9.5%, compared to 2Q23. Taxes for the period decreased by Ps. 364.2 million, tax income decreased by Ps. 26.7 million and the benefit for deferred taxes increased by Ps. 337.5 million, mainly due to the application of fiscal losses for Ps. 347.3 million, offset by a decrease in the inflationary effects, that went from an inflation rate of 0.2% in 2Q23 to 0.1% in 2Q24.
| Consolidated Results for the Six Months of 2024 (in thousands of pesos): | ||||||
|---|---|---|---|---|---|---|
| 6M23 | 6M24 | Change | ||||
| Revenues | ||||||
| Aeronautical<br> services | 9,968,355 | 9,523,062 | (4.5 | %) | ||
| Non-aeronautical<br> services | 3,027,867 | 3,417,140 | 12.9 | % | ||
| Improvements<br> to concession assets (IFRIC-12) | 3,703,338 | 2,813,789 | (24.0 | %) | ||
| Total revenues | 16,699,561 | 15,753,991 | (5.7 | %) | ||
| Operating costs | ||||||
| Costs<br> of services: | 2,001,166 | 2,285,769 | 14.2 | % | ||
| Employee<br> costs | 832,173 | 949,877 | 14.1 | % | ||
| Maintenance | 306,998 | 342,282 | 11.5 | % | ||
| Safety,<br> security & insurance | 322,954 | 382,022 | 18.3 | % | ||
| Utilities | 222,663 | 236,008 | 6.0 | % | ||
| Business<br> operated directly by us | 112,095 | 146,160 | 30.4 | % | ||
| Other<br> operating expenses | 34,173 | 229,420 | 571.4 | % | ||
| Technical<br> assistance fees | 442,717 | 426,536 | (3.7 | %) | ||
| Concession<br> taxes | 1,266,621 | 1,393,211 | 10.0 | % | ||
| Depreciation<br> and amortization | 1,239,226 | 1,350,300 | 9.0 | % | ||
| Cost<br> of improvements to concession assets (IFRIC-12) | 3,703,338 | 2,813,789 | (24.0 | %) | ||
| Other<br> (income) | 12,796 | (12,392 | ) | (196.8 | %) | |
| Total operating costs | 8,665,865 | 8,257,212 | (4.7 | %) | ||
| Income from operations | 8,033,696 | 7,496,778 | (6.7 | %) | ||
| Financial<br> Result | (1,182,435 | ) | (1,256,892 | ) | 6.3 | % |
| Income before income taxes | 6,851,260 | 6,239,887 | (8.9 | %) | ||
| Income<br> taxes | (1,797,604 | ) | (1,516,453 | ) | (15.6 | %) |
| Net income | 5,053,656 | 4,723,435 | (6.5 | %) | ||
| Currency<br> translation effect | (814,582 | ) | 367,782 | (145.1 | %) | |
| Cash<br> flow hedges, net of income tax | (37,751 | ) | (35,403 | ) | (6.2 | %) |
| Remeasurements<br> of employee benefit – net income tax | 599 | 2,229 | 272.1 | % | ||
| Comprehensive income | 4,201,923 | 5,058,042 | 20.4 | % | ||
| Non-controlling<br> interest | (8,217 | ) | (127,642 | ) | 1453.4 | % |
| Comprehensive income attributable to controlling interest | 4,193,707 | 4,930,402 | 17.6 | % | ||
| 6M23 | 6M24 | Change | ||||
| EBITDA | 9,272,922 | 8,847,079 | (4.6 | %) | ||
| Comprehensive income | 4,201,923 | 5,058,042 | 20.4 | % | ||
| Comprehensive income<br> per share (pesos) | 8.2632 | 10.0104 | 21.1 | % | ||
| Comprehensive income<br> per ADS (US dollars) | 4.9906 | 6.0459 | 21.1 | % | ||
| Operating income margin | 48.1 | % | 47.6 | % | (1.1 | %) |
| Operating income margin<br> (excluding IFRIC-12) | 61.8 | % | 57.9 | % | (6.3 | %) |
| EBITDA margin | 55.5 | % | 56.2 | % | 1.1 | % |
| EBITDA margin (excluding<br> IFRIC-12) | 71.4 | % | 68.4 | % | (4.2 | %) |
| Costs of services<br> and improvements / total revenues | 34.2 | % | 32.4 | % | (5.2 | %) |
| Cost of services /<br> total revenues (excluding IFRIC-12) | 15.4 | % | 17.7 | % | 14.7 | % |
| - Net<br> income and comprehensive income per share for 6M24 and 6M23 were calculated based on 505,277,464 shares outstanding as of June 30,<br> 2024, and June 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610 per U.S.<br> dollar (the noon buying rate on June 28, 2024, as published by the U.S. Federal Reserve Board). <br>- For purposes of the consolidation<br> of the airports in Jamaica, the average six-month exchange rate of Ps. 17.1042 per U.S. dollar for the six months ended June 30,<br> 2024, was used. |
Revenues (6M24 vs. 6M23)
Aeronautical services revenues decreased by Ps. 445.3 million, or 4.5%.
Non-aeronautical services revenues increased by Ps. 389.3 million, or12.9%.
Revenues from improvements to concession assets decreased by Ps. 889.5million, or 24.0%.
Total revenues decreased by Ps. 945.6 million, or 5.7%.
The change in aeronautical services revenues was composed primarily of the following factors:
- Revenues at our Mexican airports decreased by Ps. 449.2 million, or 5.3%, compared to 6M23, mainly due to the 2.4% decrease in passenger traffic, as well as 95.5% compliance with the maximum tariffs.
- Revenues from Jamaican airports increased by Ps. 3.9 million, or 0.3%, compared to 6M23. This was mainly due to the 1.9% increase in passenger traffic but offset by an appreciation of the peso against the dollar compared to 6M23 of 10.2%, which went from an average exchange rate of Ps. 18.2123 in 6M23 to Ps. 17.1042 in 6M24, which represented a decrease in revenues in pesos.
The change in non-aeronautical services revenues was composed primarily of the following factors :
- Revenues at our Mexican airports increased by Ps. 394.9 million, or 15.7%, compared to 6M23. Revenues from businesses operated by third parties increased by Ps. 226.4 million, or 14.0%. 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 car rentals, food and beverage, retail, and leasing of space, which jointly increased by Ps. 225.8 million, or 21.1%. Revenues from businesses operated directly by us increased by Ps. 168.4 million, or 20.5%, while the recovery of costs increased by Ps. 0.2 million, or 0.2%.
- Revenues from the Jamaican airports decreased by Ps. 5.7 million, or 1.1%, compared to 6M23, due to the peso appreciation. Revenues in U.S. dollars increased by US$1.4 million, or 5.2%.
| 6M23 | 6M24 | Change | ||
|---|---|---|---|---|
| Businesses operated<br> by third parties: | ||||
| Food<br> and beverage | 498,691 | 588,081 | 17.9 | % |
| Car rentals | 282,864 | 403,176 | 42.5 | % |
| Duty-free | 390,019 | 368,037 | (5.6 | %) |
| Retail | 355,770 | 341,779 | (3.9 | %) |
| Leasing of space | 173,334 | 207,277 | 19.6 | % |
| Other commercial revenues | 87,662 | 113,833 | 29.9 | % |
| Time shares | 116,383 | 110,747 | (4.8 | %) |
| Ground transportaton | 98,405 | 93,522 | (5.0 | %) |
| Communications and<br> financial services | 59,506 | 54,078 | (9.1 | %) |
| Total | 2,062,635 | 2,280,531 | 10.6 | % |
| Businesses operated<br> directly by us: | ||||
| Car parking | 341,061 | 346,732 | 1.7 | % |
| Convenience stores | 231,754 | 283,378 | 22.3 | % |
| VIP Lounges | 213,978 | 231,941 | 8.4 | % |
| Advertising | 64,119 | 77,807 | 21.3 | % |
| Hangar sublease and<br> related services | - | 62,994 | 100.0 | % |
| Hotel operation | - | 18,608 | 100.0 | % |
| Total | 850,911 | 1,021,460 | 20.0 | % |
| Recovery of costs | 114,322 | 115,149 | 0.7 | % |
| Total Non-aeronautical Revenues | 3,027,867 | 3,417,140 | 12.9 | % |
| Figures expressed in thousands of Mexican pesos. |
- Revenues from improvements to concession assets^2^ Revenues from improvements to concession assets (IFRIC12) decreased by Ps. 889.5 million, or 24.0%, compared to 6M23. The change was composed primarily of:
- The Company’s Mexican airports, which decreased by Ps. 972.1 million, or 26.7%, following the investments under the Master Development Program for 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 82.5 million, or 143.0%.
Total operating costs decreased by Ps. 408.7 million, or 4.7%, compared to 6M23, mainly due to a Ps. 889.5 million, or 24.0% decrease in the cost of improvements to the concession assets (IFRIC-12). This was offset by an increase in the cost of services by Ps. 284.6 million, or 14.2%, a Ps. 111.1 million, or 9.0%, increase in depreciation and amortization, and a combined increase in concession taxes and technical assistance fees by Ps. 110.4 million, or 6.5% (excluding the cost of improvementsto concession assets, operating costs increased Ps. 480.9 million, or 9.7%).
_____________________________^2^ Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an 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 in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program 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.
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs decreased by Ps. 591.8 million, or 8.1%, compared to 6M23, primarily due to a Ps. 972.1 million, or 26.7%, decrease in the cost of improvements to the concession assets (IFRIC-12). This was offset by a Ps. 231.7 million, or 13.9% increase in the cost of services, a combined Ps. 127.1 million, or 12.9%, increase in depreciation and amortization, and a combined Ps. 45.7 million, or 4.7%, increase in technical assistance fees and concession taxes, (excludingthe cost of improvements to the concession assets, operating costs increased by Ps. 380.2 million or 10.5%).
The change in the cost of services during 6M24 was mainly due to:
- Employee costs increased Ps. 112.7 million, or 15.4%, compared to 6M23, mainly due to the adjustments in salaries and changes in Labor Law.
- Other operating expenses increased by Ps. 56.6 million, or 20.2%, compared to 6M23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 49.5 million.
- Safety, security, and insurance costs increased Ps. 31.1 million, or 12.3%, compared to 6M23, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, and the opening of additional operational areas.
- Maintenance increased by Ps. 19.7 million, or 7.9%, compared to 6M23.
Jamaican Airports:
- Operating costs increased by Ps. 183.2 million, or 13.1%, compared to 6M23, mainly due to a Ps. 82.5 million, or 143.0%, increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 64.7 million, or 8.7%, increase in concession taxes, Ps. 53.3 million, or 15.8% increase in the cost of services, and a combined increase of Ps. 15.9 million or 6.3% in depreciation and amortization.
Operating margin went from 48.1% in 6M23 to 47.6% in 6M24. Excluding the effects of IFRIC-12, the operating margin went from 61.8% in 6M23 to 57.9% in 6M24. Operating income decreased Ps. 536.9 million, or 6.7%, compared to 6M23.
EBITDA margin went from 55.5% in 6M23 to 56.2% in 6M24. Excluding the effects of IFRIC-12, EBITDA margin went from 71.4% in 6M23 to 68.4% in 6M24. **The nominal value of EBITDA decreased Ps. 425.8 million, or 4.6%,**compared to 6M23.
Financial cost increased by Ps. 74.5 million, or 6.3%, from a net expense of Ps. 1,182.5 million in 6M23 to a net expense of Ps. 1,257.0 million in 6M24. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from a loss of Ps. 356.5 million in 6M23 to an income of Ps.109.9 million in 6M24. This generated an increase in the foreign exchange gain of Ps. 466.4million, due to the peso appreciation. Currency translation effect gain increased Ps. 1,182.4 million, compared to 6M23.
- Interest expenses increased by Ps. 338.9 million, or 21.1%, compared to 6M23, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans.
- Interest income decreased by Ps. 201.9 million, or 26.4%, compared to 6M23, mainly due to a decrease in the cash and cash equivalent average balance and the increase in the reference interest rates.
In 6M24, comprehensive income increased by Ps. 856.1 million, or 20.4%, compared to 6M23. Income before taxes decreased by Ps. 611.4 million, mainly due to the decrease in traffic, offset by the increase in non-aeronautical revenues resulting from the commercial strategy. Income taxes decreased by Ps. 281.2 million. However, net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation in Ps. 1,182.4 million.
During 6M24, net income decreased by Ps. 330.2 million, or 6.5%, compared to 6M23. Taxes for the period decreased by Ps. 281.2 million, income taxes increased by Ps. 33.7 million, and the benefit for deferred taxes increased by Ps. 314.8 million, mainly due to the application of fiscal losses by Ps. 347.3 million, offset by the decrease in the inflation rate, from 1.5% in 6M23 to 1.4% in 6M24.
Statement of Financial Position
Total assets as of June 30, 2024 increased by Ps. 6,685.6 million compared to June 30, 2023, primarily due to the following items: (i) a Ps. 6,241.8 million increase in net improvements to concession assets; (ii) a Ps. 730.9 million increase in deferred taxes, (iii) a Ps. 621.4 million increase in net machinery, equipment, and leasehold improvements, (iv) a Ps. 408.0 million increase in other current assets, (v) a Ps. 174.0 million increase in account receivables. This was offset by a decrease in cash and cash equivalents by Ps. 2,336.1 million.
Total liabilities as of June 30, 2024, increased by Ps. 4,317.3 million compared to June 30, 2023. This increase was primarily due to the following items: (i) Ps. 2,338.9 million in bank loans, (ii) Ps. 1,449.7 million in dividends to be paid, and (iii) Ps. 435.6 million increase in income taxes.
Recent events
GWTC Acquisition
On June 11, 2024, GAP acquired 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. de C.V. (“GWTC”), for a total amount of Ps. 875.5 million.
GWTC is a group consisting of seven companies that specialize in handling, storage, and custody services for international cargo. These services are provided in facilities classified as free trade zone (recinto fiscal) at Guadalajara Airport and Puebla Airport. This acquisition was closed on June 20, 2024, with the payment of the aforementioned amount.
GWTC will be consolidated as of July 1^st^ of this year, the date on which control of the entity was assumed.
Revised Guidance
In accordance with the results as of June 30, 2024, as well as traffic growth expectations, the Company updates the growth guidance for the year 2024:
| GUIDANCE | 2024 vs 2023 |
|---|---|
| Passenger<br> traffic | (5%)<br> - (3%) |
| Aeronautical<br> revenues | (4%)<br> - (2%) |
| Non-aeronautical<br> revenues | 20%<br> - 22% |
| Total<br> Revenue | 2%<br> - 4% |
| EBITDA | (1%)<br> - 1% |
| Margin<br> EBITDA | 67%<br> +- 1% |
| CAPEX | Ps.<br> 9.0 billion |
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<br> press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport<br> to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on<br> non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement<br> to, not a substitute for, the corresponding measures calculated in accordance with IFRS.<br><br>This press release may contain<br> forward-looking statements. These statements are statements that are not historical facts and are based on management’s current<br> view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”,<br> “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate<br> to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,<br> the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations,<br> and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements.<br> Such statements reflect the current views of management and are subject to several risks and uncertainties. There is no guarantee<br> that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general<br> economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause<br> 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 | 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | |||||||||||
| Guadalajara | |||||||||||||||||
| Aeronautical<br> services | 1,350,769 | 1,268,040 | (6.1 | %) | 2,660,000 | 2,564,649 | (3.6 | %) | |||||||||
| Non-aeronautical<br> services | 255,604 | 317,441 | 24.2 | % | 497,278 | 627,732 | 26.2 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 828,734 | 402,305 | (51.5 | %) | 1,657,468 | 1,206,914 | (27.2 | %) | |||||||||
| Total Revenues | 2,435,108 | 1,987,785 | (18.4 | %) | 4,814,745 | 4,399,296 | (8.6 | %) | |||||||||
| Operating<br> income | 1,129,369 | 1,105,607 | (2.1 | %) | 2,252,481 | 2,357,430 | 4.7 | % | |||||||||
| EBITDA | 1,243,711 | 1,238,723 | (0.4 | %) | 2,479,274 | 2,615,084 | 5.5 | % | |||||||||
| Tijuana | |||||||||||||||||
| Aeronautical<br> services | 739,753 | 691,854 | (6.5 | %) | 1,419,294 | 1,330,342 | (6.3 | %) | |||||||||
| Non-aeronautical<br> services | 155,897 | 137,398 | (11.9 | %) | 302,604 | 290,551 | (4.0 | %) | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 140,836 | 55,659 | (60.5 | %) | 281,673 | 166,976 | (40.7 | %) | |||||||||
| Total Revenues | 1,036,487 | 884,911 | (14.6 | %) | 2,003,572 | 1,787,869 | (10.8 | %) | |||||||||
| Operating<br> income | 542,577 | 416,606 | (23.2 | %) | 1,084,159 | 910,293 | (16.0 | %) | |||||||||
| EBITDA | 638,273 | 532,909 | (16.5 | %) | 1,281,278 | 1,139,124 | (11.1 | %) | |||||||||
| Los Cabos | |||||||||||||||||
| Aeronautical<br> services | 784,131 | 678,207 | (13.5 | %) | 1,607,142 | 1,460,930 | (9.1 | %) | |||||||||
| Non-aeronautical<br> services | 306,352 | 333,646 | 8.9 | % | 606,079 | 651,689 | 7.5 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 249,608 | 99,521 | (60.1 | %) | 499,216 | 298,562 | (40.2 | %) | |||||||||
| Total Revenues | 1,340,091 | 1,111,374 | (17.1 | %) | 2,712,436 | 2,411,181 | (11.1 | %) | |||||||||
| Operating<br> income | 728,539 | 592,449 | (18.7 | %) | 1,564,602 | 1,428,213 | (8.7 | %) | |||||||||
| EBITDA | 810,393 | 681,734 | (15.9 | %) | 1,726,906 | 1,607,296 | (6.9 | %) | |||||||||
| Puerto Vallarta | |||||||||||||||||
| Aeronautical<br> services | 653,046 | 554,172 | (15.1 | %) | 1,457,307 | 1,386,173 | (4.9 | %) | |||||||||
| Non-aeronautical<br> services | 154,164 | 156,084 | 1.2 | % | 312,396 | 324,160 | 3.8 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 403,557 | 247,818 | (38.6 | %) | 807,114 | 743,455 | (7.9 | %) | |||||||||
| Total Revenues | 1,210,767 | 958,074 | (20.9 | %) | 2,576,817 | 2,453,787 | (4.8 | %) | |||||||||
| Operating<br> income | 524,201 | 382,539 | (27.0 | %) | 1,242,447 | 1,184,206 | (4.7 | %) | |||||||||
| EBITDA | 577,211 | 436,696 | (24.3 | %) | 1,352,465 | 1,293,055 | (4.4 | %) | |||||||||
| Montego Bay | |||||||||||||||||
| Aeronautical<br> services | 451,848 | 451,015 | (0.2 | %) | 956,994 | 965,270 | 0.9 | % | |||||||||
| Non-aeronautical<br> services | 199,883 | 199,927 | 0.0 | % | 398,583 | 398,845 | 0.1 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 39,852 | 39,954 | 0.3 | % | 55,041 | 80,681 | 46.6 | % | |||||||||
| Total Revenues | 691,584 | 690,896 | (0.1 | %) | 1,410,619 | 1,444,797 | 2.4 | % | |||||||||
| Operating<br> income | 226,072 | 250,207 | 10.7 | % | 536,691 | 541,105 | 0.8 | % | |||||||||
| EBITDA | 345,161 | 321,002 | (7.0 | %) | 776,096 | 681,708 | (12.2 | %) | |||||||||
| Exhibit A: Operating results by airport (in thousands of pesos): | |||||||||||||||||
| Airport | 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | |||||||||||
| Guanajuato | |||||||||||||||||
| Aeronautical<br> services | 229,118 | 209,686 | (8.5 | %) | 443,007 | 428,065 | (3.4 | %) | |||||||||
| Non-aeronautical<br> services | 47,585 | 46,658 | (1.9 | %) | 89,476 | 92,604 | 3.5 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 70,722 | 37,025 | (47.6 | %) | 141,445 | 111,075 | (21.5 | %) | |||||||||
| Total Revenues | 347,425 | 293,369 | (15.6 | %) | 673,928 | 631,745 | (6.3 | %) | |||||||||
| Operating<br> income | 183,794 | 139,587 | (24.1 | %) | 358,990 | 339,761 | (5.4 | %) | |||||||||
| EBITDA | 205,235 | 161,425 | (21.3 | %) | 403,252 | 383,005 | (5.0 | %) | |||||||||
| Hermosillo | |||||||||||||||||
| Aeronautical<br> services | 126,924 | 132,431 | 4.3 | % | 243,509 | 250,143 | 2.7 | % | |||||||||
| Non-aeronautical<br> services | 22,341 | 28,985 | 29.7 | % | 42,770 | 56,967 | 33.2 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 14,439 | 10,720 | (25.8 | %) | 28,879 | 32,159 | 11.4 | % | |||||||||
| Total Revenues | 163,704 | 172,136 | 5.2 | % | 315,158 | 339,269 | 7.7 | % | |||||||||
| Operating<br> income | 77,891 | 65,385 | (16.1 | %) | 145,821 | 150,699 | 3.3 | % | |||||||||
| EBITDA | 102,801 | 90,659 | (11.8 | %) | 102,801 | 201,279 | 95.8 | % | |||||||||
| Others (1) | |||||||||||||||||
| Aeronautical<br> services | 604,093 | 575,556 | (4.7 | %) | 1,181,102 | 1,137,490 | (3.7 | %) | |||||||||
| Non-aeronautical<br> services | 108,619 | 102,998 | (5.2 | %) | 215,283 | 209,218 | (2.8 | %) | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 115,227 | 82,326 | (28.6 | %) | 232,503 | 173,966 | (25.2 | %) | |||||||||
| Total Revenues | 827,940 | 760,880 | (8.1 | %) | 1,628,889 | 1,520,674 | (6.6 | %) | |||||||||
| Operating<br> income | 185,435 | (24,265 | ) | (113.1 | %) | 377,180 | 10,809 | (97.1 | %) | ||||||||
| EBITDA | 266,544 | 125,787 | (52.8 | %) | 541,237 | 309,264 | (42.9 | %) | |||||||||
| Total | |||||||||||||||||
| Aeronautical<br> services | 4,939,681 | 4,560,960 | (7.7 | %) | 9,968,355 | 9,523,062 | (4.5 | %) | |||||||||
| Non-aeronautical<br> services | 1,250,446 | 1,323,136 | 5.8 | % | 2,464,468 | 2,651,767 | 7.6 | % | |||||||||
| Improvements<br> to concession assets (IFRIC 12) | 1,862,976 | 975,327 | (47.6 | %) | 3,703,338 | 2,813,789 | (24.0 | %) | |||||||||
| Total Revenues | 8,053,101 | 6,859,424 | (14.8 | %) | 16,136,162 | 14,988,618 | (7.1 | %) | |||||||||
| Operating<br> income | 3,597,873 | 2,928,113 | (18.6 | %) | 7,562,371 | 6,922,515 | (8.5 | %) | |||||||||
| EBITDA | 4,189,330 | 3,588,935 | (14.3 | %) | 8,663,310 | 8,229,814 | (5.0 | %) | |||||||||
| (1)<br> 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): | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| 2023 | 2024 | Change | % | ||||||||||||||
| Assets | |||||||||||||||||
| Current<br> assets | |||||||||||||||||
| Cash<br> and cash equivalents | 14,920,952 | 12,584,900 | (2,336,052 | ) | (15.7 | %) | |||||||||||
| Trade<br> accounts receivable - Net | 2,163,559 | 2,337,543 | 173,984 | 8.0 | % | ||||||||||||
| Other<br> current assets | 761,775 | 1,169,781 | 408,006 | 53.6 | % | ||||||||||||
| Total current assets | 17,846,286 | 16,092,224 | (1,754,062 | ) | (9.8 | %) | |||||||||||
| Advanced<br> payments to suppliers | 2,262,121 | 1,774,646 | (487,475 | ) | (21.5 | %) | |||||||||||
| Machinery,<br> equipment and improvements to leased buildings - Net | 3,748,101 | 4,369,470 | 621,369 | 16.6 | % | ||||||||||||
| Improvements<br> to concession assets - Net | 25,115,894 | 31,357,661 | 6,241,767 | 24.9 | % | ||||||||||||
| Airport<br> concessions - Net | 9,032,955 | 9,167,056 | 134,101 | 1.5 | % | ||||||||||||
| Rights<br> to use airport facilities - Net | 1,098,311 | 1,024,916 | (73,395 | ) | (6.7 | %) | |||||||||||
| Deferred<br> income taxes - Net | 6,936,249 | 7,667,150 | 730,901 | 10.5 | % | ||||||||||||
| Other<br> non-current assets | 592,131 | 1,864,592 | 1,272,461 | 214.9 | % | ||||||||||||
| Total assets | 66,632,049 | 73,317,715 | 6,685,666 | 10.0 | % | ||||||||||||
| Liabilities | |||||||||||||||||
| Current<br> liabilities | 15,917,020 | 16,313,310 | 396,290 | 2.5 | % | ||||||||||||
| Long-term<br> liabilities | 34,183,379 | 38,104,347 | 3,920,968 | 11.5 | % | ||||||||||||
| Total liabilities | 50,100,399 | 54,417,657 | 4,317,258 | 8.6 | % | ||||||||||||
| Stockholders' Equity | |||||||||||||||||
| Common<br> stock | 8,197,536 | 1,194,390 | (7,003,146 | ) | (85.4 | %) | |||||||||||
| Legal<br> reserve | 478,185 | 920,187 | 442,002 | 92.4 | % | ||||||||||||
| Net<br> income | 4,971,095 | 4,648,636 | (322,459 | ) | (6.5 | %) | |||||||||||
| Retained<br> earnings | 244,657 | 8,345,564 | 8,100,907 | 3311.1 | % | ||||||||||||
| Reserve<br> for share repurchase | 1,500,000 | 2,500,000 | 1,000,000 | 66.7 | % | ||||||||||||
| Foreign<br> currency translation reserve | (164,704 | ) | 74,634 | 239,338 | (145.3 | %) | |||||||||||
| Remeasurements<br> of employee benefit – Net | 14,613 | 311 | (14,302 | ) | (97.9 | %) | |||||||||||
| Cash<br> flow hedges- Net | 92,871 | 25,315 | (67,556 | ) | (72.7 | %) | |||||||||||
| Total controlling interest | 15,334,253 | 17,709,037 | 2,374,784 | 15.5 | % | ||||||||||||
| Non-controlling<br> interest | 1,197,396 | 1,191,020 | (6,375 | ) | (0.5 | %) | |||||||||||
| Total stockholder's equity | 16,531,649 | 18,900,057 | 2,368,409 | 14.3 | % | ||||||||||||
| Total liabilities and stockholders' equity | 66,632,049 | 73,317,715 | 6,685,666 | 10.0 | % | ||||||||||||
| The non-controlling interest corresponds to the 25.5%<br> stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”). | |||||||||||||||||
| Exhibit C: Consolidated statement of cash flows (in thousands of pesos): | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Consolidated<br> net income | 2,488,426 | 2,252,715 | (9.5 | %) | 5,053,657 | 4,723,435 | (6.5 | %) | |||||||||
| Postemployment<br> benefit costs | 11,236 | 13,776 | 22.6 | % | 22,450 | 27,552 | 22.7 | % | |||||||||
| Allowance<br> expected credit loss | (10,478 | ) | 21,328 | (303.6 | %) | 6,397 | 18,527 | 189.6 | % | ||||||||
| Depreciation<br> and amortization | 621,155 | 687,351 | 10.7 | % | 1,239,226 | 1,350,300 | 9.0 | % | |||||||||
| Loss<br> on sale of machinery, equipment and improvements to leased assets | 674 | 11,215 | 1563.9 | % | 684 | 11,760 | 1619.1 | % | |||||||||
| Interest<br> expense | 990,273 | 981,033 | (0.9 | %) | 1,810,604 | 1,977,891 | 9.2 | % | |||||||||
| Provisions | 6,079 | 9,970 | 64.0 | % | 11,904 | 16,250 | 36.5 | % | |||||||||
| Income<br> tax expense | 959,062 | 594,903 | (38.0 | %) | 1,797,604 | 1,516,453 | (15.6 | %) | |||||||||
| Unrealized<br> exchange loss | (163,141 | ) | 309,521 | (289.7 | %) | (327,129 | ) | 225,863 | (169.0 | %) | |||||||
| 4,903,286 | 4,881,812 | (0.4 | %) | 9,615,397 | 9,868,031 | 2.6 | % | ||||||||||
| Changes in working capital: | |||||||||||||||||
| (Increase) decrease<br> in | |||||||||||||||||
| Trade<br> accounts receivable | (42,086 | ) | 128,758 | (405.9 | %) | 164,377 | (83,124 | ) | (150.6 | %) | |||||||
| Recoverable<br> tax on assets and other assets | (297,851 | ) | 394,674 | (232.5 | %) | (192,452 | ) | 791,223 | (511.1 | %) | |||||||
| Increase (decrease) | |||||||||||||||||
| Concession<br> taxes payable | 121,674 | (258,431 | ) | (312.4 | %) | 116,165 | (109,032 | ) | (193.9 | %) | |||||||
| Accounts<br> payable | (484,204 | ) | (400,002 | ) | (17.4 | %) | (361,662 | ) | (474,606 | ) | 31.2 | % | |||||
| Cash generated by operating activities | 4,200,819 | 4,746,811 | 13.0 | % | 9,341,825 | 9,992,492 | 7.0 | % | |||||||||
| Income<br> taxes paid | (1,684,760 | ) | (875,615 | ) | (48.0 | %) | (2,780,052 | ) | (1,586,948 | ) | (42.9 | %) | |||||
| Net cash flows provided by operating activities | 2,516,059 | 3,871,196 | 53.9 | % | 6,561,772 | 8,405,543 | 28.1 | % | |||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Machinery,<br> equipment and improvements to concession assets | (2,757,380 | ) | (1,701,189 | ) | (38.3 | %) | (5,634,368 | ) | (3,109,274 | ) | (44.8 | %) | |||||
| Cash<br> flows from sales of machinery and equipment | 273 | 2,878 | 954.2 | % | 841 | 4,235 | 403.3 | % | |||||||||
| Other<br> investment activities | 4,476 | 199,053 | 4347.1 | % | 15,967 | 72,270 | 352.6 | % | |||||||||
| Business<br> acquisition | - | (875,504 | ) | 100.0 | % | - | (875,504 | ) | 100.0 | % | |||||||
| Net cash used by investment activities | (2,752,631 | ) | (2,374,762 | ) | (13.7 | %) | (5,617,560 | ) | (3,908,274 | ) | (30.4 | %) | |||||
| Cash flows from financing activities: | |||||||||||||||||
| Dividends<br> declared and paid | (1,874,579 | ) | - | (100.0 | %) | (1,874,579 | ) | - | (100.0 | %) | |||||||
| Dividends<br> declared and paid non-controlling interest | - | (65,424 | ) | 100.0 | % | - | (65,424 | ) | (100.0 | %) | |||||||
| Bond<br> certificates issued | - | - | 0.0 | % | 5,400,000 | 3,000,000 | (44.4 | %) | |||||||||
| Bond<br> certificates paid | (602,000 | ) | - | (100.0 | %) | (602,000 | ) | (3,000,000 | ) | 398.3 | % | ||||||
| Bank<br> loans paid | (72,849 | ) | (68,417 | ) | (6.1 | %) | (72,849 | ) | (68,417 | ) | (6.1 | %) | |||||
| Banks<br> loans | - | 875,000 | 100.0 | % | 1,000,000 | 875,000 | (12.5 | %) | |||||||||
| Interest<br> paid | (900,997 | ) | (1,314,322 | ) | 45.9 | % | (1,675,270 | ) | (2,384,483 | ) | 42.3 | % | |||||
| Interest<br> paid on lease | (1,169 | ) | (971 | ) | (16.9 | %) | (2,417 | ) | (2,031 | ) | (16.0 | %) | |||||
| Payments<br> of obligations for leasing | (4,161 | ) | (4,454 | ) | 7.0 | % | (8,325 | ) | (8,907 | ) | 7.0 | % | |||||
| Net cash flows used in financing activities | (3,455,755 | ) | (578,588 | ) | (83.3 | %) | 2,164,559 | (1,654,262 | ) | (176.4 | %) | ||||||
| Effects<br> of exchange rate changes on cash held | (277,594 | ) | 125,431 | (145.2 | %) | (559,286 | ) | (313,317 | ) | (44.0 | %) | ||||||
| Net<br> increase (decrease) in cash and cash equivalents | (3,969,921 | ) | 1,043,277 | (126.3 | %) | 2,549,488 | 2,529,691 | (0.8 | %) | ||||||||
| Cash and cash equivalents at beginning of the period | 18,890,873 | 11,541,621 | (38.9 | %) | 12,371,464 | 10,055,211 | (18.7 | %) | |||||||||
| Cash and cash equivalents at the end of the period | 14,920,952 | 12,584,900 | (15.7 | %) | 14,920,952 | 12,584,900 | (15.7 | %) | |||||||||
| Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | ||||||||||||
| Revenues | |||||||||||||||||
| Aeronautical<br> services | 4,939,681 | 4,560,960 | (7.7 | %) | 9,968,355 | 9,523,062 | (4.5 | %) | |||||||||
| Non-aeronautical<br> services | 1,556,984 | 1,722,735 | 10.6 | % | 3,027,867 | 3,417,140 | 12.9 | % | |||||||||
| Improvements<br> to concession assets (IFRIC-12) | 1,862,976 | 975,327 | (47.6 | %) | 3,703,338 | 2,813,789 | (24.0 | %) | |||||||||
| Total revenues | 8,359,641 | 7,259,022 | (13.2 | %) | 16,699,561 | 15,753,991 | (5.7 | %) | |||||||||
| Operating costs | |||||||||||||||||
| Costs<br> of services: | 1,034,528 | 1,213,842 | 17.3 | % | 2,001,166 | 2,285,769 | 14.2 | % | |||||||||
| Employee<br> costs | 435,239 | 490,716 | 12.7 | % | 832,173 | 949,877 | 14.1 | % | |||||||||
| Maintenance | 161,331 | 180,485 | 11.9 | % | 306,998 | 342,282 | 11.5 | % | |||||||||
| Safety,<br> security & insurance | 155,476 | 199,802 | 28.5 | % | 322,954 | 382,022 | 18.3 | % | |||||||||
| Utilities | 118,412 | 130,036 | 9.8 | % | 222,663 | 236,008 | 6.0 | % | |||||||||
| Business<br> operated directly by us | 62,936 | 72,549 | 15.3 | % | 112,095 | 146,160 | 30.4 | % | |||||||||
| Other<br> operating expenses | 101,134 | 140,254 | 38.7 | % | 34,173 | 229,420 | 571.4 | % | |||||||||
| Technical<br> assistance fees | 220,479 | 202,174 | (8.3 | %) | 442,717 | 426,536 | (3.7 | %) | |||||||||
| Concession<br> taxes | 657,228 | 678,595 | 3.3 | % | 1,266,621 | 1,393,211 | 10.0 | % | |||||||||
| Depreciation<br> and amortization | 621,155 | 687,351 | 10.7 | % | 1,239,226 | 1,350,300 | 9.0 | % | |||||||||
| Cost<br> of improvements to concession assets (IFRIC-12) | 1,862,976 | 975,327 | (47.6 | %) | 3,703,338 | 2,813,789 | (24.0 | %) | |||||||||
| Other<br> (income) | 7,652 | (9,042 | ) | (218.2 | %) | 12,796 | (12,392 | ) | (196.8 | %) | |||||||
| Total operating costs | 4,404,018 | 3,748,247 | (14.9 | %) | 8,665,865 | 8,257,212 | (4.7 | %) | |||||||||
| Income from operations | 3,955,623 | 3,510,775 | (11.2 | %) | 8,033,696 | 7,496,778 | (6.7 | %) | |||||||||
| Financial<br> Result | (508,135 | ) | (663,157 | ) | 30.5 | % | (1,182,435 | ) | (1,256,892 | ) | 6.3 | % | |||||
| Income before income taxes | 3,447,488 | 2,847,618 | (17.4 | %) | 6,851,260 | 6,239,887 | (8.9 | %) | |||||||||
| Income<br> taxes | (959,062 | ) | (594,903 | ) | (38.0 | %) | (1,797,604 | ) | (1,516,453 | ) | (15.6 | %) | |||||
| Net income | 2,488,426 | 2,252,715 | (9.5 | %) | 5,053,656 | 4,723,435 | (6.5 | %) | |||||||||
| Currency<br> translation effect | (381,807 | ) | 659,054 | (272.6 | %) | (814,582 | ) | 367,782 | (145.1 | %) | |||||||
| Cash<br> flow hedges, net of income tax | (54,924 | ) | (20,164 | ) | (63.3 | %) | (37,751 | ) | (35,403 | ) | (6.2 | %) | |||||
| Remeasurements<br> of employee benefit – net income tax | 318 | 2,276 | 615.7 | % | 599 | 2,229 | 272.1 | % | |||||||||
| Comprehensive income | 2,052,013 | 2,893,881 | 41.0 | % | 4,201,923 | 5,058,042 | 20.4 | % | |||||||||
| Non-controlling<br> interest | (4,355 | ) | (95,925 | ) | 2102.4 | % | (8,217 | ) | (127,642 | ) | 1453.4 | % | |||||
| Comprehensive income attributable to controlling interest | 2,047,657 | 2,797,956 | 36.6 | % | 4,193,707 | 4,930,402 | 17.6 | % | |||||||||
| The non-controlling<br> interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”). | |||||||||||||||||
| Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Common Stock | Legal Reserve | Reserve for Share Repurchase | Repurchased Shares | Retained Earnings | Other comprehensive income | Total controlling interest | Non-controlling interest | Total Stockholders' Equity | |||||||||
| Balance as of January 1, 2023 | 8,197,536 | 34,076 | 2,499,473 | (1,999,986 | ) | 9,187,597 | 720,171 | 18,638,867 | 1,189,179 | 19,828,046 | |||||||
| Legal<br> Reserve cancellation | - | 444,109 | - | - | (444,109 | ) | - | - | - | - | |||||||
| Dividends<br> declared | - | - | - | - | (7,498,318 | ) | - | (7,498,318 | ) | - | (7,498,318 | ) | |||||
| Repurchased<br> share cancellation | - | - | (1,999,986 | ) | 1,999,986 | - | - | - | - | - | |||||||
| Reserve<br> for share purchase | - | - | 1,000,514 | - | (1,000,514 | ) | - | - | - | - | |||||||
| Comprehensive<br> income: | |||||||||||||||||
| Net<br> income | - | - | - | - | 4,971,095 | - | 4,971,095 | 82,560 | 5,053,655 | ||||||||
| Foreign<br> currency translation reserve | - | - | - | - | - | (740,239 | ) | (740,239 | ) | (74,343 | ) | (814,582 | ) | ||||
| Remeasurements<br> of employee benefit – Net | - | - | - | - | - | 599 | 599 | - | 599 | ||||||||
| Reserve<br> for cash flow hedges – Net of income tax | - | - | - | - | - | (37,751 | ) | (37,751 | ) | - | (37,751 | ) | |||||
| Balance as of June 30, 2023 | 8,197,536 | 478,185 | 1,500,000 | - | 5,215,751 | (57,220 | ) | 15,334,251 | 1,197,396 | 16,531,649 | |||||||
| 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 | |||||||
| Legal<br> reserve cancellation | - | 442,002 | - | - | (442,002 | ) | - | - | - | - | |||||||
| Capital<br> reduction | (7,003,146 | ) | - | - | - | - | - | (7,003,146 | ) | - | (7,003,146 | ) | |||||
| Dividends<br> declared non-controlling interest | - | - | - | - | - | - | - | (99,485 | ) | (99,485 | ) | ||||||
| Comprehensive<br> income: | |||||||||||||||||
| Net<br> income | - | - | - | - | 4,648,635 | - | 4,648,635 | 74,803 | 4,723,438 | ||||||||
| Foreign<br> currency translation reserve | - | - | - | - | - | 314,940 | 314,940 | 52,839 | 367,779 | ||||||||
| Remeasurements<br> of employee benefit – Net | - | - | - | - | - | 2,229 | 2,229 | - | 2,229 | ||||||||
| Reserve<br> 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 | - | 12,994,200 | 100,259 | 17,709,039 | 1,191,020 | 18,900,057 | ||||||||
| For presentation<br> purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in the Stockholders’<br> 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 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: | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q24 | Change | 6M23 | 6M24 | Change | |||
| Total passengers | 15,876.1 | 15,254.7 | (3.9 | %) | 31,469.1 | 30,864.2 | (1.9 | %) |
| Total cargo volume<br> (in WLUs) | 621.3 | 703.1 | 13.2 | % | 1,253.7 | 1,343.1 | 7.1 | % |
| Total WLUs | 16,497.4 | 15,957.8 | (3.3 | %) | 32,722.9 | 32,207.3 | (1.6 | %) |
| Aeronautical &<br> non aeronautical services per passenger (pesos) | 409.2 | 411.9 | 0.7 | % | 413.0 | 419.3 | 1.5 | % |
| Aeronautical services<br> per WLU (pesos) | 299.4 | 285.8 | (4.5 | %) | 304.6 | 295.7 | (2.9 | %) |
| Non aeronautical services<br> per passenger (pesos) | 98.1 | 112.9 | 15.2 | % | 96.2 | 110.7 | 15.1 | % |
| Cost of services per<br> WLU (pesos) | 62.7 | 76.1 | 21.3 | % | 61.2 | 71.0 | 16.1 | % |
| WLU = Workload units represent passenger traffic<br> plus cargo units (1 cargo unit = 100 kilograms of cargo). | ||||||||
| Alejandra Soto, Investor Relations<br> and Social Responsibility Officer | [email protected] | |||||||
| --- | --- | |||||||
| Gisela Murillo, Investor Relations | [email protected]/+52 33 3880 1100 ext. 20294 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | |
|---|---|
| (Registrant) | |
| Date: July 22, 2024 | /s/ SAÚL VILLARREAL GARCÍA |
| Saúl Villarreal García | |
| Chief Financial Officer |